test1.wtag

About_IN 400,000_CD commuters_NNS trying_VBG to_TO find_VB their_PRP$ way_NN through_IN the_DT Bay_NNP area_NN 's_POS quake-torn_JJ transportation_NN system_NN wedged_VBD cheek-to-jowl_RB into_IN subways_NNS ,_, sat_VBD in_IN traffic_NN jams_NNS on_IN major_JJ freeways_NNS or_CC waited_VBD forlornly_RB for_IN buses_NNS yesterday_NN ._.
In_IN other_JJ words_NNS ,_, it_PRP was_VBD a_DT better-than-average_JJ Manhattan_NNP commute_NN ._.
City_NN officials_NNS feared_VBD widespread_JJ gridlock_NN on_IN the_DT first_JJ day_NN that_IN normal_JJ business_NN operations_NNS were_VBD resumed_VBN following_VBG last_JJ Tuesday_NNP 's_POS earthquake_NN ._.
The_DT massive_JJ temblor_NN ,_, which_WDT killed_VBD at_IN least_JJS 61_CD people_NNS ,_, severed_VBD the_DT Bay_NNP Bridge_NNP ,_, a_DT major_JJ artery_NN to_TO the_DT east_JJ ,_, and_CC closed_VBD most_JJS ramps_NNS leading_VBG to_TO and_CC from_IN Highway_NN 101_CD ,_, the_DT biggest_JJS artery_NN to_TO the_DT south_NN ._.
It_PRP will_MD take_VB several_JJ weeks_NNS to_TO repair_VB the_DT bridge_NN ,_, and_CC several_JJ months_NNS to_TO repair_VB some_DT of_IN the_DT 101_CD connections_NNS ._.
But_CC in_IN spite_NN of_IN a_DT wind-driven_JJ rainstorm_NN ,_, gridlock_NN never_RB materialized_VBD ,_, mainly_RB because_IN the_DT Bay_NNP Area_NNP Rapid_NNP Transit_NNP subway_NN system_NN carried_VBD 50_CD %_NN more_JJR passengers_NNS than_IN normal_JJ ._.
For_IN the_DT first_JJ time_NN in_IN memory_NN ,_, it_PRP was_VBD standing-room_NN only_RB in_IN BART_NNP 's_POS sleek_JJ ,_, modern_JJ railcars_NNS ._.
Moreover_RB ,_, the_DT two_CD main_JJ bridges_NNS still_RB connecting_VBG San_NNP Francisco_NNP with_IN the_DT East_NNP Bay_NNP did_VBD n't_RB charge_NN tolls_NNS ,_, allowing_VBG traffic_NN to_TO zip_VB through_RP without_IN stopping_VBG ._.
Officials_NNS also_RB suspect_VBP that_DT traffic_NN benefited_VBD from_IN steps_NNS by_IN major_JJ employers_NNS to_TO get_VB workers_NNS to_TO come_VB in_IN at_IN odd_JJ hours_NNS ,_, or_CC that_IN many_JJ workers_NNS are_VBP still_RB staying_VBG at_IN home_NN ._.
Many_JJ commuters_NNS who_WP normally_RB drove_VBD across_IN the_DT Bay_NNP Bridge_NNP ,_, which_WDT is_VBZ shut_VBN down_RP for_IN several_JJ weeks_NNS because_IN of_IN damage_NN to_TO one_CD span_NN ,_, actually_RB may_MD have_VB reached_VBD work_NN a_DT bit_NN faster_RBR on_IN BART_NNP yesterday_NN ,_, provided_VBN they_PRP could_MD find_VB a_DT parking_NN space_NN at_IN the_DT system_NN 's_POS jammed_VBN stations_NNS ._.
In_IN the_DT best_JJS of_IN times_NNS ,_, the_DT Bay_NNP Bridge_NNP is_VBZ the_DT worst_JJS commute_NN in_IN the_DT region_NN ,_, often_RB experiencing_VBG back-ups_NNS of_IN 20_CD to_TO 30_CD minutes_NNS or_CC more_JJR ._.
Not_RB that_IN getting_VBG into_IN town_NN was_VBD easy_JJ ._.
Storm_NN flooding_NN caused_VBD back-ups_NNS on_IN the_DT freeway_NN ,_, and_CC many_JJ commuters_NNS had_VBD to_TO find_VB rides_NNS to_TO BART_NNP 's_POS stations_NNS ,_, because_IN parking_NN lots_NNS were_VBD full_JJ before_IN dawn_NN ._.
Bus_NN schedules_NNS were_VBD sometimes_RB in_IN disarray_NN ,_, stranding_VBG commuters_NNS such_JJ as_IN Marilyn_NNP Sullivan_NNP ._.
Her_PRP commute_NN from_IN Petaluma_NNP ,_, Calif._NNP ,_, normally_RB takes_VBZ an_DT hour_NN and_CC 15_CD minutes_NNS ,_, via_IN the_DT Golden_NNP Gate_NNP Bridge_NNP ,_, which_WDT connects_VBZ San_NNP Francisco_NNP with_IN the_DT North_NNP Bay_NNP area_NN ._.
Yesterday_NN ,_, she_PRP was_VBD still_RB waiting_VBG at_IN a_DT bus_NN stop_NN after_IN three_CD hours_NNS ,_, trying_VBG to_TO transfer_VB to_TO a_DT bus_NN going_VBG to_TO the_DT financial_JJ district_NN ._.
``_`` It_PRP 's_VBZ worse_JJR than_IN I_PRP thought_VBD ,_, ''_'' she_PRP said_VBD ._.
``_`` I_PRP do_VBP n't_RB know_VB where_WRB all_PDT the_DT buses_NNS are_VBP ._. ''_''
But_CC while_IN traffic_NN was_VBD heavy_JJ early_JJ in_IN the_DT commute_NN over_IN the_DT Golden_NNP Gate_NNP ,_, by_IN 8_CD a.m._NN it_PRP already_RB had_VBD thinned_VBN out_IN ._.
``_`` It_PRP 's_VBZ one_CD of_IN the_DT smoothest_JJS commutes_NNS I_PRP 've_VBP ever_RB had_VBN ,_, ''_'' said_VBD Charles_NNP Catania_NNP ,_, an_DT insurance_NN broker_NN on_IN the_DT bus_NN from_IN Mill_NNP Valley_NNP in_IN Marin_NNP County_NNP ._.
``_`` It_PRP looks_VBZ like_IN a_DT holiday_NN ._.
I_PRP think_VBP a_DT lot_NN of_IN people_NNS got_VBD scared_VBN and_CC stayed_VBN home_NN ._. ''_''
However_RB ,_, a_DT spokeswoman_NN for_IN BankAmerica_NNP Corp._NNP said_VBD yesterday_NN 's_POS absenteeism_NN at_IN the_DT bank_NN holding_VBG company_NN was_VBD no_RB greater_JJR than_IN on_IN an_DT average_JJ day_NN ._.
At_IN the_DT San_NNP Mateo_NNP Bridge_NNP ,_, which_WDT connects_VBZ the_DT San_NNP Francisco_NNP peninsula_NN with_IN the_DT East_NNP Bay_NNP ,_, police_NNS were_VBD surprised_VBN at_IN the_DT speed_NN with_IN which_WDT traffic_NN moved_VBD ._.
``_`` Everybody_NN pretty_RB much_RB pitched_VBD in_IN and_CC cooperated_VBD ,_, ''_'' said_VBD Stan_NNP Perez_NNP ,_, a_DT sergeant_NN with_IN the_DT California_NNP Highway_NNP Patrol_NNP ._.
There_EX were_VBD many_JJ indications_NNS that_IN the_DT new_JJ work_NN hours_NNS implemented_VBN by_IN major_JJ corporations_NNS played_VBD a_DT big_JJ role_NN ._.
The_DT Golden_NNP Gate_NNP handled_VBD as_IN many_JJ cars_NNS as_RB normally_RB yesterday_NN ,_, but_CC over_IN four_CD hours_NNS rather_RB than_IN the_DT usual_JJ two-hour_JJ crush_NN ._.
Bechtel_NNP Group_NNP Inc._NNP ,_, the_DT giant_NN closely_RB held_VBD engineering_NN concern_NN ,_, says_VBZ it_PRP has_VBZ instituted_VBN a_DT 6_CD a.m._NN to_TO 8_CD p.m._NN flextime_NN arrangement_NN ,_, whereby_WRB employees_NNS may_MD select_VB any_DT eight-hour_JJ period_NN during_IN those_DT hours_NNS to_TO go_VB to_TO work_NN ._.
Of_IN Bechtel_NNP 's_POS 17,500_CD employees_NNS ,_, about_IN 4,000_CD work_NN in_IN San_NNP Francisco_NNP --_: one-third_NN of_IN them_PRP commuting_VBG from_IN stricken_JJ East_NNP Bay_NNP ._.
Pacific_NNP Gas_NNP &_CC Electric_NNP Co._NNP is_VBZ offering_VBG its_PRP$ 6,000_CD San_NNP Francisco_NNP employees_NNS a_DT two-tier_JJ flextime_NN schedule_NN --_: either_CC 6_CD a.m._NN to_TO 2_CD p.m._NN or_CC 10_CD a.m._NN to_TO 6_CD p.m_NN ._.
The_DT flextime_NN may_MD cut_VB by_IN almost_RB a_DT third_JJ the_DT number_NN of_IN PG&E_NNP employees_NNS working_VBG conventional_JJ 9-5_CD hours_NNS ,_, a_DT spokesman_NN says_VBZ ._.
Some_DT of_IN the_DT utility_NN 's_POS employees_NNS may_MD opt_VB for_IN a_DT four-day_JJ workweek_NN ,_, 10_CD hours_NNS a_DT day_NN ,_, to_TO cut_VB the_DT commute_NN by_IN 20_CD %_NN ._.
At_IN Pacific_NNP Telesis_NNP Group_NNP ,_, flextime_NN is_VBZ left_VBN up_IN to_TO individual_JJ working_VBG groups_NNS ,_, because_IN some_DT of_IN the_DT telephone_NN company_NN 's_POS employees_NNS must_MD be_VB on-site_JJ during_IN normal_JJ business_NN hours_NNS ,_, a_DT spokeswoman_NN says_VBZ ._.
Some_DT individuals_NNS went_VBD to_TO some_DT lengths_NNS on_IN their_PRP$ own_JJ to_TO avoid_VB the_DT anticipated_VBN gridlock_NN ._.
One_CD senior_JJ vice_NN president_NN at_IN Bechtel_NNP said_VBD he_PRP got_VBD up_RP at_IN 3_CD a.m._NN to_TO drive_VB into_IN San_NNP Francisco_NNP from_IN the_DT East_NNP Bay_NNP ._.
But_CC transportation_NN officials_NNS worry_VBP that_IN such_JJ extraordinary_JJ measures_NNS and_CC cooperation_NN may_MD not_RB last_VB ._.
Although_IN one_CD transportation_NN official_NN said_VBD drivers_NNS who_WP did_VBD n't_RB use_VB car_NN pools_NNS were_VBD committing_VBG ``_`` an_DT anti-social_JJ act_NN ,_, ''_'' about_IN two-thirds_NNS of_IN the_DT motorists_NNS crossing_VBG the_DT Golden_NNP Gate_NNP were_VBD alone_RB ,_, compared_VBN with_IN the_DT normal_JJ 70_CD %_NN rate_NN ._.
And_CC some_DT commuters_NNS ,_, relieved_VBN by_IN the_DT absence_NN of_IN gridlock_NN ,_, were_VBD planning_VBG to_TO return_VB to_TO their_PRP$ old_JJ ways_NNS ._.
Garry_NNP Kasparov_NNP went_VBD to_TO combat_VB Sunday_NNP with_IN the_DT world_NN 's_POS most_RBS advanced_VBN chess_NN computer_NN and_CC kicked_VBD it_PRP around_RB --_: symbolically_RB ,_, anyway_RB --_: like_IN an_DT old_JJ tin_NN can_NN ._.
Playing_VBG black_JJ in_IN the_DT first_JJ game_NN ,_, the_DT human_JJ champion_NN maneuvered_VBD Deep_NNP Thought_NNP ,_, known_VBN for_IN its_PRP$ attacking_VBG prowess_NN ,_, into_IN a_DT totally_RB passive_JJ position_NN ._.
Then_RB he_PRP unleashed_VBD his_PRP$ own_JJ ,_, unstoppable_JJ ,_, attack_NN ._.
And_CC in_IN the_DT second_JJ game_NN ,_, with_IN Mr._NNP Kasparov_NNP advancing_VBG ferociously_RB as_IN white_JJ ,_, D.T._NNP offered_VBD feeble_JJ resistance_NN and_CC lost_VBD even_RB faster_RBR ._.
Well_UH ,_, mankind_NN can_MD rest_VB easier_JJR for_IN now_RB ._.
Though_IN almost_RB everybody_NN at_IN the_DT playing_VBG site_NN had_VBD been_VBN looking_VBG for_IN the_DT 26-year-old_JJ Soviet_NNP to_TO beat_VB the_DT Pennsylvania-based_JJ computer_NN ,_, he_PRP gave_VBD the_DT machine_NN a_DT far_RB worse_JJR drubbing_NN than_IN many_JJ expected_VBD ._.
And_CC when_WRB Mr._NNP Kasparov_NNP strode_VBD into_IN the_DT playing_VBG hall_NN ,_, he_PRP called_VBD the_DT outcome_NN ._.
As_IN if_IN he_PRP were_VBD Iron_NNP Mike_NNP ,_, about_IN to_TO enter_VB the_DT ring_NN with_IN a_DT 98-pound_JJ weakling_NN ,_, he_PRP declared_VBD :_: ``_`` I_PRP 'll_MD be_VB able_JJ to_TO beat_VB any_DT computer_NN for_IN the_DT next_JJ five_CD years_NNS ._. ''_''
His_PRP$ strategy_NN against_IN D.T._NNP was_VBD based_VBN on_IN a_DT thorough_JJ study_NN of_IN dozens_NNS of_IN its_PRP$ games_NNS ,_, he_PRP said_VBD ,_, including_VBG its_PRP$ notorious_JJ whippings_NNS of_IN the_DT grandmasters_NNS Bent_NNP Larsen_NNP of_IN Denmark_NNP and_CC Robert_NNP Byrne_NNP of_IN the_DT U.S._NNP ._.
Mr._NNP Kasparov_NNP was_VBD underwhelmed_VBN ._.
``_`` The_DT computer_NN 's_POS mind_NN is_VBZ too_RB straight_JJ ,_, too_RB primitive_JJ ,_, ''_'' lacking_VBG the_DT intuition_NN and_CC creativity_NN needed_VBN to_TO reach_VB the_DT top_NN ,_, he_PRP said_VBD ._.
The_DT champion_NN apparently_RB was_VBD not_RB worried_VBN at_IN all_DT about_IN D.T._NNP 's_POS strong_JJ points_NNS ._.
Its_PRP$ chief_NN builder_NN ,_, Taiwan-born_JJ Feng-hsiung_NNP Hsu_NNP ,_, nicknamed_VBN his_PRP$ brainchild_NN ``_`` the_DT Weasel_NNP ''_'' for_IN its_PRP$ tactical_JJ flair_NN at_IN wriggling_VBG out_IN of_IN horrible_JJ positions_NNS ._.
D.T._NNP also_RB has_VBZ a_DT prodigious_JJ and_CC flawless_JJ memory_NN ,_, is_VBZ utterly_RB fearless_JJ ,_, and_CC could_MD n't_RB be_VB distracted_VBN by_IN the_DT sexy_JJ nude_JJ sculptures_NNS spread_VBN around_IN the_DT playing_NN hall_NN ,_, in_IN the_DT New_NNP York_NNP Academy_NNP of_IN Art_NNP ._.
In_IN fact_NN ,_, D.T._NNP never_RB left_VBD home_NN ,_, Carnegie_NNP Mellon_NNP University_NNP in_IN Pittsburgh_NNP ,_, but_CC communicated_VBN with_IN its_PRP$ human_JJ handlers_NNS by_IN telephone_NN link_NN ._.
They_PRP conceded_VBD that_IN the_DT odds_NNS favored_VBD Mr._NNP Kasparov_NNP ,_, but_CC they_PRP put_VBP their_PRP$ hope_NN in_IN D.T._NNP 's_POS recently_RB enhanced_VBN capacity_NN for_IN examining_VBG positions_NNS --_: up_IN to_TO a_DT million_CD per_IN second_JJ ,_, from_IN 720,000_CD ._.
But_CC the_DT handlers_NNS mistakenly_RB stuck_VBD with_IN silicon_NN chips_NNS ;_: they_PRP needed_VBD kryptonite_NN ._.
This_DT became_VBD apparent_JJ as_IN game_NN one_CD ,_, a_DT Sicilian_NNP Defense_NNP by_IN Mr._NNP Kasparov_NNP ,_, proceeded_VBD ._.
No_DT human_NN can_MD examine_VB millions_NNS of_IN moves_NNS ,_, but_CC Mr._NNP Kasparov_NNP ,_, using_VBG his_PRP$ ineffably_RB powerful_JJ brain_NN ,_, consistently_RB found_VBD very_RB good_JJ ones_NNS ._.
After_IN eight_CD moves_NNS by_IN each_DT side_NN ,_, the_DT board_NN was_VBD the_DT same_JJ as_IN in_IN a_DT game_NN in_IN which_WDT Nigel_NNP Short_NNP of_IN Great_NNP Britain_NNP fought_VBD the_DT champion_NN to_TO a_DT draw_NN in_IN 1980_CD ._.
But_CC the_DT computer_NN did_VBD n't_RB play_VB Mr._NNP Short_NNP 's_POS ninth_JJ move_NN ,_, a_DT key_JJ pawn_NN thrust_NN ,_, and_CC its_PRP$ position_NN deteriorated_VBD rapidly_RB ._.
Instead_RB of_IN castling_VBG ,_, a_DT standard_JJ measure_NN to_TO safeguard_VB the_DT king_NN ,_, D.T._NNP made_VBD a_DT second-rate_JJ rook_NN maneuver_NN at_IN move_NN 13_CD ;_: then_RB it_PRP put_VBD a_DT knight_NN offside_NN on_IN move_NN 16_CD ._.
``_`` Only_RB two_CD classes_NNS of_IN minds_NNS would_MD think_VB of_IN this_DT --_: very_RB weak_JJ human_JJ players_NNS ,_, and_CC computers_NNS ,_, ''_'' said_VBD Edmar_NNP Mednis_NNP ,_, the_DT expert_JJ commentator_NN for_IN the_DT match_NN ,_, which_WDT was_VBD attended_VBN by_IN hundreds_NNS of_IN chess_NN fans_NNS ._.
By_IN move_NN 21_CD ,_, D.T._NNP had_VBD fallen_VBN into_IN a_DT deep_JJ positional_JJ trap_NN ._.
It_PRP allowed_VBD Mr._NNP Kasparov_NNP to_TO exchange_VB his_PRP$ dark-squared_JJ bishop_NN for_IN one_CD of_IN D.T._NNP 's_POS knights_NNS ._.
Bishops_NNS usually_RB are_VBP worth_JJ slightly_RB more_JJR than_IN knights_NNS ,_, but_CC in_IN this_DT case_NN Mr._NNP Kasparov_NNP was_VBD left_VBN with_IN a_DT very_RB dangerous_JJ knight_NN and_CC D.T._NNP 's_POS surviving_VBG bishop_NN was_VBD reduced_VBN to_TO passivity_NN ._.
Indeed_RB ,_, it_PRP looked_VBD more_JJR like_IN a_DT pawn_NN ,_, a_DT ``_`` tall_JJ pawn_NN ,_, ''_'' as_IN spectators_NNS snidely_RB put_VBP it_PRP ._.
Consistently_RB ,_, D.T._NNP was_VBD over-optimistic_JJ about_IN its_PRP$ chances_NNS ,_, which_WDT it_PRP continually_RB sized_VBD up_RP ,_, in_IN numerical_JJ form_NN ._.
When_WRB most_JJS spectators_NNS thought_VBD its_PRP$ position_NN hopeless_JJ ,_, the_DT computer_NN thought_VBD it_PRP was_VBD only_RB ,_, in_IN effect_NN ,_, one-half_NN of_IN a_DT pawn_NN down_IN ._.
Such_JJ evaluations_NNS met_VBD with_IN derision_NN ,_, and_CC kept_VBD the_DT machine_NN from_IN resigning_VBG as_RB soon_RB as_IN humans_NNS would_MD have_VB --_: prompting_VBG more_JJR derision_NN ._.
While_IN D.T._NNP shuffled_VBD its_PRP$ king_NN back_RB and_CC forth_RB in_IN a_DT defensive_JJ crouch_NN ,_, Mr._NNP Kasparov_NNP maneuvered_VBD the_DT knight_NN to_TO a_DT dominant_JJ outpost_NN ._.
He_PRP also_RB launched_VBD a_DT kingside_NN storm_NN ,_, sacrificing_VBG a_DT pawn_NN to_TO denude_VB D.T._NNP 's_POS king_NN ._.
No_DT amount_NN of_IN weasling_VBG could_MD have_VB saved_VBN this_DT game_NN for_IN D.T_NNP ._.
A_DT piece_NN down_IN ,_, the_DT computer_NN resigned_VBD ._.
Now_RB ,_, with_IN the_DT crowd_NN in_IN the_DT analysis_NN room_NN smelling_VBG figurative_JJ blood_NN ,_, the_DT only_JJ question_NN seemed_VBD to_TO be_VB how_WRB fast_JJ Mr._NNP Kasparov_NNP could_MD win_VB game_NN two_CD ._.
With_IN the_DT advantage_NN of_IN playing_VBG white_JJ -LRB-_-LRB- which_WDT moves_VBZ first_JJ -RRB-_-RRB- ,_, Mr._NNP Kasparov_NNP followed_VBD up_RP cleverly_RB against_IN the_DT computer_NN 's_POS defense_NN ,_, a_DT Queen_NNP 's_POS Gambit_NNP Accepted_NNP ._.
As_RB early_RB as_IN move_NN six_CD ,_, Mr._NNP Kasparov_NNP deviated_VBD from_IN a_DT well-known_JJ sequence_NN of_IN moves_NNS ,_, developing_VBG a_DT knight_NN instead_RB of_IN making_VBG a_DT standard_JJ bishop_NN attack_NN against_IN the_DT computer_NN 's_POS advanced_VBN knight_NN ._.
This_DT left_VBD the_DT computer_NN with_IN a_DT broader_JJR range_NN of_IN plausible_JJ replies_NNS --_: and_CC it_PRP immediately_RB blundered_VBD by_IN moving_VBG a_DT queenside_NN pawn_NN ,_, to_TO the_DT neglect_NN of_IN kingside_NN development_NN ._.
``_`` In_IN a_DT new_JJ position_NN just_RB after_IN the_DT opening_NN ,_, a_DT computer_NN will_MD have_VB serious_JJ problems_NNS ,_, ''_'' Mr._NNP Kasparov_NNP said_VBD later_RB ._.
In_IN such_JJ positions_NNS ,_, he_PRP explained_VBD ,_, ``_`` you_PRP have_VBP to_TO create_VB something_NN new_JJ ,_, and_CC the_DT computer_NN is_VBZ n't_RB able_JJ to_TO do_VB that_DT right_RB now_RB ._. ''_''
After_IN only_RB 11_CD moves_NNS for_IN each_DT side_NN ,_, the_DT computer_NN 's_POS position_NN was_VBD shaky_JJ ._.
Greedily_RB ,_, it_PRP grabbed_VBD a_DT pawn_NN ,_, at_IN the_DT cost_NN of_IN facing_VBG a_DT brutal_JJ attack_NN ._.
And_CC when_WRB a_DT defensive_JJ move_NN was_VBD called_VBN for_IN ,_, D.T._NNP passed_VBD up_RP an_DT obvious_JJ pawn_NN move_NN and_CC instead_RB exposed_VBN its_PRP$ queen_NN to_TO immediate_JJ tactical_JJ threats_NNS ._.
Mr._NNP Kasparov_NNP remarked_VBD later_RB that_IN ``_`` even_RB a_DT weak_JJ club_NN player_NN ''_'' would_MD have_VB avoided_VBN the_DT queen_NN move_NN ._.
Now_RB ,_, after_IN only_RB a_DT dozen_NN moves_NNS ,_, spectators_NNS were_VBD looking_VBG for_IN a_DT mating_NN combination_NN ._.
On_IN a_DT demonstration_NN board_NN ,_, emcee_NN Shelby_NNP Lyman_NNP showed_VBD a_DT quick_JJ kill_NN initiated_VBN by_IN a_DT knight_NN sacrifice_NN ;_: no_DT spectator_NN refuted_VBD this_DT line_NN of_IN play_NN ._.
Mr._NNP Kasparov_NNP 's_POS continuation_NN was_VBD slower_JJR but_CC ,_, in_IN the_DT end_NN ,_, just_RB as_IN deadly_JJ ._.
He_PRP won_VBD D.T._NNP 's_POS queen_NN for_IN two_CD minor_JJ pieces_NNS and_CC two_CD pawns_NNS --_: not_RB enough_RB compensation_NN ,_, in_IN this_DT position_NN ,_, to_TO give_VB the_DT computer_NN much_JJ hope_NN ._.
In_IN a_DT hopeless_JJ position_NN ,_, the_DT computer_NN resigned_VBD rather_RB than_IN make_VB its_PRP$ 37th_JJ move_NN ._.
And_CC Mr._NNP Kasparov_NNP ,_, to_TO cheers_NNS and_CC applause_NN ,_, marched_VBD back_RB into_IN the_DT analysis_NN room_NN ._.
``_`` In_IN both_DT games_NNS I_PRP got_VBD exactly_RB what_WP I_PRP wanted_VBD ,_, ''_'' he_PRP said_VBD ._.
What_WP he_PRP had_VBD demonstrated_VBN ,_, he_PRP added_VBD ,_, is_VBZ that_IN there_EX 's_VBZ more_JJR to_TO chess_NN than_IN sheer_JJ calculation_NN ._.
Undeterred_JJ ,_, D.T._NNP 's_POS handlers_NNS vowed_VBD to_TO press_VB on_IN ._.
Indeed_RB ,_, three_CD of_IN them_PRP will_MD be_VB building_VBG a_DT successor_NN machine_NN for_IN International_NNP Business_NNP Machines_NNPS Corp_NNP ._.
Promises_VBZ Feng-hsiung_NNP Hsu_NNP :_: ``_`` In_IN three_CD years_NNS we_PRP 'll_MD mount_VB a_DT better_JJR challenge_NN ._. ''_''
Mr._NNP Tannenbaum_NNP is_VBZ a_DT reporter_NN in_IN the_DT Journal_NNP 's_POS New_NNP York_NNP bureau_NN ._.
Reaching_VBG for_IN that_DT extra_JJ bit_NN of_IN yield_NN can_MD be_VB a_DT big_JJ mistake_NN --_: especially_RB if_IN you_PRP do_VBP n't_RB understand_VB what_WP you_PRP 're_VBP investing_VBG in_IN ._.
Just_RB ask_VB Richard_NNP Blumenfeld_NNP ,_, a_DT New_NNP Jersey_NNP dentist_NN who_WP considers_VBZ himself_PRP ``_`` a_DT reasonably_RB sophisticated_JJ investor_NN ._. ''_''
In_IN May_NNP 1986_CD ,_, Dr._NNP Blumenfeld_NNP gave_VBD Merrill_NNP Lynch_NNP &_CC Co._NNP about_IN $_$ 40,000_CD for_IN a_DT federally_RB insured_VBN certificate_NN of_IN deposit_NN offering_VBG an_DT effective_JJ yield_NN of_IN more_RBR than_IN 9_CD %_NN ._.
``_`` It_PRP was_VBD a_DT time_NN when_WRB interest_NN rates_NNS came_VBD down_RB very_RB rapidly_RB ,_, ''_'' Dr._NNP Blumenfeld_NNP recalls_VBZ ._.
Yields_NNS on_IN five-year_JJ CDs_NNS at_IN major_JJ banks_NNS were_VBD averaging_VBG about_IN 7.45_CD %_NN ,_, and_CC 10-year_JJ Treasury_NN notes_NNS were_VBD paying_VBG less_RBR than_IN 8_CD %_NN ._.
The_DT CD_NNP seemed_VBD like_IN a_DT great_JJ deal_NN ._.
But_CC nearly_RB 3_CD 1\/2_CD years_NNS later_RB ,_, Merrill_NNP says_VBZ the_DT investment_NN is_VBZ worth_JJ about_IN $_$ 43,000_CD --_: an_DT amount_NN that_WDT represents_VBZ an_DT annual_JJ return_NN of_IN just_RB over_IN 2_CD %_NN on_IN Dr._NNP Blumenfeld_NNP 's_POS $_$ 40,000_CD ._.
The_DT problem_NN is_VBZ that_IN the_DT CD_NNP he_PRP bought_VBD for_IN a_DT retirement_NN plan_NN was_VBD n't_RB a_DT plain_JJ vanilla_NN CD_NNP ._.
Instead_RB ,_, his_PRP$ Merrill_NNP broker_NN put_VBD him_PRP in_IN a_DT zero-coupon_JJ CD_NNP ,_, which_WDT is_VBZ sold_VBN at_IN a_DT deep_JJ discount_NN to_TO its_PRP$ face_NN value_NN ._.
The_DT difference_NN between_IN the_DT price_NN and_CC the_DT face_NN value_NN payable_JJ at_IN maturity_NN is_VBZ the_DT investor_NN 's_POS return_NN ._.
More_RBR important_JJ ,_, the_DT CD_NNP was_VBD purchased_VBN on_IN the_DT secondary_JJ ,_, or_CC resale_NN ,_, market_NN ._.
Because_IN the_DT CD_NNP had_VBD an_DT effective_JJ yield_NN of_IN 13.4_CD %_NN when_WRB it_PRP was_VBD issued_VBN in_IN 1984_CD ,_, and_CC interest_NN rates_NNS in_IN general_JJ had_VBD declined_VBN sharply_RB since_IN then_RB ,_, part_NN of_IN the_DT price_NN Dr._NNP Blumenfeld_NNP paid_VBD was_VBD a_DT premium_NN --_: an_DT additional_JJ amount_NN on_IN top_NN of_IN the_DT CD_NNP 's_POS base_NN value_NN plus_CC accrued_VBN interest_NN that_WDT represented_VBD the_DT CD_NNP 's_POS increased_VBN market_NN value_NN ._.
Now_RB the_DT thrift_NN that_WDT issued_VBD the_DT CD_NNP is_VBZ insolvent_JJ ,_, and_CC Dr._NNP Blumenfeld_NNP has_VBZ learned_VBN to_TO his_PRP$ surprise_NN that_IN the_DT premium_NN is_VBZ n't_RB insured_VBN under_IN federal_JJ deposit_NN insurance_NN ._.
The_DT tip-off_NN came_VBD when_WRB he_PRP opened_VBD a_DT recent_JJ Merrill_NNP Lynch_NNP statement_NN and_CC found_VBD that_IN the_DT CD_NNP 's_POS ``_`` estimated_VBN current_JJ market_NN value_NN ''_'' had_VBD plummeted_VBN by_IN $_$ 9,000_CD in_IN a_DT month_NN ._.
Several_JJ phone_NN calls_NNS and_CC a_DT visit_NN to_TO his_PRP$ broker_NN 's_POS office_NN later_RB ,_, the_DT dentist_NN found_VBD out_RP that_IN the_DT $_$ 9,000_CD drop_NN represented_VBD the_DT current_JJ value_NN of_IN the_DT premium_NN he_PRP paid_VBD when_WRB he_PRP bought_VBD the_DT CD_NNP ,_, and_CC that_IN the_DT amount_NN was_VBD n't_RB insured_VBD ._.
``_`` This_DT is_VBZ one_CD thing_NN I_PRP was_VBD never_RB aware_JJ of_IN ,_, ''_'' he_PRP says_VBZ ._.
He_PRP assumed_VBD that_IN principal_NN and_CC interest_NN were_VBD ``_`` fully_RB insured_VBN up_IN to_TO $_$ 100,000_CD ,_, ''_'' he_PRP adds_VBZ ._.
Dr._NNP Blumenfeld_NNP is_VBZ n't_RB unique_JJ ._.
Especially_RB at_IN times_NNS like_IN these_DT ,_, when_WRB declining_VBG rates_NNS make_VBP it_PRP hard_RB for_IN investors_NNS to_TO get_VB yields_NNS they_PRP have_VBP come_VBN to_TO expect_VB ,_, too_RB many_JJ people_NNS chase_VB the_DT promise_NN of_IN above-market_JJ returns_NNS without_IN fully_RB appreciating_VBG the_DT risk_NN ._.
``_`` Yield_NN greed_NN often_RB gets_VBZ in_IN the_DT way_NN of_IN understanding_VBG things_NNS ,_, ''_'' says_VBZ John_NNP Markese_NNP ,_, research_NN director_NN of_IN the_DT American_NNP Association_NNP of_IN Individual_NNP Investors_NNPS ,_, a_DT Chicago-based_JJ educational_JJ group_NN ._.
``_`` The_DT biggest_JJS problem_NN we_PRP have_VBP is_VBZ that_IN investors_NNS realize_VBP ,_, after_IN the_DT fact_NN ,_, that_IN they_PRP did_VBD n't_RB understand_VB what_WP they_PRP were_VBD investing_VBG in_IN ._. ''_''
Dr._NNP Blumenfeld_NNP concedes_VBZ he_PRP did_VBD n't_RB fully_RB understand_VB what_WP he_PRP was_VBD buying_VBG ._.
He_PRP says_VBZ that_IN he_PRP knew_VBD he_PRP was_VBD getting_VBG a_DT zero-coupon_JJ CD_NNP and_CC that_IN he_PRP had_VBD previously_RB invested_VBN in_IN TIGRs_NNP -LRB-_-LRB- Treasury_NNP Income_NNP Growth_NNP Receipts_NNPS -RRB-_-RRB- ,_, a_DT type_NN of_IN zero-coupon_JJ Treasury_NNP security_NN sold_VBN by_IN Merrill_NNP Lynch_NNP ._.
But_CC he_PRP says_VBZ he_PRP did_VBD n't_RB understand_VB he_PRP was_VBD buying_VBG the_DT CD_NNP on_IN the_DT secondary_JJ market_NN ,_, and_CC he_PRP contends_VBZ his_PRP$ broker_NN never_RB fully_RB explained_VBD the_DT risks_NNS ._.
The_DT broker_NN ,_, Thomas_NNP Beairsto_NNP of_IN Merrill_NNP Lynch_NNP 's_POS Morristown_NNP ,_, N.J._NNP ,_, office_NN ,_, refuses_VBZ to_TO discuss_VB the_DT matter_NN with_IN a_DT reporter_NN ,_, referring_VBG inquiries_NNS to_TO Merrill_NNP Lynch_NNP officials_NNS in_IN New_NNP York_NNP ._.
Those_DT officials_NNS say_VBP there_EX was_VBD full_JJ disclosure_NN of_IN the_DT risks_NNS in_IN a_DT ``_`` fact_NN sheet_NN ''_'' sent_VBN to_TO all_DT CD_NNP investors_NNS with_IN their_PRP$ confirmation_NN of_IN sale_NN ._.
The_DT fact_NN sheet_NN ,_, dated_VBN April_NNP 1986_CD ,_, says_VBZ on_IN page_NN three_CD :_: ``_`` If_IN the_DT price_NN paid_VBN for_IN a_DT CD_NNP purchased_VBN in_IN the_DT secondary_JJ market_NN ..._: is_VBZ higher_JJR than_IN the_DT accreted_VBN value_NN in_IN the_DT case_NN of_IN zero-coupon_JJ CDs_NNPS ,_, the_DT difference_NN ..._: is_VBZ not_RB insured_VBN ..._: ._.
Computations_NNS involving_VBG zero-coupon_JJ CDs_NNPS are_VBP more_RBR complicated_VBN and_CC you_PRP should_MD discuss_VB any_DT questions_NNS you_PRP may_MD have_VB with_IN your_PRP$ financial_JJ consultant_NN ._. ''_''
Dr._NNP Blumenfeld_NNP says_VBZ he_PRP does_VBZ n't_RB remember_VB the_DT paragraph_NN about_IN premiums_NNS in_IN the_DT fact_NN sheet_NN he_PRP received_VBD and_CC did_VBD n't_RB realize_VB part_NN of_IN what_WP he_PRP paid_VBD was_VBD a_DT premium_NN ._.
``_`` I_PRP assumed_VBD I_PRP was_VBD buying_VBG a_DT CD_NNP as_IN a_DT CD_NNP ,_, ''_'' he_PRP says_VBZ ._.
Nevertheless_RB ,_, Merrill_NNP Lynch_NNP has_VBZ agreed_VBN that_IN if_IN the_DT thrift_NN that_WDT issued_VBD Dr._NNP Blumenfeld_NNP 's_POS CD_NNP ,_, Peoples_NNPS Heritage_NNP Federal_NNP Savings_NNP &_CC Loan_NNP Association_NNP in_IN Salina_NNP ,_, Kan._NNP ,_, is_VBZ liquidated_VBN and_CC the_DT CD_NNP terminated_VBN ,_, the_DT brokerage_NN firm_NN would_MD cover_VB the_DT premium_NN Dr._NNP Blumenfeld_NNP paid_VBD ._.
-LRB-_-LRB- Federal_NNP deposit_NN insurance_NN would_MD pay_VB principal_NN and_CC interest_NN accrued_VBN to_TO the_DT date_NN of_IN liquidation_NN ,_, to_TO a_DT maximum_NN of_IN $_$ 100,000_CD ._. -RRB-_-RRB-
``_`` It_PRP 's_VBZ not_RB a_DT blanket_NN commitment_NN ,_, it_PRP 's_VBZ a_DT case-by-case_JJ situation_NN ,_, ''_'' says_VBZ Albert_NNP Disposti_NNP ,_, a_DT managing_VBG director_NN of_IN Merrill_NNP Lynch_NNP Money_NNP Markets_NNPS Inc_NNP ._.
``_`` There_EX 's_VBZ a_DT question_NN whether_IN brokers_NNS at_IN the_DT time_NN were_VBD fully_RB aware_JJ ''_'' of_IN the_DT risks_NNS ._.
``_`` We_PRP were_VBD n't_RB sure_JJ that_IN full_JJ disclosure_NN ,_, as_IN we_PRP wanted_VBD it_PRP ,_, was_VBD being_VBG made_VBN ._. ''_''
Merrill_NNP Lynch_NNP says_VBZ it_PRP 's_VBZ impossible_JJ to_TO estimate_VB how_WRB many_JJ investors_NNS are_VBP in_IN Dr._NNP Blumenfeld_NNP 's_POS situation_NN ,_, although_IN it_PRP says_VBZ the_DT firm_NN has_VBZ received_VBN only_RB one_CD other_JJ complaint_NN about_IN premiums_NNS on_IN the_DT secondary_JJ market_NN in_IN three_CD years_NNS ._.
Merrill_NNP Lynch_NNP now_RB provides_VBZ credit_NN rating_NN information_NN about_IN the_DT institutions_NNS whose_WP$ CDs_NNS it_PRP sells_VBZ ,_, which_WDT it_PRP did_VBD n't_RB provide_VB in_IN 1986_CD ._.
Zero-coupon_JJ CDs_NNPS are_VBP only_RB a_DT small_JJ portion_NN of_IN the_DT $_$ 1_CD trillion-plus_NN in_IN CDs_NNPS outstanding_JJ ,_, and_CC those_DT purchased_VBN on_IN the_DT secondary_JJ market_NN are_VBP an_DT even_RB smaller_JJR part_NN of_IN the_DT total_NN ._.
Merrill_NNP Lynch_NNP estimates_VBZ that_IN fewer_JJR than_IN 10_CD financial_JJ institutions_NNS currently_RB issue_VBP zero-coupon_JJ CDs_NNPS ._.
Still_RB ,_, there_EX are_VBP several_JJ billion_CD dollars_NNS of_IN zero-coupon_JJ CDs_NNPS with_IN various_JJ maturities_NNS outstanding_JJ ._.
Because_IN of_IN the_DT tax_NN consequences_NNS of_IN zero-coupon_JJ investments_NNS --_: income_NN tax_NN is_VBZ payable_JJ in_IN the_DT year_NN interest_NN is_VBZ accrued_VBN ,_, although_IN interest_NN is_VBZ n't_RB actually_RB paid_VBN until_IN maturity_NN --_: zero-coupon_JJ CDs_NNPS are_VBP usually_RB sold_VBN for_IN tax-advantaged_JJ accounts_NNS to_TO finance_VB things_NNS like_IN retirement_NN and_CC children_NNS 's_POS education_NN ._.
Most_JJS zero-coupon_JJ CDs_NNPS are_VBP in_IN maturities_NNS of_IN six_CD to_TO nine_CD years_NNS ,_, and_CC they_PRP usually_RB double_VBP in_IN value_NN by_IN maturity_NN ._.
But_CC investors_NNS who_WP bought_VBD zero-coupon_JJ CDs_NNPS in_IN the_DT secondary_JJ market_NN are_VBP n't_RB the_DT only_JJ ones_NNS who_WP may_MD be_VB surprised_VBN to_TO learn_VB the_DT full_JJ amount_NN of_IN their_PRP$ investments_NNS is_VBZ n't_RB insured_VBN ._.
People_NNS who_WP paid_VBD a_DT premium_NN for_IN standard_JJ CDs_NNPS purchased_VBD on_IN the_DT secondary_JJ market_NN could_MD also_RB find_VB that_IN those_DT premiums_NNS are_VBP n't_RB insured_VBN if_IN the_DT institutions_NNS that_WDT issued_VBD the_DT CDs_NNPS failed_VBD ._.
However_RB ,_, those_DT premiums_NNS are_VBP usually_RB far_RB smaller_JJR than_IN on_IN zero-coupon_JJ CDs_NNPS ,_, and_CC the_DT simpler_JJR pricing_NN structure_NN of_IN a_DT standard_JJ CD_NNP makes_VBZ it_PRP more_RBR apparent_JJ when_WRB a_DT premium_NN is_VBZ paid_VBN ._.
Whatever_WDT the_DT case_NN ,_, a_DT Merrill_NNP Lynch_NNP spokesman_NN emphasizes_VBZ ,_, investors_NNS should_MD n't_RB have_VB to_TO worry_VB about_IN the_DT uninsured_JJ premium_NN issue_NN ,_, unless_IN the_DT bank_NN or_CC thrift_NN that_WDT issued_VBD the_DT CD_NNP is_VBZ closed_VBN and_CC its_PRP$ deposits_NNS paid_VBN off_RP before_IN maturity_NN or_CC transferred_VBN to_TO another_DT institution_NN at_IN a_DT lower_JJR rate_NN ._.
Dr._NNP Blumenfeld_NNP says_VBZ he_PRP 's_VBZ satisfied_VBN that_IN his_PRP$ problem_NN has_VBZ been_VBN resolved_VBN ._.
And_CC he_PRP says_VBZ he_PRP 's_VBZ learned_VBN a_DT lesson_NN :_: ``_`` You_PRP always_RB have_VBP to_TO watch_VB out_RP for_IN yourself_PRP ._.
No_DT one_NN else_RB will_MD watch_VB out_RP for_IN you_PRP ._.
Americans_NNPS are_VBP drinking_VBG less_JJR ,_, but_CC young_JJ professionals_NNS from_IN Australia_NNP to_TO West_NNP Germany_NNP are_VBP rushing_VBG to_TO buy_VB premium-brand_JJ American_JJ vodka_NN ,_, brandy_NN and_CC other_JJ spirits_NNS ._.
In_IN particular_JJ ,_, many_JJ are_VBP snubbing_VBG the_DT scotch_NN preferred_VBN by_IN their_PRP$ parents_NNS and_CC opting_VBG for_IN bourbon_NN ,_, the_DT sweet_JJ firewater_NN from_IN the_DT Kentucky_NNP countryside_NN ._.
With_IN U.S._NNP liquor_NN consumption_NN declining_VBG steadily_RB ,_, many_JJ American_JJ producers_NNS are_VBP stepping_VBG up_RP their_PRP$ marketing_NN efforts_NNS abroad_RB ._.
And_CC those_DT efforts_NNS are_VBP paying_VBG off_IN :_: Spirits_NNS exports_NNS jumped_VBD more_JJR than_IN 2_CD 1\/2_CD times_NNS to_TO $_$ 157.2_CD million_CD in_IN 1988_CD from_IN $_$ 59.8_CD million_CD in_IN 1983_CD ,_, according_VBG to_TO the_DT Distilled_NNP Spirits_NNPS Council_NNP of_IN the_DT U.S._NNP ,_, a_DT trade_NN group_NN ._.
``_`` Spirits_NNS companies_NNS now_RB view_VBP themselves_PRP as_IN global_JJ marketers_NNS ,_, ''_'' says_VBZ Michael_NNP Bellas_NNP ,_, president_NN of_IN Beverage_NNP Marketing_NNP Corp._NNP ,_, a_DT research_NN and_CC consulting_VBG firm_NN ._.
``_`` If_IN you_PRP want_VBP to_TO be_VB a_DT player_NN ,_, you_PRP have_VBP to_TO be_VB in_IN America_NNP ,_, Europe_NNP and_CC the_DT Far_NNP East_NNP ._.
You_PRP must_MD have_VB world-class_JJ brands_NNS ,_, a_DT long-term_JJ perspective_NN and_CC deep_JJ pockets_NNS ._. ''_''
The_DT internationalization_NN of_IN the_DT industry_NN has_VBZ been_VBN hastened_VBN by_IN foreign_JJ companies_NNS '_POS acquisitions_NNS of_IN many_JJ U.S._NNP producers_NNS ._.
In_IN recent_JJ years_NNS ,_, for_IN example_NN ,_, Grand_NNP Metropolitan_NNP PLC_NNP of_IN Britain_NNP acquired_VBD Heublein_NNP Inc._NNP ,_, while_IN another_DT British_JJ company_NN ,_, Guinness_NNP PLC_NNP ,_, took_VBD over_RP United_NNP Distillers_NNPS Group_NNP and_CC Schenley_NNP Industries_NNPS Inc_NNP ._.
But_CC the_DT shift_NN has_VBZ also_RB been_VBN fueled_VBN by_IN necessity_NN ._.
While_IN premium-brand_JJ spirits_NNS like_IN Smirnoff_NNP vodka_NN and_CC Jack_NNP Daniel_NNP 's_POS whiskey_NN are_VBP riding_VBG high_RB in_IN the_DT U.S._NNP ,_, domestic_JJ spirits_NNS consumption_NN fell_VBD 15_CD %_NN to_TO 141.1_CD million_CD cases_NNS in_IN 1988_CD from_IN 166_CD million_CD cases_NNS in_IN 1979_CD ._.
In_IN recent_JJ years_NNS ,_, growth_NN has_VBZ come_VBN in_IN the_DT foreign_JJ markets_NNS ._.
U.S._NNP brandy_NN exports_NNS more_JJR than_IN doubled_VBD last_JJ year_NN to_TO 360,000_CD proof_NN gallons_NNS ,_, a_DT standard_JJ industry_NN measure_NN ,_, according_VBG to_TO Jobson_NNP Beverage_NNP Alcohol_NNP Group_NNP ,_, an_DT industry_NN association_NN ._.
Exports_NNS of_IN rum_NN surged_VBD 54_CD %_NN to_TO 814,000_CD proof_NN gallons_NNS ._.
Mexico_NNP is_VBZ the_DT biggest_JJS importer_NN of_IN both_DT rum_NN and_CC brandy_NN from_IN the_DT U.S._NNP ._.
Japan_NNP ,_, the_DT world_NN 's_POS third-largest_JJ liquor_NN market_NN after_IN the_DT U.S._NNP and_CC Britain_NNP ,_, helped_VBD American_JJ companies_NNS in_IN April_NNP when_WRB it_PRP lowered_VBD its_PRP$ tax_NN on_IN imported_VBN spirits_NNS and_CC levied_VBD a_DT tax_NN on_IN many_JJ domestic_JJ products_NNS ._.
California_JJ wineries_NNS ,_, benefiting_VBG from_IN lowered_VBN trade_NN barriers_NNS and_CC federal_JJ marketing_NN subsidies_NNS ,_, are_VBP expanding_VBG aggressively_RB into_IN Japan_NNP ,_, as_RB well_RB as_IN Canada_NNP and_CC Great_NNP Britain_NNP ._.
In_IN Japan_NNP ,_, the_DT wineries_NNS are_VBP promoting_VBG their_PRP$ products_NNS '_POS Pacific_JJ roots_NNS and_CC courting_VBG restaurant_NN and_CC hotel_NN chefs_NNS ,_, whose_WP$ recommendations_NNS carry_VBP weight_NN ._.
In_IN Australia_NNP ,_, Britain_NNP ,_, Canada_NNP and_CC Greece_NNP ,_, Brown-Forman_NNP Corp._NNP has_VBZ increased_VBN its_PRP$ marketing_NN of_IN Southern_NNP Comfort_NNP Liqueur_NNP ._.
Using_VBG cinema_NN ,_, television_NN and_CC print_NN ads_NNS ,_, the_DT company_NN pitches_VBZ Southern_NNP Comfort_NNP as_IN a_DT grand_JJ old_JJ drink_NN of_IN the_DT antebellum_JJ American_NNP South_NNP ._.
The_DT biggest_JJS foreign_JJ inroads_NNS ,_, though_RB ,_, have_VBP been_VBN made_VBN by_IN bourbon_NN ._.
While_IN U.S._NNP makers_NNS of_IN vodka_NN ,_, rum_NN and_CC other_JJ spirits_NNS compete_VBP against_IN powerhouses_NNS abroad_RB ,_, trade_NN agreements_NNS prohibit_VBP any_DT other_JJ country_NN from_IN making_VBG bourbon_NN ._.
-LRB-_-LRB- All_DT bourbon_NN comes_VBZ from_IN Kentucky_NNP ,_, though_IN Jack_NNP Daniel_NNP 's_POS Tennessee_NNP whiskey_NN often_RB is_VBZ counted_VBN as_IN bourbon_NN because_IN of_IN similarity_NN of_IN taste_NN ._. -RRB-_-RRB-
Moreover_RB ,_, just_RB as_IN vodka_NN has_VBZ acquired_VBN an_DT upscale_NN image_NN in_IN the_DT U.S._NNP ,_, bourbon_NN has_VBZ become_VBN fashionable_NN in_IN many_JJ foreign_JJ countries_NNS ,_, a_DT uniquely_RB American_JJ product_NN tied_VBN to_TO frontier_NN folklore_NN ._.
How_WRB was_VBD the_DT West_NN won_VBN ?_.
With_IN a_DT six-shooter_NN in_IN one_CD hand_NN and_CC bourbon_NN in_IN the_DT other_JJ ._.
``_`` We_PRP imagine_VBP with_IN bourbon_NN the_DT Wild_NNP West_NNP ,_, Western_JJ motion_NN pictures_NNS and_CC gunmen_NNS appearing_VBG ,_, ''_'' says_VBZ Kenji_NNP Kishimoto_NNP ,_, vice_NN president_NN of_IN Suntory_NNP International_NNP Corp._NNP ,_, a_DT division_NN of_IN Suntory_NNP Ltd._NNP ,_, Japan_NNP 's_POS largest_JJS liquor_NN company_NN ._.
Suntory_NNP distributes_VBZ Brown-Forman_NNP bourbons_NNS in_IN Japan_NNP ._.
Bourbon_NN makes_VBZ up_RP just_RB 1_CD %_NN of_IN world-wide_JJ spirits_NNS consumption_NN ,_, but_CC it_PRP represented_VBD 57_CD %_NN of_IN U.S._NNP liquor_NN exports_VBZ last_JJ year_NN ,_, according_VBG to_TO Jobson_NNP ;_: no_DT other_JJ category_NN had_VBD more_RBR than_IN 19_CD %_NN ._.
Big_NNP U.S._NNP distillers_NNS are_VBP fiercely_RB vying_VBG for_IN this_DT market_NN ,_, which_WDT grew_VBD to_TO $_$ 77_CD million_CD last_JJ year_NN from_IN $_$ 33_CD million_CD in_IN 1987_CD ,_, according_VBG to_TO government_NN figures_NNS ._.
Jim_NNP Beam_NNP Brands_NNP Co._NNP ,_, a_DT division_NN of_IN American_NNP Brands_NNPS Inc._NNP ,_, is_VBZ the_DT leading_VBG exporter_NN of_IN bourbon_NN and_CC produces_VBZ 10_CD other_JJ types_NNS of_IN liquor_NN ._.
The_DT company_NN says_VBZ it_PRP will_MD increase_VB its_PRP$ international_JJ advertising_NN 35_CD %_NN in_IN 1990_CD ,_, with_IN bourbon_NN representing_VBG most_JJS of_IN that_DT amount_NN ._.
Guinness_NNP 's_POS Schenley_NNP Industries_NNPS unit_NN has_VBZ increased_VBN its_PRP$ TV_NN advertising_NN in_IN Japan_NNP and_CC has_VBZ built_VBN partnerships_NNS with_IN duty-free_JJ shops_NNS throughout_IN Asia_NNP ,_, enabling_VBG it_PRP to_TO install_VB prominent_JJ counter_NN displays_NNS ._.
The_DT company_NN 's_POS I.W._NNP Harper_NNP brand_NN is_VBZ the_DT leading_VBG bourbon_NN in_IN Japan_NNP ,_, with_IN 40_CD %_NN of_IN the_DT market_NN ._.
Bourbon_NN exporters_NNS have_VBP succeeded_VBN in_IN Japan_NNP where_WRB other_JJ industries_NNS have_VBP failed_VBN ,_, avoiding_VBG cultural_JJ hitches_NNS in_IN marketing_NN and_CC distribution_NN by_IN allying_VBG themselves_PRP with_IN local_JJ agents_NNS ._.
Jim_NNP Beam_NNP Brands_NNPS has_VBZ a_DT distribution_NN partnership_NN with_IN Nikka_NNP Whiskey_NNP Co._NNP ,_, a_DT distiller_NN ._.
Seagram_NNP Co._NNP ,_, which_WDT exports_VBZ Four_NNP Roses_NNPS bourbon_NN ,_, has_VBZ such_PDT a_DT link_NN with_IN Kirin_NNP Brewery_NNP Co_NNP ._.
Some_DT bourbon_NN makers_NNS advertise_VBP abroad_RB as_IN they_PRP do_VBP at_IN home_NN ._.
To_TO promote_VB Jack_NNP Daniel_NNP 's_POS overseas_NN ,_, Brown-Forman_NNP uses_VBZ the_DT same_JJ photos_NNS of_IN front_JJ porches_NNS from_IN Lynchburg_NNP ,_, Va._NNP ,_, and_CC avuncular_JJ old_JJ men_NNS in_IN overalls_NNS and_CC hightops_NNS ._.
Jim_NNP Beam_NNP print_NN ads_NNS ,_, however_RB ,_, strike_VBP different_JJ chords_NNS in_IN different_JJ countries_NNS ._.
In_IN Australia_NNP ,_, land_NN of_IN the_DT outback_NN ,_, a_DT snapshot_NN of_IN Jim_NNP Beam_NNP lies_VBZ on_IN a_DT strip_NN of_IN hand-tooled_JJ leather_NN ._.
West_NNP Germans_NNPS get_VBP glitz_NN ,_, with_IN bourbon_NN in_IN the_DT foreground_NN and_CC a_DT posh_JJ Beverly_NNP Hills_NNP hotel_NN in_IN the_DT background_NN ._.
Ads_NNS for_IN England_NNP are_VBP artsy_JJ and_CC irreverent_JJ ._.
One_CD ad_NN features_VBZ a_DT huge_JJ robot_NN carrying_VBG a_DT voluptuous_JJ woman_NN in_IN a_DT faint_JJ ._.
The_DT tagline_NN :_: ``_`` I_PRP only_RB asked_VBD if_IN she_PRP wanted_VBD a_DT Jim_NNP Beam_NNP ._.
Capital_NNP Cities\/ABC_NNP Inc._NNP 's_POS net_JJ income_NN rose_VBD 29_CD %_NN on_IN a_DT modest_JJ 9_CD %_NN increase_NN in_IN revenue_NN in_IN the_DT third_JJ quarter_NN ,_, mainly_RB on_IN strong_JJ advertising_NN demand_NN at_IN its_PRP$ ABC_NNP television_NN network_NN operation_NN ._.
Demand_NN for_IN ads_NNS also_RB rose_VBD at_IN the_DT eight_CD TV_NN stations_NNS Capital_NNP Cities_NNPS owns_VBZ and_CC at_IN its_PRP$ 80%-owned_JJ ESPN_NNP sports_NNS cable_NN channel_NN ._.
The_DT broadcast_NN and_CC publishing_VBG company_NN reported_VBD net_NN climbed_VBD to_TO $_$ 80.8_CD million_CD ,_, or_CC $_$ 4.56_CD a_DT share_NN ,_, from_IN $_$ 62.6_CD million_CD ,_, or_CC $_$ 3.55_CD a_DT share_NN ,_, in_IN the_DT year-earlier_JJ period_NN ._.
Revenue_NN reached_VBD $_$ 1.1_CD billion_CD from_IN $_$ 1.01_CD billion_CD ._.
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_NN trading_NN yesterday_NN ,_, Capital_NNP Cities_NNPS closed_VBD at_IN $_$ 558.50_CD ,_, down_IN $_$ 5_CD ._.
The_DT broadcasting_NN unit_NN reported_VBD operating_VBG profit_NN of_IN $_$ 134.9_CD million_CD ,_, up_IN 18_CD %_NN from_IN the_DT year-earlier_JJ $_$ 114.3_CD million_CD ._.
Publishing_NN reported_VBD operating_VBG profit_NN was_VBD $_$ 33.3_CD million_CD ,_, nearly_RB flat_JJ with_IN the_DT year-before_JJ $_$ 33_CD million_CD ._.
Revenue_NN at_IN the_DT broadcasting_NN unit_NN ,_, consisting_VBG of_IN the_DT network_NN and_CC stations_NNS ,_, advanced_VBD 11_CD %_NN ,_, to_TO $_$ 838_CD million_CD from_IN $_$ 752.9_CD million_CD ._.
The_DT publishing_NN unit_NN reported_VBD revenue_NN edged_VBD up_RP 2.6_CD %_NN to_TO $_$ 263.2_CD million_CD from_IN $_$ 256.6_CD million_CD ._.
Chairman_NNP Thomas_NNP S._NNP Murphy_NNP cited_VBD Capital_NNP Cities_NNPS '_POS nine_CD daily_JJ newspapers_NNS in_IN explaining_VBG most_JJS of_IN the_DT gain_NN ._.
The_DT parent_NN also_RB publishes_VBZ weeklies_NNS ,_, shopping_VBG guides_NNS and_CC specialty_NN magazines_NNS ._.
For_IN 1989_CD 's_POS first_JJ nine_CD months_NNS ,_, Capital_NNP Cities_NNPS net_JJ income_NN grew_VBD 23_CD %_NN to_TO $_$ 303.7_CD million_CD ,_, or_CC $_$ 16.97_CD a_DT share_NN ,_, from_IN $_$ 246.9_CD million_CD ,_, or_CC $_$ 14.43_CD a_DT share_NN ._.
Revenue_NN eased_VBD 0.3_CD %_NN to_TO $_$ 3.45_CD billion_CD from_IN $_$ 3.46_CD billion_CD ._.
Last_JJ week_NN ,_, ABC_NNP unseated_JJ General_NNP Electric_NNP Co._NNP 's_POS National_NNP Broadcasting_NNP Co._NNP unit_NN as_IN the_DT No._NN 1_CD network_NN ,_, as_IN rated_VBN by_IN A.C._NNP Nielsen_NNP Co_NNP ._.
ABC_NNP has_VBZ four_CD shows_NNS in_IN the_DT top_NN 10_CD ,_, including_VBG the_DT top_JJ show_NN ,_, ``_`` Roseanne_NNP ._.
As_IN part_NN of_IN a_DT previously_RB announced_VBN transaction_NN ,_, Federal_NNP Mogul_NNP Corp._NNP has_VBZ bought_VBN approximately_RB 565,000_CD shares_NNS of_IN its_PRP$ common_JJ stock_NN from_IN Nortek_NNP Inc._NNP at_IN $_$ 23.50_CD a_DT share_NN ._.
Nortek_NNP has_VBZ agreed_VBN not_RB to_TO acquire_VB any_DT securities_NNS of_IN Federal-Mogul_NNP for_IN 10_CD years_NNS and_CC not_RB to_TO influence_VB company_NN affairs_NNS during_IN that_DT period_NN ._.
Weyerhaeuser_NNP Co._NNP said_VBD it_PRP sold_VBD its_PRP$ wall-paneling_JJ business_NN to_TO an_DT affiliate_NN of_IN one_CD of_IN Indonesia_NNP 's_POS largest_JJS wood-products_NNS firms_NNS ._.
Terms_NNS of_IN the_DT transaction_NN were_VBD n't_RB disclosed_VBN ._.
Weyerhaeuser_NNP said_VBD its_PRP$ paneling_NN business_NN employs_VBZ about_IN 300_CD workers_NNS at_IN two_CD facilities_NNS in_IN Chesapeake_NNP ,_, Va._NNP ,_, and_CC Hancock_NNP ,_, Vt_NNP ._.
Manville_NNP Corp._NNP said_VBD it_PRP will_MD build_VB a_DT $_$ 24_CD million_CD power_NN plant_NN to_TO provide_VB electricity_NN to_TO its_PRP$ Igaras_NNP pulp_NN and_CC paper_NN mill_NN in_IN Brazil_NNP ._.
The_DT company_NN said_VBD the_DT plant_NN will_MD ensure_VB that_IN it_PRP has_VBZ adequate_JJ energy_NN for_IN the_DT mill_NN and_CC will_MD reduce_VB the_DT mill_NN 's_POS energy_NN costs_NNS ._.
Manville_NNP said_VBD it_PRP expects_VBZ the_DT plant_NN to_TO begin_VB operating_VBG at_IN the_DT end_NN of_IN 1991_CD ._.
Housing_NNP and_CC Urban_NNP Development_NNP Secretary_NNP Jack_NNP Kemp_NNP called_VBD on_IN the_DT Federal_NNP Reserve_NNP System_NNP to_TO lower_VB interest_NN rates_NNS ._.
In_IN a_DT speech_NN to_TO the_DT Mortgage_NNP Bankers_NNPS Association_NNP ,_, Mr._NNP Kemp_NNP broke_VBD the_DT administration_NN 's_POS public_JJ silence_NN on_IN the_DT Fed_NNP and_CC complained_VBD that_IN ``_`` interest_NN rates_NNS are_VBP too_RB high_JJ ._. ''_''
``_`` I_PRP am_VBP convinced_VBN that_IN a_DT monetary_JJ policy_NN for_IN this_DT country_NN that_WDT would_MD return_VB interest_NN rates_NNS to_TO the_DT historical_JJ level_NN of_IN 4_CD %_NN or_CC 5_CD %_NN would_MD have_VB not_RB only_RB an_DT immediate_JJ impact_NN on_IN housing_NN starts_NNS ,_, the_DT housing_NN stock_NN ,_, our_PRP$ industry_NN in_IN America_NNP ,_, the_DT refurbishing_NN of_IN our_PRP$ industrial_JJ system_NN ,_, it_PRP would_MD help_VB the_DT Third_NNP World_NNP economies_NNS considerably_RB and_CC it_PRP would_MD particularly_RB have_VB a_DT favorable_JJ impact_NN upon_IN our_PRP$ budget_NN deficit_NN ,_, ''_'' Mr._NNP Kemp_NNP said_VBD ._.
The_DT Fed_NNP recently_RB eased_VBD credit_NN by_IN lowering_VBG the_DT bellwether_NN federal_JJ funds_NNS interest_NN rate_NN to_TO 8_CD 3\/4_CD %_NN from_IN about_IN 9_CD %_NN ._.
Bush_NNP administration_NN officials_NNS say_VBP inflation_NN is_VBZ under_IN control_NN ._.
With_IN economic_JJ growth_NN slowing_NN ,_, they_PRP say_VBP they_PRP believe_VBP the_DT Fed_NNP should_MD ease_VB credit_NN even_RB further_RB ._.
But_CC for_IN the_DT most_JJS part_NN ,_, officials_NNS have_VBP avoided_VBN expressing_VBG those_DT views_NNS in_IN public_NN ,_, fearing_VBG they_PRP would_MD unnecessarily_RB antagonize_VB the_DT Fed_NNP ._.
McDonald_NNP 's_POS Corp._NNP said_VBD third-quarter_JJ earnings_NNS rose_VBD 14_CD %_NN on_IN a_DT hefty_JJ sales_NNS gain_NN ,_, but_CC domestic_JJ franchisees_NNS apparently_RB did_VBD n't_RB partake_VB of_IN the_DT improvement_NN ._.
The_DT world_NN 's_POS largest_JJS fast-food_NN chain_NN said_VBD net_JJ income_NN rose_VBD to_TO $_$ 217.9_CD million_CD ,_, or_CC 59_CD cents_NNS a_DT share_NN ,_, from_IN $_$ 191.3_CD million_CD ,_, or_CC 51_CD cents_NNS a_DT share_NN ,_, a_DT year_NN ago_IN ._.
In_IN the_DT latest_JJS period_NN ,_, the_DT company_NN had_VBD an_DT average_NN of_IN 370.8_CD million_CD shares_NNS ,_, 5.6_CD million_CD shares_NNS below_IN last_JJ year_NN 's_POS level_NN ._.
Revenue_NN rose_VBD 12_CD %_NN to_TO $_$ 1.63_CD billion_CD from_IN $_$ 1.46_CD billion_CD ._.
Systemwide_JJ sales_NNS ,_, which_WDT include_VBP sales_NNS at_IN franchisee_NN as_RB well_RB as_IN company-owned_JJ stores_NNS ,_, totaled_VBD $_$ 4.59_CD billion_CD compared_VBN with_IN $_$ 4.2_CD billion_CD ._.
But_CC sales_NNS for_IN U.S._NNP franchisees_NNS were_VBD flat_JJ at_IN best_RB on_IN a_DT per-store_JJ basis_NN despite_IN weak_JJ 1988_CD figures_NNS ._.
Compared_VBN with_IN the_DT first_JJ nine_CD months_NNS of_IN last_JJ year_NN ,_, average_JJ franchisee_NN store_NN sales_NNS this_DT year_NN were_VBD down_IN nearly_RB $_$ 3,200_CD ,_, reflecting_VBG a_DT fierce_JJ discounting_VBG war_NN among_IN fast-food_NN chains_NNS ._.
Since_IN McDonald_NNP 's_POS menu_NN prices_NNS rose_VBD this_DT year_NN ,_, the_DT actual_JJ decline_NN may_MD have_VB been_VBN more_JJR ._.
McDonald_NNP 's_POS closed_VBD at_IN $_$ 31.375_CD ,_, up_IN $_$ 1_CD ,_, in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_NN trading_NN yesterday_NN ._.
While_IN franchisees_NNS were_VBD having_VBG a_DT tough_JJ time_NN holding_VBG sales_NNS ,_, McDonald_NN 's_POS company-operated_JJ stores_NNS posted_VBD hefty_JJ gains_NNS for_IN the_DT nine_CD months_NNS ,_, with_IN sales_NNS per_IN company-operated_JJ unit_NN rising_VBG $_$ 20,000_CD ._.
One_CD analyst_NN noted_VBD that_IN the_DT company_NN often_RB has_VBZ better_JJR store_NN locations_NNS than_IN do_VBP its_PRP$ franchisees_NNS ,_, thus_RB aiding_VBG promotional_JJ efforts_NNS ._.
On_IN average_NN in_IN the_DT latest_JJS nine_CD months_NNS ,_, company-operated_JJ units_NNS in_IN the_DT U.S._NNP had_VBD $_$ 90,552_CD more_RBR in_IN sales_NNS than_IN did_VBD franchised_VBN outlets_NNS ._.
There_EX are_VBP more_RBR than_IN three_CD times_NNS as_IN many_JJ franchised_VBN domestic_JJ outlets_NNS as_IN there_EX are_VBP company_NN stores_NNS ._.
Profit_NN margins_NNS at_IN U.S._NNP company-owned_JJ stores_NNS in_IN the_DT quarter_NN were_VBD up_IN nearly_RB 1_CD %_NN ,_, which_WDT the_DT company_NN attributed_VBD in_IN part_NN to_TO lower_JJR food_NN costs_NNS ._.
Prudential-Bache_NNP Securities_NNPS analyst_NN Leslie_NNP Steppel_NNP said_VBD reduced_VBN labor_NN costs_NNS helped_VBD boost_NN margins_NNS ,_, although_IN she_PRP doubted_VBD ``_`` that_DT kind_NN of_IN performance_NN is_VBZ sustainable_JJ ._. ''_''
Calling_VBG sales_NNS ``_`` still_RB relatively_RB soft_JJ ,_, ''_'' Ms._NNP Steppel_NNP believes_VBZ that_IN in_IN real_JJ terms_NNS ,_, U.S._NNP sales_NNS slipped_VBD 3_CD 1\/2_CD %_NN to_TO 4_CD %_NN at_IN company-operated_JJ stores_NNS in_IN the_DT quarter_NN ._.
Apparently_RB acknowledging_VBG weaker_JJR U.S._NNP sales_NNS systemwide_JJ ,_, McDonald_NNP 's_POS vowed_VBD ``_`` to_TO use_VB our_PRP$ size_NN and_CC muscle_NN to_TO do_VB all_PDT that_DT is_VBZ necessary_JJ to_TO build_VB the_DT brand_NN ._. ''_''
Overseas_RB ,_, both_DT franchisees_NNS and_CC the_DT company_NN performed_VBD substantially_RB better_RB than_IN a_DT year_NN ago_IN ._.
Third-quarter_JJ sales_NNS in_IN Europe_NNP were_VBD exceptionally_RB strong_JJ ,_, boosted_VBN by_IN promotional_JJ programs_NNS and_CC new_JJ products_NNS --_: although_IN weaker_JJR foreign_JJ currencies_NNS reduced_VBD the_DT company_NN 's_POS earnings_NNS ._.
McDonald_NNP 's_POS said_VBD that_IN systemwide_JJ sales_NNS would_MD have_VB been_VBN $_$ 115_CD million_CD greater_JJR had_VBD 1988_CD exchange_NN rates_NNS remained_VBD in_IN effect_NN ._.
``_`` Going_VBG into_IN the_DT fourth_JJ quarter_NN the_DT sales_NNS comparison_NN will_MD be_VB more_RBR difficult_JJ ,_, ''_'' predicted_VBN restaurant_NN analyst_NN Howard_NNP Hansen_NNP of_IN Kidder_NNP ,_, Peabody_NNP &_CC Co_NNP ._.
Reflecting_VBG better_JJR growth_NN prospects_NNS abroad_RB ,_, McDonald_NNP 's_POS noted_VBD that_IN as_IN of_IN Sept._NNP 30_CD more_JJR stores_NNS were_VBD under_IN construction_NN overseas_RB than_IN a_DT year_NN ago_IN ,_, while_IN the_DT opposite_NN was_VBD true_JJ for_IN domestic_JJ expansion_NN ._.
At_IN the_DT end_NN of_IN the_DT third_JJ quarter_NN McDonald_NNP 's_POS had_VBD 10,873_CD units_NNS operating_VBG world-wide_JJ ._.
In_IN the_DT nine_CD months_NNS ,_, earnings_NNS rose_VBD 12_CD %_NN to_TO $_$ 555.6_CD million_CD ,_, or_CC $_$ 1.49_CD a_DT share_NN ,_, from_IN $_$ 494.4_CD million_CD ,_, or_CC $_$ 1.31_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._.
Revenue_NN rose_VBD 11_CD %_NN to_TO $_$ 4.56_CD billion_CD from_IN $_$ 4.12_CD billion_CD ._.
Carnival_NNP Cruise_NNP Lines_NNPS Inc._NNP 's_POS common_JJ stock_NN was_VBD dragged_VBN down_RP yesterday_NN amid_IN concerns_NNS that_IN a_DT bankruptcy_NN filing_VBG by_IN a_DT Finnish_JJ shipbuilder_NN would_MD delay_VB delivery_NN of_IN three_CD big_JJ cruise_NN ships_NNS ._.
The_DT Miami-based_JJ company_NN 's_POS stock_NN fell_VBD $_$ 1.75_CD yesterday_NN to_TO $_$ 20.75_CD a_DT share_NN in_IN heavy_JJ American_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._.
Early_RB yesterday_NN ,_, Carnival_NNP said_VBD in_IN a_DT company_NN statement_NN that_IN it_PRP had_VBD been_VBN ``_`` notified_VBN unofficially_RB ''_'' that_IN Waertsilae_NNP Marine_NNP Industries_NNPS ,_, the_DT Finnish_JJ shipyard_NN that_WDT is_VBZ building_VBG its_PRP$ three_CD new_JJ cruise_NN ships_NNS ,_, planned_VBN to_TO file_VB for_IN bankruptcy_NN ._.
Officials_NNS at_IN Carnival_NNP declined_VBD to_TO comment_VB ._.
``_`` There_EX is_VBZ just_RB a_DT tremendous_JJ amount_NN of_IN uncertainty_NN about_IN what_WP the_DT effect_NN ,_, if_IN any_DT ,_, of_IN all_PDT this_DT is_VBZ ,_, ''_'' said_VBD John_NNP P._NNP Uphoff_NNP ,_, an_DT analyst_NN at_IN Raymond_NNP James_NNP Associates_NNPS Inc_NNP ._.
``_`` I_PRP did_VBD n't_RB even_RB know_VB that_IN a_DT company_NN in_IN a_DT socialistic_JJ country_NN could_MD file_VB for_IN bankruptcy_NN ._. ''_''
Carnival_NNP said_VBD the_DT ``_`` Fantasy_NNP ,_, ''_'' the_DT first_JJ of_IN the_DT three_CD $_$ 200_CD million_CD ships_NNS that_IN Carnival_NNP has_VBZ on_IN order_NN ,_, is_VBZ scheduled_VBN to_TO be_VB delivered_VBN next_JJ month_NN ,_, just_RB in_IN time_NN for_IN the_DT winter_NN tourist_NN season_NN in_IN the_DT Caribbean_NNP ._.
That_DT ship_NN ,_, which_WDT would_MD carry_VB about_IN 2,050_CD passengers_NNS ,_, would_MD expand_VB the_DT capacity_NN of_IN Carnival_NNP 's_POS existing_VBG 14-ship_JJ fleet_NN by_IN 24_CD %_NN ._.
The_DT second_JJ ship_NN ,_, which_WDT is_VBZ half-completed_JJ ,_, is_VBZ scheduled_VBN to_TO be_VB delivered_VBN in_IN fall_NN 1990_CD ,_, and_CC the_DT third_JJ in_IN fall_NN 1991_CD ._.
``_`` There_EX 's_VBZ a_DT 99_CD %_NN chance_NN that_IN the_DT Fantasy_NNP will_MD be_VB delivered_VBN close_RB to_TO schedule_VB ,_, ''_'' said_VBD Caroline_NNP Levy_NNP ,_, an_DT analyst_NN at_IN Shearson_NNP Lehman_NNP Hutton_NNP Inc_NNP ._.
``_`` The_DT others_NNS will_MD probably_RB be_VB delivered_VBN as_RB well_RB ,_, but_CC Carnival_NNP will_MD likely_RB have_VB to_TO pay_VB a_DT higher_JJR price_NN for_IN them_PRP ._. ''_''
She_PRP said_VBD the_DT company_NN could_MD pay_VB as_RB much_RB as_IN 25_CD %_NN more_JJR for_IN the_DT ships_NNS ._.
If_IN the_DT ships_NNS are_VBP n't_RB delivered_VBN ,_, however_RB ,_, it_PRP will_MD likely_RB have_VB an_DT effect_NN on_IN the_DT company_NN 's_POS earnings_NNS as_RB soon_RB as_IN the_DT 1990_CD fiscal_JJ year_NN ,_, which_WDT begins_VBZ Dec._NNP 1_CD ._.
Analysts_NNS said_VBD those_DT estimates_NNS --_: which_WDT range_VBP from_IN about_IN $_$ 1.80_CD a_DT share_NN to_TO $_$ 1.95_CD a_DT share_NN --_: are_VBP based_VBN on_IN Fantasy_NNP being_VBG in_IN operation_NN in_IN 1990_CD ._.
If_IN the_DT ship_NN fails_VBZ to_TO arrive_VB ,_, those_DT per-share_JJ earnings_NNS estimates_NNS could_MD be_VB trimmed_VBN 15_CD cents_NNS or_CC more_JJR ._.
Analysts_NNS were_VBD n't_RB willing_JJ to_TO speculate_VB on_IN how_WRB much_JJ money_NN Carnival_NNP might_MD lose_VB through_IN deposits_NNS ._.
Normally_RB ,_, a_DT company_NN pays_VBZ a_DT portion_NN of_IN the_DT total_JJ cost_NN of_IN a_DT ship_NN as_IN it_PRP reaches_VBZ various_JJ stages_NNS of_IN construction_NN ._.
Carnival_NNP ,_, for_IN example_NN ,_, has_VBZ already_RB paid_VBN about_IN $_$ 160_CD million_CD of_IN the_DT total_JJ cost_NN for_IN Fantasy_NNP ._.
Some_DT analysts_NNS say_VBP this_DT may_MD give_VB it_PRP the_DT right_NN to_TO seize_VB the_DT ship_NN if_IN the_DT situation_NN warrants_VBZ it_PRP ._.
According_VBG to_TO reports_NNS from_IN Finland_NNP ,_, Waertsilae_NNP Marine_NNP ,_, 19%-owned_JJ by_IN conglomerate_JJ Oy_NNP Waertsilae_NNP ,_, filed_VBD for_IN bankruptcy_NN yesterday_NN after_IN the_DT shipyard_NN 's_POS contractors_NNS had_VBD started_VBN to_TO demand_VB bank_NN guarantees_NNS ._.
The_DT shipyard_NN disclosed_VBD in_IN mid-August_NNP that_IN it_PRP expected_VBD losses_NNS stemming_VBG from_IN a_DT series_NN of_IN unprofitable_JJ orders_NNS ._.
Designer_NN Sandra_NNP Garratt_NNP filed_VBD for_IN Chapter_NN 7_CD Bankruptcy_NNP Code_NNP protection_NN ,_, saying_VBG that_IN her_PRP$ cash_NN flow_NN had_VBD been_VBN cut_VBN off_IN ._.
The_DT designer_NN ,_, whose_WP$ line_NN of_IN modular_JJ ,_, one-size-fits-all_JJ clothing_NN has_VBZ spawned_VBN a_DT host_NN of_IN clones_NNS ,_, has_VBZ been_VBN in_IN a_DT dispute_NN with_IN her_PRP$ latest_JJS licensee_NN ,_, Jerell_NNP Inc._NNP for_IN several_JJ months_NNS ._.
Ms._NNP Garratt_NNP was_VBD the_DT subject_NN of_IN a_DT Wall_NNP Street_NNP Journal_NNP article_NN in_IN March_NNP ._.
The_DT designer_NN 's_POS attorney_NN ,_, Molly_NNP Bartholow_NNP ,_, said_VBD that_IN Ms._NNP Garratt_NNP was_VBD forced_VBN to_TO start_VB bankruptcy-law_NN proceedings_NNS because_IN Jerell_NNP began_VBD withholding_VBG her_PRP$ royalty_NN payments_NNS last_JJ month_NN ._.
Jerell_NNP paid_VBD Ms._NNP Garratt_NNP royalties_NNS for_IN the_DT line_NN known_VBN as_IN Multiples_NNPS by_IN Sandra_NNP Garratt_NNP ,_, which_WDT are_VBP sold_VBN primarily_RB through_IN department_NN stores_NNS ._.
Ms._NNP Garratt_NNP sued_VBD the_DT Dallas_NNP apparel_NN maker_NN earlier_RBR this_DT year_NN ,_, charging_VBG that_IN Jerell_NNP developed_VBD and_CC marketed_VBD clothing_NN lines_NNS fashioned_VBN after_IN her_PRP$ designs_NNS ,_, in_IN violation_NN of_IN their_PRP$ contract_NN ._.
That_DT lawsuit_NN is_VBZ still_RB pending_VBG ._.
Jerell_NNP could_MD n't_RB immediately_RB be_VB reached_VBN for_IN comment_NN ._.
Ms._NNP Garratt_NNP 's_POS assets_NNS and_CC liabilities_NNS were_VBD n't_RB disclosed_VBN ._.
Eaton_NNP Corp._NNP had_VBD a_DT 26_CD %_NN drop_NN in_IN third-quarter_JJ profit_NN mainly_RB because_IN of_IN lower_JJR sales_NNS of_IN truck_NN parts_NNS ,_, its_PRP$ largest_JJS and_CC most_RBS profitable_JJ single_JJ business_NN ._.
Sales_NNS of_IN medium_NN and_CC heavy-duty_JJ trucks_NNS continue_VBP to_TO lag_VB previous-year_JJ rates_NNS ,_, leading_VBG Eaton_NNP to_TO expect_VB fourth-quarter_JJ net_JJ income_NN to_TO fall_VB below_IN year-earlier_JJ levels_NNS ,_, said_VBD Stephen_NNP R._NNP Hardis_NNP ,_, vice_NN chairman_NN and_CC chief_NN financial_JJ and_CC administrative_JJ officer_NN ._.
He_PRP declined_VBD to_TO make_VB a_DT specific_JJ earnings_NNS estimate_NN ._.
Third-quarter_JJ net_NN was_VBD $_$ 40_CD million_CD ,_, or_CC $_$ 1.04_CD a_DT share_NN ,_, from_IN $_$ 54.4_CD million_CD ,_, or_CC $_$ 1.47_CD a_DT share_NN ,_, a_DT year_NN ago_IN ._.
Sales_NNS rose_VBD 2.8_CD %_NN to_TO $_$ 864.1_CD million_CD ,_, from_IN $_$ 840.4_CD million_CD ._.
The_DT quarter_NN net_NN was_VBD below_IN analyst_NN expectations_NNS mainly_RB because_IN truck-parts_NNS sales_NNS did_VBD n't_RB rebound_VB in_IN September_NNP from_IN the_DT summer_NN doldrums_NN as_IN they_PRP usually_RB do_VBP ,_, said_VBD Patrick_NNP E._NNP Sheridan_NNP ,_, analyst_NN with_IN McDonald_NNP &_CC Co_NNP ._.
Mr._NNP Sheridan_NNP ,_, who_WP had_VBD been_VBN expecting_VBG quarter_NN profit_NN of_IN about_IN $_$ 1.25_CD a_DT share_NN ,_, says_VBZ he_PRP is_VBZ reducing_VBG his_PRP$ estimate_NN for_IN the_DT year_NN to_TO the_DT area_NN of_IN $_$ 5.70_CD a_DT share_NN ,_, from_IN his_PRP$ previous_JJ estimate_NN of_IN $_$ 6.10_CD ._.
Eli_NNP Lustgarten_NNP of_IN PaineWebber_NNP Inc._NNP ,_, who_WP a_DT couple_NN of_IN weeks_NNS ago_IN reduced_VBN his_PRP$ 1989_CD estimate_NN to_TO $_$ 5.70_CD a_DT share_NN because_IN of_IN the_DT weakening_NN truck_NN market_NN ,_, says_VBZ he_PRP will_MD make_VB another_DT cut_NN to_TO about_IN $_$ 5.50_CD a_DT share_NN in_IN light_NN of_IN the_DT third-quarter_JJ report_NN ._.
He_PRP said_VBD Eaton_NNP 's_POS quarter_NN profit_NN margin_NN on_IN controls_NNS was_VBD lower_JJR than_IN he_PRP anticipated_VBD ._.
Eaton_NNP said_VBD sales_NNS of_IN truck_NN axles_NNS ,_, transmissions_NNS and_CC other_JJ parts_NNS fell_VBD 7.2_CD %_NN to_TO $_$ 295_CD million_CD ._.
Sales_NNS of_IN parts_NNS for_IN cars_NNS and_CC construction_NN vehicles_NNS rose_VBD ._.
Eaton_NNP does_VBZ n't_RB provide_VB profit_NN figures_NNS separately_RB for_IN each_DT category_NN ,_, but_CC operating_VBG profit_NN for_IN vehicle_NN parts_NNS as_IN a_DT group_NN fell_VBD 26_CD %_NN to_TO $_$ 51_CD million_CD on_IN an_DT about_IN 1_CD %_NN drop_NN in_IN sales_NNS to_TO $_$ 488_CD million_CD ._.
Mr._NNP Hardis_NNP said_VBD truck-fleet_JJ operators_NNS appear_VBP to_TO be_VB cautious_JJ about_IN buying_VBG new_JJ trucks_NNS until_IN they_PRP see_VBP how_WRB the_DT economy_NN behaves_VBZ ._.
The_DT truck_NN sales_NNS slowdown_NN reflects_VBZ the_DT general_JJ slowing_NN in_IN sales_NNS of_IN consumer_NN goods_NNS ,_, he_PRP said_VBD ,_, and_CC the_DT latest_JJS reports_NNS show_VBP a_DT slight_JJ improvement_NN rather_RB than_IN any_DT indication_NN of_IN a_DT downward_JJ spiral_NN ._.
Operating_VBG profit_NN from_IN electrical_JJ and_CC electronics_NNS controls_NNS ,_, Eaton_NNP 's_POS other_JJ major_JJ business_NN group_NN ,_, fell_VBD 11_CD %_NN to_TO $_$ 32_CD million_CD ,_, despite_IN a_DT 7.7_CD %_NN increase_NN in_IN sales_NNS to_TO $_$ 376_CD million_CD ._.
The_DT company_NN attributed_VBD the_DT decline_NN to_TO weakness_NN in_IN the_DT commercial-switch_JJ market_NN in_IN North_NNP America_NNP and_CC in_IN the_DT European_JJ appliance-controls_NN market_NN ._.
For_IN the_DT nine_CD months_NNS ,_, net_JJ --_: including_VBG profit_NN from_IN discontinued_VBN operations_NNS both_DT years_NNS and_CC in_IN 1988_CD an_DT extraordinary_JJ charge_NN of_IN $_$ 17.7_CD million_CD related_VBN to_TO settlement_NN of_IN a_DT lawsuit_NN --_: was_VBD $_$ 170.6_CD million_CD ,_, or_CC $_$ 4.54_CD a_DT share_NN ,_, up_IN 5.8_CD %_NN from_IN $_$ 161.3_CD million_CD ,_, or_CC $_$ 4.32_CD a_DT share_NN ,_, a_DT year_NN ago_IN ._.
Eaton_NNP earned_VBD from_IN continuing_VBG operations_NNS $_$ 165.1_CD million_CD ,_, or_CC $_$ 4.40_CD a_DT share_NN ,_, down_IN 7_CD %_NN from_IN $_$ 177.5_CD million_CD ,_, or_CC $_$ 4.76_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._.
Nine-month_JJ sales_NNS were_VBD $_$ 2.79_CD billion_CD ,_, up_IN 8.2_CD %_NN from_IN $_$ 2.58_CD billion_CD a_DT year_NN earlier_RBR ._.
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Eaton_NNP closed_VBD at_IN $_$ 57.50_CD a_DT share_NN ,_, down_IN $_$ 2.50_CD ._.
In_IN Poland_NNP 's_POS rapid_JJ shift_NN from_IN socialism_NN to_TO an_DT undefined_JJ alternative_NN ,_, environmental_JJ issues_NNS have_VBP become_VBN a_DT cutting_VBG edge_NN of_IN broader_JJR movements_NNS to_TO restructure_NN the_DT economy_NN ,_, cut_VBD cumbersome_JJ bureaucracies_NNS ,_, and_CC democratize_VB local_JJ politics_NNS ._.
Initial_JJ steps_NNS were_VBD taken_VBN at_IN Poland_NNP 's_POS first_JJ international_JJ environmental_JJ conference_NN ,_, which_WDT I_PRP attended_VBD last_JJ month_NN ._.
The_DT conference_NN ,_, held_VBN in_IN Lower_NNP Silesia_NNP ,_, was_VBD co-sponsored_JJ by_IN the_DT Environment_NNP Ministry_NNP ,_, the_DT Rockefeller_NNP Brothers_NNPS Fund_NNP ,_, and_CC the_DT Polish_NNP Ecological_NNP Club_NNP ,_, and_CC was_VBD attended_VBN by_IN 50_CD Poles_NNPS from_IN government_NN and_CC industry_NN ,_, as_RB well_RB as_IN Hungarians_NNPS ,_, Czechs_NNPS ,_, Russians_NNPS ,_, Japanese_NNPS and_CC Americans_NNPS ._.
The_DT conference_NN was_VBD entitled_VBN ``_`` Economic_NNP Mechanisms_NNPS for_IN Environmental_NNP Protection_NNP ,_, ''_'' a_DT significant_JJ departure_NN from_IN East_NNP Bloc_NNP usage_NN ,_, which_WDT recognizes_VBZ only_RB one_CD economic_JJ mechanism_NN --_: central_JJ planning_NN --_: to_TO direct_VB industrial_JJ behavior_NN ._.
Even_RB more_RBR remarkably_RB ,_, it_PRP focused_VBD on_IN emissions_NNS trading_NN and_CC similar_JJ market_NN approaches_VBZ to_TO address_VB pollution_NN ,_, notwithstanding_IN Poland_NNP 's_POS lack_NN of_IN functioning_VBG markets_NNS ._.
Why_WRB did_VBD East_NNP Bloc_NNP participants_NNS unanimously_RB endorse_VB market-based_JJ pollution_NN approaches_NNS ?_.
The_DT answer_NN lies_VBZ both_DT in_IN the_DT degraded_JJ environment_NN of_IN these_DT countries_NNS and_CC the_DT perceived_VBN causes_NNS of_IN that_DT degradation_NN ._.
Like_IN other_JJ East_NNP Bloc_NNP countries_NNS ,_, Poland_NNP possesses_VBZ environmental_JJ laws_NNS more_RBR honored_VBN in_IN their_PRP$ breach_NN than_IN in_IN their_PRP$ observance_NN ._.
According_VBG to_TO a_DT detailed_VBN report_NN by_IN Zbigniew_NNP Bochniarz_NNP of_IN the_DT University_NNP of_IN Minnesota_NNP 's_POS Hubert_NNP Humphrey_NNP Institute_NNP ,_, 27_CD areas_NNS containing_VBG a_DT third_JJ of_IN Poland_NNP 's_POS population_NN are_VBP regarded_VBN as_IN ``_`` ecological_JJ hazards_NNS ''_'' due_JJ to_TO multiple_JJ violations_NNS of_IN standards_NNS ._.
Norms_NNS are_VBP consistently_RB exceeded_VBN at_IN 60_CD %_NN of_IN nitrogen_NN oxide_NN monitoring_VBG sites_NNS and_CC 80_CD %_NN of_IN those_DT for_IN dust_NN and_CC soot_NN emissions_NNS ._.
Four-fifths_NNS of_IN Poland_NNP 's_POS soils_NNS have_VBP become_VBN highly_RB acidified_VBN ;_: 70_CD %_NN of_IN its_PRP$ southern_JJ forests_NNS are_VBP projected_VBN to_TO die_VB by_IN century_NN 's_POS end_NN ._.
Between_IN 1965_CD and_CC 1985_CD ,_, Polish_NNP waters_NNS fit_VBP for_IN human_JJ consumption_NN dropped_VBD from_IN 33_CD %_NN to_TO 6_CD %_NN of_IN all_DT surface_NN waters_NNS ,_, while_IN those_DT unfit_JJ even_RB for_IN industry_NN use_NN nearly_RB doubled_VBD ._.
Poland_NNP produces_VBZ about_IN 20_CD times_NNS more_JJR soot_NN and_CC five_CD times_NNS more_RBR sulfur_NN dioxide_NN and_CC solid_JJ waste_NN per_IN unit_NN of_IN gross_JJ national_JJ product_NN than_IN does_VBZ Western_NNP Europe_NNP ._.
Its_PRP$ mortality_NN rate_NN for_IN males_NNS over_IN 35_CD is_VBZ about_IN 50_CD %_NN higher_JJR than_IN West_NNP Germany_NNP 's_POS ,_, and_CC 50_CD %_NN higher_JJR in_IN hazard_NN areas_NNS than_IN the_DT national_JJ average_NN ._.
Since_IN 1978_CD ,_, average_JJ annual_JJ growth_NN rates_NNS for_IN most_JJS pollutants_NNS have_VBP outstripped_VBN the_DT growth_NN of_IN GNP_NNP ._.
Conference_NN participants_NNS saw_VBD these_DT effects_NNS as_IN flowing_VBG directly_RB from_IN -LRB-_-LRB- a_DT -RRB-_-RRB- Marxist_JJ devaluation_NN of_IN environmental_JJ resources_NNS ,_, which_WDT are_VBP not_RB produced_VBN by_IN labor_NN ;_: -LRB-_-LRB- b_NN -RRB-_-RRB- planned_VBN economies_NNS '_POS inability_NN to_TO control_VB pollution_NN where_WRB enterprises_NNS are_VBP state-owned_JJ and_CC penalties_NNS are_VBP paid_VBN by_IN the_DT government_NN ;_: and_CC -LRB-_-LRB- c_NN -RRB-_-RRB- the_DT continuing_VBG Stalinist_JJ emphasis_NN on_IN heavy_JJ industry_NN for_IN economic_JJ development_NN ,_, producing_VBG a_DT far_RB heavier_JJR and_CC more_RBR wasteful_JJ use_NN of_IN energy_NN and_CC natural_JJ resources_NNS than_IN in_IN the_DT West_NN ._.
They_PRP repeatedly_RB noted_VBD that_DT environmental_JJ progress_NN could_MD not_RB be_VB secured_VBN without_IN true_JJ ownership_NN ,_, genuine_JJ competition_NN based_VBN on_IN market_NN factors_NNS ,_, and_CC the_DT risk_NN of_IN bankruptcy_NN if_IN a_DT business_NN makes_VBZ the_DT wrong_JJ decisions_NNS ._.
The_DT solutions_NNS they_PRP formally_RB proposed_VBD included_VBN lead\/sulfur_NN taxes_NNS ,_, conservation_NN and_CC recycling_VBG incentives_NNS ,_, reforestation_NN offsets_NNS ,_, transferable_JJ pollution_NN permits_VBZ ,_, an_DT ecological_JJ bank_NN to_TO finance_VB pollution-reduction_NN credits_NNS ,_, and_CC debt-for-environment_NN swaps_NNS ._.
But_CC their_PRP$ most_JJS fundamental_JJ recommendation_NN was_VBD to_TO separate_VB industry_NN from_IN the_DT state_NN ,_, making_VBG it_PRP fully_RB accountable_JJ for_IN pollution_NN control_NN ._.
A_DT revolution_NN takes_VBZ more_RBR than_IN conference_NN manifestos_NNS ._.
Indeed_RB ,_, skepticism_NN was_VBD amply_RB captured_VBN by_IN a_DT joke_NN told_VBN by_IN Poles_NNPS at_IN the_DT conference_NN :_: ``_`` The_DT world_NN must_MD be_VB coming_VBG to_TO an_DT end_NN ._.
The_DT Russians_NNPS are_VBP talking_VBG peace_NN ._.
The_DT Palestinians_NNPS are_VBP talking_VBG elections_NNS ._.
And_CC the_DT Poles_NNPS are_VBP engaged_VBN in_IN commerce_NN ._. ''_''
But_CC the_DT implications_NNS of_IN such_PDT a_DT shift_NN to_TO market_NN approaches_NNS go_VBP well_RB beyond_IN the_DT fact_NN that_IN Poland_NNP is_VBZ already_RB working_VBG on_IN nationwide_JJ emissions_NNS trades_NNS to_TO reduce_VB smelter_NN pollution_NN ,_, or_CC that_IN the_DT Soviets_NNPS plan_NN to_TO introduce_VB marketable_JJ pollution_NN permits_NNS in_IN some_DT republics_NNS next_IN year_NN ._.
Those_DT implications_NNS include_VBP :_: --_: Privatization_NN ._.
Faced_VBN with_IN a_DT $_$ 40_CD billion_CD foreign_JJ debt_NN and_CC skyrocketing_VBG inflation_NN ,_, Poland_NNP must_MD privatize_VB industry_NN and_CC eliminate_VB subsidies_NNS to_TO stabilize_VB its_PRP$ currency_NN and_CC qualify_VB for_IN international_JJ assistance_NN ._.
Market-based_JJ pollution_NN control_NN may_MD consume_VB some_DT capital_NN that_WDT would_MD otherwise_RB purchase_VB state_NN industries_NNS ._.
But_CC it_PRP could_MD also_RB accelerate_VB ``_`` marketization_NN ''_'' by_IN reinforcing_VBG industrial_JJ accountability_NN ,_, breaking_VBG up_RP state_NN monopolies_NNS ,_, giving_VBG managers_NNS a_DT stake_NN in_IN solutions_NNS ,_, and_CC ensuring_VBG that_DT modernization_NN is_VBZ not_RB reversible_JJ for_IN failure_NN to_TO address_VB environmental_JJ effects_NNS ._.
--_: Least-cost_JJ solutions_NNS ._.
As_IN conferees_NNS noted_VBN ,_, scarce_JJ capital_NN means_VBZ the_DT costs_NNS of_IN control_NN must_MD be_VB minimized_VBN through_IN a_DT broad_JJ menu_NN of_IN compliance_NN choices_NNS for_IN individual_JJ firms_NNS ._.
That_DT means_VBZ simple_JJ ,_, clear_JJ rules_NNS that_WDT secure_VBP the_DT first_JJ large_JJ blocks_NNS of_IN reduction_NN ,_, deferring_VBG more_JJR complex_JJ issues_NNS such_JJ as_IN risk_NN ._.
It_PRP also_RB means_VBZ use_NN of_IN quantity-based_JJ pollution_NN limits_NNS such_JJ as_IN transferable_JJ permits_NNS ,_, rather_RB than_IN price-based_JJ limits_NNS such_JJ as_IN effluent_JJ fees_NNS ._.
That_DT 's_VBZ because_IN quota-trained_JJ managers_NNS will_MD likely_RB respond_VB better_RB to_TO quantity_NN than_IN to_TO price_NN signals_NNS ._.
--_: Creative_JJ financing_NN ._.
Even_RB least-cost_JJ environmental_JJ solutions_NNS will_MD require_VB billions_NNS of_IN dollars_NNS ._.
New_JJ types_NNS of_IN financing_NN must_MD make_VB funds_NNS available_JJ without_IN draining_VBG Poland_NNP 's_POS hard-currency_NN reserves_NNS ._.
--_: Democratization_NN ._.
East_NNP Bloc_NNP pollution_NN data_NNS typically_RB have_VBP been_VBN state_NN secrets_NNS ._.
While_IN Polish_NNP data_NNS have_VBP been_VBN freely_RB available_JJ since_IN 1980_CD ,_, it_PRP was_VBD no_DT accident_NN that_IN participants_NNS urged_VBD the_DT free_JJ flow_NN of_IN information_NN ._.
For_IN once_RB information_NN flows_VBZ ,_, public_JJ participation_NN follows_VBZ and_CC repression_NN becomes_VBZ difficult_JJ to_TO reimpose_VB ._.
--_: Global_JJ reciprocity_NN ._.
One_CD participant_NN prematurely_RB declared_VBD that_IN America_NNP has_VBZ had_VBN a_DT free_JJ market_NN in_IN goods_NNS but_CC a_DT planned_VBN economy_NN for_IN environmental_JJ protection_NN ,_, while_IN Poland_NNP represents_VBZ the_DT opposite_NN ._.
His_PRP$ point_NN :_: It_PRP will_MD be_VB increasingly_RB difficult_JJ for_IN the_DT U.S._NNP to_TO cling_VB to_TO command-and-control_JJ measures_NNS if_IN even_RB the_DT East_NNP Bloc_NNP steps_VBZ to_TO a_DT different_JJ drummer_NN ._.
At_IN the_DT moment_NN ,_, Poland_NNP resembles_VBZ 19th-century_JJ Pittsburgh_NNP more_JJR than_IN a_DT modern_JJ industrial_JJ society_NN --_: with_IN antiquated_JJ production_NN ,_, inadequate_JJ environmental_JJ management_NN ,_, and_CC little_RB ecological_JJ awareness_NN ._.
But_CC the_DT continuing_VBG pressures_NNS for_IN free-market_JJ economics_NNS suggest_VBP the_DT conference_NN 's_POS vision_NN was_VBD not_RB all_DT fantasy_NN ._.
Mr._NNP Levin_NNP ,_, former_JJ head_NN of_IN EPA_NNP 's_POS regulatory_JJ reform_NN staff_NN ,_, adapted_VBD this_DT from_IN his_PRP$ November_NNP column_NN for_IN the_DT Journal_NNP of_IN the_DT Air_NNP and_CC Waste_NNP Management_NNP Association_NNP ._.
Disappointing_JJ earnings_NNS news_NN from_IN some_DT technology_NN companies_NNS unnerved_JJ investors_NNS in_IN the_DT over-the-counter_JJ market_NN ,_, who_WP sold_VBD shares_NNS of_IN Apple_NNP Computer_NNP ,_, Intel_NNP and_CC many_JJ other_JJ computer-related_JJ concerns_NNS ._.
The_DT drop_NN in_IN those_DT and_CC other_JJ technology_NN stocks_NNS contributed_VBD to_TO an_DT 0.7_CD %_NN slide_NN by_IN the_DT Nasdaq_NNP composite_JJ index_NN ._.
It_PRP finished_VBD at_IN 467.22_CD ,_, down_IN 3.45_CD ._.
The_DT nervousness_NN about_IN the_DT technology_NN stock_NN outlook_NN also_RB hurt_VBD the_DT Dow_NNP Jones_NNP Industrial_NNP Average_NNP ,_, which_WDT slipped_VBD about_IN 1_CD %_NN ._.
Mostly_RB because_IN of_IN the_DT sell-off_NN in_IN technology_NN stocks_NNS ,_, the_DT Nasdaq_NNP 100_CD Index_NNP of_IN the_DT OTC_NNP 's_POS largest_JJS non-financial_JJ issues_NNS dropped_VBD 4.58_CD to_TO 457.52_CD ._.
The_DT Nasdaq_NNP Financial_NNP Index_NNP of_IN giant_JJ insurance_NN and_CC banking_NN issues_NNS lost_VBD 2.38_CD to_TO 458.32_CD ._.
Some_DT traders_NNS said_VBD the_DT sell-off_NN of_IN technology_NN stocks_NNS on_IN low_JJ volume_NN reflected_VBD a_DT lack_NN of_IN conviction_NN by_IN investors_NNS ._.
But_CC Charlie_NNP Howley_NNP ,_, vice_NN president_NN in_IN charge_NN of_IN OTC_NNP trading_NN at_IN SoundView_NNP Financial_NNP in_IN Stamford_NNP ,_, Conn._NNP ,_, said_VBD the_DT selling_NN was_VBD orderly_JJ ._.
``_`` It_PRP 's_VBZ a_DT quiet_JJ retreat_NN ,_, ''_'' said_VBD Mr._NNP Howley_NNP ._.
``_`` It_PRP 's_VBZ nothing_NN dramatic_JJ ,_, just_RB a_DT routine_JJ sell-off_NN ._. ''_''
Some_DT of_IN it_PRP was_VBD due_JJ to_TO lower-than-expected_JJ earnings_NNS from_IN leading_VBG companies_NNS ,_, he_PRP said_VBD ._.
But_CC some_DT of_IN it_PRP also_RB represented_VBD profit-taking_NN by_IN investors_NNS who_WP have_VBP made_VBN big_JJ gains_NNS in_IN some_DT issues_NNS ._.
Yesterday_NN 's_POS volume_NN of_IN 117.2_CD million_CD shares_NNS was_VBD far_RB below_IN last_JJ week_NN 's_POS sizzling_VBG average_NN of_IN nearly_RB 177_CD million_CD ._.
For_IN October_NNP so_RB far_RB ,_, daily_JJ volume_NN is_VBZ averaging_VBG 150.3_CD million_CD ,_, putting_VBG it_PRP on_IN track_NN to_TO be_VB the_DT year_NN 's_POS busiest_JJS month_NN ._.
Apple_NNP Computer_NNP ,_, which_WDT reported_VBD lackluster_NN earnings_NNS Friday_NNP ,_, lost_VBD 1_CD 1\/4_CD to_TO 46_CD 3\/4_CD on_IN 1.1_CD million_CD shares_NNS ._.
Stratus_NNP Computer_NNP ,_, which_WDT reported_VBD earnings_NNS late_JJ Friday_NNP that_WDT were_VBD in_IN line_NN with_IN a_DT disappointing_JJ forecast_NN ,_, eased_VBD 3\/4_CD to_TO 24_CD on_IN 816,000_CD shares_NNS ._.
Investors_NNS apparently_RB did_VBD n't_RB like_IN the_DT news_NN from_IN Rainbow_NNP Technologies_NNPS either_RB ._.
It_PRP said_VBD net_JJ income_NN was_VBD 17_CD cents_NNS a_DT share_NN in_IN the_DT third_JJ quarter_NN ,_, compared_VBN with_IN 16_CD cents_NNS a_DT share_NN a_DT year_NN earlier_RBR ._.
Rainbow_NNP 's_POS stock_NN dropped_VBD 2_CD to_TO 14_CD 1\/4_CD ._.
Other_JJ technology_NN stocks_NNS that_WDT were_VBD weaker_JJR included_VBD Intel_NNP ,_, which_WDT fell_VBD 1_CD 1\/4_CD to_TO 33_CD 1\/2_CD on_IN 1.9_CD million_CD shares_NNS ,_, Mentor_NNP Graphics_NNP ,_, down_IN 3\/4_CD to_TO 16_CD 1\/4_CD on_IN 1.6_CD million_CD shares_NNS ,_, Sun_NNP Microsystems_NNPS ,_, which_WDT slipped_VBD 3\/8_CD to_TO 18_CD 1\/4_CD ,_, and_CC MCI_NNP Communications_NNPS ,_, down_IN 1_CD to_TO 42_CD 3\/4_CD ._.
Microsoft_NNP ,_, which_WDT last_JJ week_NN rose_VBD to_TO a_DT record_NN ,_, fell_VBD victim_NN to_TO profit-taking_NN ,_, traders_NNS said_VBD ,_, as_IN it_PRP declined_VBD 2_CD 1\/8_CD to_TO 83_CD 1\/8_CD ._.
Conner_NNP Peripherals_NNPS was_VBD unchanged_JJ at_IN 15_CD ._.
Among_IN takeover_NN stocks_NNS ,_, Jefferson_NNP Smurfit_NNP jumped_VBD 1_CD 1\/4_CD to_TO 42_CD 1\/2_CD after_IN SIBV-MS_NNP Holdings_NNP said_VBD the_DT price_NN to_TO be_VB paid_VBN to_TO Jefferson_NNP Smurfit_NNP 's_POS minority_NN holders_NNS has_VBZ been_VBN raised_VBN to_TO $_$ 43_CD a_DT share_NN ._.
The_DT increase_NN of_IN $_$ 1.25_CD a_DT share_NN is_VBZ being_VBG made_VBN to_TO settle_VB shareholder_NN litigation_NN relating_VBG to_TO SIBV-MS_NNP 's_POS tender_NN offer_NN ._.
SIBV-MS_NNP Holdings_NNP is_VBZ a_DT new_JJ company_NN jointly_RB owned_VBN by_IN an_DT affiliate_NN of_IN Jefferson_NNP Smurfit_NNP and_CC a_DT Morgan_NNP Stanley_NNP limited_JJ partnership_NN ._.
The_DT Jefferson_NNP Smurfit_NNP affiliate_NN ,_, Smurfit_NNP International_NNP B.V._NNP ,_, holds_VBZ about_IN 78_CD %_NN of_IN the_DT shares_NNS outstanding_JJ ._.
These_DT shares_NNS will_MD be_VB bought_VBN by_IN SIBV-MS_NNP Holdings_NNP at_IN $_$ 41.75_CD each_DT after_IN the_DT acquisition_NN of_IN the_DT minority_NN shares_NNS ._.
Another_DT takeover_NN target_NN ,_, LIN_NNP Broadcasting_NNP ,_, eased_VBD 1\/2_CD to_TO 110_CD 1\/8_CD on_IN 313,800_CD shares_NNS ._.
LIN_NNP 's_POS suitor_NN ,_, McCaw_NNP Cellular_NNP Communications_NNP ,_, dropped_VBD 1_CD to_TO 40_CD on_IN almost_RB 350,000_CD shares_NNS ._.
Some_DT analysts_NNS say_VBP investors_NNS will_MD begin_VB paying_VBG more_JJR attention_NN to_TO earnings_NNS ,_, partly_RB in_IN response_NN to_TO the_DT latest_JJS round_NN of_IN disappointments_NNS ._.
They_PRP say_VBP investors_NNS will_MD favor_VB companies_NNS that_WDT historically_RB have_VBP posted_VBN annual_JJ earnings_NNS growth_NN of_IN 15_CD %_NN to_TO 20_CD %_NN ._.
That_DT would_MD be_VB good_JJ news_NN for_IN the_DT OTC_NNP market_NN ,_, some_DT analysts_NNS say_VBP ,_, because_IN many_JJ small_JJ growth_NN stocks_NNS are_VBP traded_VBN there_RB ._.
Michael_NNP R._NNP Weisberg_NNP ,_, partner_NN in_IN charge_NN of_IN research_NN at_IN Robertson_NNP Stephens_NNP &_CC Co._NNP in_IN San_NNP Francisco_NNP ,_, said_VBD some_DT investors_NNS have_VBP already_RB made_VBN the_DT switch_NN ._.
The_DT Robertson_NNP Stephens_NNP Index_NNP of_IN 340_CD emerging_VBG growth_NN stocks_NNS is_VBZ up_IN 23.1_CD %_NN for_IN the_DT year_NN through_IN Friday_NNP ._.
The_DT rise_NN matches_VBZ that_IN of_IN the_DT Dow_NNP Jones_NNP industrials_NNS this_DT year_NN ._.
``_`` It_PRP 's_VBZ been_VBN a_DT spectacular_JJ year_NN for_IN the_DT emerging_VBG growth_NN stock_NN investor_NN ,_, ''_'' Mr._NNP Weisberg_NNP said_VBD ._.
He_PRP predicted_VBD that_IN the_DT most_RBS popular_JJ growth_NN companies_NNS will_MD be_VB those_DT with_IN ``_`` some_DT kind_NN of_IN unique_JJ product_NN or_CC franchise_NN ''_'' that_WDT makes_VBZ them_PRP appear_VB able_JJ to_TO sustain_VB their_PRP$ momentum_NN ._.
He_PRP puts_VBZ the_DT OTC_NNP market_NN 's_POS Nellcor_NNP ,_, Office_NNP Club_NNP and_CC BizMart_NNP on_IN the_DT list_NN ._.
Nellcor_NNP ,_, a_DT maker_NN of_IN electronic_JJ patient_NN monitoring_NN systems_NNS ,_, was_VBD up_IN 3\/4_CD to_TO 16_CD 7\/8_CD on_IN 258,000_CD shares_NNS yesterday_NN ,_, while_IN retailing_VBG issue_NN Office_NNP Club_NNP was_VBD unchanged_JJ at_IN 10_CD 3\/4_CD on_IN 65,200_CD shares_NNS ._.
BizMart_NNP ,_, another_DT retailing_VBG stock_NN ,_, was_VBD off_IN 3\/8_CD to_TO 8_CD 1\/4_CD on_IN nearly_RB 80,000_CD shares_NNS ._.
Other_JJ favorites_NNS of_IN growth-stock_JJ analysts_NNS and_CC money_NN managers_NNS also_RB had_VBD a_DT mixed_VBN session_NN ._.
Payco_NNP American_NNP ,_, a_DT credit_NN collection_NN concern_NN ,_, jumped_VBD 1_CD 3\/8_CD to_TO 20_CD 5\/8_CD on_IN volume_NN of_IN 93,000_CD ,_, and_CC Mail_NNP Boxes_NNPS Etc._NNP ,_, a_DT private_JJ postal_JJ services_NNS company_NN ,_, advanced_VBD 1\/2_CD to_TO 23_CD 1\/2_CD on_IN volume_NN of_IN 64,000_CD ._.
But_CC Legent_NNP ,_, a_DT systems_NNS software_NN stock_NN ,_, was_VBD down_IN 1\/2_CD to_TO 29_CD 3\/4_CD on_IN 39,300_CD shares_NNS ._.
Novell_NNP ,_, a_DT computer_NN networking_VBG concern_NN ,_, fell_VBD 1_CD 1\/2_CD to_TO 30_CD on_IN 152,000_CD shares_NNS ._.
Elsewhere_RB ,_, Valley_NNP National_NNP continued_VBD its_PRP$ slide_NN ,_, dropping_VBG 2_CD 1\/8_CD to_TO 15_CD on_IN 1.7_CD million_CD shares_NNS ._.
The_DT Arizona_NNP banking_NN concern_NN is_VBZ facing_VBG difficulties_NNS related_VBN to_TO weakness_NN in_IN the_DT real_JJ estate_NN market_NN in_IN the_DT state_NN ._.
Higher_JJR earnings_NNS helped_VBD some_DT issues_NNS ._.
Amgen_NNP rose_VBD 2_CD 1\/4_CD to_TO 54_CD 3\/4_CD on_IN almost_RB 800,000_CD shares_NNS ,_, and_CC CVB_NNP Financial_NNP jumped_VBD 4_CD to_TO 41_CD on_IN only_RB 1,000_CD shares_NNS ._.
Why_WRB ca_MD n't_RB we_PRP teach_VB our_PRP$ children_NNS to_TO read_VB ,_, write_VB and_CC reckon_VB ?_.
It_PRP 's_VBZ not_RB that_IN we_PRP do_VBP n't_RB know_VB how_WRB to_TO ,_, because_IN we_PRP do_VBP ._.
It_PRP 's_VBZ that_IN we_PRP do_VBP n't_RB want_VB to_TO ._.
And_CC the_DT reason_NN we_PRP do_VBP n't_RB want_VB to_TO is_VBZ that_IN effective_JJ education_NN would_MD require_VB us_PRP to_TO relinquish_VB some_DT cherished_VBN metaphysical_JJ beliefs_NNS about_IN human_JJ nature_NN in_IN general_JJ and_CC the_DT human_JJ nature_NN of_IN young_JJ people_NNS in_IN particular_JJ ,_, as_RB well_RB as_IN to_TO violate_VB some_DT cherished_VBN vested_VBN interests_NNS ._.
These_DT beliefs_NNS so_RB dominate_VB our_PRP$ educational_JJ establishment_NN ,_, our_PRP$ media_NNS ,_, our_PRP$ politicians_NNS ,_, and_CC even_RB our_PRP$ parents_NNS that_IN it_PRP seems_VBZ almost_RB blasphemous_JJ to_TO challenge_VB them_PRP ._.
Here_RB is_VBZ an_DT example_NN ._.
If_IN I_PRP were_VBD to_TO ask_VB a_DT sample_NN of_IN American_JJ parents_NNS ,_, ``_`` Do_VBP you_PRP wish_VB the_DT elementary_JJ schools_NNS to_TO encourage_VB creativity_NN in_IN your_PRP$ children_NNS ?_. ''_'' the_DT near-unanimous_JJ answer_NN would_MD be_VB ,_, ``_`` Yes_UH ,_, of_IN course_NN ._. ''_''
But_CC what_WP do_VBP we_PRP mean_VB ,_, specifically_RB ,_, by_IN ``_`` creativity_NN ''_'' ?_.
No_DT one_NN can_MD say_VB ._.
In_IN practice_NN ,_, it_PRP ends_VBZ up_RP being_VBG equated_VBN with_IN a_DT ``_`` self-expression_NN ''_'' that_WDT encourages_VBZ the_DT youngsters_NNS '_POS ``_`` self-esteem_NN ._. ''_''
The_DT result_NN is_VBZ a_DT generation_NN of_IN young_JJ people_NNS whose_WP$ ignorance_NN and_CC intellectual_JJ incompetence_NN is_VBZ matched_VBN only_RB by_IN their_PRP$ good_JJ opinion_NN of_IN themselves_PRP ._.
The_DT whole_JJ notion_NN of_IN ``_`` creativity_NN ''_'' in_IN education_NN was_VBD -LRB-_-LRB- and_CC is_VBZ -RRB-_-RRB- part_NN and_CC parcel_NN of_IN a_DT romantic_JJ rebellion_NN against_IN disciplined_VBN instruction_NN ,_, which_WDT was_VBD -LRB-_-LRB- and_CC is_VBZ -RRB-_-RRB- regarded_VBN as_IN ``_`` authoritarian_JJ ,_, ''_'' a_DT repression_NN and_CC frustration_NN of_IN the_DT latent_NN talents_NNS and_CC the_DT wonderful_JJ ,_, if_IN as_RB yet_RB undefined_JJ ,_, potentialities_NNS inherent_JJ in_IN the_DT souls_NNS of_IN all_PDT our_PRP$ children_NNS ._.
It_PRP is_VBZ not_RB surprising_JJ that_IN parents_NNS find_VB this_DT romantic_JJ extravagance_NN so_RB attractive_JJ ._.
Fortunately_RB ,_, these_DT same_JJ parents_NNS do_VBP want_VB their_PRP$ children_NNS to_TO get_VB a_DT decent_JJ education_NN as_RB traditionally_RB understood_VBN ,_, and_CC they_PRP have_VBP enough_RB common_JJ sense_NN to_TO know_VB what_WP that_IN demands_VBZ ._.
Their_PRP$ commitment_NN to_TO ``_`` creativity_NN ''_'' can_MD not_RB survive_VB adolescent_JJ illiteracy_NN ._.
American_JJ education_NN 's_POS future_NN will_MD be_VB determined_VBN by_IN the_DT degree_NN to_TO which_WDT we_PRP --_: all_DT of_IN us_PRP --_: allow_VBP this_DT common_JJ sense_NN to_TO prevail_VB over_IN the_DT illusions_NNS that_IN we_PRP also_RB share_VBP ._.
The_DT education_NN establishment_NN will_MD fight_VB against_IN common_JJ sense_NN every_DT inch_NN of_IN the_DT way_NN ._.
The_DT reasons_NNS are_VBP complex_JJ ,_, but_CC one_CD simple_JJ reason_NN ought_MD not_RB to_TO be_VB underestimated_VBN ._.
``_`` Progressive_JJ education_NN ''_'' -LRB-_-LRB- as_IN it_PRP was_VBD once_RB called_VBN -RRB-_-RRB- is_VBZ far_RB more_RBR interesting_JJ and_CC agreeable_JJ to_TO teachers_NNS than_IN is_VBZ disciplined_VBN instruction_NN ._.
It_PRP is_VBZ nice_JJ for_IN teachers_NNS to_TO think_VB they_PRP are_VBP engaged_VBN in_IN ``_`` personality_NN development_NN ''_'' and_CC even_RB nicer_JJR to_TO minimize_VB those_DT irksome_JJ tests_NNS with_IN often_RB disappointing_JJ results_NNS ._.
It_PRP also_RB provides_VBZ teachers_NNS with_IN a_DT superior_JJ self-definition_NN as_IN a_DT ``_`` profession_NN ,_, ''_'' since_IN they_PRP will_MD have_VB passed_VBN courses_NNS in_IN educational_JJ psychology_NN and_CC educational_JJ philosophy_NN ._.
I_PRP myself_PRP took_VBD such_JJ courses_NNS in_IN college_NN ,_, thinking_VBG I_PRP might_MD end_VB up_RP a_DT schoolteacher_NN ._.
They_PRP could_MD all_RB fairly_RB be_VB described_VBN as_IN ``_`` pap_NN ''_'' courses_NNS ._.
But_CC it_PRP is_VBZ unfair_JJ to_TO dump_VB on_IN teachers_NNS ,_, as_IN distinct_JJ from_IN the_DT educational_JJ establishment_NN ._.
I_PRP know_VBP many_JJ schoolteachers_NNS and_CC ,_, on_IN the_DT whole_NN ,_, they_PRP are_VBP seriously_RB committed_VBN to_TO conscientious_JJ teaching_NN ._.
They_PRP may_MD not_RB be_VB among_IN the_DT ``_`` best_JJS and_CC brightest_JJS ''_'' of_IN their_PRP$ generation_NN --_: there_EX are_VBP very_RB few_JJ such_JJ people_NNS ,_, by_IN definition_NN ._.
But_CC they_PRP need_MD not_RB be_VB to_TO do_VB their_PRP$ jobs_NNS well_RB ._.
Yes_UH ,_, we_PRP all_DT can_MD remember_VB one_CD or_CC two_CD truly_RB inspiring_JJ teachers_NNS from_IN our_PRP$ school_NN days_NNS ._.
But_CC our_PRP$ education_NN proceeded_VBD at_IN the_DT hands_NNS of_IN those_DT others_NNS ,_, who_WP were_VBD merely_RB competent_JJ and_CC conscientious_JJ ._.
In_IN this_DT sense_NN ,_, a_DT teacher_NN can_MD be_VB compared_VBN to_TO one_NN 's_POS family_NN doctor_NN ._.
If_IN he_PRP were_VBD brilliant_JJ ,_, he_PRP probably_RB would_MD not_RB be_VB a_DT family_NN doctor_NN in_IN the_DT first_JJ place_NN ._.
If_IN he_PRP is_VBZ competent_JJ and_CC conscientious_JJ ,_, he_PRP serves_VBZ us_PRP well_RB ._.
Our_PRP$ teachers_NNS are_VBP not_RB an_DT important_JJ factor_NN in_IN our_PRP$ educational_JJ crisis_NN ._.
Whether_IN they_PRP are_VBP or_CC are_VBP not_RB underpaid_JJ is_VBZ a_DT problem_NN of_IN equity_NN ;_: it_PRP is_VBZ not_RB an_DT educational_JJ problem_NN ._.
It_PRP is_VBZ silly_JJ libel_NN on_IN our_PRP$ teachers_NNS to_TO think_VB they_PRP would_MD educate_VB our_PRP$ children_NNS better_JJR if_IN only_RB they_PRP got_VBD a_DT few_JJ thousand_CD dollars_NNS a_DT year_NN more_RBR ._.
It_PRP is_VBZ the_DT kind_NN of_IN libel_NN the_DT teachers_NNS '_POS unions_NNS do_VBP n't_RB mind_VB spreading_VBG ,_, for_IN their_PRP$ own_JJ narrow_JJ purposes_NNS ._.
It_PRP is_VBZ also_RB the_DT kind_NN of_IN libel_NN politicians_NNS find_VBP useful_JJ ,_, since_IN it_PRP helps_VBZ them_PRP strike_VB a_DT friendly_JJ posture_NN on_IN behalf_NN of_IN an_DT important_JJ constituency_NN ._.
But_CC there_EX is_VBZ not_RB one_CD shred_NN of_IN evidence_NN that_IN ,_, other_JJ things_NNS being_VBG equal_JJ ,_, salary_NN differentials_NNS result_VBP in_IN educational_JJ differentials_NNS ._.
If_IN there_EX were_VBD such_JJ evidence_NN ,_, you_PRP can_MD be_VB sure_JJ you_PRP would_MD have_VB heard_VBN of_IN it_PRP ._.
If_IN we_PRP wish_VBP to_TO be_VB serious_JJ about_IN American_JJ education_NN ,_, we_PRP know_VBP exactly_RB what_WP to_TO do_VB --_: and_CC ,_, just_RB as_IN important_JJ ,_, what_WP not_RB to_TO do_VB ._.
There_EX are_VBP many_JJ successful_JJ schools_NNS scattered_VBN throughout_IN this_DT nation_NN ,_, some_DT of_IN them_PRP in_IN the_DT poorest_JJS of_IN ghettos_NNS ,_, and_CC they_PRP are_VBP all_DT sending_VBG us_PRP the_DT same_JJ message_NN ._.
Conversely_RB ,_, there_EX are_VBP the_DT majority_NN of_IN unsuccessful_JJ schools_NNS ,_, and_CC we_PRP know_VBP which_WDT efforts_NNS at_IN educational_JJ reform_NN are_VBP doomed_VBN beforehand_RB ._.
We_PRP really_RB do_VBP know_VB all_DT we_PRP need_VBP to_TO know_VB ,_, if_IN only_RB we_PRP could_MD assimilate_VB this_DT knowledge_NN into_IN our_PRP$ thinking_NN ._.
In_IN this_DT respect_NN ,_, it_PRP would_MD be_VB helpful_JJ if_IN our_PRP$ political_JJ leaders_NNS were_VBD mute_JJ ,_, rather_RB than_IN eloquently_RB ``_`` concerned_VBN ._. ''_''
They_PRP are_VBP inevitably_RB inclined_VBN to_TO echo_VB the_DT conventional_JJ pap_NN ,_, since_IN this_DT is_VBZ the_DT least_JJS controversial_JJ option_NN that_WDT is_VBZ open_JJ to_TO them_PRP ._.
Thus_RB at_IN the_DT recent_JJ governors_NNS '_POS conference_NN on_IN education_NN ,_, Gov._NNP Bill_NNP Clinton_NNP of_IN Arkansas_NNP announced_VBD that_IN ``_`` this_DT country_NN needs_VBZ a_DT comprehensive_JJ child-development_NN policy_NN for_IN children_NNS under_IN five_CD ._. ''_''
A_DT comprehensive_JJ development_NN policy_NN for_IN governors_NNS over_IN 30_CD would_MD seem_VB to_TO be_VB a_DT more_RBR pressing_JJ need_NN ._.
What_WP Gov._NNP Clinton_NNP is_VBZ advocating_VBG ,_, in_IN effect_NN ,_, is_VBZ extending_VBG the_DT educational_JJ system_NN down_IN to_TO the_DT pre-kindergarten_NN years_NNS ._.
Whether_IN desirable_JJ or_CC not_RB ,_, this_DT is_VBZ a_DT child-care_JJ program_NN ,_, not_RB an_DT educational_JJ program_NN ._.
We_PRP know_VBP that_IN very_RB early_JJ exposure_NN to_TO schooling_NN improves_VBZ performance_NN in_IN the_DT first_JJ grade_NN ,_, but_CC afterward_RB the_DT difference_NN is_VBZ quickly_RB washed_VBN away_RB ._.
Let_VB us_PRP sum_VB up_RP what_WP we_PRP do_VBP know_VB about_IN education_NN and_CC about_IN those_DT education_NN reforms_NNS that_WDT do_VBP work_VB and_CC do_VBP n't_RB work_VB :_: --_: ``_`` Parental_JJ involvement_NN ''_'' is_VBZ a_DT bad_JJ idea_NN ._.
Parents_NNS are_VBP too_RB likely_JJ to_TO blame_VB schools_NNS for_IN the_DT educational_JJ limitations_NNS of_IN their_PRP$ children_NNS ._.
Parents_NNS should_MD be_VB involved_VBN with_IN their_PRP$ children_NNS 's_POS education_NN at_IN home_NN ,_, not_RB in_IN school_NN ._.
They_PRP should_MD see_VB to_TO it_PRP that_IN their_PRP$ kids_NNS do_VBP n't_RB play_VB truant_JJ ;_: they_PRP should_MD make_VB certain_JJ that_IN the_DT children_NNS spend_VBP enough_JJ time_NN doing_VBG homework_NN ;_: they_PRP should_MD scrutinize_VB the_DT report_NN card_NN ._.
If_IN parents_NNS are_VBP dissatisfied_VBN with_IN a_DT school_NN ,_, they_PRP should_MD have_VB the_DT option_NN of_IN switching_VBG to_TO another_DT ._.
--_: ``_`` Community_NN involvement_NN ''_'' is_VBZ an_DT even_RB worse_JJR idea_NN ._.
Here_RB ,_, the_DT experience_NN of_IN New_NNP York_NNP City_NNP is_VBZ decisive_JJ ._.
Locally_RB elected_VBN school_NN boards_NNS ,_, especially_RB in_IN our_PRP$ larger_JJR cities_NNS ,_, become_VBP the_DT prey_NN of_IN ambitious_JJ ,_, generally_RB corrupt_JJ ,_, and_CC invariably_RB demagogic_JJ local_JJ politicians_NNS or_CC would-be_JJ politicians_NNS ._.
New_NNP York_NNP is_VBZ in_IN the_DT process_NN of_IN trying_VBG to_TO disengage_VB itself_PRP from_IN a_DT 20-year-old_JJ commitment_NN to_TO this_DT system_NN of_IN school_NN governance_NN ,_, even_RB as_IN Chicago_NNP and_CC other_JJ cities_NNS are_VBP moving_VBG to_TO institute_VB it_PRP ._.
--_: In_IN most_JJS states_NNS ,_, increasing_VBG expenditures_NNS on_IN education_NN ,_, in_IN our_PRP$ current_JJ circumstances_NNS ,_, will_MD probably_RB make_VB things_NNS worse_JJR ,_, not_RB better_JJR ._.
The_DT reason_NN is_VBZ simple_JJ :_: Education_NN takes_VBZ place_NN in_IN the_DT classroom_NN ,_, where_WRB the_DT influence_NN of_IN money_NN is_VBZ minimal_JJ ._.
Decades_NNS of_IN educational_JJ research_NN tell_VBP us_PRP unequivocally_RB that_IN even_RB smaller_JJR classes_NNS have_VBP zero_CD effect_NN on_IN the_DT academic_JJ performance_NN of_IN the_DT pupils_NNS --_: though_IN they_PRP may_MD sometimes_RB be_VB desirable_JJ for_IN other_JJ reasons_NNS ._.
The_DT new_JJ money_NN flows_VBZ into_IN the_DT already_RB top-heavy_JJ administrative_JJ structure_NN ,_, which_WDT busies_NNS itself_PRP piling_VBG more_JJR and_CC more_JJR paper_NN work_NN on_IN the_DT teachers_NNS ._.
There_EX is_VBZ neither_DT mystery_NN nor_CC paradox_NN in_IN the_DT fact_NN that_IN as_IN educational_JJ expenditures_NNS -LRB-_-LRB- in_IN real_JJ terms_NNS -RRB-_-RRB- have_VBP increased_VBN sharply_RB in_IN the_DT past_NN quarter-of-a-century_JJ --_: we_PRP now_RB spend_VBP more_RBR per_IN pupil_NN than_IN any_DT other_JJ country_NN in_IN the_DT world_NN --_: educational_JJ performance_NN has_VBZ declined_VBN ._.
That_DT is_VBZ the_DT way_NN the_DT system_NN works_VBZ ._.
--_: Students_NNS should_MD move_VB up_IN the_DT educational_JJ ladder_NN as_IN their_PRP$ academic_JJ potential_NN allows_VBZ ._.
No_DT student_NN should_MD be_VB permitted_VBN to_TO be_VB graduated_VBN from_IN elementary_JJ school_NN without_IN having_VBG mastered_VBN the_DT 3_CD R_NN 's_VBZ at_IN the_DT level_NN that_WDT prevailed_VBD 20_CD years_NNS ago_IN ._.
This_DT means_VBZ ``_`` tracking_NN ,_, ''_'' whose_WP$ main_JJ purpose_NN is_VBZ less_JJR to_TO permit_VB the_DT gifted_JJ youngsters_NNS to_TO flourish_VB -LRB-_-LRB- though_IN that_DT is_VBZ clearly_RB desirable_JJ -RRB-_-RRB- than_IN to_TO ensure_VB that_IN the_DT less_RBR gifted_JJ get_VB the_DT necessary_JJ grounding_NN for_IN further_JJ study_NN or_CC for_IN entering_VBG the_DT modern_JJ world_NN of_IN work_NN ._.
The_DT notion_NN that_IN tracking_NN is_VBZ somehow_RB ``_`` undemocratic_JJ ''_'' is_VBZ absurd_JJ ._.
The_DT purpose_NN of_IN education_NN is_VBZ to_TO encourage_VB young_JJ men_NNS and_CC women_NNS to_TO realize_VB their_PRP$ full_JJ academic_JJ potential_NN ._.
No_DT one_CD in_IN his_PRP$ right_JJ mind_NN actually_RB believes_VBZ that_IN we_PRP all_DT have_VBP an_DT equal_JJ academic_JJ potential_NN ._.
--_: It_PRP is_VBZ generally_RB desirable_JJ to_TO use_VB older_JJR textbooks_NNS --_: many_JJ of_IN them_PRP ,_, alas_UH ,_, out_IN of_IN print_NN --_: rather_RB than_IN newer_JJR ones_NNS ._.
The_DT latter_JJ are_VBP modish_JJ ,_, trendy_JJ ,_, often_RB downright_JJ silly_NN ,_, and_CC at_IN best_JJS insubstantial_JJ ._.
They_PRP are_VBP based_VBN on_IN dubious_JJ psychological_JJ and_CC sociological_JJ theories_NNS rather_RB than_IN on_IN educational_JJ experience_NN ._.
One_CD of_IN the_DT reasons_NNS American_JJ students_NNS do_VBP so_RB poorly_RB in_IN math_NN tests_NNS ,_, as_IN compared_VBN with_IN British_JJ ,_, French_JJ ,_, German_JJ or_CC Japanese_JJ students_NNS ,_, is_VBZ the_DT influence_NN of_IN the_DT ``_`` New_NNP Math_NNP ''_'' on_IN American_JJ textbooks_NNS and_CC teaching_NN methods_NNS ._.
Anyone_NN who_WP wants_VBZ to_TO appreciate_VB just_RB how_WRB bizarre_JJ this_DT situation_NN is_VBZ --_: with_IN students_NNS who_WP ca_MD n't_RB add_VB or_CC subtract_VB ``_`` learning_VBG ''_'' the_DT conceptual_JJ basis_NN of_IN mathematical_JJ theory_NN --_: should_MD read_VB the_DT article_NN by_IN Caleb_NNP Nelson_NNP -LRB-_-LRB- himself_PRP a_DT recent_JJ math_NN major_NN at_IN Harvard_NNP -RRB-_-RRB- in_IN the_DT November_NNP American_NNP Spectator_NNP ._.
--_: Most_RBS important_JJ of_IN all_DT ,_, schools_NNS should_MD have_VB principals_NNS with_IN a_DT large_JJ measure_NN of_IN authority_NN over_IN the_DT faculty_NN ,_, the_DT curriculum_NN ,_, and_CC all_DT matters_NNS of_IN student_NN discipline_NN ._.
Study_NN after_IN study_NN --_: the_DT most_RBS recent_JJ from_IN the_DT Brookings_NNP Institution_NNP --_: tells_VBZ us_PRP that_IN the_DT best_JJS schools_NNS are_VBP those_DT that_WDT are_VBP free_JJ of_IN outside_JJ interference_NN and_CC are_VBP governed_VBN by_IN a_DT powerful_JJ head_NN ._.
With_IN that_DT authority_NN ,_, of_IN course_NN ,_, goes_VBZ an_DT unambiguous_JJ accountability_NN ._.
Schools_NNS that_WDT are_VBP structured_VBN in_IN this_DT way_NN produce_VBP students_NNS with_IN higher_JJR morale_NN and_CC superior_JJ academic_JJ performance_NN ._.
This_DT is_VBZ a_DT fact_NN --_: though_IN ,_, in_IN view_NN of_IN all_PDT the_DT feathers_NNS that_WDT are_VBP ruffled_VBN by_IN this_DT fact_NN ,_, it_PRP is_VBZ not_RB surprising_JJ that_IN one_NN hears_VBZ so_RB little_JJ about_IN it_PRP ._.
Mr._NNP Kristol_NNP ,_, an_DT American_NNP Enterprise_NNPS Institute_NNP fellow_NN ,_, co-edits_VBZ The_NNP Public_NNP Interest_NNP and_CC publishes_VBZ The_NNP National_NNP Interest_NNP ._.
International_NNP Business_NNP Machines_NNPS Corp._NNP unveiled_VBD a_DT broad_JJ strategy_NN to_TO tackle_VB the_DT biggest_JJS problem_NN that_IN manufacturers_NNS face_VBP when_WRB computerizing_VBG their_PRP$ operations_NNS :_: Most_JJS machines_NNS ca_MD n't_RB talk_VB to_TO each_DT other_JJ ._.
The_DT company_NN unveiled_VBD more_JJR than_IN 50_CD products_NNS ,_, mostly_RB software_NN ,_, that_WDT are_VBP designed_VBN to_TO integrate_VB the_DT three_CD areas_NNS of_IN a_DT manufacturing_NN operation_NN --_: the_DT plant_NN floor_NN ,_, design_NN operations_NNS and_CC production_NN planning_NN ._.
The_DT aim_NN ,_, ultimately_RB ,_, is_VBZ to_TO increase_VB the_DT flow_NN of_IN information_NN into_IN a_DT manufacturer_NN 's_POS main_JJ computer_NN network_NN for_IN use_NN in_IN business_NN planning_NN ,_, marketing_NN and_CC other_JJ operations_NNS ._.
Manufacturers_NNS have_VBP already_RB spent_VBN so_RB heavily_RB on_IN automation_NN that_IN they_PRP are_VBP one_CD of_IN the_DT computer_NN industry_NN 's_POS leading_VBG revenue_NN sources_NNS ._.
But_CC many_JJ manufacturers_NNS find_VBP that_DT communication_NN between_IN different_JJ computers_NNS has_VBZ been_VBN rendered_VBN nearly_RB impossible_JJ by_IN the_DT babel_NN of_IN computer_NN languages_NNS used_VBN by_IN different_JJ machines_NNS ,_, including_VBG robots_NNS and_CC machine_NN tools_NNS ._.
IBM_NNP 's_POS announcement_NN ,_, which_WDT was_VBD expected_VBN and_CC will_MD formally_RB be_VB made_VBN to_TO customers_NNS today_NN ,_, also_RB marks_VBZ an_DT attempt_NN to_TO gain_VB credibility_NN on_IN the_DT plant_NN floor_NN ,_, where_WRB Digital_NNP Equipment_NNP Corp._NNP has_VBZ long_RB dominated_VBN and_CC where_WRB Hewlett-Packard_NNP Co._NNP has_VBZ recently_RB gained_VBN market_NN share_NN ._.
Consultants_NNS have_VBP said_VBN that_IN it_PRP will_MD take_VB a_DT while_NN for_IN all_PDT the_DT pieces_NNS of_IN the_DT IBM_NNP strategy_NN to_TO fall_VB into_IN place_NN ,_, even_RB though_IN the_DT specific_JJ products_NNS IBM_NNP unveiled_VBD will_MD generally_RB be_VB available_JJ by_IN the_DT end_NN of_IN the_DT first_JJ quarter_NN ._.
Sam_NNP Albert_NNP ,_, a_DT consultant_NN in_IN Scarsdale_NNP ,_, N.Y._NNP ,_, said_VBD that_IN in_IN the_DT past_NN IBM_NNP has_VBZ developed_VBN broad_JJ software_NN strategies_NNS only_RB for_IN problems_NNS that_WDT crossed_VBD industry_NN lines_NNS ._.
He_PRP said_VBD he_PRP believes_VBZ IBM_NNP 's_POS decision_NN to_TO invest_VB this_DT sort_NN of_IN effort_NN into_IN a_DT single_JJ industry_NN showed_VBD that_IN it_PRP was_VBD getting_VBG serious_JJ about_IN understanding_VBG customers_NNS '_POS problems_NNS and_CC was_VBD n't_RB just_RB selling_VBG technology_NN ._.
He_PRP said_VBD he_PRP expects_VBZ IBM_NNP to_TO unveil_VB similar_JJ strategies_NNS for_IN other_JJ industries_NNS in_IN coming_VBG months_NNS ._.
IBM_NNP 's_POS push_NN is_VBZ also_RB unusual_JJ in_IN its_PRP$ approach_NN to_TO marketing_NN ._.
Rather_RB than_IN just_RB send_VB out_RP marketing_NN people_NNS to_TO knock_VB on_IN customers_NNS '_POS doors_NNS ,_, IBM_NNP is_VBZ making_VBG several_JJ hundred_CD of_IN its_PRP$ own_JJ manufacturing_VBG people_NNS available_JJ to_TO discuss_VB specific_JJ needs_NNS ._.
IBM_NNP 's_POS manufacturing_VBG staff_NN also_RB will_MD be_VB able_JJ to_TO provide_VB software_NN that_IN IBM_NNP has_VBZ developed_VBN internally_RB and_CC will_MD be_VB able_JJ to_TO form_VB teams_NNS with_IN a_DT customer_NN to_TO jointly_RB solve_VB manufacturing_NN problems_NNS ._.
IBM_NNP can_MD obviously_RB bring_VB its_PRP$ expertise_NN to_TO bear_VB on_IN problems_NNS related_VBN to_TO computer_NN manufacturing_NN ,_, but_CC it_PRP could_MD also_RB help_VB customers_NNS on_IN software_NN to_TO deal_VB with_IN such_JJ things_NNS as_IN changes_NNS in_IN engineering_VBG documents_NNS ._.
``_`` We_PRP may_MD not_RB have_VB every_DT manufacturing_NN problem_NN ,_, but_CC we_PRP have_VBP most_JJS ,_, ''_'' said_VBD George_NNP Conrades_NNP ,_, IBM_NNP 's_POS top_JJ marketing_NN official_NN ._.
Japan_NNP 's_POS Big_NNP Four_NNP securities_NNS firms_NNS posted_VBD first-half_JJ unconsolidated_VBN results_NNS that_WDT mirrored_VBD softer_JJR performance_NN as_IN a_DT result_NN of_IN slower_JJR turnover_NN on_IN the_DT Tokyo_NNP Stock_NNP Exchange_NNP during_IN July_NNP and_CC August_NNP ._.
Figures_NNS for_IN the_DT period_NN ended_VBD Sept._NNP 30_CD for_IN the_DT four_CD largest_JJS brokerage_NN firms_NNS --_: Nomura_NNP Securities_NNPS Co._NNP ,_, Daiwa_NNP Securities_NNPS Co._NNP ,_, Yamaichi_NNP Securities_NNPS Co._NNP and_CC Nikko_NNP Securities_NNPS --_: also_RB reflected_VBD a_DT changeover_NN to_TO a_DT fiscal_JJ year_NN ending_VBG March_NNP 31_CD ,_, replacing_VBG the_DT 12-month_JJ term_NN formerly_RB finishing_VBG Sept._NNP 30_CD ._.
As_IN a_DT result_NN ,_, brokerage_NN house_NN officials_NNS said_VBD ,_, appropriate_JJ comparisons_NNS from_IN the_DT same_JJ period_NN a_DT year_NN earlier_RBR were_VBD unavailable_JJ ._.
Operating_VBG profit_NN ,_, pretax_NN profit_NN and_CC net_JJ income_NN results_NNS ,_, however_RB ,_, were_VBD provided_VBN for_IN the_DT immediately_RB preceding_VBG six-month_JJ period_NN ._.
The_DT statistics_NNS follow_VBP a_DT year-on-year_JJ rebound_NN in_IN consolidated_VBN and_CC unconsolidated_VBN results_NNS in_IN the_DT full_JJ fiscal_JJ year_NN ended_VBD in_IN March_NNP 1989_CD ,_, recovering_VBG from_IN dismal_JJ results_NNS in_IN the_DT prior_JJ fiscal_JJ year_NN as_IN a_DT result_NN of_IN the_DT October_NNP 1987_CD stock_NN market_NN crash_NN ._.
Nomura_NNP said_VBD its_PRP$ pretax_NN profits_NNS inched_VBD up_RP 0.9_CD %_NN to_TO 248.91_CD billion_CD yen_NN -LRB-_-LRB- US$_$ 1.75_CD billion_CD -RRB-_-RRB- from_IN 246.60_CD billion_CD yen_NN in_IN the_DT six_CD months_NNS ended_VBD March_NNP 31_CD ._.
Total_JJ operating_VBG profit_NN fell_VBD 3.1_CD %_NN to_TO 486.1_CD billion_CD yen_NN from_IN 501.61_CD billion_CD yen_NN ._.
Net_JJ income_NN ,_, however_RB ,_, rose_VBD 3.7_CD %_NN to_TO 107.87_CD billion_CD yen_NN from_IN 103.98_CD billion_CD yen_NN ._.
Per-share_JJ net_NN rose_VBD to_TO 55.10_CD yen_NN from_IN 54.51_CD yen_NN ._.
Daiwa_NNP said_VBD its_PRP$ pretax_NN profits_NNS surged_VBD 9.6_CD %_NN to_TO 171.04_CD billion_CD yen_NN from_IN 156.12_CD billion_CD yen_NN in_IN the_DT preceding_VBG six-month_JJ term_NN ._.
Operating_VBG profit_NN rose_VBD 5.5_CD %_NN to_TO 332.38_CD billion_CD yen_NN from_IN 315.12_CD billion_CD yen_NN ._.
Net_JJ income_NN jumped_VBD 21_CD %_NN to_TO 79.03_CD billion_CD yen_NN from_IN 65.53_CD billion_CD yen_NN ._.
Per-share_JJ net_NN rose_VBD to_TO 62.04_CD yen_NN from_IN 51.50_CD yen_NN ._.
Yamaichi_NNP said_VBD its_PRP$ pretax_NN profit_NN increased_VBD 8.9_CD %_NN to_TO 117.94_CD billion_CD yen_NN from_IN 108.28_CD billion_CD yen_NN ._.
Operating_VBG profit_NN rose_VBD 5.3_CD %_NN to_TO 279.75_CD billion_CD yen_NN from_IN 265.79_CD billion_CD yen_NN ._.
Net_JJ income_NN surged_VBD 21_CD %_NN to_TO 55.59_CD billion_CD yen_NN from_IN 46.02_CD billion_CD yen_NN ._.
Per-share_JJ net_NN rose_VBD to_TO 47.46_CD yen_NN from_IN 39.31_CD yen_NN ._.
Nikko_NNP 's_POS pretax_NN profit_NN rose_VBD 1.6_CD %_NN to_TO 130.25_CD billion_CD yen_NN from_IN 128.19_CD billion_CD yen_NN ._.
Operating_VBG profit_NN rose_VBD 4_CD %_NN to_TO 293.29_CD billion_CD yen_NN from_IN 282.08_CD billion_CD yen_NN ._.
Net_JJ income_NN rose_VBD 23_CD %_NN to_TO 63.52_CD billion_CD yen_NN from_IN 51.65_CD billion_CD yen_NN ._.
Per-share_JJ net_NN rose_VBD to_TO 44.08_CD yen_NN from_IN 36.13_CD yen_NN ._.
Harken_NNP Energy_NNP Corp._NNP of_IN Dallas_NNP said_VBD it_PRP will_MD drop_VB its_PRP$ $_$ 11.75-a-share_JJ ,_, or_CC $_$ 190_CD million_CD ,_, offer_NN for_IN Tesoro_NNP Petroleum_NNP Corp._NNP if_IN the_DT two_CD companies_NNS do_VBP n't_RB have_VB an_DT agreement_NN to_TO merge_VB by_IN Dec._NNP 15_CD ._.
Harken_NNP ,_, which_WDT made_VBD its_PRP$ offer_NN in_IN August_NNP ,_, said_VBD it_PRP still_RB is_VBZ awaiting_VBG a_DT response_NN to_TO its_PRP$ offer_NN from_IN Tesoro_NNP 's_POS board_NN ._.
Harken_NNP also_RB said_VBD that_DT its_PRP$ financing_NN from_IN Bankers_NNPS Trust_NNP Co._NNP has_VBZ been_VBN extended_VBN until_IN Dec._NNP 15_CD to_TO give_VB Tesoro_NNP 's_POS board_NN time_NN to_TO consider_VB the_DT offer_NN at_IN a_DT Tesoro_NNP board_NN meeting_NN scheduled_VBN for_IN mid-November_NNP ._.
Harken_NNP ,_, which_WDT owns_VBZ about_IN 800_CD retail_NN gas_NN stations_NNS ,_, has_VBZ said_VBN it_PRP is_VBZ particularly_RB interested_JJ in_IN Tesoro_NNP 's_POS refinery_NN because_IN it_PRP would_MD fill_VB a_DT gap_NN in_IN its_PRP$ business_NN ._.
However_RB ,_, Tesoro_NNP ,_, based_VBN in_IN Houston_NNP ,_, already_RB has_VBZ rejected_VBN a_DT suitor_NN in_IN the_DT past_NN year_NN ._.
Francis_NNP D._NNP John_NNP ,_, 35-year-old_JJ president_NN ,_, will_MD assume_VB the_DT additional_JJ job_NN of_IN chief_NN executive_NN officer_NN ._.
He_PRP succeeds_VBZ Paul_NNP J._NNP Montle_NNP ,_, 42_CD ,_, who_WP will_MD remain_VB chairman_NN ._.
National_NNP Environmental_NNP also_RB said_VBD it_PRP will_MD move_VB its_PRP$ headquarters_NN from_IN Hingham_NNP to_TO Folcroft_NNP ,_, Pa._NNP ,_, the_DT site_NN of_IN its_PRP$ sludge_NN dewatering_VBG facility_NN ._.
National_NNP Environmental_NNP ,_, formerly_RB Yankee_NNP Cos._NNP ,_, is_VBZ a_DT sludge_NN treatment_NN company_NN ._.
Eagle_NNP Clothes_NNPS Inc._NNP ,_, which_WDT is_VBZ operating_VBG under_IN Chapter_NN 11_CD of_IN the_DT federal_JJ Bankruptcy_NNP Code_NNP ,_, said_VBD it_PRP reached_VBD an_DT agreement_NN with_IN its_PRP$ creditors_NNS ._.
Under_IN the_DT accord_NN ,_, Albert_NNP Roth_NNP ,_, chairman_NN and_CC chief_NN executive_NN officer_NN ,_, and_CC Arthur_NNP Chase_NNP ,_, Sam_NNP Beigel_NNP ,_, and_CC Louis_NNP Polsky_NNP will_MD resign_VB as_IN officers_NNS and_CC directors_NNS of_IN the_DT menswear_NN retailer_NN ._.
Mr._NNP Roth_NNP ,_, who_WP has_VBZ been_VBN on_IN leave_NN from_IN his_PRP$ posts_NNS ,_, will_MD be_VB succeeded_VBN by_IN Geoffrie_NNP D._NNP Lurie_NNP of_IN GDL_NNP Management_NNP Inc._NNP ,_, which_WDT is_VBZ Eagle_NNP 's_POS crisis_NN manager_NN ._.
Mr._NNP Lurie_NNP is_VBZ currently_RB co-chief_NN executive_NN ._.
Arnold_NNP Levine_NNP ,_, acting_VBG co-chief_NN executive_NN ,_, will_MD continue_VB as_RB senior_JJ vice_NN president_NN and_CC a_DT board_NN member_NN ._.
Eagle_NNP also_RB said_VBD it_PRP received_VBD a_DT commitment_NN for_IN as_RB much_JJ as_IN $_$ 8_CD million_CD in_IN financing_NN from_IN Norfolk_NNP Capital_NNP Group_NNP Inc_NNP ._.
In_IN addition_NN ,_, a_DT Norfolk_NNP affiliate_NN ,_, York_NNP Capital_NNP Inc._NNP ,_, will_MD purchase_VB all_DT of_IN the_DT interests_NNS of_IN Eagle_NNP 's_POS secured_VBN lenders_NNS ,_, which_WDT total_VBP $_$ 11.5_CD million_CD ,_, and_CC guarantee_VBP as_RB much_RB as_IN $_$ 8.2_CD million_CD in_IN payments_NNS to_TO Eagle_NNP 's_POS unsecured_JJ creditors_NNS ._.
A_DT committee_NN representing_VBG the_DT unsecured_JJ creditors_NNS agreed_VBD to_TO accept_VB 24_CD cents_NNS on_IN the_DT dollar_NN ,_, Eagle_NNP said_VBD ._.
The_DT plan_NN would_MD extend_VB the_DT period_NN under_IN which_WDT Eagle_NNP has_VBZ the_DT exclusive_JJ right_NN to_TO file_VB a_DT reorganization_NN plan_NN ._.
It_PRP would_MD extinguish_VB all_DT of_IN Eagle_NNP 's_POS existing_VBG capital_NN stock_NN and_CC issue_VB new_JJ stock_NN to_TO York_NNP as_IN sole_JJ holder_NN ._.
A_DT bankruptcy_NN court_NN hearing_NN is_VBZ set_VBN for_IN Nov._NNP 3_CD on_IN these_DT accords_NNS ._.
In_IN its_PRP$ bankruptcy-law_NN petition_NN ,_, filed_VBN in_IN U.S._NNP Bankruptcy_NNP Court_NNP in_IN Manhattan_NNP ,_, Eagle_NNP said_VBD its_PRP$ problems_NNS began_VBD in_IN 1987_CD and_CC early_RB 1988_CD when_WRB its_PRP$ then-senior_JJ lender_NN ,_, Bankers_NNPS Trust_NNP Co._NNP ,_, reduced_VBD its_PRP$ credit_NN line_NN ._.
In_IN September_NNP 1988_CD ,_, Eagle_NNP acquired_VBD Biny_NNP Clothing_NNP Inc._NNP ,_, a_DT closely_RB held_VBN New_NNP York_NNP chain_NN operated_VBN under_IN the_DT Bonds_NNP name_NN ._.
Eagle_NNP 's_POS management_NN retired_VBD and_CC Biny_NNP 's_POS management_NN took_VBD control_NN of_IN the_DT company_NN ._.
At_IN the_DT time_NN ,_, Eagle_NNP reached_VBD a_DT new_JJ credit_NN agreement_NN with_IN Bankers_NNPS Trust_NNP and_CC with_IN Bank_NNP Leumi_NNP Trust_NNP Co._NNP of_IN New_NNP York_NNP for_IN $_$ 8_CD million_CD ,_, and_CC a_DT new_JJ subordinated_VBN debt_NN accord_NN with_IN First_NNP Century_NNP Partners_NNPS and_CC Biny_NNP management_NN for_IN $_$ 2_CD million_CD ._.
But_CC Eagle_NNP said_VBD the_DT financing_NN was_VBD insufficient_JJ and_CC sales_NNS during_IN the_DT past_JJ fiscal_JJ year_NN sagged_VBD ._.
Under_IN Chapter_NN 11_CD ,_, a_DT company_NN operates_VBZ under_IN protection_NN from_IN creditors_NNS '_POS lawsuits_NNS while_IN it_PRP works_VBZ out_RP a_DT plan_NN to_TO pay_VB debts_NNS ._.
Standard_NNP &_CC Poor_NNP 's_POS Corp._NNP said_VBD it_PRP would_MD add_VB John_NNP H._NNP Harland_NNP Co._NNP ,_, an_DT Atlanta_NNP check_NN printer_NN ,_, to_TO its_PRP$ 500-stock_JJ index_NN ,_, effective_JJ at_IN the_DT close_NN of_IN trading_VBG on_IN Wednesday_NNP ._.
American_NNP Medical_NNP International_NNP Inc._NNP ,_, a_DT New_NNP York_NNP hospital_NN operator_NN ,_, will_MD be_VB deleted_VBN from_IN the_DT index_NN at_IN that_DT time_NN ._.
American_NNP Medical_NNP is_VBZ being_VBG acquired_VBN ._.
The_DT tougher_JJR new_JJ regulations_NNS under_IN the_DT savings-and-loan_JJ bailout_NN law_NN are_VBP accelerating_VBG the_DT thrift_NN industry_NN 's_POS shrinking_VBG act_NN ._.
Largely_RB to_TO meet_VB tougher_JJR new_JJ capital_NN requirements_NNS ,_, thrifts_NNS reduced_VBD their_PRP$ assets_NNS $_$ 13.4_CD billion_CD in_IN August_NNP ,_, by_IN selling_VBG such_JJ assets_NNS as_IN mortgage-backed_JJ securities_NNS and_CC loans_NNS ._.
Industry_NN assets_NNS as_IN of_IN Aug._NNP 31_CD were_VBD $_$ 1.31_CD trillion_CD ,_, the_DT lowest_JJS since_IN August_NNP 1988_CD ._.
As_IN thrifts_NNS sell_VBP assets_NNS to_TO improve_VB their_PRP$ capital-to-asset_NN ratio_NN ,_, as_IN required_VBN under_IN the_DT new_JJ law_NN passed_VBN in_IN August_NNP ,_, they_PRP must_MD also_RB reduce_VB liabilities_NNS ,_, such_JJ as_IN deposits_NNS ._.
As_IN interest_NN rates_NNS paid_VBD depositors_NNS were_VBD lowered_VBN ,_, thrift_NN withdrawals_NNS exceeded_VBD deposits_NNS by_IN $_$ 5.1_CD billion_CD ,_, not_RB including_VBG interest_NN credited_VBN to_TO accounts_NNS ._.
It_PRP was_VBD the_DT third_JJ consecutive_JJ month_NN in_IN which_WDT thrifts_NNS shed_VBP assets_NNS to_TO increase_VB the_DT size_NN of_IN their_PRP$ capital_NN in_IN relation_NN to_TO their_PRP$ assets_NNS ,_, the_DT Office_NNP of_IN Thrift_NNP Supervision_NNP said_VBD ._.
The_DT asset_NN shrinkage_NN was_VBD particularly_RB concentrated_VBN in_IN several_JJ large_JJ California_NNP institutions_NNS ._.
``_`` The_DT downsizing_VBG of_IN the_DT thrift_NN industry_NN is_VBZ well_RB under_IN way_NN ,_, ''_'' said_VBD Bert_NNP Ely_NNP ,_, an_DT industry_NN consultant_NN in_IN Alexandria_NNP ,_, Va_NNP ._.
``_`` This_DT suggests_VBZ the_DT bailout_NN law_NN is_VBZ having_VBG a_DT more_RBR dramatic_JJ effect_NN than_IN anyone_NN would_MD have_VB imagined_VBN so_RB soon_RB ._. ''_''
James_NNP Barth_NNP ,_, an_DT economist_NN with_IN the_DT Office_NNP of_IN Thrift_NNP Supervision_NNP ,_, also_RB attributed_VBD some_DT of_IN the_DT outflow_NN to_TO seasonal_JJ factors_NNS ._.
``_`` August_NNP is_VBZ a_DT month_NN when_WRB people_NNS are_VBP paying_VBG school_NN tuition_NN ,_, ''_'' he_PRP said_VBD ._.
``_`` That_IN and_CC adjustment_NN to_TO the_DT new_JJ law_NN were_VBD the_DT biggest_JJS factors_NNS in_IN the_DT industry_NN ._. ''_''
Not_RB including_VBG thrifts_NNS under_IN government_NN conservatorship_NN ,_, S&Ls_NNP reduced_VBD their_PRP$ assets_NNS by_IN $_$ 10.1_CD billion_CD from_IN the_DT previous_JJ month_NN ,_, and_CC deposit_NN outflows_NNS totaled_VBD $_$ 3.9_CD billion_CD ._.
For_IN the_DT 264_CD insolvent_JJ thrifts_NNS under_IN government_NN management_NN at_IN the_DT end_NN of_IN August_NNP ,_, assets_NNS declined_VBD by_IN $_$ 3.3_CD billion_CD and_CC withdrawals_NNS exceeded_VBD deposits_NNS by_IN $_$ 1.2_CD billion_CD ._.
Thrifts_NNS raised_VBD capital_NN mostly_RB by_IN selling_VBG mortgages_NNS and_CC mortgage-backed_JJ securities_NNS ,_, which_WDT were_VBD reduced_VBN by_IN $_$ 7.8_CD billion_CD in_IN August_NNP from_IN the_DT prior_JJ month_NN ._.
As_IN of_IN Aug._NNP 31_CD ,_, thrifts_NNS held_VBD $_$ 185_CD billion_CD in_IN mortgage-backed_JJ securities_NNS ._.
The_DT deposit_NN numbers_NNS for_IN August_NNP marked_VBD a_DT swing_NN back_RB to_TO huge_JJ outflows_NNS after_IN a_DT July_NNP net_NN deposit_NN inflow_NN of_IN $_$ 54_CD million_CD --_: the_DT only_RB net_JJ inflow_NN in_IN more_JJR than_IN a_DT year_NN ._.
Deposits_NNS are_VBP n't_RB expected_VBN to_TO exceed_VB withdrawals_NNS in_IN the_DT foreseeable_JJ future_NN ,_, as_IN the_DT industry_NN continues_VBZ to_TO shrink_VB ._.
``_`` I_PRP think_VBP we_PRP are_VBP going_VBG to_TO see_VB deposit_NN shrinkage_NN continue_VB ,_, unless_IN we_PRP see_VBP big_JJ changes_NNS in_IN rates_NNS ,_, ''_'' Mr._NNP Ely_NNP said_VBD ._.
For_IN the_DT first_JJ eight_CD months_NNS of_IN 1989_CD ,_, thrifts_NNS '_POS withdrawals_NNS exceeded_VBD deposits_NNS by_IN $_$ 44.5_CD billion_CD ._.
For_IN the_DT prior_JJ year_NN ,_, deposits_NNS exceeded_VBD withdrawals_NNS by_IN $_$ 8.8_CD billion_CD ._.
The_DT estimates_NNS of_IN real_JJ gross_JJ national_JJ product_NN prepared_VBN by_IN the_DT Bureau_NNP of_IN Economic_NNP Analysis_NNP in_IN the_DT Department_NNP of_IN Commerce_NNP significantly_RB understate_VBP the_DT rate_NN of_IN economic_JJ growth_NN ._.
Since_IN the_DT bureau_NN 's_POS estimates_NNS for_IN the_DT business_NN sector_NN provide_VBP the_DT numerator_NN for_IN the_DT productivity_NN ratios_NNS calculated_VBN by_IN the_DT Department_NNP of_IN Labor_NNP ,_, underestimated_VBN growth_NN rates_NNS artificially_RB depress_VBP official_JJ productivity_NN statistics_NNS ._.
If_IN this_DT thesis_NN is_VBZ correct_JJ ,_, it_PRP has_VBZ important_JJ implications_NNS for_IN macroeconomic_JJ policies_NNS :_: It_PRP may_MD lower_VB the_DT sense_NN of_IN urgency_NN behind_IN efforts_NNS to_TO enact_VB tax_NN incentives_NNS and_CC other_JJ measures_NNS to_TO increase_VB the_DT rate_NN of_IN growth_NN in_IN productivity_NN and_CC real_JJ GNP_NNP ._.
It_PRP would_MD also_RB affect_VB the_DT perceptions_NNS of_IN the_DT board_NN of_IN governors_NNS of_IN the_DT Federal_NNP Reserve_NNP System_NNP ,_, and_CC the_DT informed_VBN public_NN generally_RB ,_, as_IN to_TO what_WP constitutes_VBZ a_DT reasonable_JJ degree_NN of_IN price_NN stability_NN ._.
In_IN the_DT early_JJ 1980s_CD ,_, I_PRP predicted_VBD a_DT significant_JJ acceleration_NN in_IN productivity_NN growth_NN over_IN the_DT rest_NN of_IN the_DT decade_NN ._.
This_DT forecast_NN was_VBD based_VBN on_IN the_DT apparent_JJ reversal_NN of_IN most_JJS of_IN the_DT negative_JJ forces_NNS --_: such_JJ as_IN demographic_JJ changes_NNS ,_, the_DT oil_NN shock_NN and_CC accelerating_VBG inflation_NN --_: that_WDT had_VBD reduced_VBN productivity_NN gains_NNS in_IN the_DT 1970s_CD ._.
There_EX has_VBZ indeed_RB been_VBN more_JJR than_IN a_DT one_CD percentage_NN point_NN improvement_NN in_IN productivity_NN growth_NN since_IN 1981_CD ._.
But_CC I_PRP had_VBD expected_VBN more_RBR ,_, which_WDT is_VBZ one_CD reason_NN I_PRP began_VBD looking_VBG at_IN evidence_NN suggesting_VBG defects_NNS in_IN the_DT official_JJ output_NN estimates_NNS ._.
The_DT evidence_NN does_VBZ not_RB clearly_RB support_VB the_DT view_NN that_IN the_DT downward_JJ bias_NN in_IN output_NN growth_NN has_VBZ become_VBN greater_JJR during_IN the_DT 1948-89_CD period_NN ,_, but_CC all_DT I_PRP am_VBP claiming_VBG is_VBZ that_IN the_DT growth_NN trend_NN is_VBZ understated_VBN ._.
-LRB-_-LRB- It_PRP is_VBZ ,_, however_RB ,_, possible_JJ ,_, that_IN further_JJ study_NN will_MD reveal_VB increasing_VBG bias_NN ._. -RRB-_-RRB-
This_DT bias_NN is_VBZ in_IN no_DT way_NN deliberate_JJ ._.
The_DT understatement_NN of_IN growth_NN is_VBZ due_JJ largely_RB to_TO the_DT conservative_JJ expedients_NNS adopted_VBN to_TO deal_VB with_IN deficiencies_NNS in_IN basic_JJ economic_JJ data_NNS ._.
The_DT first_JJ of_IN three_CD major_JJ sources_NNS of_IN error_NN is_VBZ the_DT use_NN of_IN labor_NN input_NN estimates_NNS -LRB-_-LRB- mainly_RB employment_NN or_CC hours_NNS -RRB-_-RRB- instead_RB of_IN output_NN estimates_NNS for_IN those_DT sectors_NNS ,_, such_JJ as_IN governments_NNS ,_, paid_VBN household_NN services_NNS and_CC private_JJ non-profit_JJ institutions_NNS ,_, where_WRB there_EX are_VBP difficulties_NNS in_IN assembling_VBG output_NN data_NNS ._.
This_DT means_VBZ that_IN no_DT allowance_NN is_VBZ made_VBN for_IN possible_JJ increases_NNS in_IN output_NN per_IN unit_NN of_IN labor_NN ._.
In_IN an_DT unrelated_JJ program_NN in_IN which_WDT the_DT Labor_NNP Department_NNP does_VBZ estimate_VB output_NN per_IN employee_NN for_IN more_JJR than_IN two-thirds_NNS of_IN federal_JJ civilian_JJ employees_NNS ,_, it_PRP found_VBD an_DT average_JJ annual_JJ rate_NN of_IN productivity_NN improvement_NN of_IN 1.7_CD %_NN during_IN the_DT 1980s_CD ._.
Even_RB if_IN it_PRP is_VBZ assumed_VBN that_IN productivity_NN rose_VBD no_RB more_RBR than_IN half_DT as_RB quickly_RB in_IN the_DT rest_NN of_IN the_DT nonbusiness_NN sector_NN ,_, this_DT Labor_NNP Department_NNP estimate_NN indicates_VBZ a_DT downward_JJ bias_NN in_IN the_DT real_JJ GNP_NNP estimates_NNS of_IN 0.2_CD percentage_NN point_NN a_DT year_NN ,_, on_IN average_NN ._.
The_DT federal_JJ productivity_NN estimators_NNS use_VBP labor_NN input_NN ,_, rather_RB than_IN output_NN ,_, data_NNS for_IN their_PRP$ calculations_NNS of_IN half_DT of_IN private_JJ financial_JJ and_CC service_NN industries_NNS as_RB well_RB ._.
Independent_JJ estimates_NNS of_IN output_NN in_IN those_DT industries_NNS ,_, including_VBG one_CD by_IN the_DT Department_NNP of_IN Labor_NNP for_IN banking_NN ,_, suggests_VBZ that_DT productivity_NN in_IN finance_NN and_CC services_NNS appears_VBZ to_TO have_VB risen_VBN by_IN an_DT average_NN of_IN at_IN least_JJS 1.5_CD %_NN a_DT year_NN between_IN 1948_CD and_CC 1988_CD ._.
Because_IN finance_NN and_CC services_NNS contribute_VBP 10_CD %_NN to_TO final_JJ business_NN product_NN ,_, missing_VBG these_DT productivity_NN improvements_NNS depresses_VBZ the_DT overall_JJ growth_NN rate_NN by_IN 0.15_CD %_NN a_DT year_NN ._.
The_DT second_JJ source_NN of_IN error_NN in_IN growth_NN statistics_NNS is_VBZ the_DT use_NN of_IN inappropriate_JJ deflators_NNS to_TO adjust_VB for_IN price_NN changes_NNS ._.
I_PRP estimate_VBP that_IN these_DT mismeasurements_NNS as_IN detailed_VBN by_IN Martin_NNP N._NNP Baily_NNP and_CC Robert_NNP J._NNP Gordon_NNP add_VB a_DT further_JJ 0.12_CD percentage_NN point_NN to_TO the_DT downward_JJ bias_NN in_IN the_DT growth_NN rate_NN of_IN real_JJ business_NN product_NN ._.
Finally_RB ,_, the_DT official_JJ estimates_NNS understate_VBP growth_NN because_IN they_PRP make_VBP inadequate_JJ allowance_NN for_IN improvements_NNS in_IN quality_NN of_IN goods_NNS and_CC services_NNS ._.
In_IN 1985_CD ,_, a_DT new_JJ price_NN index_NN for_IN computers_NNS adjusted_VBN for_IN changes_NNS in_IN performance_NN characteristics_NNS was_VBD introduced_VBN ,_, and_CC that_WDT resulted_VBD in_IN a_DT significantly_RB larger_JJR increase_NN in_IN real_JJ outlays_NNS for_IN durable_JJ goods_NNS than_IN the_DT earlier_JJR estimates_NNS had_VBD showed_VBN ._.
Since_IN then_RB ,_, further_JJ research_NN argues_VBZ that_DT failure_NN to_TO take_VB account_NN of_IN quality_NN improvements_NNS has_VBZ contributed_VBN a_DT total_NN of_IN at_IN least_JJS 0.26_CD percentage_NN point_NN to_TO the_DT downward_JJ bias_NN in_IN the_DT growth_NN rate_NN ._.
In_IN sum_NN ,_, the_DT biases_NNS ennumerated_VBD above_IN indicate_VBP a_DT 0.7_CD percentage_NN point_NN understatement_NN in_IN growth_NN of_IN total_JJ real_JJ GNP_NNP ._.
For_IN the_DT private_JJ domestic_JJ business_NN economy_NN ,_, the_DT bias_NN was_VBD a_DT bit_NN over_IN 0.5_CD percentage_NN point_NN ._.
In_IN other_JJ words_NNS ,_, the_DT growth_NN rates_NNS of_IN both_DT total_NN GNP_NNP and_CC real_JJ private_JJ business_NN product_NN per_IN labor_NN hour_NN have_VBP been_VBN underestimated_VBN by_IN about_IN 20_CD %_NN ._.
Mr._NNP Kendrick_NNP is_VBZ professor_NN emeritus_NN of_IN economics_NNS at_IN George_NNP Washington_NNP University_NNP ._.
He_PRP is_VBZ co-author_NN of_IN ``_`` Personal_NNP Productivity_NNP :_: How_WRB to_TO Increase_VB Your_PRP$ Satisfaction_NN in_IN Living_VBG ''_'' -LRB-_-LRB- M.E._NNP Sharp_NNP ,_, 1988_CD -RRB-_-RRB- ._.
Union_NNP Carbide_NNP Corp._NNP said_VBD third-quarter_JJ net_NN income_NN plunged_VBD 35_CD %_NN from_IN a_DT year_NN earlier_RBR on_IN weakness_NN in_IN the_DT company_NN 's_POS mainstay_NN chemicals_NNS and_CC plastics_NNS business_NN ._.
Net_NN was_VBD $_$ 139_CD million_CD ,_, or_CC 98_CD cents_NNS a_DT share_NN ,_, for_IN the_DT quarter_NN ,_, compared_VBN with_IN $_$ 213_CD million_CD ,_, or_CC $_$ 1.56_CD a_DT share_NN ,_, a_DT year_NN ago_IN ._.
Sales_NNS were_VBD $_$ 2.14_CD billion_CD ,_, up_IN 1.6_CD %_NN from_IN $_$ 2.11_CD billion_CD the_DT previous_JJ year_NN ._.
Carbide_NNP ,_, like_IN other_JJ companies_NNS with_IN a_DT heavy_JJ reliance_NN on_IN the_DT so-called_JJ commodity_NN end_NN of_IN the_DT chemicals_NNS industry_NN ,_, was_VBD expected_VBN to_TO post_VB earnings_NNS sharply_RB lower_JJR than_IN in_IN an_DT exceptionally_RB strong_JJ 1988_CD third_JJ quarter_NN ._.
But_CC the_DT company_NN 's_POS latest_JJS quarter_NN was_VBD a_DT few_JJ pennies_NNS a_DT share_NN lower_JJR than_IN the_DT more_RBR pessimistic_JJ projections_NNS on_IN Wall_NNP Street_NNP ._.
``_`` It_PRP certainly_RB was_VBD n't_RB a_DT disaster_NN ,_, but_CC it_PRP does_VBZ show_VB weakness_NN ''_'' in_IN some_DT of_IN the_DT company_NN 's_POS chief_NN markets_NNS ,_, said_VBD George_NNP Krug_NNP ,_, a_DT chemicals-industry_NN analyst_NN at_IN Oppenheimer_NNP &_CC Co_NNP ._.
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Carbide_NNP closed_VBD at_IN $_$ 24.50_CD a_DT share_NN ,_, down_IN 50_CD cents_NNS ._.
Prices_NNS for_IN polyethylene_NN ,_, a_DT common_JJ plastic_NN and_CC an_DT important_JJ Carbide_NNP product_NN ,_, started_VBD to_TO fall_VB early_RB this_DT year_NN ;_: the_DT slide_NN accelerated_VBD in_IN the_DT third_JJ quarter_NN as_IN buyers_NNS continued_VBD to_TO trim_VB inventories_NNS ._.
Prices_NNS also_RB fell_VBD for_IN ethylene_NN oxide_NN and_CC glycols_NNS ,_, products_NNS used_VBN in_IN making_VBG antifreeze_NN ._.
Some_DT producers_NNS of_IN polyethylene_NN ,_, figuring_VBG the_DT inventory_NN reductions_NNS are_VBP near_IN an_DT end_NN ,_, have_VBP announced_VBN price_NN boosts_NNS ._.
The_DT first_JJ real_JJ test_NN of_IN whether_IN prices_NNS have_VBP hit_VBN bottom_NN may_MD come_VB in_IN the_DT next_JJ several_JJ weeks_NNS ,_, when_WRB the_DT new_JJ prices_NNS become_VBP effective_JJ ._.
A_DT Carbide_NNP spokesman_NN said_VBD ``_`` the_DT conditions_NNS are_VBP right_JJ for_IN the_DT increase_NN to_TO hold_VB ._. ''_''
For_IN the_DT third_JJ quarter_NN ,_, operating_NN profit_NN from_IN Carbide_NNP 's_POS chemicals_NNS and_CC plastics_NNS business_NN fell_VBD to_TO $_$ 238_CD million_CD from_IN $_$ 352_CD million_CD a_DT year_NN ago_IN ,_, before_IN accounting_VBG for_IN taxes_NNS and_CC interest_NN expense_NN ._.
Operating_NN profit_NN from_IN carbon_NN products_NNS ,_, such_JJ as_IN graphite_NN electrodes_NNS ,_, also_RB declined_VBD ,_, to_TO $_$ 6_CD million_CD from_IN $_$ 20_CD million_CD ._.
In_IN the_DT industrial-gases_JJ segment_NN ,_, operating_NN profit_NN climbed_VBD to_TO $_$ 87_CD million_CD from_IN $_$ 58_CD million_CD ._.
The_DT latest_JJS quarter_NN included_VBD a_DT gain_NN of_IN about_IN $_$ 62_CD million_CD on_IN the_DT sale_NN of_IN the_DT company_NN 's_POS urethane_NN polyols_NNS and_CC propylene_NN glycols_NNS businesses_NNS ._.
Propylene_NN glycols_NNS are_VBP used_VBN in_IN making_VBG personal-care_JJ products_NNS such_JJ as_IN shampoo_NN ,_, and_CC urethane_NN polyols_NNS are_VBP used_VBN in_IN making_VBG the_DT polyurethane_NN foam_NN found_VBN in_IN furniture_NN cushioning_NN and_CC other_JJ products_NNS ._.
That_DT gain_NN was_VBD mostly_RB offset_VBN by_IN a_DT loss_NN of_IN about_IN $_$ 55_CD million_CD from_IN a_DT write-down_NN in_IN its_PRP$ polysilicon_NN business_NN ._.
Polysilicon_NN is_VBZ used_VBN in_IN making_VBG integrated_VBN circuits_NNS ._.
For_IN the_DT nine_CD months_NNS ,_, net_NN totaled_VBD $_$ 526_CD million_CD ,_, or_CC $_$ 3.74_CD a_DT share_NN ,_, up_IN 5_CD %_NN from_IN $_$ 501_CD million_CD ,_, or_CC $_$ 3.71_CD a_DT share_NN ,_, a_DT year_NN ago_IN ._.
Sales_NNS rose_VBD 7.7_CD %_NN to_TO $_$ 6.66_CD billion_CD from_IN $_$ 6.19_CD billion_CD ._.
At_IN least_JJS 10_CD states_NNS are_VBP resisting_VBG Drexel_NNP Burnham_NNP Lambert_NNP Inc._NNP 's_POS nationwide_JJ effort_NN to_TO settle_VB its_PRP$ legal_JJ troubles_NNS ,_, and_CC some_DT might_MD instead_RB try_VB to_TO revoke_VB the_DT firm_NN 's_POS license_NN to_TO sell_VB securities_NNS within_IN their_PRP$ borders_NNS ._.
The_DT reluctance_NN of_IN some_DT states_NNS to_TO let_VB Drexel_NNP off_IN the_DT hook_NN could_MD hamper_VB the_DT firm_NN 's_POS attempts_NNS to_TO polish_VB its_PRP$ image_NN after_IN its_PRP$ guilty_JJ plea_NN to_TO six_CD felonies_NNS last_JJ month_NN ,_, say_VBP several_JJ people_NNS familiar_JJ with_IN the_DT discussions_NNS ._.
Up_IN to_TO now_RB ,_, Drexel_NNP has_VBZ made_VBN a_DT rapid-fire_JJ series_NN of_IN settlements_NNS with_IN 25_CD states_NNS and_CC the_DT commonwealth_NN of_IN Puerto_NNP Rico_NNP ._.
Just_RB yesterday_NN ,_, New_NNP Hampshire_NNP announced_VBD it_PRP made_VBD a_DT $_$ 75,000_CD settlement_NN with_IN Drexel_NNP ,_, a_DT record-tying_JJ fine_NN for_IN a_DT securities-law_NN matter_NN in_IN that_DT state_NN ._.
These_DT states_NNS have_VBP been_VBN entering_VBG into_IN settlements_NNS with_IN Drexel_NNP as_IN part_NN of_IN the_DT firm_NN 's_POS efforts_NNS to_TO operate_VB freely_RB anywhere_RB in_IN the_DT U.S._NNP despite_IN its_PRP$ record_NN as_IN an_DT admitted_VBN felon_NN ._.
But_CC individuals_NNS familiar_JJ with_IN the_DT generally_RB successful_JJ Drexel_NNP talks_NNS say_VBP the_DT firm_NN is_VBZ meeting_VBG resistance_NN from_IN some_DT big_JJ states_NNS ,_, including_VBG New_NNP Jersey_NNP ,_, New_NNP York_NNP ,_, California_NNP ,_, Pennsylvania_NNP ,_, Connecticut_NNP and_CC Missouri_NNP ._.
Officials_NNS in_IN some_DT of_IN these_DT states_NNS say_VBP they_PRP do_VBP n't_RB want_VB to_TO simply_RB accept_VB the_DT settlements_NNS offered_VBN by_IN Drexel_NNP ._.
They_PRP question_VBP if_IN Drexel_NNP is_VBZ getting_VBG easier_JJR treatment_NN than_IN the_DT many_JJ small_JJ penny-stock_JJ firms_NNS whose_WP$ brokerage_NN licenses_NNS are_VBP routinely_RB revoked_VBN ._.
Drexel_NNP has_VBZ to_TO settle_VB with_IN state_NN securities_NNS regulators_NNS in_IN the_DT wake_NN of_IN its_PRP$ criminal_JJ guilty_JJ plea_NN and_CC a_DT related_VBN civil_JJ settlement_NN with_IN the_DT Securities_NNPS and_CC Exchange_NNP Commission_NNP that_WDT includes_VBZ payment_NN of_IN $_$ 650_CD million_CD in_IN penalties_NNS ._.
These_DT stem_VBP from_IN a_DT two-year_JJ federal_JJ investigation_NN of_IN insider_NN trading_NN and_CC securities_NNS fraud_NN on_IN Wall_NNP Street_NNP ._.
Ohio_NNP ,_, the_DT District_NNP of_IN Columbia_NNP ,_, Tennessee_NNP and_CC Illinois_NNP have_VBP been_VBN less_RBR resistant_JJ to_TO Drexel_NNP than_IN the_DT other_JJ six_CD states_NNS ,_, but_CC nonetheless_RB have_VBP refused_VBN to_TO settle_VB so_RB far_RB ,_, say_VBP those_DT familiar_JJ with_IN the_DT discussions_NNS ._.
Drexel_NNP says_VBZ it_PRP does_VBZ n't_RB expect_VB any_DT of_IN its_PRP$ state_NN brokerage_NN licenses_NNS will_MD be_VB revoked_VBN ,_, and_CC even_RB if_IN some_DT are_VBP ,_, its_PRP$ securities_NNS business_NN would_MD n't_RB be_VB directly_RB hurt_VBN ._.
It_PRP already_RB has_VBZ sold_VBN its_PRP$ retail_NN ,_, or_CC individual-investor_NN ,_, brokerage_NN network_NN ;_: securities_NNS firms_NNS do_VBP n't_RB need_VB brokerage_NN licenses_NNS for_IN non-retail_JJ activities_NNS such_JJ as_IN investment_NN banking_NN ._.
Still_RB ,_, if_IN nothing_NN else_RB ,_, a_DT revoked_VBN brokerage_NN license_NN could_MD be_VB a_DT burden_NN because_IN it_PRP must_MD be_VB disclosed_VBN in_IN many_JJ of_IN the_DT transactions_NNS in_IN which_WDT Drexel_NNP could_MD be_VB involved_VBN ._.
Securities_NNS regulators_NNS praise_VBP Drexel_NNP for_IN its_PRP$ energetic_JJ effort_NN ,_, led_VBN by_IN government-approved_JJ general_JJ counsel_NN Saul_NNP S._NNP Cohen_NNP ,_, to_TO settle_VB its_PRP$ legal_JJ problems_NNS with_IN the_DT states_NNS ._.
But_CC they_PRP disagree_VBP about_IN the_DT message_NN these_DT settlements_NNS give_VBP to_TO the_DT public_NN ._.
``_`` There_EX was_VBD a_DT lot_NN of_IN internal_JJ debate_NN about_IN that_DT specific_JJ issue_NN ,_, ''_'' said_VBD Susan_NNP Bryant_NNP ,_, Oklahoma_NNP 's_POS chief_NN securities_NNS regulator_NN and_CC president_NN of_IN the_DT North_NNP American_NNP Securities_NNPS Administrators_NNPS Association_NNP ,_, which_WDT drafted_VBD a_DT voluntary_JJ settlement_NN plan_NN for_IN the_DT states_NNS with_IN Drexel_NNP ._.
The_DT question_NN ,_, she_PRP said_VBD ,_, is_VBZ whether_IN Drexel_NNP should_MD be_VB allowed_VBN to_TO pay_VB and_CC move_VB on_IN ,_, or_CC ``_`` whether_IN you_PRP should_MD -LRB-_-LRB- simply_RB -RRB-_-RRB- revoke_VB the_DT license_NN when_WRB someone_NN is_VBZ convicted_VBN of_IN a_DT felony_NN ._. ''_''
While_IN Ms._NNP Bryant_NNP 's_POS state_NN went_VBD ahead_RB and_CC accepted_VBN Drexel_NNP 's_POS settlement_NN offer_NN of_IN $_$ 25,000_CD ,_, she_PRP said_VBD :_: ``_`` I_PRP do_VBP n't_RB have_VB any_DT argument_NN with_IN those_DT who_WP came_VBD to_TO different_JJ conclusions_NNS ._.
I_PRP can_MD see_VB both_DT sides_NNS ._. ''_''
Similarly_RB ,_, Alfred_NNP Rubega_NNP ,_, New_NNP Hampshire_NNP 's_POS director_NN of_IN securities_NNS regulation_NN ,_, said_VBD his_PRP$ state_NN had_VBD n't_RB received_VBN any_DT complaints_NNS about_IN Drexel_NNP ,_, so_IN it_PRP really_RB could_MD n't_RB press_VB the_DT issue_NN ._.
Still_RB ,_, ``_`` I_PRP understand_VBP the_DT reasons_NNS ''_'' that_IN other_JJ states_NNS are_VBP holding_VBG out_RP ,_, he_PRP said_VBD ._.
Mr._NNP Cohen_NNP ,_, the_DT Drexel_NNP general_JJ counsel_NN ,_, said_VBD ,_, ``_`` I_PRP do_VBP n't_RB think_VB ,_, as_IN we_PRP say_VBP in_IN investment_NN banking_NN ,_, that_IN `_`` by_IN the_DT end_NN of_IN the_DT day_NN '_'' we_PRP 'll_MD be_VB losing_VBG any_DT licenses_NNS ._. ''_''
Asked_VBD about_IN states_NNS that_WDT are_VBP taking_VBG a_DT hard_JJ line_NN ,_, he_PRP said_VBD ,_, ``_`` There_EX are_VBP states_NNS that_WDT have_VBP asked_VBN for_IN additional_JJ information_NN ,_, which_WDT we_PRP are_VBP providing_VBG to_TO them_PRP ._. ''_''
Mr._NNP Cohen_NNP said_VBD more_RBR than_IN $_$ 2.8_CD million_CD has_VBZ been_VBN paid_VBN to_TO 26_CD states_NNS and_CC that_IN Drexel_NNP still_RB expects_VBZ to_TO pay_VB out_RP a_DT total_NN of_IN $_$ 11.5_CD million_CD ._.
By_IN the_DT end_NN of_IN this_DT week_NN ,_, Drexel_NNP should_MD have_VB another_DT three_CD to_TO four_CD settlements_NNS ,_, Mr._NNP Cohen_NNP said_VBD ._.
``_`` The_DT rate_NN we_PRP 're_VBP going_VBG ,_, I_PRP think_VBP that_IN by_IN the_DT end_NN of_IN the_DT month_NN ,_, we_PRP 're_VBP looking_VBG to_TO have_VB a_DT total_NN of_IN 30_CD to_TO 35_CD ,_, ''_'' he_PRP said_VBD ._.
That_DT total_NN would_MD be_VB important_JJ for_IN Drexel_NNP ._.
The_DT investment_NN bank_NN has_VBZ previously_RB announced_VBN that_IN as_IN part_NN of_IN its_PRP$ punishment_NN it_PRP would_MD create_VB an_DT independent_JJ foundation_NN to_TO promote_VB ethical_JJ behavior_NN in_IN the_DT securities_NNS industry_NN ._.
A_DT proviso_NN to_TO that_DT promise_NN is_VBZ that_IN a_DT minimum_NN of_IN 35_CD states_NNS reach_VBP settlement_NN agreements_NNS before_IN next_JJ Tuesday_NNP ._.
There_EX are_VBP ,_, according_VBG to_TO several_JJ securities_NNS commissioners_NNS ,_, at_IN least_JJS 16_CD states_NNS that_WDT are_VBP either_RB close_RB to_TO settlements_NNS with_IN Drexel_NNP or_CC who_WP do_VBP n't_RB appear_VB opposed_VBN to_TO settling_VBG ._.
Drexel_NNP 's_POS proposed_VBN state_NN fines_NNS have_VBP been_VBN based_VBN on_IN a_DT state_NN 's_POS population_NN and_CC on_IN the_DT size_NN of_IN Drexel_NNP 's_POS business_NN in_IN the_DT state_NN ._.
New_NNP Jersey_NNP ,_, for_IN example_NN ,_, was_VBD asked_VBN to_TO accept_VB $_$ 300,000_CD ,_, but_CC refused_VBD ._.
The_DT state_NN is_VBZ n't_RB ruling_VBG out_RP revoking_VBG Drexel_NNP 's_POS brokerage_NN license_NN ._.
The_DT state_NN can_MD also_RB bar_VB Drexel_NNP as_IN an_DT investment_NN adviser_NN ._.
State_NN officials_NNS wo_MD n't_RB describe_VB their_PRP$ position_NN in_IN detail_NN ,_, but_CC James_NNP McLelland_NNP Smith_NNP ,_, state_NN securities_NNS chief_NN ,_, said_VBD :_: ``_`` We_PRP really_RB are_VBP still_RB looking_VBG at_IN it_PRP and_CC have_VB informed_VBN -LRB-_-LRB- Drexel_NNP -RRB-_-RRB- that_IN the_DT proposal_NN is_VBZ really_RB not_RB sufficient_JJ for_IN settlement_NN ._. ''_''
Connecticut_NNP already_RB has_VBZ issued_VBN a_DT ``_`` notice_NN of_IN intent_NN ''_'' to_TO revoke_VB Drexel_NNP 's_POS brokerage_NN license_NN ._.
It_PRP is_VBZ one_CD of_IN the_DT states_NNS that_WDT have_VBP met_VBN with_IN Mr._NNP Cohen_NNP and_CC asked_VBN for_IN additional_JJ information_NN about_IN investors_NNS '_POS accounts_NNS and_CC other_JJ matters_NNS ._.
``_`` This_DT particular_JJ issue_NN goes_VBZ to_TO the_DT very_JJ integrity_NN of_IN the_DT capital-formation_NN market_NN ,_, ''_'' state_NN Banking_NNP Commissioner_NNP Howard_NNP Brown_NNP said_VBD ._.
A_DT banking_NN department_NN spokesman_NN added_VBD :_: ``_`` Commissioner_NNP Brown_NNP does_VBZ n't_RB feel_VB that_DT money_NN alone_RB is_VBZ the_DT issue_NN here_RB ._. ''_''
Particularly_RB touchy_JJ are_VBP the_DT cases_NNS of_IN New_NNP York_NNP ,_, which_WDT is_VBZ Drexel_NNP 's_POS base_NN ,_, and_CC California_NNP ,_, the_DT base_NN of_IN Drexel_NNP 's_POS highly_RB profitable_JJ junk-bond_NN operation_NN that_WDT led_VBD to_TO the_DT firm_NN 's_POS legal_JJ difficulties_NNS ._.
Neither_DT state_NN has_VBZ settled_VBN ,_, and_CC officials_NNS in_IN the_DT two_CD states_NNS wo_MD n't_RB discuss_VB their_PRP$ reasons_NNS for_IN not_RB doing_VBG so_RB ._.
But_CC Drexel_NNP has_VBZ made_VBN it_PRP clear_JJ it_PRP could_MD mount_VB a_DT significant_JJ legal_JJ battle_NN in_IN each_DT state_NN if_IN its_PRP$ license_NN is_VBZ revoked_VBN ,_, according_VBG to_TO state_NN officials_NNS ._.
Ms._NNP Bryant_NNP ,_, the_DT head_NN of_IN the_DT state_NN securities_NNS group_NN ,_, said_VBD Drexel_NNP has_VBZ done_VBN a_DT better_JJR job_NN of_IN settling_VBG with_IN the_DT states_NNS than_IN E.F._NNP Hutton_NNP did_VBD after_IN its_PRP$ guilty_JJ plea_NN to_TO a_DT massive_JJ check-kiting_JJ scheme_NN several_JJ years_NNS ago_IN ._.
Still_RB ,_, she_PRP said_VBD ,_, Drexel_NNP 's_POS trouble_NN with_IN some_DT states_NNS is_VBZ n't_RB a_DT bad_JJ thing_NN ._.
``_`` This_DT process_NN should_MD point_VB out_RP that_IN it_PRP 's_VBZ not_RB going_VBG to_TO be_VB easy_JJ for_IN a_DT firm_NN that_WDT 's_VBZ convicted_VBN of_IN a_DT felony_NN to_TO immediately_RB jump_VB back_RB into_IN the_DT retail_JJ business_NN ,_, ''_'' Ms._NNP Bryant_NNP said_VBD ._.
``_`` We_PRP need_VBP to_TO have_VB somebody_NN worried_VBN so_IN they_PRP do_VBP n't_RB do_VB this_DT again_RB ._. ''_''
These_DT are_VBP the_DT 26_CD states_NNS ,_, including_VBG the_DT commonwealth_NN of_IN Puerto_NNP Rico_NNP ,_, that_WDT have_VBP settled_VBN with_IN Drexel_NNP :_: Alaska_NNP ,_, Arkansas_NNP ,_, Delaware_NNP ,_, Georgia_NNP ,_, Hawaii_NNP ,_, Idaho_NNP ,_, Indiana_NNP ,_, Iowa_NNP ,_, Kansas_NNP ,_, Kentucky_NNP ,_, Maine_NNP ,_, Maryland_NNP ,_, Minnesota_NNP ,_, Mississippi_NNP ,_, New_NNP Hampshire_NNP ,_, New_NNP Mexico_NNP ,_, North_NNP Dakota_NNP ,_, Oklahoma_NNP ,_, Oregon_NNP ,_, South_NNP Carolina_NNP ,_, South_NNP Dakota_NNP ,_, Utah_NNP ,_, Vermont_NNP ,_, Washington_NNP ,_, Wyoming_NNP and_CC Puerto_NNP Rico_NNP ._.
Time_NNP Warner_NNP Inc._NNP reported_VBD a_DT third-quarter_JJ net_JJ loss_NN of_IN $_$ 176_CD million_CD ,_, or_CC $_$ 2.88_CD cents_NNS a_DT share_NN ,_, reflecting_VBG acquisition_NN costs_NNS for_IN a_DT 59.3_CD %_NN stake_NN in_IN Warner_NNP Communications_NNPS Inc._NNP and_CC the_DT purchase_NN method_NN of_IN accounting_VBG for_IN the_DT transaction_NN ._.
Separately_RB ,_, Warner_NNP reported_VBD a_DT net_JJ loss_NN of_IN $_$ 106_CD million_CD ,_, or_CC 56_CD cents_NNS a_DT share_NN ,_, including_VBG merger_NN expenses_NNS of_IN $_$ 100_CD million_CD and_CC $_$ 120_CD million_CD in_IN charges_NNS associated_VBN with_IN stock-appreciation-based_JJ compensation_NN plans_NNS ._.
Time_NNP Warner_NNP is_VBZ in_IN the_DT process_NN of_IN completing_VBG its_PRP$ acquisition_NN of_IN the_DT remaining_VBG Warner_NNP shares_NNS ._.
Time_NNP Warner_NNP emphasized_VBD in_IN a_DT news_NN release_NN that_IN it_PRP should_MD be_VB evaluated_VBN based_VBN on_IN its_PRP$ cash_NN flow_NN ,_, which_WDT the_DT company_NN defined_VBD as_IN earnings_NNS before_IN interest_NN ,_, taxes_NNS ,_, depreciation_NN and_CC amortization_NN ._.
On_IN a_DT pro-forma_FW basis_NN ,_, assuming_VBG the_DT merger_NN was_VBD effective_JJ Jan_NNP 1_CD ,_, 1988_CD ,_, including_VBG the_DT results_NNS from_IN both_DT Time_NNP Inc._NNP and_CC all_DT of_IN Warner_NNP ,_, that_IN cash_NN flow_NN figure_NN would_MD be_VB $_$ 526_CD million_CD for_IN the_DT latest_JJS quarter_NN ,_, more_RBR than_IN double_VB the_DT comparable_JJ figure_NN a_DT year_NN ago_IN ,_, or_CC $_$ 242_CD million_CD ,_, according_VBG to_TO Time_NNP Warner_NNP ._.
Some_DT analysts_NNS at_IN least_JJS are_VBP buying_VBG that_DT argument_NN ,_, and_CC were_VBD n't_RB alarmed_VBN by_IN the_DT losses_NNS ._.
``_`` What_WP really_RB matters_VBZ is_VBZ the_DT operating_VBG income_NN of_IN the_DT divisions_NNS :_: I_PRP look_VBP at_IN these_DT numbers_NNS and_CC I_PRP say_VBP ,_, these_DT businesses_NNS are_VBP doing_VBG well_RB ,_, ''_'' said_VBD Mark_NNP Manson_NNP ,_, a_DT vice_NN president_NN of_IN Donaldson_NNP ,_, Lufkin_NNP &_CC Jenrette_NNP Securities_NNPS Corp_NNP ._.
``_`` For_IN example_NN ,_, Warner_NNP made_VBD more_JJR than_IN $_$ 100_CD million_CD from_IN filmed_VBN entertainment_NN in_IN three_CD months_NNS ._.
That_DT 's_VBZ a_DT big_JJ number_NN ._.
Warner_NNP also_RB had_VBD a_DT gain_NN of_IN more_RBR than_IN 13_CD %_NN from_IN records_NNS and_CC music_NN publishing_NN ,_, even_RB though_IN the_DT domestic_JJ record_NN business_NN was_VBD sluggish_JJ this_DT summer_NN ._. ''_''
In_IN the_DT year-ago_JJ third_JJ quarter_NN ,_, Time_NNP on_IN its_PRP$ own_JJ reported_VBD net_JJ income_NN of_IN $_$ 81_CD million_CD ,_, or_CC $_$ 1.42_CD a_DT share_NN ._.
Combined_VBN revenue_NN for_IN the_DT latest_JJS quarter_NN of_IN Time_NNP Warner_NNP was_VBD $_$ 2.2_CD billion_CD ,_, compared_VBN with_IN the_DT year-ago_JJ Time_NNP revenue_NN of_IN $_$ 1.1_CD billion_CD ._.
On_IN a_DT pro_FW forma_FW basis_NN ,_, including_VBG all_DT of_IN Warner_NNP 's_POS earnings_NNS ,_, Time_NNP Warner_NNP had_VBD a_DT third-quarter_JJ loss_NN of_IN $_$ 217_CD million_CD ,_, compared_VBN with_IN a_DT $_$ 342_CD million_CD loss_NN a_DT year_NN earlier_RBR ._.
On_IN the_DT same_JJ basis_NN ,_, revenue_NN rose_VBD to_TO $_$ 2.7_CD billion_CD from_IN $_$ 2.2_CD billion_CD ._.
For_IN the_DT third_JJ quarter_NN ,_, Warner_NNP 's_POS $_$ 106_CD million_CD loss_NN compared_VBN with_IN a_DT year-ago_JJ loss_NN of_IN $_$ 113_CD million_CD ,_, or_CC 90_CD cents_NNS a_DT share_NN ._.
Revenue_NN rose_VBD to_TO $_$ 1.5_CD billion_CD from_IN $_$ 1.1_CD billion_CD ._.
The_DT 1988_CD figures_NNS were_VBD restated_VBN to_TO include_VB the_DT results_NNS of_IN Lorimar_NNP Telepictures_NNPS Corp._NNP ,_, which_WDT Warner_NNP acquired_VBD in_IN January_NNP ._.
Time_NNP Warner_NNP 's_POS operating_NN earnings_NNS got_VBD a_DT boost_NN from_IN Warner_NNP 's_POS record_NN box-office_NN results_NNS ._.
``_`` Batman_NNP ''_'' alone_RB has_VBZ racked_VBN up_RP more_RBR than_IN $_$ 247_CD million_CD in_IN box-office_NN receipts_NNS to_TO date_NN ,_, making_VBG it_PRP Warner_NNP Bros_NNP ._. '_'' largest_JJS grossing_VBG film_NN ever_RB ._.
``_`` Lethal_NNP Weapon_NNP II_NNP ''_'' was_VBD also_RB a_DT big_JJ hit_NN ._.
Warner_NNP also_RB contributed_VBD record_NN results_NNS from_IN its_PRP$ music_NN business_NN ,_, where_WRB unit_NN sales_NNS of_IN compact_JJ discs_NNS rose_VBD more_JJR than_IN 50_CD %_NN from_IN a_DT year_NN ago_IN ,_, the_DT company_NN said_VBD ,_, helped_VBN by_IN Prince_NNP 's_POS ``_`` Batman_NNP ''_'' soundtrack_NN ._.
Time_NNP Warner_NNP said_VBD its_PRP$ cable_NN division_NN turned_VBD in_RP a_DT 77_CD %_NN increase_NN in_IN operating_NN cash_NN flow_NN ,_, to_TO $_$ 166_CD million_CD from_IN $_$ 94_CD million_CD ,_, reflecting_VBG higher_JJR per-subscriber_NN revenue_NN ._.
In_IN addition_NN ,_, the_DT 1988_CD results_NNS included_VBD a_DT $_$ 20_CD million_CD charge_NN reflecting_VBG a_DT reserve_NN for_IN relocation_NN related_VBN expenses_NNS at_IN American_NNP Television_NNP &_CC Communications_NNPS Corp_NNP ._.
On_IN the_DT other_JJ hand_NN ,_, Time_NNP Warner_NNP said_VBD its_PRP$ operating_NN cash_NN flow_NN declined_VBD in_IN the_DT quarter_NN for_IN its_PRP$ magazine_NN division_NN ,_, its_PRP$ books_NNS division_NN and_CC the_DT Home_NNP Box_NNP Office_NNP programming_VBG division_NN ._.
In_IN magazines_NNS ,_, higher_JJR advertising_NN revenues_NNS at_IN Sports_NNP Illustrated_NNP and_CC Fortune_NNP were_VBD offset_VBN by_IN lower_JJR ad_NN revenue_NN for_IN other_JJ major_JJ magazines_NNS ._.
The_DT programming_VBG division_NN saw_VBD a_DT decline_NN in_IN operating_NN cash_NN flow_NN because_IN the_DT year-ago_JJ quarter_NN included_VBD a_DT $_$ 12_CD million_CD dividend_NN from_IN Turner_NNP Broadcasting_NNP System_NNP and_CC because_IN the_DT quarter_NN includes_VBZ expenses_NNS associated_VBN with_IN the_DT Nov._NNP 15_CD launch_NN of_IN HBO_NNP 's_POS Comedy_NNP Channel_NNP ._.
In_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ,_, Time_NNP Warner_NNP closed_VBD at_IN $_$ 138.625_CD a_DT share_NN ,_, up_IN $_$ 1.875_CD ,_, while_IN Warner_NNP closed_VBD at_IN $_$ 63.875_CD a_DT share_NN ,_, up_IN 12.5_CD cents_NNS ._.
Robert_NNP J._NNP Penn_NNP ,_, president_NN and_CC chief_NN executive_NN officer_NN ,_, will_MD take_VB early_JJ retirement_NN from_IN this_DT steelmaker_NN Dec_NNP 31_CD ._.
William_NNP S._NNP Leavitt_NNP ,_, chairman_NN ,_, said_VBD Mr._NNP Penn_NNP ,_, 58_CD years_NNS old_JJ ,_, would_MD continue_VB as_IN a_DT consultant_NN and_CC would_MD work_VB with_IN the_DT board_NN in_IN selecting_VBG a_DT successor_NN ._.
UNR_NNP recently_RB emerged_VBD from_IN bankruptcy-law_NN proceedings_NNS that_WDT left_VBD 64_CD %_NN of_IN the_DT reorganized_VBN company_NN 's_POS common_JJ stock_NN in_IN the_DT hands_NNS of_IN trustees_NNS of_IN an_DT asbestos-disease_NN claims_NNS trust_NN ._.
The_DT company_NN said_VBD it_PRP would_MD have_VB no_DT further_JJ comment_NN ._.
Mr._NNP Leavitt_NNP ,_, 37_CD ,_, was_VBD elected_VBN chairman_NN earlier_RBR this_DT year_NN by_IN the_DT company_NN 's_POS new_JJ board_NN ,_, having_VBG served_VBN as_IN vice_NN president_NN for_IN legal_JJ and_CC corporate_JJ affairs_NNS ._.
His_PRP$ father_NN ,_, David_NNP S._NNP Leavitt_NNP ,_, was_VBD chairman_NN and_CC chief_NN executive_NN until_IN his_PRP$ death_NN in_IN an_DT accident_NN five_CD years_NNS ago_IN ,_, at_IN which_WDT time_NN Mr._NNP Penn_NNP was_VBD named_VBN president_NN ._.
Some_DT House_NNP Democrats_NNPS are_VBP trying_VBG to_TO head_VB off_RP an_DT appointment_NN by_IN President_NNP Bush_NNP to_TO the_DT board_NN that_WDT oversees_VBZ the_DT savings-and-loan_JJ bailout_NN ,_, contending_VBG that_IN the_DT prospective_JJ nominee_NN is_VBZ the_DT head_NN of_IN troubled_VBN banks_NNS himself_PRP ._.
Four_CD Democrats_NNPS on_IN the_DT House_NNP Banking_NNP Committee_NNP sent_VBD President_NNP Bush_NNP a_DT letter_NN stating_VBG their_PRP$ concerns_NNS about_IN the_DT expected_VBN appointment_NN of_IN James_NNP Simmons_NNP ,_, an_DT Arizona_NNP banker_NN and_CC former_JJ fund-raiser_NN for_IN Mr._NNP Bush_NNP ,_, to_TO the_DT Oversight_NNP Board_NNP of_IN the_DT Resolution_NNP Trust_NNP Corp_NNP ._.
The_DT Oversight_NNP Board_NNP ,_, created_VBN in_IN the_DT savings-and-loan_JJ law_NN signed_VBN in_IN August_NNP ,_, sets_VBZ policy_NN for_IN the_DT RTC_NNP ,_, which_WDT will_MD sell_VB hundreds_NNS of_IN the_DT nation_NN 's_POS sick_JJ thrifts_NNS and_CC billions_NNS of_IN dollars_NNS of_IN their_PRP$ assets_NNS ._.
Treasury_NNP Secretary_NNP Nicholas_NNP Brady_NNP ,_, Federal_NNP Reserve_NNP Board_NNP Chairman_NNP Alan_NNP Greenspan_NNP and_CC Housing_NNP and_CC Urban_NNP Development_NNP Secretary_NNP Jack_NNP Kemp_NNP are_VBP members_NNS of_IN the_DT board_NN ._.
President_NNP Bush_NNP must_MD appoint_VB two_CD other_JJ members_NNS ,_, one_NN a_DT Democrat_NNP and_CC one_CD a_DT Republican_NNP ._.
An_DT administration_NN official_NN confirmed_VBD last_JJ week_NN that_IN Mr._NNP Simmons_NNP ,_, the_DT chairman_NN of_IN Valley_NNP National_NNP Bank_NNP in_IN Phoenix_NNP ,_, is_VBZ the_DT Republican_NNP appointee_NN ,_, and_CC that_IN a_DT security_NN clearance_NN was_VBD under_IN way_NN ._.
The_DT Democratic_JJ appointee_NN has_VBZ n't_RB been_VBN determined_VBN ,_, the_DT official_NN said_VBD ._.
Mr._NNP Simmons_NNP declined_VBD to_TO comment_VB ,_, and_CC the_DT White_NNP House_NNP said_VBD the_DT congressmen_NNS 's_POS letter_NN is_VBZ under_IN review_NN ._.
The_DT letter_NN ,_, dated_VBN last_JJ Thursday_NNP ,_, cited_VBD the_DT losses_NNS at_IN Valley_NNP National_NNP ,_, and_CC at_IN United_NNP Bank_NNP ,_, also_RB of_IN Phoenix_NNP ,_, where_WRB Mr._NNP Simmons_NNP was_VBD chairman_NN for_IN 29_CD years_NNS ._.
Both_DT banks_NNS have_VBP been_VBN battered_VBN ,_, as_IN have_VBP other_JJ Arizona_NNP banks_NNS ,_, by_IN falling_VBG real_JJ estate_NN prices_NNS ._.
Valley_NNP National_NNP ,_, for_IN example_NN ,_, had_VBD $_$ 470_CD million_CD in_IN problem_NN assets_NNS as_IN of_IN June_NNP ._.
``_`` We_PRP believe_VBP that_IN there_EX are_VBP numerous_JJ other_JJ candidates_NNS more_RBR qualified_VBN for_IN this_DT important_JJ position_NN and_CC we_PRP encourage_VBP you_PRP to_TO give_VB them_PRP your_PRP$ thorough_JJ consideration_NN before_IN making_VBG this_DT key_JJ RTC_NNP appointment_NN ,_, ''_'' the_DT letter_NN said_VBD ._.
``_`` The_DT RTC_NNP needs_VBZ the_DT most_RBS able_JJ ,_, competent_JJ management_NN available_JJ ._. ''_''
But_CC Mr._NNP Simmons_NNP has_VBZ long_JJ ties_NNS to_TO both_DT Republicans_NNPS and_CC banking_NN ._.
He_PRP was_VBD co-chairman_NN of_IN Mr._NNP Bush_NNP 's_POS Arizona_NNP campaign_NN committee_NN in_IN last_JJ year_NN 's_POS election_NN ,_, and_CC also_RB worked_VBD for_IN Mr._NNP Bush_NNP in_IN the_DT 1980_CD election_NN ._.
The_DT two_CD met_VBD more_JJR than_IN 30_CD years_NNS ago_IN ,_, when_WRB Mr._NNP Simmons_NNP worked_VBD for_IN Commercial_NNP Bank_NNP &_CC Trust_NNP Co._NNP of_IN Midland_NNP ,_, Texas_NNP ,_, where_WRB Mr._NNP Bush_NNP was_VBD an_DT organizing_VBG director_NN ._.
In_IN 1986_CD ,_, Mr._NNP Simmons_NNP also_RB served_VBD on_IN a_DT committee_NN of_IN businessmen_NNS headed_VBN by_IN William_NNP Seidman_NNP ,_, chairman_NN of_IN the_DT Federal_NNP Deposit_NNP Insurance_NNP Corp._NNP and_CC the_DT Resolution_NNP Trust_NNP Corp_NNP ._.
That_DT committee_NN determined_VBD to_TO open_VB Arizona_NNP to_TO banking_NN across_IN state_NN lines_NNS ._.
Arizona_NNP Trend_NNP magazine_NN referred_VBD to_TO Mr._NNP Simmons_NNP this_DT year_NN as_IN one_CD of_IN the_DT 25_CD most_RBS influential_JJ people_NNS in_IN the_DT state_NN ._.
The_DT letter_NN to_TO Mr._NNP Bush_NNP was_VBD signed_VBN by_IN Reps._NNP Bruce_NNP Vento_NNP -LRB-_-LRB- D._NNP ,_, Minn._NNP -RRB-_-RRB- ,_, the_DT chairman_NN of_IN the_DT Banking_NNP Committee_NNP 's_POS RTC_NNP Task_NNP Force_NNP ,_, Thomas_NNP McMillen_NNP -LRB-_-LRB- D._NNP ,_, Md._NNP -RRB-_-RRB- ,_, Kweisi_NNP Mfume_NNP -LRB-_-LRB- D._NNP ,_, Md_NNP ._. -RRB-_-RRB- and_CC Paul_NNP Kanjorski_NNP -LRB-_-LRB- D._NNP ,_, Pa_NNP ._. -RRB-_-RRB- ._.
Randolph_NNP W._NNP McElroy_NNP ,_, a_DT vice_NN chairman_NN of_IN this_DT bank-holding_JJ company_NN ,_, was_VBD named_VBN to_TO the_DT additional_JJ position_NN of_IN chairman_NN of_IN its_PRP$ principal_JJ unit_NN ,_, Sovran_NNP Bank_NNP ._.
Mr._NNP McElroy_NNP ,_, 54_CD years_NNS old_JJ ,_, will_MD remain_VB president_NN and_CC chief_JJ executive_JJ officer_NN of_IN the_DT unit_NN ._.
Sovran_NNP also_RB named_VBD John_NNP B._NNP Werner_NNP a_DT vice_NN chairman_NN of_IN the_DT parent_JJ company_NN and_CC the_DT unit_NN and_CC elected_VBD him_PRP to_TO the_DT newly_RB created_VBN position_NN of_IN chief_JJ credit_NN officer_NN of_IN Sovran_NNP Financial_NNP ,_, increasing_VBG the_DT number_NN of_IN corporate_JJ board_NN members_NNS to_TO 35_CD ._.
Mr._NNP Werner_NNP ,_, 58_CD ,_, was_VBD formerly_RB senior_JJ executive_JJ vice_NN president_NN of_IN the_DT parent_JJ company_NN and_CC the_DT unit_NN ._.
Moody_NNP 's_POS Investors_NNP Service_NNP Inc._NNP said_VBD it_PRP lowered_VBD the_DT debt_NN ratings_NNS of_IN certain_JJ long-term_JJ debt_NN held_VBN by_IN this_DT company_NN ._.
The_DT debt-rating_JJ concern_NN cited_VBD the_DT bank_NN 's_POS move_NN into_IN the_DT Texas_NNP market_NN ,_, noting_VBG its_PRP$ profitability_NN and_CC capital_NN adequacy_NN measurements_NNS will_MD be_VB depressed_JJ relative_JJ to_TO the_DT bank_NN 's_POS past_JJ performance_NN ._.
Moody_NNP 's_POS also_RB said_VBD it_PRP raised_VBD its_PRP$ rating_NN on_IN the_DT Deposit_NNP Insurance_NNP Bridge_NNP Bank_NNP ,_, now_RB known_VBN as_IN Bank_NNP One_CD ,_, Texas_NNP N.A._NNP ,_, reflecting_VBG the_DT support_NN of_IN other_JJ banking_NN affiliates_NNS and_CC substantial_JJ assistance_NN for_IN the_DT FDIC_NNP ._.
Officials_NNS at_IN the_DT New_NNP York_NNP bank-holding_JJ company_NN were_VBD n't_RB available_JJ for_IN comment_NN on_IN the_DT debt-rating_JJ changes_NNS ._.
At_IN Lloyd_NNP 's_POS of_IN London_NNP ,_, underwriters_NNS still_RB scratch_VBP out_RP policies_NNS using_VBG fountain_NN pens_NNS and_CC blotting_VBG paper_NN ._.
Visitors_NNS are_VBP ushered_VBN into_IN the_DT premises_NNS by_IN red-frocked_JJ doormen_NNS known_VBN as_IN waiters_NNS ,_, a_DT reminder_NN of_IN the_DT insurance_NN market_NN 's_POS origins_NNS in_IN a_DT coffeehouse_NN in_IN 17th_JJ century_NN London_NNP ._.
Such_JJ trappings_NNS suggest_VBP a_DT glorious_JJ past_NN but_CC give_VBP no_DT hint_NN of_IN a_DT troubled_JJ present_NN ._.
Lloyd_NNP 's_POS ,_, once_RB a_DT pillar_NN of_IN the_DT world_NN insurance_NN market_NN ,_, is_VBZ being_VBG shaken_VBN to_TO its_PRP$ very_JJ foundation_NN ._.
The_DT 301-year-old_JJ exchange_NN is_VBZ battered_VBN by_IN enormous_JJ claims_NNS from_IN a_DT decade-long_JJ run_NN of_IN unprecedented_JJ disasters_NNS ,_, the_DT most_RBS recent_JJ of_IN which_WDT is_VBZ last_JJ week_NN 's_POS earthquake_NN in_IN California_NNP 's_POS Bay_NNP Area_NNP ._.
At_IN the_DT same_JJ time_NN ,_, Lloyd_NNP 's_POS is_VBZ besieged_VBN by_IN disgruntled_JJ investors_NNS and_CC hamstrung_VBN by_IN inefficient_JJ but_CC time-honored_JJ ways_NNS of_IN conducting_VBG business_NN ._.
The_DT exchange_NN is_VBZ gradually_RB being_VBG squeezed_VBN into_IN narrow_JJ ,_, less-profitable_JJ segments_NNS of_IN the_DT market_NN by_IN less_JJR hidebound_JJ competitors_NNS ._.
``_`` Lloyd_NNP 's_POS is_VBZ on_IN the_DT ropes_NNS ,_, ''_'' says_VBZ Peter_NNP Nutting_NNP ,_, a_DT Lloyd_NNP 's_POS investor_NN for_IN 17_CD years_NNS who_WP now_RB leads_VBZ a_DT dissident_JJ group_NN threatening_VBG to_TO sue_VB exchange_NN underwriters_NNS for_IN alleged_JJ mismanagement_NN and_CC negligence_NN ._.
``_`` It_PRP needs_VBZ more_JJR discipline_NN ._.
It_PRP needs_VBZ to_TO sort_VB itself_PRP out_RP ._. ''_''
Most_RBS troublesome_JJ is_VBZ the_DT shrinking_VBG pool_NN of_IN ``_`` names_NNS ,_, ''_'' the_DT well-heeled_JJ investors_NNS -LRB-_-LRB- some_DT of_IN them_PRP royal_JJ -RRB-_-RRB- who_WP ,_, as_IN members_NNS of_IN about_RB 360_CD syndicates_NNS ,_, underwrite_VBP policies_NNS ._.
Some_RB 1,750_CD members_NNS quit_VBD the_DT exchange_NN last_JJ year_NN ,_, more_JJR than_IN triple_RB the_DT number_NN of_IN resignations_NNS in_IN 1987_CD ._.
Names_NNS are_VBP resigning_VBG at_IN an_DT even_RB faster_JJR pace_NN this_DT year_NN ._.
Lackluster_JJ returns_NNS are_VBP one_CD reason_NN ._.
The_DT average_JJ after-tax_JJ return_NN on_IN investment_NN in_IN 1986_CD ,_, the_DT most_RBS recent_JJ year_NN for_IN which_WDT results_NNS are_VBP available_JJ ,_, was_VBD 6.5_CD %_NN ,_, according_VBG to_TO Chatset_NNP Ltd._NNP ,_, an_DT insurance_NN consulting_NN firm_NN in_IN London_NNP ._.
In_IN 1985_CD ,_, it_PRP was_VBD 2.1_CD %_NN ._.
Between_IN 1981_CD and_CC 1986_CD ,_, the_DT most_RBS recent_JJ five-year_JJ period_NN for_IN which_WDT figures_NNS are_VBP available_JJ ,_, Lloyd_NNP 's_POS reported_VBD over_IN #_# 3.6_CD billion_CD in_IN claims_NNS and_CC reserves_NNS against_IN future_JJ losses_NNS -LRB-_-LRB- $_$ 5.7_CD billion_CD at_IN today_NN 's_POS exchange_NN rates_NNS -RRB-_-RRB- ,_, more_JJR than_IN double_RB the_DT #_# 1.35_CD billion_CD posted_VBN in_IN the_DT previous_JJ five-year_JJ period_NN ._.
Many_JJ of_IN the_DT 31,329_CD investors_NNS who_WP remain_VBP are_VBP beginning_VBG to_TO question_VB one_CD of_IN the_DT exchange_NN 's_POS most_JJS basic_JJ tenets_NNS ,_, the_DT concept_NN of_IN unlimited_JJ personal_JJ liability_NN ._.
Investors_NNS may_MD reap_VB huge_JJ profits_NNS when_WRB premiums_NNS exceed_VBP claims_VBZ ,_, but_CC they_PRP are_VBP liable_JJ to_TO their_PRP$ last_JJ pound_NN or_CC dollar_NN in_IN the_DT event_NN of_IN a_DT catastrophe_NN ._.
And_CC catastrophes_NNS are_VBP getting_VBG ever_RB more_RBR costly_JJ ._.
Lloyd_NNP 's_POS claims_NNS for_IN the_DT 1988_CD Piper_NNP Alpha_NNP oil-rig_NN disaster_NN in_IN the_DT North_NNP Sea_NNP ,_, for_IN instance_NN ,_, may_MD reach_VB $_$ 1_CD billion_CD ._.
During_IN the_DT five-year_JJ period_NN ended_VBD 1986_CD ,_, roughly_RB 80_CD %_NN of_IN the_DT names_NNS had_VBD money_NN tied_VBD up_RP in_IN money-losing_JJ syndicates_NNS ,_, according_VBG to_TO Chatset_NNP consultants_NNS ._.
The_DT peril_NN of_IN unlimited_JJ liability_NN looms_NNS large_JJ for_IN a_DT number_NN of_IN them_PRP now_RB ._.
``_`` I_PRP have_VBP wished_VBN I_PRP could_MD die_VB and_CC be_VB out_IN of_IN it_PRP --_: that_DT 's_VBZ how_WRB bad_JJ it_PRP is_VBZ ,_, ''_'' Betty_NNP Atkins_NNP ,_, a_DT secretary_NN from_IN suburban_JJ London_NNP ,_, says_VBZ ._.
Ms._NNP Atkins_NNP ,_, whose_WP$ Lloyd_NNP 's_POS membership_NN was_VBD a_DT bonus_NN from_IN a_DT former_JJ employer_NN in_IN 1981_CD ,_, belongs_VBZ to_TO Mr._NNP Nutting_NNP 's_POS dissident_JJ group_NN on_IN the_DT Outhwaite_NNP syndicate_NN ,_, which_WDT has_VBZ been_VBN hard_RB hit_VBN by_IN asbestos_NN reinsurance_NN claims_NNS ._.
Ms._NNP Atkins_NNP ,_, who_WP underwrote_VBD #_# 20,000_CD ,_, or_CC about_RB $_$ 32,000_CD ,_, of_IN insurance_NN coverage_NN on_IN that_DT syndicate_NN ,_, now_RB faces_VBZ potential_JJ losses_NNS of_IN roughly_RB #_# 70,000_CD ,_, or_CC $_$ 111,000_CD ._.
``_`` If_IN Lloyd_NNP 's_POS wants_VBZ #_# 70,000_CD out_IN of_IN me_PRP they_PRP will_MD have_VB to_TO take_VB everything_NN I_PRP 've_VBP got_VBD --_: and_CC even_RB then_RB I_PRP do_VBP n't_RB know_VB if_IN it_PRP will_MD be_VB enough_NN ,_, ''_'' she_PRP says_VBZ ._.
Unease_NN is_VBZ widespread_JJ among_IN exchange_NN members_NNS ._.
``_`` I_PRP ca_MD n't_RB think_VB of_IN any_DT reason_NN to_TO join_VB Lloyd_NNP 's_POS now_RB ,_, ''_'' says_VBZ Keith_NNP Whitten_NNP ,_, a_DT British_JJ businessman_NN and_CC a_DT Lloyd_NNP 's_POS member_NN since_IN 1979_CD ._.
``_`` The_DT downside_NN is_VBZ very_RB considerable_JJ ,_, and_CC at_IN the_DT moment_NN the_DT upside_NN is_VBZ very_RB marginal_JJ ._. ''_''
If_IN profits_NNS do_VBP n't_RB improve_VB ,_, Mr._NNP Whitten_NNP says_VBZ he_PRP may_MD quit_VB the_DT exchange_NN ._.
Meanwhile_RB ,_, competition_NN from_IN rivals_NNS unencumbered_JJ by_IN history_NN is_VBZ intensifying_VBG ._.
Lloyd_NNP 's_POS is_VBZ being_VBG squeezed_VBN out_IN of_IN low-margin_JJ but_CC more_RBR consistently_RB profitable_JJ product_NN lines_NNS such_JJ as_IN primary_JJ property_NN and_CC marine_JJ insurance_NN ._.
Over_IN the_DT past_JJ decade_NN ,_, competitors_NNS have_VBP chipped_VBN away_RP at_IN the_DT exchange_NN 's_POS share_NN of_IN the_DT #_# 2.5_CD billion_CD marine_JJ market_NN in_IN London_NNP ,_, where_WRB half_PDT the_DT world_NN 's_POS ships_NNS are_VBP insured_VBN ._.
Lloyd_NNP 's_POS 66_CD %_NN stake_NN in_IN that_DT market_NN has_VBZ shrunk_VBN to_TO 50_CD %_NN in_IN that_DT period_NN ,_, according_VBG to_TO an_DT official_NN at_IN the_DT Institute_NNP of_IN London_NNP Underwriters_NNP ,_, a_DT Lloyd_NNP 's_POS competitor_NN ._.
-LRB-_-LRB- The_DT official_NN asked_VBD not_RB to_TO be_VB named_VBN ._. -RRB-_-RRB-
Much_JJ of_IN the_DT business_NN has_VBZ gone_VBN to_TO the_DT institute_NN ,_, an_DT association_NN of_IN more_JJR than_IN 100_CD insurers_NNS ,_, including_VBG Cigna_NNP Corp._NNP ,_, Allianz_NNP Versicherungs_NNP AG_NNP of_IN West_NNP Germany_NNP and_CC Britain_NNP 's_POS Commercial_NNP Union_NNP Assurance_NNP PLC_NNP ._.
Lloyd_NNP 's_POS has_VBZ endured_VBN decades_NNS of_IN genteel_JJ decline_NN ._.
At_IN the_DT peak_NN of_IN its_PRP$ power_NN and_CC influence_VB a_DT century_NN ago_RB ,_, Lloyd_NNP 's_POS dominated_VBD the_DT insurance_NN world_NN with_IN a_DT 50_CD %_NN stake_NN ._.
It_PRP virtually_RB dictated_VBD how_WRB ships_NNS were_VBD to_TO be_VB built_VBN and_CC it_PRP monitored_VBD commerce_NN through_IN a_DT unrivaled_JJ intelligence_NN network_NN in_IN ports_NNS around_IN the_DT globe_NN ._.
Today_NN ,_, Lloyd_NNP 's_POS share_NN of_IN the_DT world_NN market_NN ,_, excluding_VBG life_NN insurance_NN ,_, is_VBZ about_RB 2_CD %_NN ._.
-LRB-_-LRB- Its_PRP$ stake_NN is_VBZ even_RB smaller_JJR if_IN life_NN insurance_NN is_VBZ included_VBN ._. -RRB-_-RRB-
Bigger_JJR rivals_NNS ,_, such_JJ as_IN Aetna_NNP and_CC Allianz_NNP ,_, backed_VBN by_IN armies_NNS of_IN statisticians_NNS using_VBG computers_NNS in_IN hundreds_NNS of_IN branches_NNS ,_, operate_VBP more_RBR efficiently_RB and_CC often_RB can_MD offer_VB lower_JJR rates_NNS ,_, brokers_NNS say_VBP ._.
Though_IN Lloyd_NNP 's_POS pioneered_VBD such_JJ now-standard_JJ policies_NNS as_IN worker_NN 's_POS compensation_NN insurance_NN ,_, burglary_NN insurance_NN for_IN homeowners_NNS and_CC businesses_NNS ,_, and_CC bankers_NNS '_POS liability_NN insurance_NN ,_, competitors_NNS now_RB underwrite_VBP most_JJS of_IN that_DT business_NN ._.
Beyond_IN that_DT ,_, many_JJ big_JJ oil_NN ,_, chemical_NN and_CC airline_NN companies_NNS are_VBP siphoning_VBG off_RP big_JJ chunks_NNS of_IN the_DT market_NN by_IN insuring_VBG themselves_PRP through_IN ``_`` captive_JJ ''_'' offshore_JJ companies_NNS for_IN industry-specific_JJ coverage_NN ._.
Even_RB Lloyd_NNP 's_POS specialty_NN --_: unusually_RB risky_JJ ventures_NNS --_: is_VBZ being_VBG challenged_VBN ._.
Only_RB 10_CD years_NNS ago_RB ,_, for_IN instance_NN ,_, Lloyd_NNP 's_POS was_VBD the_DT pre-eminent_JJ insurer_NN of_IN thoroughbred_JJ horses_NNS ._.
But_CC since_IN 1981_CD ,_, Kirk_NNP Horse_NNP Insurance_NNP Inc._NNP of_IN Lexington_NNP ,_, Ky._NNP has_VBZ grabbed_VBN a_DT 20_CD %_NN stake_NN of_IN the_DT market_NN ._.
Ronald_NNP Kirk_NNP ,_, president_NN ,_, says_VBZ Lloyd_NNP 's_POS has_VBZ suffered_VBN because_IN its_PRP$ structure_NN does_VBZ n't_RB allow_VB underwriters_NNS to_TO deal_VB directly_RB with_IN clients_NNS ;_: brokers_NNS are_VBP required_VBN intermediaries_NNS ._.
Thus_RB ,_, he_PRP asserts_VBZ ,_, Lloyd_NNP 's_POS ca_MD n't_RB react_VB quickly_RB to_TO competition_NN ._.
``_`` Lloyd_NNP 's_POS has_VBZ lost_VBN control_NN of_IN the_DT situation_NN ,_, ''_'' he_PRP says_VBZ ._.
``_`` They_PRP are_VBP n't_RB controlling_VBG their_PRP$ destiny_NN like_IN they_PRP used_VBD to_TO ._. ''_''
Murray_NNP Lawrence_NNP ,_, Lloyd_NNP 's_POS chairman_NN ,_, agrees_VBZ the_DT exchange_NN faces_VBZ big_JJ challenges_NNS ._.
``_`` This_DT is_VBZ a_DT watershed_JJ time_NN ,_, and_CC we_PRP are_VBP trying_VBG to_TO plot_VB our_PRP$ way_NN ahead_RB ,_, ''_'' he_PRP says_VBZ ._.
``_`` We_PRP have_VBP been_VBN a_DT great_JJ market_NN for_IN inventing_VBG risks_NNS which_WDT other_JJ people_NNS then_RB take_VBP ,_, copy_VBP and_CC cut_VBP rates_NNS ._. ''_''
Lloyd_NNP 's_POS ,_, he_PRP says_VBZ ,_, is_VBZ cut_VBN off_RP from_IN ``_`` the_DT vast_JJ body_NN of_IN premium_NN down_IN at_IN the_DT bottom_NN end_NN which_WDT acts_VBZ as_IN a_DT steadying_JJ influence_NN ''_'' against_IN catastrophic_JJ losses_NNS ._.
By_IN that_DT ,_, he_PRP means_VBZ low-margin_JJ but_CC low-risk_JJ products_NNS such_JJ as_IN certain_JJ types_NNS of_IN primary_JJ property_NN insurance_NN ._.
The_DT exchange_NN ,_, he_PRP says_VBZ ,_, must_MD find_VB new_JJ products_NNS and_CC new_JJ markets_NNS ._.
That_DT wo_MD n't_RB be_VB an_DT easy_JJ task_NN ._.
Tradition_NN is_VBZ dictator_NN at_IN Lloyd_NNP 's_POS ._.
Three_CD years_NNS ago_RB ,_, the_DT exchange_NN took_VBD up_RP residence_NN in_IN a_DT space-age_JJ tower_NN of_IN steel_NN and_CC glass_NN --_: evocative_JJ of_IN the_DT kind_NN of_IN modern_JJ architecture_NN that_IN Britain_NNP 's_POS Prince_NNP Charles_NNP has_VBZ denounced_VBN ._.
-LRB-_-LRB- Some_DT exchange_NN wags_NNS call_VBP the_DT building_NN ``_`` the_DT oil_NN rig_NN ._. ''_'' -RRB-_-RRB-
But_CC along_IN with_IN such_JJ treasured_JJ artifacts_NNS as_IN Lord_NNP Nelson_NNP 's_POS spyglass_NN ,_, Lloyd_NNP 's_VBZ also_RB brought_VBD its_PRP$ outmoded_JJ ways_NNS of_IN doing_VBG business_NN ._.
The_DT Lloyd_NNP 's_POS market_NN actively_RB underwrites_VBZ insurance_NN just_RB 4_CD 1\/2_CD hours_NNS a_DT day_NN ,_, brokers_NNS say_VBP ._.
Underwriting_NN does_VBZ n't_RB get_VB under_IN way_NN until_IN after_IN morning_NN tea_NN at_IN 10_CD a.m_RB ._.
A_DT two-hour_JJ lunch_NN break_NN follows_VBZ ._.
Things_NNS wind_VBP down_RP at_IN about_RB 4:30_CD p.m._RB ,_, just_RB in_IN time_NN for_IN afternoon_NN tea_NN ._.
Lloyd_NNP 's_POS vast_JJ trading_NN hall_NN houses_VBZ a_DT warren_NN of_IN well-polished_JJ desks_NNS ._.
The_DT hall_NN 's_POS few_JJ computers_NNS are_VBP used_VBN mostly_RB to_TO send_VB messages_NNS ._.
Sandwiched_VBN between_IN desks_NNS ,_, underwriters_NNS sit_VBP on_IN benches_NNS surrounded_VBN by_IN stacks_NNS of_IN policies_NNS ._.
Brokers_NNS clutching_VBG thick_JJ folders_NNS stand_VBP in_IN lines_NNS ,_, waiting_VBG their_PRP$ turn_NN to_TO speak_VB to_TO the_DT underwriters_NNS ._.
A_DT broker_NN may_MD have_VB to_TO approach_VB as_RB many_JJ as_IN 20_CD underwriters_NNS who_WP insure_VBP the_DT endeavors_NNS on_IN behalf_NN of_IN the_DT syndicates_NNS ._.
It_PRP could_MD take_VB six_CD months_NNS for_IN a_DT claim_NN to_TO be_VB paid_VBN ._.
``_`` The_DT system_NN ,_, ''_'' says_VBZ Nicholas_NNP Samengo-Turner_NNP ,_, a_DT Lloyd_NN 's_POS broker_NN who_WP left_VBD the_DT exchange_NN in_IN 1985_CD ,_, ``_`` is_VBZ so_RB ludicrously_RB unprofessional_JJ it_PRP drives_VBZ you_PRP mad_JJ ._. ''_''
Some_DT maintain_VBP underwriters_NNS also_RB have_VBP been_VBN inept_JJ ._.
John_NNP Wetherell_NNP ,_, a_DT Lloyd_NNP 's_POS underwriter_NN ,_, says_VBZ he_PRP and_CC his_PRP$ fellow_JJ underwriters_NNS underestimated_VBD by_IN as_RB much_JJ as_IN 50_CD %_NN the_DT premiums_NNS they_PRP should_MD have_VB charged_VBN for_IN property_NN risks_NNS from_IN 1980_CD to_TO 1985_CD ._.
``_`` How_WRB unprofessional_JJ we_PRP must_MD have_VB appeared_VBN to_TO the_DT outside_JJ world_NN --_: how_WRB incompetent_JJ at_IN risk_NN assessment_NN and_CC evaluation_NN ,_, ''_'' he_PRP says_VBZ ._.
Lloyd_NNP 's_POS officials_NNS decline_VBP to_TO comment_VB on_IN the_DT matter_NN ._.
More_RBR recently_RB ,_, property_NN rates_NNS have_VBP increased_VBN ._.
Many_JJ at_IN Lloyd_NNP 's_POS expect_VBP the_DT San_NNP Francisco_NNP earthquake_NN will_MD cause_VB the_DT industry_NN to_TO boost_VB rates_NNS even_RB further_RBR ._.
But_CC it_PRP will_MD be_VB years_NNS before_IN it_PRP is_VBZ clear_JJ whether_IN higher_JJR rates_NNS will_MD offset_VB the_DT payouts_NNS for_IN such_JJ disasters_NNS ._.
The_DT magnitude_NN of_IN the_DT exchange_NN 's_POS problems_NNS may_MD not_RB become_VB known_VBN for_IN some_DT time_NN because_IN of_IN Lloyd_NNP 's_POS practice_NN of_IN leaving_VBG the_DT books_NNS open_JJ for_IN three_CD years_NNS to_TO allow_VB for_IN the_DT settlement_NN of_IN claims_NNS ._.
Lloyd_NNP 's_POS only_RB recently_RB reported_VBD its_PRP$ financial_JJ results_NNS for_IN 1986_CD ._.
That_DT year_NN ,_, it_PRP posted_VBD record_JJ pretax_JJ profit_NN of_IN #_# 650_CD million_CD ,_, a_DT gain_NN it_PRP attributes_VBZ to_TO higher_JJR rates_NNS and_CC fewer_JJR claims_NNS ._.
But_CC Mr._NNP Lawrence_NNP says_VBZ reported_JJ profit_NN will_MD be_VB down_RB in_IN 1987_CD ,_, 1988_CD and_CC 1989_CD ,_, though_IN he_PRP declines_VBZ to_TO specify_VB how_WRB steep_JJ the_DT decline_NN will_MD be_VB ._.
Insurance_NN analysts_NNS say_VBP the_DT exchange_NN 's_POS downturn_NN in_IN profitability_NN is_VBZ likely_JJ to_TO be_VB aggravated_VBN by_IN more_JJR than_IN $_$ 600_CD million_CD in_IN aviation_NN losses_NNS -LRB-_-LRB- including_VBG the_DT 1988_CD Pan_NNP Am_NNP airline_NN disaster_NN over_IN Lockerbie_NNP ,_, Scotland_NNP -RRB-_-RRB- and_CC a_DT still-uncalculated_JJ chunk_NN of_IN claims_NNS from_IN September_NNP 's_POS Hurricane_NNP Hugo_NNP ._.
Lloyd_NNP 's_POS says_VBZ the_DT departures_NNS of_IN names_NNS is_VBZ n't_RB likely_JJ to_TO hurt_VB its_PRP$ underwriting_NN capacity_NN ,_, currently_RB about_RB #_# 11_CD billion_CD ._.
Mr._NNP Lawrence_NNP says_VBZ the_DT drain_NN of_IN funds_NNS has_VBZ been_VBN offset_VBN by_IN an_DT increase_NN in_IN investments_NNS by_IN the_DT remaining_VBG names_NNS ._.
Meanwhile_RB ,_, the_DT exchange_NN has_VBZ been_VBN trying_VBG to_TO lower_VB costs_NNS ._.
-LRB-_-LRB- It_PRP recently_RB cut_VBD its_PRP$ work_NN force_NN by_IN 9_CD %_NN ,_, or_CC 213_CD ._. -RRB-_-RRB-
But_CC Lloyd_NNP 's_POS is_VBZ hampered_VBN in_IN its_PRP$ efforts_NNS to_TO overhaul_VB operations_NNS by_IN its_PRP$ reluctance_NN to_TO embrace_VB modern_JJ technology_NN ._.
Mr._NNP Wetherell_NNP ,_, the_DT underwriter_NN ,_, reckons_VBZ half_NN of_IN his_PRP$ business_NN could_MD be_VB transacted_VBN by_IN computer_NN ,_, cutting_VBG costs_NNS at_IN least_JJS 10_CD %_NN ._.
Though_NNP Lloyd_NNP 's_POS has_VBZ talked_VBN for_IN years_NNS about_IN computerizing_VBG underwriting_NN transactions_NNS ,_, the_DT effort_NN has_VBZ n't_RB gotten_VBN very_RB far_RB ._.
Competition_NN among_IN underwriters_NNS and_CC brokers_NNS makes_VBZ them_PRP loath_JJ to_TO centralize_VB price_NN and_CC policy_NN information_NN ._.
Both_DT groups_NNS cling_VBP to_TO traditional_JJ face-to-face_JJ dealings_NNS ,_, even_RB for_IN routine_JJ policies_NNS ._.
Lloyd_NNP 's_POS overblown_JJ bureaucracy_NN also_RB hampers_VBZ efforts_NNS to_TO update_VB marketing_NN strategies_NNS ._.
Some_DT underwriters_NNS have_VBP been_VBN pressing_VBG for_IN years_NNS to_TO tap_VB the_DT low-margin_JJ business_NN by_IN selling_VBG some_DT policies_NNS directly_RB to_TO consumers_NNS ._.
Lloyd_NNP 's_POS presently_RB sells_VBZ only_JJ auto_NN insurance_NN directly_RB to_TO the_DT public_NN ,_, and_CC such_JJ policies_NNS are_VBP sold_VBN only_RB in_IN limited_JJ markets_NNS such_JJ as_IN the_DT U.K._NNP and_CC Canada_NNP ._.
But_CC such_JJ changes_NNS must_MD be_VB cleared_VBN by_IN four_CD internal_JJ committees_NNS and_CC dozens_NNS of_IN underwriters_NNS ,_, brokers_NNS and_CC administrators_NNS before_IN being_VBG implemented_VBN ._.
The_DT proposal_NN to_TO sell_VB directly_RB to_TO the_DT public_NN remains_VBZ mired_VBN in_IN bureaucratic_JJ quicksand_NN ._.
Lloyd_NNP 's_POS is_VBZ moving_VBG forward_RB on_IN some_DT fronts_NNS ,_, though_RB ._.
Mr._NNP Lawrence_NNP says_VBZ the_DT exchange_NN is_VBZ updating_VBG some_DT procedures_NNS to_TO make_VB speedier_JJR payments_NNS on_IN claims_NNS ._.
By_IN next_JJ year_NN ,_, all_DT underwriters_NNS will_MD be_VB linked_VBN to_TO a_DT communications_NNS network_NN that_WDT could_MD reduce_VB paper_NN work_NN on_IN claims_NNS ._.
Japan_NNP 's_POS Daiwa_NNP Securities_NNP Co._NNP named_VBD Masahiro_NNP Dozen_NNP president_NN ._.
Mr._NNP Dozen_NNP succeeds_VBZ Sadakane_NNP Doi_NNP ,_, who_WP will_MD become_VB vice_NN chairman_NN ._.
Yoshitoki_NNP Chino_NNP retains_VBZ his_PRP$ title_NN of_IN chairman_NN of_IN Daiwa_NNP ,_, Japan_NNP 's_POS second-largest_JJ securities_NNS firm_NN ._.
In_IN Japanese_JJ firms_NNS ,_, the_DT president_NN usually_RB is_VBZ in_IN charge_NN of_IN day-to-day_JJ operations_NNS ,_, while_IN the_DT chairman_NN 's_POS role_NN is_VBZ more_RBR a_DT ceremonial_JJ one_NN ._.
The_DT title_NN of_IN chief_JJ executive_JJ officer_NN is_VBZ n't_RB used_VBN ._.
While_IN people_NNS within_IN Daiwa_NNP ,_, particularly_RB internationalists_NNS ,_, expected_VBD that_IN Mr._NNP Dozen_NNP ,_, 52_CD ,_, would_MD eventually_RB become_VB Daiwa_NNP 's_POS president_NN ,_, the_DT speed_NN of_IN his_PRP$ promotion_NN surprised_VBD many_JJ ._.
It_PRP was_VBD only_RB earlier_RBR this_DT year_NN that_IN the_DT jovial_JJ ,_, easygoing_JJ executive_NN --_: he_PRP likes_VBZ to_TO joke_VB with_IN Americans_NNPS about_IN how_WRB his_PRP$ name_NN is_VBZ synonymous_JJ with_IN twelve_CD --_: was_VBD appointed_VBN deputy_JJ president_NN ._.
Mr._NNP Dozen_NNP is_VBZ taking_VBG over_RP the_DT reins_NNS of_IN a_DT securities_NNS company_NN that_WDT does_VBZ very_RB well_RB in_IN its_PRP$ domestic_JJ market_NN but_CC that_DT is_VBZ still_RB seeking_VBG to_TO realize_VB its_PRP$ potential_NN in_IN global_JJ investment_NN banking_NN and_CC securities_NNS dealing_NN ._.
Daiwa_NNP is_VBZ one_CD of_IN the_DT world_NN 's_POS largest_JJS securities_NNS firms_NNS ._.
As_IN of_IN March_NNP 31_CD ,_, the_DT Daiwa_NNP group_NN had_VBD shareholder_NN equity_NN of_IN 801.21_CD billion_CD yen_NN -LRB-_-LRB- $_$ 5.64_CD billion_CD -RRB-_-RRB- ._.
For_IN the_DT six_CD months_NNS ended_VBN Sept._NNP 30_CD ,_, Daiwa_NNP reported_VBD unconsolidated_JJ -LRB-_-LRB- parent_JJ company_NN -RRB-_-RRB- net_JJ income_NN of_IN 79.03_CD billion_CD yen_NN -LRB-_-LRB- $_$ 556.5_CD million_CD -RRB-_-RRB- on_IN revenue_NN of_IN 332.38_CD billion_CD yen_NN -LRB-_-LRB- $_$ 2.34_CD billion_CD -RRB-_-RRB- ._.
Both_DT figures_NNS were_VBD record_JJ highs_NNS ._.
Several_JJ observers_NNS interpreted_VBD Mr._NNP Dozen_NNP 's_POS appointment_NN as_IN an_DT attempt_NN by_IN Daiwa_NNP to_TO make_VB its_PRP$ international_JJ operations_NNS more_RBR profitable_JJ while_IN preparing_VBG the_DT firm_NN for_IN the_DT effects_NNS of_IN the_DT continuing_JJ deregulation_NN of_IN Japan_NNP 's_POS domestic_JJ markets_NNS ,_, which_WDT should_MD mean_VB increased_JJ competition_NN ._.
All_DT of_IN Japan_NNP 's_POS so-called_JJ Big_NNP Four_CD securities_NNS firms_NNS --_: Nomura_NNP Securities_NNP Co._NNP Ltd._NNP ,_, the_DT world_NN 's_POS largest_JJS ,_, Nikko_NNP Securities_NNP Co._NNP Ltd._NNP ,_, Yamaichi_NNP Securities_NNP Co._NNP Ltd._NNP and_CC Daiwa_NNP --_: have_VBP suffered_VBN setbacks_NNS in_IN their_PRP$ attempts_NNS to_TO break_VB into_IN foreign_JJ markets_NNS ._.
While_IN they_PRP have_VBP moved_VBN to_TO the_DT fore_NN in_IN underwriting_VBG fixed-income_JJ securities_NNS in_IN the_DT Eurobond_NNP market_NN --_: mostly_RB for_IN Japanese_JJ firms_NNS --_: they_PRP have_VBP been_VBN only_RB marginally_RB profitable_JJ ,_, if_IN at_IN all_DT ,_, in_IN the_DT U.S._NNP ._.
American_JJ institutional_JJ investors_NNS have_VBP never_RB had_VBD a_DT large_JJ appetite_NN for_IN Japanese_JJ equities_NNS ._.
And_CC while_IN the_DT Japanese_NNPS have_VBP stepped_VBN up_RP their_PRP$ purchases_NNS of_IN U.S._NNP shares_NNS in_IN the_DT past_JJ several_JJ months_NNS ,_, they_PRP have_VBP shown_VBN themselves_PRP in_IN the_DT past_NN to_TO be_VB fickle_JJ investors_NNS ._.
At_IN the_DT same_JJ time_NN ,_, Daiwa_NNP and_CC its_PRP$ brethren_NNS have_VBP faced_VBN stiff_JJ competition_NN from_IN well-entrenched_JJ American_JJ competitors_NNS that_WDT have_VBP prevented_VBN them_PRP from_IN building_VBG strong_JJ links_NNS to_TO U.S._NNP corporations_NNS and_CC institutional_JJ investors_NNS ._.
Mr._NNP Dozen_NNP knows_VBZ these_DT problems_NNS firsthand_RB ._.
When_WRB he_PRP arrived_VBD in_IN the_DT U.S._NNP in_IN 1969_CD --_: the_DT start_NN of_IN an_DT eight-year_JJ tour_NN --_: he_PRP tried_VBD selling_VBG Japanese_JJ yen-denominated_JJ bonds_NNS to_TO U.S._NNP investors_NNS ._.
``_`` He_PRP made_VBD desperate_JJ efforts_NNS ,_, using_VBG the_DT yellow_JJ pages_NNS from_IN beginning_NN to_TO end_NN ,_, ''_'' said_VBD Koji_NNP Yoneyama_NNP ,_, president_NN of_IN Daiwa_NN 's_POS U.S._NNP unit_NN ._.
``_`` But_CC not_RB a_DT single_JJ piece_NN of_IN paper_NN was_VBD sold_VBN ._. ''_''
By_IN his_PRP$ own_JJ account_NN ,_, Mr._NNP Dozen_NNP did_VBD n't_RB do_VB much_RB better_RBR with_IN U.S._NNP bonds_NNS ._.
In_IN an_DT interview_NN a_DT few_JJ months_NNS ago_RB ,_, he_PRP recalled_VBD how_WRB after_IN some_DT training_NN at_IN Salomon_NNP Brothers_NNP Inc._NNP ,_, he_PRP successfully_RB bid_VBD for_IN the_DT opportunity_NN to_TO sell_VB portions_NNS of_IN 20_CD U.S._NNP corporate_JJ bond_NN issues_NNS ._.
But_CC he_PRP could_MD n't_RB sell_VB any_DT ._.
``_`` Japanese_JJ stock_NN salesmen_NNS selling_VBG American_JJ bonds_NNS ?_.
Maybe_RB it_PRP 's_VBZ crazy_JJ ,_, ''_'' he_PRP said_VBD ._.
Mr._NNP Dozen_NNP even_RB related_VBD the_DT indignity_NN suffered_VBN when_WRB he_PRP and_CC two_CD colleagues_NNS went_VBD on_IN an_DT overnight_JJ fishing_NN expedition_NN off_IN the_DT New_NNP Jersey_NNP shore_NN and_CC caught_VBD nothing_NN ._.
Upon_IN returning_VBG to_TO New_NNP York_NNP ,_, ``_`` Exhausted_JJ ,_, I_PRP got_VBD into_IN a_DT taxicab_NN ,_, and_CC the_DT woman_NN driver_NN said_VBD :_: `_`` Americans_NNPS make_VBP better_JJR fishermen_NNS ,_, '_'' ''_'' he_PRP recalled_VBD ._.
Undaunted_JJ ,_, Mr._NNP Dozen_NNP said_VBD that_DT Daiwa_NNP 's_POS goal_NN is_VBZ to_TO build_VB ``_`` a_DT high-technology_NN oriented_JJ international_JJ organization_NN with_IN maybe_RB some_DT Japanese_JJ flavor_NN to_TO it_PRP ._. ''_''
He_PRP said_VBD that_IN he_PRP was_VBD particularly_RB interested_JJ in_IN his_PRP$ firm_NN gaining_VBG expertise_NN in_IN futures_NNS ,_, options_NNS ,_, mortgaged-backed_JJ securities_NNS ,_, computerized_JJ trading_NN and_CC investment_NN systems_NNS as_RB well_RB as_IN mergers_NNS and_CC acquisitions_NNS ._.
Mr._NNP Dozen_NNP said_VBD Daiwa_NNP 's_POS strengths_NNS were_VBD its_PRP$ large_JJ capital_NN base_NN ,_, its_PRP$ influential_JJ position_NN in_IN the_DT Tokyo_NNP market_NN and_CC its_PRP$ links_NNS to_TO Japanese_JJ corporations_NNS and_CC institutional_JJ investors_NNS ._.
Mr._NNP Dozen_NNP joined_VBD Daiwa_NNP upon_IN his_PRP$ graduation_NN from_IN Kyoto_NNP University_NNP in_IN 1959_CD ._.
Like_IN many_JJ young_JJ recruits_NNS in_IN Japanese_JJ securities_NNS firms_NNS ,_, he_PRP began_VBD his_PRP$ career_NN peddling_VBG stock_NN to_TO individual_JJ investors_NNS ._.
In_IN his_PRP$ climb_NN to_TO the_DT top_NN ,_, Mr._NNP Dozen_NNP also_RB headed_VBD the_DT company_NN 's_POS stock-exchange_NN division_NN ,_, its_PRP$ fixed-income_NN units_NNS and_CC its_PRP$ international_JJ operations_NNS ._.
``_`` He_PRP was_VBD constantly_RB picking_VBG up_RP new_JJ things_NNS to_TO fill_VB out_RP his_PRP$ experience_NN ;_: he_PRP is_VBZ very_RB well-balanced_JJ ,_, ''_'' said_VBD Takuro_NNP Isoda_NNP ,_, chairman_NN of_IN Daiwa_NNP 's_POS U.S._NNP unit_NN in_IN New_NNP York_NNP ._.
But_CC it_PRP Mr._NNP Dozen_NNP 's_POS experience_NN as_IN a_DT salesman_NN that_WDT enabled_VBD him_PRP to_TO gain_VB the_DT political_JJ support_NN --_: particularly_RB from_IN the_DT retail_JJ sales_NNS force_NN --_: to_TO accede_VB to_TO the_DT presidency_NN ._.
Commission_NN income_NN from_IN domestic_JJ stock_NN and_CC bond_NN sales_NNS accounts_NNS form_VBP a_DT large_JJ portion_NN of_IN Japanese_JJ securities_NNS companies_NNS '_POS earnings_NNS ._.
And_CC anybody_NN who_WP lacked_VBD the_DT backing_NN of_IN the_DT retail_JJ sales_NNS force_NN ``_`` would_MD be_VB fragile_JJ ,_, ''_'' said_VBD a_DT Daiwa_NNP executive_NN ._.
If_IN Mr._NNP Dozen_NNP has_VBZ a_DT weakness_NN ,_, it_PRP may_MD be_VB his_PRP$ golf_NN game_NN ._.
``_`` He_PRP digs_VBZ in_IN the_DT sand_NN instead_RB of_IN hitting_VBG the_DT ball_NN ,_, like_IN a_DT farmer_NN ,_, ''_'' said_VBD Mr._NNP Yoneyama_NNP ._.
Inco_NNP Ltd._NNP posted_VBD a_DT 35_CD %_NN decline_NN in_IN third-quarter_JJ net_JJ income_NN ,_, a_DT performance_NN that_WDT was_VBD in_IN line_NN with_IN analysts_NNS '_POS expectations_NNS ._.
The_DT nickel_NN producer_NN also_RB raised_VBD its_PRP$ quarterly_JJ dividend_NN to_TO 25_CD cents_NNS a_DT share_NN from_IN 20_CD cents_NNS and_CC said_VBD it_PRP may_MD buy_VB back_RP as_RB much_JJ as_IN 4.8_CD %_NN of_IN its_PRP$ common_JJ outstanding_JJ ._.
Inco_NNP shares_NNS fell_VBD after_IN the_DT announcements_NNS ._.
Analysts_NNS said_VBD some_DT investors_NNS were_VBD disappointed_JJ that_IN the_DT cash-rich_JJ company_NN had_VBD failed_VBN to_TO announce_VB a_DT special_JJ dividend_NN ._.
Inco_NNP closed_VBD at_IN $_$ 31.125_CD a_DT share_NN ,_, down_RB 62.5_CD cents_NNS ,_, in_IN New_NNP York_NNP Stock_NNP Exchange_NNP composite_JJ trading_NN ._.
Some_DT analysts_NNS said_VBD Inco_NNP ,_, which_WDT had_VBD cash_NN reserves_NNS of_IN $_$ 272_CD million_CD as_IN of_IN Sept._NNP 30_CD ,_, could_MD still_RB announce_VB a_DT special_JJ dividend_NN in_IN the_DT next_JJ few_JJ months_NNS ,_, though_IN it_PRP would_MD be_VB smaller_JJR than_IN the_DT $_$ 10-a-share_JJ special_JJ dividend_NN it_PRP paid_VBD last_JJ year_NN ._.
The_DT quarterly_JJ dividend_NN is_VBZ payable_JJ Dec._NNP 1_CD to_TO shares_NNS of_IN record_NN Nov._NNP 3_CD ._.
Inco_NNP 's_POS net_NN fell_VBD to_TO $_$ 129.3_CD million_CD ,_, or_CC $_$ 1.23_CD a_DT share_NN ,_, in_IN the_DT third_JJ quarter_NN from_IN $_$ 200.3_CD million_CD ,_, or_CC $_$ 1.88_CD a_DT share_NN ,_, a_DT year_NN earlier_RBR ._.
Sales_NNS rose_VBD 8.2_CD %_NN to_TO $_$ 848.7_CD million_CD from_IN $_$ 784.5_CD million_CD ._.
Excluding_VBG special_JJ gains_NNS from_IN tax-loss_JJ carry-forwards_NNS ,_, earnings_NNS in_IN the_DT latest_JJS quarter_NN were_VBD $_$ 117.7_CD million_CD ,_, or_CC $_$ 1.12_CD a_DT share_NN ,_, compared_VBN with_IN $_$ 187.4_CD million_CD ,_, or_CC $_$ 1.76_CD a_DT share_NN ._.
Inco_NNP said_VBD the_DT drop_NN in_IN earnings_NNS resulted_VBD mainly_RB from_IN lower_JJR nickel_NN prices_NNS for_IN the_DT period_NN and_CC a_DT temporary_JJ cut_NN in_IN nickel_JJ output_NN at_IN the_DT company_NN 's_POS Manitoba_NNP operations_NNS due_JJ to_TO high_JJ levels_NNS of_IN arsenic_NN in_IN the_DT ore_NN ._.
Inco_NNP said_VBD it_PRP plans_VBZ to_TO buy_VB back_RP as_RB many_JJ as_IN five_CD million_CD common_JJ shares_NNS over_IN the_DT next_JJ 12_CD months_NNS if_IN nickel_NN market_NN conditions_NNS are_VBP favorable_JJ ._.
Under_IN a_DT previous_JJ buyback_JJ program_NN ,_, Inco_NNP has_VBZ purchased_VBN 1.7_CD million_CD of_IN its_PRP$ shares_NNS since_IN April_NNP ._.
UAL_NNP Corp._NNP 's_POS board_NN quashed_VBD any_DT prospects_NNS for_IN an_DT immediate_JJ revival_NN of_IN a_DT labor-management_JJ buy-out_JJ ,_, saying_VBG United_NNP Airlines_NNP '_POS parent_NN should_MD remain_VB independent_JJ for_IN now_RB ._.
As_IN a_DT result_NN ,_, UAL_NNP 's_POS chairman_NN ,_, Stephen_NNP M._NNP Wolf_NNP ,_, pulled_VBD out_IN of_IN the_DT buy-out_NN effort_NN to_TO focus_VB on_IN running_VBG the_DT company_NN ._.
The_DT two_CD developments_NNS put_VBD the_DT acquisition_NN attempt_NN back_RB to_TO square_NN one_CD and_CC leaves_VBZ the_DT airline_NN with_IN an_DT array_NN of_IN unresolved_JJ matters_NNS ,_, including_VBG an_DT unsettled_JJ labor_NN situation_NN and_CC a_DT management_NN scrambling_VBG to_TO restore_VB its_PRP$ damaged_JJ credibility_NN ._.
The_DT effort_NN to_TO create_VB the_DT nation_NN 's_POS largest_JJS employee-owned_JJ company_NN began_VBD unraveling_VBG Oct._NNP 13_CD when_WRB the_DT labor-management_JJ group_NN was_VBD unable_JJ to_TO obtain_VB financing_NN for_IN its_PRP$ $_$ 300-a-share_JJ ,_, $_$ 6.79_CD billion_CD offer_NN ._.
Just_RB last_JJ week_NN it_PRP suffered_VBD another_DT major_JJ setback_NN when_WRB British_NNP Airways_NNP PLC_NNP ,_, the_DT largest_JJS equity_NN investor_NN in_IN the_DT labor-management_JJ bid_NN ,_, withdrew_VBD its_PRP$ support_NN ._.
Takeover_NN stock_NN traders_NNS ,_, focusing_VBG on_IN the_DT company_NN 's_POS intention_NN to_TO stay_VB independent_JJ ,_, took_VBD the_DT announcement_NN as_IN bad_JJ news_NN ._.
UAL_NNP ,_, which_WDT had_VBD risen_VBN $_$ 9.875_CD to_TO $_$ 178.375_CD in_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP on_IN reports_NNS of_IN a_DT new_JJ bid_NN being_NN prepared_VBN by_IN the_DT group_NN ,_, reversed_VBD course_NN and_CC plummeted_VBD in_IN off-exchange_JJ trading_NN after_IN the_DT 5:09_CD p.m._RB EDT_NNP announcement_NN ._.
Among_IN the_DT first_JJ trades_NNS reported_VBN by_IN the_DT securities_NNS firm_NN of_IN Jefferies_NNP &_CC Co._NNP ,_, which_WDT makes_VBZ a_DT market_NN in_IN UAL_NNP after_IN the_DT exchange_NN is_VBZ closed_VBN ,_, were_VBD 10,000_CD shares_NNS at_IN $_$ 170_CD ,_, 6,000_CD shares_NNS at_IN $_$ 162_CD ,_, 2,500_CD at_IN $_$ 162_CD ,_, and_CC 10,000_CD at_IN $_$ 158_CD ._.
The_DT rebound_NN in_IN UAL_NNP stock_NN during_IN regular_JJ trading_NN hours_NNS Monday_NNP was_VBD its_PRP$ first_RB daily_JJ gain_NN after_IN six_CD consecutive_JJ losses_NNS left_VBD the_DT price_NN 41_CD %_NN below_IN its_PRP$ level_NN before_IN Oct._NNP 13_CD ,_, the_DT day_NN the_DT group_NN announced_VBD the_DT bank_NN financing_NN could_MD n't_RB be_VB obtained_VBN for_IN the_DT original_JJ deal_NN ._.
Twelve_CD of_IN UAL_NNP 's_POS outside_JJ directors_NNS met_VBD at_IN a_DT five-hour_JJ meeting_NN yesterday_NN in_IN Chicago_NNP to_TO consider_VB an_DT informal_JJ proposal_NN from_IN the_DT buy-out_NN group_NN for_IN a_DT revised_JJ bid_NN ._.
But_CC the_DT board_NN said_VBD it_PRP was_VBD n't_RB interested_JJ for_IN now_RB ._.
That_DT proposal_NN ,_, valued_VBN at_IN between_IN $_$ 225_CD and_CC $_$ 240_CD a_DT share_NN ,_, would_MD have_VB transferred_VBN majority_NN ownership_NN to_TO employees_NNS while_IN leaving_VBG some_DT stock_NN in_IN public_JJ hands_NNS ._.
The_DT buy-out_NN group_NN had_VBD no_DT firm_JJ financing_NN for_IN the_DT plan_NN ._.
And_CC ,_, with_IN no_DT other_JJ offers_NNS on_IN the_DT table_NN ,_, the_DT board_NN apparently_RB felt_VBD no_DT pressure_NN to_TO act_VB on_IN it_PRP ._.
The_DT directors_NNS signaled_VBD ,_, however_RB ,_, that_IN they_PRP would_MD be_VB willing_JJ to_TO consider_VB future_JJ offers_NNS or_CC take_VB some_DT other_JJ action_NN to_TO maximize_VB shareholder_NN value_NN ,_, saying_VBG they_PRP would_MD continue_VB to_TO explore_VB ``_`` all_DT strategic_JJ and_CC financial_JJ alternatives_NNS ._. ''_''
But_CC it_PRP was_VBD clear_JJ that_IN for_IN the_DT time_NN being_JJ ,_, the_DT board_NN wants_VBZ the_DT company_NN to_TO return_VB to_TO normalcy_NN ._.
The_DT board_NN said_VBD it_PRP concluded_VBD that_IN ``_`` the_DT welfare_NN of_IN the_DT company_NN ,_, its_PRP$ shareholders_NNS ,_, its_PRP$ employees_NNS and_CC the_DT broader_JJR public_NN ..._: can_MD best_RB be_VB enhanced_VBN by_IN continued_JJ development_NN of_IN UAL_NNP as_IN a_DT strong_JJ ,_, viable_JJ ,_, independent_JJ company_NN ._. ''_''
Mr._NNP Wolf_NNP urged_VBD all_DT employees_NNS to_TO ``_`` now_RB turn_VB their_PRP$ full_JJ attention_NN ''_'' to_TO operating_VBG the_DT airline_NN ._.
He_PRP also_RB vowed_VBD to_TO ``_`` make_VB every_DT effort_NN to_TO nurture_VB ..._: a_DT constructive_JJ new_JJ relationship_NN that_WDT has_VBZ been_VBN forged_VBN with_IN participating_VBG employee_NN groups_NNS ._. ''_''
But_CC Mr._NNP Wolf_NNP faces_VBZ a_DT monumental_JJ task_NN in_IN pulling_VBG the_DT company_NN back_RB together_RB again_RB ._.
Labor_NN problems_NNS top_VBP the_DT list_NN ._.
For_IN a_DT brief_JJ time_NN ,_, the_DT buy-out_NN effort_NN seemed_VBD to_TO solve_VB his_PRP$ problems_NNS with_IN United_NNP 's_POS pilot_NN union_NN ._.
In_IN return_NN for_IN an_DT ownership_NN stake_NN in_IN the_DT company_NN ,_, the_DT pilots_NNS were_VBD willing_JJ to_TO agree_VB to_TO a_DT seven-year_JJ contract_NN that_WDT included_VBD a_DT no-strike_JJ clause_NN and_CC significant_JJ wage_NN concessions_NNS and_CC productivity_NN gains_NNS the_DT union_NN previously_RB resisted_VBD ._.
That_DT contract_NN was_VBD tied_VBN to_TO the_DT success_NN of_IN the_DT buy-out_NN ._.
As_IN a_DT ``_`` good-will_NN measure_NN ,_, ''_'' the_DT pilots_NNS had_VBD been_VBN working_VBG four_CD extra_JJ hours_NNS a_DT month_NN and_CC had_VBD agreed_VBN to_TO fly_VB UAL_NNP 's_POS two_CD new_JJ Boeing_NNP 747-400_NNP aircraft_NN ._.
It_PRP 's_VBZ uncertain_JJ if_IN the_DT pilots_NNS will_MD continue_VB to_TO do_VB so_RB without_IN a_DT contract_NN settlement_NN ._.
The_DT union_NN said_VBD late_RB last_JJ night_NN that_IN it_PRP is_VBZ still_RB committed_JJ to_TO majority_NN employee_NN ownership_NN and_CC that_IN the_DT labor_NN disputes_NNS that_WDT faced_VBD the_DT company_NN prior_RB to_TO the_DT buy-out_NN effort_NN ``_`` still_RB need_VBP to_TO be_VB addressed_VBN ._. ''_''
The_DT buy-out_NN effort_NN also_RB worsened_VBD already-strained_JJ relations_NNS between_IN United_NNP 's_POS pilot_NN and_CC machinist_NN unions_NNS ._.
The_DT machinists_NNS '_POS criticisms_NNS of_IN the_DT labor-management_JJ bid_NN and_CC their_PRP$ threats_NNS of_IN a_DT strike_NN unless_IN they_PRP received_VBD substantial_JJ wage_NN increases_NNS this_DT year_NN helped_VBD cool_VB banks_NNS '_POS interest_NN in_IN financing_VBG the_DT transaction_NN ._.
The_DT machinists_NNS previously_RB had_VBD shown_VBN themselves_PRP to_TO be_VB an_DT ally_NN to_TO Mr._NNP Wolf_NNP ,_, but_CC he_PRP lost_VBD much_JJ of_IN his_PRP$ credibility_NN with_IN that_DT group_NN when_WRB he_PRP teamed_VBD up_RP with_IN the_DT pilot_NN union_NN ._.
The_DT machinists_NNS criticized_VBD the_DT terms_NNS Mr._NNP Wolf_NNP and_CC management_NN received_VBD in_IN the_DT buy-out_NN ._.
They_PRP paid_VBD $_$ 15_CD million_CD for_IN a_DT 1_CD %_NN stake_NN and_CC received_VBD an_DT additional_JJ 9_CD %_NN of_IN the_DT company_NN at_IN no_DT additional_JJ cost_NN ._.
His_PRP$ credibility_NN is_VBZ also_RB on_IN the_DT line_NN in_IN the_DT investment_NN community_NN ._.
Until_IN the_DT collapse_NN of_IN this_DT bid_NN ,_, Mr._NNP Wolf_NNP was_VBD regarded_VBN as_IN one_CD of_IN the_DT nation_NN 's_POS savviest_JJS airline_NN executives_NNS after_IN engineering_NN turnarounds_NNS of_IN Tiger_NNP International_NNP Inc._NNP and_CC Republic_NNP Airlines_NNP ._.
But_CC he_PRP and_CC his_PRP$ chief_JJ financial_JJ officer_NN ,_, John_NNP Pope_NNP ,_, sowed_VBD some_DT of_IN the_DT seeds_NNS for_IN the_DT deal_NN 's_POS failure_NN by_IN insisting_VBG banks_NNS accept_VB low_JJ financing_NN fees_NNS and_CC interest_NN rates_NNS ,_, while_IN they_PRP invested_VBD in_IN the_DT transaction_NN only_RB a_DT small_JJ fraction_NN of_IN the_DT $_$ 114.3_CD million_CD they_PRP stood_VBD to_TO gain_VB from_IN sale_NN of_IN their_PRP$ UAL_NNP stock_NN and_CC options_NNS ._.
The_DT board_NN 's_POS actions_NNS leave_VBP takeover_NN stock_NN traders_NNS nursing_VBG some_RB $_$ 700_CD million_CD in_IN losses_NNS and_CC eager_JJ to_TO respond_VB to_TO anyone_NN who_WP might_MD make_VB a_DT new_JJ offer_NN ._.
It_PRP also_RB inevitably_RB leaves_VBZ a_DT residue_NN of_IN shareholder_NN lawsuits_NNS ._.
Arbitragers_NNS said_VBD they_PRP were_VBD disappointed_JJ the_DT company_NN did_VBD n't_RB announce_VB some_DT recapitalization_NN or_CC other_JJ plan_NN to_TO maximize_VB value_NN ._.
One_CD takeover_NN expert_NN noted_VBD that_IN arbitragers_NNS could_MD force_VB a_DT recapitalization_NN through_IN the_DT written_JJ consent_NN process_NN under_IN which_WDT holders_NNS may_MD oust_VB the_DT board_NN by_IN a_DT majority_NN vote_NN ._.
The_DT machinists_NNS union_NN has_VBZ suggested_VBN it_PRP may_MD propose_VB a_DT recapitalization_NN that_WDT includes_VBZ a_DT special_JJ dividend_NN for_IN holders_NNS and_CC a_DT minority_NN ownership_NN stake_NN for_IN employees_NNS ._.
Los_NNP Angeles_NNP investor_NN Marvin_NNP Davis_NNP ,_, whose_WP$ $_$ 240-a-share_JJ offer_NN for_IN UAL_NNP in_IN August_NNP triggered_VBD a_DT bidding_NN war_NN ,_, says_VBZ he_PRP remains_VBZ interested_JJ in_IN the_DT airline_NN ._.
However_RB ,_, he_PRP is_VBZ restricted_VBN from_IN making_VBG certain_JJ hostile_JJ moves_NNS by_IN an_DT agreement_NN he_PRP signed_VBD to_TO obtain_VB confidential_JJ UAL_NNP data_NNS ._.
Essentially_RB ,_, he_PRP ca_MD n't_RB make_VB any_DT hostile_JJ moves_NNS unless_IN he_PRP makes_VBZ a_DT tender_NN offer_NN at_IN least_JJS $_$ 300_CD a_DT share_NN ._.
Tandy_NNP Corp._NNP said_VBD it_PRP wo_MD n't_RB join_VB U.S._NNP Memories_NNP ,_, the_DT group_NN that_WDT seeks_VBZ to_TO battle_VB the_DT Japanese_NNPS in_IN the_DT market_NN for_IN computer_NN memory_NN chips_NNS ._.
Tandy_NNP 's_POS decision_NN is_VBZ a_DT second_JJ setback_NN for_IN U.S._NNP Memories_NNP ._.
Last_JJ month_NN ,_, Apple_NNP Computer_NNP Inc._NNP said_VBD that_IN it_PRP would_MD n't_RB invest_VB in_IN the_DT group_NN ._.
Apple_NNP said_VBD that_DT its_PRP$ money_NN would_MD be_VB better_RBR spent_VBN in_IN areas_NNS such_JJ as_IN research_NN and_CC development_NN ._.
U.S._NNP Memories_NNP is_VBZ seeking_VBG major_JJ investors_NNS to_TO back_VB its_PRP$ attempt_NN to_TO crack_VB the_DT $_$ 10_CD billion_CD market_NN for_IN dynamic_JJ random_JJ access_NN memory_NN chips_NNS ,_, a_DT market_NN dominated_VBN by_IN the_DT Japanese_NNPS ._.
Those_DT chips_NNS were_VBD in_IN dire_JJ shortage_NN last_JJ year_NN ,_, hurting_VBG many_JJ U.S._NNP computer_NN companies_NNS that_WDT could_MD n't_RB get_VB sufficient_JJ Japanese-supplied_JJ chips_NNS ._.
Tandy_NNP said_VBD its_PRP$ experience_NN during_IN the_DT shortage_NN did_VBD n't_RB merit_NN the_DT $_$ 5_CD million_CD to_TO $_$ 50_CD million_CD investment_NN U.S._NNP Memories_NNP is_VBZ seeking_VBG from_IN each_DT investor_NN ._.
``_`` At_IN this_DT time_NN ,_, we_PRP elected_VBD not_RB to_TO get_VB involved_VBN because_IN we_PRP have_VBP been_VBN able_JJ to_TO satisfy_VB our_PRP$ need_NN -LCB-_-LRB- for_IN DRAMs_NNS -RCB-_-RRB- from_IN the_DT market_NN as_IN a_DT rule_NN ,_, ''_'' said_VBD Ed_NNP Juge_NNP ,_, Tandy_NNP 's_POS director_NN of_IN market_NN planning_NN ._.
Sanford_NNP Kane_NNP ,_, U.S._NNP Memories_NNP president_NN ,_, said_VBD the_DT decision_NN was_VBD ``_`` disappointing_JJ ,_, ''_'' but_CC does_VBZ n't_RB presage_VB U.S._NNP Memories_NNP '_POS failure_NN ._.
``_`` I_PRP would_MD like_VB to_TO have_VB had_VBD them_PRP ,_, ''_'' he_PRP said_VBD ._.
But_CC ``_`` they_PRP were_VBD n't_RB on_IN my_PRP$ list_NN of_IN companies_NNS who_WP were_VBD critical_JJ to_TO be_VB a_DT part_NN of_IN it_PRP ._. ''_''
Mr._NNP Kane_NNP became_VBD president_NN and_CC chief_JJ executive_JJ officer_NN of_IN U.S._NNP Memories_NNP last_JJ June_NNP ,_, when_WRB the_DT group_NN was_VBD formed_VBN by_IN seven_CD electronics_NNS companies_NNS :_: Advanced_NNP Micro_NNP Devices_NNP Inc._NNP ,_, Digital_NNP Equipment_NNP Corp._NNP ;_: Hewlett-Packard_NNP Co._NNP ;_: Intel_NNP Corp._NNP ;_: International_NNP Business_NNP Machines_NNP Corp._NNP ;_: LSI_NNP Logic_NNP Corp._NNP and_CC National_NNP Semiconductor_NNP Corp_NNP ._.
Mr._NNP Kane_NNP said_VBD he_PRP expects_VBZ two_CD or_CC three_CD major_JJ corporations_NNS to_TO announce_VB their_PRP$ participation_NN in_IN U.S._NNP Memories_NNP soon_RB after_IN the_DT group_NN finishes_VBZ a_DT business_NN plan_NN ,_, probably_RB late_RB this_DT week_NN ._.
U.S._NNP Memories_NNP needs_VBZ a_DT catalyst_NN ,_, he_PRP said_VBD ,_, to_TO inspire_VB others_NNS to_TO join_VB ._.
But_CC so_RB far_RB ,_, most_RBS potential_JJ participants_NNS have_VBP n't_RB decided_VBN ._.
Sun_NNP Microsystems_NNP Inc._NNP said_VBD it_PRP 's_VBZ still_RB actively_RB evaluating_VBG U.S._NNP Memories_NNP and_CC plans_VBZ to_TO meet_VB with_IN U.S._NNP Memories_NNP representatives_NNS later_RB this_DT week_NN ._.
American_NNP Telephone_NNP &_CC Telegraph_NNP Co._NNP said_VBD it_PRP was_VBD waiting_VBG to_TO see_VB U.S._NNP Memories_NNP '_POS business_NN plan_NN ._.
Personal-computer_NN maker_NN AST_NNP Research_NNP Inc._NNP said_VBD it_PRP is_VBZ still_RB studying_VBG the_DT situation_NN ._.
A_DT Compaq_NNP Computer_NNP Corp._NNP spokeswoman_NN said_VBD that_IN the_DT company_NN has_VBZ n't_RB made_VBN a_DT decision_NN yet_RB ,_, although_IN ``_`` it_PRP is_VBZ n't_RB under_IN active_JJ consideration_NN ._.
In_IN a_DT startling_JJ turnabout_NN ,_, Members_NNP of_IN the_DT Senate_NNP Intelligence_NNP Committee_NNP are_VBP complaining_VBG that_IN someone_NN in_IN the_DT executive_JJ branch_NN is_VBZ leaking_VBG on_IN them_PRP ._.
David_NNP Boren_NNP ,_, the_DT Intelligence_NNP Committee_NNP chairman_NN ,_, is_VBZ upset_JJ that_IN someone_NN leaked_VBD a_DT letter_NN to_TO the_DT committee_NN from_IN the_DT Reagan_NNP administration_NN suggesting_VBG that_IN the_DT U.S._NNP would_MD undertake_VB to_TO warn_VB Panamanian_JJ thug_NN Manuel_NNP Noriega_NNP if_IN it_PRP got_VBD wind_NN of_IN an_DT impending_JJ coup_NN that_WDT might_MD result_VB in_IN his_PRP$ assassination_NN ._.
With_IN due_JJ respect_NN to_TO ``_`` highly_RB classified_JJ correspondence_NN ''_'' and_CC other_JJ buzzwords_NNS ,_, the_DT leakers_NNS are_VBP performing_VBG a_DT public_JJ service_NN ._.
If_IN the_DT CIA_NNP has_VBZ become_VBN a_DT protection_NN service_NN for_IN Mr._NNP Noriega_NNP ,_, the_DT American_JJ people_NNS ought_MD to_TO know_VB ._.
What_WP went_VBD wrong_JJ in_IN Panama_NNP is_VBZ a_DT fitting_JJ subject_NN for_IN public_JJ and_CC congressional_JJ inquiry_NN ._.
Naturally_RB ,_, Senator_NNP Boren_NNP and_CC his_PRP$ committee_NN would_MD like_VB free_JJ rein_NN to_TO blame_VB the_DT executive_JJ branch_NN while_IN stamping_VBG ``_`` top_JJ secret_NN ''_'' on_IN their_PRP$ own_JJ complicity_NN ._.
But_CC there_EX 's_VBZ no_DT danger_NN of_IN exposing_VBG sources_NNS and_CC methods_NNS in_IN disclosing_VBG the_DT debate_NN running_VBG up_IN and_CC down_IN Pennsylvania_NNP Avenue_NNP ._.
And_CC if_IN Congress_NNP is_VBZ going_VBG to_TO assume_VB authority_NN to_TO micromanage_NN foreign_JJ policy_NN ,_, it_PRP 's_VBZ going_VBG to_TO have_VB to_TO take_VB some_DT of_IN the_DT responsibility_NN too_RB ._.
The_DT President_NNP of_IN the_DT United_NNP States_NNP urged_VBD the_DT Panamanian_JJ armed_JJ forces_NNS to_TO move_VB against_IN Mr._NNP Noriega_NNP ._.
When_WRB they_PRP did_VBD ,_, his_PRP$ commanders_NNS did_VBD n't_RB have_VB the_DT initiative_NN to_TO do_VB more_JJR than_IN block_VB a_DT couple_NN of_IN roads_NNS ._.
The_DT executive_JJ branch_NN bears_VBZ the_DT first_JJ responsibility_NN for_IN timidity_NN ._.
But_CC what_WP kind_NN of_IN initiative_NN can_MD you_PRP expect_VB given_VBN the_DT climate_NN set_VBN by_IN Congress_NNP ?_.
For_IN example_NN ,_, what_WP exactly_RB did_VBD the_DT CIA_NNP tell_VB Major_NNP Giroldi_NNP and_CC his_PRP$ fellow_NN coup_NN plotters_NNS about_IN U.S._NNP laws_NNS and_CC executive_JJ orders_NNS on_IN assassinations_NNS ?_.
What_WP part_NN did_VBD U.S._NNP warnings_NNS play_VB in_IN the_DT major_NN 's_POS unwillingness_NN to_TO pull_VB the_DT trigger_NN when_WRB he_PRP had_VBD General_NNP Noriega_NNP in_IN custody_NN ,_, but_CC was_VBD under_IN attack_NN by_IN pro-Noriega_JJ troops_NNS ?_.
Mr._NNP Noriega_NNP did_VBD n't_RB suffer_VB from_IN any_DT hesitation_NN once_IN he_PRP had_VBD the_DT pistol_NN ._.
Maybe_RB we_PRP need_VBP a_DT CIA_NNP version_NN of_IN the_DT Miranda_NNP warning_NN :_: You_PRP have_VBP the_DT right_NN to_TO conceal_VB your_PRP$ coup_NN intentions_NNS ,_, because_IN we_PRP may_MD rat_VB on_IN you_PRP ._.
Or_CC maybe_RB a_DT Surgeon_NNP General_NNP 's_POS warning_NN :_: Confiding_VBG in_IN the_DT United_NNP States_NNPS may_MD be_VB fatal_JJ ._.
CIA_NNP chief_NN William_NNP Webster_NNP ,_, hardly_RB a_DT Washington_NNP malcontent_NN ,_, got_VBD the_DT debate_NN started_VBN last_JJ week_NN by_IN noting_VBG that_IN the_DT executive_JJ order_NN banning_VBG assassinations_NNS had_VBD contributed_VBN to_TO U.S._NNP paralysis_NN during_IN the_DT coup_NN ._.
The_DT CIA_NNP 's_POS Deputy_NNP Director_NNP of_IN Operations_NNP ,_, Richard_NNP Stoltz_NNP ,_, tried_VBD to_TO smooth_VB things_NNS over_RP a_DT few_JJ days_NNS later_RB ,_, but_CC instead_RB simply_RB underlined_VBD Mr._NNP Webster_NNP 's_POS point_NN ._.
``_`` The_DT interpretation_NN ''_'' of_IN the_DT executive_JJ order_NN ,_, Mr._NNP Stoltz_NNP said_VBD ,_, ``_`` and_CC the_DT way_NN in_IN which_WDT the_DT various_JJ committees_NNS have_VBP over_IN time_NN interpreted_VBD it_PRP ,_, has_VBZ led_VBN in_IN my_PRP$ view_NN to_TO a_DT proper_JJ caution_NN on_IN the_DT part_NN of_IN operators_NNS ,_, including_VBG me_PRP ._. ''_''
In_IN other_JJ words_NNS ,_, Congress_NNP wo_MD n't_RB let_VB the_DT CIA_NNP do_VB much_JJ of_IN anything_NN anymore_RB ,_, and_CC that_DT 's_VBZ fine_JJ with_IN the_DT CIA_NNP ._.
The_DT pay_NN 's_VBZ the_DT same_JJ ,_, and_CC the_DT duty_NN 's_POS lighter_JJR ._.
And_CC of_IN course_NN ,_, doing_VBG anything_NN that_WDT might_MD be_VB second-guessed_VBN by_IN Congress_NNP carries_VBZ heavy_JJ penalties_NNS ._.
Witness_VB the_DT Walsh_NNP prosecution_NN of_IN Ollie_NNP North_NNP ._.
The_DT Intelligence_NNP Committee_NNP 's_POS ranking_JJ Republican_NNP ,_, Senator_NNP William_NNP Cohen_NNP ,_, joined_VBD with_IN Senator_NNP George_NNP Mitchell_NNP to_TO write_VB a_DT best_JJS seller_NN about_IN Iran-Contra_NNP ,_, deploring_VBG ``_`` Men_NNP of_IN Zeal_NNP ._. ''_''
No_DT doubt_NN many_JJ people_NNS in_IN the_DT CIA_NNP ,_, the_DT Pentagon_NNP and_CC the_DT National_NNP Security_NNP Council_NNP have_VBP read_VBN it_PRP ._.
What_WP kind_NN of_IN initiative_NN should_MD anyone_NN expect_VB from_IN people_NNS out_IN on_IN the_DT line_NN who_WP 've_VBP read_VBN all_PDT this_DT and_CC know_VBP what_WP can_MD happen_VB if_IN they_PRP fail_VBP ?_.
Who_WP wants_VBZ to_TO end_VB up_RP as_IN the_DT protagonist_NN in_IN a_DT Bill_NNP Cohen_NNP morality_NN play_NN ?_.
The_DT order_NN against_IN assassinations_NNS is_VBZ another_DT artifact_NN of_IN the_DT same_JJ congressional_JJ mind-set_NN ,_, a_DT product_NN of_IN the_DT 1970s_NNS Vietnam_NNP syndrome_NN against_IN any_DT executive_JJ action_NN ._.
President_NNP Bush_NNP would_MD do_VB himself_PRP and_CC the_DT country_NN a_DT favor_NN by_IN rescinding_VBG the_DT order_NN as_IN an_DT ambiguous_JJ intrusion_NN on_IN his_PRP$ ability_NN to_TO defend_VB America_NNP 's_POS national_JJ security_NN ._.
There_EX are_VBP of_IN course_NN good_JJ reasons_NNS the_DT U.S._NNP should_MD n't_RB get_VB into_IN the_DT assassination_NN business_NN ,_, but_CC rescinding_VBG the_DT executive_JJ order_NN is_VBZ not_RB the_DT same_JJ thing_NN as_IN saying_VBG the_DT U.S._NNP should_MD start_VB passing_VBG out_RP exploding_VBG cigars_NNS ._.
The_DT world_NN being_VBG the_DT nasty_JJ place_NN it_PRP is_VBZ ,_, we_PRP want_VBP Presidents_NNS to_TO have_VB the_DT freedom_NN to_TO order_VB operations_NNS in_IN which_WDT someone_NN might_MD get_VB killed_VBN ._.
In_IN such_JJ situations_NNS ,_, you_PRP can_MD not_RB write_VB rules_NNS in_IN advance_NN ,_, you_PRP can_MD only_RB make_VB sure_JJ the_DT President_NNP takes_VBZ the_DT responsibility_NN ._.
The_DT executive_JJ order_NN and_CC the_DT reported_JJ agreements_NNS with_IN the_DT Intelligence_NNP Committee_NNP are_VBP neither_DT sensible_JJ nor_CC moral_JJ ._.
As_IN it_PRP now_RB stands_VBZ ,_, the_DT U.S._NNP can_MD bomb_VB Tripoli_NNP ,_, but_CC ca_MD n't_RB ``_`` assassinate_VB ''_'' Colonel_NNP Gadhafi_NNP ._.
It_PRP can_MD send_VB a_DT fighter_NN squadron_NN to_TO strafe_VB terrorist_JJ hideouts_NNS in_IN the_DT Bekaa_NNP Valley_NNP ,_, but_CC ca_MD n't_RB shoot_VB Abu_NNP Nidal_NNP ._.
Both_PDT the_DT assassination_NN order_NN and_CC the_DT quality_NN of_IN debate_NN in_IN Washington_NNP are_VBP telling_VBG the_DT world_NN that_IN the_DT only_JJ way_NN the_DT U.S._NNP will_MD kill_VB a_DT madman_NN is_VBZ by_IN making_VBG sure_JJ we_PRP take_VBP some_DT innocent_JJ civilians_NNS with_IN him_PRP ._.
We_PRP 've_VBP heard_VBN California_NNP 's_POS property-tax-cutting_JJ Proposition_NNP 13_CD blamed_VBN for_IN a_DT lot_NN over_IN the_DT years_NNS ,_, but_CC ABC_NNP 's_POS Ted_NNP Koppel_NNP came_VBD up_RP with_IN a_DT new_JJ wrinkle_NN in_IN his_PRP$ earthquake_NN coverage_NN last_JJ week_NN when_WRB he_PRP asked_VBD Democratic_NNP Assemblyman_NNP Richard_NNP Katz_NNP if_IN Prop._NNP 13_CD had_VBD withheld_VBN money_NN needed_VBN for_IN road_NN maintenance_NN ._.
Mr._NNP Katz_NNP happily_RB agreed_VBD ,_, sliding_VBG over_IN the_DT fact_NN that_IN California_NNP 's_POS roads_NNS and_CC bridges_NNS are_VBP n't_RB funded_VBN by_IN property_NN taxes_NNS but_CC by_IN state_NN and_CC federal_JJ gasoline_NN taxes_NNS ._.
Both_DT have_VBP been_VBN raised_VBN at_IN least_JJS 30_CD %_NN in_IN recent_JJ years_NNS ,_, even_RB while_IN the_DT price_NN of_IN gasoline_NN has_VBZ fallen_VBN ._.
Dragging_VBG Prop._NNP 13_CD into_IN this_DT story_NN is_VBZ a_DT pretty_RB long_JJ stretch_NN ._.
A_DT series_NN of_IN explosions_NNS tore_VBD through_IN the_DT huge_JJ Phillips_NNP Petroleum_NNP Co._NNP plastics_NNS plant_NN near_IN here_RB ,_, injuring_VBG more_JJR than_IN a_DT hundred_CD and_CC closing_VBG parts_NNS of_IN the_DT Houston_NNP Ship_NNP Channel_NNP ._.
There_EX were_VBD no_DT immediate_JJ reports_NNS of_IN deaths_NNS ,_, but_CC officials_NNS said_VBD a_DT number_NN of_IN workers_NNS were_VBD still_RB unaccounted_JJ for_IN last_JJ night_NN ._.
The_DT Bartlesville_NNP ,_, Okla._NNP ,_, oil_NN company_NN late_RB yesterday_NN still_RB had_VBD n't_RB said_VBN officially_RB what_WP caused_VBD the_DT explosions_NNS and_CC fires_NNS ,_, which_WDT sent_VBD columns_NNS of_IN heavy_JJ black_JJ smoke_NN billowing_VBG high_RB into_IN the_DT air_NN ._.
One_CD local_JJ Phillips_NNP manager_NN said_VBD a_DT seal_NN blew_VBD in_IN one_CD of_IN the_DT plant_NN 's_POS reactors_NNS ._.
Glenn_NNP Cox_NNP ,_, Phillips_NNP '_POS president_NN and_CC chief_NN operating_VBG officer_NN ,_, and_CC other_JJ Phillips_NNP officials_NNS flew_VBD from_IN Bartlesville_NNP to_TO assess_VB the_DT damage_NN and_CC determine_VB the_DT cause_NN of_IN the_DT afternoon_NN explosions_NNS ._.
In_IN composite_JJ trading_NN on_IN the_DT New_NNP York_NNP Stock_NNP Exchange_NNP ,_, Phillips_NNP Petroleum_NNP shares_NNS fell_VBD $_$ 1.125_CD to_TO $_$ 23.125_CD ._.
The_DT plastics_NNS plant_NN is_VBZ located_VBN on_IN an_DT 800-acre_JJ tract_NN in_IN the_DT heart_NN of_IN the_DT petrochemical_NN corridor_NN that_WDT reaches_VBZ along_IN the_DT U.S._NNP Gulf_NNP Coast_NNP ._.
The_DT U.S._NNP Coast_NNP Guard_NNP closed_VBD six_CD miles_NNS of_IN the_DT Houston_NNP Ship_NNP Channel_NNP ,_, where_WRB about_RB 150_CD companies_NNS have_VBP operations_NNS ,_, because_IN the_DT thick_JJ ,_, black_JJ smoke_NN obscured_VBD the_DT area_NN ._.
The_DT Port_NNP of_IN Houston_NNP closed_VBD its_PRP$ terminal_NN for_IN handling_VBG bulk_JJ cargo_NN ._.
Broken_JJ water_NN lines_NNS and_CC gas_NN leaks_NNS hindered_VBD firefighters_NNS '_POS efforts_NNS ,_, but_CC by_IN late_RB yesterday_NN authorities_NNS said_VBD they_PRP had_VBD the_DT fire_NN under_IN control_NN ._.
The_DT blasts_NNS blew_VBD out_RP windows_NNS ,_, spewed_VBD debris_NN for_IN miles_NNS and_CC crumpled_VBD the_DT ceiling_NN in_IN an_DT area_NN elementary_JJ school_NN ._.
The_DT initial_JJ fireball_NN was_VBD caught_VBN by_IN cameras_NNS in_IN downtown_JJ Houston_NNP ,_, about_RB 10_CD miles_NNS away_RB ._.
Nearby_JJ Pasadena_NNP ,_, Texas_NNP ,_, police_NN reported_VBD that_IN 104_CD people_NNS had_VBD been_VBN taken_VBN to_TO area_NN hospitals_NNS ,_, but_CC a_DT spokeswoman_NN said_VBD that_DT toll_NN could_MD rise_VB ._.
The_DT injured_JJ ,_, including_VBG three_CD in_IN critical_JJ condition_NN ,_, were_VBD treated_VBN for_IN burns_NNS ,_, breathing_NN problems_NNS and_CC cuts_NNS from_IN flying_VBG glass_NN ,_, hospital_NN officials_NNS said_VBD ._.
The_DT plant_NN employs_VBZ between_IN 800_CD and_CC 900_CD on_IN three_CD shifts_NNS ._.
The_DT number_NN working_VBG at_IN the_DT time_NN of_IN the_DT blast_NN was_VBD n't_RB known_VBN ._.
Yesterday_NN 's_POS explosions_NNS were_VBD the_DT second_JJ round_NN in_IN two_CD months_NNS at_IN the_DT plastics_NNS plant_NN ._.
In_IN late_JJ August_NNP ,_, four_CD contract_NN workers_NNS were_VBD injured_VBN and_CC one_CD Phillips_NNS employee_NN died_VBD after_IN an_DT explosion_NN at_IN a_DT fuel_NN supply_NN line_NN near_IN the_DT facility_NN 's_POS boiler_NN house_NN ._.
The_DT Phillips_NNP facility_NN manufactures_VBZ polyethylene_NN ,_, polypropylene_NN and_CC K-resin_NN ,_, plastics_NNS used_VBN in_IN a_DT wide_JJ array_NN of_IN applications_NNS ,_, including_VBG milk_NN jugs_NNS and_CC toys_NNS ._.
Plastics_NNS are_VBP the_DT cornerstone_NN of_IN Phillips_NNP '_POS chemicals_NNS operations_NNS ,_, which_WDT is_VBZ the_DT biggest_JJS single_JJ contributor_NN to_TO the_DT company_NN 's_POS profits_NNS ._.
A_DT federal_JJ judge_NN in_IN Manhattan_NNP has_VBZ entered_VBN a_DT judgment_NN requiring_VBG a_DT Chicago_NNP organized_JJ crime_NN figure_NN to_TO pay_VB the_DT government_NN $_$ 250,000_CD ,_, representing_VBG alleged_JJ profits_NNS he_PRP gained_VBD from_IN his_PRP$ involvement_NN with_IN the_DT International_NNP Brotherhood_NNP of_IN Teamsters_NNPS ._.
Manhattan_NNP U.S._NNP Attorney_NNP Otto_NNP Obermaier_NNP said_VBD it_PRP was_VBD the_DT first_JJ time_NN ever_RB that_IN the_DT government_NN had_VBD obtained_VBN any_DT disgorgement_NN from_IN an_DT organized_JJ crime_NN figure_NN indicted_VBN under_IN the_DT civil_JJ racketeering_NN law_NN ._.
Joseph_NNP Lombardo_NNP ,_, who_WP the_DT government_NN alleged_VBD was_VBD the_DT ``_`` captain_NN ''_'' of_IN organized_JJ crime_NN in_IN Chicago_NNP ,_, was_VBD one_CD of_IN numerous_JJ defendants_NNS in_IN the_DT government_NN 's_POS sweeping_JJ racketeering_NN suit_NN against_IN the_DT Teamsters_NNPS ._.
In_IN the_DT suit_NN ,_, filed_VBN in_IN June_NNP 1988_CD ,_, the_DT government_NN accused_VBD the_DT union_NN 's_POS leadership_NN of_IN depriving_VBG its_PRP$ 1.6_CD million_CD members_NNS of_IN their_PRP$ rights_NNS through_IN a_DT pattern_NN of_IN racketeering_NN ._.
Among_IN other_JJ things_NNS ,_, the_DT government_NN claimed_VBD that_IN organized_JJ crime_NN figures_NNS had_VBD routinely_RB handpicked_VBN the_DT union_NN 's_POS top_JJ officials_NNS ._.