((when (((the price) (of plastics)) (took (off (in 1987))))) (((quantum chemical) corp.) (went (along (for (the ride))))))
((((the timing) (of ((((((quantum 's) (chief executive)) officer) john) hoyt) stookey))) (appeared (to (be (nothing (less (than inspired))))))) (because (he (had (just (increased (((quantum 's) reliance) (on plastics))))))))
((((the company) (outpaced (much (of ((the chemical) industry))))) (as (annual profit))) (grew (fivefold (in (two years)))))
((mr. stookey) (((said (of (the boom))) (it ('s (going (to (last ((a whole) lot))))))) (longer (than (anybody thinks)))))
(but ((now (prices (have nose-dived))) (and (((quantum 's) profit) (is plummeting)))))
((((some (securities analysts)) (are (looking (for (no (better (than (break-even results)))))))) (from ((the company) (for ((the third) quarter))))) ((compared (with (year-earlier (profit (of ((99.8 million) (or (3.92 (a share))))))))) (on (sales (of (724.4 million))))))
((((((the stock) (having (lost (nearly ((a quarter) (of (its value))))))) (since (sept. 1))) (closed (at (34.375 share)))) down) ((1.125 (in ((((new york) stock) exchange) (composite trading)))) friday))
((to (a degree)) ((quantum (represents (((the new) times) (that (have (arrived (for (producers (of ((the so-called) (commodity plastics))))))))))) (that (pervade (modern life)))))
((having (just (passed (through (one (of ((((the most) profitable) periods) (in (their history))))))))) ((these producers) (now (see ((their prices) eroding)))))
(((pricing cycles) (to (be sure))) (are (nothing (new (for (plastics producers))))))
((and (((the financial) decline) (of (some (((looks steep) only) (in (comparison (with ((the heady) period))))))))) (that (is (just (behind them)))))
(((we (were (all (wonderful heroes)))) (last year)) (says ((an executive) (at (one (of ((quantum 's) competitors)))))))
(now (we ('re (at ((the bottom) (of (the heap)))))))
((at (quantum (which (is (based (in (new york))))))) (((the trouble) (is (magnified (by ((((the company) 's) heavy) dependence))))) (on plastics)))
((once (known (as ((((national distillers) &) chemical) corp.)))) ((((the company) (exited ((((the wine) and) spirits) business))) (and (plowed (more (of ((its resources) (into plastics))))))) (after ((mr. stookey) (took ((((the (chief executive)) 's) job) (in 1986)))))))
(((((mr. stookey) (59 years)) old) (declined (to (be (interviewed (for ((this article) (but (he (has (consistently (argued (that (over (((the long) haul) (across (both ((the peaks) (and ((the troughs) (of ((the plastics) market)))))))))))))))))))))) (quantum (will (prosper (through ((its new) direction))))))
((((quantum 's) lot) (is (mostly (tied (to (polyethylene resin)))))) ((used (to (make (garbage (bags (milk ((jugs (housewares toys)) (and (meat packaging))))))))) (among (other items))))
((in ((the u.s.) (polyethylene market))) ((quantum (has (claimed ((the largest) share)))) (about (20 %))))
(but ((((its competitors) (including ((((((dow chemical) co.) union) carbide) corp.) (and (several (oil giants)))))) (have (much (broader (business interests))))) (and (so (are (better (cushioned (against (price swings)))))))))
((when (((the price) (of (polyethylene moves))) ((a mere) penny))) ((((a pound) ((((quantum 's) annual) profit) fluctuates)) (by (about ((85 cents) (a share))))) (provided (((no other) variables) (are changing)))))
((in (recent months)) (((the price) (of (polyethylene (even (more (than (that (of (other (commodity plastics)))))))))) (has (taken (a dive)))))
(((benchmark grades) (which (still (sold (for (as (much (as ((50 cents) (a pound)))))))))) ((last spring) (have (skidded (to (between ((35 cents) (and (40 cents)))))))))
(meanwhile (((the price) (of (ethylene ((((the chemical) building) block) (of polyethylene))))) (has (n't (dropped (nearly (so fast)))))))
((that (discrepancy (hurts (quantum badly)))) (because (((its own) plants) (cover (only (about (half (of ((its ethylene) needs)))))))))
((by (many accounts)) ((((an early) hint) (of (((a price) rout) (in (the making))))) (came (at ((the start) (of (this year)))))))
((china (which (had (been (putting (in (huge orders))))))) (for (polyethylene (abruptly (halted them)))))
(((calculating (that (excess polyethylene))) (would (soon (be (sloshing (around ((the world) (other buyers)))))))) ((then (bet (that ((prices (had peaked)) (and (so (began (to (draw (down inventories)))))))))) (rather (than (order (new product))))))
(((kenneth mitchell) (director (of (((dow 's) polyethylene) business)))) ((says (producers (were (surprised (to (learn (how ((much inventories) (had (swelled (throughout ((the distribution) chain)))))))))))) (as (prices (spiraled up)))))
((people (were (even (hoarding bags)))) (he says))
(now (producers (hope (prices (have (hit bottom))))))
((they (recently (announced (increases (of (((a few) cents) (a pound))))))) (to (take (effect (in ((the next) (several weeks)))))))
((((no one) knows) however) (whether ((the new) (posted (prices (will (stick (once (producers (and (customers (start (to haggle)))))))))))))
(((one doubter) (is (george krug))) ((((a chemical-industry) analyst) (at ((oppenheimer &) co.))) (and ((a bear) (on (plastics stocks))))))
((noting ((others ') (estimates (of (when ((price increases) (can (be sustained)))))))) (he (remarks (some (say october)))))
(some (say november))
(i (say 1992))
(he (argues (that ((efforts (to (firm (up prices)))) (will (be (undermined (by (producers (' (plans (to (expand (production capacity))))))))))))))
((((a quick) turnaround) (is (crucial (to quantum)))) (because ((its (cash requirements)) (remain heavy))))
((((the company) (is (trying (to (carry (out ((a three-year) (1.3 billion)))))))) (plant-expansion program)) (started (this year)))
(((at ((the same) time)) (((((its annual) payments) (on (long-term debt))) (will (more (than (double (from ((a year) ago))))))) (to (about (((240 million) largely) (because (of (debt (taken (on (to (pay (((a 50-a-share) special) dividend))))))))))))) (earlier (this year)))
(((quantum (described ((the payout) (at (the time))))) (as ((a way) (for (it (to (share ((the bonanza) (with (its holders)))))))))) (because (((its stock) price) (was (n't (reflecting (((the huge) profit) increases)))))))
((some analysts) ((saw (the payment)) (as ((an effort) (also (to (dispel (takeover speculation))))))))
((whether (((((a cash) crunch) (might (eventually (force ((the company) (to (cut (((((its quarterly) dividend) raised) (36 %)) (to ((75 cents) (a share))))))))))) only) (((a year) ago) (has (become (((a topic) (of (intense speculation))) (on (wall street)))))))) (since ((((mr. stookey) deflected) dividend) ((questions (in (((a sept.) 29) meeting))) (with analysts)))))
(((some (viewed (his response))) (that ((company directors) (review (((the dividend) regularly) (as (nothing more))))))) (than (((the standard) line) (from executives))))
(but (((others (came away)) thinking) (he (had (given (something (less (than (((his usual) straight-from-the-shoulder) performance)))))))))
((in ((any case) (on ((the day) (of (the meeting)))))) (((quantum 's) shares) (slid (2.625 (to (36.625 (in (big (board trading)))))))))
((on (top (of (everything else)))) (((quantum confronts) (a disaster)) (at ((its plant) (in (morris ill))))))
((after (((an explosion) idled) ((the plant) (in june)))) ((((the company) progressed) (in september)) (to (within ((12 hours) (of (completing (((the drawn-out) process) (of (restarting it))))))))))
(then (((a second) explosion) occurred))
(((two workers) (died (and six))) (remain (in (the hospital))))
((this (human toll)) (adds ((((the most) painful) dimension) (yet (to (((the sudden) change) (in ((quantum 's) fortunes))))))))
((until (this year)) (((the company) (had (been (steadily (lowering ((its accident) rate)))))) (and (picking (up ((trade-group safety) awards))))))
(((((a prolonged) production) halt) (at (the plant))) (could (introduce ((another imponderable) (into (((quantum 's) financial) future))))))
((when ((a plant) ((has (just (been (running (flat out))))) (to (meet (demand (calculating (lost profit)))))))) (and (thus ((claims (under (business-interruption insurance))) (is straightforward)))))
(but ((((the numbers) (become trickier)) (and (subject (to (dickering (between (insured (and insurer)))))))) (when (demand (is shifting)))))
(((you (say (you (could (have (sold ((x percent) (of ((this product) (and (y percent))))))))))) (of (that (recalls (theodore semegran))))) ((((an analyst) (at ((shearson lehman) hutton))) (who (went (through ((this exercise) (during ((his former) career))))))) (as ((a chemical) engineer))))
(and (then (you (still (have (to negotiate))))))
((((quantum hopes) ((the morris) plant)) (where ((limited production) (got (under way))))) ((last week) (will (resume ((full operation) (by ((year 's) end)))))))
((((the plant) (usually (accounts (for ((20 %) (to (25 %))))))) (of ((((quantum 's) polyethylene) production) (and (50 %))))) (of ((its ethylene) production)))
((not everything) (looks (grim (for quantum))))
((((the plant) expansion) (should (strengthen ((((the company) 's) sway) (in ((the polyethylene) business)))))) (where ((market share) (is (often (taken (through (sheer capacity))))))))
((by (lifting (ethylene production))) ((the expansion) (will (also (lower (((the company) 's) ((raw material) costs)))))))
((quantum (is (also (tightening ((its grip) (on (its ((one large) business)))))))) (outside ((chemicals propane) marketing)))
(((through ((a venture) (with (its (investment banker))))) ((first boston) corp.)) (((quantum completed) (in august)) (((an acquisition) (of (petrolane inc.))) (in ((a transaction) (valued (at (1.18 billion))))))))
(petrolane (is ((((the second-largest) propane) distributor) (in (the u.s.)))))
((((the largest) suburban) propane) (was (already (owned (by quantum)))))
((still (quantum (has ((a crisis) (to (get (past right))))))) now)
((some analysts) (speculate (((the weakening) stock) (may (yet (attract (a suitor)))))))
(((((the name) surfacing) (in rumors)) (is (((british petroleum) co.) (which (is (looking (to (expand ((its polyethylene) business))))))))) (in (the u.s.)))
(((asked (about ((a bid) (for quantum)))) (((a bp) spokesman) (says ((we (pretty much)) (have ((a policy) (of (not (commenting (on rumors)))))))))) (and (i (think (that (falls (in (that category))))))))
(((ford motor) co.) ((said (it (acquired ((5 %) (of (the shares)))))) (in (jaguar plc))))
((jaguar (((((the london) stock) exchange) (and ((((the u.s.) securities) and) (exchange commission)))) (are (being (notified (of (the transactions))))))) ((the company) said))
((((((the u.s.) ((federal trade) commission)) (advised ford)) (last week)) (that (it (would (n't (raise ((any objection) (to ((the acquisition) (of (as much))))))))))) (as ((15 %) (of (jaguar shares)))))
((((((the (no. 2)) auto) maker) ((disclosed (last month)) (that (it (wants (to (buy (as much)))))))) (as ((15 %) (of (((the british) luxury-car) maker))))) ((the maximum) (allowed (under (current (((united kingdom) government) restrictions))))))
(((general motors) corp.) ((said (it (had (discussed ((the possibility) (of (((a joint) venture) (with jaguar)))))))) (before (ford (began (buying shares))))))
(gm ((said (it (still (is (talking (with jaguar)))))) (about (acquiring ((a minority) interest)))))
((((robert (g. walden)) ((62 years) old)) (was (elected ((a director) (of ((this provider) (of ((advanced (technology systems)) (and services))))))))) (increasing ((the board) (to (eight members)))))
((he (retired (as (senior ((((((vice president) finance) and) administration) (and ((chief financial) officer))) (of (the company))))))) (oct. 1))
((((((september 's) steep) rise) (in (producer prices))) (shows (that ((inflation (still (persists (and ((the pessimism) (over (interest rates))))))) (caused (by ((((the new) price) data) (contributed (to ((((the stock) market) 's) plunge)))))))))) friday)
(((after (falling (for (three (consecutive months))))) ((((the producer) price) index) (for (finished (goods (shot (up ((0.9 %) (last month))))))))) (((the (labor department)) (reported friday)) (as ((energy prices) (jumped (after (tumbling (through (the summer)))))))))
((although ((the report) (which (was (released (before (((the stock) market) (opened (did (n't (trigger (((the 190.58-point) drop) (in ((the ((dow jones) industrial)) average)))))))))))))) (analysts (said (it (did (play ((a role) (in (((the market) 's) decline)))))))))
(((analysts (immediately (viewed (((((the price) data) (((the grimmest) inflation) news)) (in months)) (as evidence))))) (that (((the (federal reserve)) (was (unlikely (to (allow (interest rates)))))) (to fall)))) (as ((many investors) (had hoped))))
((further (fueling ((the belief) (that ((pressures (in (the economy))) (were (sufficient (to (keep ((the fed) (from (easing credit)))))))))))) (((the (commerce department)) (reported (friday (that ((retail sales) (grew ((0.5 %) (in september)))))))) (to (145.21 billion))))
(((that rise) (came (on (top (of ((((a 0.7) %) gain) (in august))))))) (and (suggested (there (is (still (healthy ((consumer demand) (in (the economy))))))))))
(((i (think (((((the friday) report) combined) (with ((the actions) (of (the fed))))) (weakened (the belief))))) (that (there (was (going (to (be (((an imminent) easing) (of (monetary policy)))))))))) (said ((robert dederick) (((chief economist) (at ((northern trust) co.))) (in chicago)))))
(but ((economists (were (divided (over ((the extent) (of ((the inflation) threat))))))) (signaled (by ((the new) numbers)))))
((((((the overall) 0.9) %) increase) (is (serious (in (itself (but (what (is (even (worse (is (that (excluding (food (and energy))))))))))))))) (((((the producer) price) index) (still (increased (by (0.7 %))))) (said ((gordon richards) (((an economist) (at ((the national) association))) (of manufacturers))))))
(but (((sung (won sohn)) (((chief economist) (at (norwest corp.))) (in minneapolis))) ((blamed ((rising (energy prices)) (and ((((the annual) autumn) increase) (in (car prices)))))) (for (most (of ((the september) jump)))))))
((i (would (say (this (is (not (bad news))))))) ((this (is (a blip))) (he said)))
((((the core) rate) (is (not (really out)))) (of line))
((((all year) (energy prices)) (have (skewed (((the producer) price) index)))) (which (measures (changes (in (((the prices) producers) (receive (for goods))))))))
((((inflation unquestionably) (has (fallen (back (from ((its torrid) pace)))))) (last winter)) (when ((((a steep) run-up) (in (world (oil prices)))) (sent (((the index) surging) (at (double-digit (annual rates))))))))
(((energy prices) (then (plummeted (through (the summer))))) (causing ((the index) (to (decline (for (three (consecutive months))))))))
(((overall (the index)) (has (climbed (at ((((((a 5.1) %) compound) annual) rate) (since ((the start) (of (the year))))))))) ((the (labor department)) said))
((while ((far (more restrained)) (than ((the pace) (at ((the beginning) (of (the year)))))))) (that (is (still (((a steeper) rise) (than (((the (4.0 %)) increase) (for (all (of 1988))))))))))
((moreover ((((((this year) 's) good) inflation) news) (may (have (ended (last month)))))) (when (((energy prices) (zoomed (up (6.5 %)))) (after (plunging ((7.3 %) (in august)))))))
(((some analysts) (expect ((oil prices) (to (remain (relatively (stable (in (the months))))))))) (ahead (leaving (((the future) pace) (of (inflation uncertain))))))
(((analysts (had (expected (that ((the climb) (in (oil prices))))))) ((last month) (would (lead (to (((a substantial) rise) (in (((the producer) price) index)))))))) (but ((((the 0.9) %) climb) (was (higher (than (most anticipated)))))))
((i (think (((the resurgence) (in inflation)) (is (going (to (continue (for (a (few months)))))))))) (said ((john mueller) ((chief economist) (at ((bell mueller) (cannon ((((a washington) economic) forecasting) firm))))))))
((he (predicted (that (inflation (will (moderate (next year))))))) (saying (that ((credit conditions) (are (fairly (tight world-wide)))))))
((but ((dirk (van dongen)) (president (of (((the national) association) (of wholesaler-distributors)))))) ((said (that ((((last month) 's) rise) (is (n't (as (bad (an omen)))))))) (as ((((the 0.9) %) figure) suggests))))
(((if (you (examine ((((the data) carefully) (the increase)) (is (concentrated (in (energy (and ((motor vehicle) prices)))))))))) (rather (than (being (((a broad-based) advance) (in ((the prices) (of (consumer (and (industrial goods))))))))))) (he explained))
((((passenger (car prices)) (jumped ((3.8 %) (in september)))) (after ((climbing (0.5 %)) (in august)))) (and ((declining (in ((the late) spring))) (and summer))))
((many analysts) ((said (((the september) increase) (was ((a one-time) event)))) (coming (as (dealers (introduced ((their 1990) models)))))))
((although ((all ((the price) data)) (were (adjusted (for (normal (seasonal fluctuations))))))) ((car prices) (rose (beyond (((the customary) autumn) increase)))))
(((prices (for (capital equipment))) (rose ((((a hefty) 1.1) %) (in september)))) (while ((prices (for (home (electronic equipment)))) (fell (1.1 %)))))
(((food prices) (declined ((0.6 %) (after (climbing (0.3 %)))))) (in august))
(meanwhile ((((the (retail sales)) report) (showed (that ((car sales) (rose ((0.8 %) (in september))))))) (to (32.82 billion))))
((but ((at least) ((part (of (the increase))) (could (have (come (from (higher prices)))))))) (analysts said))
((((sales (at ((general merchandise) stores))) (rose ((1.7 %) (after (declining (0.6 %)))))) (in august)) (while ((sales (of (building materials))) (fell ((1.8 %) (after (rising (1.7 %))))))))
((((producer prices) (for (intermediate goods))) (grew ((0.4 %) (in september)))) (after (dropping (for (three (consecutive months))))))
(((((prices (for (crude goods))) ((an array) (of (raw materials)))) (jumped ((1.1 %) (after (declining (1.9 %)))))) (in august)) (and (edging (up ((0.2 %) (in july))))))
(((here (are ((((the (labor department)) 's) producer) (price indexes)))) (1982 ((= 100) (for september)))) (before ((seasonal adjustment) (and (((the percentage) changes) (from (september 1988)))))))
((as (((small investors) peppered) ((their (mutual funds)) (with ((phone calls) (over (the weekend))))))) ((big (fund managers)) (said ((they (have ((a strong) defense))) (against ((any wave) (of (withdrawals cash))))))))
((unlike ((the weekend) (before (black monday)))) ((the funds) (were (n't (swamped (with (heavy (withdrawal requests))))))))
((and ((many (fund managers)) (have (built (up ((cash levels) (and (say (they (will (be (buying stock)))))))))))) (this week))
((at (fidelity investments)) ((((((((the nation) 's) largest) fund) company) (telephone volume)) (was (up sharply))) (but ((it (was (still (at (just (half ((the level) (of (((the weekend) preceding) (black monday)))))))))) (in 1987)))))
(((the boston) firm) ((said ((stock-fund redemptions) (were (running (at (less (than (one-third (the level))))))))) ((two years) ago)))
((as (of (yesterday afternoon))) (((the redemptions) ((represented (less (than (15 %)))) (of ((((the total) cash) position) (of (about (2 billion))))))) (of (((fidelity 's) stock) funds))))
(((((two years) ago) (there (were (massive (redemption levels))))) (over ((the weekend) (and ((a lot) (of (fear around))))))) (said ((c. (bruce johnstone)) (who (runs ((((fidelity investments) ') (5 billion)) (equity-income fund)))))))
(this (feels (more (like ((a one-shot) deal)))))
(people (are (n't panicking)))
(((the test) (may come)) today)
((((((friday 's) stock) market) sell-off) (came (too (late (for (many investors)))))) (to act))
(((some shareholders) (have (held (off (until today))))) (because (((any fund) exchanges) (made (after (((friday 's) close) (would (take (place (at (((today 's) closing) prices)))))))))))
((((stock fund) (redemptions (during ((the 1987) debacle)))) (did (n't (begin (to snowball))))) (until (after ((the market) (opened (on (black monday)))))))
(but ((fund managers) (say (they ('re ready)))))
((many (have (raised ((cash levels) (which (act (as (a buffer)))))))) (against ((steep market) declines)))
(((mario gabelli) (for instance)) ((holds ((cash positions) (well (above (20 %))))) (in (several (of (his funds))))))
((((((windsor fund) 's) ((john neff) (and (mutual series)))) ') (michael price)) (((said (they (had (raised (their (cash levels)))))) (to (more ((than (20 %)) (and ((30 %) respectively)))))) (this year)))
((even (((peter lynch) manager) (of (((fidelity 's) (12.7 billion)) (magellan fund))))) ((((((the nation) 's) largest) stock) fund) (built (up (cash (to ((7 %) (or (850 million)))))))))
(((one reason) (is (that (after ((two years) (of ((monthly net) redemptions))))))) (((the fund) (posted ((net inflows) (of (money (from investors)))))) (in (august (and september)))))
(((i ('ve (let ((the money) (build up))))) (mr. lynch)) ((said (who (added (that (he (has (had (trouble (finding stocks))))))))) (he likes)))
((not ((all funds) (have (raised (cash levels))))) (of course))
((as (((a group) (stock funds)) ((held ((10.2 %) (of (assets (in cash))))) (as (of august))))) (((the latest) figures) (available (from (((the investment) company) institute)))))
((that (was (modestly (higher (than (((the 8.8) %) (and (((9.2 %) levels) (in (august (and september))))))))))) (of 1987))
((also (persistent (redemptions (would (force (some (fund managers))))))) (to (dump (stocks (to (raise cash))))))
(but (((((a strong) level) (of (investor withdrawals))) (is (much ((more unlikely) (this time))))) (around ((fund managers) said))))
((((a major) reason) (is (that (investors (already (have (sharply (scaled (back ((their purchases) (of (stock funds)))))))))))) (since (black monday)))
(((stock-fund sales) (have (rebounded (in (recent months))))) (but ((monthly (net purchases)) (are (still (running (at (less (than (half (1987 levels)))))))))))
((there ('s (not (nearly (as (much froth)))))) (said ((john bogle) (chairman (of ((vanguard group) (inc. (((a (big valley)) (forge (pa. fund))) company))))))))
((many (fund managers)) (argue (that (now ('s ((the time) (to buy)))))))
(((vincent (bajakian (manager (of (the (1.8 billion)))))) (wellington fund)) ((added (to ((his positions) (in ((bristol-myers (squibb woolworth)) (and (dun (& bradstreet)))))))) friday))
((and (today (he ('ll (be (looking (to (buy (drug stocks))))))))) (like ((((((eli lilly) pfizer) (and ((american home) products))) whose) (dividend yields)) (have (been (bolstered (by (stock declines))))))))
(((((fidelity 's) (mr. lynch)) (for (his part))) (snapped (up ((southern co.) shares)))) (friday (after ((the stock) (got hammered)))))
((if ((the market) (drops (further today)))) (he ((said (he ('ll (be (buying (blue chips)))))) (such (as (bristol-myers (and kellogg)))))))
((if (they ((croak stocks) (like (that (he (said (it (presents ((an opportunity) (that (is ((the kind) (of thing)))))))))))))) (you (dream about)))
((major (mutual-fund groups)) ((said ((phone calls) (were (arriving (at (twice (((the normal) weekend) pace))))))) yesterday))
(but (((most investors) (were (seeking (share prices)))) (and (other information))))
(((trading volume) (was (only (modestly higher)))) (than normal))
(still ((fund groups) (are (n't (taking (any chances))))))
(((they (hope (to (avoid ((the jammed) (phone lines)))))) (and (other snags))) (that (infuriated ((some (fund investors)) (in (october 1987))))))
(((fidelity (on saturday)) (opened ((its 54) (walk-in (investor centers))))) (across (the country)))
((the centers) (normally (are (closed (through (the weekend))))))
((in addition) ((((east coast) centers) (will (open (at (7:30 edt))))) ((this morning) (instead (of ((the normal) 8:30))))))
(((((t. rowe) price) associates) inc.) ((increased ((its staff) (of (phone representatives)))) (to (handle (investor requests)))))
(((the baltimore-based) group) ((noted (that ((some investors) (moved (money (from (stock funds))))))) (to (money-market funds))))
((but ((most investors) (seemed (to (be (in (((an information) mode) (rather (than (in (a transaction))))))))))) (mode (said ((steven norwitz) (a (vice president))))))
((and (vanguard (among (other groups)))) ((said (it (was (adding (more (phone representatives)))))) (today (to (help (investors (get through)))))))
((in ((an unusual) move)) (((several funds) (moved (to (calm (investors (with recordings)))))) (on ((their toll-free) (phone lines)))))
(((we (view (((friday 's) market) decline))) (as (offering ((us ((a buying) opportunity)) (as (long-term investors)))))) (((a recording) (at (((gabelli &) co.) funds))) (said (over (the weekend)))))
(((the janus) group) (had (((a similar) recording) (for investors))))
(((several (fund managers)) (expect ((a rough) market))) ((this morning) (before (prices stabilize))))
(((some (early selling)) (is (likely (to (stem (from investors)))))) (and ((portfolio managers) (who (want (to (lock (in ((((this year) 's) fat) profits)))))))))
(((stock funds) (have (averaged (((a staggering) gain) (of ((25 %) (through september))))))) (according (to (((lipper analytical) services) inc))))
((((elaine garzarelli) (who (runs ((((((((shearson lehman) hutton) inc.) 's) (335 million)) sector) analysis) portfolio)))) (predicts ((the market) (will (open (down (at least))))))) (50 (points (on ((technical factors) (and ((some panic) selling)))))))
((but (she (expects (prices (to (rebound ((soon and) (is (telling investors))))))))) ((she (expects (((the stock) market) (wo (n't (decline (more (than (10 %))))))))) (to ((15 %) (from (recent highs))))))
((this (is (not ((a major) crash)))) (she said))
(nevertheless ((ms. garzarelli) ((said (she (was (swamped (with (phone calls)))))) (over ((the weekend) (from (nervous shareholders)))))))
((((half (of them)) (are (really scared))) (and (want (to sell)))) ((she said) (but (i ('m (trying (to (talk (them (out (of it)))))))))))
((she (added (if (they (all (were bullish)))))) (i ('d (really (be upset)))))
((((the backdrop) (to ((friday 's) slide))) (was (markedly (different (from (that (of (((the october) 1987) crash)))))))) ((fund managers) argue))
((((((two years) ago) (unlike today)) (((the dollar) (was (weak (interest rates)))) (were rising))) (and ((the market) (was (very overvalued))))) (they say))
(((from (((the investors) ') (standpoint institutions))) (and (individuals (learned (((a painful) lesson) (by (selling (at ((the lows) (on (black monday))))))))))) (said ((stephen boesel) (manager (of ((((((the 580) million) (t. rowe)) price) growth) (and (income fund))))))))
((this time) ((i (do (n't think))) (we ('ll (get ((a panic) reaction))))))
((reminiscent (of (those (during (((the 1987) crash) (that (as (((stock prices) plummeted) (and (trading activity)))))))))) ((escalated ((some (phone calls)) (to ((market makers) (in (over-the-counter stocks)))))) (went unanswered)))
((we (could (n't (get (dealers (to (answer (their phones)))))))) (said ((((robert king) senior) ((vice president) (of (otc trading)))) (at ((robinson-humphrey co.) (in atlanta))))))
((it (was (like (the friday)))) (before ((black monday) ((two years) ago))))
((whether (((unanswered (phone calls)) (had (any effect))) (or (not (nasdaq stocks))))) (sank (far (less (than (those (on ((the (new york)) (and (american exchanges))))))))))
((nonetheless ((((the nasdaq) composite) index) (suffered ((((its biggest) point) decline) (of (the year)))))) (and ((((its sixth) worst) (ever (diving 14.90))) (or ((3 %) (to 467.29))))))
((((ten points) (of (the drop))) (occurred (during (((the last) 45) minutes)))) (of trading))
((by comparison) ((((the (((new york) stock) exchange)) composite) (tumbled ((5.8 %) friday))) (and (((the ((american stock) exchange)) composite) (fell (4 %))))))
(((on (oct. 16)) 1987) ((((the nasdaq) composite) (fell (((16.18 points) (or (3.8 %))) (followed (by ((its devastating) 46.12-point)))))) (or (((11 %) slide) ((three days) later)))))
((((nasdaq volume) friday) (totaled (((167.7 million) shares) (which (was (only (((the fifth) busiest) day))))))) (so (far (this year))))
((((the single-day) record) (of ((288 million) shares))) (was (set (on (oct. 21)))))
((there (was (n't ((a lot) (of volume))))) (because (((it (was (just (impossible (to (get (stock moved))))))) said) (((((e.e. buzzy) geduld) president) (of (herzog (heine geduld)))) (((a (new york)) company) (that (makes (markets (in (thousands (of (otc issues))))))))))))
((((most (of (the complaints))) (about ((unanswered phone) calls))) (came (from (regional brokers)))) (rather (than (individual investors))))
((((mr. king) (of (robinson-humphrey (and others)))) (were (quick (to (add (that (they (believe ((the problem) (stemmed (more (from ((traders ') inability))))))))))))) (to (handle ((the volume) (of (calls (rather (than (((a deliberate) attempt) (to (avoid (making trades))))))))))))
((((the subject) (is ((a sore) (one (for nasdaq))))) (and (((its market-making) companies) (which (were (widely (criticized ((two years) ago)))))))) (following ((complaints (from (investors (who (could (n't (reach ((their brokers) (or trade))))))))) (in ((the chaos) (of (the crash)))))))
((((peter dapuzzo) (head (of (retail (equity trading))))) (at ((shearson lehman) hutton))) ((declared (it (was (((the last) hour) (of trading))))) (on (a friday))))
(((there (were (too ((many phones) ringing)))) (and (too (many things)))) (happening (to (expect ((market makers) (to (be (as (efficient (as robots))))))))))
((it (was (n't intentional))) (we (were (all busy))))
((((james tarantino) ((head (of (otc trading))) (at (hambrecht (& quist))))) (in (san francisco))) (said (it (was (just (like ((two years) ago)))))))
((everybody (was (trying (to (do ((the same) thing)))))) (at ((the same) time)))
(((jeremiah mullins) ((((the otc) trading) (chief (at ((dean witter) reynolds)))) (in (new york)))) (said (proudly (that ((his company) (executed ((every order) (it (received (by ((the close) (of trading))))))))))))
(but (he (added (you (can (only (take ((one call) (at (a time))))))))))
((((market makers) (keep (supplies (of stock)))) (on (hand (to (maintain (orderly trading)))))) (when (imbalances occur)))
(((on days) (like friday)) (that ((means (they (must (buy (shares (from sellers)))))) (when (((no one) else) (is (willing to)))))))
((when (selling (is (so (frenzied prices))))) (fall (steeply (and fast))))
(((((two years) ago) (faced (with ((the possibility) (of (heavy losses)))))) (on ((the stocks) (in (their ((inventories market) makers)))))) (themselves (began ((dumping shares) (exacerbating ((the slide) (in (otc (stock prices)))))))))
((on friday) (((some (market makers)) (were selling)) (again (traders said))))
((but ((with (profits (sagging (on (wall street))))) (since (((the crash) companies) (have (kept (smaller share))))))) (stockpiles (on hand)))
(((mr. tarantino) (of (hambrecht (& quist)))) ((said ((some prices) (fell (without (trades (taking place)))))) (as ((market makers) (kept (dropping ((the prices) (at (which (they (would (buy shares))))))))))))
((everyone (was (hitting (everyone ((else 's) bid))))) (he said))
((so (while ((otc companies) (incurred ((losses (on (friday (trading officials)))) (said ((the damage) (was (n't (as bad)))))))))) (as (it (was (in 1987)))))
((((two years) ago) (we (were (carrying (huge inventories))))) (and (that (was ((the big) culprit)))))
((i (do (n't (know (of (anyone (carrying (big inventories)))))))) (now (said ((mr. king) (of robinson-humphrey)))))
(((((tony cecin) (head (of (equity trading)))) (at (((piper jaffray) &) hopwood))) (in minneapolis)) (said (that ((piper jaffray) (actually (made (money (on friday))))))))
(((it (helped (that ((his inventory) (is ((a third) smaller)))))) (now (than (it (was ((two years) ago)))))) (he said))
(((joseph hardiman) ((president (of ((the national) association))) (of ((securities dealers) (which (oversees ((((the nasdaq) computerized) trading) system))))))) (said ((that (despite ((the rush) (of selling)))) (he (never (considered ((the situation) (an emergency))))))))
((((the pace) (of trading)) (was orderly)) (he said))
((((((((nasdaq 's) small) order) execution) system) (worked beautifully)) (as (did (((the automated) system) (for (larger trades)))))) (according (to (mr. hardiman))))
(nevertheless (((the shock) (of (((another steep) plunge) (in (stock prices))))) (undoubtedly (will (shake (many ((investors ') confidence)))))))
((in ((the past) ((the otc) market))) (thrived (on (((a firm) base) (of (small-investor participation))))))
((because ((((nasdaq 's) trading) volume) (has (n't (returned (to (pre-crash (levels traders)))))))) (and (((otc market) officials) (hope ((the damage) (wo (n't (be permanent))))))))
(but (they (are worried)))
((we (were (just (starting (to (get (((the public) 's) confidence))))))) (back (lamented ((mr. mullins) (of (dean witter))))))
(((more troubling) (is ((the prospect) (that ((((the overall) collapse) (in (stock prices))) (could (permanently (erode ((the base) (of (small-investor support))))))))))) (((the otc) market) (was (struggling (to (rebuild (in ((the wake) (of (((the october) 1987) crash))))))))))
(((mr. cecin) (of (piper jaffray))) (says (((some action) (from ((government policy) makers))) (would (allay (investor fears))))))
((it (wo (n't (take (much (more (to (scare ((the hell) (out (of (retail investors)))))))))))) (he says))
((((((the sellers) (on friday)) (came (from (all corners)))) (of ((the otc) market))) (big (and (small (institutional investors))))) (as (well (as ((individual investors) (and (market makers)))))))
(but ((grateful traders) ((((said (((the sell) orders) (generally (ranged (from (20,000 shares)))))) (to (50,000 shares))) (compared (with (blocks (of (500,000 shares)))))) (or (more ((two years) ago))))))
(((shearson 's) (mr. dapuzzo)) ((said (((retail investors) nervously) (sold (stock friday)))) (and (never (returned (to bargain-hunt))))))
((((institutional investors) (which (had (been (selling (stock (throughout (last week)))))))) (to (lock (in (handsome gains))))) (made (through (((the third) quarter) (were calmer)))))
((we (had (((a good) amount) (of (selling (from (institutions (but (not (as (much panic))))))))))) ((mr. dapuzzo) said))
((if (they (could (n't (sell (some (of them))))))) (put ((the shares) (back (on (the shelf))))))
((in addition) (he ((said (((some bigger) (institutional investors)) (placed (bids (to (buy (some (otc stocks)))))))) (whose (prices (were (beaten down)))))))
((in addition) ((mr. dapuzzo) (((said ((computer-guided program) (selling (of (otc stocks))))) (in (((the russell) index) (of ((2000 (small stocks)) (and (((((the standard) (& poor)) 's) 500-stock) index))))))) (sent ((occasional waves) (through (the market)))))))
((((nasdaq 's) biggest) stocks) (were hammered))
(((((the nasdaq) 100) index) (of ((((the largest) nonfinancial) issues) (including ((the big) (otc (technology issues))))))) (tumbled ((4.2 %) (or (19.76 (to 449.33))))))
(((((the nasdaq) financial) index) (of ((giant insurance) (and (banking stocks))))) ((dropped ((2 %) (or 9.31))) (to 462.98)))
(((the otc) market) (has (only ((a handful) (of (takeover-related stocks))))))
(but (they (fell sharply)))
(((((mccaw (cellular communications)) (for instance)) (has (offered (to (buy (lin broadcasting)))))) (as (((well (as ((metromedia 's) (((((new york) city) cellular) telephone) interests)))) and) (in ((a separate) transaction))))) (sell (certain ((mccaw properties) (to (contel cellular))))))
((mccaw (lost ((8 %) (or (3 1\/2))))) (to 40))
((lin broadcasting) ((dropped ((5 1\/2) (or (5 %)))) (to (107 1\/2))))
(((the turnover) (in (both issues))) (was (roughly normal)))
(((on (a day)) (when ((negative (takeover-related news)) (did (n't (sit (well (with ((investors commercial) intertech))))))))) (((a maker) (of (engineered (metal parts)))) (said (((haas &) partners) ((advised (it (that (it (does (n't (plan (to (pursue ((((its previously) reported) 27.50-a-share) bid)))))))))) (to (buy (the company))))))))
((commercial intertech) (plummeted (6 (to 26))))
(((the issues) (of (companies (with (ties (to (((the junk) bond) market))))))) (also (tumbled friday)))
(((on ((the otc) market)) (first executive)) ((((a big) buyer) (of ((the high-risk) (high-yield issues)))) (slid (2 (to (12 1\/4))))))
(((among (other (otc issues))) (intel (dropped (2 (1\/8 (to (33 ((7\/8 (laidlaw transportation)) (lost ((1 1\/8) (to (19 ((1\/2 (((the american) (depositary receipts)) (of jaguar))) (were (off (1\/4 (to (10 1\/4)))))))))))))))))) ((((mci communications) (slipped (2 (1\/4 (to (43 (1\/2 (apple computer)))))))) (fell (3 (to (45 3\/4))))) (and (nike (dropped (2 (1\/4 (to (66 3\/4)))))))))
(((investors (who (bought (stock (with (borrowed money)))))) (that (is (on margin)))) (may (be (more (worried (than (most (following (((friday 's) market) drop)))))))))
(((that 's) (because ((their brokers) (can (require (them (to (sell (some shares))))))))) (or (put (up ((more cash) (to (enhance (((the collateral) backing) (their loans)))))))))
((in (october 1987)) (((these margin) calls) (were (thought (to (have (contributed (to (((the downward) spiral) (of ((the stock) market)))))))))))
(typically ((((a margin) call) occurs) (when (((the price) (of (a stock))) (falls (below ((75 %) (of ((its original) value)))))))))
((if ((the investor) (does (n't (put (up ((the extra) cash))))))) (to (satisfy (((the call) ((the brokerage) firm)) (may (begin (liquidating (the securities))))))))
(but ((some (big (brokerage firms))) ((said (they (do (n't (expect (major problems)))))) (as ((a result) (of (margin calls)))))))
((((margin calls) (since friday)) (have (been (higher (than usual))))) (but ((reasonable ((a spokesman) (for (((shearson lehman) hutton) inc.)))) said)))
(((((((merrill lynch) &) co.) officials) (do (n't (expect (margin (calls (to (be (as (big ((a factor) (as (in 1987))))))))))))) (because ((fewer (individual investors)) (are (buying (stock (on margin))))))) ((a spokesman) said))
((((((hugo quackenbush) senior) (vice president)) (at ((charles schwab) corp.))) (the ((((san francisco-based) discount) brokerage) firm))) ((said (he (did (n't (expect (((any immediate) problems) (with (margin calls)))))))) (for (schwab customers))))
((he (said (schwab (had (increased (margin requirements)))))) (so (customers (have (more (of (a cushion)))))))
(he (added (we (learned ((a lesson) (in (1987 (about volatility))))))))
((((((the senate) 's) decision) (to (approve ((((a bare-bones) deficit-reduction) bill) (without (((a capital-gains) tax) cut)))))) (still (leaves (open ((the possibility) (of (enacting (((a gains) tax) reduction)))))))) (this year))
((late (friday night)) (((the senate) (voted (87-7 (to (approve (((an estimated) (13.5 billion)) measure)))))) (that (had (been (stripped (of (hundreds (of (provisions (that (would (have (widened (rather (than (narrowed ((the (federal budget)) deficit))))))))))))))))))
((lawmakers (drastically (streamlined ((the bill) (to (blunt criticism)))))) (that ((it (was (bloated (with (special-interest (tax breaks)))))) (and (spending increases)))))
(((we ('re (putting (((a deficit-reduction) bill) back)))) (in ((the category) (of (being ((a deficit-reduction) bill)))))) (said (((senate budget) committee) (chairman (((james sasser) d.) tenn)))))
(but (((senate supporters) (of ((the trimmer) legislation))) (((said (that ((other bills) (would (soon (be (moving (through congress)))))))) (that (could (carry (some (of (the measures))))))) (that (had (been (cast (aside (including (((a capital-gains) tax) cut))))))))))
((in addition) ((((the companion) deficit-reduction) bill) (already (passed (by ((the house) (includes ((a capital-gains) provision))))))))
(((house-senate negotiations) (are (likely (to (begin (at midweek)))))) (and (last (for (a while)))))
(((no one) (can (predict (exactly (what (will (happen (on ((the house) side))))))))) (said (((senate minority) leader) ((robert dole) (r. kan)))))
((but (he (added (i (believe (republicans (and (democrats (will (work (together (to (get (capital-gains reform)))))))))))))) (this year))
(((((white house) budget) director) (richard darman)) ((told reporters) (yesterday (that ((the administration) (would (n't (push (to (keep (((the capital-gains) cut) (in (((the final) version) (of (the bill)))))))))))))))
((we (do (n't (need (this (as ((a way) (to (get (capital gains)))))))))) (he said))
((((((((house budget) committee) chairman) leon) panetta) d.) calif) ((said (in (an interview))) (if ((that ('s (the signal))) (that ((comes (from (the (white house)))) (that (will (help ((a great) deal))))))))))
(((((((the senate) 's) decision) (was ((a setback) (for (president bush))))) and) (will (make (approval (of (((a capital-gains) tax) cut)))))) (less (certain (this year))))
((opponents (of (the cut))) (are (playing hardball)))
((((senate majority) leader) (((george mitchell) d.) maine)) ((said (he (was confident))) (that ((((any house-senate) agreement) (on ((the deficit-reduction) legislation))) (would (n't (include (((a capital-gains) tax) cut))))))))
(((and (((a senior) aide) (to ((the house) (((ways and) means) committee))))) (where (((tax legislation) originates) (said (there (are (n't ((any plans) (to (produce (((another tax) bill) (that (could (carry (((a gains) tax) cut))))))))))))))) (this year))
((((((one obvious) place) (to (attach (((a capital-gains) tax) cut)))) (and (perhaps (other (popular items))))) (stripped (from ((the deficit-reduction) bill)))) (is ((the legislation) (to (raise ((the (federal borrowing)) limit))))))
(((such legislation) (must (be enacted))) (by ((the end) (of (the month)))))
((((the senate) bill) (was (pared (back (in (an attempt)))))) (to (speed (deficit-reduction (through congress)))))
((because ((the legislation) (has (n't (been completed))))) ((president bush) (has (until ((midnight tonight) (to (enact ((across-the-board (spending cuts)) (mandated (by (((the gramm-rudman) deficit-reduction) law)))))))))))
(senators (hope (that (((the need) (to (avoid (those cuts)))) (will (pressure ((the house) (to (agree (to ((the streamlined) bill)))))))))))
((the house) (appears (reluctant (to (join (the senators))))))
(((a key) (is (whether ((house republicans) (are (willing (to (acquiesce (to (their (((senate colleagues) ') decision))))))))))) (to (drop (many (pet provisions)))))
((although (i (am (encouraged (by (((the senate) action) (said ((chairman (((dan rostenkowski) d.) ill)) (of (((the house) ways) (and (means committee)))))))))))) ((it (is uncertain)) (whether (((a clean) bill) (can (be (achieved (in (((the upcoming) conference) (with (the senate)))))))))))
((((another big) question) (hovering (over (the debate)))) (is (what ((president bush) thinks))))
((he (has (been (resisting (((a stripped-down) bill) (without ((a guaranteed) vote))))))) (on (((his capital-gains) tax) cut)))
((but (((republican senators) (saw ((no way) (to (overcome ((a procedural) hurdle)))))) (and ((garner ((the 60) votes)) (needed (to (win (((the capital-gains) issue) (on (the floor)))))))))) (so (they (went (ahead (with ((the streamlined) bill)))))))
((((the senate) bill) (was (stripped (of (many popular))))) (though ((revenue-losing provisions) ((a number) (of (which (are (included (in ((the house-passed) bill))))))))))
((these (include (((a child-care) initiative) (and (extensions (of (soon-to-expire (tax breaks)))))))) (for ((low-income housing) (and (research-and-development expenditures)))))
((also ((missing (from ((the senate) bill))) (is (((((the house) 's) repeal) (of (a law))) (called ((section 89) (that ((compels companies) (to (give (rank-and-file workers))))))))))) (comparable ((health benefits) (to (top (paid executives))))))
(((((one high-profile) provision) (that (was (originally (in ((the senate) bill)))))) (but (was (cut out)))) (because (((it (lost money)) (was (((the proposal) (by (chairman (((lloyd bentsen) d.) texas)))) (of (the ((senate finance) committee)))))) (to (expand ((the deduction) (for (individual (retirement accounts)))))))))
((mr. bentsen) (said (he (hopes ((the senate) (will (consider (that (measure soon)))))))))
((to ((the delight) (of (some doctors)))) (((the bill) (dropped ((a plan) (passed (by (((the finance) committee) (that (would (have (overhauled (((the entire) physician-reimbursement) system))))))))))) (under medicare)))
(((to ((the detriment) (of (many ((low-income people) efforts))))) (to (boost (((medicaid funding) especially) (in (rural areas)))))) (also (were stricken)))
(((asked (why ((senators (were (giving ((up so) much)))) new))) mexico) ((sen. ((pete domenici) (((the ranking) republican) (on (the ((senate budget) committee)))))) (said (we ('re (looking (like idiots)))))))
((things (had (just gone))) (too far))
((sen. dole) (said (that ((the move) (required (sacrifice (by (every senator))))))))
((it (worked others)) (said (because ((there (were (no exceptions))) ((all (revenue-losing provisions)) (were stricken))))))
((((the senate) (also (dropped ((a plan) (by ((its finance) committee)))))) (that (would (have (increased (((((the income) threshold) beyond) (which (senior citizens))) (have (their (social (security benefits)))))))))) reduced)
((in addition) (((the bill) (dropped ((a plan) (to (make (permanent ((((a 3) %) excise) tax))))))) (on ((long-distance telephone) calls))))
((it ((no longer) (includes ((a plan) (that (would (have (repealed (what (remains (of (((the completed-contract) method) (of (accounting (which (is (used (by (military contractors))))))))))))))))))) (to (reduce ((their tax) burden))))
((it (also (drops ((a provision) (that (would (have (permitted (corporations (to (use (excess (pension funds))))))))))))) (to (pay ((health benefits) (for (current retirees))))))
((also (stricken (was (((a fivefold) increase) (in (((the maximum) occupational) safety)))))) (and (((health administration) penalties) (which (would (have (raised ((65 million) (in (fiscal 1990))))))))))
(((a provision) (that (would (have (made ((the (social security)) administration)))))) (((an independent) agency) (was excised)))
((((the approval) (of ((the senate) bill))) (was (especially sweet))) (for ((sen. mitchell) (who (had (proposed (the streamlining)))))))
((((((mr. mitchell) 's) relations) (with ((budget (director darman)) (who (pushed (for (((((a capital-gains) cut) (to (be added))) (to (the measure))) (have (been strained))))))))) (since ((mr. darman) (chose (to (bypass ((((the (maine democrat)) and) deal) (with (other lawmakers))))))))) ((earlier ((this year) (during ((a dispute) (over (drug funding)))))) (in (((((the fiscal) 1989) supplemental) spending) bill))))
((((((the deficit) reduction) bill) (contains ((5.3 billion) (in (tax increases))))) (in ((fiscal 1990) (and (26 billion))))) (over (five years)))
((((the revenue-raising) provisions) (which (affect (mostly corporations)))) would)
(((prevent (companies (that (have (made ((leveraged buy-outs) (from (getting (federal (tax refunds)))))))))) (resulting (from (losses (caused (by ((interest payments) (on (debt (issued (to (finance (the buy-outs))))))))))))) (effective ((aug. 2) 1989)))
(((require ((mutual funds) (to (include (in (their (taxable income))))))) (dividends (paid (to (them (on (the date))))))) (that (((the dividends) (are (declared (rather (than (received (effective (the day)))))))) (after (((the tax) bill) (is enacted))))))
((((close (a loophole)) (regarding ((employee (stock ownership)) plans))) (effective (june (6 (1989 (that (has (been (exploited (by (investment bankers))))))))))) (in (corporate takeovers)))
(((the measure) (repeals ((((a 50) %) exclusion) (given (to (banks (on ((the interest) (from (loans (used (to (acquire (securities (for (an esop)))))))))))))))) (if ((the esop) (owns (less (than ((30 %) (of (((the employer) 's) stock)))))))))
((curb ((junk bonds) (by (ending ((tax benefits) (for (certain securities))))))) (such (as ((zero-coupon bonds) (that (postpone (cash (interest payments))))))))
((raise ((851 million) (by (suspending (for (one year)))))) (((an automatic) reduction) (in (airport (and (airway taxes))))))
(((speed (up ((the collection) (of ((the payroll) tax))))) (from (large companies))) (effective (august 1990)))
((((impose ((a tax) (on (ozone-depleting chemicals)))) (such (as (those (used (in ((air conditioners) (and (in styrofoam))))))))) (beginning (at 1.10))) ((a pound) (starting (next year))))
((((withhold income) taxes) (from ((the paychecks) (of (certain (farm workers)))))) (currently (exempt (from withholding))))
(((change ((the collection) (of (gasoline (excise taxes))))) (to (weekly (from (semimonthly effective))))) (next year))
((restrict (((the ability) (of ((real estate) owners))) (to (escape (taxes (by (swapping ((one piece) (of (property (for another))))))))))) (instead (of (selling (it (for cash))))))
((increase (to (6 ((a person) (from (3 ((((the international) air-passenger) departure) tax))))))) (and (impose ((((a 3-a-person) tax) (on (international departures))) (by (commercial ships))))))
(((the measure) (also (includes ((spending cuts) (and increases))))) (in (federal fees)))
(among (its provisions))
(((((reduction (of (medicare spending))) (in (fiscal 1990))) (by (some (2.8 billion)))) (in (part (by (curbing increases))))) (in (reimbursements (to physicians))))
(((the plan) (would (impose (((a brief) freeze) (on (physician fees)))))) (next year))
((((removal (of (((((the u.s.) (postal service)) 's) operating) budget))) (from (the (federal budget)))) reducing) ((the deficit) (by (1.77 billion))))
(((a similar) provision) (is (in ((the house) version))))
((((authority (for (the ((federal aviation) administration)))) (to (raise ((239 million) (by ((charging fees) (for (commercial (airline-landing rights))))))))) (at ((((new york) 's) laguardia) (and ((john (f. kennedy)) (international (airports (o'hare ((international airport) (in (chicago (and (national airport))))))))))))) (in washington))
((increases (in ((nuclear (regulatory commission)) fees))) (totaling (54 million)))
(((direction (to ((the (u.s. coast)) guard))) (to (collect (50 million)))) (from (users (of ((coast guard) services)))))
(((raising ((an additional) (43 million))) (by (increasing (existing (((federal communications) commission) fees))))) (and ((penalties (and (establishing (new fees)))) (for (((amateur (radio operators)) (ship stations)) (and ((mobile radio) facilities)))))))
((john (e. yang)) (contributed (to (this article))))
(((measuring cups) (may (soon (be (replaced (by tablespoons)))))) (in ((the laundry) room)))
((((procter (& gamble)) co.) (plans (to (begin (testing (next month)))))) (((a superconcentrated) detergent) (that (will (require (only (((a few) spoonfuls) (per washload))))))))
(((the move) (stems (from (lessons (learned (in japan)))))) (where (((local competitors) (have (had (phenomenal success)))) (with (concentrated soapsuds)))))
((it (also (marks (((p&g 's) growing) concern)))) (that ((((its japanese) rivals) (such (as (kao corp.)))) (may (bring ((their superconcentrates) (to (the u.s.))))))))
((((((the cincinnati) consumer-products) giant) (got (clobbered ((two years) ago)))) (in japan)) (when (kao (introduced (((a powerful) detergent) (called (attack (which (quickly (won ((((a 30) %) stake) (in ((the japanese) markets)))))))))))))
((they (do (n't (want (to (get caught)))))) (again (says ((one industry) watcher))))
(((retailers (in (phoenix ariz.))) (say ((((((p&g 's) new) powdered) detergent) (to (be (called (cheer (with (color guard))))))) (will (be (on shelves)))))) (in (that (market (by (early november))))))
(((a p&g) spokeswoman) ((confirmed (that ((shipments (to phoenix)) (started late)))) (last month)))
(she ((said ((the company) (will (study (results (from (this market))))))) (before (expanding (to others)))))
(superconcentrates (are (n't (entirely (new (for p&g))))))
(((the company) (introduced ((((a superconcentrated) lemon) cheer) (in japan)))) (after (watching ((the success) (of attack)))))
((when (attack (hit ((((the shelves) (in (1987 ((p&g 's) share)))) (of ((the japanese) market))) (fell (to (about (8 %)))))))) (from (more (than (20 %)))))
((with ((the help) (of (lemon cheer)))) (((p&g 's) share) (is (now (estimated (to (be (12 %))))))))
((while ((the japanese) (have (embraced (((the compact) packaging) (and (convenience (of (concentrated products))))))))) (((((the true) test) (for p&g)) (will (be (in ((((the (4 billion)) u.s.) detergent) market))))) (where ((growth (is (slow (and liquids)))) (have (gained (prominence (over powders))))))))
((((the company) (may (have (chosen (to (market ((the product) (under ((the cheer) name))))))))) (since ((it 's) (already (expanded (((its best-selling) tide) (into (16 (different varieties))))))))) (including (((((this year) 's) big) hit) (tide (with bleach)))))
(((with superconcentrates) (however (it (is (n't (always (easy (to (persuade ((consumers (that less)) (is more))))))))))) ((((many people) (tend (to (dump (too (much detergent)))))) (into (((the washing) machine) believing))) (that (it (takes (((a cup) (of powder)) (to (really (clean (the laundry))))))))))
((in ((the early) 1980s)) (p&g ((tried (to (launch (here (((a concentrated) detergent) (under (((the ariel) brand) name))))))) (that (it (markets (in europe)))))))
((but (((the product) (which (was (n't (as concentrated))))) (as ((((the new) cheer) bombed) (in (((a market) test) (in denver))))))) (and (was dropped)))
(((p&g (and others)) (also (have (tried (repeatedly (to (hook (consumers (on ((detergent (and fabric)) (softener combinations))))))))))) (in (pouches (but (they (have (n't (sold (well (despite (the convenience)))))))))))
(but (p&g ((contends (((the new) cheer) (is ((a unique) formula)))) (that (also (offers ((an ingredient) (that (prevents (colors (from fading)))))))))))
(((and retailers) (are (expected (to (embrace ((the product) (in part))))))) (because (it (will (take (up (less (shelf space))))))))
((when (((shelf space) (was (cheap bigger))) (was better))) (says ((hugh zurkuhlen) ((an analyst) (at (salomon bros))))))
(but ((with (so (many brands))) ((vying (for space)) (that ('s (no (longer (the case))))))))
((if (((the new) cheer) (sells (well ((the trend) (toward (smaller packaging))))))) (is (likely (to (accelerate (as (competitors (follow (with ((their own) superconcentrates))))))))))
((then (retailers (will (probably (push (((the less-established) brands) (out altogether))))))) (he says))
((competition (is (bound (to (get tougher))))) (if (kao (introduces ((a product) (like (attack (in (the u.s.)))))))))
(((to (be sure)) (kao (would (n't (have (((an easy) time) (taking (u.s. (market share))))))))) (away (from (((the mighty) p&g) (which (has (about ((23 %) (of (the market))))))))))
(((kao officials) (previously (have (said (they (are (interested (in (selling (detergents (in ((the u.s.) (but (so far)))))))))))))) (((the company) (has (focused (on (acquisitions (such (as (((last year) 's) purchase)))))))) (of (((andrew jergens) co.) (((a cincinnati) hand-lotion) maker)))))
(it (also (has (((a product-testing) facility) (in california)))))
((some believe) ((((p&g 's) interest) (in ((a superconcentrated) detergent))) (goes (beyond ((the concern) (for (the japanese)))))))
(((this (is something)) (p&g (would (do (with (or (without kao))))))) (says (mr. zurkuhlen)))
((((ideal basic) industries) inc.) (((said ((its directors) (reached ((an agreement) (in (principle (calling (for (hofi ((north america) inc.)))))))))) (to (combine ((((its (north american)) cement) holdings) (with (ideal (in ((a transaction) (that (will (leave (((ideal 's) minority) shareholders)))))))))))) (with ((12.8 %) (of ((the combined) company))))))
(((hofi ((((the (north american)) holding) company) (of ((swiss concern) (holderbank ((financiere glaris) ltd.)))))) (previously (proposed (combining (((its (100 %)) stake) (in (((st. lawrence) cement) inc.))))))) (and ((((its (60 %)) stake) (in (dundee (cement co.)))) (with (((its (67 %)) stake) (in ideal))))))
(but (((((hofi 's) first) offer) (would (have (given ((ideal 's) (other shareholders)))))) (about ((10 %) (of ((the combined) company))))))
((((ideal 's) directors) (rejected (that offer))) (although (they (said (they (endorsed ((the merger) proposal)))))))
((under (the agreement)) ((hofi (will (own (87.2 %)))) (of ((the combined) company))))
(((((ideal 's) current) operations) (will (represent (about (39.2 %))))) (of ((the combined) company)))
(((the transaction) (is (subject (to (((a definitive) agreement) (and approval)))))) (by (ideal shareholders)))
((ideal (said (it (expects (to (complete (the transaction))))))) (early (next year)))
((citing ((a payment) (from ((a supplier) (and (strong (sales (of (certain (data-storage products)))))))))) ((maxtor corp.) (said (((earnings (and revenue)) (jumped (in ((its second) quarter)))) (ended (sept. 24))))))
(((the maker) (of (computer-data-storage products))) ((said ((net income) ((rose (to (4.8 million))) (or ((23 cents) (a share)))))) (from (year-earlier (net (of ((1.1 million) (or ((five cents) (a share))))))))))
((revenue (soared (to (117 million)))) (from (81.5 million)))
(maxtor (((said ((its results) (were (boosted (by (2 million)))))) (in (payments (received (from ((a supplier) (for (((a certain) line) (of (products (that maxtor))))))))))) (is (n't (going (to (sell anymore)))))))
(maxtor (said ((effects (from discontinuing)) ((the line) (may (have (((a positive) effect) (on ((future earnings) (and revenue))))))))))
(((a spokeswoman) (would (n't elaborate))) (but ((the company) (said (((the discontinued) product) (has (never (been (((a major) source) (of (revenue (or profit))))))))))))
(((operationally maxtor) (benefited (from (robust (sales (of (products (that (store data))))))))) (for (high-end ((personal computers) (and (computer workstations))))))
(((in (((the fiscal) first) half)) (net (was ((7 million) (or ((34 cents) (a share))))))) (up (from ((((the year-earlier) 3.1) million) (or ((15 cents) (a share)))))))
((revenue (rose (to (225.5 million)))) (from (161.8 million)))
((valley ((((federal savings) &) loan) association)) ((said (((imperial corp.) (of america)) (withdrew (from regulators)))) (((its application) (to (buy (five (valley (federal branches)))))) (leaving ((the transaction) (in limbo))))))
((((((the broken) purchase) (appears (as (additional evidence)))) (of (trouble (at (imperial corp.))))) (whose spokesman)) ((said ((the company) (withdrew ((its application) (from (((the federal) office) (of (thrift supervision)))))))) (because (of (((an informal) notice) (that ((((imperial 's) thrift) unit) (failed (to (meet (((community reinvestment) act) requirements)))))))))))
(((((the (community reinvestment)) act) (requires (savings (and (loan associations))))) (to (lend (money (in (amounts (related (to areas)))))))) (where (deposits (are received))))
((((the transaction) (announced (in august))) (included ((about (146 million)) (in (deposits (at (the (five outlets)))))))) (in ((california 's) ((san joaquin) valley))))
(((terms (were (n't disclosed))) (but ((valley federal) (had (said (it (expected (to (post ((((a modest) pretax) gain) (and (to (save ((about (2 million)) (in (operating costs)))))))))))))))) annually)
((valley federal) (said (friday (that (((it (is (considering (whether (to (seek ((another buyer) (for (the branches))))))))) or) (to (pursue (((the transaction) (with (imperial corp.))) (which (said (it (is (attempting (to (meet (((community reinvestment) act) requirements))))))))))))))))
(((valley federal) (with (assets (of (3.3 billion))))) (is (based (in (van nuys)))))
(((imperial corp.) (based (in (san diego)))) (is ((the parent) (of (((imperial savings) &) loan)))))
((in (((the first) (six months)) (of (the year)))) (it (posted (((a net) loss) (of (33.1 million))))))
((call it) (the (we ('re (too (broke (to (fight defense))))))))
((((lawyers (for (dozens (of (insolvent (savings (and (loan associations)))))))) (are (trying (((a new) tack) (in (their efforts)))))) (to (defuse suits))) (filed (by ((borrowers developers) (and creditors)))))
(((((the thrifts) ') lawyers) (claim (that (((((the suits) numbering) (700 (to (1,000 (in texas))))) alone) (should (be (dismissed (as moot)))))))) (because (neither (((the s&ls) (nor (((the extinct) (federal savings)) (and ((loan insurance) corp.))))) (has ((the money) (to (pay judgments))))))))
((though ((the argument) (may (have (((a common-sense) ring) (to (it (even ((the s&l) lawyers))))))))) (concede (there ('s ((little precedent) (to (back (their position))))))))
((still ((one (federal (appeals court))) (has (signaled (it ('s (willing (to (entertain (the notion)))))))))) (and (((the lawyers) (have (renewed ((their arguments) (in (texas (and (eight (other states))))))))) (where ((the defense) (is (permitted (under (state law)))))))))
(((((the dismissal) (of ((the pending) suits))) (could (go (((a long) way) (toward (clearing (court dockets))))))) (in (texas (and (reducing ((((((the fslic) 's) massive) legal) bills) (which (topped (73 million))))))))) (last year))
(((((((the s&l) lawyers) (were (encouraged (last month)))) (by (((an appellate-court) ruling) (in (two cases))))) ((brought (against (defunct (sunbelt (((savings &) loan) association))))) (of dallas))) (by ((the developers) (of (((the valley) ranch) best))))) (known (as (((the training) center) (for ((((the dallas) cowboys) football) team))))))
((sunbelt foreclosed) (on (the ranch)))
(((sunbelt (and (the fslic))) ((argued (to ((((the fifth) u.s.) circuit) court))) (of (appeals (that (there (will (never (be ((any assets) (with (which (to (satisfy ((a judgment) (against (sunbelt savings))))))))))))))))) (nor ((any means) (to (collect (from (((any other) party) (including fslic))))))))
((if true) ((the court) ((wrote ((this contention) (would (justify (dismissal (of (these actions))))))) (on (prudential grounds)))))
(but ((the court) ((((said (it (lacked (enough (financial information))))) (about sunbelt)) (and (((the fslic) and) (sent ((the cases) (back (to ((federal district) court)))))))) (in dallas))))
(((((charles haworth) ((a lawyer) (for sunbelt))) (says (he ((plans (to (file ((a brief) (this week))))) (urging (((the district) judge) (to (dismiss (the suits))))))))) (because (((sunbelt 's) liabilities) (exceeded ((its assets) (by (about (2 billion)))))))) (when ((federal regulators) (closed (it (in (august 1988)))))))
(((this institution) (is (just (brain dead)))) (says ((mr. haworth) (((a partner) (in ((the dallas) office))) (of (((andrews &) kurth) (((a houston) law) firm)))))))
((but ((a lawyer) (for (triland (investment group))))) ((((the developer) (of ((valley ranch) dismisses))) (such arguments)) (as (((a defense) du) jour))))
((attorney ((richard jackson) (of dallas))) ((says (((a judgment) (for triland)) (could (be (satisfied (in (ways (other (than (((a monetary) award) (including ((the reversal) (of ((sunbelt 's) foreclosure)))))))))))))) (on (valley ranch))))
(((we ('re (asking ((the court) (for ((a number) (of things))))))) (he (can (grant (in (addition (to ((the thrill) (of victory))))))))) (he says))
((we ('d (take ((((the valley) ranch) free) (and clear))))) (as ((a booby) prize)))
((do (n't jump)) yet)
((((((the stock) market) 's) swoon) (may (turn (out (to (be (good news))))))) (for (the economy)))
((in (((one wild) hour) (of trading))) (((the market) (managed (to accomplish))) (what (((the bush) administration) (has (been (trying (to (do (unsuccessfully (for weeks)))))))))))
((it (is (forcing ((the (federal reserve)) (to (ease ((its grip) (on credit)))))))) (and (it (took ((the wind) (out (of (((a previously) irrepressible) dollar))))))))
(((((the resulting) decline) (in (interest rates))) (and ((the value) (of (the dollar))))) (could (reinvigorate ((american business) (indeed ((the entire) economy))))))
(this (may (sound (strangely optimistic))))
((after (all (until ((a (few years)) ago)))) (((the stock) market) (was (viewed (as ((a barometer) (of ((the national) economy))))))))
((when (it (went (down (by (all tradition)))))) ((the economy) followed))
((that (has (changed partly))) (because ((((the two) years) (following ((((the worst) stock-market) plunge) (in history)))) (have (been (reasonably comfortable))))))
(((((the 1987) crash) (was ((a false) alarm))) (however (you view))) (it (says (university (of ((chicago economist) (victor zarnowitz)))))))
(((the market) (seems (increasingly disconnected))) (from ((the rest) (of (the nation)))))
(((its spasms) (ca (n't (be (traced (to (fundamental (business conditions)))))))) ((nor (do (they (appear (to (presage (major shifts))))))) (in (the economy))))
(((((the market) today) (has ((a life) (of ((its own) (john akers)))))) (chairman (of (((international business) machines) corp.)))) (said saturday))
((there ('s (nothing (rational (about (this kind)))))) (of action))
((of course) ((((the health) (of (the economy))) (will (be threatened))) (if ((the market) (continues (to (dive (this week))))))))
(((sharply (falling (stock prices))) (do (reduce ((consumer wealth) (damage (business confidence)))))) (and (discourage ((((the foreign) investors) upon) (whom ((the u.s.) (now (relies (for (financial sustenance))))))))))
(((the financial-services) industry) (was (battered (by ((the 1987) crash)))))
(((what ('s more)) (although (((the stock) market) (is (far (less overvalued)))))) ((today (than ((two years) ago))) (((the u.s.) economy) (is weaker))))
(growth (is slower))
(profits (are softer))
((debt burdens) (are heavier))
(but ((if (((the stock) market) (does (n't (continue (to (plummet (((the beneficial) effects) (of (lower (interest rates))))))))))) (and (((a lower) dollar) (may (well dominate))))))
(((((the fed) (which (until friday))) (had (been (resisting (moves (to (ease credit))))))) (is (now (poised (to (pour (money (into (the economy))))))))) (if (needed (to (soothe (the markets))))))
(((fed officials) (may protest)) (that (this (does (n't (necessarily (mean (((a fundamental) change) (in ((their interest-rate) policies))))))))))
(but (((the experience) (of ((the 1987) crash))) ((suggests ((the fed) (is (likely (to (bring (down (short-term (interest rates))))))))) (in ((its effort) (to (calm markets)))))))
((((anticipating ((((the fed) 's) move) money)) traders) ((lowered ((((a key) interest) rate) (known (as ((the (federal funds)) rate))))) (to ((8.625 %) (late friday))))) ((down (from ((8.820 %) (the day)))) before))
(((tiny movements) (in ((the rate) (which (is (what ((banks (charge ((each other) (for (overnight loans))))) (are (usually (among ((the (few visible)) tracks))))))))))) (that ((the fed) (leaves (on ((the monetary) markets))))))
((((the dollar) (also (began (to (decline friday))))) (as ((((the stock) market) 's) plunge))) (caused ((some investors) (to (reassess ((their desire) (to (invest (in (the u.s.))))))))))
((((treasury officials) (have (been (arguing (for months))))) (that ((((the dollar) 's) strength) (was (out (of (whack (with (economic fundamentals))))))))) ((threatening (to (extinguish ((the export) boom)))) (that (has (sustained (manufacturers (for (several years))))))))
((((the market) drop) (has (now (apparently (convinced (foreign investors)))))) (that ((the treasury) (was (right (about ((the overpriced) dollar)))))))
(((((a modest) drop) (in (the dollar))) (only (((a modest) one) mind))) (you (would (be (welcomed (by (the u.s.)))))))
(((that (was (n't ((the case) (in 1987))))) (when ((the dollar) (was (so weak))))) (that ((((some economists) (and (((government officials) seriously) worried))) (that (it (might (collapse ((producing panic) (among ((foreign investors) (and (diminishing ((the flow) (of (foreign capital))))))))))))) (to (the u.s.)))))
((((another big) difference) (between (1987 (and 1989)))) (is (n't (so comforting))))
((in (((the third) quarter) (of (1987 (the economy))))) ((spurted (at (((an inflation-adjusted) annual) rate))) (of (5.3 %))))
((((the consensus) (among economists)) (is (that (it (grew (((((a much) more) sluggish) 2.3) %)))))) (in (((the third) quarter) (of (1989 (which (ended ((two weeks) ago))))))))
(((((the plunge) (in (stock prices))) (is (happening (at (a time))))) (when ((the economy) (has (already (slowed down)))))) (says (economist ((lawrence chimerine) (of ((wefa group) ((((a bala) (cynwyd pa.)) forecasting) company)))))))
(((a lot) (of (pent-up demand))) (is gone))
((((consumer spending) (did (drop (in ((the months) (following (black (monday 1987)))))))) (but (((only slightly) and) (for (((a short) period) (of time)))))) (recalls ((mr. zarnowitz) (((a longtime) student) (of (business cycles))))))
(that (was (offset (by (strength elsewhere)))))
((((the effects) (were (much (less severe)))) (and (less prolonged))) (than (some (had (feared (or expected))))))
((today (he ((frets (exports (and (business (investment spending))))) (may (be (insufficient (to (pick (up (the slack)))))))))) (if ((((stock prices) (sink (this week))) and) (if (consumers (retrench (in reaction)))))))
((what ('s more)) (((the (corporate borrowing)) binge) (has (n't (abated (in ((the past) (two years))))))))
((((we ('ve (had (two (more years))))) (of (significant accumulation))) (of (debt (just (at (the time)))))) (when (earnings (are (being (squeezed ((mr. chimerine) notes)))))))
((((the more) (a company)) (relies (on (borrowed money)))) ((the greater) ((its sensitivity) (to ((an economic) slowdown)))))
((((a company) (with (((a strong) balance) sheet))) (can (withstand ((an unanticipated) storm)))) ((((a highly) leveraged) company) (may (end (up (in (bankruptcy court)))))))
((((the fed) (of course)) (knows (that (very (well (hence ((its readiness) (to (pump (credit (into (the economy)))))))))))) (this morning))
(but ((in (the process)) (((the fed) risks) (reigniting inflation))))
((even (before ((friday 's) events))) (((harvard (university (economist (benjamin friedman)))) (was arguing)) (that (((the fed) (wo (n't (be (able (to (live (up (to (((its tough) words) (on (eliminating inflation)))))))))))) (because (of ((its responsibility) (to (protect (fragile ((financial markets) (banks (and (highly (leveraged corporations)))))))))))))))
((((((the biggest) threat) (on ((the economic) horizon))) right) (now (is (n't recession)))) (he (reasons (it ('s ((an outbreak) (of (uncontrolled inflation))))))))
(((in (the end)) ((the 1987) collapse)) ((suggested ((the economy) (does (n't (move (in lockstep)))))) (with (stock prices))))
((the economy) (does (however (depend (on ((the confidence) (of (businesses (consumers (and (foreign investors)))))))))))
(((a panic) (on (wall street))) (does (n't (exactly (inspire confidence)))))
(surveys (suggested (that (((consumer confidence) (was high)) (before friday)))))
((((a 190-point) drop) (is (n't (likely (to (make (much (of ((a dent) multiply))))))))) (that (((a (few times)) over) (though (and (it will))))))
((if ((((the reactions) (of (executives (gathered (saturday (at (hot (springs va.)))))))) (for ((the (business council)) meetings))) (are (typical ((business leaders) (were (n't overly))))))) (rattled (by ((friday 's) decline))))
((and (if ((foreign investors) (become (((a tad) (more cautious)) well))))) ((((((the dollar) 's) recent) strength) suggests) (that ((the u.s.) (can (stand it))))))
((on ((the bottom) line)) (((((the most) comforting) fact) (for ((the economic) outlook))) (is (that (we ('ve (been (through (this before)))))))))
((((two years) ago) (about (((the only) point) (of comparison)))) (was (((the 1929) crash) (and ((the subsequent) depression)))))
((the doomsayers) (had ((a receptive) audience)))
(((the prosperity) (that (followed (black monday)))) (permits (((a (more optimistic)) view) today)))
((at ((the very) least)) (((the establishment) (here (is (taking (comfort (from (((the nation) 's) success))))))) (in (handling ((the last) go-around)))))
((as (sen. ((lloyd bentsen) (d. texas)))) (observed (yesterday ((the fed) (avoided ((a meltdown) (last time)))))))
(they (are (more (sophisticated (this time)))))
((newport corp.) ((((said (it (expects (to (report ((fiscal-first-quarter earnings) (of (between (15 cents))))))))) (and ((19 cents) (a share)))) somewhat) (below (((analysts ') estimates) (of ((19 cents) (to (23 cents))))))))
(((the maker) (of ((scientific instruments) (and (laser parts))))) (said ((orders (fell (below expectations))) (in (recent months)))))
((a spokesman) (((added (that ((sales (in ((the current) quarter))) (will (about (equal ((((the yearearlier) quarter) 's) figure))))))) (when (newport (reported ((net income) (of ((1.7 million) (or ((21 cents) (a share)))))))))) (on ((14.1 million) (in sales)))))
((((((the following) u.s.) (treasury corporate)) (and (municipal offerings))) (are (tentatively (scheduled (for sale))))) ((this week) (according (to ((((dow jones) capital) markets) report)))))
((15.2 billion) (of (three-month (and (six-month bills)))))
((two-year (notes (refinancing (about (9.6 billion))))) (in (maturing debt)))
((9.75 billion) (of (52-week bills)))
((((connecticut light) &) power) co.)
((((three million) shares) (of (25 preferred))) (via (competitive bidding)))
(b&h ((crude carriers) ltd.))
(((four million) (common shares)) (via ((salomon brothers) inc)))
((baldwin technology) co.)
(((2.6 million) class) ((a shares) (via ((smith barney) (((harris upham) &) co)))))
((blockbuster entertainment) corp.)
(((250 million) (face amount)) ((((liquid yield) option) notes) (via (((merrill lynch) capital) markets))))
((chase manhattan) corp.)
(((14 million) (common shares)) (via (((goldman sachs) &) co)))
(comcast corp.)
(((150 million) (convertible debentures)) (via (merrill lynch)))
(css industries)
(((1.3 million) (common shares)) (via (merrill lynch)))
((eastern utilities) associates)
(((1.5 million) (common shares)) (via (painewebber inc)))
(((employee benefit) plans) inc.)
(((two million) (common shares)) (via (((dean witter) capital) markets)))
(exabyte corp.)
((2,850,000 (common shares)) (via (goldman sachs)))
(knowledgeware inc.)
(((2.4 million) (common shares)) (via (montgomery securities)))
(((100 million) (of (((((general obligation) veterans) ') tax) notes))) (series (1989 (via (competitive bid)))))
(washington d.c.)
(((200 million) (of (1990 (((general obligation) (tax revenue)) notes)))) ((series 1990a) (via (competitive bid))))
(((virginia public) school) authority)
((55,730,000 (of (school (financing bonds)))) ((1989 (series (b (1987 resolution)))) (via (competitive bid))))
(austin texas)
(((((68,230,000 (of (various bonds))) (including ((32 million) hotel))) (occupancy ((tax (revenue bonds)) (series 1989a)))) (and ((((36.23 million) convention) center) (revenue bonds)))) ((series 1989b) (via ((a (((morgan stanley) &) co.)) group))))
(california (((health facilities) financing) authority))
(((144.5 million) (of (kaiser (permanente (revenue bonds))))) (via ((a painewebber) group)))
(((100 million) (of ((((((general obligation) capital) appreciation) bonds) (college savings)) plan))) ((1989 (series b)) (via ((a ((prudential-bache capital) funding)) group))))
(pennsylvania (higher ((education facilities) authority)))
((((117 million) (of (revenue bonds))) (for (((hahnemann university) series) 1989))) (via ((a (merrill lynch)) group)))
((tennessee valley) authority)
(((three billion) (of (power bonds))) (via ((first boston) corp)))
((university (of (medicine (and dentistry)))) (of (new jersey)))
(((55 million) (of (series (c bonds)))) (via ((a prudential-bache) group)))
((((west virginia) parkways) (economic development)) (and (tourism authority)))
((((143 million) (of (parkway (revenue bonds)))) (series 1989)) (via ((a painewebber) group)))
((san antonio) texas)
(((640 million) (of ((((gas (and electric)) revenue) refunding) bonds))) (via (((a first) boston) group)))
(((south (dakota (health (& education)))) facility) authority)
(((51.1 million) (of ((rapid city) (regional (hospital bonds))))) (via (((((((a dougherty) dawkins) strand) &) yost) inc.) group)))
((((the (west german)) retailer) (asko (((deutsche kaufhaus) ag) (plans (to (challenge (((the legality) (of ((((a widely) employed) anti-takeover) defense))) (of companies)))))))) (in (the netherlands)))
(((((the (eventual court)) decision) (could (become ((a landmark) (in (dutch (corporate law))))))) (because (((((the lawsuit) asko) plans) (to file)) (would (be ((the first) (to (challenge ((((((the entire) principle) and) practice) (of (companies (issuing (voting (preferred shares)))))) (to (management-controlled trusts))))))))))) (to (dilute ((voting power) (of (common stockholders))))))
((up (to (now (((only (specific aspects)) (of (these defenses))) (have (been challenged)))))) (though (((((unsuccessfully asko) 's) dutch) lawyers) noted)))
(((should ((the courts) (uphold ((the validity) (of ((this type) (of (defense asko)))))))) (will (then (ask ((the court) (to (overturn (such ((a vote-diluting) maneuver))))))))) (recently (deployed (by (koninklijke (ahold nv))))))
((asko (says (((((the dutch-based) international) food) retailer) (had (n't (reasonable (grounds (to (issue (preferred stock)))))))))) (to (((a friendly) trust) (and (thus (dilute (((the worth) (and (voting power))) (of (asko (and (other shareholders)))))))))))
((speaking (through (((its dutch) lawyers) asko))) (also (disclosed (it (holds ((((a 15) %) stake) (in ahold)))))))
((it (was (previously (thought (asko (held (((a 13.6) %) stake))))))) (that (was (accumulated (since july)))))
(((a spokesman) (for ahold)) (said ((his company) (is (confident (of (((its own) position) (and ((the propriety) (of ((the preferred-share) issue)))))))))))
((he (termed (((asko 's) (legal actions)) (as (unproductive (to (international cooperation))))))) (among (european retailers)))
(((south africa) (freed (((the anc) 's) sisulu))) (and (seven (other (political prisoners)))))
(((((thousands (of supporters)) (many (brandishing flags))) (of (((the (outlawed african)) national) congress))) (gave ((the anti-apartheid) activists))) ((((a tumultuous) reception) (upon (their return))) (to ((black townships) (across (the country))))))
(((most (of (those freed))) (had (spent (at least)))) ((25 years) (in prison)))
(((((the 77-year-old) sisulu) (sentenced (to (life (in (1964 (along (with (black (nationalist (nelson mandela))))))))))) (for (plotting (to (overthrow (the government)))))) (said (((equality (for blacks)) (in (south africa))) (was (in reach)))))
(((((the releases) (announced (last week))) (by (president (de klerk)))) (were (viewed (as (((pretoria 's) tacit) legalization))))) (of (the anc)))
((mandela considered) (((((the most) prominent) leader) (of (the anc))) (remains (in prison))))
(but (((his release) (within ((the next) (few months)))) (is (widely expected))))
(((the soviet) union) (((reported (that ((thousands (of (tons (of (goods (needed (to (ease ((widespread shortages) (across (the nation))))))))))) (were (piled (up (at (ports (and (rail depots)))))))))) (and ((food shipments) (were (rotting (because (of ((a lack) (of (people (and equipment))))))))))) (to (move (the cargo)))))
((((strikes (and mismanagement)) (were cited)) (and (premier ryzhkov))) (warned (of (tough measures))))
((bush (indicated (there (might (be (room (for (flexibility (in ((a bill) (to (allow (federal funding))))))))))))) (of (abortions (for ((poor women) (who (are (vicitims (of (rape (and incest)))))))))))
((he (reiterated ((his opposition) (to (such funding))))) (but (expressed (hope (of (a compromise))))))
((((the president) (at ((a news) conference))) friday) (also (renewed ((a call) (for ((the ouster) (of ((panama 's) noriega))))))))
((the (white house)) ((said (minors (have (n't ((any right) (to abortion)))))) (without ((the consent) (of (their parents))))))
(((((the administration) 's) policy) (was (stated (in ((a friend-of-the-court) brief))))) (urging ((the (supreme court)) (to (give (states (more (leeway (to (restrict abortions))))))))))
((ten (of (((the nation) 's) governors))) (meanwhile (called (on ((the justices) (to (reject (efforts (to (limit abortions))))))))))
((the (justice department)) ((announced (that ((the fbi) (has (been (given ((the authority) (to (seize (u.s. fugitives)))))))))) (overseas (without ((the permission) (of (foreign governments)))))))
((secretary (of (state baker))) ((emphasized (friday (that (((the new) policy) (would (n't (be (invoked (by (((the bush) administration) (without (full consideration)))))))))))) (of (foreign-policy implications))))
((nasa (pronounced ((((the space) shuttle) atlantis) (ready (for (launch (tomorrow (following (((a five-day) postponement) (of (the flight))))))))))) (because (of (((a faulty) engine) computer))))
((the device) (was replaced))
((((((the spacecraft) 's) five) astronauts) (are (to (dispatch ((((the galileo) space) probe) (on ((an exploration) mission))))))) (to jupiter))
((((((south korea) 's) president) roh) (traveled (to ((the u.s.) (for ((a five-day) visit)))))) (that (is (expected (to (focus (on (ties (between (washington (and seoul)))))))))))
((((((roh (who (is (facing (calls (for ((the reduction) (of (u.s. (military forces)))))))))) (in (south korea))) (is (to (meet (with bush))))) tomorrow) and) (is (to (address ((((a joint) session) (of congress)) (on wednesday))))))
(((((china 's) communist) leadership) (voted (to (purge ((the party) (of (hostile (and ((anti-party elements) (and ((wealthy private) businessmen))))))))))) (whom (they (called exploiters))))
(((the decision) (reported (by ((((the official) xinhua) news) agency)))) ((indicated (that ((the crackdown) (prompted (by (student-led ((pro-democracy protests) (in june)))))))) (is intensifying)))
(((((hundreds (of (east germans))) (flocked (to ((bonn 's) embassy)))) (in warsaw)) (bringing (to (more (than (1,200 ((the number) (of (emigres (expected (to (flee (to (the west)))))))))))))) (beginning today))
((more (than (2,100 others))) ((escaped (to (west germany))) (through (hungary (over (the weekend))))))
((in (leipzig activists)) (vowed (to (continue ((street protests) (to (demand (internal change))))))))
((((zaire 's) president) mobutu) ((((met (in (southern france))) (with ((angolan ((rebel leader) savimbi)) (and (((a senior) u.s.) envoy))))) (in (a bid))) (to (revive ((an accord) (to (end ((angola 's) (civil war)))))))))
(((details (of (the talks))) (described (by (((a zairean) official) (as (very delicate)))))) (were (n't disclosed)))
((plo (leader arafat)) ((insisted (on guarantees)) (that (((any elections) (in ((the israeli-occupied) territories))) (would (be impartial))))))
(he (made ((his remarks) (to (((a plo) gathering) (in baghdad))))))
((in (((((the occupied) lands) underground) leaders) (of ((the arab) uprising)))) ((rejected (((a u.s.) plan) (to (arrange (israeli-palestinian talks))))) (as (shamir (opposed (holding (such (discussions (in cairo)))))))))
(((lebanese (christian lawmakers)) (((presented (to (arab mediators))) (at (talks (in ((saudi arabia) proposals))))) (for (((a new) timetable) (for ((the withdrawal) (of ((syria 's) forces)))))))) (from lebanon))
((((a plan) (currently (under (study (gives (damascus (two years))))))) (to (pull (back (to (eastern lebanon)))))) ((starting (from (((((the time) beirut) 's) legislature) increases))) ((political power) (for moslems))))
(((hurricane jerry) (threatened (to (combine (with (((the highest) tides) (of (the year)))))))) (to (swamp ((the texas-louisiana) coast))))
(((thousands (of (residents (of (low-lying areas))))) (were (ordered (to (evacuate (as ((the storm) (headed (north (in ((the gulf) (of mexico)))))))))))) (with ((80 mph) winds)))
((southmark corp.) ((said (that ((it (filed (part (of ((its 10-k) report))))) (with (the (((securities and) exchange) commission)))))) (but (that ((the filing) (does (n't (include (((its audited) (financial statements)) (and (related information)))))))))))
(((((the (real estate)) (and (thrift concern))) operating) (under (bankruptcy-law proceedings))) ((said ((it (told (the sec))) (it (could (n't (provide ((financial statements) (by ((the end) (of ((its first) extension))))))))))) (without ((unreasonable burden) (or expense)))))
((((the company) (asked (for ((a 15-day) extension)))) (sept. 30)) (when (((the financial) reports) (were due))))
(southmark ((said (it (plans (to (amend ((its 10k) (to (provide (financial results))))))))) (as (soon (as ((its audit) (is completed)))))))
((((the (real estate)) slump) (that ('s (pushing (down ((the price) (of ((((new york) office) space) (and housing))))))))) (is (also (affecting (((((the city) 's) retail) (real estate)) market)))))
((in manhattan) (((once-desirable (store sites)) (sit (vacant (and ((newly constructed) space))))) (has (been (slow (to fill))))))
((((retail (real estate)) brokers) ((say (tenants (are (reluctant (to (sign (((leases because) (of uncertainty)) (about (((the local) economy) turmoil))))))))) (in (((their own) industries) (and (a belief)))))) (that (rents (have (not (yet (hit bottom)))))))
((there (is (((an unbelievable) amount) (of (space available))))) (says (((faith consolo) senior) ((vice president) (at ((((garrick-aug associates) store) leasing) inc))))))
(((there (are (about (2,000 stores)))) (for (rent (up (from (((a more) typical) range)))))) (of (1,200 (to 1,500))))
((this (further (confuses retailers))) (she says))
((they (wonder (should (they (sign (a lease)))))) (if (prices (are (still (coming down))))))
(is (this (((the wrong) time) (to (open (a store))))))
((who (is (going (to (be (in (the space))))))) (next door))
((in addition) ((ms. consolo) ((says (tenants (usually (can (negotiate (to (pay (rents (that (are (about (one-quarter lower)))))))))))) (than (((landlords ') initial) (asking price))))))
((((a handful) (of (hot (retail locations)))) (such (as (((the 57th) street) (and (madison (and ((fifth avenue) areas)))))))) (have (been (able (to (sustain (what ((many see) (as (astronomical rents))))))))))
((and (in (some neighborhoods))) (rents (have (merely (hit (a plateau))))))
((but ((on (average (manhattan (retail rents)))) (have (dropped ((10 %) (to ((15 %) (in ((the past) (six months)))))))))) (alone (experts say)))
((that (follows ((((a more) subtle) decline) (in ((the prior) (six months)))))) (after ((manhattan rents) (had (run (up (rapidly (since 1986))))))))
((((the same) factors) (limiting (demand (for (office space))))) (have (affected retailing)))
((as ((businesses contract) (or depart))) (((the number) (of (employees (who (might (use ((retail services) shrinks))))))) (says (((edward (a. friedman)) senior) ((vice president) (of ((helmsley spear) inc)))))))
((he (says (((financial problems) (plaguing (electronics fur))) (and (furniture companies))))) (((key categories) (in (((the local) retail) economy))) (have (further (deflated (the market))))))
(((hardest hit) (are (what (he (calls (secondary sites)))))) (that (primarily (serve (neighborhood residents)))))
(((in (these locations)) (mr. friedman)) (((says ((retailers (are (increasingly (cautious (about (expanding (and rents))))))) (have (remained steady)))) or) (in ((some cases) (have declined)))))
((weakness (in (((the restaurant) industry) (which (is (leaving (((retail space) vacant) exacerbates))))))) ((the problem) (for landlords)))
((it (is (also ((no comfort) (to (landlords (and (small ((new york) retailers))))))))) (when (((the future) (of (((larger department) stores) (which (anchor (retail neighborhoods)))))) (are (in doubt)))))
(((hooker corp.) ((parent (of (bonwit ((teller (and (b. altman))) 's)))) (is (mired (in ((bankruptcy proceedings) (and ((bloomingdale 's) (is (for (sale (by (its owner))))))))))))) (campeau corp))
((((the trend) (toward (lower rents))) (may (seem (surprising (given (that (((some communities) (in (new york))) (are (bemoaning ((the loss) (of (favorite (local businesses))))))))))))) (to (high rents)))
((but (despite (((the recent) softening) (for (many (of (these retailers))))))) ((there ('s (still (been (too (big ((a jump) (from ((the (rental rates)) (of ((the late) 1970s))))))))))) (when ((their leases) (were signed)))))
((certainly ((((the recent) drop) (in prices)) (does (n't mean)))) (manhattan (comes cheap)))
(((((new york) retail) rents) (still (run (well (above ((the going) rate)))))) (in (other (u.s. cities))))
((((madison (and (fifth avenues))) (and (east (57th street)))) (can (command (rents (of (up (to (500 (((a square) foot) (and 250)))))))))) (is (not uncommon)))
((((the ((thriving 34th) street)) area) (offers (rents (of (about (100 (((a square) foot) (as (do (up-and-coming locations)))))))))) (along (lower (fifth avenue))))
((by contrast) (((rentals (in ((the best) (retail locations)))) (in (boston ((san francisco) (and chicago))))) (rarely (top (100 ((a square) foot))))))
(and ((rents (on ((((beverly hills) ') rodeo) drive))) (generally (do (n't (exceed (about (125 ((a square) foot)))))))))
(((the (((new york) stock) exchange)) (said ((two securities) (will (begin trading))))) (this week))
((((precision castparts) corp.) (portland ore.)) (will (begin (trading (with ((the symbol) pcp))))))
(((it (makes (investment castings))) and) (has (traded over-the-counter)))
(((royal bank) (of ((scotland group) plc))) ((((((an (edinburgh scotland)) financial) services) company) (will (list ((american (depositary shares)) (representing (preferred shares)))))) (with ((the symbol) rbspr))))
((it (will (continue (to (trade (on ((the (international stock)) exchange))))))) london)
(((the ((american stock) exchange)) (listed shares)) (of (two companies)))
(((aim telephones) inc.) ((((a (parsippany ((n.j. telecommunications) equipment))) supply) company) ((started trading) (with ((the symbol) aim)))))
(it (had (traded over-the-counter)))
((((columbia laboratories) inc.) miami) (began (trading (with ((the symbol) cob)))))
(((the pharmaceuticals) maker) (had (traded over-the-counter)))
(((((the national) market) system) (of (((the nasdaq) over-the-counter) market))) ((listed shares) (of (one company))))
((((employee benefit) plans) inc.) (((a ((minneapolis health-care) services)) company) (was (listed (with ((the symbol) ebpi))))))
(what plunge)
(((twenty-four ((((new york) stock) exchange) issues)) (hit ((52-week highs) (during ((friday 's) trading))))) (despite ((the (((((dow jones) industrial) average) 's) 190.58-point)) plunge)))
(((stocks (of utilities)) (held (up (relatively (better (than (other (market sectors)))))))) (during (the sell-off)))
((and (among ((the issues) (hitting (new highs))))) (were ((detroit (edison co.)) (and (((niagara mohawk) power) corp)))))
((((other (major issues)) (hitting highs)) (included ((((american telephone) &) telegraph) co.))) (((westinghouse electric) corp.) ((exxon corp.) (and ((cigna corp.) ((the big) insurer))))))
((of course) ((many (more issues)) (93 (hit (new lows)))))
(((these (included ((((international business) machines) corp.) (which (during ((friday 's) session)))))) (traded (below (100 ((a share) (for ((the first) time))))))) (since (june 1984)))
(ibm (closed (at (102 (down 5.625)))))
(((other (new lows)) (included ((navistar ((international corp.) ((union carbide) corp.))) (and ((bethlehem steel) corp.))))) (all (of (which (are (included (in ((the industrial) average))))))))
((meanwhile (((two initial) (public offerings)) ((braved (((the cascading) market) (in ((their maiden) day)))) (of (national (over-the-counter trading)))))) friday)
(((((shares (of ((rally 's) inc.))) ((an operator) (of (fast-food restaurants)))) (closed (at (17 ((each up) (from (((its 15) offering) price))))))) (and (shares (of (((employee benefit) plans) inc.))))) (((a health-care) consultant) (closed (at (14.125 (up (from (((its 12) offering) price))))))))
((((moody 's) investors) service) (((said (it (reduced ((its rating) (on ((165 million) (of (subordinated debt)))))))) (of (((this (((beverly hills) calif.) thrift)) citing) turmoil))) (in ((the market) (for (low-grade (high-yield securities)))))))
((the agency) ((((said (it (reduced ((its rating) (on ((((the thrift) 's) subordinated) debt)))))) (to (b-2 (from ba-2)))) and) (will (keep ((the debt) (under (review (for (possible (further downgrade))))))))))
((columbia savings) (is (((a major) holder) (of (so-called (junk bonds))))))
(((new (federal legislation)) (requires (that ((all thrifts) (divest (themselves (of (such (speculative securities))))))))) (over ((a period) (of years))))
((((columbia savings) officials) (were (n't (available (for comment))))) (on (the downgrade)))
(((franklin savings) association) (ottawa kan.))
(((((moody 's) investors) service) inc.) ((said (it (downgraded ((its rating) (to (b-2 (from ba-3))))))) (on (less (than ((20 million) (of (((((this thrift) 's) senior) subordinated) notes))))))))
(((the rating) concern) ((said ((((((franklin 's) troubled) diversification) record) (in ((the securities) business))) (was ((one reason) (for (the downgrade)))))) (citing (((the troubles) (at (((its l.f.) rothschild) subsidiary))) (and (((the possible) sale) (of (other subsidiaries))))))))
((they (perhaps (had (concern (that (we (were (getting (out (of (all these))))))))))) (said (franklin (president (duane (h. hall))))))
(i (think ((it (was ((a little) premature))) (on (their part)))))
((no (it (was (n't black)))) monday)
((but (while (((the (((new york) stock) exchange)) (did (n't (fall (apart friday))))) (as ((the (((dow jones) industrial) average)) (plunged ((190.58 points) (most (of (it (in ((the final) hour)))))))))))) (it (barely (managed (to (stay ((this side) (of chaos))))))))
(((some (circuit breakers)) (installed (after ((((the october) 1987) crash) (failed ((their first) test)))))) (traders (say (unable (to (cool (((the selling) panic) (in ((both stocks) (and futures))))))))))
(((((((the 49) stock) specialist) firms) (on (((the big) board) floor))) (((the buyers) (and sellers)) (of ((last resort) (who (were (criticized (after ((the 1987) crash))))))))) (once (again (could (n't (handle ((the selling) pressure)))))))
(((big (investment banks)) (refused (to (step (up (to ((the plate) (to (support (((((the beleaguered) floor) traders) (by (buying (big blocks)))) (of stock))))))))))) (traders say))
(((((heavy selling) (of ((((standard (& poor)) 's) 500-stock) index))) futures) (in (chicago relentlessly))) (beat (stocks downward)))
(((((seven big) board) stocks) ((ual (amr (bankamerica ((((walt disney) capital) cities\/abc) (philip morris))))) (and ((pacific telesis) group)))) ((stopped trading) (and (never resumed))))
((the finger-pointing) (has (already begun)))
(((the equity) market) (was illiquid))
((once (again ((the specialists) (were (not (able (to (handle ((the imbalances) (on ((the floor) (of (the (((new york) stock) exchange)))))))))))))) (said (((christopher pedersen) senior) ((vice president) (at ((twenty-first securities) corp))))))
((countered ((james maguire) (chairman (of ((specialists (henderson brothers)) inc.))))) (it (is (easy (to (say ((the specialist) (is (n't (doing (his job)))))))))))
((when ((the dollar) (is (in (a free-fall))))) (even ((central banks) (ca (n't (stop it))))))
((speculators (are (calling (for ((a degree) (of liquidity)))))) (that (is (not (there (in (the market)))))))
((((many (money managers)) (and ((some traders) (had (already (left (their offices))))))) (early (friday (afternoon (on (((a warm) autumn) day)))))) (because (((the stock) market) (was (so quiet)))))
(((then (in ((a lightning) plunge))) (((the (dow jones)) industrials) (in (barely (((an hour) surrendered) (about ((a third) (of (their gains))))))))) (((this year) (chalking (up ((((a 190.58-point) (or (6.9 %))) loss) (on (the day)))))) (in ((gargantuan trading) volume))))
(((final-hour trading) (accelerated (to ((108.1 million) shares)))) ((a record) (for ((the big) board))))
((at ((the end) (of (the day)))) (((251.2 million) shares) (were traded)))
(((the (dow jones)) industrials) (closed (at 2569.26)))
(((((the (dow 's)) decline) (was (second (in (point terms))))) (only (to ((the 508-point) (black (monday crash)))))) (that (occurred ((oct. 19) 1987))))
((((in percentage) terms) (however ((((the (dow 's)) dive) (was (((the 12th-worst) ever) (and (the sharpest))))) (since ((the market) (fell (156.83 (or ((8 %) (a week)))))))))) (after (black monday)))
(((the dow) (fell ((22.6 %) (on black)))) monday)
((((shares (of ual)) ((the parent) (of (united airlines)))) (were (extremely (active (all day))))) ((friday (reacting (to (news (and rumors))))) (about ((((the proposed) (6.79 billion)) buy-out) (of ((the airline) (by ((an employee-management) group))))))))
(((((((wall street) 's) takeover-stock) speculators) (or (risk arbitragers))) (had (placed (unusually (large bets))))) (that ((a takeover) (would (succeed (and ((ual stock) (would rise))))))))
(((at ((2:43 p.m.) edt)) (came ((the sickening) news))) ((((the big) board) (was (halting trading))) (in (ual (pending news)))))
((on (((the exchange) floor) (as (soon (as (ual (stopped trading))))))) ((we (braced (for (a panic)))) (said (((one top) floor) trader))))
(((several traders) (could (be (seen (shaking (their heads)))))) (when ((the news) flashed)))
((for weeks) (((the market) (had (been (nervous (about takeovers))))) (after (((((campeau corp.) 's) cash) crunch) (spurred (concern (about ((the prospects) (for (future (highly (leveraged takeovers))))))))))))
((and (((10 minutes) (after ((the (ual trading)) halt))) (came news))) (that (((the ual) group) (could (n't (get (financing (for (its bid)))))))))
((at (this point)) ((the dow) (was (down (about (35 points))))))
((the market) crumbled)
((arbitragers (could (n't (dump (their (ual stock)))))) (but ((they (rid (themselves (of (nearly ((every rumor) stock)))))) (they had))))
((for example) ((((their selling) (caused ((trading halts) (to (be (declared (in ((usair group) (which (closed (down (3 7\/8)))))))))))) (to (41 ((1\/2 ((delta air) lines)) (which (fell ((7 3\/4) (to (69 1\/4))))))))) (and ((philips industries) (which (sank (3 (to (21 1\/2)))))))))
((these stocks) (eventually reopened))
((but (as (panic (spread (speculators (began (to (sell (blue-chip stocks))))))))) ((such (as ((philip morris) (and ((international business) machines))))) (to (offset (their losses)))))
((when (trading (was (halted (in (philip morris)))))) (((the stock) (was (trading (at (41 (down (3 3\/8))))))) (while (ibm (closed (5 (5\/8 (lower (at 102)))))))))
(((selling snowballed) (because (of (waves (of ((automatic (stop-loss orders)) (which (are (triggered (by computer)))))))))) (when (prices (fall (to (certain levels))))))
(((most (of (((the stock) selling) pressure))) (came (from ((wall street) professionals)))) (including (computer-guided (program traders))))
(traders ((said (most (of (((their major) (institutional investors)) (on ((the other) hand)))))) (sat tight)))
((now (at (3:07 ((one (of ((((the market) 's) post-crash) reforms))) (took (hold (as (((the ((s&p 500) futures)) contract) (had (plunged (12 points))))))))))) (equivalent (to (around (((a 100-point) drop) (in ((the dow) industrials)))))))
(((under (an agreement)) (signed (by ((the big) board)))) (and (((((the chicago) mercantile) exchange) trading) (was (temporarily (halted (in chicago)))))))
((after (((((the trading) halt) (in (((the (s&p 500)) pit) (in (chicago waves))))) (of selling)) (continued (to (hit ((stocks themselves) (on ((the big) board)))))))) (and (specialists (continued (to (notch (prices down)))))))
((as (a result)) (((the link) (between ((the futures) (and (stock markets))))) (ripped apart)))
((without ((the guidepost) (of (stock-index futures)))) (((the barometer) (of (where (traders (think (((the overall) stock) market)))))) (is (headed ((many traders) (were (afraid (to (trust ((stock prices) (quoted (on ((the big) board)))))))))))))
((((the futures) halt) (was (even (assailed (by (big board)))))) (floor traders))
(((it (screwed things)) up) (said ((one major) specialist)))
(((this confusion) (effectively (halted ((one form) (of (program (((trading stock) index) arbitrage))))))) (that (((closely (links ((the futures) (and (stock markets))))) and) (has (been (blamed (by (some (for ((((the market) 's) big) swings))))))))))
(((in (a (stock-index arbitrage))) ((sell (program (traders (buy (or (sell (big baskets))))))) (of (stocks (and (offset ((the trade) (in futures)))))))) (to (lock (in ((a price) difference)))))
((when (((the airline) information) (came (through (it cracked))))) (((every model) (we (had (for (the marketplace))))) (said (((a managing) director) (at (one (of (((the largest) program-trading) firms))))))))
((we (did (n't (even (get ((a chance) (to (do (the programs))))))))) (we (wanted (to do))))
(but (stocks (kept falling)))
(((the (dow industrials)) (were (down ((55 points) (at (3 p.m.)))))) (before ((the futures-trading) halt)))
(((at (3:30 p.m.)) (at ((the end) (of (((the cooling) off) period))))) ((the average) (was (down (114.76 points)))))
((meanwhile ((during ((the (the (s&p trading))) halt)) (((s&p futures) (sell orders)) (began (piling up))))) (while ((stocks (in (new york))) (kept (falling sharply)))))
((((big board) chairman) (john (j. phelan))) (said (yesterday (((the circuit) breaker) (worked (well mechanically))))))
((i (just (think (it ('s (nonproductive (at ((this point) (to (get (into (a debate)))))))))))) (if ((index arbitrage) (would (have (helped (or (hurt things))))))))
((under ((((another post-crash) system) big) board)) (((president ((richard grasso) (mr. phelan))) ((was (flying (to (bangkok (as ((the market) (was falling))))))) (was (talking (on (((an inter-exchange) hot) line)))))) (to (((the other) exchanges) ((the (((securities and) exchange) commission)) (and ((the (federal reserve)) board)))))))
((he ((camped (out (at (((a high-tech) nerve) center)))) (on ((the floor) (of ((the big) board)))))) (where (he (could (watch (updates (on (prices (and (pending (stock orders)))))))))))
(((at (about ((3:30 p.m.) edt))) (((s&p futures) (resumed trading)) (and (for ((a brief) time))))) (((the futures) (and (stock markets))) (started (to (come (back (in line)))))))
(buyers (stepped (in (to ((the futures) pit)))))
(but (((((the build-up) (of (s&p futures))) (sell orders)) (weighed (on (the market)))) (and (((the link) (with stocks)) (began (to (fray again)))))))
(((at (about 3:45)) ((((the s&p) market) careened) (to (still ((another limit) (of ((30 points) down))))))) (and (trading (was (locked again)))))
(((futures traders) (say ((the s&p) (was signaling)))) (that ((the dow) (could (fall (as (much (as (200 points)))))))))
(((during (this time)) ((small investors) (began (ringing (their brokers))))) (wondering (whether ((another crash) (had begun)))))
((at (((prudential-bache securities) inc.) (which (is (trying (to (cater (to (small investors))))))))) ((some (demoralized brokers)) (thought (this (would (be ((the final) confidence-crusher)))))))
(((that 's) (when (((george (l. ball)) (chairman (of (((the (prudential insurance)) co.) (of (america unit)))))) ((took (to (((the internal) intercom) system))) (to declare))))) (that ((the plunge) (was (only mechanical)))))
((i (have ((a hunch) (that ((this particular) decline))))) (today (is (something ((more ado) (about less))))))
(((it (would (be ((my inclination) (to (advise clients)))))) (not (to (sell (to (look (for (an opportunity)))))))) (to (buy ((mr. ball) (told (the brokers))))))
((at (((merrill lynch) &) co.)) (((((((the nation) 's) biggest) brokerage) firm) ((a news) release)) (was (prepared (headlined (((merrill lynch) comments) (on (market drop))))))))
(((the release) (cautioned (that (there (are (significant (differences (between (((the current) environment) (and (that (of (october 1987))))))))))))) (and (that (there (are (still (attractive ((investment opportunities) (in ((the stock) market))))))))))
(however (((jeffrey (b. lane)) (president (of (((shearson lehman) hutton) inc.)))) ((said (that (((friday 's) plunge) (is (going (to (set (back (relations (with customers)))))))))) (because (it (reinforces ((the concern) (of volatility))))))))
(and (i (think (((a lot) (of people)) (will (harp (on (program trading))))))))
((it ('s (going (to (bring (the debate)))))) (right (back (to (the forefront)))))
((as ((the (dow average)) (ground (to (((its final) 190.58) loss))))) (friday (((the s&p) pit) (stayed (locked (at (((its 30-point) trading) limit)))))))
(((jeffrey yass) (of ((program trader) (susquehanna (investment group))))) ((said ((2,000 (s&p contracts)) (were (for sale)))) (on ((the close) ((the equivalent) (of ((330 million) (in stock))))))))
(but (there (were (no buyers))))
(((while (((friday 's) debacle) (involved (mainly (((professional traders) rather) (than investors)))))) (it (left (((the market) vulnerable) (to (continued (selling (this morning)))))))) (traders said))
(((stock-index (futures contracts)) (settled (at (much (lower prices))))) (than ((indexes (of ((the stock) market))) itself)))
(((at ((those levels) stocks)) (are (set (up (to (be (hammered (by (index (arbitragers (who (lock (in (profits (by (buying futures)))))))))))))))) (when ((futures prices) (fall (and (simultaneously (sell (off stocks))))))))
(but ((nobody (knows (at (what level)))) (((the futures) (and stocks)) (will (open today)))))
(((((the de-linkage) (between ((the stock) (and (futures markets))))) friday) (will (undoubtedly (cause ((renewed debate) about))))) (whether ((wall street) (is (properly (prepared (for ((another crash) situation))))))))
(((((the big) board) 's) (mr. grasso)) (said (((our systemic) performance) (was good))))
(but (((the exchange) (will (look (at ((the performance) (of (all specialists))))))) (in (all stocks))))
((obviously ((we ('ll (take (((a close) look) (at (any situation)))))) (in (which (we (think (((the dealer-community) obligations) (were (n't met))))))))) (he said))
(((see (related story)) (fed (ready (to (inject (big funds)))))) (wsj ((oct. 16) 1989)))
((but (specialists (complain (privately (that (just (as (in ((the 1987) crash))))))))) ((((the upstairs) firms) (big (investment banks))) (that ((support (((the market) (by (trading (big blocks)))) (of stock))) (stayed (on ((the sidelines) (during ((friday 's) blood-letting)))))))))
((mr. phelan) ((said (it (will (take (another day))))) (or (two (to (analyze (who (was (buying (and (selling friday)))))))))))
((ripples (from (((the strike) (by (((55,000 machinists) union) members))) (against ((boeing co.) (reached (((air carriers) friday) (as america)))))))) ((west airlines) ((announced (it (will (postpone (((its (new service)) out) (of houston)))))) (because (of (delays (in (receiving (aircraft (from ((the (seattle jet)) maker)))))))))))
(((peter otradovec) ((vice president) (for (planning (at ((the (phoenix ariz.)) carrier)))))) (((said ((in (an interview)) (that ((((((the work) stoppage) (at boeing)) now) (entering ((its 13th) day))) (has (caused ((some turmoil) (in ((our scheduling) (and (that ((more (than (500 passengers))) (who (were (booked (to (fly (out (of houston))))))))))))))))))) (on (america west))) (would (now (be (put (on (other airlines))))))))
((mr. otradovec) ((((said ((boeing (told (america west))) (that ((((the 757) (it (was (supposed (to (get ((this thursday) (would (n't (be delivered)))))))))) until) (nov. 7))))) ((the day) (after ((the airline) (had (been (planning (to (initiate (service (at (houston (with (four (daily flights))))))))))))))) (including (three nonstops))) (to (phoenix (and ((one nonstop) (to (las vegas))))))))
(now ((those routes) (are (n't (expected (to (begin (until jan))))))))
((boeing (is (also (supposed (to (send (to (america (west (((another 757) twin-engine) aircraft)))))))))) (as (well (as ((a 737) (by ((year 's) end)))))))
((those too) (are (almost (certain (to (arrive late))))))
(((at (this point)) (no (other america))) (((west flights) (including ((its (new service)) (at (((san antonio) texas) ((newark n.j.) (and (palmdale calif.)))))))) (have (been (affected (by ((the delays) (in (boeing deliveries)))))))))
(nevertheless ((((((the company) 's) reaction) underscores) ((the domino) effect)) (that ((((a huge) manufacturer) (such (as boeing))) (can (have (on ((other parts) (of (the economy))))))))))
((it (also (is sure))) (to (help (((the machinists) put) (added (pressure (on (the company))))))))
(((i (just (do (n't feel)))) (that ((((the company) (can (really stand))) or) (would (want (((a prolonged) walkout) ((tom baker) (president (of (((machinists ') district) 751)))))))))) (said (in ((an interview) yesterday))))
((i (do (n't think))) ((their customers) (would (like (it (very much))))))
(((america west) (though (is (((a smaller) airline) (and (therefore ((more affected) (by (((the delayed) delivery) (of ((a single) plane))))))))))) (than ((many (of (its competitors))) (would be))))
(((i (figure (that ((american (and united)) (probably (have (such (((((a hard) time) counting) (all (the planes))) (in (their fleets)))))))))) (they (might (not (miss (one (at all))))))) ((mr. otradovec) said))
(indeed ((((a random) check) friday) (did (n't (seem (to (indicate (that ((the strike) (was (having (much (of ((an effect) (on (other (airline operations)))))))))))))))))
(((southwest airlines) (has (((a boeing) 737-300) (set (for (delivery (at ((the end) (of (this month)))))))))) (and (expects (to (have ((the plane) (on time)))))))
(((it ('s (so (close (to (completion ((boeing 's) (told us)))))))) (there (wo (n't (be (a problem)))))) (said ((a southwest) spokesman)))
(((a spokesman) (for (amr corp.))) ((said ((boeing (has (assured (american airlines)))) (it (will (deliver ((a 757) (on time))))))) (later (this month))))
((((american (is (preparing (to (take (delivery (of ((another 757) (in (early december)))))))))) (and (20 (more (next year))))) and) (is (n't (anticipating ((any changes) (in (that timetable)))))))
(((in seattle) ((a boeing) spokesman)) ((explained (that (((the company) (has (been (in (constant communication))))) (with (all (of (its customers))))))) (and (that (it (was (impossible (to (predict (what ((further disruptions) (might (be (triggered (by (the strike))))))))))))))))
((meanwhile ((((supervisors (and (non-striking employees))) (have (been (trying (to (finish (some (40 aircraft)))))))) (mostly 747)) (and ((((767 jumbo) jets) (at ((((the company) 's) (everett wash.)) plant))) (that (were all)))))) (but (completed (before (the walkout)))))
((((as (of friday)) (four (had (been delivered)))) (and ((a fifth) plane))) (((a 747-400) (was (supposed (to (be (flown out)))))) (over ((the weekend) (to (air china))))))
((no date) (has (yet (been (set (to (get (back (to ((the bargaining) table))))))))))
((((we (want (to (make sure)))) (they (know (what (they (want (before (they (come back))))))))) (said ((doug hammond) ((the (federal mediator)) (who (has (been (in (contact (with (both sides))))))))))) (since ((the strike) began)))
(((the (investment community)) (for one)) (has (been (anticipating ((a speedy) resolution)))))
((though ((((boeing 's) stock) price) (was (battered (along (with ((the rest) (of (the market))))))))) (friday ((it (actually (has (risen (over ((the last) (two weeks))))))) (on ((the strength) (of (new orders)))))))
((((the market) (has (taken ((two views) (that (((the labor) situation) (will (get (settled (in ((the short) term))))))))))) (and (that ((things (look (very rosy))) (for (boeing (in ((the long) term)))))))) (said ((howard rubel) ((an analyst) (at (cyrus ((j. lawrence) inc)))))))
((((boeing 's) shares) (fell (4 (friday (to (close (at (57.375 (in (composite trading)))))))))) (on (the (((new york) stock) exchange))))
((but ((mr. baker) (said (he (thinks (((the earliest) (a pact)) (could (be (struck (would (be ((the end) (of (this month)))))))))))))) ((hinting (that (((the company) (and union)) (may (resume (negotiations (as early))))))) (as (this week))))
(still (he (said ((it ('s possible)) (that ((the strike) (could (last (considerably longer)))))))))
(i (would (n't (expect (((an immediate) resolution) (to anything))))))
((((last week) (boeing (chairman (frank shrontz)))) (sent (striking workers))) (((a letter) (saying (that ((to ((((my knowledge) boeing) 's) offer)) (represents (((((the best) overall) three-year) contract) (of ((((any major) u.s.) industrial) firm)))))))) (in (recent history))))
(but ((mr. baker) (((called (the letter)) (and ((((the company) 's) offer) (of ((((a 10) %) wage) increase))))) (over (((the life) (of (the pact))) (plus (bonuses (very weak))))))))
(he (added (that ((the company) ((miscalculated ((((the union) 's) resolve) (and (((the workers) ') disgust)))) (with (being (forced (to (work ((many hours) overtime)))))))))))
(((in ((separate developments) talks)) (have (broken (off (between (machinists representatives)))))) (at ((lockheed corp.) (and ((((the calabasas) calif.) aerospace) company)))))
(((the union) (is (continuing (to (work (through ((its expired) contract))))))) however)
((it (had (planned (((a strike) vote) (for (next sunday)))))) (but (that (has (been (pushed (back indefinitely)))))))
(((((((united auto) workers) local) 1069) (which (represents ((3,000 workers) (at (((boeing 's) helicopter) unit)))))) (in ((delaware county) pa.))) ((said (it (agreed (to (extend ((its contract) (on (((a day-by-day) basis) (with ((a 10-day) notification)))))))))) (to (cancel (while (it (continues bargaining)))))))
((the accord) (expired yesterday))
((and (boeing (on friday))) ((said ((it (received ((an order) (from (martinair holland))))) (for (four model)))) (767-300 ((wide-body jetliners) (valued (at ((a total) (of (about (326 million))))))))))
(((the planes) (long (range (versions (of ((the medium-haul) twin-jet)))))) (will (be (delivered (with (((pratt &) whitney) (pw4060 engines)))))))
(((pratt &) whitney) (is ((a unit) (of ((united technologies) inc)))))
((martinair holland) (is (based (in amsterdam))))
(((a boeing) spokeswoman) ((said ((((a delivery) date) (for (the planes))) (is (still (being (worked out)))))) (for (((a variety) (of reasons)) (but (not (because (of (the strike)))))))))
((bridget o'brian) (contributed (to (this article))))
((concerning (((your ((sept. 21) page-one)) article) (on ((prince charles) (and (the leeches)))))) ((it ('s ((a few) (hundred years)))) (since (england (has (been (a kingdom)))))))
(((it ('s (now ((the (united kingdom)) (of (great britain)))))) (and ((((northern ireland) (comprising (wales (northern (ireland scotland))))) and) oh))) ((yes england) too))
((just thought) (you ('d (like (to know)))))
(george morton)
(((if (((a hostile) predator) (emerges (for (((saatchi &) saatchi) co.))))) ((co-founders (charles (and (maurice saatchi)))) (will (lead (((a management) buy-out) attempt))))) (((an official) close) (to ((the company) said))))
(((financing (for ((any takeover) attempt))) (may (be (problematic (in ((the wake) (of ((((friday 's) stock-market) sell-off) (in ((new york) (and turmoil))))))))))) (in ((the junk-bond) market)))
(but (((((the beleaguered) ((british advertising) (and (consulting giant)))) (which (last week))) (named (((a new) ((chief executive) officer)) (to (replace ((maurice saatchi) (has (been ((the subject) (of (intense (takeover speculation)))))))))))) (for weeks)))
(((last week) ((((((saatchi 's) largest) shareholder) southeastern) asset) management)) ((said (it (had (been (approached (by (one (or (more (third parties)))))))))) (interested (in ((a possible) restructuring)))))
((and ((carl spielvogel) (((chief executive) officer) (of ((((saatchi 's) (big (backer (spielvogel bates)))) advertising) unit))))) ((said (he (had (offered (to (lead (((a management) buy-out) (of (the company))))))))) (but (was (rebuffed (by (charles saatchi)))))))
((mr. spielvogel) (said (he (would (n't (launch ((a hostile) bid)))))))
((((((the executive) close) (to (saatchi (& saatchi)))) (said (that (if ((a bidder) ((came up) (with (((a ludicrously) high) offer)))))))) ((a crazy) offer)) (which ((((saatchi knew) it) (could (n't (beat (it (would (have (no choice)))))))) (but (to (recommend (it (to shareholders))))))))
(but ((otherwise (it (would (undoubtedly (come back))))) (with ((an offer) (by management)))))
(((the executive) (said ((any buy-out) (would (be (led (by ((the current) board)))))))) (whose ((chairman (is ((((((maurice saatchi) and) whose) strategic) guiding) force))) (is (believed (to (be (charles saatchi))))))))
(((mr. spielvogel) (is (n't (part (of (the board)))))) (nor (are (any (of (((the other) heads) (of ((((saatchi 's) big) u.s.-based) (ad agencies)))))))))
(((the executive) (did (n't (name (any price))))) (but ((securities analysts) (have (said (saatchi (would (fetch (upward (of (1.3 billion)))))))))))
((((the executive) (denied speculation)) (that ((saatchi (was (bringing (in ((the new) ((chief executive) officer)))))) (only (to (clean (up (the company)))))))) (financially (so (that ((the brothers) (could (lead (a buy-back))))))))
((((that speculation) (abounded friday)) (as (industry executives))) ((analyzed (((the appointment) (of ((the new) ((chief executive) (robert louis-dreyfus))))) (who (joins (saatchi (and (becomes ((a member) (of (its board)))))))))) (on (jan. 1))))
((((mr. louis-dreyfus) formerly) ((chief executive) (of (((the (pharmaceutical research)) firm) (ims (international inc.)))))) ((has ((a reputation) (as ((a savvy) (financial manager))))) (and (will (be (charged (largely (with (repairing ((((saatchi 's) poor) financial) state))))))))))
((asked (about ((the speculation) (that ((mr. louis-dreyfus) (has (been (hired (to (pave ((the way) (for ((a buy-out) (by (the brothers))))))))))))))) ((the executive) ((replied (that (is (n't (the reason))))) (dreyfus (has (been (brought in)))))))
(he (was (brought (in (to (turn (around (the company))))))))
((separately (several ((saatchi agency) clients))) (said (they (believe (((((the company) 's) management) shakeup) (will (have (little (affect (on them))))))))))
((it (has (n't (had ((any impact) (on us)))))) (nor (do (we (expect (it (to (said ((a spokeswoman) (for (((miller brewing) co.) (((a major) client) (of (backer spielvogel))))))))))))))
(((((john lampe) director) (of (advertising (at (painewebber inc.))))) ((((a saatchi) (& saatchi)) advertising) client)) ((said (we (have ((no problem) (with (the announcement)))))) (because (we (do (n't (know (what (change (it ('s (going (to (bring about))))))))))))))
((we (are (n't (going (to (change agencies)))))) (because (of ((a change) (in london)))))
(((executives (at (((backer spielvogel) (client avis)) inc.))) (as ((well as) (at (saatchi (((client philips) lighting) co.)))))) (also (said (they (saw (no effect))))))
((executives (at ((prudential-bache securities) inc.))) ((((a (backer spielvogel)) client) (that (is (reviewing (its account))))) (declined comment)))
(((mr. spielvogel) (had (said (that (prudential-bache (was (prepared (to (finance (either ((((a management) buy-out) and) restructuring))))))))))) (or (((a buy-out) (of (backer spielvogel))) (alone (led (by him))))))
(ad notes)
(new account)
((((california 's) glendale) (federal bank)) ((awarded (((its 12) million) (to ((15 million) account)))) (to (((the (los angeles)) office) (of ((((omnicom group) 's) bbdo) agency))))))
(((the account) (was (previously (handled (by (((((davis ball) &) colombatto) advertising) inc.)))))) (a ((los angeles) agency)))
(account review)
((royal ((crown cola) co.)) ((has (ended ((its relationship) (with ((the boston) office))))) (of (hill (holliday (connors cosmopulos))))))
((((the account) (had (billed (about (6 million))))) (in 1988)) (according (to (leading (national advertisers)))))
(not-guilty plea)
((as (expected (((young (& rubicam)) inc.) (along (with (two (senior executives))))))) (and ((((a former) employee) (pleaded (not (guilty (in ((federal court) (in ((new haven) conn.)))))))) (to (conspiracy (and (racketeering charges)))))))
(((the government) (has (charged (that (they (bribed ((jamaican officials) (to (win (((((the jamaica) tourist) board) ad) account)))))))))) (in 1981))
(((((a spokesman) (for ((((the u.s.) attorney) 's) office))) (said ((extradition proceedings) (are (just (beginning (for ((the other) (two defendants))))))))) (in (the case))) (((eric (((anthony abrahams) former) jamaican)) (tourism minister)) (and (jamaican (businessman ((arnold foote) jr))))))
(korean agency)
((((the samsung) group) (and (bozell inc.))) ((agreed (to (establish (((a joint) venture) (advertising agency))))) (in (south korea))))
((((((bozell cheil) corp.) (as ((the (new agency)) (will (be (called (will (be (based (in seoul)))))))))) and) (is ((70 %) (owned (by (samsung (and (30 %)))))))) (owned (by bozell)))
((samsung (already (owns (((korea first) advertising) co.)))) (that (((country 's) largest) agency)))
((bozell (joins (((backer spielvogel) bates) (and ((ogilvy group) (as (u.s. agencies))))))) (with (interests (in (korean agencies)))))
((it (was friday)) (((the 13th) (and ((the stock) market))) (plummeted (nearly (200 points)))))
(just (a coincidence))
((or (is (triskaidekaphobia (fear (of (the number)))))) (13 justified))
(((in academia) ((a so-called) friday)) ((((the 13th) effect) (has (been (set up)))) (and (shot (down (by (different professors)))))))
((((robert kolb) (and ((ricardo (rodriguez professors)) (of (finance (at ((the university) (of miami)))))))) (found evidence)) (that ((the market) (is (spooked (by (friday (the 13th))))))))
(but ((((their study) (which (spanned ((the 1962-85) period)))) (has (since (been (shown (to (be (jinxed (by ((an unlucky) choice)))))))))) (of data)))
((in (the '70s)) (((the market) (took (falls (nine times)))) (in ((a row) (on (friday (the you-know-what)))))))
((but ((the date) (tends (to (be ((a plus) (not ((a minus) (for stocks))))))))) (according (to (yale (hirsch ((a collector) (of ((stock market) lore))))))))
(((another study) (found (that ((((the 82) fridays) ((the 13th) (in ((the 1940-1987) period)))) (had (higher (than (average returns)))))))) ((higher (even (than (fridays (in (general (which (tend (to (be (strong days))))))))))) (for (stock prices))))
((((on ((the only) (other friday))) (the 13th)) (this year)) (((the ((dow jones) industrial)) average) (rose (about (four points)))))
(((professor kolb) (says (((the original) study) (titled friday)))) ((((the 13th) part) vii) (was (published tongue-in-cheek))))
(((in ((a similar) vein)) (he (adds (that ((the anniversary) (of ((the 1987) crash))))))) (and ((((saturday 's) full) moon) (could (have (played ((a part) (too (in (((friday 's) market) activity))))))))))
(((weatherford international) inc.) ((said (it (canceled ((plans (for ((a preferred-stock) swap))) (but (may (resume (payment (of dividends))))))))) (on ((the stock) (and (added (that (it (expects (to (publicly (offer (about ((10 million) (common shares)))))))))))))))
((the company) (((said (it (planned (to (offer (((an undetermined) number) (of (common shares)))))))) (in (exchange (for (((the 585,000) shares) (of (its (preferred stock)))))))) outstanding))
(((the exchange) ratio) (was (never established)))
(weatherford (said ((market conditions) (led (to ((the cancellation) (of ((the planned) exchange))))))))
(((the energy-services) concern) (said (however ((that (in (january 1990))) (it (may (resume (payments (of (dividends (on ((the preferred) stock))))))))))))
(((weatherford (suspended (((its preferred-dividend) payment) (in (october 1985))))) and) (((said (it (has (n't ((any plans) (to (catch (up (on dividends))))))))) (in (arrears (about (6 million))))) (but (will (do (so ((some time) (in (the future)))))))))
((additionally (the company)) (((said (it (filed (with (the (((securities and) exchange) commission)))))) (for (((the proposed) offering) (of (((10 million) shares) (of (common stock))))))) (expected (to (be (offered (in november)))))))
((the company) ((said (((((((salomon brothers) inc.) (and (howard weil))) labouisse) friedrichs) inc.) ((underwriters (for (the offering))) (were (granted ((an option) (to (buy (as (much (as (((an additional) (1.5 million)) shares)))))))))))) (to (cover over-allotments))))
(proceeds (will (be (used (to (eliminate (and (restructure (bank debt)))))))))
((weatherford (currently (has (approximately ((11.1 million) (common shares)))))) outstanding)
(((on ((a recent) (saturday night))) (in ((the midst) (of ((((((west germany) 's) most) popular) prime-time) show))))) (((a contestant) (bet ((the host) (that (she (could (name (any (of (100 (different cheeses))))))))))) (after (just ((one nibble) (while blindfolded))))))
((the woman) (won (the bet)))
((but (perhaps (even (((more remarkable) (((the three-hour-show) wetten) dass)) (make (((a bet) regularly) wins)))))) ((((the top) slot) (in ((((the country) 's) tv) ratings))) (sometimes (drawing (as (many (as ((50 %) (of ((west german) households))))))))))
((as ((((the 1992) (economic integration)) (approaches (((europe 's) cultural) curators))) (have (taken (to ((the ramparts) (against ((american cultural) imperialism)))))))) ((threatening (to (impose (quotas (against (such (pop invaders))))))) (as (dallas (miami ((vice (and l.a.)) law))))))
(but ((much (of (what ((the europeans) (want (to (protect (seems ((every bit) (as cheesy)))))))))) (as (what (they (are (trying (to (keep out)))))))))
((((((the most) militant) opposition) (to ((american tv) imports))) (has (come (from ((french television) (and ((movie producers) (who (have (demanded (quotas ensuring))))))))))) (that ((((((a full) 60) %) (of ((europe 's) tv))) shows) (be (produced (in europe))))))
((so far) (((the french) (have (failed (to (win (enough (broad-based support))))))) (to prevail)))
((((a glance) (through ((the television) listings))) (and (((a few) twists) (of ((the (european television)) dial))))) (suggest ((one reason) why)))
((while ((there (are ((some popular) action))) (and (drama (series (few (boast (((the high) culture) (and ((classy production) values)))))))))) (one (might expect)))
(((more (european (air time))) (is (filled (with (low-budget (game (shows ((variety hours) movies)))))))) (and (talk (shows (many (of (which (are (authorized (knock-offs (of (their (american counterparts)))))))))))))
(((one (of (((france 's) most) popular))) (saturday (night (programs (features (semi-celebrities (seeking (out ((their grammar-school) classmates))))))))) (for (on-air reunions)))
(((((a flemish) game) show) (has (as (its host)))) (((a belgian) pretending) (to (be italian))))
(((((((one (of ((italy 's) favorite))) shows) fantastico) (((a tepid) variety) show)) (is (so popular))) (that ((viewers (clamored (to (buy ((((((a chocolate) product) cacao) fantastico) whose) praises))))) (were (sung ((each week) (by (dancing showgirls)))))))) (even (though ((the product) (did (n't exist))))))
((topping (((the cheese) stunt) (on (((another typical) evening) (of (fun (on (wetten dass)))))))) ((a contestant) ((won ((a bet) (with (((the show) 's) host)))) ((thomas gottschalk) (that (he (could (identify (((300 german) dialects) (over (the telephone)))))))))))
(((((((a celebrity) guest) u.s.) ambassador) (to ((west germany) (richard burt)))) (also (won (a bet)))) (that (someone (could (pile (up (150 (worth (of (quarters (on ((a slanted) coin))))))))))))
(((mr. burt) (nonetheless (paid ((the penalty) (as (if (he (had (lost (agreeing (to (spend (a day))))))))))))) (with (((west german) (foreign minister)) ((hans-dietrich (genscher frying)) (and (selling (((their combined) weight) (in (potato pancakes)))))))))
((if (this (seems (like (pretty (weak (stuff (around (which (to (raise ((the protectionist) barriers)))))))))))) ((it (may (be (because ((these shows) (need (all (the protection)))))))) (they (can get))))
(((european programs) (usually (target (only (((their own) local) audience))))) (and (often (only (((a small) portion) (of that))))))
(((mega-hits (in (germany (or italy)))) (rarely (make (it (even (to (france (or (great britain))))))))) (and (almost (never (show (up (on (u.s. screens))))))))
((attempts (to (produce (pan-european programs)))) (have (generally (resulted (in disappointment)))))
(((((one annual) co-production) (((((the three-hour-long) eurovision) song) contest) (featuring (soft-rock songs)))) (from (each (of (20 (european countries)))))) (has (been (described (as ((((((the world) 's) most) boring) tv) show))))))
(((((another jeux) sans) frontieres) (where ((villagers (from (assorted (european countries)))) (make (fools (of themselves)))))) (performing ((pointless tasks) (is ((a hit) (in france))))))
((((a u.s.-made) imitation) (under (the title))) (almost (anything (goes (flopped fast)))))
((for ((the most) part)) ((what ('s made)) (here (stays (here (and (for (good reason))))))))
((((the cream) (of ((the british) crop))) (((the literary) dramas) (that (are (shown (on (u.s. (public television)))))))) (as ((masterpiece theater) (make (up ((((a relatively) small) part) (of ((british air) time))))))))
((most (british programming)) (is (more (of ((an acquired) taste)))))
((there (is (for instance))) ((one man) (and ((his dog) (((a herding) contest) (among (sheep dogs)))))))
((also (riveting (to (((the british) are) (hours (of (dart-throwing championships))))))) ((even ((more hours) (of (lawn (bowling contests))))) (and (still ((more hours) (of (snooker marathons)))))))
(((european drama) (has (had better))) (though (still (mixed fortunes))))
((((((the most) popular) such) shows) focus) (on (narrow (national concerns))))
((((((a french) knock-off) (of dallas)) (called (chateauvallon (and (set (in ((a french) vineyard))))))) (had (((a good) run) (in (france (which (ended (after ((the female) lead))))))))) (was (injured (in (((a real-life) auto) accident)))))
((((schwarzwaldklinik (black forest)) clinic) (((((a kind) (of ((german st) elsewhere))) set) (in ((a health) spa))) (is (popular (in germany))))) (and (has (spread (into france)))))
((((((italy 's) most) popular) series) (is ((a drama) (called ((la piovra) (or ((the octopus) (which (chronicles ((the fight) (of ((((an idealistic) young) investigator) (in palermo))))))))))))) (against (the mafia)))
(((it (was ((front-page news) (in italy)))) (earlier (this year))) (when (((the fictional) inspector) (was (gunned (down (in (the series))))))))
((((((spain 's) most) popular) mini-series) (this year)) (was (juncal ((the story) (of ((an aging) bullfighter))))))
((((the trend) (is (pretty (well (established (now (that ((local programs) (are (((the most) popular) (with (american programs)))))))))))) second) (says ((brian wenham) ((((a former) director) (of programs)) (for (((the british) broadcasting) corp))))))
((given (a choice)) (everybody (will (watch ((a home-produced) show)))))
(but (frequently (there (is (n't (much choice))))))
((thus (europe (has (begun (((the recent) crusade) (to (produce (more (worthy (shows (of ((its own) programs)))))))))))) (with (broader appeal)))
((we ('ve (basically (got (to (start (from (scratch (to (train (writers (and producers)))))))))))) (to (make (shows (that ((other people) (will (want (to (see (concedes (colin (young (head (of (((((britain 's) national) film) theatre) school))))))))))))))))
((while (some (in (the u.s.)))) (contend (that (((advertising (is ((the bane) (of television)))) here) ((many believe) (that ((its absence) (is (to (blame (for ((((((the european) tv) industry) 's) sluggish) development))))))))))))
((until (recently ((national governments) (in europe)))) ((controlled (most (of ((the air) time)))) (and (allowed (little (or (no advertising)))))))
((since ((production costs) (were (guaranteed (it (did (n't matter))))))) (that (((a program) (could (n't (be (sold (abroad (or (put (into syndication))))))))) (as ((most (american programs)) are)))))
((but ((not (much money)) (was (spent (on ((the shows) (either (a situation)))))))) (that ((encouraged ((cheap-to-make talk) (and (game shows)))) (while (discouraging (expensive-to-produce dramas))))))
((now (however ((commercial channels) (are (coming (to (most (european countries)))))))) (and ((at ((((the same) time) satellite) (and (cable technology)))) (is (spreading rapidly)))))
(((just (last week)) ((greece (authorized (two (commercial channels)))) (for ((the first) time)))) ((spain earlier) (began (to (allow ((commercial television) (alongside ((its state) channels))))))))
(((the result) (is ((a new) (and (huge appetite))))) (for programming))
((but ((perhaps (to ((the consternation) (of ((those calling) (for quotas)))))) ((most (of (this void))) (is (likely (to (be (filled (with ((the cheapest) (and (most (plentiful programming))))))))))))) (now (available (reruns (usually (of (shows (made (in (the u.s.))))))))))
(((((sky channel) ((a british-based) venture)) (of (australian-american press))) tycoon) ((rupert murdoch) ((offers (what (must (be (((a baffling) cultural) mix))))) (to (most (of (its audience)))))))
(((((the financially) struggling) station) (offers programs)) (obviously (made (available (cheaply (from (((its boss) 's) (other ventures))))))))
((((in (((a madrid) hotel) room)) (recently ((a viewer) (caught ((the end) (of (((a badly) acted) series))))))) (about (((a fishing) boat) (on ((((australia 's) great) barrier) reef))))) ((only (to (be (urged (by ((the british) announcer)))))) (to (stay (tuned (for (((the further) adventures) (of (skippy (the kangaroo))))))))))
(((((lisa grishaw-mueller) (in (bonn laura))) colby) (in milan)) (((tim carrington) (in (london (and (carlta vitzhum))))) (in (madrid (contributed (to (this article)))))))
((((time magazine) (in ((a move) (to (reduce ((the costs) (of (wooing (new subscribers))))))))) (is (lowering (((its circulation) guarantee) (to (advertisers (for (((the second) consecutive) year)))))))) (increasing ((its (subscription rates)) (and (cutting (back (on (merchandise giveaways))))))))
(((in ((an announcement) (to (its staff)))) (((last week) executives) (at (time ((((warner inc.) 's) weekly) magazine))))) (((said (((time (will (dramatically (de-emphasize ((((its use) (of (electronic giveaways))) (such (as telephones))) (in ((television subscription) drives))))))) cut) (the circulation))) (it (guarantees ((advertisers (by 300,000)) (to (four million)))))) (and (increase (((the cost) (of (((its annual) subscription) rate))) (by (about (4 (to 55)))))))))
(((in (a (related development))) (((the news-weekly) (for ((the fourth) year))) (in (a row)))) ((said (it (wo (n't (increase ((its (advertising rates)) (in (1990 ((((a full) four-color) page) (in ((the magazine) costs))))))))))) (about 120,000)))
((however (because ((((the guaranteed) circulation) base) (is (being (lowered ((ad rates) (will (be (effectively (7.5 %))))))))))) ((higher (per subscriber)) (according (to (((richard heinemann) time) (associate publisher))))))
(((time (is (following ((the course) (of (some (other (mass-circulation magazines)))))))) (that ((in (recent years)) (have (challenged (((the publishing) myth) (that (maintaining (artificially (high (and (expensive circulations)))))))))))) (is ((the way) (to (draw advertisers)))))
((in (recent years)) ((((((((((reader ('s (digest ((((new york) times) co.) ('s mccall))))) 's) (and most)) recently) (news corp.)) 's) tv) guide) (have (cut ((((their massive) circulation) rate) bases)))) (to (eliminate ((marginal circulation) (and (hold (down (rates (for advertisers))))))))))
((((deep discounts) (in (subscriptions (and (offers (of ((free (clock radios)) (and watches)))))))) (have (become ((accepted forms) (of (attracting (new subscribers))))))) (in (((the hyper-competitive) world) (of (magazine news-weeklies)))))
((but (time (as (part (of ((the (more cost-conscious)) time)))))) (warner (wants (to (wean (itself (away (from (expensive gimmicks)))))))))
((besides (time executives)) ((think (selling (((a news) magazine) (with ((a clock) radio))))) (is tacky)))
((giveaways (just (give people))) (((the wrong) image) (said (mr. heinemann))))
((that perception) (takes ((the focus) (off (the magazine)))))
((((time magazine) executives) (predictably (paint (((the circulation) cut) (as ((a show) (of strength))))))) (and (actually ((a benefit) (to advertisers)))))
(((what ((we (are doing)) (is (screening (out ((the readers) (who (are (only (casually (related (to (the magazine))))))))))))) (and (do (n't (really (read it)))))) (said (mr. heinemann)))
(we (are (trying (to (create (quality (and involvement)))))))
((however (((time executives) (used ((the same) explanation))) (when (in (october 1988))))) ((the magazine) (cut (((its guaranteed) circulation) (from ((4.6 million) (to (4.3 million))))))))
((and (((time 's) (paid circulation)) (according (to ((audit bureau) (of circulations)))))) ((dropped ((7.3 %) (to (4,393,237 (in (the (six months))))))) (ended ((june 30) 1989))))
((still (((time 's) move) (is (being (received well))))) (once again))
((it ('s (terrific (for (advertisers (to (know ((the reader) (will (be (paying more))))))))))) (said ((michael drexler) ((national media) (director (at ((bozell inc.) (ad agency))))))))
((((a few) drops) (in circulation)) (are (of (no consequence))))
((it ('s (not ((a show) (of weakness))))) ((they (are (improving ((the quality) (of circulation))))) (while (insuring (their profits)))))
(((mr. heinemann) (said ((the changes) (represent (((a new) focus) (in ((the magazine) industry))))))) (((((((a magazine) 's) (net revenue)) per) subscriber) (or (((the actual) revenue) (from (subscribers (after (discounts (and ((the cost) (of premiums)))))))))) (have (been (stripped away)))))
(((the question) (is (how (much (are (we (getting (from (each reader))))))))) (said (mr. heinemann)))
(((((((time 's) rivals) news-weeklies) ((((washington post) co.) 's) newsweek)) (and ((((u.s. news) &) world) report))) (are (less (reliant (on ((electronic giveaways) (and (in (recent years))))))))) (both (have (been (increasing (((their circulation) rate) bases))))))
((((both magazines) (are (expected (to (announce (their (ad rates))))))) (and ((circulation levels) (for 1990)))) (within (a month)))
(((((((((the second) u.s.) circuit) court) (of ((appeals opinion) (in (((the arcadian) phosphate) case))))) (did (not (repudiate (the position))))) (pennzoil co.)) (took (in ((its dispute) (with (texaco (contrary (to ((your ((sept. 8) article)) court))))))))) (backs ((((texaco 's) view) (in (pennzoil case))) (too late))))
((((((the fundamental) rule) (of (contract law))) (applied (to (both cases)))) (was (that (courts (will (not (enforce agreements))))))) (to (which ((the parties) (did (not (intend (to (be bound)))))))))
(((in ((the pennzoil\/texaco) litigation)) ((the courts) (found (((pennzoil (and (getty oil))) intended) (to (be (bound (in (arcadian phosphates))))))))) (they (found (there (was ((no intention) (to (be bound))))))))
(admittedly (((the principle) (in (the cases))) (is (the same))))
(but (((the outcome) (of ((a legal) dispute))) (almost (always (turns (on (the facts)))))))
(and ((((the facts) (as (found (by (the (various courts)))))) (in (these (two lawsuits)))) (were different)))
((when (you (suggest (otherwise (you (leave ((the realm) (of reporting)))))))) (and (enter ((the orbit) (of speculation)))))
(charles (f. vihon))
((((the u.s.) (which (is (finalizing ((its steel-import) quotas))))) (is (allocating (((a larger) share) (of ((its steel) market)))))) (to (developing (and ((newly (industrialized countries)) (which (have (relatively (unsubsidized (steel industries))))))))))
(meanwhile ((((the u.s.) (has (negotiated (((a significant) cut) (in (((japan 's) steel) quota)))))) and) (made (only (((a minor) increase) (to (((the steel) allotment) (for (the (european community))))))))))
(((brazil (similar (to (mexico (and (south korea)))))) (is (expected (to (negotiate ((((a somewhat) bigger) share) (of ((the u.s.) market)))))))) (than (it (had (under (((((the previous) five-year) steel) quotas) (which (expired (sept. 30)))))))))
((((brazil (and venezuela)) (are ((the only) (two countries)))) (that (have (n't (completed ((steel talks) (with ((the u.s.) (for (the year)))))))))) (ending ((oct. 1) 1990)))
((in (recent years)) ((((u.s. steelmakers) (have (supplied (about (80 %))))) (of ((the (100 million)) tons))) (of (steel (used (annually (by (the nation))))))))
((((of (((the remaining) 20) %)) (needed (((the steel-quota) negotiations) (allocate ((about (15 %)) (to (foreign suppliers))))))) (with (the difference))) (supplied (mainly (by (canada (which (is (n't (included (in ((the quota) program)))))))))))
(((other countries) (that (do (n't (have ((formal (steel quotas)) (with (the u.s.)))))))) ((such (as ((taiwan sweden) (and argentina)))) (also (have (supplied steel)))))
(((some (of (these countries))) (have (in ((recent years) (made (informal agreements)))))) (with ((the u.s.) (that (are (similar (to quotas)))))))
((((((the bush) administration) earlier) (this year)) (said (it (would (extend ((steel quotas) (known (as (voluntary (restraint agreements)))))))))) (until ((march 31) 1992)))
(((it (also (said (it (would (use (that (((two-and-a-half year) period) (to (work (toward ((an international) consensus)))))))))))) (on freeing)) (up ((((the international) steel) trade) (which (has (been (notoriously (managed (subsidized (and (protected (by governments))))))))))))
((((the u.s.) (termed (its plan))) ((((a trade) liberalization) program) (despite (the fact)))) (that (it (is (merely (an extension))))))
(((mexico (which (was ((one (of ((the first) countries))) (to (conclude (((its steel) talks) (with (the u.s.))))))))) (virtually (doubled (((its quota) (to (0.95 %))) (of (((the u.s.) steel) market)))))) (from ((0.48 %) (under ((the previous) quotas)))))
(((south korea) (which (had ((1.9 %) (under ((the previous) quotas)))))) (is (set (to (get (((a small) increase) (to (about (1.95 %)))))))))
((that (increase (rises (to (slightly (more (than ((2 %) (of ((the u.s.) market)))))))))) (if (((((a joint) korean-u.s.) steel) project) (is included))))
((meanwhile (brazil (is (expected (to (increase ((its allowance) (from (((the 1.43) %) share))))))))) (it (has (had (in (recent years))))))
(((the ec) (and japan)) (((((((the u.s.) 's) largest) steel) suppliers) (have (n't (been (filling (their quotas)))))) (to ((the full) extent))))
(((((((the ec) steel) industry) (which (has (been (coping (with (strong (european demand)))))))) (has (been (supplying (about (5 %)))))) (of ((the u.s.) market))) (compared (with ((recent quotas) (of (about (6.7 %)))))))
(((japan (has (been (shipping (steel (to (total (about (4.5 %))))))))) (of ((the u.s.) market))) (compared (with ((a quota) (of (5.9 %))))))
((in ((the recent) talks)) ((((the ec) (had (its quota))) ((increased (about (300,000 tons))) (to ((7 %) (of ((the u.s.) market)))))) (from ((6.7 %) (in 1988)))))
(but (((its quota) (has (been (as high)))) (as ((6.9 %) (in 1984)))))
((japan (however (has (agreed (to (cut ((its quota) (to (about (5 %)))))))))) (from ((5.9 %) previously)))
((japan (((the ec) (brazil mexico)) (and (south korea)))) (((provide (about (80 %))) (of ((the steel) imported))) (to ((the u.s.) (under ((the quota) program))))))
(((the balance) (is (supplied (by ((a host) (of (smaller exporters))))))) (such (as (australia (and venezuela)))))
(((the u.s.) (had (about ((((an extra) 2) %) (of (((the domestic) steel) market)))))) (to (give (to ((foreign suppliers) (in ((its quota) talks)))))))
(((that (was (essentially (made up)))) (of ((((a 1) %) increase) (in ((((the overall) quota) program) (and (1 %))))))) (from (cutting ((japan 's) allowance))))
((((negotiators (from (the (((white house) trade) office)))) (will (repeat (these (quota negotiations))))) (next year)) (when ((they (will (have (((another 1) %) (of (((the u.s.) steel) market)))))) (to allocate))))
((((these optional) (1%-a-year (increases (to ((((the steel) quota) program) (are (built (into (((((the bush) administration) 's) steel-quota) program))))))))) (to (give ((its negotiators) (leverage (with ((foreign steel) suppliers))))))) (to (try (to (get (them (to (withdraw (subsidies (and (protectionism (from (((their own) steel) industries)))))))))))))
(((with (economic (tension (between ((the u.s.) (and japan)))))) worsening) (((many japanese) (had (feared (((last week) 's) visit)))) (from ((u.s. (trade representative)) (carla hills)))))
((they (expected (((a new) barrage) (of demands)))) (that (japan (do (something (quickly (to (reduce (((its trade) surplus) (with (the u.s.)))))))))))
(instead ((they (got ((a discussion) (of ((the need) (for ((the u.s.) (and japan)))))))) (to (work (together (and (of ((the importance) (of ((the long-term) view))))))))))
(((((((mrs. hills) ') first) trip) (to japan)) (as ((america 's) ((chief trade) negotiator)))) ((had (((a (completely different)) tone) (from (((last month) 's) visit)))) (by ((commerce secretary) (robert (a. mosbacher))))))
((((mr. mosbacher) ((called (for (concrete results))) (by (next spring)))) (in (negotiations (over (fundamental (japanese (business practices))))))) (that (supposedly (inhibit (free trade)))))
((he (said ((such results) (should (be (measurable (in ((dollars and) cents)))))))) (in (reducing ((((the u.s.) trade) deficit) (with japan)))))
((but ((((mrs. hills) (speaking (at (((a breakfast) meeting) (of (((the american) chamber) (of commerce))))))) (in (((japan on) saturday) stressed))) (that ((the objective) (is (not (to (get ((definitive action) (by (spring (or summer)))))))))))) (it (is (rather (to (have ((a blueprint) (for action))))))))
((she (added (that (she (expected (perhaps (to (have ((a down) payment))))))))) (((some (small step)) (to (convince ((the (american people)) (and ((the japanese) people)))))) (that (we ('re (moving (in earnest)))))))
((how (such remarks)) ((translate (into policy)) (wo (n't (become (clear (for months)))))))
(((american (and (japanese officials))) ((offered (several theories)) (for ((the difference) (in (approach betwen)))))) ((mr. mosbacher) (and (mrs. hills))))
(many (called (it (simply ((a contrast) (in styles))))))
(but ((some (saw it)) (as ((a classic) (negotiating tactic)))))
(others (said ((((the bush) administration) (may (feel ((the rhetoric) (on (both sides)))))) (is (getting (out (of hand)))))))
((and (some ((said (it (reflected (((the growing) debate) (in (washington (over (pursuing (free trade))))))))) (with japan)))) (versus ((some kind) (of (managed trade)))))
(((asked (to (compare (((her visit) (to (((mr. mosbacher) 's) (mrs. hills)))) (replied (i (did (n't (hear (every word)))))))))) (he (spoke (but (as ((a general) proposition)))))) (i (think (we (have (((((a very) consistent) trade) strategy) (in ((the bush) administration))))))))
((yet (more (than ((one (american official)) (who (sat (in (with (((her during) (three days)) (of (talks (with (japanese officials))))))))))))) (said ((her tone) (often (was (surprisingly conciliatory))))))
((i (think ((my line) (has (been (very consistent)))))) ((mrs. hills) ((said (at ((a news) conference))) (saturday afternoon))))
((i (am (painted (sometimes (as ferocious))))) (perhaps (because (i (have (((a ferocious) list) (of (statutes (to implement)))))))))
(i (do (n't (feel (very ferocious)))))
((i (do (n't feel))) (either (hard (or soft))))
((i (feel (committed (to ((the program) (of (opening markets))))))) (and (expanding trade)))
((when (she (met (((the local) press) (for (((the first) time) (on friday))))))) ((((mrs. hills) (firmly (reiterated ((the need) (for (progress (in (removing barriers)))))))) (to (trade (in (((forest products) satellites) (and (supercomputers (three areas)))))))) (targeted (under ((((the super) 301) provision) (of (((the 1988) trade) bill)))))))
((she (highlighted (exclusionary (business practices)))) (that (((the u.s.) government) (has identified))))
(but (((her main) thrust) (was (to (promote ((the importance) (of ((world-wide (free trade)) (and (open competition))))))))))
((she (said (((the trade) imbalance) (was (mainly (due (to (macroeconomic factors)))))))) (and (should (n't (be (tackled (by (setting (quantitative targets)))))))))
((at (((her news) conference) (for (japanese reporters)))) ((one economics) (journalist (summed (up (((the japanese) sense) (of relief)))))))
(((my impression) (was (that (you (would (be (((a scary) old) lady))))))) (he (said (drawing ((((a few) nervous) chuckles) (from (his colleagues)))))))
(but ((i (am (relieved (to (see (that (you (are (beautiful (and (gentle (and intelligent)))))))))))) (and ((a person) (of integrity)))))
(((((mrs. hills) ') remarks) (did (raise ((questions (at least)) (among (some (u.s. officials))))))) (about (what (exactly ((her stance) (is (on (u.s. (access (to (((the japanese) semiconductor) market)))))))))))
(((((the u.s.) share) (of ((the japanese) market))) (has (been (stuck (around (10 %)))))) (for years))
(((many americans) (have (interpreted (((a 1986) agreement) (as (assuring (u.s. companies))))))) ((((a (20 %)) share) (by 1991)) (but ((the japanese) (have (denied (making ((any such) promise))))))))
((at (one (of ((her news) conferences)))) ((mrs. hills) (said (i (believe (we (can (do (much (better (than (20 %))))))))))))
(but (she (stressed ((i am) (against (managed trade))))))
((i (will (not (enter (into (an agreement)))))) (that (stipulates (to ((a percentage) (of (the market)))))))
(((((((((japan 's) wholesale) prices) (in september)) (rose ((3.3 %) (from (a year))))) earlier) and) (were (up ((0.4 %) (from ((the previous) month)))))) (((the bank) (of japan)) (announced friday)))
(((((the wholesale) price) index) (stood (at 90.1))) (compared (with (((a 1985) base) (of 100)))))
((ports (of (call inc.))) ((reached (agreements (to (sell ((its remaining) (seven aircraft)))))) (to (buyers (that (were (n't disclosed)))))))
(((the agreements) (bring (to ((a total) (of (nine ((the number) (of planes)))))))) ((((the travel) company) (has (sold (this year)))) (as (part (of (a restructuring))))))
((the company) ((said (((a portion) (of ((the 32) million))) (realized (from ((the sales) (will (be (used (to (repay (((its bank) debt) (and (other obligations))))))))))))) (resulting (from (the (currently (suspended (air-charter operations))))))))
((earlier (the company)) ((announced (it (would (sell (((its aging) fleet) (of ((boeing co.) 707s))))))) (because (of (increasing (maintenance costs))))))
(((((a consortium) (of (private investors))) operating) (as ((ljh funding) co.))) ((said (it (has (made (((a (409 million)) cash) bid))))) (for (most (of (((((l.j. hooker) corp.) 's) real-estate) (and (shopping-center holdings))))))))
(((((the (409 million)) bid) (includes ((the assumption) (of (((an estimated) (300 million)) (in (secured liabilities))))))) (on (those properties))) (according (to (those (making (the bid))))))
(((the group) (is (led (by (jay shidler))))) (((((chief executive) officer) (of (shidler (investment corp.)))) (in (honolulu (and ((a. (boyd simpson)) (chief executive)))))) (of (((the (atlanta-based simpson)) organization) inc))))
(((((mr. shidler) 's) company) ((specializes (in ((commercial (real-estate investment)) (and claims)))) (to (have ((1 billion) (in assets)))))) ((mr. simpson) (is ((a developer) (and ((((a former) senior) executive) (of (l.j. hooker))))))))
((((the assets) (are good)) (but (((they (require (more (money (and management))))) than) (can (be (provided (in ((((l.j. hooker) 's) current) situation)))))))) (said ((mr. simpson) (in (an interview)))))
(((hooker 's) philosophy) (was (to (build (and sell)))))
((we (want (to build))) (and hold))
((((l.j. hooker) (based (in atlanta))) ((is (operating (with (protection (from (its creditors)))))) (under (chapter 11)))) (of ((the u.s.) (bankruptcy code))))
(((((its parent) company) (hooker corp.)) (of (sydney australia))) (is (currently (being (managed (by (((a court-appointed) provisional) liquidator)))))))
((((sanford sigoloff) (chief executive)) (of (l.j. hooker))) ((said ((yesterday (in (a statement))) (that (he (has (not (yet (seen (the bid))))))))) (but ((that (he (would (review it)))) (and (bring (it (to ((the attention) (of ((the creditors) committee)))))))))))
(((((the (409 million)) bid) (is (estimated (by (mr. simpson))))) (as (representing ((75 %) (of ((the value) (of (all (hooker (real-estate holdings)))))))))) (in (the u.s.)))
(((not included) (in (the bid))) (are (bonwit (teller (or ((((b. altman) &) co.) ((((l.j. hooker) 's) department-store) chains)))))))
((((the offer) (covers ((((((the massive) 1.8) million-square-foot) forest) fair) mall))) (in cincinnati)) (((((((the 800,000) square-foot) richland) fashion) mall) (in (columbia s.c.))) (and (((((((the 700,000) square-foot) thornton) town) center) mall) (in (thornton colo))))))
((((the thornton) mall) ((opened (sept. 19)) (with ((((a bigg) 's) hypermarket) (as (its anchor)))))) (((the columbia) mall) (is (expected (to (open (nov. 15)))))))
((((((other (hooker properties)) included) (are ((((a 20-story) office) tower) (in (midtown atlanta))))) (expected (to (be (completed (next (february (vacant (land sites))))))))) (in ((((florida (and ohio)) l.j.) hooker) international))) (((the ((commercial real-estate) brokerage)) company) (that (once (did (business (as ((((merrill lynch) commercial) (real estate)) (plus (other (shopping centers)))))))))))
(((the consortium) (was (put (together (by (hoare govett)))))) ((((the london-based) (investment banking)) company) (that (is ((a subsidiary) (of ((security pacific) corp)))))))
((we (do (n't (anticipate ((any problems) (in (raising ((the funding) (for (the bid)))))))))) (said ((allan campbell) ((((the head) (of (mergers (and acquisitions)))) (at (hoare govett))) (in (an interview))))))
((hoare govett) (is (acting (as ((((the consortium) 's) investment) bankers)))))
((according (to (people (familiar (with (the consortium)))))) ((((the bid) (was (code-named (project (klute ((a reference) (to (((the film) klute) (in (which ((a prostitute) (played (by (actress (jane fonda))))))))))))))) (is (saved (from (((a psychotic) businessman) (by ((a police) officer))))))) (named (john klute))))
(((l.j. hooker) (was ((((a small) home-building) company) (based (in (atlanta (in 1979))))))) (when ((mr. simpson) (was (hired (to (push (it (into (commercial development))))))))))
(((((the company) (grew modestly)) (until 1986)) (when ((((a majority) position) (in (hooker corp.))) (was (acquired (by (australian developer))))))) ((george herscu) (currently ((hooker 's) chairman))))
(((mr. herscu) (proceeded (to (launch (((((((an ambitious) but) ill-fated) (1 billion)) acquisition) binge) (that (included ((bonwit teller) (and ((((b. altman) &) co.) (as (well (as ((majority positions) (in (merksamer jewelers)))))))))))))))) (((a sacramento) chain) (sakowitz (inc. (((the houston-based) retailer) (and ((parisian inc.) (((the southeast) department-store) chain))))))))
((eventually ((((mr. simpson) (and (mr. herscu))) (had ((a falling) out))) (over ((the direction) (of ((the company) (and (mr. simpson)))))))) (said (he (resigned (in 1988)))))
((since (then ((hooker corp.) (has (sold ((its interest) (in (((the parisian) chain) (back (to ((parisian 's) management))))))))))) (and (is (currently (attempting (to (sell ((((the (b. altman)) &) co.) chain))))))))
(((in addition) (robert sakowitz)) (((chief executive) (of ((the sakowitz) chain))) (is (seeking (funds (to (buy (out (((the hooker) interest) (in (his company)))))))))))
((((the merksamer) chain) (is (currently (being (offered (for sale)))))) (by ((first boston) corp)))
(((reached (in honolulu)) (mr. shidler)) (said (that (he (believes ((((the various) hooker) malls) (can (become (profitable (with (new management)))))))))))
((these (are (n't (mature assets)))) (but ((they (have ((the potential) (to (be so))))) (said (mr. shidler)))))
((managed (properly (and (with ((a long-term) outlook))))) (these (can (become (investment-grade (quality properties))))))
(((((the bronx) (has (((((a wonderful) botanical) garden) (a great)) zoo))) ((its own) (charming (little italy)))) (on ((arthur avenue) (and (of course))))) (the yankees))
((however (((most people) (having (been (subjected (to (news footage)))))) (of ((((the devastated) (south bronx)) look) (at ((the borough) (the way))))))) ((((((tom wolfe) 's) sherman) mccoy) (did (in (bonfire (of (the vanities)))))) (as (((a wrong) turn) (into hell)))))
((but ((laura cunningham) ('s bronx))) (((((her childhood) bronx) (of (the '50s))) (is something)) (else altogether)))
((in (((((a lovely) novelistic) memoir) sleeping) arrangements)) ((knopf ((195 pages) (18.95 (she (remembers ((((an exotic) playground) peopled) (mainly (by (jewish eccentrics))))))))) (and (((((the occasional) catholic) (real oddballs)) (like ((her sexpot) friend))) ((((the hell-kitten) diana) age) five)))))
((ms. cunningham) ((((a novelist) (and playwright)) (has ((a vivid) (and (dramatically (outsized sense)))))) (of recall)))
(((she (transforms (((her bronx) (of (the emotions))) (a place)))) (where ((((the flats) (of mediocrity)) (are (only (relieved (by (steep descents)))))) (into (hysteria (into ((the babylonian) bronx))))))) (((a world) simmering) (with (sex (and (death (and intrigue)))))))
((in ((((((the babylonian) bronx) jewish) working-class) people) (lived (in (drab (soviet-style buildings)))))) (((glamorized (with (names (like (anamor towers))))) (after (((owners anna) (and (morris snezak))) (whose ((lobbies (and hallways)) (were (decorated (with (murals (of ((ancient syrians) (and (greeks friezes))))))))))))) (of pompeii)))
(((for (ms. cunningham)) ((the architectural) discombobulation)) (((matched ((the discrepancy) (she (felt (living (in ((the anamor) towers))))))) (as ((((((a little) girl) outwardly) (ordinary inwardly)) ornate) owing))) ((all inspiration) (to (heathen cultures)))))
((((sharp-witted (and funny)) (but (never mean))) (she ('s ((a memorialist) ((a bit) (like (truman capote))))))) (if (he ('d (been ((jewish (and female)) (and (less bitchy))))))))
(((little lily) (as ((ms. cunningham) ((calls herself) (in (the book)))))) (really (was (n't ordinary))))
((she (was (raised (for (((the first) (eight years)) (by ((her mother) rosie))))))) ((whom (she (remembers (as ((((a loving) liar) (who (realigned history))) (to explain)))))) (why (((lily 's) father) (did (n't (live (with them))))))))
(((rosie reinvented) ((this man) (who (may (or (may (not (have (known (about (his child))))))))))) (as (((a war) hero) (for ((lily 's) benefit)))))
((((rosie died) (young (and lily))) (has (remembered (her (as (((a romantic) figure) (who (did (n't (interfere (much (with (((her child) 's) education))))))))))))) (on (the streets)))
(((((((the games) bronx) children) (played (holding (kids down)))) (and (stripping (them (for example))))) (seem (tame (by ((today 's) (crack standards)))))) (but ((ms. cunningham) (makes (it ((all sound) (like ((a great) adventure))))))))
((without ((official knowledge) (of (sex (or death))))) ((we (flirted (with both))) (she writes)))
((she (analyzed families)) (by (their (sleeping arrangements))))
(((((her friend) susan) (whose (parents (kept (reminding her))))) (she (was (unwanted (slept (on ((((a narrow) bed) wedged) (into (((her parents) ') bedroom))))))))) (as (though (she (were ((a temporary) visitor))))))
((((((her friend) diana) 's) father) (was ((a professional) thief))) (they (did (n't (seem (to (have ((any bedrooms) (at all)))))))))
(maybe (((lily (became (so obsessed))) with) (where ((((people slept) and) how) (because (((her own) arrangements) (kept shifting)))))))
((when (rosie died)) ((her uncles) (moved (in (and (let (her (make ((the sleeping) (and (other (household arrangements))))))))))))
((they (painted ((((the apartment) orange) pink) (and white)))) (according (to (her instructions))))
(((with (loving detail)) (she (recalls ((((her uncle) gabe) ((((an orthodox) jew) (and song)) lyricist)) (who ((rhymed river) (with (liver (in (((a love) song) (and (uncle len)))))))))))) (((((a mysterious) part-time) investigator) (who (looked (like lincoln)))) (and (carried ((((a change) (of clothing)) (in ((a manila) envelope))) (like (((an undercover) president) (on ((a good-will) mission)))))))))
(they (came (by ((their strangeness) honestly))))
(((((((lily 's) grandmother) (no cookie)) baker) excised) (((the heads) (of (disliked relatives))) (from (((the family) album) (and lugged))))) (around ((((her perennial) work-in-progress) philosophy) (for women))))
((((the book) (loses (some momentum))) (toward (the end))) (when ((lily (becomes (more preoccupied))) (with ((dating boys) (and (less (with (((her delightfully) weird) family)))))))))
((for ((the most) part)) (though ((there ('s (much (pleasure (in (((her saucy) poignant) probe)))))) (into ((the mysteries) (of ((the babylonian) bronx)))))))
(((the bronx) (also (figures (in ((bruce ((((jay friedman) 's) latest) novel)) (which (flashes (back (to (the (new york))))))))))) (of (the '50s)))
(but ((both ((((the past) (and present)) worlds) (of ((the current) climate)))) (((atlantic (monthly press)) (200 pages)) (18.95 (feel (cramped (and static)))))))
((for ((his sixth) novel)) ((mr. friedman) ((tried (to (resuscitate ((the protagonist) (of ((his 1972) work)))))) (about (harry towns)))))
((harry (is (now (((a 57-year-old) writer) (whose (continuing (flirtation (with (drugs (and (marginal types))))))))))) (in ((hollywood (and (new york))) (seems (quaintly out-of-synch)))))
((((harry fondly) remembers) (((the old) days) (of ((the early) '70s)))) (when (((people (like ((his friend) travis))) (would (take ((a psychiatrist) (on (a date)))))) (to (analyze (what (travis (was (doing wrong)))))))))
(((an l.a.) solution) (explains (mr. friedman)))
((((line (by line)) ((((mr. friedman) 's) weary) cynicism)) (can (be (amusing (especially (when (he ('s (riffing (on (((the hollywood) social) scheme))))))))))) ((the way) (people (size ((each (other up)) (immediately (canceling (((the desperate) ones) (who (merely (almost (made it))))))))))))
((((harry (has (avoided (all (that (by (living (in (((a long) island) suburb))))))))) (with ((his wife) (who ('s (so (addicted (to ((soap operas) (and (mystery novels))))))))))) (she (barely (seems (to notice))))) (when ((her husband) (disappears (for ((drug-seeking forays) (into manhattan)))))))
(but ((it (does (n't (take (too (many lines)))))) (to (figure (harry out)))))
(he ('s (a bore)))
((((this small) (dallas suburb)) 's) (got trouble))
((trouble (with ((a capital) t))) (and (that (rhymes (with (p (and (that (stands (for pool))))))))))
((((more (than ((30 years) ago))) prof.) (harold hill)) ((((the con) man) (in (((meredith willson) 's) ((the music) man)))) (warned (((the citizens) (of ((river city) iowa))) (against (the game))))))
((now (((kindred spirits) (on ((addison 's) (town council)))) (have (barred ((((the town) 's) fanciest) hotel))))) ((((the grand) kempinski) (from (installing (three ((free pool) tables))))) (in ((its new) lounge))))
(((mayor (lynn spruill)) (and ((two members) (of (the council))))) ((said (they (were (worried (about (setting ((a precedent) (that (would (permit (pool halls))))))))))) (along (((addison 's) main) street))))
(and (((the mayor) (in (an admonition))) (that ((bears (((a rhythmic) resemblance) (to ((prof. hill) 's)))) (warned (that (alcohol (leads (to (betting (which (leads (to fights)))))))))))))
(((((the council) 's) action) (is (yet ((another blow) (to (a sport)))))) (that (((its fans) claim) (has (been (maligned (unjustly (for years))))))))
((obviously (they ('re (not (in (touch (with (what ('s (going on)))))))))) (says ((tom manske) ((vice president) (of ((((the national) pocket) billiards) association))))))
(((pool (is (hot (in ((new york) (and chicago)))))) (he insists)) (where (((upscale suit-and-tie) places) (are (adding tables)))))
(((with (((today 's) tougher) drunk)) (driving laws)) (he (adds (people (do (n't (want (to (just (sit (around (and drink))))))))))))
((besides ((rowdy behavior) (seems (unlikely (at ((the grand) kempinski)))))) (where ((((rooms average) 200) ((a night) (and ((the cheap) (mixed drinks))))) (go (for (3.50 (a pop)))))))
((at ((the lounge) manager)) ((elizabeth dyer) (wo (n't (admit (patrons (in (jeans (t-shirts (or (tennis shoes)))))))))))
(but (((a majority) (of ((the addison) council))) (did (n't (buy (those arguments))))))
((introducing pool) (argued ((councilwoman (riley reinker)) (would (be dangerous)))))
(it (would (open ((a can) (of worms)))))
((addison (is ((no stranger) (to (cans (of worms)))))) either)
((after (((its previous) mayor) (committed (suicide (last year))))) ((an investigation) ((disclosed (that (((town officials) (regularly (voted (on ((their own) projects))))) (gave (special (favors (to (developer friends)))))))) (and (dipped (into ((((the town) 's) coffers) (for (trips (and retreats))))))))))
((((((the revelations) embarrassed) town) officials) (although (they (argued (that ((the problems) (were (n't (as severe))))))))) (as ((the media) suggested)))
(now (comes ((the pool) flap)))
(((i (think (there ('s ((some people) ((worried (about something)) (pretty ridiculous))))))) councilman) ((john nolan) says))
(i (thought ((this (was (all (taken care)))) (of (in ((the music) man))))))
(((((the treasury) (plans (to (raise ((175 million) (in (new cash))))))) thursday) (by (selling ((about (9.75 billion)) (of ((52-week bills) (and (redeeming (9.58 billion))))))))) (of (maturing bills)))
((((the bills) (will (be (dated (oct. 26))))) and) (will (mature ((oct. 25) 1990))))
((they (will (be (available (in (minimum denominations)))))) (of 10,000))
((bids (must (be (received (by (((1 p.m.) edt) thursday)))))) (at ((the treasury) (or (at (((federal reserve) banks) (or branches)))))))
(((a group) (of ((arby 's) franchisees))) ((said (they (formed ((an association) (to (oppose ((miami beach) (financier (((victor posner) 's) control))))))))) (of ((the restaurant) chain))))
((((the decision) (is (((the latest) move) (in ((an escalating) battle))))) (between ((the franchisees) (and (mr. posner))))) (that (began (in august))))
((at (the time)) (((a group) (called (((((r.b. partners) ltd.) consisting) (of (eight (of (((arby 's) largest) franchisees))))) (offered (more (than (200 million))))))) (to (buy (((arby 's) inc.) (which (is (part (of (dwg corp))))))))))
((dwg (is ((a holding) company))) (controlled (by (mr. posner))))
((one week) ((later (leonard ((h. roberts) ((president (and ((chief executive) officer))) (of (arby 's)))))) (was (fired (in ((a dispute) (with (mr. posner))))))))
(((friday 42) franchisees) ((announced (((the formation) (of (an association))) (called ((a.p. association) inc.)))) (to (preserve ((the integrity) (of (((the arby) 's) system)))))))
(((((the franchisees) owners) (or (operators (of (1,000 (of (((((the 1,900) franchised) arby) 's) (in (the u.s.))))))))) (said (we (have (concluded (that ((continued (control (of ((arby 's) (by (victor posner)))))) (is (totally (unacceptable (to us))))))))))) (because (it (is (extremely (likely (to (cause (irreparable (damage (to (((the arby) 's) system))))))))))))
((we (support ((all efforts) (to (remove ((victor posner) (from (control (of ((arby 's) inc.)))))))))) (and (((the arby) 's) system)))
((the group) (((said (it (would (consider (among ((other things) (withholding (royalty payments)))))))) (and (initiating (((a class-action) lawsuit) (seeking (court approval)))))) (for (the withholdings))))
((((in florida) (renee mottram)) (((a senior) (vice president)) (at dwg))) ((responded (we (do (n't (think (((any individual) (or group)) (should (disrupt (((a winning) system) (or (illegally (interfere (with (existing (contractual relationships))))))))))))))) (for (((their own) self-serving) motives))))
((((general motors) corp.) (in ((a series) (of (moves (that (angered ((union officials) (in ((the u.s.) (and canada))))))))))) (has (signaled (that ((as (many (as (five (north ((american assembly) plants)))))) (may (not (survive ((the mid-1990s) (as ((the corporation) (struggles (to (cut (((its excess) vehicle-making) capacity)))))))))))))))
((in (announcements (to (workers (late (last week)))))) ((gm (effectively (signed ((death notices) (for (two (full-sized (van (assembly plants))))))))) (and (cast ((serious doubt) (on ((the futures) (of (three (u.s. (car factories)))))))))))
(((gm (is (under (intense pressure)))) (to (close (factories (that (became (unprofitable (as ((((((the giant) (auto maker)) 's) u.s.) market) share))))))))) (skidded (during ((the past) decade))))
(((((the company) (currently (using (about (80 %))))) (of (its (north ((american vehicle) capacity))))) (has (vowed (it (will (run (at (100 %)))))))) (of (capacity (by 1992))))
((just ((a month) ago)) ((gm (announced (it (would (make ((((an aging) assembly) plant) (in ((lakewood ga.) ((((the eighth) u.s.) assembly) facility))))))))) (to (close (since 1987)))))
(now ((gm (appears (to (be (stepping (up ((the pace) (of ((its factory) consolidation))))))))) (to (get (in (shape (for (the 1990s))))))))
((((((one reason) (is (mounting (competition (from (new (japanese (car plants)))))))) (in (the u.s.))) (that (are (pouring (out (more (than (((one million) vehicles) (a year))))))))) (at costs)) (lower (than (gm (can match)))))
((another (is (that (((((united auto) workers) union) officials) (have (signaled ((they (want (tighter (no-layoff provisions)))) (in ((((((the new) big) three) national) contract) (that (will (be negotiated)))))))))))) (next year))
(((gm officials) (want (to (get ((their strategy) (to (reduce (capacity (and (((the work) force) (in place))))))))))) (before ((those talks) begin)))
(((the problem) (however (is (that (((gm 's) moves) (are (coming (at (a time))))))))) (when ((uaw leaders) (are (trying (to (silence (dissidents (who (charge ((the union) (is (too (passive (in ((the face) (of (gm layoffs))))))))))))))))))
(((against (that (backdrop uaw))) (((vice president) (stephen (p. yokich))) (who (recently (became (head (of ((((the union) 's) (gm department)) (issued (a statement)))))))))) (friday (blasting ((((gm 's) flagrant) insensitivity) (toward (union members))))))
(((((((the auto) maker) 's) decision) (to (let ((word (of ((((the latest) shutdowns) and) product))) (reassignments (trickle (out (in (separate communiques))))))))) (to (((the affected) plants) (showed (disarray (and ((an inability) (or (unwillingness (to (provide (consistent information)))))))))))) ((mr. yokich) said))
((gm officials) (((told (workers (late (last week)))) (of ((the following) (moves (production (of (full-sized vans))))))) (will (be (consolidated (into (((a single) plant) (in (flint mich)))))))))
((that (means (two plants))) ((one (in ((scarborough ontario) (and ((the other) (in (lordstown ohio))))))) (probably (will (be (shut (down (after ((the end) (of 1991))))))))))
((((the shutdowns) (will (idle (about (3,000 ((canadian assembly) workers)))))) (and (about (2,500 workers)))) (in ohio))
(((robert (((white canadian) auto) workers)) union) ((president ((used (((the impending) scarborough) shutdown)) (to (criticize ((((the u.s.-canada) free) trade) agreement))))) (and ((its champion) ((prime minister) (brian mulroney))))))
(but (((canadian (auto workers)) (may (benefit (from (((a separate) gm) move))))) (that ((affects (three (u.s. (car plants)))) (and (one (in quebec)))))))
(((workers (at (plants (in (((van nuys) calif.) ((oklahoma city) (and (pontiac mich.)))))))) (were (told ((their facilities) (are (no (longer (being considered)))))))) (to (build (((the next) generation) (of ((((((the pontiac) firebird) (and chevrolet)) camaro) muscle) cars))))))
(((gm (is (studying (whether (it (can (build (((the new) camaro-firebird) profitably)))))))) (at ((a plant) (in (((st. therese) quebec) company))))) (and ((union officials) said)))
((((that announcement) (left (union officials))) (in ((van nuys) (and (oklahoma city))))) (uncertain (about (their futures))))
(((((the van) nuys) plant) (which (employs (about (3,000 workers))))) (does (n't (have ((a product) (to (build (after 1993))))))))
(((((jerry shrieves) uaw) local) president) ((said ((the facility) (was (asked (to (draw (up (plans (to (continue (working (as (((a flex) plant) (which (could (build (several (different types)))))))))))))))))) (of (products (on (short (notice (to (satisfy demand)))))))))
((at ((((the oklahoma) city) plant) (which (employs ((about (6,000 workers)) building))))) ((((((((((((the eight-year-old) a-body) mid-sized) cars) (steve featherston)) uaw) local) (vice president)) said) (the plant)) (has ((no (new product)) (lined up)))) (and (((none (of us)) knows) (when (((the a-body) cars) (will die)))))))
(he ((said (he (believes (gm (has (plans (to (keep (building (a-body cars)))))))))) (into (the mid-1990s))))
((at pontiac) (however ((((the camaro-firebird) decision) (appears (to (erase (uaw hopes))))) (that ((gm (would (reopen (((the shuttered) assembly) plant)))) (that (last (built (((((the plastic-bodied) two-seater) pontiac) fiero) model)))))))))
(((((the fiero) plant) (was (viewed (as ((a model) (of (union-management cooperation))))))) (at (gm (before (slow (sales (of (the fiero)))))))) (forced ((the company) (to (close ((the factory) (last year)))))))
((union officials) (have (taken (((a beating) politically) (as (a result))))))
(((dissident (uaw members)) (have (used ((the fiero) plant)))) (as ((a symbol) (of (((labor-management cooperation) 's) failure)))))
((population drain) (ends (for (midwestern states))))
(iowa (is (making (a comeback))))
(so (are ((indiana ohio) (and michigan))))
(((((the population) (of (all (four states)))) (is (on (the upswing)))) (according (to ((new census) bureau)))) (estimates (following (declines (throughout ((the early) 1980s))))))
(((the gains) (to (be sure))) (are (rather small)))
((((iowa (for instance)) (saw ((its population) (grow (by (11,000 people)))))) (or ((0.4 %) (between (1987 (and 1988)))))) (((the census) bureau) says))
((still (even (that ((modest increase) (is ((good news) (for ((a state) (that (had (n't (grown (at all))))))))))))) (since 1981))
(((between 1987) (and (1988 (north dakota)))) ((was (((the only) state) (in (the midwest)))) (to (lose (population ((a loss) (of (4,000 people))))))))
(((six (of ((the 12) (midwestern states)))) (have (been (growing steadily)))) (since (1980 (illinois ((kansas (minnesota missouri)) ((south dakota) (and wisconsin)))))))
((the northeast) (has (been (holding ((its own) (in ((the population) race)))))))
(((seven (of (nine states))) (have (grown (each year)))) (since (1980 (including ((new york) (which (lost ((4 %) (of ((its population) (during (the 1970s))))))))))))
((and (although (((pennsylvania (and massachusetts)) (suffered (slight declines))) (earlier (in (the decade)))))) (they (are (growing again))))
((at ((the same) time)) (((several states) (in ((the south) (and west)))) (have (had (((their own) population) turnaround)))))
(((seven states) (that (grew (in ((the early) 1980s))))) (are (now (losing (population ((west virginia) (mississippi ((louisiana oklahoma) (montana (wyoming (and alaska)))))))))))
((overall (though ((the (south (and west))) (still (outpace (((the northeast) (and midwest)) (and (fast-growing states)))))))) (like (((florida (and california)) ensure) (that ((the pattern) (will continue))))))
(but ((((the growth) gap) (between (((the sun) belt) (and (other regions))))) (has (clearly (started narrowing)))))
((more elderly) (maintain (their independence)))
((thanks (to (modern medicine))) ((more couples) (are (growing (old together)))))
(and ((even (after (losing (a spouse)))) ((more (of (the elderly))) (are (staying independent)))))
((((((a (new census)) bureau) study) (of ((the noninstitutionalized) population))) (shows (that (((64 %) (of (people (aged (65 (to 74)))))) (were (living (with ((a spouse) (in (1988 (up (from (59 %))))))))))))) (in 1970))
(((this (does (n't mean))) (they ('re (less (likely (to (live alone))))))) however)
(((that share) (has (remained (at (about (24 %)))))) (since 1970))
(((what (has changed)) (is (that ((more (of ((the young) elderly))) (are (living (with (spouses (rather (than (with (other relatives)))))))))))) (such (as children)))
(((in 1988) (((10 %) (of (those (aged 65)))) (to (74 (lived (with (relatives (other (than spouses))))))))) (down (from ((15 %) (in 1970)))))
((as (people (get (even older)))) (many (become widowed)))
((but (even (among (((those aged) 75) (and (older (the share))))))) (((living (with (a spouse))) (rose (slightly (to (40 %))))) (in (1988 (from ((38 %) (in 1970)))))))
((like (their (younger counterparts))) (((the older) elderly) (are (less (likely (to (live (with (other relatives)))))))))
((((only (17 %)) (of ((those (aged 75)) (and older)))) (lived (with (relatives (other (than spouses)))))) (in (1988 (down (from ((26 %) (in 1970)))))))
(((((the likelihood) (of living)) (alone (beyond ((the age) (of 75))))) (has (increased (to (40 %))))) (from (32 %)))
(((more people) (are (remaining (independent (longer presumably))))) (because (they (are (better (off (physically (and financially))))))))
((careers count) (most (for (the well-to-do))))
(((many (affluent people)) (place ((personal success) (and money)))) (above family))
((at least) ((that ('s (what ((a survey) (by ((ernst (& young)) (and ((yankelovich clancy) shulman)))))))) indicates))
(((two-thirds (of respondents)) (said (they (strongly (felt ((the need) (to (be (successful (in (their jobs))))))))))) (while ((fewer (than half)) (said (they (strongly (felt ((the need) (to (spend ((more time) (with (their families)))))))))))))
((being (successful (in (careers (and (spending (the money))))))) ((they (make (are (top priorities)))) (for (this group))))
((unlike ((most studies) (of ((the affluent) market)))) ((this survey) (excluded (the super-rich))))
(((((average (household income)) (for (the sample))) (was 194,000)) (and (average (net assets)))) (were (reported (as 775,000))))
(((the goal) (was (to (learn (about (one (of (((today 's) (fastest-growing income)) groups)))))))) ((the upper-middle) class))
((although ((they (represent (only (2 %)))) (of (the population)))) (they (control (nearly (one-third (of (discretionary income)))))))
((across (the board)) (((these consumers) (value (quality (buy (what ((they (like (rather (than just)))) (what (they need)))))))) (and ((appreciate products) (that (are distinctive))))))
(((despite ((their (considerable incomes)) (and assets))) (((40 %) (of ((the respondents) (in (the study))))) (do (n't (feel (financially secure)))))) (and (one-fourth (do (n't (feel (that (they (have (made it))))))))))
(((twenty percent) (do (n't (even feel)))) (they (are (financially (well off)))))
(((many (of (the affluent))) (are (n't (comfortable (with themselves))))) either)
(((about (40 %)) (do (n't feel))) (they ('re (more (able (than others))))))
((while (twothirds ((feel (some guilt)) (about (being affluent))))) (((only (25 %)) (give 2,500)) (or (more (to (charity (each year)))))))
((((((thirty-five percent) attend) (religious services)) regularly) (at ((the same) time))) ((60 %) (feel (that ((in life) (one (sometimes (has (to (compromise ((one 's) principles)))))))))))
(odds (and ends))
((((the number) (of ((women (and minorities)) (who (hold (jobs (in (top management)))))))) (in ((((the nation) 's) largest) banks))) (has (more (than (doubled (since 1978))))))
((the ((american bankers) association)) (((says (that (women (make (up ((47 %) (of (officials (and managers))))))))) (in (((the top) 50) banks))) (up (from ((33 %) (in 1978))))))
((((the share) (of (minorities (in (those positions))))) (has (risen (to (16 %))))) (from (12 %)))
((((per-capita (personal income)) (in (the u.s.))) (grew (faster (than inflation)))) ((last year) (according (to ((the bureau) (of (economic analysis)))))))
((((the amount) (of (income ((divvied up) (for (((each man) woman) (and child))))))) (was (16,489 (in (1988 (up (6.6 %))))))) (from (15,472 (in 1987))))
((per (capita ((personal income) (ranged (from (11,116 (in mississippi))))))) (to (23,059 (in connecticut))))
((((there (are ((13.1 million) students))) (in college)) ((this fall) (up (2 %)))) (from (1988 (((the national) center) (for ((education statistics) estimates))))))
(((about (54 %)) (are women)) (and ((44 %) (are (part-time students)))))
(((kenneth (j. thygerson)) (who (was (named ((president (of (((this thrift) holding) company))) (in august)))))) (resigned (citing (personal reasons))))
((mr. thygerson) (((said (he (had (planned (to (travel (between ((the job) (in denver))))))))) (and (his ((san diego) home)))) (but (has (found ((the commute) (too (difficult (to continue)))))))))
(((a new) president) (was (n't named)))
(((elcotel inc.) ((expects (fiscal (second-quarter earnings))) (to (trail (1988 results))))) (but (anticipates (that ((several (new products)) (will (lead (to ((((a much) stronger) performance) (in ((its second) half)))))))))))
(((elcotel ((a telecommunications) company)) (had ((net income) (of (272,000 (or ((five cents) (a share)))))))) (in ((((its year-earlier) second) quarter) (ended (sept. 30)))))
(revenue (totaled (5 million)))
((((george pierce) chairman) (and ((chief executive) officer))) ((said ((in (an interview)) (that ((earnings (in (((the most) recent) quarter))) (will (be (about ((two cents) (a share))))))))) (on (revenue (of (just (under (4 million))))))))
((((the lower) results) (mr. pierce)) ((said (reflect (((a 12-month) decline) (in (industry sales))))) (of (privately (owned (pay ((((telephones elcotel) 's) primary) business)))))))
((although ((mr. pierce) (expects (that (line (of (business (to (strengthen (in ((the next) year))))))))))) (he (said (elcotel (will (also (benefit (from (moving (into (other areas)))))))))))
(((foremost (among those)) (is ((((the company) 's) entrance) (into ((the public) (facsimile business)))))) ((mr. pierce) said))
((within (the (next year))) ((elcotel ((expects (to (place (((10,000 fax) machines) (made (by (minolta (in japan)))))))) (in (((hotels municipal) buildings) (drugstores (and (other (public settings)))))))) (around (the country))))
((elcotel (will (provide (((a credit-card) reader) (for (the machines)))))) (to (collect (store (and (forward (billing data)))))))
((mr. pierce) ((said (elcotel (should (realize ((a minimum) (of (10 (of (recurring (net earnings)))))))))) (for ((each machine) (each month)))))
(((elcotel (has (also (developed (((an automatic) call) processor))))) (that (will (make ((further use) (of ((((the company) 's) system) (for (automating (and (handling (credit-card calls)))))))))))) (and (collect calls)))
(((automatic (call processors)) (will (provide (that (system (for (virtually (any telephone)))))))) ((mr. pierce) (said (not (just (phones (produced (by elcotel))))))))
(((the company) (will (also (be (producing (((a new) line) (of ((convenience telephones) (which (do (n't (accept (coins (for (use (in ((hotel lobbies) office))))))))))))))))) ((lobbies (hospitality lounges)) (and (similar settings))))
(((mr. pierce) (estimated (that (((the processors) (and (convenience phones))) (would (produce (about (5 (of ((recurring (net earnings)) (for (each machine)))))))))))) (each month))
(((((the bush) administration) (trying (to (blunt ((growing demands) (from (western europe))))))) (for ((a relaxation) (of (controls (on (exports (to (the (soviet bloc)))))))))) (is (questioning (whether ((((((italy 's) ing) (c. olivetti)) &) co.) (supplied (militarily ((valuable technology) (to (the soviets))))))))))
((((most (of ((((the western) european) members) (of ((coordinating committee) (on (multilateral (export controls)))))))) ((the unofficial) forum)) (through (which ((((the u.s.) (and (its allies))) (align (their (export-control policies)))) (are (expected (to (argue ((for (more (liberal (export rules)))) (at ((a meeting) (to (be (held (in paris))))))))))))))) ((oct. 25) (and 26)))
(((they (plan (to (press specifically)))) (for ((a relaxation) (of rules)))) (governing (exports (of (((machine tools) computers) (and (other (high-technology products))))))))
(but (((the bush) administration) (((says (it (wants (to (see evidence))))) (that ((all (cocom members)) (are (complying (fully (with (existing (export-control procedures))))))))) (before (it (will (support (further liberalization))))))))
((to (make (its point))) ((it (is (challenging ((the italian) government)))) (to (explain (reports (that ((olivetti (may (have (supplied (((the soviet) union) (with (sophisticated (computer-driven devices)))))))) (that (could (be (used (to (build (parts (for (combat aircraft))))))))))))))))
(((((the london) (sunday times)) (which first)) (reported (((the u.s.) concerns) (cited ((((a u.s.) intelligence) report) (as ((the source) (of (the allegations))))))))) (that ((olivetti ((exported (25 million)) (in (embargoed (state-of-the-art (flexible (manufacturing systems))))))) (to (((the soviet) aviation) industry)))))
((olivetti (reportedly (began (shipping (these tools))))) (in 1984))
(((a (state department)) spokesman) ((acknowledged (that ((the u.s.) (is (discussing ((the allegations) (with (((the italian) government) (and cocom))))))))) (but (declined (to (confirm (any details)))))))
((((italian president) francesco) cossiga) (((promised ((a quick) investigation)) into) (whether (olivetti (broke (cocom rules))))))
(((president bush) ((called (his attention)) (to ((the matter) (during (((the (italian leader)) 's) visit)))))) (here (last week)))
((olivetti (has (denied (that (it (violated (cocom rules))))))) (asserting (that (((the reported) shipments) (were (properly (licensed (by ((the italian) authorities)))))))))
((although (((the legality) (of (these sales))) (is (still ((an open) question))))) (((the disclosure) (could (n't (be (better (timed (to (support ((the position) (of (export-control hawks))))))))))) (in ((the pentagon) (and ((the intelligence) community))))))
(((it (seems (to me))) (that ((a story) (like (((this breaks) just) (before (((every important) cocom) meeting))))))) (said (((a washington) lobbyist) (for ((a number) (of (u.s. (computer companies))))))))
((((the bush) administration) (has (sent (conflicting (signals (about ((its export-control) policies))))))) (reflecting ((unhealed divisions) (among (several (competing agencies))))))
(((last summer) ((mr. bush) (moved ((the administration) (in ((the direction) (of (gradual liberalization)))))))) (when ((he (told ((((a (north atlantic)) treaty) organization) meeting))) (that (he (would (allow ((some exceptions) (to (((the cocom) embargo) (of (strategic goods))))))))))))
(but (((more recently) ((the pentagon) (and (the (commerce department))))) ((openly (feuded (over ((the extent) (to (which (cocom (should (liberalize (exports (of (personal computers)))))))))))) (to (the bloc)))))
((however ((these agencies) (generally (agree (that ((the west) (should (be cautious)))))))) (about ((any further) liberalization)))
(((there ('s (no evidence))) (that (((the soviet) program) (to (illegally (acquire ((western technology) (has diminished)))))))) (said ((a (state department)) spokesman)))
(((((salomon brothers) international) ltd.) (((a british) subsidiary) (of (salomon inc.)))) (announced (it (will (issue (warrants (on (shares (of (((hong kong) telecommunications) ltd))))))))))
((((the move) closely) (follows (((a similar) offer) (by salomon)))) (of (warrants (for (shares (of (((hongkong &) (shanghai banking)) corp)))))))
(((under ((the latest) offer)) (((62.5 million) ((8 million) (of (three-year warrants)))) (will (be (issued (in london)))))) ((each (giving (buyers ((the right) (to (buy (one (((hong kong) telecommunications) share)))))))) (at ((a price) (to (be (determined friday)))))))
(((((the (50 million)) warrants) (will (be (priced (at (1.25 each)))))) and) (are (expected (to (carry ((a premium) (to (((the share) price) (of (about (26 %)))))))))))
(((in trading) (on (((the stock) exchange) (of (hong kong))))) ((the shares) (closed (wednesday (at (4.80 each))))))
((at (this price)) (((the shares) (would (have (to (rise (above (6.05 (for (subscribers (to ((salomon 's) issue))))))))))) (to (profitably (convert (their warrants))))))
((while (((hong kong) companies) (have (in ((the past) (issued (warrants (on ((their own) shares))))))))) (((salomon 's) warrants) (are ((the first) (here (to (be (issued (by ((a third) party))))))))))
((salomon (will (cover ((the warrants) (by (buying ((sufficient shares) (or options)))))))) (to (purchase (shares (to (cover ((its entire) position)))))))
((bankers (said ((warrants (for ((hong kong) stocks))) (are (attractive (because (they (give (((foreign investors) wary) (of (volatility (in ((((the colony) 's) stock) market))))))))))))) ((an opportunity) (to (buy (shares (without (taking (too (great (a risk))))))))))
(((the (((hong kong) telecommunications) warrants)) (should (be (attractive (to (buyers (in europe))))))) (((the bankers) added) (because (((the group) (is (one (of ((a handful) (of (blue-chip stocks))))))) (on (((the (hong kong)) market) (that (has (international appeal)))))))))
(((centrust savings) bank) ((((said (((federal thrift) regulators) (ordered (it (to (suspend (dividend payments))))))) (on (((its two) classes) (of (preferred stock))))) indicating) (that (((regulators ') concerns) (about (((the troubled) institution) (have heightened)))))))
((in (a statement)) ((miami-based centrust) ((said ((the regulators) ((cited (((((the thrift) 's) operating) losses) (and (apparent losses)))) (in ((its junk-bond) portfolio))))) (in (ordering ((the suspension) (of (the dividends))))))))
(regulators (also (ordered (centrust (to (stop (buying (back ((the preferred) stock)))))))))
((((david (l. paul)) (chairman (and ((chief executive) officer)))) (criticized ((the (federal office)) (of ((thrift supervision) (which (issued (the directive)))))))) (saying ((it (was inappropriate)) (and (based (on (insufficient reasons)))))))
(he (said ((the thrift) (will (try (to (get (regulators (to (reverse (the decision)))))))))))
((((the suspension) (of (((a preferred) stock) dividend))) (is ((a serious) step))) (that (signals (that ((regulators (have (deep concerns))) (about (((an institution) 's) health)))))))
((in (march regulators)) (labeled (centrust (((a troubled) institution) (largely (because (of ((((its big) junk-bond) holdings) (and ((its operating) losses))))))))))
((in ((the same) month)) ((((the office) (of (thrift supervision))) (ordered ((the institution) (to (stop (paying ((common stock) dividends))))))) (until ((its operations) (were (on track))))))
(((for (the (nine months))) (ended (june 30))) ((centrust (had (((a net) loss) (of ((21.3 million) (compared (with (year-earlier (net income))))))))) (of (52.8 million))))
((centrust (which (is (((florida 's) largest) thrift)))) ((holds (one (of (((the largest) junk-bond) portfolios)))) (of ((any thrift) (in (the nation))))))
((since april) ((it (has (pared ((((its high-yield) bond) holdings) (to (about (890 million))))))) (from (1.35 billion))))
((mr. paul) (((said (only (about (150 million)))) (of ((the current) holdings))) (are (tradeable ((securities registered) (with (the (((securities and) exchange) commission))))))))
((((the remainder) (he (said (are ((commercial (loan participations)) (or (private placements))))))) (that (are (n't (filed (with (the sec))))))) (and (do (n't (have ((a ready) market))))))
(((centrust (and regulators)) (have (been (in ((a dispute) (over (market valuations))))))) (for ((the junk) bonds)))
((((((the office) (of (thrift supervision))) (has (been (hounding (centrust (to (provide (current (market values))))))))) (for (its holdings))) (but (((centrust has) said) (it (ca (n't (easily (obtain (such values))))))))) (because (of (((the relative) illiquidity) (of ((the bonds) (and (lack (of ((a ready) market))))))))))
(((regulators (have (become (increasingly (antsy (about ((((centrust 's) (and (other thrifts))) ') (junk-bond holdings)))))))) (in (light (of ((the recent) (((federal thrift) bailout) legislation)))))) (and ((((the recent) deep) decline) (in ((the junk-bond) market)))))
(((the legislation) (requires (thrifts (to (divest (themselves (of (junk bonds)))))))) (in ((((the new) somber) regulatory) climate)))
((in (((american stock) exchange) (composite trading))) (friday (((centrust common) shares) (closed (at (3 (down (12.5 cents))))))))
(((in (a statement)) friday) (((mr. paul) (challenged ((((the regulators) ') decision) (saying (((((the thrift) 's) (operating losses)) (and ((apparent junk-bond) losses))) (have (been (substantially (offset (by (gains (in (other activities))))))))))))) (of (the bank))))
((he (also (said ((substantial reserves) (have (been (set (aside (for (possible losses)))))))))) (from ((the junk) bonds)))
((in (((the third) quarter) (for instance))) (centrust (added ((22.5 million) (to (its (general reserves)))))))
(((mr. paul) ((said ((the regulators) (should (instead (move ((ahead (with (approving ((centrust 's) request)))) (to (sell (63 (of ((its 71) branches))))))))))) (to (great (western bank))))) (((a unit) (of (((great western) financial) corp.))) (based (in ((beverly hills) calif)))))
(((((the branch) sale) (is ((the centerpiece) (of ((centrust 's) strategy))))) (to (transform (itself (into (((a traditional) s&l) (from ((a high-flying) institution)))))))) (that ((relied (heavily (on ((securities trading) (for profits))))) (according (to (mr. paul))))))
((((most analysts) (and (thrift executives))) (had (expected ((a decision) (on (((the proposed) transaction) (which (was (announced (in july)))))))))) (long (before now)))
((many (interpret ((the delay) (as (an indication))))) (that (regulators (are (skeptical (about (the proposal)))))))
(((branches (and deposits)) (can (be (sold (at ((a premium) (in (the event)))))))) ((federal regulators) (take (over (an institution)))))
((centrust (however ((touts ((the branch) sale)) (saying (it (would (bring (in (150 million))))))))) (and (reduce (((((the thrift) 's) assets) (to (6.7 billion))) (from (9 billion))))))
(((it (said ((the sale) (would (give (it (positive (((tangible capital) (of ((82 million) (or (about (1.2 %)))))) (of assets))))))))) (from (((a negative) (33 million)) (as (of (sept. 30)))))) (thus (bringing (centrust (close (to (regulatory standards)))))))
(centrust (said ((((the branch) sale) (would (also (reduce (((((the company) 's) large) amount) (of good)))))) (will (by (about (180 million)))))))
((critics (however (say (((the branch) sale) (will (make (centrust ((more dependent) (than ever))))))))) (on ((brokered deposits) (and (junk bonds)))))
(((((mr. paul) counters) (that (he (intends (to (further (pare ((the size) (of (centrust (by (not (renewing ((more (than (1 billion))) (of (brokered certificates)))))))))))))))) (of deposit)) (when (they (come due))))
(((the thrift) (is (also (working (to (unload (((its junk-bond) portfolio) (by (continuing (to (sell (off (the bonds))))))))))))) (and (it (plans (to (eventually (place ((some (of them)) (in (((a separate) affiliate) (as (required (under (((the new) thrift) law))))))))))))))
((((((food and) drug) administration) spokesman) (jeff nesbit)) ((said ((the agency) (has (turned (over (evidence (in (((a criminal) investigation) (concerning ((vitarine pharmaceuticals) inc.)))))))))) (to (((((the u.s.) attorney) 's) office) (in baltimore)))))
((neither vitarine) (nor ((any (of (((((the (springfield (gardens n.y.))) company) 's) officials) (or employees)))) (have (been (charged (with (any crimes))))))))
((vitarine (won (approval (to (market ((a version) (of (((a blood) pressure) medicine)))))))) (but (acknowledged (that (it (substituted (((((a smithkline) beecham) plc) product) (as ((its own) (in tests))))))))))
(((mr. nesbit) (also (said ((the fda) (has (asked (bolar (pharmaceutical co.)))))))) (to (recall (at (((the retail) level) (((its urinary) tract) antibiotic))))))
((but ((so far) ((the company) (has (n't (complied (with (that request)))))))) ((the spokesman) said))
(((bolar ((the subject) (of (((a criminal) investigation) (by ((the fda) (and ((((the (inspector general)) 's) office) (of ((the health) (and ((human services) department)))))))))))) (only ((agreed (to (recall ((two strengths) (of ((its version) (of (macrodantin (as (far down)))))))))) (as (direct customers))))) (mostly (wholesalers ((mr. nesbit) said))))
(((bolar (of (copiague n.y.))) (earlier (began (((a voluntary) recall) (of (both (((its 100) milligram) (and (50 (milligram versions)))))))))) (of (the drug)))
(((the fda) (has (said ((it (presented evidence)) (it (uncovered (to ((the company) (indicating (that (bolar (substituted (((the brand-name) product) (for ((its own) (to (gain (government approval)))))))))))))))))) (to (sell ((generic versions) (of macrodantin)))))
(bolar (has (denied (that (it (switched (((the brand-name) product) (for ((its own) (in (such testing)))))))))))
((just (when (it (seemed (safe (to (go (back (into stocks))))))))) ((wall street) (suffered (((another severe) attack) (of nerves)))))
((does (this signal)) (((another black) monday) (is coming)))
((or (is (this ((((an extraordinary) buying) opportunity) (just (like (oct. 19))))))) (1987 (eventually (turned (out (to be))))))
((here ('s (what ((several ((leading market) experts)) (and ((money managers) (say (about ((friday 's) action))))))))) (what (((happens next) and) (what (investors (should do))))))
(joseph granville)
(((i ('m (((the only) one) (who (said (there (would (be (((an october) massacre) (all (through (late august)))))))))))) (and september)) (says ((mr. granville) (once ((((a widely) followed) market) (guru (and (still (((a well-known) newsletter) writer)))))))))
(((everyone (will (tell you))) (that ((this time) (is (different (from 1987)))))) (he says))
((well (in (some ways))) ((it (is different)) (but (technically (it (is (just (the same))))))))
((if (you ('re (a technician)))) (you (obey (the signals))))
((right (now (they ('re (telling (me (to (get ((the hell) out))))))))) (and (stay out)))
((i (see (no (major support)))) (until 2200))
((i (see ((a possibility) (of (going (to 2200)))))) (this month))
((mr. granville) (((((says (he (would (n't (even (think (of buying))))))) until) (at least)) ((600 (to (700 stocks))) (have (hit (52-week lows))))) (about ((100 stocks) (hit ((new lows) friday))))))
((((most people) (he says)) (have (no idea))) (what (((a massacre) pattern) (looks like))))
(elaine garzarelli)
((((((a quantitative) analyst) (with (((shearson lehman) hutton) inc.))) (ms. garzarelli)) (had (warned (clients (to (take (their money))))))) (out (of ((the market) (before ((the 1987) crash))))))
(((((friday 's) big) drop) (she says)) (was (not (a crash))))
((this (was (((an october) massacre) (like those)))) (that (occurred (in (1978 (and 1979))))))
((now (as (in (those (two years))))) ((her ((stock market) indicators)) (are positive)))
((so (she (thinks ((the damage) (will (be short-lived)))))) (and contained))
((((those corrections) (lasted (one (to (four weeks))))) (and (took (((the market) (10%-12 %)) down)))) (she says))
(((this (is (exactly ((the same) thing)))) (as far)) (as (i ('m concerned))))
((thus (she (says (if (((the ((dow jones) industrial)) average) (dropped (below 2450))))))) (it (would (just (be (a fluke))))))
((my advice) (is (to buy)))
((as (she calculates)) (it (((the average) stock) (now (sells (for (about (((12.5 times) companies) (' earnings)))))))))
((she (says (that (ratio (could (climb (to (14.5 (given (current (interest rates))))))))))) (and (still (be (within ((the range) (of (fair value))))))))
(ned davis)
(((((friday 's) fall) marks) ((the start) (of ((a bear) market)))) (says ((mr. davis) (president (of (((ned davis) research) inc))))))
(but (((((mr. davis) whose) views) (are (widely (respected (by (money managers)))))) (says (he (expects ((no 1987-style) crash))))))
((there (was (((a unique) combination) (in 1987)))) (he says))
((margin debt) (was (at ((a record) high))))
((there (was (tremendous (public enthusiasm)))) (for (stock (mutual funds))))
((((the main) thing) (was (portfolio insurance))) ((((a mechanical) trading) system) (intended (to (protect ((an investor) (against losses)))))))
((((a (hundred billion)) dollars) (in stock)) (was (subject (to it))))
(((in 1987) (such selling)) (contributed (to ((a snowball) effect))))
((today (could (even (be ((an up) day))))) (((mr. davis) says) (if ((major (brokerage firms)) (agree (to (refrain (from (program trading)))))))))
((over ((the next) (several months))) (though (he (says (things (look bad))))))
(((i (think ((the market) (will (be (heading down)))))) (into november)) (he says))
((we (will (probably (have ((a year-end) rally))))) (and (then (go (down again)))))
(sort (of (((a two-step) bear) market)))
((he ((expects ((the downturn) (to (carry (((the ((dow jones) industrial)) average) down))))) (to (around 2000)))) (sometime (next year)))
((that (would (be (((a normal) bear) market)))) (he says))
((i guess) (that ('s (my forecast))))
(leon (g. cooperman))
((i (do (n't think))) ((the market) (is (going (through ((another october) '87))))))
((i (do (n't (think (that ('s ((the case) (at all)))))))) (says ((mr. cooperman) (((a partner) (at (((goldman sachs) &) co.))) (and (chairman (of (((goldman sachs) asset) management))))))))
(((mr. cooperman) ((sees (this (as ((a good) time)))) (to (pick (up bargains))))) (but (he (does (n't (think (there ('s ((any need) (to rush))))))))))
((i (expect ((the market) (to (open (weaker monday)))))) (but (then (it (should (find (some stability)))))))
((he ((ticks (off (several (major differences)))) (between now))) (and ((two years) ago)))
((unlike ((1987 (interest rates)) (have (been falling)))) (this year))
((unlike 1987) ((the dollar) (has (been strong))))
((and (unlike 1987)) ((the economy) (does (n't (appear (to (be (in ((any danger) (of overheating))))))))))
((but ((((the economy) ('s (slower growth))) (this year)) (also (means (((the outlook) (for (corporate profits))) (is (n't good))))))) (he says))
(so (it ('s ((a (very mixed)) bag))))
(thus (he (concludes ((this (is (not ((a good) environment)))) (to (be (fully (invested (in stocks)))))))))
(((if (i (had (come (into friday))))) (on (margin (or (with (very ((little cash) (in (the portfolios))))))))) (i (would (not (do (any buying))))))
(but (((we (came (into (friday (with ((a conservative) portfolio)))))) (so (i (would (look (to (do ((some modest) buying)))))))) (on (behalf (of clients)))))
((we ('re (going (to (look (for (some (of ((the better-known) companies))))))))) (that (got (clocked friday))))
(john (kenneth galbraith))
(((this (is (((the latest) manifestation) (of ((the capacity) (of (the (financial community)))))))) (for (recurrent insanity))) (says ((mr. galbraith) (an economist))))
((i (see (this (as ((a reaction) (to ((((the whole) junk) bond) explosion))))))) (he says))
(((((the explosion) (of ((junk bonds) (and takeovers)))) (has (lodged ((a lot) (of (insecure securities)))))) (in ((the hands) (of (investors (and loaded)))))) ((((the corporations) (that (are ((the objects) (of (takeovers (or (feared takeovers)))))))) (with ((huge amounts) (of debt)))) (rather (than equity))))
((this (has (both (made ((investors uneasy) (and (the corporations))))))) (more vulnerable))
(nevertheless (he (says ((a depression) (does (n't (appear likely)))))))
(((there (is (more resiliency))) (in ((the economy) (at (large (than (we (commonly suppose)))))))) (he says))
((((it (takes (more error))) (now (to (have ((a major) depression))))) (than (back (in ((the thirties) much))))) (as (((the (financial community)) (and (the government))) (may try))))
(mario gabelli)
((((((new york) money) manager) (mario gabelli)) ((an expert) (at (spotting (takeover candidates))))) (says (that (takeovers (are (n't (totally gone)))))))
((companies (are (still (going (to (buy (companies (around (the world))))))))) (he says))
((examples (are (ford (looking (at jaguar))))) (bellsouth (looking (at (lin broadcasting)))))
(((((these sorts) (of takeovers)) (do (n't (require ((junk bonds) (or (big (bank loans)))))))) (to (finance them))) (so (((mr. gabelli) figures) (they (will continue)))))
((((the market) (was (up (35 %)))) (since ((president bush) (took office)))) ((mr. gabelli) (says (so ((a correction) (was (to (be expected))))))))
((he (thinks ((another crash) (is unlikely)))) (and (says (he (was ((nibbling (at (selected stocks))) (during ((friday 's) plunge))))))))
((((stocks (that (were (thrown ((out just) (on (((an emotional) basis) (are ((a great) opportunity))))))))) (this week)) (for (guys (like me)))) (he says))
(jim rogers)
(((it (seems (to me))) (that ((this (is (the pin))) (that (has (finally (pricked (the balloon)))))))) ((says ((mr. rogers) (((a professor) (of (finance (at ((columbia university) (and (former co-manager))))))) (of (one (of (((the most) successful) (hedge funds)))))))) (in (history (quantum fund)))))
((he (sees ((economic problems) (financial problems)))) ((ahead (for (the u.s.))) (with ((((a fairly) strong) possibility) (of (a recession))))))
((friday (you (could (n't (sell dollars))))) (he says))
((dealers (would (give (you (a quote))))) (but (then (refuse (to (make (the trade)))))))
(((if (((the dollar) stays) weak)) (he (says (that ((will (add (to (inflationary (pressures (in ((the u.s.) (and (make (it (hard (for ((the (federal reserve)) board))))))))))))) (to (ease (interest rates)))))))) (very much))
(((mr. rogers) (wo (n't (decide (what (to (do today))))))) (until ((he sees) (how (((the london) (and (tokyo markets))) go)))))
((he (recommends (that (investors (sell (takeover-related stocks)))))) (but ((hang (on (to (some (other stocks))))) (especially (utilities (which (often (do (well (during (periods (of (economic weakness)))))))))))))
(frank curzio)
((many people) (now (claim (to (have (predicted ((the 1987) crash)))))))
((((((queens newsletter) writer) (francis (x. curzio))) (actually (did (it (he (stated (in (writing (in (september 1987)))))))))) (that (((the ((dow jones) industrial)) average) (was (likely (to (decline (about (500 points))))))))) ((the following) month))
((mr. curzio) (says (what ((happens now) (will (depend (((a good) deal) (on ((the (federal reserve)) board)))))))))
((if (it (promptly (cuts ((the discount) rate))))) ((it ((charges (on loans)) (to banks))) (he (says (that (could (quiet (things down))))))))
((if (not (we (could (go (to 2200)))))) (very soon))
(frank (w. terrizzi))
((((stock prices) (would (still (have (to (go (down ((some additional) amount)))))))) (before (we (become (positive (on stocks)))))) (says ((mr. terrizzi) ((president (and (managing (director (of (((renaissance investment) management) inc.)))))) (in cincinnati)))))
(((((renaissance (which ((manages (about (1.8 billion))) (drew ((stiff criticism) (from (many clients))))))) earlier) (this year)) (because ((it (pulled (entirely (out (of stocks))))) (at ((the beginning) (of (the year))))))) (and (thus (missed ((a strong) rally)))))
((renaissance (is (keeping ((its money) (entirely (in (cash equivalents))))))) (primarily (u.s. (treasury bills))))
((t-bills (probably (are (((the right) place) (to be))))) (he says))
((many (of (((the nation) 's) (highest-ranking executives)))) ((saluted ((((friday 's) market) plunge) (as ((an overdue) comeuppance)))) (for (speculators (and (takeover players))))))
(((assuming (that ((the market) (does (n't (head (into (((a bottomless) free) fall)))))))) (some executives)) ((think (((friday 's) action) (could (prove (((a harbinger) (of (good news))) (as (a sign))))))) (that (((((((the leveraged) buy-out) and) takeover) frenzy) (of (recent years))) (may (be abating))))))
(((this (is ((a reaction) (to (artificial (lbo valuations)))))) (rather (than (to (any fundamentals))))) (said (((john young) (chairman (of (hewlett-packard co.)))) (whose (shares (dropped (3.125 (to 48.125))))))))
((if (we (get (rid (of ((a lot) (of (that nonsense)))))))) (it (will (be ((a big) plus)))))
(((a few) (of ((the executives) (here (for (((the fall) meeting) (of ((the business) council)))))))) (((a group) (that (meets (to (discuss (national issues)))))) (were (only (too (happy (to (personalize (their criticism)))))))))
(((people (wish ((the government) (would (do ((something (about (leveraged buy-outs))) (do (something (about takeovers))))))))) (do (something (about (donald trump))))) (said (((rand araskog) (chairman (of (itt corp.)))) (whose (stock (dropped 3.375))))))
(where ('s (the leadership)))
((where ('s ((the guy) (who (can say))))) (enough (is enough)))
((((the executives) (were (remarkably (unperturbed (by (the plunge)))))) (even (though (it (lopped (billions (of dollars))))))) (off ((the value) (of ((their companies) (and (millions (off (their (personal fortunes))))))))))
((i ('m (not (going (to (worry (about (((one day) 's) decline)))))))) (said ((((kenneth olsen) (digital equipment)) corp.) ((((president (who (was (leisurely (strolling (through (((the bright) orange) (and yellow)))))))) leaves) (of (the mountains))) (here (after ((((his company) 's) shares) (plunged (5.75 (to (close (at 86.50))))))))))))
((i (did (n't (bother (calling anybody))))) (i (did (n't (even (turn (on tv)))))))
((there (has (n't (been (((any fundamental) change) (in (the economy))))))) (added ((john smale) (whose (((procter (& gamble)) co.) (took (((an 8.75) slide) (to (close (at 120.75))))))))))
(((the fact) (that ((this happened) ((two years) ago)))) (and ((there (was ((a recovery) (gives (people (some comfort)))))) (that (this (wo (n't (be (a problem)))))))))
(((of course) (established (corporate managements))) (often (tend (to (applaud ((the setbacks) (of ((stock speculators) (and (takeover artists))))))))))
((indeed (((one (chief executive)) (who (was (downright (delighted (by ((friday 's) events))))))) (was (((robert crandall) chairman) (of (amr corp.)))))) (((the parent) (of (american airlines))) (and ((the target) (of (((a takeover) offer) (by (mr. trump))))))))
(((asked (whether (((friday 's) action) (could (help (him (avoid (being trumped)))))))) (by ((the ((new york) (real estate))) magnate))) (((mr. crandall) (smiled broadly)) (and (said (no comment)))))
((((on friday) morning) (before (((the market) 's) sell-off))) ((((the (business leaders)) (issued ((((a report) predicting) (the economy)) (would (grow (at (roughly (((((an inflation-adjusted) 2) %) annual) rate)))))))) (through (next year))) (then (accelerate (anew (in 1991))))))
((of (((the 19) economists) (who (worked (on ((((the (business council)) forecast) (only two)) (projected (periods (of (decline (in ((((the nation) 's) output) (over ((((the next) (two years)) and) (in (both instances)))))))))))))))) (((the declines) (are (too (modest (to (warrant ((the phrase) recession))))))) (said (((lewis preston) (chairman (of (((j.p. morgan) &) co.)))) (and ((vice chairman) (of ((the business) council))))))))
(((((pension funds) insurers) (and (other behemoths))) (of ((the investing) world))) ((said (they (began (scooping (up stocks))))) (during (((friday 's) market) rout))))
(and (they (plan (to (buy (more today))))))
((((rightly (or wrongly)) (many (giant (institutional investors)))) (appear (to (be (fighting (((the latest) war) (by (applying (the lesson))))))))) ((they (learned (in (((the october) 1987) crash)))) (buying (at ((the bottom) (pays off))))))
((to (be sure)) (((big investors) (might (put (away ((their checkbooks) (in (a hurry))))))) (if (stocks (open (sharply (lower today)))))))
((they (could (still panic))) (and (bail (out (of (the market))))))
(but ((((their 1987) performance) (indicates (that (they (wo (n't (abandon stocks))))))) (unless (conditions (get (far worse))))))
((((last time) (we (got (rewarded (for (going (out (and (buying stocks))))))))) (when ((the panic) (was (the worst))))) (said (((john (w. rogers)) (president (of ((((chicago-based ariel) capital) management) inc.)))) (which (manages ((1.1 billion) (of stocks)))))))
(((mr. rogers) (spent (half ((his cash) (on hand))))) ((friday (for ((our favorite) stocks))) (that (have (fallen apart)))))
((he (expects (to (invest (the rest))))) (if ((the market) (weakens further))))
((((((denver-based portfolio) manager) (james craig)) (was (n't daunted))) (when (((friday 's) rout) ((shaved (40 million)) (from ((the value) (of (((the 752) million) (janus fund))))))))) (he oversees))
((((i (waited (to (make sure)))) all) (((the program) trades) (had (kicked through)))) (he said))
(then (he (jumped (into (the market)))))
((i (spent (30 million))) (in ((the last) half-hour)))
((other (money managers)) (also (opened (their wallets))))
(((i (was (buying (at ((the close) friday))))) (and (i ('ll (be (buying (again (because (i (know (we ('re (getting (good value)))))))))))))) (said ((frederick (a. moran)) (president (of ((((moran asset) management) inc.) (greenwich conn)))))))
((there (is (no justification))) (on (((the fundamental) level) (for (this crash)))))
((unlike ((mutual funds) (which (can (be (forced (to (sell stockholdings)))))))) (when (((investors (rush (to (withdraw (money (big investors)))))) (such (as ((pension funds) (and (insurance companies)))))) (can (decide (to (ride (out (market (storms (without (jettisoning stock))))))))))))
((((most often) (they (do just))) (that (because ((stocks (have (proved (to (be ((the best-performing) (long-term investment))))))) (attracting ((about (1 trillion)) (from (pension funds)))))))) alone)
((if (you (bought (after (the crash))))) ((you (did (very (very (well (off (the bottom))))))) (said ((stephen (b. timbers)) (((chief investment) officer) (of (chicago-based ((kemper (financial services)) inc))))))))
((((((((the (56 billion)) california) (public employees)) retirement) system) (for one)) (added ((1 billion) (to ((its stock) portfolio))))) ((two years) ago))
(((((the last) crash) (taught ((institutional investors) (that (they (have (to (be (long-term holders))))))))) (and (that (they (ca (n't (react (to (short-term (events (good (or bad)))))))))))) (said (((stephen (l. nesbitt)) senior) (((vice president) (for ((the (pension consultants)) (wilshire associates)))) (in ((santa monica) calif))))))
((((those (that (pulled (out (of stocks))))) regretted) (it (he (said (so (i (doubt (you ('ll (see (((any significant) changes) (in (institutional portfolios))))))))))))) (as ((a result) (of ((friday 's) decline)))))
(((stocks (as (measured (by ((((the (standard (& poor))) 's) 500-stock) index))))) (have (been (stellar performers)))) ((this year) (rising ((27.97 %) (before (((friday 's) plunge) (excluding dividends)))))))
((even (((friday 's) slump) (leaves (investors (ahead (more (than (20 %)))))))) (well (above (((the annual) average) (for (stocks (over (several decades))))))))
(((you (could (go (down (400 points))))) (and (still (have (((a good) year) (in (the market))))))) (said ((james (d. awad)) (president (of ((((new york-based) bmi) capital) corp))))))
(((mr. awad) (however (worries (that ((the market) (could (go (down 800)))))))) (or ((900 points) (in ((the next) (few days))))))
((it (can happen)) (before (you (can (turn around)))))
((he (said (he (discerns (((many parallels) (with 1987)) (including ((the emphasis) (on (takeover stocks))))))))) (and ((the re-emergence) (of (computerized (program trading))))))
((((the only) thing) (you ((do (n't have)) (he said)))) (is ((((the portfolio) insurance) phenomenon) (overlaid (on (the rest))))))
(((most (institutional investors)) (have (abandoned ((((the portfolio) insurance) hedging) technique)))) (which (is (widely (thought (to (have (worsened ((the 1987) crash)))))))))
((not (really insurance)) (((this tactic) (was (designed (to (soften ((the blow) (of (declining (stock prices))))))))) (and (generate (((an offsetting) profit) (by (selling (waves (of (s&p (futures contracts)))))))))))
((in ((its severest) test)) ((((((the 60) billion) (of (portfolio insurance))) (in (effect (in ((the 1987) crash))))) (did (n't work))) (as (((stock buyers) (disappeared (and (stock (and (futures prices)))))) (became disconnected)))))
((even (without ((portfolio ((insurance market) conditions)) (were (grim friday))))) ((money managers) said))
(((((neil weisman) (whose ((((new york-based) chilmark) capital) partners))) (had (converted ((85 %) (of ((its (220 million)) (investment pool))))))) (to (cash (in (recent months))))) ((said (he (was (besieged (by ((wall street) firms)))))) (friday (asking (him (to (take (stock (off (their hands))))))))))
((((we (got (calls (from (big (block houses)))))) (asking us)) (if (we (want (to (make (bids (on anything)))))))) (said (((mr. weisman) (who (happy (with ((his returns) (on investments)))))) (chalked (up (earlier (declined (the offers))))))))
((mr. weisman) ((predicts (stocks (will (appear (to (stabilize (in ((the next) (few days))))))))) (before (declining (again (trapping (more investors)))))))
((i (think (it (will (be (((a rigor) mortis) rally)))))) (he said))
(meanwhile ((friday (brought ((a reprieve) (for (money managers))))) (whose ((investment styles) (had (put (them (at (odds (with ((the market) rally)))))))))))
(((especially gleeful) (were (((the short) sellers) (who (have (been pounded)))))) (by ((((this year) 's) market) climb)))
((((the shorts) (sell (borrowed shares))) (hoping (to (profit (by (replacing them)))))) (later (at ((a lower) price))))
((((((((the nation) 's) largest) short-selling) operation) (is (feshbach brothers))) (((palo alto) calif.) (which (said (last (may (that (((its short) positions) (had (shown (losses (of ((10 %) (for (the year))))))))))))))) (up (to (that point))))
(all (that (now (has changed))))
(((we ('re (ahead (for (the year))))) (because (of friday))) (said (((the firm) 's) (kurt feshbach))))
((we ('re (not (making (a killing))))) (but (we (had ((a good) day)))))
(friday ((october 13) 1989))
(((((the key) u.s.) (and (foreign (annual (interest rates))))) below) (are ((a guide) (to ((general levels) (but (do (n't (always (represent (actual transactions)))))))))))
(prime rate)
(10 (1\/2 %))
((((the base) rate) (on ((corporate loans) (at (large (u.s. money)))))) (center (commercial banks)))
(federal funds)
(((((((8 13\/16) %) high) 8) (1\/2 %)) (low ((8 (5\/8 %)) (near (closing bid))))) (8 ((3\/4 %) offered)))
((((reserves (traded (among (commercial banks)))) (for (overnight use))) (in (amounts (of (1 million))))) (or more))
(source (((fulton prebon) u.s.a) inc))
(discount rate)
(7 %)
(((the charge) (on loans)) (to (depository (institutions (by (the ((new york) ((federal reserve) bank))))))))
(call money)
((9 (3\/4 %)) (to (10 %)))
(((the charge) (on loans)) (to (brokers (on ((stock exchange) collateral)))))
((commercial paper) (placed (directly (by (((general motors) acceptance) corp.)))))
((((((((((8.60 %) (30 (to ((44 days) ((8.55 %) (45 (to ((59 days) ((8.375 %) (60 (to (79 days)))))))))))) (8.50 %)) 80) (to (89 days))) (8.25 %)) (90 (to (119 days)))) (8.125 %)) (120 (to (149 days)))) ((8 %) ((150 (to (179 days))) ((7.625 %) (180 (to (270 days)))))))
(commercial paper)
((high-grade (unsecured (notes ((sold (through dealers)) (by (major corporations)))))) (in (multiples (of 1,000))))
(((8.65 %) (30 days)) ((8.55 %) ((60 days) ((8.55 %) (90 days)))))
(certificates (of deposit))
(((((8.15 %) (one month)) (8.15 (% (two months)))) ((8.13 %) (three months))) ((8.11 (% (six months))) ((8.08 %) (one year))))
((((((average (of (top rates))) (paid (by (major ((new york) banks))))) (on (primary (new issues)))) (of ((negotiable c.d.s) usually))) (on (amounts (of (1 million))))) (and more))
(((the minimum) unit) (is 100,000))
((typical rates) (in ((the secondary) market)))
(((8.65 %) (one month)) ((8.65 %) ((three months) ((8.55 %) (six months)))))
(bankers acceptances)
(((((((((8.52 %) (30 days)) (8.37 %)) (60 days)) (8.15 %)) (90 days)) (7.98 %)) (120 days)) ((7.92 %) ((150 days) ((7.80 %) (180 days)))))
(((negotiable bank-backed) ((business credit) instruments)) (typically (financing ((an import) order))))
(london (late eurodollars))
(((((8 (13\/16 (% (to (8 (((11\/16 %) (one month)) (8 ((13\/16 %) (to (8 (((11\/16 %) (two months)) (8 ((13\/16 %) (to (8 ((11\/16 %) (three months))))))))))))))))) 8) ((3\/4 %) (to (8 ((5\/8 %) (four months)))))) (8 ((11\/16 %) (to (8 ((9\/16 %) (five months))))))) (8 ((5\/8 %) (to (8 ((1\/2 %) (six months)))))))
((london interbank) (offered (rates libor)))
(((((8 (3\/4 %)) (one month)) (8 (3\/4 (% (three months))))) (8 (9\/16 (% (six months))))) (8 ((9\/16 %) (one year))))
(((((the average) (of interbank)) (offered (rates (for (dollar deposits))))) (in ((the london) market))) (based (on (quotations (at (five (major banks)))))))
(foreign (prime rates))
(((((canada 13.50) %) germany) (8.50 %)) ((((japan (4.875 (% switzerland))) 8.50) %) (britain (15 %))))
(((these (rate indications)) (are (n't directly))) (comparable ((lending practices) (vary (widely (by location))))))
(treasury bills)
(((results (of (((((the (tuesday october)) 10) 1989) auction) (of (short-term (u.s. (government bills))))))) (sold (at ((a discount) (from (face value)))))) (in (units (of (10,000 (to (1 million)))))))
(((7.63 %) (13 weeks)) ((7.60 %) (26 weeks)))
(((((federal home) loan) mortgage) corp) (freddie mac))
((posted (yields (on (30-year (mortgage commitments))))) (for (delivery (within (30 days)))))
(((9.91 %) ((standard (conventional fixedrate)) (mortgages ((7.875 %) ((2 %) rate))))) (capped (((one-year adjustable) rate) mortgages)))
(source ((telerate systems) inc))
((((federal national) mortgage) association) (fannie mae))
(((posted (yields (on ((30 year) (mortgage commitments))))) (for (delivery (within (30 days))))) (priced (at par)))
((((9.86 %) (standard (conventional fixed-rate))) (mortgages ((8.85 %) (6\/2 rate)))) (capped (((one-year adjustable) rate) mortgages)))
(source ((telerate systems) inc))
((((merrill lynch) ready) assets) trust)
(8.33 %)
((((annualized average) rate) (of (return (after (expenses (for ((the past) (30 days)))))))) (not ((a forecast) (of (future returns)))))
(((traditional industries) inc.) (((said (it (expects (to (report (((a net) loss) (for (((the fourth) quarter) (that (ended (june 30))))))))))) and) (is (seeking (new financing)))))
(((the seller) (of ((photographic products) (and services)))) ((said (it (is (considering ((a number) (of (financing alternatives))))))) (including (seeking (increases (in ((its credit) lines)))))))
(((traditional (declined (to (estimate ((the amount) (of (the loss))))))) and) (would (n't (say (if (it (expects (to (show ((a profit) (for (the year))))))))))))
(((in (the year)) (ended (june 30))) ((1988 traditional) (reported ((net income) (of ((4.9 million) (or (1.21 (a share)))))))))
((the company) (did (n't (break (out ((its fourth-quarter) results))))))
((in ((the latest) (nine months))) (((net income) (was ((4.7 million) (or (1.31 (a share)))))) (on (revenue (of (44.3 million))))))
(separately ((the company) ((said (it (would (file ((((a delayed) fiscal-year) report) (with (the (((securities and) exchange) commission)))))))) (within (approximately (45 days))))))
((it (said ((the delay) (resulted (from (difficulties (in (resolving (its accounting))))))))) (of ((a settlement) (with (the ((federal trade) commission))))))
((under ((an agreement) ((filed (in ((federal court) (in august)))) (to (settle (ftc (objections (to (some (traditional (sales practices))))))))))) (traditional (said (it (would (establish ((((a 250,000) trust) fund) (to (provide (refunds (to (certain customers))))))))))))
(((((gulf resources) &) chemical) corp.) (((said (it (agreed (to (pay ((1.5 million) (as (part (of ((an accord) (with (the ((environmental protection) agency))))))))))))) (regarding (((an environmental) cleanup) (of ((a defunct) smelter))))) ((the company) (formerly (operated (in idaho))))))
(((in 1984) ((the epa) (notified ((gulf resources) (which (was ((a part-owner) (of (the smelter))))))))) (that ((it (was (potentially (liable (for (sharing (cleanup costs))))))) (at ((the site) (under ((the (federal superfund)) program)))))))
((((the 21-square-mile) area) (is contaminated)) (with (lead (zinc (and (other metals))))))
(((((gulf resources) earlier) (this year)) (proposed (((a reorganization) plan) (that (would (make (it ((a unit) (of ((a bermuda) concern)))))))))) (potentially (exempting (it (from (liability (for ((((the smelter) 's) cleanup) costs))))))))
((the company) (((said ((that (as (part (of ((its agreement) (with (the epa))))))) (it (made (certain (voluntary undertakings)))))) (with (respect (to (intercorporate transactions))))) (entered (into (after (the reorganization))))))
((((the company) (which (issued ((a statement) (on (the agreement)))))) (late friday)) (said (that ((((1 million) (of (the payment))) (was (previously (provided (for (in (its (financial statements)))))))) (and (that (500,000 (will (be (recognized (in (((its 1989) third-quarter) statement))))))))))))
((((the agreement) (and (consent decree))) (are (subject (to (court approval))))) ((the company) said))
((((gulf resources) (added (that (it (will (seek (to (recover ((equitable contribution) (from others)))))))))) (for (both ((the amount) (of ((the settlement) (and (any (other liabilities))))))))) (it (may (incur (under ((the superfund) law))))))
((under (the agreement)) ((gulf (must (give (((the u.s.) government) (45 days))))) (' (advance (written (notice (before (issuing ((any dividends) (on (common stock)))))))))))
((((((the company) 's) net) worth) (can (not (fall (below (185 million)))))) (after ((the dividends) (are issued))))
(((((the terms) (of (that (agreement (only (become effective)))))) (the date)) (of (((gulf 's) reorganization) (which ((we anticipate) (will (occur (sometime (in (early 1990)))))))))) (said (((lawrence (r. (mehl gulf))) 's) (general counsel))))
((in addition) ((gulf (must (give (((the government) (20 days)) (' (advance (written (notice (of (any loans)))))))))) (exceeding ((50 million) (that (are (made (to (((the bermuda-based) holding) company)))))))))
((((((gulf 's) net) worth) (after (those transaction))) (must (be (at least)))) (150 million))
(separately ((the company) ((said (it (expects (to (hold (((a special) meeting) (for (shareholders (in (early 1990)))))))))) (to (vote (on ((its proposed) reorganization)))))))
(((((sharp increases) (in ((the price) (of ((fresh produce) (caused (((((spain 's) september) consumer) price) index))))))) (to (shoot ((up (1.1 %)) (from ((the previous) month)))))) (pushing ((((the annual) rate) (of inflation)) (to (6.8 %))))) ((((the national) institute) (of statistics)) (said friday)))
((((the monthly) increase) (is (the highest))) (recorded (in ((the past) (four years)))))
(((((the index) (which (registered (156.8 (at ((the end) (of september))))))) (has (((a base) (of 100)) (set (in 1983))))) and) (is (n't (seasonally adjusted))))
((((((prices (have (risen ((5.9 %) (in (((the first) (nine months)) (of (the year)))))))) outstripping) both) (((((the initial) 3) %) inflation) goal)) (set (by ((the government) (of (socialist ((prime minister) (felipe gonzalez)))))))) (and ((((the second) revised) goal) (of (5.8 %)))))
(predicting ((((the financial) results) (of (computer firms))) (has (been (((a tough) job) lately)))))
((take (microsoft corp.)) ((((the largest) maker) (of ((personal computer) software))) (and (generally (considered ((an industry) bellwether))))))
(((in july) (the company)) ((stunned (((wall street) (with ((the prediction) (that (growth (in ((((the personal) computer) business) overall))))))) (would (be (only ((10 %) (in (1990 ((a modest) increase))))))))) (when (compared (with (((the sizzling) expansion) (of (years past))))))))
(((investors (taking (this (as (a sign))))) (that (((((a broad) industry) slump) (was (in (the offing)))) (reacted (by (selling ((((the company) 's) stock) (which (lost (3.25 (that (day (to (close (at 52))))))))))))))) (in (national (over-the-counter trading))))
(but ((that (was (all (of (three months))))) ago))
((last week) (microsoft ((said (it (expects (revenue (for (((its first) quarter) (ended (sept. 30)))))))) (to (increase (34 %))))))
(((the announcement) (caused (((the company) 's) stock))) (to (surge (6.50 (to (close (at (75.50 (a share)))))))))
(((((microsoft 's) surprising) strength) (is ((one example) (of ((the difficulty) (facing investors)))))) (looking (for (reassurances (about (((the financial) health) (of ((the computer) firms))))))))
((it ('s (hard (to (know (what (to (expect (at (this point)))))))))) (said ((peter rogers) ((an analyst) (at (((robertson stephens) &) co))))))
(((the industry) defies) characterization)
((to (illustrate ((mr. rogers) (said ((that (of ((the 14) (computer-related firms)))) (he (follows (half (will (report (for (((their most) recent) quarter)))))))))))) ((earnings (below (((last year) 's) results))) (and (half (above (those results))))))
(((among (those companies)) (expected (to (have (((a down) quarter) (are (hewlett-packard co.))))))) ((((amdahl corp.) (and ((sun microsystems) inc.))) (generally (solid performers))) (in (the past))))
((((international business) machines) corp.) (also (is (expected (to (report (disappointing results)))))))
(((apple computer) inc.) ((meanwhile (is (expected (to (show (improved earnings)))))) (for ((the period) (ended sept)))))
(((another contradictory) message) (comes (from (businessland (inc. ((a computer) retailer))))))
(((in july) (the company)) (((((((reported (that ((booming (sales (of ((new (personal computers)) (from (apple (and ibm))))))) (had (resulted (in (net income))))))) more) than) doubling) (for ((its fourth) quarter))) (ended (june 30))) (to ((7.4 million) (or ((23 cents) (a share)))))))
((this month) (however (businessland (warned (investors (that (((results (for ((its first) quarter))) (ended (sept. 30))) (had (n't (met expectations))))))))))
((the company) ((((said (it (expects (earnings (of (14 (to ((17 cents) (a share))))))))) down) (from ((25 cents) (a share)))) (in ((the year-earlier) period))))
((while (((the earnings) picture) (confuses observers))) ((say (((the major) forces) (expected (to (shape ((the industry) (in ((the coming) year)))))))) (are clearer)))
(companies (will (continue (to (war (over standards))))))
(((in (computer publishing)) ((a battle) (over typefaces))) (is (hurting (((adobe systems) inc.) (which (sells (software (that (controls ((the image) (produced (by (printers (and displays))))))))))))))
((until (recently (adobe (had ((a lock) (on ((the market) (for (image software))))))))) (but ((((((last month) (apple adobe)) 's) biggest) customer) (and (microsoft rebelled)))))
((now ((the (two firms)) (are (collaborating (on ((an alternative) (to ((adobe 's) approach)))))))) (and (analysts ((say (they (are (likely (to (carry (ibm (((the biggest) seller) (of (personal computers)))))))))) (along (with them))))))
((((the short-term) outlook) (for ((adobe 's) business))) (however (appears strong)))
(((the company) (is (beginning (to (ship (((a new) software) program)))))) (that (('s (being (heralded (as ((a boon) (for (owners (of (low-end printers))))))))) (sold (by apple)))))
((the program) (is (aimed (at (improving ((the quality) (of (printed material))))))))
((((john (warnock adobe)) 's) ((chief executive) officer)) ((((said ((((the (mountain view)) calif.) company) (has (been (receiving ((1,000 calls) (a day))))))) (about (the product))) (since (it (was (demonstrated (at (((a computer) publishing) conference))))))) ((several weeks) ago)))
(meanwhile (((competition (between (various (operating systems)))) (which (control ((((the basic) functions) (of (((a computer) spells) trouble))) (for (software firms)))))) generally))
(((it (creates uncertainty)) (and (usually (slows (down sales))))) (said ((russ crabs) ((an analyst) (at (soundview (financial group)))))))
((mr. crabs) ((said (this (probably (is (behind ((((the expected) weak) performance) (of ((aldus corp.) maker)))))))) (of (((((a widely) used) computer) publishing) program))))
(((he (expects (aldus (to (report (earnings (of ((21 cents) (a share))))))))) (on (revenues (of ((19.5 million) (for ((its third) quarter))))))) ((compared (with (earnings (of ((30 cents) (a share)))))) (on ((revenue (of (20.4 million))) (in ((the year-earlier) period))))))
(((aldus officials) (could (n't (be reached)))) (for comment))
((on ((the other) hand)) (((the battle) (of (the bus))) (is (expected (to (grow (increasingly irrelevant)))))))
((a bus) (is (((the data) highway) (within (a computer)))))
((ibm (is (backing (((one type) (of bus)) (called microchannel))))) (while (((((the nine) other) (leading (computer makers))) (including (h-p (and ((compaq computer) corp.))))) (have (chosen (another method))))))
((users (do (n't (care (about (the bus)))))) (said ((daniel benton) ((an analyst) (at (((goldman sachs) &) co))))))
(he (said (((((apple 's) family) (of (macintosh computers))) (for instance)) ((uses (four (different buses))) (and ((no one) (seems (to mind))))))))
(((the gap) (between (winners (and laggards)))) (will grow))
((in (personal computers)) (((apple compaq) (and ibm)) (are (expected (to (tighten ((their hold) (on (their business)))))))))
((at ((the same) time)) ((second-tier firms) (will (continue (to (lose ground))))))
(((some (lagging competitors)) (even (may (leave ((the (personal computer)) business))))) altogether)
(((wyse technology) (for instance)) (is (considered ((a candidate) (to (sell ((its troubled) operation)))))))
((wyse (has (done (well (establishing ((a distribution) business)))))) (but ((they (have (n't (delivered (products (that sell)))))) (said ((kimball brown) ((an analyst) (at (prudential-bache securities))))))))
((mr. brown) ((estimates (((wyse (whose (terminals business))) (is strong)) (will (report ((a loss) (of ((12 cents) (a share)))))))) (for ((its quarter) (ended sept)))))
(((personal-computer makers) (will (continue (to (eat away))))) (at ((the business) (of (more (traditional (computer firms)))))))
((((((ever-more powerful) desk-top) computers) (designed (with (one (or (more microprocessors)))))) (as ((their brains) (are (expected (to (increasingly (take (on functions))))))))) (carried (out (by (more ((expensive minicomputers) (and mainframes)))))))
(((the guys) (that ((make (traditional hardware)) (are (really (being (obsoleted (by (microprocessor-based machines))))))))) (said (mr. benton)))
((as ((a result) (of (((this trend) longtime) (powerhouses h-p))))) (((ibm (and ((digital equipment) corp.))) (are (scrambling (to (counterattack (with (microprocessor-based systems))))))) (of (their own))))
(but (they (will (have (to (act quickly))))))
(((mr. benton) (expects (compaq (to (unveil ((a family) (of (high-end (personal computers))))))))) (later (((this year) (that (are (powerful (enough (to (serve (as ((the hub) (for (communications (within (large networks))))))))))))) (of (desk-top machines)))))
(((a raft) (of ((new computer) companies))) (also (has (targeted ((this server) market)))))
(((((the (oil industry)) 's) middling) profits) (could (persist (through ((the rest) (of (the year)))))))
(((((major (oil companies)) (in ((the next) (few days)))) (are (expected (to (report ((much less) (robust earnings))))))) (than (they (did (for ((the third) quarter)))))) ((a year) (ago (largely (reflecting ((deteriorating (chemical prices)) (and (gasoline profitability))))))))
((((the gasoline) picture) (may (improve (this quarter)))) (but ((chemicals (are (likely (to (remain (weak (industry executives))))))) (and (analysts (say ((reducing chances) (that (profits (could (equal ((their year-earlier) performance))))))))))))
((((the industry) (is (seeing (((a softening) somewhat) (in volume))))) (and (certainly (in (price (in (((petrochemicals glenn) cox) (president (of ((phillips petroleum) co.)))))))))) (said (in (an interview))))
((((that change) (will (obviously (impact third)))) (and ((fourth quarter) (earnings (for ((the industry) (in general))))))) (he added))
(he (did (n't (forecast ((phillips 's) results)))))
(but ((securities analysts) (((say (phillips (will (be (among ((the companies) (hard-hit (by (weak (chemical prices)))))))))) and) (will (probably (post ((a drop) (in (third-quarter earnings)))))))))
((so too) ((many analysts) ((predict (will (exxon corp.))) ((chevron corp.) (and (amoco corp))))))
((typical (is (what (happened (to ((the price) (of ethylene))))))) (((((a major) (commodity chemical)) produced) (in (vast amounts))) (by (many (oil companies)))))
((it (has (plunged ((13 %) (since july))))) (to (around ((26 cents) (a pound)))))
(((((a year) ago) ethylene) ((sold (for ((33 cents) peaking))) (at (about (34 cents))))) (last december))
((((a big) reason) (for (((the chemical) price) retreat))) (is overexpansion))
(((beginning (in (mid-1987 prices))) (began (accelerating (as (((a growing) u.s.) economy))))) (and (((the weak) dollar) (spurred demand))))
(companies (added (capacity furiously)))
((now (greatly (increased (supplies (are (on (the market))))))) (while (((the dollar) (is (stronger (and (domestic (economic growth)))))) (is slower))))
(((third-quarter profits) (from gasoline)) (were weaker))
(((((refining margins) (were (so (good (in (((the third) quarter) (of (last year)))))))) (and (generally (not (very good))))) (this year)) (said ((william randol) (((a securities) analyst) (at ((first boston) corp))))))
(((((oil company) refineries) (ran (flat (out (to (prepare (for ((((a robust) holiday) driving) season)))))))) (in (july (and august)))) (that (did (n't materialize))))
((((the excess) supply) (pushed (gasoline prices))) (down (in (that period))))
((in addition) (((crude (oil prices)) (were (up (some (from (a year)))))) (earlier (further (pressuring profitability)))))
(((refiners (say (margins (picked (up (in september)))))) (and (many (industry officials)))) (believe ((gasoline profits) (will (rebound ((this quarter) (though (still (not (to ((the level) (of (((1988 's) fourth) quarter)))))))))))))
((during (((the 1988) second) half)) ((many companies) (posted ((record gasoline) (and (chemical profits))))))
(((crude (oil production)) (may (turn (out (to (be ((((the most) surprising) element) (of (companies (' earnings)))))))))) (this year))
((((prices (averaging (roughly (2 (a barrel))))) (higher (in ((the third) quarter)))) (than (a year))) (earlier (have (stayed (well (above ((most companies) (' expectations))))))))
(((demand (has (been (much stronger)))) (than anticipated)) (and (it (typically (accelerates (in ((the fourth) quarter)))))))
((we (could (see (higher (oil prices))))) ((this year) (said ((bryan jacoboski) ((an analyst) (at (painewebber inc)))))))
(((that (will (translate (into (sharply (higher (production profits))))))) (particularly (compared (with (last year))))) (when ((oil prices) (steadily (fell (to (below (13 ((a barrel) (in ((the fourth) quarter)))))))))))
((while ((oil prices) (have (been (better (than expected)))))) ((natural (gas prices)) (have (been worse))))
((in ((the third) quarter)) ((they (averaged (about (5 %)))) (less (than (they (were (in 1988)))))))
(((the main) reason) (remains weather))
((((last summer) (was (notable (for ((a heat) wave))))) (and (drought (that (caused (utilities (to (burn (more (natural gas)))))))))) (to (feed (increased ((electrical demand) (from ((air conditioning) use)))))))
(((this summer) (on ((the other) hand))) (had ((milder weather) (than usual))))
((we ('ve (been (very (disappointed (in ((the performance) (of (natural (gas prices)))))))))) (said ((((mr. cox) phillips) 's) president)))
(((((the lagging) gas) price) (is (not (going (to (assist ((fourth quarter) performance))))))) (as (many (had expected))))
((((going (into ((the fourth) quarter))) ((natural (gas prices)) (are (anywhere (from (8 %)))))) (to ((17 %) (lower (than (a year)))))) earlier)
(((for instance) (((natural gas) (currently (produced (along ((the (gulf coast)) (is (selling (on (((the spot) market) (for (around (1.47 ((((a thousand) cubic) feet) (down (13 %))))))))))))))) (from (1.69 (((a thousand) cubic) feet))))) ((a year) ago))
(((information international) inc.) ((said (it (was (sued (by ((a buyer) (of (((its computerized) newspaper-publishing) system)))))))) (alleging (that ((the company) (failed (to (correct (deficiencies (in (the system)))))))))))
(((a spokesman) (for (information international))) (((said (((the lawsuit) (by ((two units) (of ((morris communications) corp.))))) (seeks (restitution (of (((((the system) 's) (about (3 million))) purchase) price)))))) (and ((cancellation (of (((a software) license) (provided (by ((the morris) units)))))) (to (information international))))) (for ((alleged failure) (to (pay royalties))))))
((information international) (said (it (believes (that (((the complaints) (filed (in ((federal court) (in georgia))))) (are (without merit))))))))
(((closely held) (morris communications)) (is (based (in (augusta ga)))))
(((the units) (that (filed ((the suit) (are (southeastern (newspapers corp.))))))) (and ((florida publishing) co)))
((((interprovincial pipe) line) co.) ((said (it (will (delay (((((((a proposed) two-step) (830 million)) canadian-dollar) (705.6 million)) expansion) (of (its system))))))) (because ((((canada 's) output) (of (crude oil))) (is shrinking)))))
(((((((((interprovincial canada) 's) biggest) oil) pipeline) operator) (and (((a major) transporter) (of (crude (to (the u.s.))))))) (said (((revised industry) forecasts) (indicate (that (((canadian oil) output) (will (total (about ((1.64 million) barrels)))))))))) (((a day) (by (1991 (8 %)))) (lower (than ((a previous) estimate)))))
(((canadian (crude production)) (averaged (about ((1.69 million) barrels)))) (((a day) (during ((((1989 's) first) half) (about (1 %))))) (below ((the 1988) level))))
(((((the capability) (of ((existing fields) (to (deliver oil))))) (is (dropping (and ((oil exploration) activity))))) (is (also (down (dramatically (as ((many producers) (shift ((their emphasis) (to (natural gas))))))))))) (said ((ronald watkins) (((vice president) (for (government (and (industry relations))))) (with (((((interprovincial 's) parent) interhome) energy) inc))))))
((mr. watkins) (((said ((volume (on ((interprovincial 's) system))) (is (down (about (2 %)))))) (since ((january and) (is (expected (to (fall (further (making (expansion unnecessary)))))))))) (until (perhaps (the mid-1990s)))))
((there (has (been ((a swing) (of ((the pendulum) (back (to ((the gas) side))))))))) (he said))
((many (of (((canada 's) oil) (and (gas producers))))) ((say (((the outlook) (for (natural gas))) (is (better (than (it (is (for oil)))))))) (and (have (shifted ((their exploration) (and ((development budgets) accordingly))))))))
(((((the number) (of (((active drilling) rigs) (in canada)))) (is (down ((30 %) (from ((a year) ago)))))) (and (((the number) (of (completed (oil wells)))) (is (down (more (than (that (due (to (((the increasing) focus) (on (gas exploration))))))))))))) (said ((((robert feick) manager) (of ((crude oil) (with ((((calgary 's) independent) petroleum) association))))) (of (canada ((an industry) group))))))
((mr. watkins) ((said ((((the main) reason) (for ((the production) decline))) (is (shrinking (output (of (light (crude (from (mature (conventional fields))))))))))) (in (western canada))))
((((((interprovincial transports) (about ((75 %) (of (all crude))))) produced) (in (western canada))) (and ((almost (60 %)) (of ((interprovincial 's) (total volume)))))) (consists (of (light crude))))
(((nearly (all (of ((the crude) oil)))) (that (((canada exports) (to (the u.s.))) (is (transported (on ((interprovincial 's) system))))))) ((whose ((main line) (runs (from (edmonton (to (major (u.s. (and (canadian cities)))))))))) (in ((((the great) lakes) region) (including (((chicago buffalo) toronto) (and montreal)))))))
((((((((canada 's) current) oil) exports) (to (((the u.s.) total) (about (600,000 barrels))))) (a day)) (or ((about (9.1 %)) (of (net (u.s. (crude imports))))))) (said ((john lichtblau) (president (of ((the ((((new york-based) petroleum) industry) research)) foundation))))))
((that (ranks (canada (as (((the fourth-largest) source) (of (imported crude))))))) (behind (((saudi arabia) nigeria) (and mexico))))
((mr. lichtblau) ((said ((((((canada 's) declining) crude) output) (combined (with (((the fast-shrinking) output) (of (u.s. crude)))))) (will (help (intensify ((u.s. reliance) (on oil))))))) (from (overseas (particularly ((the middle) east))))))
((it ('s (very much))) ((a growing) concern))
((but ((when (something (is inevitable))) (you (learn (to (live (with it))))))) (he said))
(((mr. lichtblau) (stressed (that (((the delay) (of (((interprovincial 's) proposed) expansion))) (wo (n't (by (itself (increase ((u.s. dependence) (on (offshore crude)))))))))))) (however (since ((canadian imports) (are (limited (in ((any case) (by ((canada 's) (falling output)))))))))))
((under (terms (of ((((its proposed) two-step) expansion) (which (would (have (required (regulatory approval))))))))) ((interprovincial (intended (to (add ((200,000 barrels) ((a day) (of (additional capacity)))))))) (to ((its system) (beginning (with (((a modest) expansion) (by 1991))))))))
(((the system) (currently (has ((a capacity) (of ((1.55 million) barrels)))))) (a day))
((regarding (((the (oct. 3)) letter) (to ((the editor) (from (rep. (tom lantos))))))) ((chairman (of ((the house) subcommittee))) (on (employment (and (housing alleging))))))
((1 (that (((((your (sept. 28)) editorial) kangaroo) committees) (was (factually inaccurate))))) (and (deliberately misleading)))
((i (thought ((your editorial) (was (factually accurate))))) (and (deliberately elucidative)))
(2 (that ((mr. lantos) (supported ((the rights) (of ((the witnesses) (to (take ((the fifth) amendment))))))))))
(yes (he did))
((as (i (watched (him (on c-span))))) ((i (heard (him (speak (those (lovely words)))))) (about ((the bill) (of (rights (which (he (quotes (from ((the transcript) (of (the hearings)))))))))))))
((he (did (repeat (((those nice) platitudes) (several times))))) (as ((an indication) (of ((his support) (for (the constitution)))))))
((he (used (about (56 words)))) (defending ((((the witnesses) ') constitutional) rights)))
((unfortunately (by (my rough))) ((guess (he (used (better (than ((5,000 words) (heaping scorn))))))) (on ((the witnesses) (for (exercising (the fifth)))))))
((he (sandwiched ((his praise) (of (constitutional meat))))) (between ((large loaves) (of (bilious commentary)))))
((as (((your editorial) rightly) (pointed (out ((((samuel pierce) former) (hud secretary)) (and (lance wilson))))))) (((((mr. pierce) 's) former) aide) (are (currently (being (held (up (to (scorn (for (taking ((the fifth) amendment))))))))))))
((that (certainly (is (not (((the supposed) distorted) reading))))) (indicated (by (mr. lantos))))
((3 (that ((his committee) (does (not (deal (with ((any possible) (criminal activity))))))))) (at hud))
(((my colleagues) (and (i (fully realize)))) (we (are (not ((a court) etc)))))
(absolute rubbish)
(((by ((any reasonable) man)) criterion) (((mr. lantos) (and (his colleagues))) (have (((a whole) bunch) (of (people (tried (and convicted))))))))
(apparently ((their verdict) (is in)))
((right now) (they ('re (pursuing evidence))))
((that ('s (not ((a bad) way)))) (to (proceed (just (somewhat (different (from (standard (american practice)))))))))
((how (was (that practice))) (referred (to (when (i (was (in school)))))))
(ah (yes (something (called ((a star) chamber)))))
((of course) ((((mr. lantos) doth) protest) (that ((his subcommittee) (simply (seeks (information (for (legislative change)))))))))
((no doubt) (that ('s (partially true))))
((everything (that (mr. lantos))) (says ((in (his letter)) (is (partially true)))))
((he ('s (right (about (((his subcommittee) 's) responsibilities))))) (when (it (comes (to (obtaining (information (from (prior (hud officials))))))))))
(but ((if (((his explanation) (of motivation)) (is true))) (why (is ((his investigation) (so (oriented (as (to (identify (criminal activity)))))))))))
((why (not (simply (questions (designed (to (identify (sources (and causes))))))))) (of (waste (and inefficiency))))
(((such (as (what happened))) (when (congress (wanted (to (know (about (400 (toilet seats))))))))) (or (whatever (they (supposedly cost)))))
((no (((mr. lantos) 's) complaints)) (simply (wo (n't wash))))
((4 (that ((((the journal) defends) (((((((the sleaze) fraud) waste) embezzlement) influence-peddling) and) abuse)) (of ((the public) (that (took place))))))) (while (((mr. pierce) (was (secretary (of (hud etc.))))) (and (so forth)))))
((no (to (my mind))) (((the journal) (did (not (defend (((sleaze fraud) waste) (embezzlement influence-peddling)))))) (and (abuse (of ((the public) trust))))))
((it (defended (appropriate (constitutional safeguards)))) (and (practical (common sense))))
(((((((the problem) (which ((the journal) (so rightly)))) (pointed out)) (in ((a number) (of articles)))) (is (not ((the likes) (of ((mr. lantos) (who (after all)))))))) (is (really (((a bit) player) (on (the stage)))))) (but (((the attempt) (by congress)) (to (enhance (itself (into ((a quasi-parliamentary\/judicial) body))))))))
((of course) (we ('ve (also (got ((a judiciary) (that (seeks ((the same) objective)))))))))
(((the system) (is (the problem))) (not ((an individual) member)))
((individuals (can (always (have (their hands))))) slapped)
((it ('s (when ((such slapping) (does (n't occur)))))) (that (we ('ve (got trouble)))))
(i ((do not) (by ((any means) (defend (hud management))))))
(but ((i (think ((((the kind) (of (congressional investigation))) (that (has (been pursued)))) (is ((((a far) greater) danger) (to (american notions))))))) (of (liberty (and (((freedom (than (any incompetency))) and) (yes (maybe (criminality (within (hud (could (possibly generate)))))))))))))
((((the last) time) (i (saw (((a similar) congressional) hearing)))) (was (when ((tail gunner) ((joe mccarthy) (did (his work)))))))
(raymond weber)
(parsippany n.j)
((i (disagree (with ((the statement) (by (mr. lantos)))))) (that ((one (should (not (draw (((an adverse) inference) (against (former (hud officials)))))))) (who (assert ((((their fifth) amendment) privilege) (against (self-incrimination (in (congressional hearings))))))))))
((((((the fifth) amendment) states) (in (relevant part))) (that ((no person) (shall (be (compelled (in ((any criminal) case)))))))) (to (be ((a witness) (against himself)))))
((((this privilege) (against (self-incrimination precludes))) ((the drawing) (of ((an adverse) inference)))) (against (((a criminal) defendant) (who (chooses (not (to testify)))))))
((thus (in ((a criminal) case))) ((((a prosecutor) (can (not (comment (on (((a defendant) 's) failure)))))) (to (testify (nor (can ((the defendant) (be (compelled (to (take ((the stand) (as (a witness))))))))))))) (thus (forcing (him (to (take (the fifth))))))))
((((the privilege) (however (has (been (limited (in (accordance (with ((its plain) language))))))))) (to (protect ((the defendant) (in (criminal matters)))))) only)
(((((the (supreme court)) (and (some states))) (have (specifically recognized))) (that (((the fifth) amendment) (does (not (preclude (the inference))))))) (where ((the privilege) (is (claimed (by ((a party) (to ((a civil) cause)))))))))
((baxter (v. palmingiano)) (425 ((u.s. 308) 1976)))
((thus (in ((a civil) case))) ((((a defendant) (may (be (called (as (a witness)))))) (he (may (be (((forced (to (testify (or (take ((the fifth) (and ((his taking) (of (the fifth)))))))))) may) (permit ((the drawing) (of ((an adverse) inference))))))))) (against (him (in ((the civil) matter))))))
((he (may (take ((the fifth) (in ((a civil) matter)))))) (only (if ((he (has (((a good) faith) (and (justifiable belief))))) (that ((his testimony) (may (subject (him (to (criminal prosecution)))))))))))
(((allowing ((the defendant) (to (take (((the fifth) (in ((a civil) matter))) (is (not (based (on ((a constitutional) right)))))))))) (to (refuse (to testify)))) (where (((((one 's) testimony) (harms (him (in ((the civil) matter))))) but) (because (((the testimony) (in ((the civil) matter))) (could (be (unconstitutionally (used (against (him (in (((a subsequent) criminal) prosecution)))))))))))))
((absent ((the risk) (of (such prosecution)))) ((a court) (may (order ((the defendant) (to testify))))))
((thus (when ((mr. pierce) (asserted ((the fifth) (in ((((a noncriminal) proceeding) (particularly (after (presumably (receiving (extensive advice)))))) (from (legal counsel))))))))) ((one (must (conclude (that (he (held (((a good-faith) justifiable) belief))))))) (that ((his testimony) (could (be (used (against (him (in (((a subsequent) criminal) prosecution)))))))))))
(((((the subcommittee) (congress (and ((the american) public)))) (have ((every right) (to (draw ((the adverse) inference)))))) (and (to (concur (with ((((mr. pierce) 's) own) belief)))))) (that ((his testimony) (could (help (convict (him (of (a crime)))))))))
((drawing (((the adverse) inference) (in (((a noncriminal) congressional) hearing)))) (does (not (offend ((((the fifth) amendment) shield) (against self-incrimination))))))
((clark (s. spalsbury)) jr)
((estes park) colo)
((((rjr nabisco) inc.) (is (disbanding (((its division) responsible) (for (buying (network (advertising time)))))))) ((just ((a month) (after (moving (11 (of (((the group) 's) (14 employees)))))))) (to ((new york) (from atlanta)))))
(((((a spokesman) (for (((the (new york-based)) food) (and (tobacco giant))))) (taken (private (earlier (this year))))) (in ((((a (25 billion)) leveraged) buy-out) (by (((kohlberg (kravis roberts)) &) co.))))) ((confirmed (that (it (is (shutting (down ((((the (rjr nabisco)) broadcast) unit) (and (dismissing (its (14 employees))))))))))) (in ((a move) (to (save money))))))
((the spokesman) ((said (rjr (is (discussing (((its network-buying) plans) (with (((its two) main) (advertising firms)))))))) ((fcb\/leber katz) (and (mccann erickson)))))
(((we (found (with ((the size) (of (our (media purchases))))))) (that (((an ad) agency) (could (do (just (as (good ((a job) (at (significantly (lower cost)))))))))))) (said ((the spokesman) (who (declined (to (specify (how (much ((rjr spends) (on (network (television time)))))))))))))
((((an executive) close) (to (the company))) (((((said (rjr (is (spending ((about (140 million)) (on ((network television) time))))))) (this year)) down) (from (roughly (200 million)))) (last year)))
((the spokesman) ((said (((the broadcast) unit) (will (be (disbanded (dec. 1)))))) (and ((the move) (wo (n't (affect ((((rjr 's) print) radio) (and (spot-television (buying practices)))))))))))
((((((the broadcast) group) (had (been (based (in (new york)))))) (until ((a year) ago))) (when ((((rjr 's) previous) management) (moved (it (to (atlanta (((the company) 's) headquarters)))))))) (before (this summer)))
((((one employee) (with (the group))) ((said (rjr ((moved (11 employees)) (of ((the group) (back (to (new york)))))))) (in september))) (because (there (was (supposed (to (be (a future))))))))
((he (said ((the company) ((hired (three (more buyers))) (for ((the unit) (within ((the past) (two weeks))))))))) (wooing (them (from (jobs (with (advertising agencies)))))))
(((the rjr) spokesman) (((said (((the company) (moved (((the 11) employees) (to (new york))))) (last month))) (because ((the group) (had (then (been (in ((the midst) (of (purchasing (ad time))))))))))) (for ((((the networks) ') upcoming) season))))
(((((the studies) (on closing)) (the unit)) (could (n't (be completed)))) (until (now (he said))))
((((((the group) 's) president) (peter chrisanthopoulos)) (was (n't (in (his office))))) (friday (afternoon (to comment))))
(((cbs inc.) (is (cutting ((the (pat sajak)) (show (down (to (one hour)))))))) (from (((its current) 90) minutes)))
((cbs (insisted ((the move) (was (n't ((a setback) (for ((the program) (which (is (((((the network) 's) first) entry) (into (((the late-night) talk) show))))))))))))) (format (since 1972)))
(((i (have ((every intention) (of (making ((this ((the best) possible)) show)))))) (and (having ((it (run (one hour))) (is ((((the best) way) (to it)) (said ((rod perth) (who (was (named ((vice president) (of ((late night) entertainment)))))))))))))) (in august))
((this (will (raise ((the energy) level)))) (of (the show)))
((cbs (will (continue (to (program (action-adventure shows)))))) (to (follow ((the sajak) hour))))
(but (((cbs news) (will (extend (((its four-hour) nightwatch) (by (30 minutes)))))) (and (begin (at (1:30 a.m))))))
((((((the show) (despite ((a promising) start))) (has (slipped (badly (in ((the weekly) ratings)))))) (as (compiled (by ((a.c. nielsen) co.))))) (finishing (far (below (tonight (on nbc)))))) (((a unit) (of (((general electric) co.) (and nightline)))) (on (abc-tv ((a unit) (of ((capital cities\/abc) inc)))))))
((((further fractioning) ((the late-night) audience)) (is ((the addition) (of ((the arsenio) hall))))) (show (syndicated (by ((paramount communications) inc)))))
(((((the crowded) field) (for (notebook-sized computers))) (is (about (to (become (a lot)))))) (more crowded))
((((((((compaq computer) corp.) 's) long-awaited) entry) (today (into ((the notebook) field)))) (is (expected (to (put (((immediate heat) (on others)) (in (the market)))))))) (especially (((zenith electronics) corp.) (((((the current) market) leader) and) (on ((a swarm) (of (promising start-ups))))))))
((((compaq 's) series) (of notebooks)) (extends (((a trend) (toward downsizing)) (in ((the (personal computer)) market)))))
(((one manufacturer) (already (has (produced (((a clipboard-sized) computer) (called (a notepad))))))) (and ((two others) (have (introduced (even (smaller palmtops)))))))
((but ((those machines) (are (still (considered (novelties (with keyboards))))))) (only ((a munchkin) (could (love (and (screens (to match))))))))
(((((compaq 's) notebooks) (by contrast)) (may (be ((the first) (in ((their weight) class)))))) (not (to (skimp (on (features (found (in (much (bigger machines))))))))))
(((analysts (say (they ('re (faster (and (carry (more memory)))))))) (than (anything (else (of ((their size) (on (the market)))))))) (and (they ('re (priced (aggressively (at (2,400 (to 5,000)))))))))
(((all (of this)) (comes (in ((a machine) (that (weighs (only (six pounds)))))))) (and (fits (comfortably (into (most briefcases))))))
((((in (recent months)) ((compaq 's) competition)) (including (zenith (toshiba corp.)))) (((tandy corp.) (and ((nec corp.) (all (have (introduced (portables (that (weigh ((approximately (the same)) (and (that (are (called notebooks)))))))))))))) (perhaps misleadingly)))
(((one analyst) (noting (that ((most (such machines)) (are (about (two inches))))))) (thick (takes (exception (to (the name))))))
((this (is (n't (quite (a notebook))))) ((i (call it)) ((a phonebook) (he says))))
((((that (ca (n't be))) said) (of (((the 2,400) notepad) computer))) (introduced (((a (few weeks)) ago) (by (((grid systems) corp.) ((a unit) (of tandy)))))))
((instead (of (a keyboard))) (it (features (((a writing) surface) (((an electronic) pen) (and ((the ability) (to (read (block printing))))))))))
(((at (4 (1\/2 pounds))) (it (may (be (too (ambitiously named)))))) (but ((it (nevertheless (opens (up ((the kind) (of (marketing possibilities))))))) (that (make (analysts froth))))))
((palmtops (are (n't far))) behind)
(((((((atari corp.) 's) portfolio) (introduced (in europe))) ((two months) ago)) (and ((in ((the u.s.) (in (early september)))) (weighs (less (than ((a pound) costs))))))) ((((a mere) 400) (and (runs (on (three (aa batteries)))))) (yet (has ((the power) (to (run ((some spreadsheets) (and (word (processing programs)))))))))))
((some critics) (however (say (((its ability) (to (run (commonplace programs)))) (is (restricted (by ((a limited) memory))))))))
(((((poquet computer) corp.) (meanwhile (has (introduced ((((a much) more) sophisticated) palmtop))))) (that (can (run ((lotus 1-2-3) (and (other (sophisticated (software programs))))))))) (but (costs ((five times) (as much)))))
(((at stake) (is (what (((((mike swavely) compaq) 's) president) (of (((north america) operations) (calls (((the holy) grail) (of ((the computer) industry)))))))))) ((((the search) (for ((a real) computer))) (in (a package))) (so (small (you (can (take (it everywhere))))))))
(((the market) (is (so new))) (nobody (knows (yet (how (big (it (can be))))))))
((i ('ve (had ((a lot) (of (people (trying (to (sell ((me services) (to (find out)))))))))))) (how (((big it) is) (says ((tom humphries) (director (of (marketing (for grid)))))))))
((whether ((it ('s (5 billion))) (or (3.5 billion)))) (it (does (n't matter))))
(it ('s huge))
(consider ((the growth) (of (portables (which (now ((comprise (12 %)) (of (all ((personal computer) sales))))))))))
(((laptops (generally (anything (under (15 pounds))))) (have (become (((((the fastest-growing) personal) computer) segment) (with sales))))) (doubling (this year)))
((responding (to (that demand))) (however (has (led (to ((a variety) (of compromises)))))))
((making computers) ((smaller often) (means (sacrificing memory))))
(((it (also (has (precluded use)))) (of ((((the faster) more) powerful) microprocessors))) (found (in ((increasing numbers) (of (desktop machines))))))
((size (and (weight considerations))) (also (have ((limited screen) displays))))
((((the competitive) sniping) (can (get (pretty petty)))) (at times))
((((((a poquet) spokesman) (for example)) (criticizes ((the atari) portfolio))) (because (it (requires (three batteries))))) (while ((the poquet) (needs (only two)))))
(((((both palmtops) (are (dismissed (by ((notebook makers) (who (argue (that (they ('re (too (small (a problem))))))))))))) poquet) (also (encountered (in (focus groups))))) (admits (gerry (purdy (director (of marketing))))))
((poquet (trying (to (avoid (((the gadget) label) (responded (with ((the tag) line)))))))) ((the poquet) (pc ((a (very big)) computer))))
((despite (((the sniping) few) question)) (((the inevitability) (of ((the move) (to (small machines))))) (that (do (n't (make compromises))))))
((toward (that end)) (experts ((say (((the real) battle) (will (take (place (between (center-stage players))))))) (like ((toshiba zenith) (and (now compaq)))))))
(((((compaq 's) new) machines) (are (considered (((a direct) threat) (to ((start-up firms) (like ((dynabook inc.) (which (introduced (in (june (a computer))))))))))))) (that (like (((compaq 's) (uses ((an (intel 286)) microprocessor))) (and (has (((a hard) disk) drive)))))))
(but ((((the dynabook) product) (is (twice (as (heavy (and costs)))))) (more (than (compaq 's)))))
(((((compaq 's) announcement) (also (spells (trouble (for (zenith (which (last year)))))))) (had ((28 %) (of ((the u.s.) (laptop market)))))) (but (recently (agreed (to (sell (((its computer) business) (to (cie. ((des machines) (bull ((((the french) government-owned) computer) maker))))))))))))
((((zenith holders) (will (vote (in december)))) (on (((the proposed) (635 million)) sale))) (((a price) (that (could (slip (because (it (is (pegged (to ((zenith 's) share)))))))))) (and sales)))
(compaq (is (already (taking (aim (at (((zenith 's) market) share)))))))
(((rod canion) (((compaq 's) president) (and ((chief executive) officer)))) (notes (pointedly (that ((((zenith 's) 2,000) minisport) ((uses ((((an unconventional) two-inch) floppy) (disk whereas))) ((((compaq 's) new) machines) (use ((((the (more common)) 3) 1\/2-inch) disk)))))))))
(((((john (p. frank)) (president (of (zenith (data systems))))) (simply (shrugs (off (such criticism))))) (noting (that ((3 (1\/2-inch floppies)) (were (also unconventional)))))) (when (they (first (replaced (five-inch disks))))))
((((we (do (n't (look (at it))))) (as (not (being (a standard))))) (we (look (at (it (as ((a new) standard))))))) (he argues))
(analysts (do (n't (see (it (that way))))))
(((i (ca (n't (imagine (that (you ('ll (talk (to (anyone (who (wo (n't (tell you)))))))))))))) (this (is (dynamite (for (compaq (and ((a stopper) (for (everyone else)))))))))) (says ((gene talsky) (president (of (((professional marketing) management) inc))))))
((adds ((bill lempesis) (senior (industry (analyst (for (dataquest ((((a high-technology) market) research) firm)))))))) (we (basically (think (that (these (are (very (hot products)))))))))
((((the problem) compaq) (is ((going (to have)) is))) (that (they (wo (n't (be (able (to (make (enough (of them)))))))))))
(((((compaq 's) machines) (include (((((the 3) 1\/2-inch) floppy) disk) drive))) (((a backlit) screen) (that (is (only (1\/4-inch thick)))))) (and (((((an internal) expansion) slot) (for ((a modem) (in (other words))))) (almost (all ((the capabilities) (of (((a typical) office) machine))))))))
((others (undoubtedly (will follow))) (but ((most analysts) (believe (compaq (has ((at least) (((a six-month) lead) (on (the competition))))))))))
((((((toshiba 's) line) (of (portables (for example)))) (features ((the t-1000) (which (is (in (((the same) weight) class))))))) (but (((is (much slower)) and) (has ((less memory) (and ((the t-1600) (which (also (uses (((a 286) microprocessor) (but (which (weighs (almost (twice (as much))))))))))))))))) (and (is ((three times) (the size)))))
(((((((a third) model) marketed) (in japan)) (may (hit ((the u.s.) (by ((the end) (of ((the first) quarter)))))))) (of 1990)) (but ((by then) (analysts (say (compaq (will (have (established (itself (as (one (of (three (major players)))))))))))))))
(what (about (big blue)))
(((((international business) machines) corp.) analysts) ((say (has (been (burned (twice (in (trying (to (enter ((the laptop) market)))))))))) (and (shows ((no signs) (of (trying (to (get (into (notebooks (anytime soon))))))))))))
((syms corp.) ((completed ((the sale) (of ((its (((a. sulka) &) co.)) subsidiary)))) (((((a men) 's) luxury) haberdashery) (to (luxco investments)))))
(terms (were (n't disclosed)))
(((as (((((syms 's) core) business) (of (off-price retailing))) grows)) (((a small) subsidiary) (that (is (operationally (unrelated (becomes ((a difficult) distraction)))))))) (said ((marcy syms) (president (of ((the parent) (in (a statement))))))))
((a spokeswoman) ((said (sulka (operates ((a total) (of (seven stores)))))) (in ((the u.s.) (and overseas)))))
((syms (operates (25 (off-price (apparel stores))))) (in (the u.s.)))
((when (justice (((william brennan) (marks ((the start) (of ((his 34th) year))))) (on (the (supreme court)))))) (today ((the occasion) (will (differ (sharply (from ((previous anniversaries) (of (his tenure))))))))))
((for ((the first) time)) ((((the 83-year-old) justice) (finds ((his influence) (almost (exclusively (in dissent)))))) (rather (than (as ((a force) (in (((the (high court)) 's) majority))))))))
(((((this role) reversal) (holds true)) (as (well (for (((his three) liberal) (and (moderate allies))))))) ((justices (thurgood (marshall (harry blackmun)))) (and (john stevens))))
((but (((are (these (four players))) (three (of them))) (in (((their 80s) ready) (to (assume (((a different) role) (after (88 years))))))))) (collectively (of (service (on ((the high) court))))))
(((every indication) (is (that ((the four) (are (prepared (to (accept ((this new) role))))))))) (and ((the frustrations) (that (go (with (it (but (in (different ways))))))))))
((((justices brennan) (and stevens)) (appear ((philosophical about) it))) (justices ((marshall (and blackmun)) (appear (fighting mad)))))
((((the four) justices) (are ((no newcomers) (to (dissent (often (joining (forces (in ((the past) decade)))))))))) (to (criticize ((((the court) 's) conservative) drift))))
(but (((always (in years)) past) ((they (have (bucked ((the trend) (and (have (been (able (to (pick (up ((a fifth) vote)))))))))))) (to (eke (out (((a number) (of (major victories))) (in ((civil rights) (and (liberties cases)))))))))))
((now (however (as ((((the court) 's) new) five-member)))) ((conservative majority) ((continues (to (solidify victories))) (for ((the liberals) (are rare))))))
((((the change) (is (most dramatic))) (for (justice brennan))) ((((the last) survivor) (of (((the mid-1960s) liberal) majority))) (under ((chief justice) (earl warren)))))
((in ((((the seven) (supreme court)) terms) (from ((the fall) (of (1962 (through ((the spring) (of 1967))))))))) (((((the height) (of ((((the (warren court)) 's) power) (justice brennan)))) (cast (only (25 (dissenting votes))))) (in (555 cases))) (decided (by (the court)))))
(((last term) (alone (he (cast (52 ((dissenting votes) (in (133 decisions)))))))) (with ((((the contentious) flag-burning) ruling) (as (((his only) big) victory)))))
(but ((justice (brennan (foresaw ((his new) role)))) (strongly (defending ((the importance) (of (dissents (in ((a 1985) speech)))))))))
((((((each time) (the court)) revisits) (((an issue) (the justices)) (will (be (forced (by (a dissent))))))) (to (reconsider ((((the fundamental) questions) and) (to (rethink (the result))))))) (he said))
((moreover ((in (recent months)) (he (has (said (that (when (he (was (on (((the winning) side) (in (the 1960s))))))))))))) (he (knew (that ((the tables) (might (turn (in (the future)))))))))
((he (has (said (that (he (now (knows (how justice)))))))) (((john harlan) (felt ((a reference) (to (((the late) conservative) justice))))) (who (was ((((the most) frequent) dissenter) (from (((the (warren court)) 's) opinions)))))))
(((associates (of (81-year-old (justice marshall)))) (say (he (was (depressed (about (((the court) 's) direction))))))) (((last spring) (but (is (feisty (about ((his role) (and (determined (to (speak (out (against (((the court) 's) cutbacks))))))))))))) (in (civil rights))))
((((we (could (sweep (it (under ((the rug) (and hide))))))) it) (but ((i ('m (not (going (to (do it)))))) (he said)))) (in ((a speech) (last month))))
((he (like ((justice brennan) (considers (dissents (highly (important (for (the future))))))))) ((a point) (that (has (n't (escaped (legal scholars)))))))
(((harvard law) (school (professor (laurence tribe)))) (says (there (is (((a generation-skipping) flavor) (to (current dissents)))))))
((((the dissenters) (in ((the warren) court))) (he (says (appeared (to (be (writing (for ((the short-term) suggesting))))))))) (that ((((the court) 's) direction) (might (change soon)))))
(((brennan (and marshall)) (are (speaking (in ((their dissents) (to ((a more) distant))))))) (future (he says)))
(((justice blackmun) (who (will (turn (81 (next month)))))) (also (seems (feisty (about ((his new) role))))))
(((associates (say (he (takes ((some defeats) ((more personally) (than (his colleagues)))))))) (especially (attempts (to (curtail (((((the right) (to abortion)) first) recognized) (in ((his 1973) opinion)))))))) (roe (vs. wade)))
(((friends (and associates)) (who (saw ((justice blackmun) (during (the summer)))))) ((said (he (was ((no more) (discouraged (about (the court))))))) (than (in (recent years)))))
(and (((his outlook) (improved (after (successful (cataract surgery))))) (in august)))
(but (((his level) (of frustration)) ((showed (in (((a recent) impassioned) speech))) (to ((a group) (of (hundreds (of (lawyers (in chicago))))))))))
(((he (concluded ((his remarks) (by ((quoting emotionally) (and (at (some length)))))))) (according (to (those (present ((((the late) (martin (luther king))) 's) famous)))))) ((i (have (((a dream) speech) (from ((the 1963) march))))) (on washington)))
((((((justice stevens) 69) (is (probably (((the most) philosophical) (of (the dissenters)))))) (about ((his role) (in part)))) (because (he (may (be (((the least) liberal) (of (the four)))))))) (but (also (because (he (enjoys ((((the intellectual) challenge) (of arguing)) (with ((the majority) (more (than (the others))))))))))))
((if (((the role) (these (four dissenters))) (are (assuming (is (((a familiar) one) (in (modern ((supreme court) history))))))))) (((it (also (differs (in ((an important) way))))) (from (((recent history) court) watchers))) say))
(((((the dissenters) (of (the (warren court)))) (were (often (defending ((a legal) legacy))))) (that ((they inherited) (says ((prof. a.e.) (dick (howard (of ((the university) (of ((virginia law) school))))))))))) (but (((the dissenters) today) (are (defending ((a legacy) (that (they created))))))))
(((james robinson) (57 (years (old (was (elected ((president (and ((chief executive) officer))) (of ((this maker) (of ((magnetic recording) heads))))))))))) (for (disk drives)))
((he (has (been ((president (and ((chief executive) officer))) (of ((amperex electronics) corp.)))))) (((a division) (of (north ((american philips) corp.)))) (itself (((a subsidiary) (of (n.v philips))) (of (the netherlands))))))
((((charles (j. lawson)) jr.) (68 (who (had (been (acting (chief executive))))))) (since ((june 14) (will (continue (as chairman))))))
((((the former) president) (and ((chief executive) (eric (w. markrud))))) (resigned (in june)))
(((the following) (were (among (((friday 's) offerings) (and ((pricings (in ((the u.s.) (and (non-u.s. (capital markets)))))) (with (terms (and (syndicate manager)))))))))) (as (compiled (by ((((dow jones) capital) markets) report)))))
((dow chemical) co.)
((((150 million) (of ((8.55 %) (senior notes)))) (due ((oct. 15) 2009))) (priced (at par)))
(((((the issue) (which (is (puttable (back (to ((the company) (at par)))))))) (on ((oct. 15) 1999))) (was (priced (at ((a spread) (of ((50 basis) points))))))) (above ((((the treasury) 's) 10-year) note)))
((rated (single-a-1 (by ((((moody 's) (investors service)) inc.) (and (single-a (by (((standard (& poor)) 's) corp.)))))))) (((the non-callable) issue) (will (be (sold (through (underwriters (led (by (((merrill lynch) capital) markets))))))))))
((centel capital) corp.)
((((150 million) (of ((9 %) debentures))) ((due ((oct. 15) 2019)) (priced (at 99.943)))) (to (yield (9.008 %))))
(((((the non-callable) issue) (which (can (be (put (back (to ((the company) (in 1999))))))))) (was (priced (at ((99 basis) points))))) (above ((((the treasury) 's) 10-year) note)))
((rated (baa-1 (by ((moody 's) (and (triple-b-plus (by s&p))))))) ((the issue) (will (be (sold (through (underwriters (led (by (((morgan stanley) &) co))))))))))
((((federal home) loan) mortgage) corp.)
(((500 million) (of (remic (mortgage securities)))) (offered (in ((13 classes) (by ((prudential-bache securities) inc))))))
(((((((the offering) series) 102) (backed (by (((((freddie mac) 8) 1\/2) %) securities)))) (with ((((a weighted) average) remaining) term))) (to (maturity (of (28.4 years))))) (was (priced (before ((((the market) 's) afternoon) surge)))))
(((among classes) (for (which ((details (were (available yields))) (ranged (from ((8.78 %) (or ((75 basis) (points (over (two-year (treasury securities))))))))))))) (to ((10.05 %) (or (((200 basis) points) (over (10-year treasurys)))))))
((((federal home) loan) mortgage) corp.)
(((300 million) (of (remic (mortgage securities)))) (offered (by ((citicorp (securities markets)) inc))))
(((the offering) (series 101)) (is (backed (by ((freddie mac) (9 ((1\/2 %) securities)))))))
((pricing details) (were (n't (immediately available))))
((((federal home) loan) mortgage) corp.)
(((200 million) (of (stripped (mortgage securities)))) (underwritten (by (bt (securities corp)))))
(((((((the agency) 's) first) strips) issue) (collateralized (by ((((freddie mac) 8) %) ((securities pooled) (into ((a single) security))))))) (called ((a giant) (will (be (divided (into (interest-only (and (principal-only securities))))))))))
((the collateral) (is (being (sold (by ((a thrift) institution))))))
(((((the principal-only) securities) (will (be (repackaged (by (bt securities)))))) (into ((((a (freddie mac)) remic) series) 103))) (that (will (have (six classes)))))
((((the interest-only) securities) (will (be sold))) (separately (by (bt securities))))
((((((the principal-only) securities) pay) (the principal)) (from ((the underlying) ((((freddie mac) 8) %) securities)))) (while (((the (interest-only securities)) pay) (only interest))))
((freddie mac) (((said (((the principal-only) securities) (were (priced (at (58 1\/4)))))) (to (yield (8.45 %)))) (assuming ((((an average) life) (of (eight years))) (and (((a prepayment) (of (160 %))) (of ((the psa) model))))))))
((((the interest-only) securities) (were (priced (at (35 1\/2))))) (to (yield (10.72 %))))
(((there (were (no (major eurobond)))) (or (foreign (bond offerings)))) (in (europe friday)))
(((((bull hn) information) systems) inc.) (is ((((a u.s.) majority-owned) unit) (of ((cie. (des machines)) bull)))))
((in ((friday 's) edition)) (((the name) (of (the unit))) (was misstated)))
(((avis inc.) (following (((rival (hertz corp.)) 's) lead))) ((said (it (is (backing (out (of (frequent-flier programs))))))) (with (three airlines))))
((((((the garden) city) n.y.) car-rental) company) ((said (it (wo (n't (renew (contracts (with (((((((((((nwa inc.) 's) ((northwest airlines) unit)) ((pan am) corp.)) 's) pan) american) world) airways) unit) (and (midway airlines)))))))))) (at ((the end) (of (this year))))))
(but ((it (remains (involved (in programs)))) (with ((((amr corp.) 's) ((american airlines) unit)) (and ((delta air) lines))))))
(((industry estimates) (put ((((avis 's) annual) cost) (of (all (five programs)))))) (at (between ((8 million) (and (14 million))))))
((((a spokesman) (for avis)) (would (n't (specify (the costs))))) (but (said (((the three) airlines) (being (dropped (account (for (far (less (than (half (of (the total))))))))))))))
(((((budget rent) ((a car) corp.)) (of (chicago (and (((national car) (rental systems)) inc.))))) (of minneapolis)) (both (said (they (had ((no plans) (to (follow suit))))))))
(((in fact) budget) ((indicated (it (saw ((some benefit) (to (staying (involved (in (these programs))))))))) (in (which ((renters (earn ((frequent-flier miles) (and fliers)))) (can (get (car-rental discounts))))))))
((i (can (not (see (how (((this news) (by (hertz (and avis)))) (can (not (benefit ((budget 's) programs)))))))))) (said ((((bob wilson) budget) 's) (((vice president) marketing) planning))))
(((northwest (and midway)) (are (two (of (the (five airlines)))))) (with (which (budget (has agreements)))))
((national (also (participates (in ((((the northwest) frequent-flier) program) (along (with (four (other airlines))))))))) (including (delta (and ((((usair group) inc.) 's) (usair unit))))))
(((((a month) ago) (hertz (of (park (ridge n.j.))))) (said (that ((it (would (drop ((its marketing) agreements)))) (at (year (end (with (((((delta america) (west (and (texas (air corp.))))) 's) (continental airlines)) (and (((eastern airlines) and) (that (pacts (with (american airlines))))))))))))))) (((ual inc) ('s (united airlines))) (and (usair (also (would (be (ended (sometime (after (dec. 31)))))))))))
(((at (the time)) hertz) ((said (((its (annual fees)) (to (those airlines))) (amounted (to (20 million))))) (and (that (((the value) (of (redeemed awards))) (topped (15 million)))))))
((analysts (and competitors)) (however (doubt ((the numbers) (were (that high))))))
(budget (said (((its frequent-flier) costs) (are (substantially (below ((avis 's) level)))))))
((((robert (d. cardillo)) avis) ((vice president) (of marketing))) (said ((((the proliferation) (and costs)) (attached (to (frequent-flier programs)))) (have (significantly (diminished (their value)))))))
(((this year) (has (been (difficult (for ((both hertz) (and avis))))))) (said (((((charles finnie) car-rental) industry) analyst) (at ((alex brown) (& sons))))))
(((they ('ve (been (looking (to (get ((their costs) down))))))) (and (this (is ((((a fairly) sensible) way) (to (do it))))))) (he said))
((((the government) (sold ((the deposits) (of (four (savings-and-loan institutions)))))) (in (((its first) wave) (of (sales (of (big (sick thrifts)))))))) (but ((low bids) (prevented ((the sale) (of (a fifth)))))))
(((((((the four) s&ls) (were (sold (to (large banks))))) (as (was ((the case) (with (most (of (((the 28) previous) transactions)))))))) (initiated (by ((the (resolution trust)) corp.)))) (since (it (was (created (in (((the s&l) bailout) legislation))))))) ((two months) ago))
(((two (of (((the four) big) thrifts))) (were (sold (to (ncnb corp.))))) (((charlotte n.c.) (which (has (aggressively (expanded (its markets)))))) (particularly (in (texas (and florida))))))
(((a canadian) bank) ((bought ((another thrift) (in (((the first) rtc) transaction)))) (with ((a foreign) bank))))
((under (these deals)) ((the rtc) (sells (just ((the deposits) (and ((the healthy) assets)))))))
((((these (clean-bank transactions)) (leave ((the bulk) (of (bad assets))))) (mostly ((real estate) (with (the government))))) (to (be (sold later))))
((in (these (four (for instance)))) (((the rtc) (is (stuck (with (4.51 billion))))) (in (bad assets))))
(((acquirers ((paid (premiums (ranging (from (1.5 %))))) (to (3.7 %)))) (for ((the deposits) (and (branch systems))))) ((roughly (in line)) (with (what (analysts (were expecting))))))
((((the buyers) (will (also (be (locked (into (deposit rates))))))) (for (just (two weeks)))) (as (has (been ((the case) (with (previous deals)))))))
(after (that ((the buyers) (may (repudiate ((the rates) (paid (by ((the former) thrifts)))))))))
(but ((it ('s uncertain)) (whether ((these institutions) (will (take (those steps)))))))
(((((ncnb (for example)) (has (been (one (of (((the highest) rate) payers)))))) (in ((the texas) market))) and) ((in (florida rates)) (are (especially (sensitive (in (retirement communities)))))))
((((the rtc) (had (previously (targeted ((five thrifts) (for (quick sales))))))) (in (order (to (spend (cash (by (certain (budgetary deadlines))))))))) (but ((the delays) (illustrate (((the tough) chore) (facing (the agency)))))))
(((these thrifts) (are (beached whales))) (said ((bert ely) (((an industry) consultant) (based (in (alexandria va)))))))
((for example) (((((the delay) (in (selling ((((people 's) (heritage savings)) salina) kan.)))) (with ((1.7 billion) (in assets)))) (has (forced ((the rtc) (to (consider (selling (off ((the thrift) branch-by-branch))))))))) (instead (of (as ((a whole) institution))))))
((ncnb (continued (its foray))) (into ((the florida) (and (texas markets)))))
((ncnb (will (acquire (university (((federal savings) association) houston))))) (which (had (assets (of (2.8 billion))))))
(((ncnb (texas (national bank))) (will (pay ((the rtc) ((a premium) (of (129 million))))))) (for ((3.5 billion) (in deposits))))
((as (((a measure) (of ((the depths) (to (which ((the (texas (real estate))) market)))))) (has sunk))) ((the rtc) (will (pay ((3.8 billion) (to (ncnb (to (take ((750 million) (of (bad assets))))))))))))
((ncnb (also (acquired (((freedom savings) &) (loan association))))) ((tampa fla.) (which (had ((total assets) (of (900 million)))))))
((ncnb (will (pay ((the rtc) ((a premium) (of (40.4 million))))))) (for ((1.1 billion) (in deposits))))
((ncnb (will (also (acquire ((266 million) (of ((freedom 's) assets))))))) (from ((the rtc) (which (will (require ((875 million) (in assistance))))))))
(((((meridian bancorp) inc.) (reading pa.)) (will (acquire (((hill financial) savings) association)))) ((red (hill pa.)) (which (had ((2.3 billion) (in assets))))))
((meridian (will (pay ((a premium) (of (30.5 million)))))) (to (assume ((2 billion) (in deposits)))))
((it (will (also (purchase ((845 million) (of (((the thrift) 's) assets))))))) (with ((1.9 billion) (in (rtc assistance)))))
((in (((the first) rtc) (transaction (with ((a foreign) buyer))))) ((((royal trustco) ltd.) toronto) ((will (acquire ((pacific savings) bank))) (((costa mesa) calif.) (which (had ((949 million) (in assets))))))))
(((royal trustco) (will (pay ((the rtc) (25 million))))) (to (assume ((989 million) (in deposits)))))
((it (will (also (purchase ((473 million) (in assets)))))) (and (receive ((550 million) (in (assistance (from (the rtc))))))))
(((medchem products) inc.) ((said (((((a u.s.) district) court) (in boston)) (ruled (that (((a challenge) (by medchem)) (to ((the validity) (of (((a u.s.) patent) (held (by (pharmacia inc.)))))))))))) (was (without merit))))
(((pharmacia (based (in (upsala sweden)))) (had (charged (in ((a lawsuit) (against (medchem (that ((((medchem 's) amvisc) product) line))))))))) (infringes (on ((the pharmacia) patent))))
(((the patent) (is (related (to (hyaluronic acid))))) (((a rooster-comb) extract) (used (in (eye surgery)))))
((in (its lawsuit)) ((pharmacia (is (seeking (unspecified damages)))) (and (((a preliminary) injunction) (to (block (medchem (from (selling ((the amvisc) products))))))))))
(((a medchem) spokesman) ((said ((the products) (contribute (about ((a third) (of (((medchem 's) sales) (and (10 %))))))))) (to ((20 %) (of (its earnings))))))
(((in (the year)) (ended (aug. 31))) ((1988 medchem) ((earned ((2.9 million) (or ((72 cents) (a share))))) (on (sales (of (17.4 million)))))))
(medchem ((said ((((the court) 's) ruling) (was (issued (as (part (of (((a first-phase) trial) (in (((the patent-infringement) proceedings) (and concerns))))))))))) (only (one (of ((its defenses) (in (the case))))))))
(it ((said (it (is (considering (all (of (its options))))))) (in (light (of ((the decision) (including ((a possible) appeal))))))))
(((the medical-products) company) (((added (that (it (plans (to (assert (((its other) defenses) (against ((pharmacia 's) lawsuit))))))))) (including (the claim))) (that (it (has (n't (infringed (on ((pharmacia 's) patent)))))))))
(medchem ((said (that ((the court) ((scheduled ((a conference) (for (next monday)))) (to (set ((a date) (for (proceedings (on ((pharmacia 's) motion))))))))))) (for ((a preliminary) injunction))))
((atco ltd.) ((said ((((its utilities) arm) (is (considering (building (((new electric) power) plants))))) (some (valued (at (more (than (one billion)))))))) (((canadian dollars) (851 million)) (in ((great britain) (and elsewhere))))))
(((((c.s. (richardson atco)) 's) senior) ((vice president) finance)) (((said ((((((its 50.1%-owned) canadian) utilities) ltd.) unit) (is (reviewing ((cogeneration projects) (in ((eastern canada) (and ((((((conventional electric) power) generating) plants) elsewhere) (including britain)))))))))) (where (((the british) government) (plans (to (allow ((limited competition) (in ((electrical generation) (from (private-sector suppliers))))))))))) (as (part (of ((its privatization) program))))))
((the projects) (are big))
(((they (can (be (1 billion)))) plus) ((mr. richardson) said))
((but ((we (would (n't (go (into (them alone)))))) (and (((((canadian utilities) ') equity) stake) (would (be small)))))) (he said))
((ideally (we ('d (like (to (be ((the operator) (of (the project))))))))) (and (((a modest) equity) investor)))
((((our long) suit) (is (((our proven) ability) (to (operate (power plants)))))) (he said))
(((mr. richardson) (would (n't (offer (specifics (regarding (((atco 's) proposed) (british project)))))))) (but ((he (said (it (would (compete (for ((customers (with (two (huge (((british power) generating) companies))))) (that (would (be (formed (under (((the country) 's) plan))))))))))))) (to (privatize (((its massive) water) (and (electric utilities))))))))
((((((britain 's) government) (plans (to (raise (about (20 billion)))))) (31.05 billion)) (from ((the sale) (of (most (of (((its giant) water) (and (electric utilities))))))))) (beginning (next month)))
(((((((the planned) electric) utility) sale) (scheduled (for (next year)))) (is (alone (expected (to (raise (13 billion))))))) (making (it (((((the world) 's) largest) public) offering))))
(((under (terms (of ((the plan) (independent generators))))) (would (be (able (to (compete (for ((15 %) (of customers))))))))) (until (((1994 and) (for ((another 10) %))) (between (1994 (and 1998))))))
((((canadian utilities) (had ((1988 revenue) (of (1.16 billion))))) (mainly (from (((its (natural gas)) (and (electric (utility businesses)))) (in alberta))))) (where ((the company) (serves (about (800,000 customers))))))
((there (seems (to (be ((a move) (around ((the world) (to (deregulate ((the generation) (of electricity))))))))))) (((mr. richardson) said) (and ((canadian utilities) (hopes (to (capitalize (on it))))))))
((((this (is (((a real) thrust) (on ((our utility) side))))) (he said)) adding) (that (((canadian utilities) (is (also (mulling (projects (in (underdeveloped countries))))))) (though (he (would (be specific)))))))
(((canadian utilities) (is (n't (alone (in (exploring ((power generation) opportunities))))))) (in (britain (in (anticipation (of ((the privatization) program)))))))
(((we ('re (certainly (looking (at (some ((power generating) projects))))))) (in england)) (said ((bruce stram) (((((vice president) corporate) strategy) (and (corporate planning))) (with ((enron corp.) (houston (((((a big) natural) gas) producer) (and (pipeline operator))))))))))
((mr. stram) ((((said (enron (is (considering (building (gas-fired (power plants))))))) (in ((the u.k.) (capable (of (producing (about (500 megawatts)))))))) (of (power (at ((a cost) (of (about (300 million)))))))) (to (400 million))))
((((((canadian steel-ingot) production) (totaled (((291,890 metric) tons) (in (the week))))) (ended ((oct. 7) (up (14.8 %))))) (from (((((the preceding) week) 's) total) (of (254,280 (tons (statistics canada))))))) ((a (federal agency)) said))
((((((the week) 's) total) (was (up (6.2 %)))) (from (274,963 tons))) ((a year) earlier))
(((((the year-to-date) total) (was ((12,006,883 tons) (up (7.8 %))))) (from (11,141,711 tons))) ((a year) earlier))
(((((((the only) thing) (robert goldberg)) (could (praise (about ((((((((cbs 's) new) show) island) son) leisure) &) arts))))) (sept. 25)) (was ((the local) color))) (unfortunately (neither (he (nor (((the producers) (of (the show))) (have (done (their homework)))))))))
((for instance) ((haole white) (is (not (((((the ultimate) insult) mainland) haole) is)))))
((((richard chamberlain) dresses) (as ((((a mainland) haole) tucking) (in ((a hawaiian) shirt))))) (and (rolling (up ((its long) sleeves)))))
(and ((((the local) expression) (for brother)) (is (brah (not bruddah)))))
((and (even (if (((a nurse) (would (wear (flowers (in (her hair)))))) (while ((on duty) (if ((she (were engaged)) (she (would (know (to (wear them))))))))))))) (behind ((her left) (not (right ear)))))
((sorry (the show)) (does (not (even (have ((((the one) redeeming) quality) (of (genuine (local color)))))))))
(anita davis)
((((institut merieux) s.a.) (of france)) ((said (((the canadian) government) (raised ((an obstacle) (to (((its proposed) acquisition) (of ((connaught biosciences) inc.)))))))) (for ((942 million) ((canadian dollars) (801.6 million))))))
(merieux ((said (((((the government) 's) minister) (of ((industry science) (and technology)))) (told (it (that (he (was (n't convinced)))))))) (that (((the purchase) (is (likely (to (be (of (net benefit))))))) (to canada)))))
(((canadian (investment rules)) (require (that (big (foreign takeovers))))) (meet (that standard)))
(((the french) company) (said ((the government) (gave (it ((30 days) (in (which (to (submit (information (to (further (support ((its takeover) plan)))))))))))))))
((both (merieux (and connaught))) (are ((biotechnology research) (and (vaccine (manufacturing concerns))))))
((((the government) 's) action) (was unusual))
(((((alan nymark) executive) ((vice president) (of ((investment canada) (which (oversees (foreign takeovers))))))) (said (it (marked (((the first) time) (in ((its four-year) history))))))) (that (((the agency) (has (made (((an adverse) net-benefit) decision)))) (about ((the acquisition) (of (((a publicly) traded) company)))))))
((he (said (it (has (reached ((((the same) conclusions) (about (some attempts))) (to (buy (closely (held concerns)))))))))) (but (eventually (allowed ((those acquisitions) (to proceed))))))
(((((this (is (n't ((a change) (in (government policy)))))) (this provision)) (has (been used))) before) (said ((jodi (redmond (press (secretary (for (harvie (andre ((canada 's) minister)))))))) (of ((industry science) (and technology))))))
((mr. andre) (issued ((the ruling) (based (on ((a recommendation) (by (investment canada))))))))
(((spokesmen (for (merieux (and connaught)))) (said ((they (had (n't (been (informed (of (specific areas))))))) (of (concern (by (either ((the government) (or (investment canada)))))))))) (but ((added (they (hope (to (have (more information)))))) (early (this week)))))
((investment canada) (declined (to (comment (on ((the reasons) (for ((the government) decision))))))))
((((viren mehta) ((a partner) (with ((mehta &) isaly)))) ((a ((((new york-based) pharmaceutical) industry) research)) firm)) (said ((((the government) 's) ruling) (was (n't unexpected)))))
(((this (has (become (((a very) politicized) deal)))) (concerning (((canada 's) (only (large (world-class bio-research)))) (or (pharmaceutical company))))) ((mr. mehta) said))
((mr. mehta) ((said ((the move) (that (could (allow ((the transaction) (to (go (ahead (as planned)))))))))) (could (be (((an out-of-court) settlement) (of (((connaught 's) dispute) (with ((the university) (of toronto))))))))))
((((the university) (is (seeking (to (block ((the acquisition) (of connaught))))))) (by (foreign interests))) (citing (concerns (about ((the amount) (of (research (that (would (be (done (in canada))))))))))))
(((the university) (is (considering ((a settlement) proposal)))) (made (by connaught)))
((while ((neither side) (will (disclose (its contents))))) (((mr. mehta) (expects (it (to (contain ((more (specific guarantees)) (on (research (and (development (spending levels))))))))))) (in (canada (than (merieux (offered (to (investment canada)))))))))
(((some analysts) (such (as ((murray grossner) (of (((toronto-based richardson) greenshields) inc.)))))) ((believe (((the government) ruling) (leaves ((the door) (open (for ((other bidders) (such (as (((switzerland 's) ciba-geigy) (and (chiron corp.)))))))))))) (of (emeryville calif))))
(((officials (for ((the two) concerns))) (which (are (bidding (30 ((a share) (for connaught))))))) (could (n't (be (reached (for comment))))))
(((french state-owned) (rhone-poulenc s.a.)) (holds ((51 %) (of merieux))))
((when ((the news) (broke (of (((an attempted) coup) (in panama)))))) (((two weeks) (ago (sen. (christopher dodd)))) (called ((the (state department)) (for (a briefing))))))
((they (said (follow cnn))) (he (told reporters)))
(((that (shows (how far))) (((ted (((turner 's) cable) news)) network) (has (come (since (((its birth) (nine years)) ago)))))) (when (it (was (considered ((the laughingstock) (of (television news))))))))
(((it (is (bigger faster))) (and (more profitable))) (than (((the news) divisions) (of (any (of ((((the three) major) broadcast) networks)))))))
(((its niche) (as ((the network) (of (record (during (major crises))))))) (draws ((elite audiences) (around (the world)))))
((but (for (all (its success)))) (cnn (has (hit (a plateau)))))
((although ((viewership soars) (when ((big news) breaks)))) (it (ebbs (during (periods (of calm))))))
((((cnn executives) (worry (that (((the network) 's) punchy)))) (but (((((repetitive news) format) (may (be (getting stale)))) and) (wo (n't (keep (viewers ((coming back) (as (((the alternatives) multiply) (for (news (and information))))))))))))) (on cable-tv))
(((just (the fact)) ((we ('re (on (24 hours)))) (is (no (longer bulletin))))) (says ((ed (((turner cnn) 's) executive)) (((vice (president news)) gathering) (and ((no relation) (to (ted turner))))))))
((you (ca (n't live))) (on that))
((so (cnn (((a unit) (of (atlanta-based (((turner broadcasting) system) inc.)))) (is (trying (to (reposition (itself (as ((a primary) channel)))))))))) (or (what ((people (in ((the television) industry))) (call ((a top) (of (mind network))))))))
((tonight (to (kick (off ((((the effort) cnn) (will (premiere (((its first) prime-time) newscast)))) (in years)))))) (((((an hourlong) show) (at ((6 p.m) (eastern time)))) (to (air head-to-head))) (against ((the network) newscasts))))
(((the show) (will (be (co-anchored (by ((bernard shaw) (and (catherine crier)))))))) ((((a 34-year-old) former) (texas judge)) (and (((campus beauty) queen) (who (has (never (held ((a job) (in (television (or journalism))))))))))))
((((the new) show) (is (perhaps ((the boldest) (in ((a number) (of steps))))))) (((the network) (is (taking (to (build (audience (loyalty (by (shifting (away (from (((its current) format) (toward (more (full-length (signature programming)))))))))))))))) (with (recognizable stars))))
((to (distinguish (itself cnn))) (is (also (expanding ((international coverage) (and (adding (((a second) global-news) program))))))))
(((it (is (paying (higher salaries)))) (after (years (of scrimping)))) (to (lure (and (keep (experienced staffers))))))
(and ((it (is (embarking (on ((an expensive) gamble))))) (to (break ((major stories) (with (((a large) investigative-reporting) team)))))))
((((the next) stage) (is (to (get (beyond (((the opinion) leaders) (who (use (us (as ((a point) (of (reference (to (become ((a point) (of (reference (at ((ordinary dinner) tables)))))))))))))))))))) (says (((jon petrovich) executive) ((vice president) (of (((((headline news) cnn) 's) sister) network))))))
(but (that (wo (n't (be easy)))))
(((networks (like (other (consumer products)))) (develop (images (in ((peoples ') minds))))) (that (are (n't (easy (to change))))))
(((it (also (takes money))) (that (cnn (has (been ((reluctant (to spend)) (to (make programs)))))))) (and (hire (talent (that (viewers (will (tune (in (specially (to see)))))))))))
((and (((((the (cable-tv operators)) cnn) 's) distributors) (and ((part owners) (like (things (just (the way)))))))) (they are))
(((((the repositioning) bid) (is (aimed (at (((cnn 's) unsteady) viewership))))) (and (what (may (happen (to (it (as (((the cable-tv) news) market))))))))) (grows (more competitive)))
((already (cnn (is (facing (stronger (competition (from (((financial news) network) inc.)))))))) (and (((((((general electric) co.) 's) (consumer news)) and) (business channel)) ((both (of (which (are (likely (to (pursue (more (general news))))))))) (in (the future))))))
((in addition) (((many ((cable-tv systems) themselves)) (are (airing (more (local (and ((regional news) programs))))))) (produced (by ((local broadcast) stations)))))
(cnn (wants (to (change (((its viewers) ') habits)))))
(((((its watchers) (are (on (the whole)))) (((a disloyal) group) (of (channel-zapping ((grazers (and news)) junkies))))) (who (spend ((an average) (of (just (26 minutes))))))) ((a day) (watching (cnn (according (to (audience research)))))))
((that ('s (less (than (one-third (the time)))))) (that (viewers (watch (((the major) broadcast) networks)))))
((((((the brief) attention) viewers) (give cnn)) (could (put (it (at ((a disadvantage) (as ((ratings data) (and advertising))))))))) (become (more (important (to (cable-tv channels))))))
((((cnn 's) viewer) habits) (have (been (molded (by (its format))))))
(((its strategy) (in (the past))) (has (been (to (serve (as (((a tv) wire) service)))))))
(((((it (focused (on (building (up ((its news) bureaus)))))) (around (the world))) so) (as (events (took place)))) (it (could (go (live (quicker (and (longer (than (other networks))))))))))
(((it (filled (((its daily) schedule) (with newscasts)))) (called ((daybreak (daywatch newsday)) (and newsnight)))) (but ((the shows) (varied (little (in ((content personality) (or look))))))))
(now ((the push) (is (on (for (more-distinctive shows))))))
(((our goal) (is (to (create ((more programs) (with ((an individual) identity))))))) (says ((((paul amos) cnn) executive) ((vice president) (for programming)))))
((((accordingly cnn) (is (adding (((a world-affairs) show) (in (the morning)))))) (because ((surveys (show (((its global-news) hour) (in (the afternoon))))) (is (among ((((its most) differentiated) programs) (in ((viewers ') minds)))))))) (says (mr. amos)))
((and (it (is (exploring (other (original programs)))))) ((similar (to ((its (larry king)) live))) (and (crossfire (talk (shows (which ((executives hope) (will (keep ((people tuned) in)))))))))))
(then ((there ('s (the world))) (today (((the prime-time) newscast) (featuring ((mr. shaw) (and (ms. crier))))))))
(until (now ((cnn (has (featured (((its hollywood) gossip) show)))) (during (((the key) evening) period)))))
((but (((70 %) (of ((the cable-television-equipped) households))) (that ((watch news) (do (so (between ((6:30 p.m.) (and (7 p.m.)))))))))) ((the network) (discovered (so (cnn (wants in))))))
(((mr. amos) (says (((the shaw-crier) team) (will (probably (do (two (live interviews)))))))) ((((a day) (with (most (of (the program))))) (at least)) (for (now (appearing (similar (to ((cnn 's) (other newcasts)))))))))
((some (in (the industry))) (are skeptical))
(((i (find (it (hard (to (conceive (of (people (((switching over) (to cnn)) (for (what ((at least) (in (((the public) 's) mind)))))))))))))) (is ((the same) news))) (says ((reuven frank) ((((the former) two-time) president) (of ((nbc news) (and (creator (of ((the huntley-brinkley) report))))))))))
((((the evening) news) (is (also (slated (as (((cnn 's) stage) (for ((its big) push)))))))) (into (investigative journalism)))
((((in august) (the network)) (hired ((award-winning producer) (pamela hill)))) ((((the former) head) (of (news specials))) (at abc)))
((she ('s (assembling ((a staff) (of (about (35 (investigative (reporters (who (will (produce (weekly (in-depth segments)))))))))))))) (with ((an eye) (toward (breaking (big stories))))))
((((cnn executives) (hope ((the headlines) (created (by (such scoops)))))) (will (generate (excitement (for (((its branded) programs) (in (the way)))))))) ((60 minutes) (did (so (well (for cbs))))))
(((that ('s (such ((a departure) (from (the past)))))) (that (((many (in (the industry))) (are (skeptical cnn))) (will (follow (through (with ((its investigative) commitment)))))))) (especially (after (it (sees ((the cost) (of (producing (in-depth pieces)))))))))
((they ('ve (never (shown ((any inclination) (to (spend (money (on production))))))))) (says ((michael mosettig) ((((a senior) producer) (with (macneil-lehrer newshour))) (who (notes (that (cnn (is (indispensable (to (his job))))))))))))
(((((the network) 's) salaries) (have (always (ranged (far (below (industry standards))))))) (resulting (in (((a less-experienced) work) force))))
(((cnn (recently (gave ((most employees) (raises (of (as much))))))) (as (15 %))) (but (they ('re (still (drastically (underpaid (compared (with (the networks))))))))))
((says (((mr. mosettig) cnn) (is (my (wire service))))) (they ('re (on (top (of everything))))))
(but ((to improve) (they ('ve (really (got (to (make ((the investment) (in people))))))))))
((in (any case)) ((cable-tv-system operators) (have (reason (to (fear ((any tinkering) (with ((cnn 's) format)))))))))
((they (market (cable-tv (on ((the very) (grazing opportunities)))))) (cnn (seeks (to discourage))))
(((we (would (obviously (be upset)))) (if ((those kinds) (of (services (evolved (into (more (general-interest (long-format programming)))))))))) (says (((robert stengel) senior) (((vice (president programming)) (of ((continental cablevision) inc.))) (which (holds (((a (2 %)) stake) (in (turner broadcasting)))))))))
((((small investors) (matched ((their big) (institutional brethren)))) (in (anxiety (over (the weekend))))) (but (((most (seemed (to (be (taking ((a philosophical) approach)))))) and) (said (they (were (resigned (to (riding (out (((the latest) storm) (in ((the stock) market)))))))))))))
((i ('m (not (losing (faith (in (the market))))))) (said (((boston lawyer) (christopher sullivan)) (as (he (watched ((((the market) plunge) (on (((a big) screen) (in front)))) (of ((a brokerage) firm)))))))))
(but ((he ('s (not (so sure)))) (about (everyone else))))
(((i (think (on monday))) (((the small) investors) (are (going (to (panic (and sell))))))) (predicted ((mr. sullivan) (whose (investments (include ((((amr corp.) 's) ((american airlines) unit)) (and (several (mutual funds))))))))))
(and (i (think ((institutions (are (going (to come)))) (in (and buy))))))
(i ('m (going (to (hold on)))))
(if ((i sell) (now (i ('ll (take ((a big) loss)))))))
(((some evinced) ((an optimism) (that (had (been rewarded))))) (when (they (did (n't (flee ((the market) (in 1987))))))))
((oh (i (bet (it ('ll (be (up ((50 points) (on monday))))))))) (said ((lucy crump) ((((a 78-year-old) retired) housewife) (in (lexington ky))))))
(((mrs. crump) (said (((((her ashwood) (investment club)) 's) portfolio) (lost (about (one-third (of ((its value) (following ((the black) (monday crash))))))))))) (but ((((no one) (got discouraged)) and) (we (gained (that (back (and more))))))))
((at (((the annual) congress) (of (((the national) association) (of ((investors corp.) (at ((((the hyatt) regency) hotel) (in minneapolis))))))))) ((the scene) (was calm)))
(((((some 500) investors) (representing ((investor clubs) (from (around (the u.s.)))))) (were attending)) (when ((the market) (started (to (slide friday))))))
(but (((robert showalter) ((an official) (of (the association)))) ((said (((no special) bulletins) (or (emergency meetings)))) (of ((((the investors) ') clubs) (are planned))))))
((in fact) ((some (of ((((the association) 's) members) (long-term (buy-and-hold investors))))) (welcomed ((the drop) (in prices)))))
((we (hope (to (take (advantage (of it)))))) (said ((john snyder) ((a member) (of (((a ((los angeles) investors)) ') club))))))
(((he (has ((four stocks) (in mind)))) (to (buy (if (((the prices) drop) (to (the level))))))) (he wants))
(((not everyone) (is (reacting (so calmly)))) ((however (and (many (wonder (about (((the long-term) implications) (of (what (is (widely (viewed (as ((the cause) (of ((((friday 's) slide) reluctance) (by (banks (to (provide (financing (for ((a buy-out) (of ((ual corp.) parent)))))))))))))))))))))))) (of (united airlines))))
(((marc perkins) ((a (tampa fla.)) (investment banker))) ((said (((the market) drop) (is ((one (of ((a tremendous) number))) (of signs))))) (that ((((the leveraged) take-out) era) (is ending)))))
((there ('s (no question))) (that (there ('s (((a general) distaste) (for (leverage (among lenders))))))))
(((mr. perkins) (believes (however (that ((the market) (could (be stabilized))))))) (if ((california investor) (((marvin davis) (steps (back (in (to (the (united bidding))))))) (with ((an offer) (of (275 (a share)))))))))
((sara (albert ((((a 34-year-old) dallas) law) student))) ((says (she ('s (generally (skittish (about (((the stock) market) (and ((the takeover) activity))))))))) (that (seems (to (fuel it))))))
(((i (have (this feeling))) (that (it ('s (built (on sand)))))) (she (says (that (((the market) rises) (but (there ('s ((no foundation) (to it))))))))))
(((she (and ((her husband) (pulled (most (of (their investments))))))) (out (of ((the market) (after ((the 1987) crash)))))) (although (she (still (owns (some (texaco stock)))))))
((partly (because (of (concern (about ((the economy) (and (partly (because ((she (recently (quit (her job)))) (as (((a legal) assistant) (to (go (to school))))))))))))))) (i ((think (at (this point))) (we (want (to (be ((a lot) (more liquid)))))))))
((others (wonder (how (many (more (of (these shocks))))))) (((the small) investor) (can stand)))
(((we (all (assumed (october '87)))) (was ((a one-time) shot))) (said (((san francisco) attorney) (david greenberg))))
(((we (told ((the little) guy))) (it (could (only happen)))) (once (in ((a lifetime) (come (on back))))))
(now ((it ('s happening)) again))
((((mr. greenberg) (got (out (just (before ((the 1987) crash)))))) (and ((to (his regret)) (never (went back))))) (even (as ((the market) soared))))
(((this time) (he ('s (ready (to (buy in)))))) (when ((the panic) (wears off))))
(still (he (adds ((we (ca (n't (have (this kind))))) (of (thing (happen (very often))))))))
((when (((the little) guy) (gets frightened))) (((the big) guys) (hurt badly)))
(((merrill lynch) (ca (n't survive))) (without ((the little) guy)))
(((small investors) (have (tiptoed (back (into ((the market) (following (black monday)))))))) (but (mostly (through (mutual funds)))))
((((discount (brokerage customers)) (have (been (in ((the market) somewhat))))) (but (((not (whole hog)) like) (they (were ((two years) ago)))))) (says (((leslie quick) jr.) (chairman (of ((((((the quick) &) reilly) discount) brokerage) firm))))))
(((((hugo quackenbush) senior) (vice president)) (at ((charles scwhab) corp.))) (says ((schwab customers) (have (been (neutral (to (cautious (recently (about stocks))))))))))
(((individual investors) (are (still (angry (about (program trading)))))) ((mr. quackenbush) says))
(((avner arbel) ((((a cornell) university) finance) professor)) ((says ((government regulators) (will (have (to (more (closely (control (program trading))))))))) (to (win (back ((the confidence) (of ((the small) investor))))))))
(but ((it ('s (not (only ((the stock) market))))) (that (has (some ((small investors) worried))))))
(((alan helfman) (((general sales) manager) (of (((a chrysler) dealership) (in houston))))) ((said (he (and ((his mother) (have (some (joint (stock investments)))))))) (but (((the overall) economy) (is ((his chief) worry))))))
((((these (high rollers)) (took ((a big) bath))) today) (he ((said (in ((his showroom) (which (is (within ((a (few miles)) (of (((the multi-million) dollar) homes))))))))) (of (some (of (((houston 's) richest) citizens)))))))
((and (i (can (tell (you (that (((a high) roller) (is (n't (going (to (come (in tomorrow))))))))))))) (and (buy (((a chrysler) tc) (by maserati)))))
(and (finally (there (were (the gloaters)))))
((i (got out)) (in 1987))
((everything (said ((pascal antori) ((((an (akron ohio)) plumbing) contractor) (who (was (visiting chicago))))))) (and (stopped (by (((((fidelity investments) ') lasalle) street) office)))))
((i (just (stopped (by (to (see (how much))))))) (i (would (have lost))))
(would ((mr. antori) (ever (get (back in)))))
(are (you kidding))
((when (it (comes (to money)))) (once (bitten ((2,000 times) shy))))
(((cityfed financial) corp.) ((said (it (expects (to (report ((a loss) (of ((at least) (125 million))))))))) (to ((150 million) (for ((the third) quarter))))))
((in ((the year-earlier) period)) (cityfed (had ((net income) (of (485,000 (but (no (per-share earnings)))))))))
(((((cityfed 's) president) (and ((chief executive) officer))) (john atherton)) (said ((the loss) (stems (from (several factors))))))
((he (said ((nonperforming assets) (rose (to (slightly (more (than (700 million))))))))) (from ((516 million) (between (june (and september))))))
(((approximately (85 %)) (of ((the total) consisted))) (of (nonperforming (commercial ((real estate) assets)))))
((accordingly cityfed) ((estimated (that (it (will (provide (between ((85 million) (and ((110 million) (for (credit losses))))))))))) (in ((the third) quarter))))
(((cityfed (added (that ((significant (additional (loan-loss provisions))) (may (be (required (by (federal regulators))))))))) (as (part (of ((((the current) annual) examination) (of (city ((((((federal savings) bank) cityfed) 's) primary) subsidiary)))))))) (based (in (somerset n.j))))
(((city federal) (operates (105 (banking offices)))) (in ((new jersey) (and florida))))
((mr. atherton) (((said (cityfed (will (also (mark ((its portfolio) (of (high-yield (corporate bonds))))))))) (to (market (as ((a result) (of (federal legislation))))))) (requiring (that ((savings institutions) (divest (themselves (of (such bonds)))))))))
((that (action cityfed)) ((said (will (result (in ((a charge) (against (third-quarter results))))))) (of (approximately (30 million)))))
((((cityfed (also (said (it (expects (to (shed (((((its remaining) mortgage) loan) origination) operations)))))))) (outside (((its principal) markets) (in ((new jersey) (and florida)))))) and) (as ((a result) (is (taking ((a charge) (for (discontinued operations))))))))
(((all (these actions)) (mr. atherton)) ((said (will (result (in ((a loss) (of (125 million))))))) (to ((150 million) (for ((the third) quarter))))))
(((he (added (however ((depending (on ((the resolution) (of (certain (accounting issues)))))) (relating (to (mortgages servicing))))))) (and (((the outcome) (of ((the annual) examination))) (of ((city federal) (currently (in (progress (with (respect (to (((the appropriate) level) (of ((loan loss) reserves)))))))))))))) ((((the total) loss) (for (the quarter))) (could (significantly (exceed (this range))))))
((((financial corp.) (of (((santa barbara) filed) (suit (against ((((former stock) speculator) (ivan (f. boesky))) (and ((drexel (burnham lambert)) inc.)))))))) (charging (they (defrauded ((the thrift) (by (concealing (their relationship)))))))) (when (persuading (it (to (buy ((284 million) (in (high-yield (high-risk (junk bonds)))))))))))
(((in (a suit)) (filed (in (federal court)))) (thursday (((the s&l) alleged) (that ((((a disproportionate) number) (of (the bonds))) (it (purchased (in (1984 (declined (in value)))))))))))
(((financial corp.) (purchased (the bonds))) (((((the suit) alleged) (after ((mr. boesky) (and drexel)))) (negotiated ((an agreement) (for (vagabond hotels))))) (to (purchase (((a (51 %)) stake) (in ((the thrift) (for (about (34 million))))))))))
((vagabond hotels) (was (controlled (by ((mr. boesky) (who (currently (is (serving (((a prison) term) (for (securities violations))))))))))))
((officials (at drexel)) ((said (they (had (n't (seen (the suit)))))) (and (thus (could (n't comment))))))
((in (addition (to ((33 million) (compensatory damages))))) ((the suit) (seeks ((100 million) (in (punitive damages))))))
((also (named (in ((the suit) (is (ivan ((f. boesky) corp.))))))) (and ((northview corp.) (((the successor) company) (to (vagabonds hotels))))))
((northview officials) (could (n't (be located))))
((financial corp.) ((((said (it (agreed (to (buy ((the bonds) (after ((a representative) (of ((ivan (f. boesky)) corp.)))))))))) (visited (it (in (november 1983))))) and) (said ((financial corp.) (could (improve (((its financial) condition) (by (purchasing (the bonds))))))))))
(((shortly (before (the visit))) (((mr. boesky) (and (drexel representives))) (had (met (with ((financial corp.) officials)))))) (and (had (signed (((a letter) (of intent)) (to (acquire ((((the 51) %) stake) (in (the company))))))))))
(however (((the agreement) (was canceled)) (in (june 1984))))
((((financial corp.) (purchased ((the bonds) (in ((at least) (70 (different transactions))))))) (in (1984 (and (since (then (has (realized ((11 million) (in (losses (on them)))))))))))) ((the company) said))
(((((kaufman &) broad) home) corp.) ((said (it (formed (((((a 53.4) million) (limited partnership)) subsidiary) (to (buy (land (in (california suitable))))))))) (for (residential development))))
(((((((((((the partnership) kaufman) &) broad) land) development) venture) (limited partnership)) (is ((((a 50-50) joint) venture) (with ((a trust) (created (by (institutional clients)))))))) (of ((heitman advisory) corp.))) ((((a unit) (of (heitman ((financial corp.) ((((a (((real estate) advisory) management)) and) development) company))))) (with offices)) (in (chicago (and ((beverly hills) calif))))))
((((kaufman &) broad) (((a home) building) company)) (declined (to (identify (the (institutional investors))))))
((((the land) (to (be (purchased (by ((the joint) venture)))))) (has (n't (yet (received (zoning (and (other approvals)))))))) ((required (for (development (and (part (of ((((kaufman &) broad) 's) job))))))) (will (be (to (obtain (such approvals)))))))
((((the partnership) (runs ((the risk) (that (it (may (not (get ((the approvals) (for development)))))))))) (but ((in return) (it (can (buy ((land (at wholesale)) (rather (than ((retail prices) (which (can (result (in (sizable savings))))))))))))))) (said (((bruce karatz) president) (and (((chief executive) officer) (of ((kaufman &) broad)))))))
((there (are (really (very ((few companies) (that (have (adequate capital)))))))) (to (buy (properties (in (((a raw) state) (for cash)))))))
((typically (developers (option (property (and (then (once (they (get (the (administrative approvals))))))))))) ((they (buy it)) (said ((mr. karatz) (adding (that (he (believes (((the joint) venture) (is ((the first) (of (its kind)))))))))))))
((we (usually operate)) (in (that (conservative manner))))
((by (setting (up ((((((the joint) venture) kaufman) &) broad) (can (take ((((the (more aggressive)) approach) (of (buying (raw land)))) (while (avoiding (((the negative) impacts) (to (((its own) balance) sheet)))))))))))) ((mr. karatz) said))
((((the company) (is (putting (up (only (10 %)))))) (of (the capital))) (although ((it (is (responsible (for (providing ((management planning) (and (processing services)))))))) (to ((the joint) venture)))))
(((this (is (one (of ((the best) ways))))) (to (assure ((((a pipeline) (of land)) (to (fuel ((our growth) (at ((a minimum) risk)))))) (to (our company)))))) ((mr. karatz) said))
(((((the official) (white house)) reaction) (to ((a plunge) (in (stock prices))))) (has (((a 60-year) history) (of (calm (right (up (through friday))))))))
(((treasury secretary) (nicholas brady)) ((said ((in (a statement)) friday)) (that (((the stock-market) decline) (does (n't (signal (((any fundamental) change) (in ((the condition) (of (the economy))))))))))))
(((the economy) ((he added) (remains well-balanced))) (and ((the outlook) (is (for (continued (moderate growth)))))))
(sound familiar)
((here ('s (what ((ronald reagan) (said (after ((the 1987) crash))))))) (((the underlying) economy) (remains sound)))
((there (is (nothing (wrong (with (the economy)))))) (all ((the indices) (are up))))
(heard (that before))
((after ((the 1929) crash)) ((herbert hoover) (said ((((the fundamental) business) (of (the country))) (is (on ((a sound) (and (prosperous basis)))))))))
(((in (response (to (your (overly optimistic))))) ((outdated piece) (on (how (long (unemployment (lasts (people (patterns (sept. 20)))))))))) (i (am (in (((the communications) field) (above (entry level)))))))
(((((i (was (laid off))) (in august)) 1988) and) (after ((((((a thorough) and) exhausting) job) search) (was (hired (in (august 1989)))))))
(((((my unemployment) insurance) (ran out)) (before (i (found (a job))))) (i (found (cutbacks (and (layoffs (in (many companies))))))))
(((((the statistics) (quoted (by ((the ((new census) bureau)) report)))) (garnered (from (1984 (to 1986))))) (are (out (of date)))) (certainly (as (((an average) (for ((the northeast) (and possibly)))) (for ((the rest) (of (the country))))))))
((((i (think (what ((bothered me) (most (about ((the piece) (was (that (there (seemed (to (be (((an underlying) attitude) (to (tell (your readers))))))))))))))))) (all (is (well (if (you ('re (getting (laid off))))))))) (do (n't worry))) (and (if (you ('re (unemployed (it ('s (((a seller) 's) market)))))))))
(((to top) (it off)) ((you (captioned ((the graph) (showing (((the average) number) (of months)))))) (in (((a job) search) (as (time off))))))
(are (you kidding))
(((looking (for (a job))) (was (one (of ((((the most) anxious) periods) (of (my life))))))) (and (is (for (most people)))))
((your paper) (needs (((a serious) reality) check)))
(reva levin)
(cambridge mass)
(((quest medical) inc.) (((said (it (adopted (((((a shareholders) ') rights) plan) (in (which (rights (to (purchase (shares (of (common stock)))))))))))) (will (be (distributed (as ((a dividend) (to (shareholders (of record))))))))) (as (of (oct. 23)))))
((the company) ((said ((the plan) (was (n't (adopted ((in response) (to ((any known) offers)))))))) (for (quest ((a maker) (and (marketer (of (hospital products)))))))))
(((the rights) (allow (shareholders (to (purchase ((quest stock) (at (a discount)))))))) (if ((((any person) (or group)) (acquires (more (than (15 %))))) (of (((((the company) 's) common) stock) (or (announces ((a tender) offer))))))))
(((newspaper publishers) (are (reporting ((mixed (third-quarter results)) (aided (by ((favorable (newsprint prices)) (and (hampered (by (flat (or (declining (advertising linage)))))))))))))) (especially (in (the northeast))))
((adding (to (unsteadiness (in (the industry))))) (((((seasonal (retail (ad spending))) patterns) (in newspapers)) (have (been (upset (by (shifts (in (ownership (and (general hardships)))))))))) (within ((the retail) industry))))
((in (new york)) ((((((the bonwit) teller) (and (((((b. altman) &) co.) department) stores))) (have (filed (for (protection (from (creditors (under (chapter 11))))))))) (of ((the federal) (bankruptcy code)))) (while (((the (((r.h. macy) &) co.)) ((bloomingdale 's) (and (saks ((fifth avenue) (department-store chains)))))) (are (for sale))))))
((((many papers) (throughout (the country))) (are (also (faced (with ((a slowdown) (in (classified-ad spending)))))))) (((a booming) category) (for (newspapers (in (recent years))))))
((until (recently industry)) (analysts ((((believed (decreases (in (retail (ad spending))))) (had (bottomed out))) and) (would (in (fact (increase (in ((((this year) 's) third) (and (fourth quarters)))))))))))
(((all bets) (are off)) (analysts (say (because (of (((the shifting) ownership) (of ((the retail) chains))))))))
((((improved (paper prices)) (will (help (offset (weakness (in linage)))))) (but (((((the retailers) ') problems) (have (affected ((the amount) (of (ad linage)))))) (they (usually run))))) (said (((edward ((j. atorino) industry)) analyst) (for ((salomon brothers) inc)))))
(retailers (are (just (in disarray))))
(((for instance) (gannett co.)) (((posted ((((an 11) %) gain) (in (net income)))) (as ((total (ad pages)) (dropped (at (usa today)))))) (but (((advertising revenue) rose) (because (of (((((a higher) circulation) rate) base) (and (increased rates)))))))))
(((((gannett 's) 83) daily) (and (35 (non-daily newspapers)))) (reported ((((a 3) %) increase) (in (advertising (and (circulation revenue)))))))
(((((total (advertising linage)) (was (modestly (lower (as (classified-ad volume)))))) increased) (while (there (was (softer (demand (for (retail (and ((national ad) linage)))))))))) (said ((((john curley) gannett) 's) ((chief executive) officer))))
((((at usa) (today (ad pages))) (totaled (785 (for (the quarter))))) (((down (9.2 %)) (from (((the 1988) period) (which (was (helped (by (increased (ad spending))))))))) (from ((the summer) olympics))))
((while ((usa (((today 's) total) (paid ((ad pages) (for (the year)))))) (to (date (totaled (2,735 ((a decrease) (of ((4 %) (from (last year))))))))))) (((((((the paper) 's) (ad revenue)) increased) (8 %)) (in (the quarter))) (and ((13 %) (in (the (nine months)))))))
((in (the (nine months))) ((((gannett 's) net) (rose ((9.5 %) (to (270 million))))) (or (1.68 ((a share) (from ((247 million) (or (1.52 (a share))))))))))
((revenue (gained ((6 %) (to (2.55 billion))))) (from (2.4 billion)))
((at (((dow jones) &) co.)) (((third-quarter (net income)) (fell (9.9 %))) (from ((the year-earlier) period))))
(((net (fell (to (28.8 million)))) (or ((29 cents) (a share)))) (from ((32 million) (or ((33 cents) (a share))))))
((((the year-earlier) period) (included (((a one-time) gain) (of (3.5 million))))) (or ((four cents) (a share))))
((revenue (gained ((5.3 %) (to (404.1 million))))) (from (383.8 million)))
((((the drop) (in profit)) (reflected (in (part ((continued softness) (in (financial advertising))))))) (at ((the ((wall street) journal)) (and ((barron 's) magazine)))))
(((ad linage) (at (the journal))) (fell ((6.1 %) (in ((the third) quarter)))))
(((affiliated publications) inc.) (reversed ((((a year-earlier) third) quarter) (net loss))))
(((((the publisher) (of ((the boston) globe))) (reported (net (of ((8.5 million) (or ((12 cents) (a share)))))))) (compared (with ((a loss) (of ((26.5 million) (or ((38 cents) (a share))))))))) (for (((the third) quarter) (in 1988))))
(((william (o. taylor)) ((((the parent) 's) chairman) (and ((chief executive) officer)))) ((said (earnings (continued (to (be (hurt (by (softness (in (ad volume)))))))))) (at ((the boston) newspaper))))
(((((third-quarter profit) (estimates (for (several companies)))) (are (being strongly))) affected) (by (((the price) (of (newsprint (which (in ((the last) (two years))))))) (has (had (several (price increases)))))))
((after (((a supply) crunch) (caused (prices (to (rise ((14 %) (since (1986 (to (650 ((a metric) ton)))))))))))) ((analysts (are encouraged)) (because (they (do (n't (expect (((a price) increase) (for ((the rest) (of (this year))))))))))))
(((companies (with (daily (newspapers (in (the northeast)))))) (will (need ((the stable) (newsprint prices))))) (to (ease (damage (from (weak (ad linage)))))))
(((mr. atorino) (at (salomon brothers))) ((said (he (estimates (that (((((times mirror) co.) 's) earnings) (were (down (for (((the third) quarter) (because (of (soft (advertising levels))))))))))))) (at ((((its long) island) newsday) (and ((hartford courant) newspapers))))))
((((trouble (on (the (east coast)))) (was (likely (offset (by (improved (ad linage))))))) (at ((the ((los angeles) times)) (which (this week))))) (also (unveiled (a redesign))))
(((((new york) times) co.) (is (expected (to (report ((lower earnings) (for ((the third) quarter)))))))) (((because (of (continued (weak (advertising levels))))) (at (((its flagship) ((new york) times)) (and (deep discounting))))) (of (newsprint (at ((its (affiliate (forest products))) group))))))
(((((((times co.) 's) regional) daily) newspapers) (are (holding (up (well (but (there (is (little sign))))))))) (that ((things (will (improve (in ((the (new york)) market))))) (said ((alan kassan) ((an analyst) (with ((shearson lehman) hutton))))))))
((((washington post) co.) (is (expected (to (report (improved earnings)))))) (largely (because ((of (increased ((cable revenue) (and (publishing revenue))))) (helped (by ((((an improved) retail) market) (in ((the washington) area)))))))))
((according (to (analysts (profits (were (also (helped (by (successful (cost-cutting measures)))))))))) (at newsweek))
((((the news-weekly) (has (faced (heightened competition)))) (from ((rival time) magazine))) (and ((((a (relatively flat)) magazine) advertising) market)))
(((((knight-ridder inc.) (is (faced (with ((continued uncertainty) (over ((((the pending) joint) operating) agreement))))))) (between (((its detroit) (free press)) (and ((gannett 's) (detroit news)))))) and) (has (told (analysts (that (earnings (were (down (in ((the third) quarter))))))))))
(however (((analysts (point (to (positive (advertising spending))))) (at (several (of (((its major) daily) newspapers))))) (such (as (((the miami) herald) (and (((san jose) mercury) news)))))))
((((((the miami) market) (is (coming (back strong)))) (after (((a tough) couple) (of years)))) (when (knight-ridder (was (starting (up ((((a hispanic) edition) (and circulation)) (was falling)))))))) (said ((bruce thorp) ((an analyst) (for ((provident national) bank))))))
(((((((((britain 's) retail) price) index) (rose ((0.7 %) (in september)))) (from august)) and) (was (up ((7.6 %) (for (the year)))))) (((the (central statistical)) office) said))
(((earnings (for (most (of ((((the nation) 's) major) (pharmaceutical makers)))))) (are (believed (to (have (moved (ahead (briskly (in ((the third) quarter)))))))))) (as ((companies (with (newer (big-selling (prescription drugs))))) (fared (especially well)))))
(((for (((the third) consecutive) quarter)) (however ((most (of ((the companies) (' revenues)))) (were (battered (by (adverse (foreign-currency translations)))))))) (as ((a result) (of (((the strong) dollar) abroad)))))
(analysts ((said (that ((((merck &) co.) ((((eli lilly) &) co.) (warner-lambert co.))) (and ((((the squibb) corp.) unit) (of ((bristol-myers squibb) co.))))))) ((all (benefited (from (strong (sales (of (relatively ((new higher-priced) medicines)))))))) (that (provide (wide (profit margins)))))))
((((less (robust earnings)) (at ((pfizer inc.) (and (upjohn co.))))) (were (attributed (to ((those companies) (' (older products))))))) ((many (of (which (face (stiffening competition))))) (from ((generic drugs) (and (other medicines))))))
(((joseph riccardo) ((an analyst) (with (((bear stearns) &) co.)))) (((said (that (over ((the past) (few years))))) ((most (drug makers)) (have (shed (((their slow-growing) businesses) (and (instituted (other (cost savings))))))))) (such (as (consolidating ((manufacturing plants) (and (administrative staffs))))))))
((as (((a result) (major (new products))) (are (having ((significant impact) (even (on ((a company) (with (very (large revenues))))))))))) ((mr. riccardo) said))
(analysts (((said (profit (for ((the dozen) (or (so (big (drug makers)))))))) (as ((a group) (is (estimated (to (have (climbed (between (11 %)))))))))) (and (14 %))))
(((while (that ('s (not (spectacular (neil sweig)))))) ((an analyst) (with (prudential bache)))) ((said (that (((the rate) (of growth)) (will (look (especially (good (as (compared (to (other companies))))))))))) (if ((the economy) (turns downward)))))
((((mr. sweig) (estimated (that ((((merck 's) profit) (for (the quarter))) (rose (by ((about (22 %)) (propelled (by (sales (of ((its line-up) (of (fast-growing (prescription drugs))))))))))))))) (including (((its anti-cholesterol) drug) mevacor))) (((a high) ((blood pressure) medicine)) (vasotec (primaxin ((an antibiotic) (and (pepcid ((an anti-ulcer) medication))))))))
((((profit climbed) even) (though (((merck 's) sales) (were (reduced (by (one (to (((three percentage) points) (as ((a result) (of ((the strong) dollar))))))))))))) ((mr. sweig) said))
((in (((the third) quarter) (of 1988))) (merck (earned ((311.8 million) (or ((79 cents) (a share)))))))
((in (rahway n.j.)) (((a merck) spokesman) (said ((the company) (does (n't (make (earnings projections))))))))
((mr. sweig) ((said (he (estimated (that ((((lilly 's) earnings) (for (the quarter))) (jumped (about (20 %)))))))) (largely (because (of ((the performance) (of (((its new) anti-depressant) prozac))))))))
(((((the drug) introduced) (last year)) (is (expected (to (generate (sales (of (about (300 million))))))))) (this year))
((it ('s (turning (out (to (be ((a real) blockbuster))))))) ((mr. sweig) said))
((in (((last year) 's) (third quarter))) (lilly (earned ((171.4 million) (or (1.20 (a share)))))))
(((in indianapolis) lilly) (declined comment))
((several analysts) (((said (they (expected (((warner-lambert 's) profit) (also (to (increase (by (more (than (20 %))))))))))) (from ((87.7 million) (or (1.25 (a share)))))) (it ((reported (in ((the like) period))) (last year)))))
(((the company) (is (praised (by (analysts (for (sharply (lowering ((its costs) (in ((recent years) (and (shedding (numerous companies)))))))))))))) (with (low (profit margins))))
((((((the company) 's) lean) operation) analysts) ((said (allowed (sharp-rising (sales (from (((its cholesterol) drug) lopid)))))) (to (power (earnings growth)))))
(((lopid sales) (are (expected (to (be (about (300 million))))))) ((this year) (up (from ((190 million) (in 1988))))))
((in (morris (plains n.j.))) (((a spokesman) (for (the company))) (said ((((the analysts) ') projections) (are (in (the ballpark)))))))
(((((squibb 's) profit) (estimated (by (analysts (to (be ((about (18 %)) (above (((the 123) million) (or (1.25 (a share)))))))))))) (((it (earned (in (((the third) quarter) (of 1988))))) (was ((the result) (of (especially (strong sales)))))) (of (((its capoten) drug) (for (treating (high (blood pressure)))))))) (and ((other heart) disease)))
(((the company) (was (officially (merged (with (bristol-myers co.)))))) (earlier (this month)))
(bristol-myers (declined (to comment)))
(((mr. riccardo) (of (bear stearns))) (((said (that ((((((schering-plough corp.) 's) expected) profit) rise) (of ((about (18 %)) (to (20 %))))))) (and ((((((bristol-meyers 's) expected) profit) increase) (of (about (13 %)))) (are largely)))) (because ((those companies) (are (really (managed well)))))))
(((scheringplough (earned ((94.4 million) (or ((84 cents) (a share)))))) (while (bristol-myers ((earned ((232.3 million) (or ((81 cents) (a share))))) (in ((the like) period)))))) ((a year) earlier))
(((in (madison n.j.)) ((a spokesman) (for schering-plough))) (((said ((the company) (has ((no problems) (with (((the average) estimate) (by (a analysts)))))))) (that (((third-quarter earnings) (per share)) (rose (by (about (19 %))))))) (to 1)))
(((((the company) (expects (to (achieve ((((the 20) %) increase) (in (full-year earnings))))))) (per share)) (as (it (projected (in (the spring)))))) ((the spokesman) said))
(meanwhile (analysts (said (((((pfizer 's) recent) string) (of (lackluster (quarterly performances)))) (continued (as ((earnings (in (the quarter))) (were (expected (to (decline (by (about (5 %))))))))))))))
((((sales (of (((pfizer 's) important) drugs))) feldene) (for ((treating arthritis) (and procardia)))) (((a heart) medicine) (have (shrunk (because (of (increased competition)))))))
((((the strong) dollar) (hurt (pfizer (a lot)))) (too ((mr. sweig) said)))
(((in ((the third) quarter)) (last year)) (pfizer (earned ((216.8 million) (or (1.29 (a share)))))))
((in (new york)) ((the company) (declined comment)))
(analysts (((said (they (expected (((upjohn 's) profit) (to (be (flat (or (rise (by (only (about (2 %))))))))))))) (to ((4 %) (as (compared (with ((89.6 million) (or ((49 cents) (a share)))))))))) (it (earned ((a year) ago)))))
(((((upjohn 's) biggest-selling) drugs) (are (xanax ((a tranquilizer) (and halcion))))) (a sedative))
((((sales (of (both drugs))) (have (been (hurt (by (new (state laws))))))) restricting) ((((the prescriptions) (of (certain (tranquilizing medicines)))) (and (adverse publicity))) (about (((the excessive) use) (of (the drugs))))))
(((also ((((((the company) 's) hair-growing) drug) rogaine) (is (selling ((well (at (about (125 million)))) (for (the year))))))) (but ((((((the company) 's) profit) (from (the drug))) (has (been (reduced (by ((((upjohn 's) expensive) print) (and (television campaigns)))))))) (for advertising)))) (analysts said))
((in (kalamazoo mich.)) (upjohn (declined comment)))
((((alan seelenfreund) ((52 years) old)) (was (named (chairman (of ((this processor) (of (prescription claims)))))))) (succeeding (((((thomas (w. field)) jr.) 55) (who resigned)) (last month))))
(((mr. field) (also (had (been (chairman (of (mckesson corp.))))))) (resigning (that (post (after ((a dispute) (with ((the board) (over (corporate strategy))))))))))
((((mr. seelenfreund) (is (executive (((vice president) (and ((chief financial) officer))) (of mckesson))))) and) (will (continue (in (those roles)))))
(((pcs (also (named (rex (r. ((malson 57) executive)))))) ((vice president) (at mckesson))) (as (((a director) filling) ((the seat) (vacated (by (mr. field)))))))
((((messrs. malson) (and seelenfreund)) (are (directors (of (mckesson (which (has (((an 86) %) stake)))))))) (in pcs))
(((diamond shamrock) (offshore partners)) (said (it (had (discovered (gas (offshore louisiana)))))))
(((((the well) flowed) (at ((a rate) (of (((2.016 million) cubic) feet))))) (of gas)) (((a day) (through ((((a 16) 64-inch) opening) (at depths)))) (between (5,782 (and (5,824 feet))))))
(((diamond shamrock) (is ((the operator) (with (((a 100) %) interest))))) (in (the well)))
((((diamond shamrock) ((offshore 's) stock)) (rose ((12.5 cents) (friday (to (close (at 8.25))))))) (in ((((new york) stock) exchange) (composite trading))))
(((((chase manhattan) bank) (chairman (willard butcher))) (is (((a conservative) banker) (and (((a loyal) republican) (but (on (friday morning)))))))) ((he (had ((few kind) words))) (for ((((president bush) 's) economic) policy-making))))
(((((there (are (some (very (significant issues))))) out) (there (such (as ((the fiscal) deficit))))) ((((the trade) deficit) (our relations)) (with (japan (that (have (to (be ((the subject) (of (major initiatives))))))))))) (he (said (in (an interview)))))
((i ('d (like (to (see (that initiative)))))) (and (i (have n't))))
(there (is (n't (((a big) shot) (an agenda)))))
(((a (few hours)) later) (((the stock) market) (dropped (190 points))))
((politicians (tried (to (finger ((each other) (for (the blame))))))) (although ((many analysts) (doubt (that (washington (was (singly (responsible (for (((wall street) 's) woes)))))))))))
(but (((((mr. butcher) 's) comments) (make (((one thing) clear) (some (on (wall street)))))) (wonder (if (anyone (is (in (charge (of (economic policy))))))))))
(consider this)
((by ((11:59 p.m.) tonight)) (((president bush) (must (order ((16 billion) (of (automatic ((across-the-board cuts) (in (government spending))))))))) (to (comply (with (((the gramm-rudman) budget) law))))))
(((the cuts) (are necessary)) (because (congress (and ((the administration) (have (failed (to (reach (agreement (on ((a deficit-cutting) bill))))))))))))
(((we (simply (do (n't (have (strong (leadership (to (try (to (reduce (the deficit)))))))))))) (and (make (tough (choices (((house ((budget committee) (chairman (leon panetta)))) d.) calif)))))) (said (yesterday (on (((nbc news) 's) (meet (the press)))))))
((for ((the last) (two weeks))) (((((the bush) administration) (and (the (federal reserve)))) (have (been (engaged (in ((a semi-public) battle)))))) (over (international (economic policy)))))
(((the administration) (has (been (trying (to (push (the dollar))))))) (lower ((the fed) (has (been resisting)))))
(((one (of (the things))) (that (continues (to (worry (me (is ((this (monetary warfare)) (between ((the (treasury department)) (and ((the (federal reserve)) board)))))))))))) (said ((lawrence kudlow) (((a (((bear stearns) &) co.)) economist) (on ((abc 's) (this week)))))))
(((the administration) (has (sent (out (confusing (signals (about (its response)))))))) (to (((a recent) spate) (of (airline takeovers)))))
((last month) (((transportation secretary) (sam skinner)) ((forced ((northwest airlines) (to (reduce (a stake))))) (held (by (klm (royal (dutch airlines))))))))
(but ((he (has (since (run (into opposition))))) (from ((the treasury) (and ((the (white house)) (over (that decision))))))))
((and (he (has (kept (mum on))))) (how ((his decision) (might (affect ((a bid) (for ((united airlines) (which (includes (((a big) stake) (by ((british airways) plc)))))))))))))
((some analysts) ((say ((uncertainty (about (((washington 's) anti-takeover) policy))) (was (one reason)))) (that (((financing (for ((the (united airlines)) takeover))) (fell (through (the event)))) (that (triggered ((the market) drop)))))))
((in (many ways)) (((the backdrop) (to (((friday 's) stock) decline))) (is (eerily (similar (to (that (of ((((october 1987) 's) 508-point) crash)))))))))
((then (as (now (((the budget) debate) (was (behind schedule)))))) (and ((automatic (spending cuts)) (were (within (days (of (taking hold))))))))
((((the treasury) (was (locked (in ((a battle) (over (international (economic policy)))))))) (although (at (that time)))) ((it (was (with ((west german) officials)))) (rather (than (the (federal reserve))))))
((and (concern (about (official (actions ((aimed (at takeovers)) (then (by (((the (tax-writing house)) ways) (and (means committee))))))))))) (rather (than ((the (transportation department)) (were (making (markets nervous)))))))
((((((the 1987) crash) (brought ((((the reagan) administration) (and (democratic lawmakers))) (to ((the table) (for (((the first) budget) summit))))))) (resulting (in ((a two-year) plan)))) (to (reduce ((the deficit) (by (more (than (76 billion)))))))) (even (though (((the deficit) (actually (rose (by (nearly (12 billion)))))) (during (that period))))))
((but ((barring (further (drops (in (the market))))) (this week))) ((((a similar) outcome) (does (n't (seem likely)))) (this year)))
(((lawmakers (and (administration officials))) ((agree (that ((((friday 's) drop) (by itself)) (is (n't (enough (to (force (((both sides) back) (to (the table))))))))))) (to (try (to (reach (((a deficit-reduction) agreement) (that (would (be (more serious))))))))))) (and (more (far-reaching (than (((((last spring) 's) gimmick-ridden) plan) (which (still (is (n't (fully implemented)))))))))))
(((((one (of ((the biggest) reasons))) (that ((new talks) (are (n't (likely (to (come about)))))))) is) (that (as (everyone (learned (in (1987 (the economy)))))))) (and ((the market) (can (survive (((a one-day) 508-point) tumble))))))
(((everybody (thought (we (were (looking (at ((a repetition) (of 1929)))))))) (that (we (were (looking (at (a recession))))))) ((rep. panetta) (said (yesterday (in (an interview))))))
(that (did (not happen)))
((they learned) (they (could (survive (it (without (much problem)))))))
((but ((administration officials) (privately (agree (with ((mr. panetta) (who (said ((a precipitous) drop))))))))) (((this week) (is (going (to (force ((the president) (and congress))))))) (to (take ((((a much) harder) look) (at (fiscal policy)))))))
((in (that case)) ((there (will (be plenty))) (of (blame (to (go around))))))
(((there (is (((an underlying) concern) (on ((the part) (of (the (american people)))))))) (and (((there (should (be (that ((the administration) (has (not (gone ((far enough) (in (cutting (this deficit)))))))))))) and) (that (congress (has (been (unwilling (to (cut (what ((the administration) (asked (us (to cut))))))))))))))) (said (((senate finance) committee) (chairman (((lloyd bentsen) d.) texas)))))
((nevertheless ((it (clearly (will (take (more (than (((friday 's) 190-point) decline))))))) (to (overcome (((the bitter) feelings) (that (have (developed (between (lawmakers (and ((((white house) budget) director) (richard darman))))))))))))) (over ((the capital-gains) fight)))
(((hill democrats) (are (particularly (angry (over (((mr. bush) 's) claim)))))) (that ((((the capital-gains) cut) (was (part (of (((april 's) budget) accord))))) (and ((his insistence) (on (combining (it (with ((the deficit-reduction) legislation))))))))))
((((there (is ((no prospect) (of ((((any so-called) grand) compromise) (or deal)))))) (next year)) (because (((((the administration) (simply (did (n't (live (up (to (((this year) 's) deal)))))))) senate) majority) leader))) (((george mitchell) (d. maine)) (said (yesterday (on ((((cbs news) 's) face) (the nation)))))))
((during ((((last week) 's) maneuverings) (on (((the deficit-cutting) bill) (and ((the capital-gains) issue)))))) ((there (were signs)) (that ((senate republicans) (and ((the administration) (were (at odds))))))))
(((at ((the very) moment)) (that ((senate republicans) (were (negotiating ((a deal) (to (exclude ((capital gains) (from ((the deficit-reduction) legislation))))))))))) (((((white house) spokesman) (marlin fitzwater)) (told reporters)) (that (it (was ((((the president) 's) policy) (to (include it))))))))
((when ((an agreement) (was (reached (to (strip ((capital gains) (from (the legislation))))))))) (((oregon ((sen. (bob packwood)) (((the ranking) gop) member))) (of ((the tax-writing) ((senate finance) committee)))) (hailed it)))
((asked (if (the administration))) ((agreed (he curtly)) (replied ((the adminstration) (will (have (to (speak (for itself)))))))))
((((((friday 's) market) tumble) (could (spur (action (on (reconciling ((the house) (and (senate versions))))))))) (of ((the deficit-reduction) measure))) ((a process) (that (is (n't (expected (to (begin (until (tomorrow (at (the soonest))))))))))))
(((senate republicans) (expressed (the hope))) (that (((the house) (would (follow ((the lead) (of ((the senate) (which (on friday)))))))) ((agreed (to (drop ((a variety) (of ((spending measures) (and (tax breaks)))))))) (that (would (have (increased (((the fiscal) 1990) deficit)))))))))
((((the market) (needs (((a strong) signal) (that (we ('re (serious (about (deficit reduction))))))))) (and (((the best) way) (to (do (that (is (for ((the house) (of (representatives (to (strip ((their bill) (of (similar (provisions (sen. (((warren rudman) r.) n.h))))))))))))))))))) (said yesterday))
(((((the (white house)) office) (of (management (and ((budget whose) calculations))))) (determine (whether (((the gramm-rudman) targets) (are (met estimated)))))) (that (((((the house-passed) deficit-reduction) measure) (would (cut ((((the fiscal) 1990) shortfall) (by (6.2 billion)))))) (almost (half (of (((((the (congressional budget)) office) 's) estimate) (of (11.0 billion)))))))))
((rep. panetta) ((said (that (((omb 's) figure) (would (still (be (enough (to (avoid (permanent (across-the-board cuts))))))))))) (but (added (we ('re (getting (very (close (to ((the margins) here)))))))))))
(((no (one (in washington))) (was (willing (to (take ((the blame) (for provoking))))))) (((friday 's) drop) (in ((the stock) market))))
(but ((some players) (were (quick (to (seize (the moment)))))))
((before ((the sun) (had (set (on (friday (richard rahn))))))) ((((((the supply-side) (chief economist)) (of ((the u.s.) chamber))) (of commerce)) (issued ((a statement) (attributing ((the drop) (in (stock prices))))))) (to (((the senate) decision) (to (postpone (action (on (capital gains)))))))))
((((investors (who (had (been (holding (assets (in (anticipation (of (((a more) favorable) time)))))))))) (to sell)) (were spooked)) (he said))
(((there (have (been (many (preposterous reasons))))) (advanced (to (support ((((((a capital-gains) tax) cut) (sen. mitchell)) said) (during ((his television) appearance))))))) (but (i (suggest (that (is (perhaps (more (than (any (of (the others))))))))))))
((while ((corn (and (soybean prices))) (have (slumped (well (below ((their drought-induced) peaks))))))) (of ((1988 (wheat prices)) (remain (stubbornly high)))))
((and ((they ('re (likely (to (stay (that (way (for months)))))))) (to come))) (analysts say))
((((for ((one thing) (even (with (many ((((farmers planting) more) winter) wheat)))))) (this year)) (than (((last tight) (wheat supplies)) (are (likely (to (support (prices (well (into 1990)))))))))) ((the analysts) say))
(and ((if ((rain (does (n't (fall (soon (across (many (of ((((((the great) plains) ') wheat-growing) areas) yields))))))))) (in (the crop)))) (now ((being planted) (could (be (reduced (further (squeezing supplies)))))))))
((also (supporting (prices (are expectations)))) (that ((((the soviet) union) (will (place (substantial (buying orders))))) (over ((the next) (few months))))))
(((by (next (may (31 (stocks (of (u.s. wheat))))))) (to (be (carried (over (into ((the next) season))))))) (before (((((the winter) wheat) (now (being planted))) (is harvested)) (are (projected (to (drop (to ((443 million) bushels)))))))))
((that (would (be ((the lowest) level)))) (since ((the early) 1970s)))
(((stocks (were (698 million))) (bushels (on (may 31)))) (of (this year)))
(((in (response (to (dwindling (((domestic ((supplies agriculture) secretary)) clayton) yeutter))))) (last month)) (((said (((the u.s.) government) (would (slightly (increase (((the number) (of (acres farmers))) (can (plant (in wheat))))))))) (for (next year))) (and (still (qualify (for ((federal support) payments)))))))
(((the government) (estimates (that (((the new) plan) (will (boost (production (next year)))))))) (by (about ((66 million) bushels))))
(((((it (now (estimates (production (for (next year)))))) (at (just (under (2.6 billion))))) bushels) (compared (with (((this year) 's) (estimated (2.04 billion)))))) (and (((a drought-stunted) (1.81 billion)) (in 1988))))
(but (((((the full) effect) (on (prices (of ((the winter) wheat))))) (now ((being planted) (wo (n't (be felt)))))) (until (((the second) half) (of (next year))))))
((until (then ((limited stocks) (are (likely (to (keep (prices (near ((the 4-a-bushel) level)))))))))) (analysts say))
((on (((the chicago) board) (of trade))) (((friday wheat) (for (december delivery))) (settled (at (4.0675 ((a bushel) unchanged))))))
((((in theory) (at least)) ((tight (supplies (next spring))) (could (leave ((((the wheat) futures) market) (susceptible (to ((a supply-demand) squeeze)))))))) (said ((daniel basse) ((((a futures) analyst) (with (agresource co.))) (in chicago)))))
((((such (a situation)) (can (wreak havoc))) (as (was (shown (by ((the emergency) (that (developed (in (soybean (futures trading))))))))))) ((this summer) (on (((the chicago) board) (of trade)))))
(((in july) (the cbot)) ((ordered ((ferruzzi ((finanziaria s.p) a.)) (to (liquidate ((futures positions) (equal (to (about ((23 million) bushels))))))))) (of soybeans)))
((the exchange) ((said ((it feared) (that ((some members) (would (n't (be (able (to (find (enough (soybeans (to (deliver (and (would (have (to (default (on (their (contractual obligation)))))))))))))))))))))) (to (((the italian) conglomerate) (which (had (refused (requests (to (reduce (its holdings)))))))))))
(ferruzzi (has (denied (it (was (trying (to (manipulate (((the soybean) futures) market)))))))))
(((((((unseasonably hot) dry) weather) (across (large portions))) (of (((the great) plains) (and (in ((wheat-growing areas) (in (washington (and oregon))))))))) (is (threatening (to (reduce ((the yield) (from (((((this season) 's) winter) wheat) crop)))))))) (said (conrad (leslie (((a futures) analyst) (and (head (of ((leslie analytical) (in chicago))))))))))
(((for example) (in (((((the oklahoma) panhandle) 40) %) (or (more (of (the topsoil))))))) (is (short (of moisture))))
(((that (figure (climbs (to (about (47 %)))))) (in ((wheat-growing portions) (of kansas)))) (he said))
((((((the soviet) union) (has (n't (given (((any clear) indication) (of (((its wheat) purchase) plans))))))) (but ((many analysts) (expect (moscow (to (place ((sizable orders) (for (u.s. wheat)))))))))) (in ((the next) (few months)))) (further (supporting prices)))
((((wheat prices) (will (increasingly (pivot (off (of (soviet demand))))))) (in (coming weeks))) ((predicted ((richard feltes) (((vice president) research) (for (refco inc.))))) (in chicago)))
((looking (ahead (to (other (commodity markets))))) (this week))
((((orange juice) traders) (will (be (watching (to (see (how long))))))) (and (how (far (((the price) decline) (that (began (friday (will go)))))))))
(((late thursday) (after ((the close) (of trading)))) (((the market) (received (what (would (normally (have (been (((a bullish) (u.s. department)) (of (agriculture estimate)))))))))) (of ((((the 1989-90) florida) orange) crop))))
(((it (was (near ((the low) range)))) (of (estimates (at ((130 million) (90-pound boxes)))))) ((compared (with ((146.6 million) boxes))) (last season)))
((however (as (expected (((brazil waited) (for ((the crop) estimate))) (to (come out)))))) (and (then (cut ((((the export) price) (of ((its juice) (concentrate (to (about (1.34 (a pound)))))))) (from (around 1.55)))))))
((((((((((friday 's) consequent) selling) (of (futures contracts))) (erased (whatever (supportive effect)))) ((the u.s.) report)) (might (have had))) and) (sent ((((the november) orange) juice) contract))) (down (as (much (as ((6.55 cents) ((a pound) (at (one time)))))))))
((it (settled (with ((a loss) (of (4.95 cents)))))) (at (1.3210 (a pound))))
(((((brazilian juice) (after (a delay))) (caused (by drought))) (at ((the start) (of ((its crop) season))))) (is (beginning (to (arrive (in ((the u.s.) (in (large quantities)))))))))
((brazil (wants (to (stimulate (demand (for (its product))))))) (which (is (going (to (be (in (plentiful supply))))))))
(((((the price) cut) (one analyst)) (said (appeared (to (be (aimed (even (more (at europe))))))))) (where ((consumption (of (brazilian juice))) (has fallen))))
(((it ('s ((a dollar-priced) product))) (and (((the strong) dollar) (has (made (it ((more expensive) (in europe)))))))) ((the analyst) said))
((((new york) (futures prices)) (have (dropped (significantly (from (more (than (2 (a pound))))))))) (at midyear))
((((barring (((((((a cold) snap) or) other) crop) problems) (in ((the growing) areas)))) ((downward (pressure (on prices))) (is (likely (to (continue (into january))))))) (when (((harvesting (and (processing (of (oranges (in florida)))))) reach) (their peak)))) ((the analyst) said))
((although ((some analysts) (look (for (profit-taking (in ((the wake) (of (((friday 's) leap) (in (crude (oil prices)))))))))))) ((((last week) 's) rally) (is (generally (expected (to (continue (this week))))))))
((((i (would (continue (to (look (for (((a stable) crude) market))))))) (at least)) (in (futures trading))) (said ((william hinton) ((((an energy) futures) broker) (with ((stotler &) co))))))
((friday (capped ((a week) (of (steadily (rising (crude (oil prices)))))))) (in ((both futures) (and (spot markets)))))
(((on (the (((new york) mercantile) exchange))) ((((west texas) intermediate) crude) (for (november delivery)))) ((finished (at (20.89 (a barrel)))) (up ((42 cents) (on (the day))))))
((on (european markets)) (meanwhile ((spot (prices (of (north (sea crudes))))) (were (up (35 (to ((75 cents) (a barrel)))))))))
(((this market) (still (wants (to (go higher))))) (said ((nauman barakat) (((a first) (vice president)) (at (((shearson lehman) hutton) inc))))))
((he (predicted (that (((the november) contract) (will (reach (21.50 (a barrel)))))))) (or (more (on (((the (new york)) mercantile) exchange)))))
((there (has (been ((little news) (to (account (for (such buoyancy)))))))) (in ((the oil) markets)))
((analysts (generally (cite ((a lack) (of (bearish developments)))))) (as (well (as ((rumors (of ((a possible) tightening))) (of (supplies (of ((some fuels) (and crudes))))))))))
((((there (also (are (recurring (reports (that (((the soviet) union) (is (having (difficulties (with ((its oil) exports)))))))))))) and) (that (((nigeria (has (about (reached ((its production) limit))))) and) (ca (n't (produce (as much))))))) (as (it (could sell))))
(((many traders) (foresee ((a tightening) (of ((near-term supplies) (particularly (of (high-quality crudes)))))))) (such (as (((those (produced (in (the (north sea))))) and) (in nigeria)))))
((((the following) issues) (were (recently filed))) (with (the (((securities and) exchange) commission))))
(((american cyanamid) co.) ((offering (of (1,250,000 (common shares)))) (via (((merrill lynch) capital) markets))))
((((limited inc.) offering) (of up)) (to ((300 million) (of (debt (securities (and warrants)))))))
(((((nuveen (california performance)) (plus ((municipal fund) inc.))) ((initial offering) (of ((five million) (common shares))))) (via ((alex (brown (& sons))) inc.))) (((john nuveen) (& co.)) (((prudential-bache capital) funding) (and ((bateman (eichler hill)) richards)))))
(((((pacificare (health systems)) inc.) (((proposed (offering (of ((1.5 million) (common shares))))) (of (which (700,000 shares)))) (will (be (offered (by (pacificare (and (800,000 shares))))))))) (by ((unihealth (((((america inc) pacificare) 's) 71) %)) (via ((((dillon read) &) co.) inc.))))) ((((goldman sachs) &) co.) (and (((dean witter) reynolds) inc))))
(((((pricor inc.) offering) (of (one million))) ((new shares) (of ((common stock) (and (300,000 shares)))))) (by (holders (via (((drexel (burnham lambert)) inc.) (and (((j.c. bradford) &) co)))))))
(((trans (world airlines)) inc.) ((offering (of ((150 million) (senior notes)))) (via (drexel burnham))))
(((concorde (trans-atlantic flights)) (are (2,400 (to (paris (and 3,200)))))) (to london))
(((in (((a centennial) journal) article)) (oct. 5)) ((the fares) (were reversed)))
(((((tandem computers) inc.) (preparing (to (fight (with (((international business) machines) corp.)))))) (for ((a piece) (of ((the mainframe) business))))) (said ((it (expects (to (post ((higher revenue) (and earnings)))))) (for ((((its fiscal) fourth) quarter) (ended (sept. 30)))))))
(tandem ((said (it (expects (to (report (revenue (of (about (450 million))))))))) (and (earnings (of ((35 cents) (to ((40 cents) (a share)))))))))
(((the results) (which (are (in (line (with (((analysts ') estimates) (reflect (((a continued) improvement) (in ((our u.s.) business))))))))))) (said ((james treybig) ((tandem 's) ((chief executive) officer)))))
((in ((the year-earlier) period)) ((tandem (reported ((net income) (of ((30.1 million) (or ((31 cents) (a share)))))))) (on (revenue (of (383.9 million))))))
((tandem (expects (to (report (((the full) results) (for (the quarter))))))) (next week))
((analysts (have (predicted (that (((the (cupertino calif.)) company) (will (report ((revenue (of (430 million))) (to ((460 million) (and (earnings (of (35 cents)))))))))))))) (to ((40 cents) (a share))))
(((commenting (on ((the results) (for (the quarter))))) (mr. treybig)) ((said (((the strength) (of ((((the company) 's) domestic) business))) (came (as ((a surprise) (to him)))))) (noting (that (sales (in ((every region) (of ((the u.s.) (exceeded (our plan)))))))))))
((((((the company) 's) u.s.) performance) (was (helped (by (((a record) quarter) (for (new customers))))))) (he said))
((tandem (makes (((fault-tolerant computers) machines) (with (built-in (backup systems)))))) (that (run (((stock exchanges) networks) (of ((automatic tellers) (and (other (complex (computer systems))))))))))
((tomorrow ((the company) (is (scheduled (to (announce ((((((its most) powerful) computer) ever) (which (for ((the first) time)))) (will (bring (it (into (direct competition)))))))))))) (with (makers (of (mainframe computers)))))
(((((tandem 's) new) high-end) computer) (is (called cyclone)))
((prices (for ((the machine) (which (can (come (in (various configurations)))))))) (are ((2 million) (to (10 million)))))
((analysts (expect (((the new) computer) (to (wrest (((a hefty) slice) (of business))))))) (away (from (ibm (((the longtime) leader) (in mainframes))))))
(((we (believe (they (could (siphon (perhaps (two (to ((three billion) dollars))))))))) (from (ibm (over ((the next) (few years)))))) (said ((george weiss) ((an analyst) (at ((the gartner) group))))))
(that (will (spur ((tandem 's) growth))))
((((i ('d (be disappointed))) (if ((the company) (grew (by (less (than (20 %)))))))) (next year)) (said ((john levinson) ((an analyst) (at (((goldman sachs) &) co))))))
(((ibm (is (expected (to (respond (to ((tandem 's) cyclone))))))) (by discounting)) (((((its own) mainframes) (which (analysts say))) (are (roughly (three times)))) ((the price) (of (((a comparable) system) (from tandem))))))
((obviously (ibm (can (give (bigger (discounts (to users))))))) (immediately (said (mr. weiss))))
(but ((((mr. treybig) questions) (whether (that (will (be (enough (to (stop ((((tandem 's) first) mainframe) (from (taking (on (some (of (the functions))))))))))))))) (that ((large organizations) (previously (sought (from (big ((blue 's) machines)))))))))
(((the answer) (is (n't (price (reductions (but (new systems))))))) (he said))
(nevertheless (((tandem (faces ((a variety) (of (challenges (the biggest)))))) being) (that (customers (generally (view ((((the company) 's) computers) (as (complementary (to ((ibm 's) mainframes)))))))))))
((even ((mr. treybig) (is (reluctant (to (abandon (this notion))))))) (insisting (that ((((tandem 's) new) machines) (are (n't (replacements (for ((ibm 's) mainframes)))))))))
((we ('re (after (((a little) bigger) niche)))) (he said))
((((inland steel) industries) inc.) (((expects (to (report (that ((third-quarter earnings) (dropped (more (than (50 %))))))))) (from ((the previous) quarter))) (as ((a result) (of (reduced ((sales volume) (and (increased costs)))))))))
((in ((the second) quarter)) ((((the steelmaker) (had ((net income) (of ((45.3 million) (or (1.25 (a share)))))))) (including (((a pretax) charge) (of (17 million))))) (related (to ((the settlement) (of ((a suit) (on (sales (of (1.11 billion)))))))))))
((the company) ((((said ((normal (seasonal softness)) (and (lost (orders (caused (by (prolonged (labor talks))))))))) (reduced (shipments (by (200,000 tons))))) (in ((the latest) quarter))) (compared (with ((the second) quarter)))))
((at ((the same) time)) ((((the integrated-steel) business) (was (hurt (by (continued (increases (in (((materials costs) (and (repair (and (maintenance expenses))))) (as (well (as (higher (labor costs))))))))))))) (under ((its new) contract))))
((((the service-center) business) (was (hurt (by (reduced (margins (and (start-up costs)))))))) (associated (with ((its (joseph (((t. ryerson) &) son))) unit))))
((the company) (((said (it (is (beginning (to (see (some (shipping-rate improvements)))))))) (in (both ((the intergrated-steel) (and (steel-service-center segments)))))) (which (should (result (in (improved (results (for ((the fourth) quarter))))))))))
(inland ((said (((its third-quarter) results) (will (be announced)))) (later (this week))))
(((in (((the year-earlier) third) quarter)) (when ((the industry) (was (in ((the midst) (of (a boom)))))))) (((the company) (had (net (of ((61 million) (or (1.70 (a share)))))))) (on (sales (of (1.02 billion))))))
(((honeywell inc.) (and (((international business) machines) corp.))) ((received (((air force) contracts) (to (develop (integrated circuits))))) (for (use (in space)))))
((((honeywell 's) contract) (totaled (69.7 million))) (and (((ibm 's) 68.8) million)))
((boeing co.) ((received ((((a (46.7 million)) (air force)) contract) (for (developing (cable systems))))) (for ((the minuteman) missile))))
(((general dynamics) corp.) ((received (((a (29 million)) (air force)) contract)) (for ((electronic-warfare training) sets))))
((grumman corp.) (received (((((an 18.1) million) navy) contract) (to (upgrade (aircraft electronics))))))
((avco corp.) (received (((((an 11.8) million) army) contract) (for (helicopter engines)))))
((of (all (((the ethnic) tensions) (in (america (which (is ((the most) troublesome)))))))) (right now))
((((a good) bet) (would (be ((the tension) (between (blacks (and jews))))))) (in ((new york) city)))
((or (so (it (must (seem (to (jackie mason))))))) ((((((((the veteran) jewish) comedian) appearing) (in ((((a new) abc) sitcom) (airing (on (tuesday nights)))))) 9:30-10) p.m.) edt))
(((not only) (is (mr. mason))) ((((the star) (of (chicken soup))) (he (('s (also ((the inheritor) (of ((a comedic) tradition))))) (dating (back (to (duck soup))))))) (and (he ('s (currently ((a man) (in (hot water)))))))))
((((here (in (neutral language))) (is ((the gist) (of (((((mr. mason) 's) remarks) (quoted first)) (in ((the village) voice))))))) (while (he (was (((a paid) spokesman) (for ((((the rudolph) giuliani) mayoral) campaign))))))) (and (then (in (newsweek (after (he (and (((the campaign) parted) company)))))))))
((mr. mason) ((said (that ((many (jewish voters)) (feel (guilty (toward blacks)))))) (so (they (support ((black candidates) uncritically))))))
((he (said (that ((many (black voters)) (feel (bitter (about (racial discrimination)))))))) (so (they (too (support ((black candidates) uncritically))))))
(he ((said (that (jews (have (contributed (more (to (black causes)))))))) (over ((the years) (than (vice versa))))))
((of course) ((mr. mason) (did (not (use (neutral language))))))
((as ((a practitioner) (of (ethnic (humor (from (((the old) days) (on ((((the borscht) belt) (live television)) (and ((the nightclub) circuit))))))))))) (((mr. mason) instinctively) (reached (for (the vernacular)))))
((he (said (jews (were (sick (with (complexes (and (he (called (david dinkins))))))))))) (((((mr. giuliani) 's) black) opponent) (((a fancy) shvartze) (with (a mustache)))))
(if ((mr. mason) (((had (used (less (derogatory language)))) (to (articulate (((his amateur) analysis) (of (((the voting) behavior) (of (((his fellow) new) yorkers)))))))) (would ((the water) (be (quite (so hot))))))))
(((it (probably (would (because (((few or) none) (of (the people))))))) ((upset (by (((mr. mason) 's) remarks))) (have (bothered (to (distinguish (between ((the substance) (of ((his comments) (and (the fact)))))))))))) (that (he (used (insulting language)))))
((in addition) ((some (of (((mr. mason) 's) critics))) (have (implied (that (((his type) (of (ethnic humor))) (is (itself ((a form) (of racism))))))))))
((for example) (((the (((new york) state) counsel)) (for (the naacp))) (said (that ((mr. mason) (is (like (a dinosaur))))))))
((people (are (fast (leaving (the place))))) (where (he (is stuck))))
((((these critics) (fail (to (distinguish (between ((the type) (of (ethnic humor)))))))) (that ((aims (at (disparaging (another group)))) (such (as (polish jokes)))))) (and ((the type) (that (is (double-edged (aiming (inward (as (well (as outward)))))))))))
(((((the latter) (typically (is (((the humor) (of (the underdog))) (and (it (was (perfected (by ((both blacks) (and jews))))))))))) (on ((the minstrel) (and (vaudeville stage))))) (as ((a means) (of (mocking ((their white) (and (gentile audiences)))))))) (along (with themselves)))
((in ((the hands) (of ((a zealot) (like lenny))))) ((bruce ((this double-edged) blade)) (could (cut (both ((the self) (and ((the audience) (to ribbons)))))))))
((but (wielded (by ((a pro) (like (jackie mason)))))) (it (is (((a constructive) form) (of mischief)))))
(why constructive)
(((because (despite (all (((the media) prattle) (about (comedy (and (politics (not mixing))))))))) (they (are (similar (in (one respect)))))) ((both (can (serve (as (mechanisms (for (easing (tensions (and (facilitating ((the co-existence) (of groups)))))))))))) (in conflict)))
(((that 's) (why (it ('s (dangerous (to (have (well-intentioned (thought (police (on ((college campuses) (and (elsewhere taboo)))))))))))))) (all ((critical mention) (of (group differences)))))
(((as (elizabeth kristol)) ((wrote (in (the ((new york) times)))) (just (before ((((the mason) donnybrook) (perhaps intolerance)) (would (not (boil (over (with (such intensity))))))))))) (if ((honest differences) (were (allowed (to simmer))))))
((((((the question) (is (if ((group conflicts) (still (exist (as undeniably))))))) (they do)) and) (if (((((mr. mason) 's) type) (of (ethnic humor))) (is passe)))) (then (what ((other means) (do (we (have (for (letting (off steam))))))))))
((do (n't (say (((the tv) sitcom) (because (that (happens (to (be ((((a genre) (that (in (its desperate)))) need) (to (attract (everybody (and offend)))))))))))))) (nobody (resembles (politics (more (than (it (does comedy))))))))
(((it (is true)) (that (((the best) sitcoms) (do (allow (group ((differences (to (simmer (yuppies (vs. (blue-collar bostonians)))))) (in (cheers children))))))))) (vs. (adults (in ((the cosby) show)))))
(but ((these (are (not (the differences)))) (that (make headlines))))
((in (chicken soup)) ((mr. mason) (((plays (jackie (((((((a jewish) bachelor) courting) maddie) lynn) redgrave) (((an (irish widow)) (and mother)) (of three))))) (against ((the wishes) (of ((his mother) (rita karin)))))) (and ((her brother) ((michael brandon) maggart))))))
(((it ('s worth)) noting) (that ((both (disapproving relatives)) (are immigrants))))
((at least) ((they ((both speak) (with (strong accents)))) (as (do (jackie (and maddie))))))
((it (could (n't (be (more obvious))))) (that ((chicken soup) (is (being (made (from ((an old) recipe))))))))
(and ((((a safe) one) imagine) (if (((the romance) (in question)) (were (between (((an orthodox) jew) (and ((a member) (of ((the nation) (of islam))))))))))))
((((back (in (the 1920s))) ((((the play) (and (movie versions))) (of ((abie 's) irish))) (rose (made ((the theme) (of (courtship (between (((the assimilated) offspring) (of (jewish (and (irish immigrants))))))))))))) (so popular)) (that ((((its author) (anne nichols)) (lost (((a plagiarism) suit) (on (the grounds))))) (that ((the plot) (has (entered ((the public) domain))))))))
((and (it (has (remained (there (as (evidenced (by ((its reappearance) (in (a 1972))))))))))) (((((cbs sitcom) (called (bridget (loves bernie)))) whose) (sole distinction)) (was (that ((it (led (to ((the real-life) marriage)))) (of ((meredith baxter) (and (david birney)))))))))
((clearly (((the question) (with (chicken soup))) (is (not (whether ((the pot) (will (boil over)))))))) (but (whether (it (will (simmer (at all)))))))
((so far) ((the bubbles) (have (been (few (and (far between)))))))
((((part (of (the problem))) (is ((the tendency) (of (all sitcoms))))) ever) (since ((((the didactic) days) (of (norman lear))) (to (preach (about (social issues)))))))
((to (some extent)) (((this tendency) (emerges (whenever ((the show) (tries (to (enlighten (us (about (ethnic stereotypes)))))))))) (by (reversing them))))
((for instance) ((((michael dislikes) jackie) not) (because ((he ('s (((a shrewd) jewish) businessman))) (but (because (he (quits (((his well-paying) job) (as ((a salesman) (in (order (to (become ((a social) worker))))))))))))))))
(((even (more problematic)) (is ((the incompatibility) (between (sitcom preachiness))))) (and ((((mr. mason) 's) comic) persona)))
((((((the best) moments) (in ((the show) (occur (at (the beginning)))))) (and (((the end) and) (occasionally (in (the middle)))))) (when ((((mr. mason) slips) (into ((his standup) mode))) (and (starts (meting out)))))) (that ((old-fashioned ((jewish mischief) (to (other people)))) (as (well (as (to himself)))))))
((but (((too (often (these (routines lack)))) spark) (because (((this sitcom) (like (all sitcoms))) (is (timid (about confronting))))))) ((((mr. mason) 's) stock) (in (trade (ethnic differences)))))
(((i ('m (not suggesting))) (that ((the producers) (start (putting (together (episodes (about topics)))))))) (like (((the catholic-jewish) dispute) (over (((the carmelite) convent) (at auschwitz))))))
((that ((issue (like ((racial tensions) (in ((new york) city))))) (will (have (to (cool (down (not heat)))))))) (up (before (it (can simmer)))))
(but ((i (am (suggesting (that ((they (stop (requiring (mr. mason)))) (to (interrupt ((((his classic) shtik) (with (some line))) (about caring))))))))) (for ((other people) (that (would (sound (shmaltzy (on ((the lips) (of (miss america))))))))))))
((at ((your age) jackie)) ((you (ought (to know))) (that (you (ca (n't (make (soup (without (turning (up (the flame))))))))))))
((amid ((a crowd) (of (crashing stocks)))) ((((((relational (technology inc.)) 's) stock) (fell (particularly (hard friday)))) (dropping (23 %))) (because (((its problems) (were (compounded (by (disclosure (of ((an unexpected) loss))))))) (for (((its fiscal) first) quarter))))))
((((the database) software) company) ((said (it ((expects ((((a 2) million) net) loss)) (for (((the fiscal) first) quarter))))) (ended (sept. 30))))
(it (said (analysts (had (been (expecting (((a small) profit) (for (the period)))))))))
(((revenue (is (expected (to (be (up modestly)))))) (from ((the 26.5) million))) (reported ((a year) ago)))
((relational technology) ((reported ((net income) (of ((1.5 million) (or ((12 cents) (a share))))))) (in ((the year-earlier) period))))
(((while ((our (international operations)) (showed (strong growth)))) ((our (domestic business)) (was (substantially (below expectations))))) (said ((paul newton) (president (and ((chief executive) officer))))))
((a spokesman) ((said (((((the company) 's) first) quarter) (is (historically (soft (and (computer companies))))))) (in (general (are (experiencing (slower sales)))))))
((mr. newton) ((said (he (accepted ((the resignation) (of ((thomas wilson) ((vice president) (of (corporate sales))))))))) (and (that (((his marketing) responsibilities) (have (been reassigned)))))))
((the company) (said ((((mr. wilson) 's) resignation) (was (n't (related (to ((the sales) shortfall))))))))
(((relational technology) (went ((public in) (may 1988)))) (at (14 (a share))))
((it (fell (1.875 (a share)))) (friday (to (6.25 (((a new) low) (in (over-the-counter trading)))))))
(((its high) (for ((the past) year))) (was (16.375 (a share))))
((in ((the previous) quarter)) ((the company) ((earned ((4.5 million) (or ((37 cents) (a share))))) (on (sales (of (47.2 million)))))))
((((the chemical) industry) (is (expected (to (report (that ((profits (eroded (in ((the third) quarter)))) (because (of (skidding prices)))))))))) (in (((the commodity) end) (of (the business)))))
(((producers (of (commodity chemicals))) ((((the basic) chemicals) (produced (in (huge volumes)))) (for (other manufacturers)))) (have (seen (sharp (inventory (cutting (by buyers)))))))
((once ((the (chief beneficiaries)) (of (((the industry) 's) (now (fading boom)))))) (((these producers) (also (will (be (reporting (against (exceptionally (strong performances)))))))) (in (((the 1988) third) quarter))))
((for (some (of (these companies)))) ((this (will (be (((the first) quarter) (with (year-to-year (negative comparisons))))))) (says ((leonard bogner) ((((a chemical) industry) analyst) (at ((prudential bache) research)))))))
((this (could (be ((the first) (of five))))) (or (six (down quarters))))
((perhaps ((most (prominent (((dow chemical) co.) (which (as (of midyear)))))) ((had (racked (up (((eight consecutive) record) quarters)))) (is (expected (to (report (that ((profit (decreased (in ((the latest) quarter)))) (from (a year))))))))))) (earlier (if (only (by (a shade))))))
((though (dow (has (aggressively (diversified (into ((specialty chemicals) (and pharmaceuticals)))))))) ((the company) (still (has (((a big) stake) (in (polyethylene (which (is (used (in (packaging (and housewares)))))))))))))
((((((((analysts ') third-quarter) estimates) (for ((the (midland mich.)) company))) (are (between (3.20 ((a share) (and (3.30 (a share)))))))) (compared (with (3.36 (a year))))) ago) (when (profit (was ((632 million) (on (sales (of (4.15 billion)))))))))
(((a dow) spokeswoman) (declined (to (comment (on (the estimates))))))
((at (((the investment) firm) (of ((((smith barney) (harris upham)) &) co.)))) (((((the commodity-chemical) segment) (is (seen (pulling (down (overall profit)))))) (for ((20 companies) (representative (of ((the whole) industry)))))) (by ((8 %) (to (10 %))))))
(((you (will (find ((the commodities) (off (more (than (the others)))))))) (and (((the diversified) companies) (about (even (or (slightly better))))))) (says ((james wilbur) (((a smith) barney) analyst))))
(((first boston) corp.) (projects ((that (10 (of ((the 15) companies)))) (it (follows (will (report (lower profit))))))))
((most (of (the 10))) (have (big (commodity-chemical operations))))
((still ((some (industry giants)) (are (expected (to (report (continuing gains))))))) (largely (because (so ((much (of (their business))) (is (outside (commodity chemicals))))))))
((((du pont) co.) (is (thought (to (have (had (steady (profit growth)))))))) (in (((white pigments) fibers) (and polymers))))
((moreover (((the (wilmington del.)) company) (is (helped (when (prices (weaken (on (the (commodity chemicals)))))))))) (it (buys (for (((its own) production) (needs (such (as ethylene))))))))
((analysts (are (divided over))) (whether (((du pont) (will (report (much (of ((a gain) (in ((the latest) quarter)))))))) (from ((((its conoco) inc.) oil) company)))))
((((the estimates) (for (du pont))) range) (from (2.25 (to (2.45 (a share))))))
((in (((the 1988) third) quarter)) ((the company) ((earned ((461 million) (or (1.91 (a share))))) (on (sales (of (7.99 billion)))))))
((du pont) (declined (to comment)))
(((monsanto co.) (too (is (expected (to (continue (reporting (higher profit)))))))) (even (though ((((its sales) (of (crop chemicals))) (were (hurt (in ((the latest) quarter))))) (by (drought (in ((northern europe) (and ((the western) u.s.))))))))))
((((the (st. louis-based)) company) (is (expected (to (report again))))) (that ((losses (in (((((its g.d.) searle) &) co.) (pharmaceutical business)))) (are narrowing))))
((searle (continued (to (operate (in ((the red) (through (((the first) half) (of (the year)))))))))) (but (((monsanto has) said) (it (expects (searle (to (post ((a profit) (for (all (of 1989))))))))))))
(((most estimates) (for (monsanto (run (between 1.70))))) (and (2 (a share))))
((((a year) ago) (the company)) ((posted ((third-quarter profit) (of ((116 million) (or (1.67 (a share))))))) (on (sales (of (2.02 billion))))))
(monsanto (declined (to comment)))
(but (((the commodity-chemical) producers) (are (caught (on ((the downside) (of ((a pricing) cycle))))))))
((by ((some accounts) (on ((wall street) (and (in (the industry))))))) (((the inventory) reductions) (are (near ((an end) (which (may (presage (firmer demand)))))))))
(but (doubters ((say ((growing (production capacity)) (could (keep (pressure (on prices)))))) (into ((the early) 1990s)))))
(((in ((the latest) quarter)) (at least)) (profit (is (expected (to (fall sharply))))))
(((for (himont inc.)) (how (far down))) ((it (is (we (do (n't know))))) (says ((leslie ravitz) (at (salomon brothers))))))
(((((the projections) (are (in ((the neighborhood) (of ((50 cents) (a share))))))) (to ((75 cents) (compared (with (((a restated) 1.65) (a share))))))) (a year)) (earlier (when (profit (was ((107.8 million) (on (sales (of (435.5 million))))))))))
(((himont (faces ((lower prices) (for (((its mainstay) product) polypropylene))))) (while ((it (goes (forward (with ((((a heavy) capital) investment) program))))) (to (bolster ((its ((raw material) supply)) (and (develop (new uses))))))))) (for (polypropylene (whose (markets (include ((the packaging) (and (automobile industries)))))))))
((((the company) (based (in (wilmington del.)))) (is (81%-owned (by ((((montedison s.p) a.) milan) (which (has (((an offer) outstanding) (for ((the himont) shares)))))))))) (it (does (n't (already own)))))
((at ((quantum chemical) corp.)) ((((new york) (the trouble)) (is (lower (prices (for (polyethylene (higher (debt costs)))))))) (and (((the idling) (of ((an important) plant))) (due (to (an explosion)))))))
((((some analysts) (hedge ((their estimates) (for quantum)))) (because (it (is (n't known))))) (when ((the company) (will (book (certain (one-time charges)))))))
(but (((the estimates) range) (from (break-even (to ((35 cents) (a share)))))))
((in (((the 1988) third) quarter)) ((quantum (earned ((99.8 million) (or (3.92 (a share)))))) (on (sales (of (724.4 million))))))
(((((((((another big) polyethylene) producer) union) carbide) corp.) (is (expected (to (post (profit (of (between (1 (a share)))))))))) (and (1.25 (compared (with (1.56 (a share))))))) (((a year) earlier) (when ((the company) (earned ((213 million) (on (sales (of (2.11 billion))))))))))
(((himont quantum) (and (union carbide))) (all (declined (to comment))))
((((british aerospace) plc) (and (((france 's) thomson-csf) s.a.))) ((said (they (are (nearing ((an agreement) (to (merge ((their guided-missile) divisions)))))))) (greatly (expanding (collaboration (between ((the two) (defense contractors))))))))
(((((((the 50-50) joint) venture) (which (may (be (dubbed eurodynamics))))) (would (have (combined (annual sales))))) (of (at least))) ((((1.4 billion) (2.17 billion)) and) (would (be (among (((((the world) 's) largest) missile) makers))))))
((after ((two years) (of talks))) ((plans (for (the venture))) (are (sufficiently (advanced (for ((the companies) (to (seek (french (and ((british government) clearance))))))))))))
(((the companies) (hope (for ((a final) agreement)))) (by year-end))
(((the venture) (would (strengthen ((((the rapidly) growing) ties) (between (the (two companies))))))) (and (help (make (them (((a leading) force) (in ((european defense) contracting))))))))
((in (recent months)) (((a string) (of ((cross-border mergers) (and (joint ventures))))) (have (reshaped (((the once-balkanized) world) (of ((european arms) manufacture)))))))
((already ((((british aerospace) (and (french government-controlled))) (thomson-csf collaborate)) (on (((a british) missile) contract)))) (and (on ((((an air-traffic) control) radar) system))))
((just (last week)) (((they (announced (they (may (make ((a joint) bid)))))) (to (buy (((ferranti (international signal)) plc) (((((a smaller) british) defense) contractor) (rocked (by (alleged (accounting fraud))))))))) (at ((a u.s.) unit))))
((((((the sudden) romance) (of ((british aerospace) (and thomson-csf)))) (traditionally (bitter competitors))) (for (middle (east (and (third (world (weapons contracts)))))))) (is ((stirring controversy) (in ((((western europe) 's) defense) industry)))))
(((most (threatened (by (closer ((british aerospace-thomson) ties))))) (would (be ((((their respective) national) rivals) (including (matra s.a.)))))) (in (france (and ((((britain 's) (general electric)) co.) plc)))))
((but (neither (matra (nor (gec (unrelated (to (stamford conn.-based)))))))) (((general electric) co.) (are (sitting (quietly (by (as ((their competitors) (join forces)))))))))
((yesterday ((a source) (close (to gec)))) (confirmed (that (((his company) (may (join (((the ferranti) fight) (as (part (of ((a possible) consortium)))))))) (that (would (bid (against ((british aerospace) (and thomson-csf))))))))))
(((companies (with (which gec))) (has (had (talks (about ((((a possible) joint) ferranti) bid)))))) (include (matra ((((britain 's) dowty) group) (plc ((((west germany) 's) (daimler-benz ag)) (and (((france 's) dassault) group))))))))
(but ((it (may (be weeks))) (before ((gec (and ((its potential) partners))) (decide (whether (to (bid ((the source) indicated)))))))))
(((gec (plans (first (to (study ((((ferranti 's) financial) accounts) (which (((auditors recently) said) (included ((215 million) (in (fictitious contracts)))))))))))) (at ((((((a u.s.) unit) (international signal)) &) control) group))) (with (which (ferranti (merged (last year))))))
((also (((any gec) bid) (might (be (blocked (by (british (antitrust regulators)))))))) (((ferranti (is ((((gec 's) main) competitor) (on (several (key (defense-electronics contracts))))))) (and ((its purchase) (by gec)))) (may (heighten ((british (defense ministry)) (worries (about (concentration (in ((((the country) 's) defense) industry))))))))))
((((a consortium) bid) (however (would (diminish ((((gec 's) direct) role) (in ferranti)))))) (and (might (consequently (appease (ministry officials))))))
(((((a (british aerospace)) spokeswoman) (appeared (unperturbed (by ((the prospect) (of ((a fight) (with (gec (for (ferranti competition))))))))))) (is ((the name) (of (the game))))) (she said))
(((at least) ((((one potential) gec) partner) matra)) (insists (it (is (n't (interested (in ferranti)))))))
((we (have (nothing (to (say (about ((this affair) (which (does (n't (concern us))))))))))) (((a matra) official) (said sunday)))
((((the missile) venture) ((the (british aerospace)) spokeswoman)) (said (is (((a needed) response) (to (((the new) environment) (in (defense contracting))))))))
((for ((both thomson) (and ((((british aerospace) earnings) (in (their (home markets)))) (have (come (under (pressure (from (increasingly ((tight-fisted (defense ministries)) (and (middle (east sales)))))))))))))) ((((a traditional) mainstay) (for (both companies))) (' (exports (have (been (hurt (by ((five years) (of (weak (oil prices))))))))))))
(((((the venture) 's) importance) (for thomson)) (is great))
((thomson (feels (((the future) (of ((its defense) business))) (depends (on (building cooperation)))))) (with (other europeans)))
((((the (european defense)) industry) (is (consolidating (for instance)))) (((((((((west germany) 's) siemens) ag) recently) joined) gec) (in ((a takeover) (of (((britain 's) plessey) co.))))) (and (daimler-benz (agreed (to (buy (messerschmitt-boelkow (blohm (g.m.b h))))))))))
(((in (missiles thomson)) (is (already (overshadowed (by ((british aerospace) (and (by ((((((its home) rival) france) 's) aerospatiale) s.a.))))))))) (to (better (compete ((thomson officials) (say (they (need (a partnership)))))))))
((to (justify ((50-50 ownership) (of ((the planned) venture))))) (thomson (would (make (((a cash) payment) (to (british aerospace)))))))
((((annual revenue) (of ((((british aerospace) 's) missile) business))) (is (about (950 million)))) (((a thomson) spokesman) said))
((((british aerospace) 's) ((chief missile) products)) (include (((its 17-year-old) family) (of (rapier (surface-to-air missiles))))))
((((thomson missile) products) (with (about (half ((((british aerospace) 's) annual) revenue))))) (include ((((the crotale) surface-to-air) missile) family)))
((pse inc.) (((said (it (expects (to (report ((third earnings) (of (1.3 million)))))))) (to ((1.7 million) (or (14 cents))))) (to ((18 cents) (a share)))))
((in ((the year-ago) quarter)) ((((((the designer) and) operator) (of (cogeneration (and (((waste heat) recovery) plants))))) (had ((net income) (of (326,000 (or ((four cents) (a share)))))))) (on (revenue (of (about (41.4 million)))))))
((the company) ((said ((the improvement) (is (related (to (additional (cogeneration facilities))))))) (that (have (been (put (into operation)))))))
