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sents.answer
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For/IN six/CD years/NNS ,/, T./NNP Marshall/NNP Hahn/NNP Jr./NNP has/VBZ made/VBN corporate/JJ acquisitions/NNS in/IN the/DT George/NNP Bush/NNP mode/NN :/: kind/JJ and/CC gentle/JJ ./.
The/DT question/NN now/RB :/: Can/MD he/PRP act/VB more/RBR like/IN hard-charging/JJ Teddy/NNP Roosevelt/NNP ?/.
Mr./NNP Hahn/NNP ,/, the/DT 62-year-old/JJ chairman/NN and/CC chief/NN executive/JJ officer/NN of/IN Georgia-Pacific/NNP Corp./NNP is/VBZ leading/VBG the/DT forest-product/NN concern/NN 's/POS unsolicited/JJ $/$ 3.19/CD billion/CD bid/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP Corp/NNP ./.
Nekoosa/NNP has/VBZ given/VBN the/DT offer/NN a/DT public/JJ cold/JJ shoulder/NN ,/, a/DT reaction/NN Mr./NNP Hahn/NNP has/VBZ n't/RB faced/VBN in/IN his/PRP$ 18/CD earlier/JJR acquisitions/NNS ,/, all/DT of/IN which/WDT were/VBD negotiated/VBN behind/IN the/DT scenes/NNS ./.
So/IN far/RB ,/, Mr./NNP Hahn/NNP is/VBZ trying/VBG to/TO entice/VB Nekoosa/NNP into/IN negotiating/VBG a/DT friendly/JJ surrender/NN while/IN talking/VBG tough/JJ ./.
``/`` We/PRP are/VBP prepared/VBN to/TO pursue/VB aggressively/RB completion/NN of/IN this/DT transaction/NN ,/, ''/'' he/PRP says/VBZ ./.
But/CC a/DT takeover/NN battle/NN opens/VBZ up/RP the/DT possibility/NN of/IN a/DT bidding/NN war/NN ,/, with/IN all/DT that/DT implies/VBZ ./.
If/IN a/DT competitor/NN enters/VBZ the/DT game/NN ,/, for/IN example/NN ,/, Mr./NNP Hahn/NNP could/MD face/VB the/DT dilemma/NN of/IN paying/VBG a/DT premium/NN for/IN Nekoosa/NNP or/CC seeing/VBG the/DT company/NN fall/NN into/IN the/DT arms/NNS of/IN a/DT rival/NN ./.
Given/VBN that/DT choice/NN ,/, associates/NNS of/IN Mr./NNP Hahn/NNP and/CC industry/NN observers/NNS say/VBP the/DT former/JJ university/NN president/NN --/: who/WP has/VBZ developed/VBN a/DT reputation/NN for/IN not/RB overpaying/VBG for/IN anything/NN --/: would/MD fold/VB ./.
``/`` There/EX 's/VBZ a/DT price/NN above/IN which/WDT I/PRP 'm/VBP positive/JJ Marshall/NNP has/VBZ the/DT courage/NN not/RB to/TO pay/VB ,/, ''/'' says/VBZ A.D./NNP Correll/NNP ,/, Georgia-Pacific/NNP 's/POS executive/JJ vice/NN president/NN for/IN pulp/NN and/CC paper/NN ./.
Says/VBZ long-time/JJ associate/NN Jerry/NNP Griffin/NNP ,/, vice/NN president/NN ,/, corporate/JJ development/NN ,/, at/IN WTD/NNP Industries/NNPS Inc./NNP :/: ``/`` He/PRP is/VBZ n't/RB of/IN the/DT old/JJ school/NN of/IN winning/VBG at/IN any/DT cost/NN ./. ''/''
He/PRP also/RB is/VBZ a/DT consensus/NN manager/NN ,/, insiders/NNS say/VBP ./.
The/DT decision/NN to/TO make/VB the/DT bid/NN for/IN Nekoosa/NNP ,/, for/IN example/NN ,/, was/VBD made/VBN only/RB after/IN all/DT six/CD members/NNS of/IN Georgia-Pacific/NNP 's/POS management/NN committee/NN signed/VBD onto/IN the/DT deal/NN --/: even/RB though/IN Mr./NNP Hahn/NNP knew/VBD he/PRP wanted/VBD to/TO go/VB after/IN the/DT company/NN early/RB on/IN ,/, says/VBZ Mr./NNP Correll/NNP ./.
Associates/NNS say/VBP Mr./NNP Hahn/NNP picked/VBD up/RP that/DT careful/JJ approach/NN to/TO management/NN as/IN president/NN of/IN Virginia/NNP Polytechnic/NNP Institute/NNP ./.
Assuming/VBG that/DT post/NN at/IN the/DT age/NN of/IN 35/CD ,/, he/PRP managed/VBD by/IN consensus/NN ,/, as/IN is/VBZ the/DT rule/NN in/IN universities/NNS ,/, says/VBZ Warren/NNP H./NNP Strother/NNP ,/, a/DT university/NN official/NN who/WP is/VBZ researching/VBG a/DT book/NN on/IN Mr./NNP Hahn/NNP ./.
But/CC he/PRP also/RB showed/VBD a/DT willingness/NN to/TO take/VB a/DT strong/JJ stand/NN ./.
In/IN 1970/CD ,/, Mr./NNP Hahn/NNP called/VBD in/RP state/NN police/NNS to/TO arrest/VB student/NN protesters/NNS who/WP were/VBD occupying/VBG a/DT university/NN building/NN ./.
That/DT impressed/VBN Robert/NNP B./NNP Pamplin/NNP ,/, Georgia-Pacific/NNP 's/POS chief/NN executive/JJ at/IN the/DT time/NN ,/, whom/WP Mr./NNP Hahn/NNP had/VBD met/VBN while/IN fundraising/VBG for/IN the/DT institute/NN ./.
In/IN 1975/CD ,/, Mr./NNP Pamplin/NNP enticed/VBD Mr./NNP Hahn/NNP into/IN joining/VBG the/DT company/NN as/IN executive/JJ vice/NN president/NN in/IN charge/NN of/IN chemicals/NNS ;/: the/DT move/NN befuddled/VBD many/JJ in/IN Georgia-Pacific/NNP who/WP did/VBD n't/RB believe/VB a/DT university/NN administrator/NN could/MD make/VB the/DT transition/NN to/TO the/DT corporate/JJ world/NN ./.
But/CC Mr./NNP Hahn/NNP rose/VBD swiftly/RB through/IN the/DT ranks/NNS ,/, demonstrating/VBG a/DT raw/JJ intelligence/NN that/IN he/PRP says/VBZ he/PRP knew/VBD he/PRP possessed/VBD early/RB on/IN ./.
The/DT son/NN of/IN a/DT physicist/NN ,/, Mr./NNP Hahn/NNP skipped/VBD first/JJ grade/NN because/IN his/PRP$ reading/NN ability/NN was/VBD so/RB far/RB above/IN his/PRP$ classmates/NNS ./.
Moving/VBG rapidly/RB through/IN school/NN ,/, he/PRP graduated/VBD Phi/NNP Beta/NNP Kappa/NNP from/IN the/DT University/NNP of/IN Kentucky/NNP at/IN age/NN 18/CD ,/, after/IN spending/VBG only/RB 2/CD 1/2/CD years/NNS in/IN college/NN ./.
He/PRP earned/VBD his/PRP$ doctorate/NN in/IN nuclear/JJ physics/NN from/IN the/DT Massachusetts/NNP Institute/NNP of/IN Technology/NNP ./.
Mr./NNP Hahn/NNP agrees/VBZ that/IN he/PRP has/VBZ a/DT ``/`` retentive/JJ ''/'' memory/NN ,/, but/CC friends/NNS say/VBP that/DT 's/VBZ an/DT understatement/NN ./.
They/PRP call/VBP it/PRP ``/`` photographic/JJ ''/'' ./.
Mr./NNP Hahn/NNP also/RB has/VBZ engineered/VBN a/DT surprising/JJ turnaround/NN of/IN Georgia-Pacific/NNP ./.
Taking/VBG over/RP as/RB chief/NN executive/JJ officer/NN in/IN 1983/CD ,/, he/PRP inherited/VBD a/DT company/NN that/WDT was/VBD mired/VBN in/IN debt/NN and/CC hurt/VBN by/IN a/DT recession-inspired/JJ slide/NN in/IN its/PRP$ building-products/NNS business/NN ./.
Mr./NNP Hahn/NNP began/VBD selling/VBG non-core/JJ businesses/NNS ,/, such/JJ as/IN oil/NN and/CC gas/NN and/CC chemicals/NNS ./.
He/PRP even/RB sold/VBD one/CD unit/NN that/WDT made/VBD vinyl/NN checkbook/NN covers/NNS ./.
At/IN the/DT same/JJ time/NN ,/, he/PRP began/VBD building/VBG up/RP the/DT pulp/NN and/CC paper/NN segment/NN of/IN the/DT company/NN while/NN refocusing/NN building/NN products/NNS on/IN home/NN repair/NN and/CC remodeling/NN ,/, rather/RB than/IN materials/NNS for/IN new-home/JJ construction/NN ./.
The/DT idea/NN was/VBD to/TO buffet/VB building/NN products/NNS from/IN cycles/NNS in/IN new-home/JJ construction/NN ./.
The/DT formula/NN has/VBZ paid/VBN off/RP ,/, so/RB far/RB ./.
Georgia-Pacific/NNP 's/POS sales/NNS climbed/VBD to/TO $/$ 9.5/CD billion/CD last/JJ year/NN ,/, compared/VBN with/IN $/$ 6/CD billion/CD in/IN 1983/CD ,/, when/WRB Mr./NNP Hahn/NNP took/VBD the/DT reins/NNS ./.
Profit/NN from/IN continuing/VBG operations/NNS has/VBZ soared/VBN to/TO $/$ 467/CD million/CD from/IN $/$ 75/CD million/CD ./.
Mr./NNP Hahn/NNP attributes/VBZ the/DT gains/NNS to/TO the/DT philosophy/NN of/IN concentrating/VBG on/IN what/WP a/DT company/NN knows/VBZ best/JJS ./.
``/`` The/DT record/NN of/IN companies/NNS that/WDT have/VBP diversified/VBN is/VBZ n't/RB all/DT that/DT impressive/JJ ,/, ''/'' he/PRP says/VBZ ./.
Nekoosa/NNP would/MD n't/RB be/VB a/DT diversification/NN ./.
It/PRP would/MD be/VB a/DT good/JJ match/NN ,/, Mr./NNP Hahn/NNP and/CC many/JJ analysts/NNS say/VBP ,/, of/IN two/CD healthy/JJ companies/NNS with/IN high-quality/JJ assets/NNS and/CC strong/JJ cash/NN flows/VBZ ./.
The/DT resulting/VBG company/NN would/MD be/VB the/DT largest/JJS forest-products/NNS concern/NN in/IN the/DT world/NN with/IN combined/VBN sales/NNS of/IN more/JJR than/IN $/$ 13/CD billion/CD ./.
But/CC can/MD Mr./NNP Hahn/NNP carry/VB it/PRP off/IN ?/.
In/IN this/DT instance/NN ,/, industry/NN observers/NNS say/VBP ,/, he/PRP is/VBZ entering/VBG uncharted/JJ waters/NNS ./.
Says/VBZ Kathryn/NNP McAuley/NNP ,/, an/DT analyst/NN at/IN First/NNP Manhattan/NNP Co./NNP :/: ``/`` This/DT is/VBZ the/DT greatest/JJS acquisition/NN challenge/NN he/PRP has/VBZ faced/VBN ./.
A/DT House-Senate/NNP conference/NN approved/VBD major/JJ portions/NNS of/IN a/DT package/NN for/IN more/JJR than/IN $/$ 500/CD million/CD in/IN economic/JJ aid/NN for/IN Poland/NNP that/WDT relies/VBZ heavily/RB on/IN $/$ 240/CD million/CD in/IN credit/NN and/CC loan/NN guarantees/NNS in/IN fiscal/JJ 1990/CD in/IN hopes/NNS of/IN stimulating/VBG future/JJ trade/NN and/CC investment/NN ./.
For/IN the/DT Agency/NNP for/IN International/NNP Development/NNP ,/, appropriators/NNS approved/VBD $/$ 200/CD million/CD in/IN secondary/JJ loan/NN guarantees/NNS under/IN an/DT expanded/VBN trade/NN credit/NN insurance/NN program/NN ,/, and/CC total/JJ loan/NN guarantees/NNS for/IN the/DT Overseas/NNP Private/NNP Investment/NNP Corp./NNP are/VBP increased/VBN by/IN $/$ 40/CD million/CD over/IN fiscal/JJ 1989/CD as/IN part/NN of/IN the/DT same/JJ Poland/NNP package/NN ./.
The/DT conference/NN approved/VBD at/IN least/JJS $/$ 55/CD million/CD in/IN direct/JJ cash/NN and/CC development/NN assistance/NN as/IN well/RB ,/, and/CC though/IN no/DT decision/NN was/VBD made/VBN ,/, both/DT sides/NNS are/VBP committed/VBN to/TO adding/VBG more/JJR than/IN $/$ 200/CD million/CD in/IN economic/JJ support/NN funds/NNS and/CC environmental/JJ initiatives/NNS sought/VBN by/IN the/DT Bush/NNP administration/NN ./.
The/DT agreement/NN on/IN Poland/NNP contrasts/VBZ with/IN the/DT major/JJ differences/NNS remaining/VBG over/IN the/DT underlying/VBG foreign/JJ aid/NN bill/NN ,/, which/WDT has/VBZ already/RB provoked/VBN veto/NN threats/NNS by/IN the/DT White/NNP House/NNP and/CC is/VBZ sharply/RB confined/VBN under/IN this/DT year/NN 's/POS budget/NN ./.
These/DT fiscal/JJ pressures/NNS are/VBP also/RB a/DT factor/NN in/IN shaping/VBG the/DT Poland/NNP package/NN ,/, and/CC while/IN more/RBR ambitious/JJ authorizing/VBG legislation/NN is/VBZ still/RB pending/VBG ,/, the/DT appropriations/NNS bill/NN in/IN conference/NN will/MD be/VB more/RBR decisive/JJ on/IN U.S./NNP aid/NN to/TO Eastern/NNP Europe/NNP ./.
To/TO accommodate/VB the/DT additional/JJ cash/NN assistance/NN ,/, the/DT House/NNP Appropriations/NNPS Committee/NNP last/JJ week/NN was/VBD required/VBN to/TO reallocate/VB an/DT estimated/VBN $/$ 140/CD million/CD from/IN the/DT Pentagon/NNP ./.
And/CC though/IN the/DT size/NN of/IN the/DT loan/NN guarantees/NNS approved/VBN yesterday/NN is/VBZ significant/JJ ,/, recent/JJ experience/NN with/IN a/DT similar/JJ program/NN in/IN Central/NNP America/NNP indicates/VBZ that/IN it/PRP could/MD take/VB several/JJ years/NNS before/IN the/DT new/JJ Polish/JJ government/NN can/MD fully/RB use/VB the/DT aid/NN effectively/RB ./.
The/DT action/NN on/IN Poland/NNP came/VBD as/IN the/DT conference/NN separately/RB approved/VBD $/$ 220/CD million/CD for/IN international/JJ population/NN planning/VBG activities/NNS ,/, an/DT 11/CD %/NN increase/NN over/IN fiscal/JJ 1989/CD ./.
The/DT House/NNP and/CC Senate/NNP are/VBP divided/VBN over/IN whether/IN the/DT United/NNP Nations/NNPS Population/NNP Fund/NNP will/MD receive/VB any/DT portion/NN of/IN these/DT appropriations/NNS ,/, but/CC the/DT size/NN of/IN the/DT increase/NN is/VBZ itself/PRP significant/JJ ./.
In/IN a/DT second/JJ area/NN of/IN common/JJ concern/NN ,/, the/DT world/NN environment/NN ,/, an/DT additional/JJ $/$ 15/CD million/CD will/MD be/VB provided/VBN in/IN development/NN assistance/NN to/TO fund/VB a/DT series/NN of/IN initiatives/NNS ,/, related/VBN both/DT to/TO global/JJ warming/NN and/CC the/DT plight/NN of/IN the/DT African/JJ elephant/NN ./.
The/DT sweeping/JJ nature/NN of/IN the/DT bill/NN draws/VBZ a/DT variety/NN of/IN special/JJ interest/NN amendments/NNS ,/, running/VBG from/IN an/DT import/NN exemption/NN for/IN a/DT California/NNP airplane/NN museum/NN to/TO a/DT small/JJ but/CC intriguing/JJ struggle/NN among/IN sugar/NN producing/VBG nations/NNS over/IN the/DT fate/NN of/IN Panama/NNP 's/POS quota/NN of/IN exports/NNS to/TO the/DT profitable/JJ U.S./NNP market/NN ./.
Panama/NNP was/VBD stripped/VBN of/IN this/DT right/NN because/IN of/IN U.S./NNP differences/NNS with/IN the/DT Noriega/NNP regime/NN ,/, but/CC the/DT Central/NNP American/NNP country/NN would/MD have/VB received/VBN a/DT quota/NN of/IN 30,537/CD metric/JJ tons/NNS over/IN a/DT 21-month/JJ period/NN ending/VBG Sept./NNP 30/CD ,/, 1990/CD ./.
About/IN a/DT quarter/NN of/IN this/DT share/NN has/VBZ already/RB been/VBN reallocated/VBN ,/, according/VBG to/TO the/DT industry/NN ,/, but/CC the/DT remaining/VBG 23,403/CD tons/NNS are/VBP still/RB a/DT lucrative/JJ target/NN for/IN growers/NNS because/IN the/DT current/JJ U.S./NNP price/NN of/IN 18/CD cents/NNS a/DT pound/NN runs/VBZ as/RB much/JJ as/IN a/DT nickel/NN a/DT pound/NN above/IN the/DT world/NN rate/NN ./.
The/DT potential/JJ sales/NNS are/VBP nearly/RB $/$ 9.3/CD million/CD ,/, and/CC House/NNP Majority/NNP Whip/NNP William/NNP Gray/NNP (/-LRB- D./NNP ,/, Pa/NNP ./. )/-RRB- began/VBD the/DT bidding/NN this/DT year/NN by/IN proposing/VBG language/NN that/IN the/DT quota/NN be/VB allocated/VBN to/TO English-speaking/JJ countries/NNS of/IN the/DT Caribbean/NNP ,/, such/JJ as/IN Jamaica/NNP and/CC Barbados/NNP ./.
Rep./NNP Jerry/NNP Lewis/NNP ,/, a/DT conservative/JJ Californian/NN ,/, added/VBD a/DT provision/NN of/IN his/PRP$ own/JJ intended/VBN to/TO assist/VB Bolivia/NNP ,/, and/CC the/DT Senate/NNP then/RB broadened/VBD the/DT list/NN further/RB by/IN including/VBG all/DT countries/NNS in/IN the/DT U.S./NNP Caribbean/NNP Basin/NNP initiate/NN as/RB well/RB as/IN the/DT Philippines/NNP -/: backed/VBN by/IN the/DT powerful/JJ Hawaii/NNP Democrat/NNP Sen./NNP Daniel/NNP Inouye/NNP ./.
Jamaica/NNP ,/, wary/JJ of/IN upsetting/VBG its/PRP$ Caribbean/NNP Basin/NNP allies/NNS ,/, has/VBZ apparently/RB instructed/VBN its/PRP$ lobbyist/NN to/TO abandon/VB the/DT provision/NN initially/RB drafted/VBN by/IN Mr./NNP Gray/NNP ,/, but/CC the/DT greater/JJR question/NN is/VBZ whether/IN Mr./NNP Inouye/NNP ,/, who/WP has/VBZ strong/JJ ties/NNS to/TO the/DT sugar/NN industry/NN ,/, is/VBZ able/JJ to/TO insert/VB a/DT claim/NN by/IN the/DT Philippines/NNPS ./.
In/IN separate/JJ floor/NN action/NN ,/, the/DT House/NNP waived/VBD budget/NN restrictions/NNS and/CC gave/VBD quick/JJ approval/NN to/TO $/$ 3.18/CD billion/CD in/IN supplemental/JJ appropriations/NNS for/IN law/NN enforcement/NN and/CC anti-drug/JJ programs/NNS in/IN fiscal/JJ 1990/CD ./.
The/DT funding/NN is/VBZ attached/VBN to/TO an/DT estimated/VBN $/$ 27.1/CD billion/CD transportation/NN bill/NN that/WDT goes/VBZ next/JJ to/TO the/DT Senate/NNP and/CC carries/VBZ with/IN it/PRP a/DT proposed/VBN permanent/JJ smoking/NN ban/NN on/IN virtually/RB all/DT U.S./NNP domestic/JJ airline/NN flights/NNS ./.
The/DT leadership/NN hopes/VBZ to/TO move/VB the/DT compromise/NN measure/NN promptly/RB to/TO the/DT White/NNP House/NNP ,/, but/CC in/IN recent/JJ days/NNS ,/, the/DT Senate/NNP has/VBZ been/VBN as/RB likely/JJ to/TO bounce/VB bills/NNS back/RB to/TO the/DT House/NNP ./.
The/DT most/RBS recent/JJ example/NN was/VBD a/DT nearly/RB $/$ 17.3/CD billion/CD fiscal/JJ 1990/CD bill/NN funding/VBG the/DT State/NNP ,/, Justice/NNP and/CC Commerce/NNP departments/NNS ./.
And/CC after/IN losing/VBG a/DT battle/NN Tuesday/NNP night/NN with/IN the/DT Senate/NNP Foreign/NNP Relations/NNP Committee/NNP ,/, appropriators/NNS from/IN both/DT houses/NNS are/VBP expected/VBN to/TO be/VB forced/VBN back/RB to/TO conference/NN ./.
Beauty/NN Takes/VBZ Backseat/NN To/TO Safety/NNP on/IN Bridges/NNPS
EVERYONE/NN AGREES/VBZ that/IN most/JJS of/IN the/DT nation/NN 's/POS old/JJ bridges/NNS need/VBP to/TO be/VB repaired/VBN or/CC replaced/VBN ./.
But/CC there/EX 's/VBZ disagreement/NN over/IN how/WRB to/TO do/VB it/PRP ./.
Highway/NN officials/NNS insist/VBP the/DT ornamental/JJ railings/NNS on/IN older/JJR bridges/NNS are/VBP n't/RB strong/JJ enough/RB to/TO prevent/VB vehicles/NNS from/IN crashing/VBG through/IN ./.
But/CC other/JJ people/NNS do/VBP n't/RB want/VB to/TO lose/VB the/DT bridges/NNS '/POS beautiful/JJ ,/, sometimes/RB historic/JJ ,/, features/NNS ./.
``/`` The/DT primary/JJ purpose/NN of/IN a/DT railing/NN is/VBZ to/TO contain/VB a/DT vehicle/NN and/CC not/RB to/TO provide/VB a/DT scenic/JJ view/NN ,/, ''/'' says/VBZ Jack/NNP White/NNP ,/, a/DT planner/NN with/IN the/DT Indiana/NNP Highway/NNP Department/NNP ./.
He/PRP and/CC others/NNS prefer/VBP to/TO install/VB railings/NNS such/JJ as/IN the/DT ``/`` type/NN F/NN safety/NN shape/NN ,/, ''/'' a/DT four-foot-high/JJ concrete/JJ slab/NN with/IN no/DT openings/NNS ./.
In/IN Richmond/NNP ,/, Ind./NNP ,/, the/DT type/NN F/NN railing/NN is/VBZ being/VBG used/VBN to/TO replace/VB arched/JJ openings/NNS on/IN the/DT G/NNP Street/NNP Bridge/NNP ./.
Garret/NNP Boone/NNP ,/, who/WP teaches/VBZ art/NN at/IN Earlham/NNP College/NNP ,/, calls/VBZ the/DT new/JJ structure/NN ``/`` just/RB an/DT ugly/JJ bridge/NN ''/'' and/CC one/CD that/WDT blocks/VBZ the/DT view/NN of/IN a/DT new/JJ park/NN below/IN ./.
In/IN Hartford/NNP ,/, Conn./NNP ,/, the/DT Charter/NNP Oak/NNP Bridge/NNP will/MD soon/RB be/VB replaced/VBN ,/, the/DT cast-iron/JJ medallions/NNS from/IN its/PRP$ railings/NNS relegated/VBN to/TO a/DT park/NN ./.
Compromises/NNS are/VBP possible/JJ ./.
Citizens/NNS in/IN Peninsula/NNP ,/, Ohio/NNP ,/, upset/VBN over/IN changes/NNS to/TO a/DT bridge/NN ,/, negotiated/VBD a/DT deal/NN :/: The/DT bottom/NN half/NN of/IN the/DT railing/NN will/MD be/VB type/NN F/NN ,/, while/IN the/DT top/JJ half/NN will/MD have/VB the/DT old/JJ bridge/NN 's/POS floral/JJ pattern/NN ./.
Similarly/RB ,/, highway/NN engineers/NNS agreed/VBD to/TO keep/VB the/DT old/JJ railings/NNS on/IN the/DT Key/NNP Bridge/NNP in/IN Washington/NNP ,/, D.C./NNP ,/, as/RB long/RB as/IN they/PRP could/MD install/VB a/DT crash/JJ barrier/NN between/IN the/DT sidewalk/NN and/CC the/DT road/NN ./.
Tray/NNP Bon/NNP ?/.
Drink/NN Carrier/NN Competes/VBZ With/IN Cartons/NNS
PORTING/VBG POTABLES/NNS just/RB got/VBD easier/JJR ,/, or/CC so/RB claims/VBZ Scypher/NNP Corp./NNP ,/, the/DT maker/NN of/IN the/DT Cup-Tote/NNP ./.
The/DT Chicago/NNP company/NN 's/POS beverage/NN carrier/NN ,/, meant/VBD to/TO replace/VB cardboard/NN trays/NNS at/IN concession/NN stands/NNS and/CC fast-food/NN outlets/NNS ,/, resembles/VBZ the/DT plastic/JJ loops/NNS used/VBN on/IN six-packs/NNS of/IN beer/NN ,/, only/RB the/DT loops/NNS hang/VBP from/IN a/DT web/NN of/IN strings/NNS ./.
The/DT new/JJ carrier/NN can/MD tote/VB as/RB many/JJ as/IN four/CD cups/NNS at/IN once/RB ./.
Inventor/NNP Claire/NNP Marvin/NNP says/VBZ his/PRP$ design/NN virtually/RB eliminates/VBZ spilling/NN ./.
Lids/NNS are/VBP n't/RB even/RB needed/VBN ./.
He/PRP also/RB claims/VBZ the/DT carrier/NN costs/VBZ less/JJR and/CC takes/VBZ up/RP less/JJR space/NN than/IN most/JJS paper/NN carriers/NNS ./.
A/DT few/JJ fast-food/NN outlets/NNS are/VBP giving/VBG it/PRP a/DT try/NN ./.
The/DT company/NN acknowledges/VBZ some/DT problems/NNS ./.
A/DT driver/NN has/VBZ to/TO find/VB something/NN to/TO hang/VB the/DT carrier/NN on/IN ,/, so/IN the/DT company/NN supplies/VBZ a/DT window/NN hook/NN ./.
While/IN it/PRP breaks/VBZ down/RP in/IN prolonged/VBN sunlight/NN ,/, it/PRP is/VBZ n't/RB recyclable/JJ ./.
And/CC unlike/IN some/DT trays/NNS ,/, there/EX 's/VBZ no/DT place/NN for/IN food/NN ./.
Spirit/NN of/IN Perestroika/FW Touches/VBZ Design/NN World/NN
AN/DT EXCHANGE/NN of/IN U.S./NNP and/CC Soviet/JJ designers/NNS promises/VBZ change/NN on/IN both/DT sides/NNS ./.
An/DT exhibition/NN of/IN American/JJ design/NN and/CC architecture/NN opened/VBD in/IN September/NNP in/IN Moscow/NNP and/CC will/MD travel/VB to/TO eight/CD other/JJ Soviet/JJ cities/NNS ./.
The/DT show/NN runs/VBZ the/DT gamut/NN ,/, from/IN a/DT blender/NN to/TO chairs/NNS to/TO a/DT model/NN of/IN the/DT Citicorp/NNP building/NN ./.
The/DT event/NN continues/VBZ into/IN next/JJ year/NN and/CC includes/VBZ an/DT exchange/NN program/NN to/TO swap/VB design/NN teachers/NNS at/IN Carnegie-Mellon/NNP and/CC Leningrad/NNP 's/POS Mutchin/NNP Institute/NNP ./.
Dan/NNP Droz/NNP ,/, leader/NN of/IN the/DT Carnegie-Mellon/NNP group/NN ,/, sees/VBZ benefits/NNS all/DT around/IN ./.
The/DT Soviets/NNPS ,/, who/WP normally/RB have/VBP few/JJ clients/NNS other/JJ than/IN the/DT state/NN ,/, will/MD get/VB ``/`` exposure/NN to/TO a/DT market/NN system/NN ,/, ''/'' he/PRP says/VBZ ./.
Americans/NNPS will/MD learn/VB more/RBR about/IN making/VBG products/NNS for/IN the/DT Soviets/NNPS ./.
Mr./NNP Droz/NNP says/VBZ the/DT Soviets/NNPS could/MD even/RB help/VB U.S./NNP designers/NNS renew/VB their/PRP$ sense/NN of/IN purpose/NN ./.
``/`` In/IN Moscow/NNP ,/, they/PRP kept/VBD asking/VBG us/PRP things/NNS like/IN ,/, `/`` Why/WRB do/VBP you/PRP make/VB 15/CD different/JJ corkscrews/NNS ,/, when/WRB all/DT you/PRP need/VBP is/VBZ one/CD good/JJ one/CD ?/. '/'' ''/'' he/PRP says/VBZ ./.
``/`` They/PRP got/VBD us/PRP thinking/VBG maybe/RB we/PRP should/MD be/VB helping/VBG U.S./NNP companies/NNS improve/VB existing/VBG products/NNS rather/RB than/IN always/RB developing/VBG new/JJ ones/NNS ./. ''/''
Seed/NN for/IN Jail/NN Solution/NN Fails/VBZ to/TO Take/VB Root/NN
IT/PRP 'S/VBZ A/DT TWO/CD BIRDS/NNS with/IN one/CD stone/NN deal/NN :/: Eggers/NNP Group/NNP architects/NNS propose/VBP using/VBG grain/NN elevators/NNS to/TO house/VB prisoners/NNS ./.
It/PRP would/MD ease/VB jail/NN overcrowding/NN while/IN preserving/VBG historic/JJ structures/NNS ,/, the/DT company/NN says/VBZ ./.
But/CC New/NNP York/NNP state/NN ,/, which/WDT is/VBZ seeking/VBG solutions/NNS to/TO its/PRP$ prison/NN cell/NN shortage/NN ,/, says/VBZ ``/`` no/UH ./. ''/''
Grain/NN elevators/NNS built/VBN in/IN the/DT 1920s/CD and/CC '30s/CD have/VBP six-inch/JJ concrete/JJ walls/NNS and/CC a/DT tubular/JJ shape/NN that/WDT would/MD easily/RB contain/VB semicircular/JJ cells/NNS with/IN a/DT control/NN point/NN in/IN the/DT middle/NN ,/, the/DT New/NNP York/NNP firm/NN says/VBZ ./.
Many/JJ are/VBP far/RB enough/RB from/IN residential/JJ areas/NNS to/TO pass/VB public/JJ muster/NN ,/, yet/CC close/RB enough/RB to/TO permit/VB family/NN visits/NNS ./.
Besides/IN ,/, Eggers/NNP says/VBZ ,/, grain/NN elevators/NNS are/VBP worth/IN preserving/VBG for/IN aesthetic/JJ reasons/NNS --/: one/CD famed/JJ architect/NN compared/VBD them/PRP to/TO the/DT pyramids/NNS of/IN Egypt/NNP ./.
A/DT number/NN of/IN cities/NNS --/: including/VBG Minneapolis/NNP ,/, Philadelphia/NNP and/CC Houston/NNP --/: have/VBP vacant/JJ grain/NN elevators/NNS ,/, Eggers/NNP says/VBZ ./.
A/DT medium-sized/JJ one/CD in/IN Brooklyn/NNP ,/, it/PRP says/VBZ ,/, could/MD be/VB altered/VBN to/TO house/VB up/IN to/TO 1,000/CD inmates/NNS at/IN a/DT lower/JJR cost/NN than/IN building/VBG a/DT new/JJ prison/NN in/IN upstate/JJ New/NNP York/NNP ./.
A/DT spokesman/NN for/IN the/DT state/NN ,/, however/RB ,/, calls/VBZ the/DT idea/NN ``/`` not/RB effective/JJ or/CC cost/NN efficient/JJ ./.
The/DT Labor/NNP Department/NNP cited/VBD USX/NNP Corp./NNP for/IN numerous/JJ health/NN and/CC safety/NN violations/NNS at/IN two/CD Pennsylvania/NNP plants/NNS ,/, and/CC proposed/VBD $/$ 7.3/CD million/CD in/IN fines/NNS ,/, the/DT largest/JJS penalty/NN ever/RB proposed/VBN for/IN alleged/VBN workplace/NN violations/NNS by/IN an/DT employer/NN ./.
The/DT department/NN 's/POS Occupational/NNP Safety/NNP and/CC Health/NNP Administration/NNP proposed/VBD fines/NNS of/IN $/$ 6.1/CD million/CD for/IN alleged/VBN violations/NNS at/IN the/DT company/NN 's/POS Fairless/NNP Hills/NNP ,/, Pa./NNP ,/, steel/NN mill/NN ;/: that/DT was/VBD a/DT record/NN for/IN proposed/VBN penalties/NNS at/IN any/DT single/JJ facility/NN ./.
OSHA/NNP cited/VBD nearly/RB 1,500/CD alleged/VBN violations/NNS of/IN federal/JJ electrical/JJ ,/, crane-safety/NN ,/, record-keeping/NN and/CC other/JJ requirements/NNS ./.
A/DT second/JJ citation/NN covering/VBG the/DT company/NN 's/POS Clairton/NNP ,/, Pa./NNP ,/, coke/NN works/NNS involved/VBD more/JJR than/IN 200/CD alleged/VBN violations/NNS of/IN electrical-safety/JJ and/CC other/JJ requirements/NNS ,/, for/IN which/WDT OSHA/NNP proposed/VBD $/$ 1.2/CD million/CD in/IN fines/NNS ./.
Labor/NNP Secretary/NNP Elizabeth/NNP Dole/NNP said/VBD ,/, ``/`` The/DT magnitude/NN of/IN these/DT penalties/NNS and/CC citations/NNS is/VBZ matched/VBN only/RB by/IN the/DT magnitude/NN of/IN the/DT hazards/NNS to/TO workers/NNS which/WDT resulted/VBD from/IN corporate/JJ indifference/NN to/TO worker/NN safety/NN and/CC health/NN ,/, and/CC severe/JJ cutbacks/NNS in/IN the/DT maintenance/NN and/CC repair/NN programs/NNS needed/VBN to/TO remove/VB those/DT hazards/NNS ./. ''/''
OSHA/NNP said/VBD there/EX have/VBP been/VBN three/CD worker/NN fatalities/NNS at/IN the/DT two/CD plants/NNS in/IN the/DT past/JJ two/CD years/NNS and/CC 17/CD deaths/NNS since/IN 1972/CD ./.
Gerard/NNP Scannell/NNP ,/, the/DT head/NN of/IN OSHA/NNP ,/, said/VBD USX/NNP managers/NNS have/VBP known/VBN about/IN many/JJ of/IN the/DT safety/NN and/CC health/NN deficiencies/NNS at/IN the/DT plants/NNS for/IN years/NNS ,/, ``/`` yet/RB have/VBP failed/VBN to/TO take/VB necessary/JJ action/NN to/TO counteract/VB the/DT hazards/NNS ./. ''/''
``/`` Particularly/RB flagrant/JJ ,/, ''/'' Mrs./NNP Dole/NNP said/VBD ,/, ``/`` are/VBP the/DT company/NN 's/POS numerous/JJ failures/NNS to/TO properly/RB record/VB injuries/NNS at/IN its/PRP$ Fairless/NNP works/NNS ,/, in/IN spite/NN of/IN the/DT firm/JJ promise/NN it/PRP had/VBD made/VBN in/IN an/DT earlier/JJR corporate-wide/JJ settlement/NN agreement/NN to/TO correct/VB such/JJ discrepancies/NNS ./. ''/''
That/DT settlement/NN was/VBD in/IN April/NNP 1987/CD ./.
A/DT USX/NNP spokesman/NN said/VBD the/DT company/NN had/VBD n't/RB yet/RB received/VBN any/DT documents/NNS from/IN OSHA/NNP regarding/VBG the/DT penalty/NN or/CC fine/NN ./.
``/`` Once/IN we/PRP do/VBP ,/, they/PRP will/MD receive/VB very/RB serious/JJ evaluation/NN ,/, ''/'' the/DT spokesman/NN said/VBD ./.
``/`` No/DT consideration/NN is/VBZ more/RBR important/JJ than/IN the/DT health/NN and/CC safety/NN of/IN our/PRP$ employees/NNS ./. ''/''
USX/NNP said/VBD it/PRP has/VBZ been/VBN cooperating/VBG with/IN OSHA/NNP since/IN the/DT agency/NN began/VBD investigating/VBG the/DT Clairton/NNP and/CC Fairless/NNP works/NNS ./.
He/PRP said/VBD that/IN ,/, if/IN and/CC when/WRB safety/NN problems/NNS were/VBD identified/VBN ,/, they/PRP were/VBD corrected/VBN ./.
The/DT USX/NNP citations/NNS represented/VBD the/DT first/JJ sizable/JJ enforcement/NN action/NN taken/VBN by/IN OSHA/NNP under/IN Mr./NNP Scannell/NNP ./.
He/PRP has/VBZ promised/VBN stiffer/JJR fines/NNS ,/, though/IN the/DT size/NN of/IN penalties/NNS sought/VBN by/IN OSHA/NNP have/VBP been/VBN rising/VBG in/IN recent/JJ years/NNS even/RB before/IN he/PRP took/VBD office/NN this/DT year/NN ./.
``/`` The/DT big/JJ problem/NN is/VBZ that/IN USX/NNP management/NN has/VBZ proved/VBN unwilling/JJ to/TO devote/VB the/DT necessary/JJ resources/NNS and/CC manpower/NN to/TO removing/VBG hazards/NNS and/CC to/TO safeguarding/VBG safety/NN and/CC health/NN in/IN the/DT plants/NNS ,/, ''/'' said/VBD Linda/NNP Anku/NNP ,/, OSHA/NNP regional/JJ administrator/NN in/IN Philadelphia/NNP ./.
USX/NNP has/VBZ 15/CD working/NN days/NNS to/TO contest/VB the/DT citations/NNS and/CC proposed/VBN penalties/NNS ,/, before/IN the/DT independent/JJ Occupational/NNP Safety/NNP and/CC Health/NNP Review/NNP Commission/NNP ./.
Before/IN the/DT USX/NNP case/NN ,/, OSHA/NNP 's/POS largest/JJS proposed/VBN fine/NN for/IN one/CD employer/NN was/VBD $/$ 4.3/CD million/CD for/IN alleged/VBN safety/NN violations/NNS at/IN John/NNP Morrell/NNP &/CC Co./NNP ,/, a/DT meatpacking/NN subsidiary/NN of/IN United/NNP Brands/NNP Co./NNP ,/, Cincinnati/NNP ./.
The/DT company/NN is/VBZ contesting/VBG the/DT fine/NN ./.
Due/JJ to/TO an/DT editing/NN error/NN ,/, a/DT letter/NN to/TO the/DT editor/NN in/IN yesterday/NN 's/POS edition/NN from/IN Frederick/NNP H./NNP Hallett/NNP mistakenly/RB identified/VBD the/DT NRDC/NNP ./.
It/PRP should/MD be/VB the/DT Natural/NNP Resources/NNPS Defense/NNP Council/NNP ./.
Your/PRP$ Oct./NNP 6/CD editorial/NN ``/`` The/NNP Ill/NNP Homeless/NNP ''/'' referred/VBD to/TO research/NN by/IN us/PRP and/CC six/CD of/IN our/PRP$ colleagues/NNS that/WDT was/VBD reported/VBN in/IN the/DT Sept./NNP 8/CD issue/NN of/IN the/DT Journal/NNP of/IN the/DT American/NNP Medical/NNP Association/NNP ./.
Your/PRP$ comments/NNS implied/VBD we/PRP had/VBD discovered/VBN that/IN the/DT ``/`` principal/JJ cause/NN ''/'' of/IN homelessness/NN is/VBZ to/TO be/VB found/VBN in/IN the/DT large/JJ numbers/NNS of/IN mentally/RB ill/JJ and/CC substance-abusing/JJ people/NNS in/IN the/DT homeless/JJ population/NN ./.
We/PRP have/VBP made/VBN no/DT such/JJ statement/NN ./.
It/PRP is/VBZ clear/JJ that/IN most/JJS mentally/RB ill/JJ people/NNS and/CC most/JJS alcoholics/NNS do/VBP not/RB become/VB homeless/JJ ./.
The/DT ``/`` causes/NNS ''/'' of/IN homelessness/NN are/VBP poorly/RB understood/VBN and/CC complex/JJ in/IN any/DT individual/JJ case/NN ./.
In/IN quoting/VBG from/IN our/PRP$ research/NN you/PRP emphasized/VBD the/DT high/JJ prevalance/NN of/IN mental/JJ illness/NN and/CC alcoholism/NN ./.
You/PRP did/VBD not/RB note/VB that/IN the/DT homeless/JJ people/NNS we/PRP examined/VBD had/VBD a/DT multitude/NN of/IN physical/JJ disorders/NNS in/IN addition/NN to/TO their/PRP$ psychiatric/JJ problems/NNS and/CC substance/NN abuse/NN ./.
They/PRP suffered/VBD from/IN malnutrition/NN ,/, chest/NN diseases/NNS ,/, cardiovascular/JJ disorders/NNS ,/, skin/NN problems/NNS ,/, infectious/JJ diseases/NNS and/CC the/DT aftereffects/NNS of/IN assaults/NNS and/CC rape/NN ./.
Homeless/JJ people/NNS not/RB only/JJ lack/VBP safety/NN ,/, privacy/NN and/CC shelter/NN ,/, they/PRP also/RB lack/VBP the/DT elementary/JJ necessities/NNS of/IN nutrition/NN ,/, cleanliness/NN and/CC basic/JJ health/NN care/NN ./.
In/IN a/DT recent/JJ report/NN ,/, the/DT Institute/NNP of/IN Medicine/NNP pointed/VBD out/RP that/IN certain/JJ health/NN problems/NNS may/MD predispose/VB a/DT person/NN to/TO homelessness/NN ,/, others/NNS may/MD be/VB a/DT consequence/NN of/IN it/PRP ,/, and/CC a/DT third/JJ category/NN is/VBZ composed/VBN of/IN disorders/NNS whose/WP$ treatment/NN is/VBZ difficult/JJ or/CC impossible/JJ if/IN a/DT person/NN lacks/VBZ adequate/JJ shelter/NN ./.
The/DT interactions/NNS between/IN health/NN and/CC homelessness/NN are/VBP complex/JJ ,/, defying/VBG sweeping/JJ generalizations/NNS as/IN to/TO ``/`` cause/NN ''/'' or/CC ``/`` effect/NN ./. ''/''
If/IN we/PRP look/VBP to/TO the/DT future/NN ,/, preventing/VBG homelessness/NN is/VBZ an/DT important/JJ objective/NN ./.
This/DT will/MD require/VB us/PRP to/TO develop/VB a/DT much/RB more/RBR sophisticated/JJ understanding/NN of/IN the/DT dynamics/NNS of/IN homelessness/NN than/IN we/PRP currently/RB possess/VBP ,/, an/DT understanding/NN that/WDT can/MD be/VB developed/VBN only/RB through/IN careful/JJ study/NN and/CC research/NN ./.
William/NNP R./NNP Breakey/NNP M.D./NNP Pamela/NNP J./NNP Fischer/NNP M.D./NNP Department/NNP of/IN Psychiatry/NNP Johns/NNP Hopkins/NNP University/NNP School/NNP of/IN Medicine/NNP Baltimore/NNP
A/DT study/NN by/IN Tulane/NNP Prof./NNP James/NNP Wright/NNP says/VBZ homelessness/NN is/VBZ due/JJ to/TO a/DT complex/JJ array/NN of/IN problems/NNS ,/, with/IN the/DT common/JJ thread/NN of/IN poverty/NN ./.
The/DT study/NN shows/VBZ that/IN nearly/RB 40/CD %/NN of/IN the/DT homeless/JJ population/NN is/VBZ made/VBN up/RP of/IN women/NNS and/CC children/NNS and/CC that/IN only/RB 25/CD %/NN of/IN the/DT homeless/NN exhibits/VBZ some/DT combination/NN of/IN drug/NN ,/, alcohol/NN and/CC mental/JJ problems/NNS ./.
According/VBG to/TO Dr./NNP Wright/NNP ,/, homelessness/NN is/VBZ ``/`` simultaneously/RB a/DT housing/NN problem/NN ,/, an/DT employment/NN problem/NN ,/, a/DT demographic/JJ problem/NN ,/, a/DT problem/NN of/IN social/JJ disaffiliation/NN ,/, a/DT mental/JJ health/NN problem/NN ,/, a/DT family/NN violence/NN problem/NN ,/, a/DT problem/NN created/VBN by/IN the/DT cutbacks/NNS in/IN social/JJ welfare/NN spending/NN ,/, a/DT problem/NN resulting/VBG from/IN the/DT decay/NN of/IN the/DT traditional/JJ nuclear/JJ family/NN ,/, and/CC a/DT problem/NN intimately/RB connected/VBN to/TO the/DT recent/JJ increase/NN in/IN the/DT number/NN of/IN persons/NNS living/VBG below/IN the/DT poverty/NN level/NN ./. ''/''
Leighton/NNP E./NNP Cluff/NNP M.D./NNP President/NNP Robert/NNP Wood/NNP Johnson/NNP Foundation/NNP Princeton/NNP ,/, N.J/NNP ./.
To/TO quote/VB the/DT highly/RB regarded/VBN director/NN of/IN a/DT privately/RB funded/VBN drop-in/JJ center/NN for/IN the/DT homeless/NN in/IN New/NNP York/NNP :/: ``/`` If/IN you/PRP 're/VBP homeless/JJ ,/, you/PRP do/VBP n't/RB sleep/VB for/IN fear/NN of/IN being/VBG robbed/VBN or/CC murdered/VBN ./.
After/IN your/PRP$ first/JJ three/CD weeks/NNS of/IN sleep/NN deprivation/NN ,/, you/PRP 're/VBP scarcely/RB in/IN touch/NN with/IN reality/NN any/DT more/RBR ;/: without/IN psychiatric/JJ treatment/NN ,/, you/PRP may/MD well/RB be/VB unable/JJ to/TO fend/VB for/IN yourself/PRP ever/RB again/RB ./. ''/''
Some/DT of/IN the/DT homeless/NN ,/, obviously/RB ,/, had/VBD pre-existing/JJ mental/JJ illness/NN or/CC addiction/NN ./.
But/CC many/JJ others/NNS have/VBP fallen/VBN through/IN cracks/NNS in/IN the/DT economy/NN into/IN the/DT grim/JJ ,/, brutal/JJ world/NN of/IN our/PRP$ city/NN streets/NNS ./.
Once/RB there/RB ,/, what/WDT ways/NNS of/IN escape/NN are/VBP open/JJ to/TO them/PRP other/JJ than/IN drink/NN ,/, drugs/NNS or/CC insanity/NN ?/.
Maxwell/NNP R.D./NNP Vos/NNP Brooklyn/NNP ,/, N.Y/NNP ./.
You/PRP dismiss/VBP as/IN ``/`` sentimental/JJ ''/'' the/DT view/NN that/IN the/DT reduction/NN of/IN federal/JJ housing-assistance/JJ programs/NNS by/IN 77/CD %/NN might/MD have/VB played/VBN a/DT significant/JJ role/NN in/IN the/DT increased/VBN number/NN of/IN men/NNS and/CC women/NNS sleeping/VBG on/IN our/PRP$ city/NN streets/NNS during/IN the/DT Reagan-Bush/JJ years/NNS ./.
There/EX is/VBZ no/DT sign/NN that/IN you/PRP bothered/VBD to/TO consider/VB the/DT inverse/NN of/IN your/PRP$ logic/NN :/: namely/RB ,/, that/IN mental/JJ illness/NN and/CC substance/NN abuse/NN might/MD be/VB to/TO some/DT degree/NN consequences/NNS rather/RB than/IN causes/NNS of/IN homelessness/NN ./.
Your/PRP$ research/NN stopped/VBD when/WRB a/DT convenient/JJ assertion/NN could/MD be/VB made/VBN ./.
Robert/NNP S./NNP Jenkins/NNP Cambridge/NNP ,/, Mass/NNP ./.
Of/IN the/DT approximately/RB 200/CD sponsors/NNS of/IN the/DT recent/JJ march/NN in/IN Washington/NNP for/IN the/DT homeless/NN ,/, you/PRP chose/VBD to/TO cite/VB such/JJ groups/NNS as/IN the/DT National/NNP Association/NNP of/IN Home/NNP Builders/NNPS and/CC the/DT International/NNP Union/NNP of/IN Bricklayers/NNPS and/CC Allied/NNP Craftsmen/NNPS ,/, insinuating/VBG that/IN the/DT march/NN got/VBD its/PRP$ major/JJ support/NN from/IN self-serving/JJ groups/NNS that/WDT ``/`` know/VBP a/DT good/JJ thing/NN when/WRB they/PRP see/VBP it/PRP ,/, ''/'' and/CC that/IN the/DT crusade/NN was/VBD based/VBN on/IN greed/NN or/CC the/DT profit/NN motive/NN ./.
But/CC is/VBZ n't/RB the/DT desire/NN for/IN profit/NN the/DT driving/VBG force/NN behind/IN those/DT who/WP subscribe/VBP to/TO ,/, and/CC advertise/VB in/IN ,/, your/PRP$ paper/NN ?/.
Why/WRB did/VBD n't/RB you/PRP mention/VB the/DT YMCA/NNP or/CC the/DT YWCA/NNP or/CC Catholic/NNP Charities/NNPS USA/NNP or/CC a/DT hundred/CD other/JJ nonprofit/JJ organizations/NNS that/WDT participated/VBD in/IN the/DT march/NN ?/.
As/IN for/IN the/DT findings/NNS on/IN the/DT 203/CD Baltimore/NNP homeless/NN who/WP underwent/VBD psychiatric/JJ examinations/NNS ,/, I/PRP suggest/VBP you/PRP conduct/VB your/PRP$ own/JJ survey/NN ./.
Choose/VB 203/CD business/NN executives/NNS ,/, including/VBG ,/, perhaps/RB ,/, someone/NN from/IN your/PRP$ own/JJ staff/NN ,/, and/CC put/VBD them/PRP out/IN on/IN the/DT streets/NNS ,/, to/TO be/VB deprived/VBN for/IN one/CD month/NN of/IN their/PRP$ homes/NNS ,/, families/NNS and/CC income/NN ./.
I/PRP would/MD predict/VB that/IN within/IN a/DT short/JJ time/NN most/JJS of/IN them/PRP would/MD find/VB Thunderbird/NNP a/DT satisfactory/JJ substitute/NN for/IN Chivas/NNP Regal/NNP and/CC that/IN their/PRP$ ``/`` normal/JJ ''/'' phobias/NNS ,/, anxieties/NNS ,/, depressions/NNS and/CC substance/NN abuse/NN would/MD increase/VB dramatically/RB ./.
Ruth/NNP K./NNP Nelson/NNP Cullowhee/NNP ,/, N.C/NNP ./.
ROGERS/NNP COMMUNICATIONS/NNP Inc./NNP said/VBD it/PRP plans/VBZ to/TO raise/VB 175/CD million/CD to/TO 180/CD million/CD Canadian/JJ dollars/NNS (/-LRB- US$/$ 148.9/CD million/CD to/TO $/$ 153.3/CD million/CD )/-RRB- through/IN a/DT private/JJ placement/NN of/IN perpetual/JJ preferred/VBN shares/NNS ./.
Perpetual/JJ preferred/VBN shares/NNS are/VBP n't/RB retractable/JJ by/IN the/DT holders/NNS ,/, the/DT company/NN said/VBD ./.
Rogers/NNP said/VBD the/DT shares/NNS will/MD be/VB convertible/JJ into/IN Class/NNP B/NNP shares/NNS ,/, but/CC that/IN the/DT company/NN has/VBZ the/DT option/NN to/TO redeem/VB the/DT shares/NNS before/IN a/DT conversion/NN takes/VBZ place/NN ./.
A/DT spokesman/NN for/IN the/DT Toronto/NNP cable/NN television/NN and/CC telecommunications/NNS concern/NN said/VBD the/DT coupon/NN rate/NN has/VBZ n't/RB yet/RB been/VBN fixed/VBN ,/, but/CC will/MD probably/RB be/VB set/VBN at/IN around/IN 8/CD %/NN ./.
He/PRP declined/VBD to/TO discuss/VB other/JJ terms/NNS of/IN the/DT issue/NN ./.
The/DT House/NNP passed/VBD legislation/NN designed/VBN to/TO make/VB it/PRP easier/JJR for/IN the/DT Transportation/NNP Department/NNP to/TO block/VB airline/NN leveraged/JJ buy-outs/NNS ./.
The/DT final/JJ vote/NN came/VBD after/IN the/DT House/NNP rejected/VBD Republican/JJ efforts/NNS to/TO weaken/VB the/DT bill/NN and/CC approved/VBD two/CD amendments/NNS sought/VBN by/IN organized/VBN labor/NN ./.
The/DT Bush/NNP administration/NN has/VBZ threatened/VBN to/TO veto/VB such/PDT a/DT bill/NN because/IN of/IN what/WP it/PRP views/VBZ as/IN an/DT undesirable/JJ intrusion/NN into/IN the/DT affairs/NNS of/IN industry/NN ,/, but/CC the/DT 300-113/CD vote/NN suggests/VBZ that/IN supporters/NNS have/VBP the/DT potential/NN to/TO override/VB a/DT veto/NN ./.
The/DT broader/JJR question/NN is/VBZ where/WRB the/DT Senate/NNP stands/VBZ on/IN the/DT issue/NN ./.
While/IN the/DT Senate/NNP Commerce/NNP Committee/NNP has/VBZ approved/VBN legislation/NN similar/JJ to/TO the/DT House/NNP bill/NN on/IN airline/NN leveraged/JJ buy-outs/NNS ,/, the/DT measure/NN has/VBZ n't/RB yet/RB come/VBN to/TO the/DT full/JJ floor/NN ./.
Although/IN the/DT legislation/NN would/MD apply/VB to/TO acquisitions/NNS involving/VBG any/DT major/JJ airline/NN ,/, it/PRP is/VBZ aimed/VBN at/IN giving/VBG the/DT Transportation/NNP Department/NNP the/DT chance/NN to/TO review/VB in/IN advance/NN transactions/NNS financed/VBN by/IN large/JJ amounts/NNS of/IN debt/NN ./.
``/`` The/DT purpose/NN of/IN the/DT bill/NN is/VBZ to/TO put/VB the/DT brakes/NNS on/IN airline/NN acquisitions/NNS that/WDT would/MD so/RB load/VB a/DT carrier/NN up/RP with/IN debt/NN that/IN it/PRP would/MD impede/VB safety/NN or/CC a/DT carrier/NN 's/POS ability/NN to/TO compete/VB ,/, ''/'' Rep./NNP John/NNP Paul/NNP Hammerschmidt/NNP ,/, (/-LRB- R./NNP ,/, Ark/NNP ./. )/-RRB- said/VBD ./.
The/DT bill/NN ,/, as/IN it/PRP was/VBD approved/VBN by/IN the/DT House/NNP Public/NNP Works/NNPS and/CC Transportation/NNP Committee/NNP ,/, would/MD give/VB the/DT Transportation/NNP Department/NNP up/IN to/TO 50/CD days/NNS to/TO review/VB any/DT purchase/NN of/IN 15/CD %/NN or/CC more/JJR of/IN the/DT stock/NN in/IN an/DT airline/NN ./.
The/DT department/NN would/MD be/VB required/VBN to/TO block/VB the/DT buy-out/NN if/IN the/DT acquisition/NN is/VBZ likely/JJ to/TO financially/RB weaken/VB a/DT carrier/NN so/IN that/IN safety/NN would/MD be/VB impaired/VBN ;/: its/PRP$ ability/NN to/TO compete/VB would/MD be/VB sharply/RB diminished/VBN ;/: it/PRP would/MD be/VB put/VBN into/IN foreign/JJ control/NN ;/: or/CC if/IN the/DT transaction/NN would/MD result/VB in/IN the/DT sale/NN of/IN airline-related/JJ assets/NNS --/: unless/IN selling/VBG such/JJ assets/NNS had/VBD an/DT overriding/VBG public/NN benefit/NN ./.
The/DT House/NNP approved/VBD an/DT amendment/NN offered/VBN by/IN Rep./NNP Peter/NNP DeFazio/NNP (/-LRB- D./NNP ,/, Ore./NNP )/-RRB- that/WDT would/MD ,/, in/IN addition/NN to/TO the/DT previous/JJ criteria/NNS ,/, also/RB require/VB the/DT department/NN to/TO block/VB the/DT acquisition/NN of/IN an/DT airline/NN if/IN the/DT added/VBN debt/NN incurred/VBN were/VBD likely/JJ to/TO result/VB in/IN a/DT reduction/NN in/IN the/DT number/NN of/IN the/DT carrier/NN 's/POS employees/NNS ,/, or/CC their/PRP$ wages/NNS or/CC benefits/NNS ./.
Rep./NNP James/NNP Traficant/NNP (/-LRB- D./NNP ,/, Ohio/NNP )/-RRB- ,/, said/VBD the/DT amendment/NN ,/, which/WDT passed/VBD 271-147/CD ,/, would/MD ``/`` let/VB the/DT American/JJ worker/NN know/VB that/IN we/PRP consider/VBP them/PRP occasionally/RB ./. ''/''
But/CC Rep./NNP Hammerschmidt/NNP said/VBD that/IN the/DT provision/NN ,/, which/WDT he/PRP dubbed/VBD a/DT ``/`` special/JJ interest/NN ''/'' amendment/NN ,/, was/VBD likely/JJ to/TO make/VB the/DT bill/NN even/RB more/RBR controversial/JJ ./.
On/IN Tuesday/NNP ,/, the/DT House/NNP approved/VBD a/DT labor-backed/JJ amendment/NN that/WDT would/MD require/VB the/DT Transportation/NNP Department/NNP to/TO reject/VB airline/NN acquisitions/NNS if/IN the/DT person/NN seeking/VBG to/TO purchase/VB a/DT carrier/NN had/VBD run/VBN two/CD or/CC more/JJR airlines/NNS previously/RB that/WDT have/VBP filed/VBN for/IN protection/NN from/IN creditors/NNS under/IN Chapter/NN 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP ./.
The/DT provision/NN ,/, called/VBN the/DT ``/`` two-time-losers/JJ ''/'' amendment/NN by/IN its/PRP$ supporters/NNS ,/, apparently/RB was/VBD aimed/VBN at/IN preventing/VBG Texas/NNP Air/NNP Corp./NNP Chairman/NNP Frank/NNP Lorenzo/NNP from/IN attempting/VBG to/TO take/VB over/RP another/DT airline/NN ./.
Follow-up/JJ report/NN :/:
You/PRP now/RB may/MD drop/VB by/IN the/DT Voice/NNP of/IN America/NNP offices/NNS in/IN Washington/NNP and/CC read/VB the/DT text/NN of/IN what/WP the/DT Voice/NNP is/VBZ broadcasting/VBG to/TO those/DT 130/CD million/CD people/NNS around/IN the/DT world/NN who/WP tune/VBP in/RP to/TO it/PRP each/DT week/NN ./.
You/PRP can/MD even/RB take/VB notes/NNS --/: extensive/JJ notes/NNS ,/, for/IN the/DT Voice/NNP folks/NNS wo/MD n't/RB look/VB over/IN your/PRP$ shoulder/NN --/: about/IN what/WP you/PRP read/VBP ./.
You/PRP can/MD do/VB all/PDT this/DT even/RB if/IN you/PRP 're/VBP not/RB a/DT reporter/NN or/CC a/DT researcher/NN or/CC a/DT scholar/NN or/CC a/DT member/NN of/IN Congress/NNP ./.
And/CC my/PRP$ newspaper/NN can/MD print/VB the/DT text/NN of/IN those/DT broadcasts/NNS ./.
Until/IN the/DT other/JJ day/NN ,/, you/PRP as/IN an/DT ordinary/JJ citizen/NN of/IN this/DT democracy/NN had/VBD no/DT right/NN to/TO see/VB what/WP your/PRP$ government/NN was/VBD telling/VBG your/PRP$ cousins/NNS around/IN the/DT world/NN ./.
That/DT was/VBD the/DT law/NN ./.
And/CC I/PRP apparently/RB had/VBD no/DT right/NN to/TO print/VB hither/RB what/WP the/DT Voice/NNP was/VBD booming/VBG to/TO yon/RB ./.
It/PRP was/VBD censorship/NN ./.
It/PRP was/VBD outrageous/JJ ./.
And/CC it/PRP was/VBD stupid/JJ ./.
The/DT theory/NN was/VBD that/IN the/DT Voice/NNP is/VBZ a/DT propaganda/NN agency/NN and/CC this/DT government/NN should/MD n't/RB propagandize/VB its/PRP$ own/JJ people/NNS ./.
That/DT sounds/VBZ neat/JJ ,/, but/CC this/DT government/NN --/: any/DT government/NN --/: propagandizes/VBZ its/PRP$ own/JJ people/NNS every/DT day/NN ./.
Government/NNP press/NN releases/NNS ,/, speeches/NNS ,/, briefings/NNS ,/, tours/NNS of/IN military/JJ facilities/NNS ,/, publications/NNS are/VBP all/DT propaganda/NN of/IN sorts/NNS ./.
Propaganda/NN is/VBZ just/RB information/NN to/TO support/VB a/DT viewpoint/NN ,/, and/CC the/DT beauty/NN of/IN a/DT democracy/NN is/VBZ that/IN it/PRP enables/VBZ you/PRP to/TO hear/VB or/CC read/VB every/DT viewpoint/NN and/CC then/RB make/VB up/RP your/PRP$ own/JJ mind/NN on/IN an/DT issue/NN ./.
The/DT restrictions/NNS on/IN viewing/VBG and/CC dissemination/NN of/IN Voice/NNP material/NN were/VBD especially/RB absurd/JJ :/: An/DT agency/NN in/IN the/DT information/NN business/NN was/VBD not/RB being/VBG allowed/VBN to/TO inform/VB ./.
In/IN June/NNP 1988/CD ,/, I/PRP wrote/VBD in/IN this/DT space/NN about/IN this/DT issue/NN ./.
Assuming/VBG it/PRP was/VBD n't/RB one/CD of/IN those/DT columns/NNS that/IN you/PRP clipped/VBD and/CC put/VBD on/IN the/DT refrigerator/NN door/NN ,/, I/PRP 'll/MD review/VB the/DT facts/NNS ./.
The/DT Voice/NNP of/IN America/NNP is/VBZ a/DT government/NN agency/NN that/WDT broadcasts/VBZ news/NN and/CC views/NNS --/: some/DT might/MD say/VB propaganda/NN --/: in/IN 43/CD languages/NNS to/TO 130/CD million/CD listeners/NNS around/IN the/DT world/NN ./.
It/PRP does/VBZ a/DT first-rate/JJ job/NN ./.
Its/PRP$ budget/NN $/$ 184/CD million/CD --/: is/VBZ paid/VBN for/IN by/IN you/PRP ./.
But/CC a/DT 1948/CD law/NN barred/VBD the/DT ``/`` dissemination/NN ''/'' of/IN that/DT material/NN in/IN the/DT U.S./NNP ./.
The/DT law/NN let/VBD scholars/NNS ,/, reporters/NNS and/CC researchers/NNS read/VB texts/NNS of/IN VOA/NNP material/NN ,/, only/RB at/IN VOA/NNP headquarters/NNS in/IN Washington/NNP ,/, but/CC it/PRP barred/VBD them/PRP from/IN copying/VBG texts/NNS ./.
And/CC ,/, of/IN course/NN ,/, there/EX 's/VBZ that/DT word/NN ``/`` dissemination/NN ./. ''/''
How/WRB 's/VBZ that/DT again/RB ?/.
``/`` You/PRP may/MD come/VB by/IN the/DT agency/NN to/TO read/VB but/CC not/RB copy/VB either/DT manually/RB or/CC by/IN photocopying/VBG ,/, ''/'' a/DT Voice/NNP official/NN explained/VBD when/WRB I/PRP asked/VBD ./.
What/WP if/IN I/PRP tune/VBP in/RP my/PRP$ short-wave/JJ radio/NN ,/, transcribe/VBP an/DT editorial/NN or/CC program/NN ,/, and/CC print/VBP it/PRP in/IN my/PRP$ newspaper/NN ?/.
``/`` Nor/CC are/VBP you/PRP free/JJ to/TO reprint/VB such/JJ material/NN ,/, ''/'' I/PRP was/VBD advised/VBN ./.
That/WDT sounded/VBD a/DT lot/NN like/IN censorship/NN ,/, so/RB after/IN years/NNS of/IN letters/NNS and/CC conversations/NNS that/WDT went/VBD nowhere/RB ,/, I/PRP sued/VBD ./.
A/DT couple/NN of/IN weeks/NNS ago/IN ,/, I/PRP lost/VBD the/DT case/NN in/IN federal/JJ district/NN court/NN in/IN Des/NNP Moines/NNP ./.
At/IN least/JJS ,/, that/DT 's/VBZ the/DT way/NN it/PRP was/VBD reported/VBN ./.
And/CC ,/, indeed/RB ,/, the/DT lawsuit/NN was/VBD dismissed/VBN ./.
But/CC I/PRP --/: I/PRP like/VBP to/TO think/VB of/IN it/PRP in/IN terms/NNS of/IN we/PRP ,/, all/DT of/IN us/PRP --/: won/VBD the/DT point/NN ./.
For/IN a/DT funny/JJ thing/NN happened/VBD on/IN the/DT way/NN to/TO the/DT ruling/NN :/: The/DT United/NNP States/NNPS Information/NNP Agency/NNP ,/, which/WDT runs/VBZ the/DT Voice/NNP ,/, changed/VBD its/PRP$ position/NN on/IN three/CD key/JJ points/NNS ./.
--/: The/DT USIA/NNP said/VBD that/IN ,/, on/IN reflection/NN ,/, of/IN course/NN I/PRP could/MD print/VB anything/NN I/PRP could/MD get/VB my/PRP$ hands/NNS on/IN ./.
The/DT word/NN dissemination/NN ,/, it/PRP decided/VBD ,/, referred/VBD only/RB to/TO itself/PRP ./.
``/`` The/DT USIA/NNP officially/RB and/CC publicly/RB declared/VBD the/DT absolute/JJ right/NN of/IN everyone/NN except/IN the/DT USIA/NNP to/TO disseminate/VB agency/NN program/NN materials/NNS in/IN the/DT United/NNP States/NNPS ,/, ''/'' my/PRP$ lawyer/NN ,/, the/DT scholarly/JJ Mark/NNP McCormick/NNP of/IN Des/NNP Moines/NNP ,/, said/VBD in/IN a/DT memo/NN pointing/VBG out/RP the/DT facts/NNS and/CC trying/VBG to/TO make/VB me/PRP feel/VB good/JJ after/IN the/DT press/NN reported/VBD that/IN I/PRP had/VBD lost/VBN ./.
The/DT court/NN noted/VBD the/DT new/JJ USIA/NNP position/NN but/CC ,/, just/RB in/IN case/NN ,/, officially/RB found/VBN ``/`` that/IN Congress/NNP did/VBD not/RB intend/VB to/TO preclude/VB plaintiffs/NNS from/IN disseminating/VBG USIA/NNP information/NN domestically/RB ./. ''/''
--/: The/DT USIA/NNP said/VBD that/IN ,/, on/IN reflection/NN ,/, anyone/NN could/MD view/VB the/DT VOA/NNP materials/NNS ,/, not/RB just/RB the/DT reporters/NNS ,/, scholars/NNS ,/, researchers/NNS and/CC congressmen/NNS who/WP are/VBP mentioned/VBN in/IN the/DT statute/NN ./.
``/`` The/DT USIA/NNP publicly/RB and/CC officially/RB stated/VBD in/IN the/DT litigation/NN that/IN all/DT persons/NNS are/VBP allowed/VBN access/NN to/TO the/DT materials/NNS ,/, notwithstanding/IN the/DT statutory/JJ designations/NNS ,/, because/IN the/DT USIA/NNP has/VBZ determined/VBN that/IN it/PRP will/MD not/RB check/VB the/DT credentials/NNS of/IN any/DT person/NN appearing/VBG and/CC requesting/VBG to/TO see/VB the/DT materials/NNS ,/, ''/'' Mr./NNP McCormick/NNP noted/VBD ./.
--/: And/CC the/DT USIA/NNP said/VBD that/IN all/DT of/IN us/PRP could/MD take/VB extensive/JJ notes/NNS ./.
``/`` The/DT agency/NN publicly/RB and/CC officially/RB declared/VBD in/IN the/DT lawsuit/NN that/IN persons/NNS who/WP examine/VBP the/DT materials/NNS may/MD make/VB notes/NNS and/CC ,/, while/IN the/DT agency/NN position/NN is/VBZ that/IN persons/NNS may/MD not/RB take/VB verbatim/JJ notes/NNS ,/, no/DT one/NN will/MD check/VB to/TO determine/VB what/WDT notes/NNS a/DT person/NN has/VBZ taken/VBN ,/, ''/'' Mr./NNP McCormick/NNP reported/VBD ./.
I/PRP had/VBD sought/VBN ,/, in/IN my/PRP$ suit/NN ,/, the/DT right/NN to/TO print/VB Voice/NNP material/NN ,/, which/WDT had/VBD been/VBN denied/VBN me/PRP ,/, and/CC I/PRP had/VBD sought/VBN a/DT right/NN to/TO receive/VB the/DT information/NN ,/, arguing/VBG in/IN effect/NN that/IN a/DT right/NN to/TO print/VB government/NN information/NN is/VBZ n't/RB very/RB helpful/JJ if/IN I/PRP have/VBP no/DT right/NN to/TO get/VB the/DT information/NN ./.
But/CC the/DT court/NN disagreed/VBD ./.
``/`` The/DT First/NNP Amendment/NNP proscribes/VBZ the/DT government/NN from/IN passing/VBG laws/NNS abridging/VBG the/DT right/NN to/TO free/JJ speech/NN ,/, ''/'' Judge/NNP Donald/NNP O'Brien/NNP ruled/VBD ./.
``/`` The/DT First/NNP Amendment/NNP does/VBZ not/RB prescribe/VB a/DT duty/NN upon/IN the/DT government/NN to/TO assure/VB easy/JJ access/NN to/TO information/NN for/IN members/NNS of/IN the/DT press/NN ./. ''/''
So/IN now/RB the/DT situation/NN is/VBZ this/DT :/:
You/PRP have/VBP a/DT right/NN to/TO read/VB Voice/NNP of/IN America/NNP scripts/NNS if/IN you/PRP do/VBP n't/RB mind/VB traveling/VBG to/TO Washington/NNP every/DT week/NN or/CC so/RB and/CC visiting/VBG the/DT Voice/NNP office/NN during/IN business/NN hours/NNS ./.
I/PRP have/VBP a/DT right/NN to/TO print/VB those/DT scripts/NNS if/IN I/PRP go/VBP there/RB and/CC laboriously/RB --/: but/CC no/RB longer/JJR surreptitiously/RB --/: copy/VBP them/PRP out/RP in/IN long/JJ hand/NN ./.
But/CC neither/DT of/IN us/PRP can/MD copy/VB the/DT material/NN on/IN a/DT Xerox/NNP machine/NN or/CC have/VB it/PRP sent/VBN to/TO us/PRP ./.
In/IN an/DT era/NN when/WRB every/DT government/NN agency/NN has/VBZ a/DT public-relations/NNS machine/NN that/WDT sends/VBZ you/PRP stuff/NN whether/IN you/PRP want/VBP it/PRP or/CC not/RB ,/, this/DT does/VBZ seem/VB odd/JJ ./.
Indeed/RB ,/, Judge/NNP O'Brien/NNP ruled/VBD that/IN ``/`` it/PRP would/MD be/VB easy/JJ to/TO conclude/VB that/IN the/DT USIA/NNP 's/POS position/NN is/VBZ `/`` inappropriate/JJ or/CC even/RB stupid/JJ ,/, '/'' ''/'' but/CC it/PRP 's/VBZ the/DT law/NN ./.
So/IN the/DT next/JJ step/NN ,/, I/PRP suspect/VBP ,/, is/VBZ to/TO try/VB to/TO get/VB the/DT law/NN changed/VBD ./.
We/PRP (/-LRB- I/PRP assume/VBP you/PRP 're/VBP in/IN this/DT with/IN me/PRP at/IN this/DT point/NN )/-RRB- need/VBP to/TO get/VB three/CD words/NNS --/: ``/`` for/IN examination/NN only/RB ''/'' --/: eliminated/VBN from/IN the/DT law/NN ./.
Section/NN 501/CD of/IN the/DT United/NNP States/NNPS Information/NNP and/CC Educational/NNP Exchange/NNP Act/NNP of/IN 1948/CD says/VBZ Voice/NNP material/NN shall/MD be/VB available/JJ to/TO certain/JJ of/IN us/PRP (/-LRB- but/CC now/RB ,/, thanks/NNS to/TO the/DT USIA/NNP 's/POS new/JJ position/NN ,/, all/DT of/IN us/PRP )/-RRB- ``/`` for/IN examination/NN only/RB ./. ''/''
If/IN those/DT words/NNS were/VBD n't/RB there/RB ,/, the/DT nice/JJ people/NNS at/IN the/DT Voice/NNP would/MD be/VB able/JJ to/TO send/VB you/PRP the/DT information/NN or/CC ,/, at/IN the/DT very/RB least/JJS ,/, let/VB you/PRP photocopy/VB it/PRP ./.
This/DT is/VBZ not/RB a/DT trivial/JJ issue/NN ./.
``/`` You/PRP have/VBD .../: raised/VBN important/JJ questions/NNS which/WDT ought/MD to/TO be/VB answered/VBN :/: What/WP does/VBZ USIA/NNP say/VB about/IN America/NNP abroad/RB ;/: how/WRB do/VBP we/PRP say/VB it/PRP ;/: and/CC how/WRB can/MD American/JJ taxpayers/NNS get/VB the/DT answers/NNS to/TO these/DT questions/NNS ?/. ''/'' a/DT man/NN wrote/VBD me/PRP a/DT couple/NN of/IN years/NNS ago/IN ./.
The/DT man/NN was/VBD Charles/NNP Z./NNP Wick/NNP ./.
At/IN the/DT time/NN ,/, he/PRP was/VBD director/NN of/IN the/DT
He/PRP had/VBD no/DT answers/NNS then/RB ./.
Now/RB there/EX are/VBP some/DT ./.
This/DT democracy/NN is/VBZ suddenly/RB a/DT little/RB more/RBR democratic/JJ ./.
I/PRP feel/VBP pretty/RB good/JJ about/IN it/PRP ./.
Mr./NNP Gartner/NNP is/VBZ editor/NN and/CC co-owner/NN of/IN the/DT Daily/NNP Tribune/NNP in/IN Ames/NNP ,/, Iowa/NNP ,/, and/CC president/NN of/IN NBC/NNP News/NNP in/IN New/NNP York/NNP ./.
R./NNP Gordon/NNP McGovern/NNP was/VBD forced/VBN out/IN as/IN Campbell/NNP Soup/NNP Co./NNP 's/POS president/NN and/CC chief/NN executive/NN officer/NN ,/, the/DT strongest/JJS evidence/NN yet/RB of/IN the/DT power/NN that/WDT Dorrance/NNP family/NN members/NNS intend/VBP to/TO wield/VB in/IN reshaping/VBG the/DT troubled/JJ food/NN company/NN ./.
Herbert/NNP M./NNP Baum/NNP ,/, the/DT 53-year-old/JJ president/NN of/IN the/DT company/NN 's/POS Campbell/NNP U.S.A./NNP unit/NN ,/, and/CC Edwin/NNP L./NNP Harper/NNP ,/, 47/CD ,/, the/DT chief/NN financial/JJ officer/NN ,/, will/MD run/VB Campbell/NNP as/IN a/DT team/NN ,/, dividing/VBG responsibilities/NNS rather/RB evenly/RB until/IN a/DT successor/NN is/VBZ named/VBN ./.
The/DT board/NN already/RB has/VBZ been/VBN searching/VBG for/IN strong/JJ outside/JJ candidates/NNS ,/, including/VBG food-industry/NN executives/NNS with/IN considerable/JJ international/JJ experience/NN ./.
Wall/NNP Street/NNP reacted/VBD favorably/RB to/TO Mr./NNP McGovern/NNP 's/POS departure/NN and/CC its/PRP$ implications/NNS ./.
In/IN heavy/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, Campbell/NNP 's/POS shares/NNS rose/VBD $/$ 3.375/CD to/TO close/VB at/IN $/$ 47.125/CD ./.
``/`` The/DT profit/NN motive/NN of/IN the/DT major/JJ shareholders/NNS has/VBZ clearly/RB changed/VBN for/IN the/DT better/JJR ,/, ''/'' said/VBD John/NNP McMillin/NNP ,/, a/DT food/NN industry/NN analyst/NN for/IN Prudential-Bache/NNP in/IN New/NNP York/NNP ./.
Mr./NNP McGovern/NNP was/VBD widely/RB seen/VBN as/IN sales/NNS ,/, and/CC not/RB profit/NN ,/, oriented/VBN ./.
``/`` New/JJ managers/NNS would/MD think/VB a/DT little/RB more/JJR like/IN Wall/NNP Street/NNP ,/, ''/'' Mr./NNP McMillin/NNP added/VBD ./.
Some/DT of/IN the/DT surge/NN in/IN the/DT stock/NN 's/POS price/NN appeared/VBD to/TO be/VB linked/VBN to/TO revived/VBN takeover/NN speculation/NN ,/, which/WDT has/VBZ contributed/VBN to/TO volatility/NN of/IN Campbell/NNP shares/NNS in/IN recent/JJ months/NNS ./.
Campbell/NNP 's/POS international/JJ businesses/NNS ,/, particularly/RB in/IN the/DT U.K./NNP and/CC Italy/NNP ,/, appear/VBP to/TO be/VB at/IN the/DT heart/NN of/IN its/PRP$ problems/NNS ./.
Growth/NN has/VBZ fallen/VBN short/RB of/IN targets/NNS and/CC operating/NN earnings/NNS are/VBP far/RB below/IN results/NNS in/IN U.S./NNP units/NNS ./.
For/IN example/NN ,/, Campbell/NNP is/VBZ a/DT distant/JJ third/JJ in/IN the/DT U.K./NNP frozen/VBN foods/NNS market/NN ,/, where/WRB it/PRP recently/RB paid/VBD 24/CD times/NNS earnings/NNS for/IN Freshbake/NNP Foods/NNPS PLC/NNP and/CC wound/VBD up/RP with/IN far/RB more/JJR capacity/NN than/IN it/PRP could/MD use/VB ./.
Similarly/RB ,/, Campbell/NNP 's/POS Italian/JJ biscuit/NN operation/NN ,/, D./NNP Lazzaroni/NNP &/CC Co./NNP ,/, has/VBZ been/VBN hurt/VBN by/IN overproduction/NN and/CC distribution/NN problems/NNS ./.
Such/JJ problems/NNS will/MD require/VB considerable/JJ skill/NN to/TO resolve/VB ./.
However/RB ,/, neither/DT Mr./NNP Baum/NNP nor/CC Mr./NNP Harper/NNP has/VBZ much/JJ international/JJ experience/NN ./.
Mr./NNP Baum/NNP ,/, a/DT seasoned/JJ marketer/NN who/WP is/VBZ said/VBN to/TO have/VB a/DT good/JJ rapport/NN with/IN Campbell/NNP employees/NNS ,/, will/MD have/VB responsibility/NN for/IN all/DT domestic/JJ operations/NNS except/IN the/DT Pepperidge/NNP Farm/NNP unit/NN ./.
Mr./NNP Harper/NNP ,/, a/DT veteran/NN of/IN several/JJ manufacturing/VBG companies/NNS who/WP joined/VBD Campbell/NNP in/IN 1986/CD ,/, will/MD take/VB charge/NN of/IN all/DT overseas/JJ operations/NNS as/RB well/RB as/IN Pepperidge/NNP ./.
In/IN an/DT joint/JJ interview/NN yesterday/NN ,/, both/DT men/NNS said/VBD they/PRP would/MD like/VB to/TO be/VB the/DT company/NN 's/POS next/JJ chief/NN executive/NN ./.
Mr./NNP McGovern/NNP ,/, 63/CD ,/, had/VBD been/VBN under/IN intense/JJ pressure/NN from/IN the/DT board/NN to/TO boost/VB Campbell/NNP 's/POS mediocre/JJ performance/NN to/TO the/DT level/NN of/IN other/JJ food/NN companies/NNS ./.
The/DT board/NN is/VBZ dominated/VBN by/IN the/DT heirs/NNS of/IN the/DT late/JJ John/NNP T./NNP Dorrance/NNP Jr./NNP ,/, who/WP controlled/VBD about/IN 58/CD %/NN of/IN Campbell/NNP 's/POS stock/NN when/WRB he/PRP died/VBD in/IN April/NNP ./.
In/IN recent/JJ months/NNS ,/, Mr./NNP Dorrance/NNP 's/POS children/NNS and/CC other/JJ family/NN members/NNS have/VBP pushed/VBN for/IN improved/VBN profitability/NN and/CC higher/JJR returns/NNS on/IN their/PRP$ equity/NN ./.
In/IN August/NNP ,/, the/DT company/NN took/VBD a/DT $/$ 343/CD million/CD pretax/NN charge/NN against/IN fiscal/JJ 1989/CD earnings/NNS when/WRB it/PRP announced/VBD a/DT world-wide/JJ restructuring/VBG plan/NN ./.
The/DT plan/NN calls/VBZ for/IN closing/VBG at/IN least/JJS nine/CD plants/NNS and/CC eliminating/VBG about/IN 3,600/CD jobs/NNS ./.
But/CC analysts/NNS said/VBD early/JJ results/NNS from/IN the/DT reorganization/NN have/VBP been/VBN disappointing/JJ ,/, especially/RB in/IN Europe/NNP ,/, and/CC there/EX were/VBD signs/NNS that/IN the/DT board/NN became/VBD impatient/NN ./.
Campbell/NNP officials/NNS said/VBD Mr./NNP McGovern/NNP was/VBD n't/RB available/JJ yesterday/NN to/TO discuss/VB the/DT circumstances/NNS of/IN his/PRP$ departure/NN ./.
The/DT company/NN 's/POS prepared/VBN statement/NN quoted/VBD him/PRP as/IN saying/VBG ,/, ``/`` The/DT CEO/NNP succession/NN is/VBZ well/RB along/IN and/CC I/PRP 've/VBP decided/VBN for/IN personal/JJ reasons/NNS to/TO take/VB early/JJ retirement/NN ./. ''/''
But/CC people/NNS familiar/JJ with/IN the/DT agenda/NN of/IN the/DT board/NN 's/POS meeting/NN last/JJ week/NN in/IN London/NNP said/VBD Mr./NNP McGovern/NNP was/VBD fired/VBN ./.
Mr./NNP McGovern/NNP himself/PRP had/VBD said/VBN repeatedly/RB that/IN he/PRP intended/VBD to/TO stay/VB on/RP until/IN he/PRP reached/VBD the/DT conventional/JJ retirement/NN age/NN of/IN 65/CD in/IN October/NNP 1991/CD ,/, ``/`` unless/IN I/PRP get/VBP fired/VBN ./. ''/''
Campbell/NNP said/VBD Mr./NNP McGovern/NNP had/VBD withdrawn/VBN his/PRP$ name/NN as/IN a/DT candidate/NN for/IN re-election/NN as/IN a/DT director/NN at/IN the/DT annual/JJ shareholder/NN meeting/NN ,/, scheduled/VBN for/IN Nov./NNP 17/CD ./.
For/IN fiscal/JJ 1989/CD ,/, Mr./NNP McGovern/NNP received/VBD a/DT salary/NN of/IN $/$ 877,663/CD ./.
He/PRP owns/VBZ about/IN 45,000/CD shares/NNS of/IN Campbell/NNP stock/NN and/CC has/VBZ options/NNS to/TO buy/VB more/JJR than/IN 100,000/CD additional/JJ shares/NNS ./.
He/PRP will/MD be/VB eligible/JJ for/IN an/DT annual/JJ pension/NN of/IN more/JJR than/IN $/$ 244,000/CD with/IN certain/JJ other/JJ fringe/NN benefits/NNS ./.
During/IN Mr./NNP McGovern/NNP 's/POS nine-year/JJ term/NN as/IN president/NN ,/, the/DT company/NN 's/POS sales/NNS rose/VBD to/TO $/$ 5.7/CD billion/CD from/IN $/$ 2.8/CD billion/CD and/CC net/JJ income/NN increased/VBD to/TO $/$ 274/CD million/CD from/IN $/$ 130/CD million/CD ,/, the/DT statement/NN said/VBD ./.
Mr./NNP Baum/NNP said/VBD he/PRP and/CC Mr./NNP Harper/NNP both/DT advocated/VBD closing/VBG some/DT plants/NNS as/RB long/JJ ago/RB as/IN early/JJ 1988/CD ./.
``/`` You/PRP 've/VBP got/VBN to/TO make/VB the/DT restructuring/NN work/NN ,/, ''/'' said/VBD Mr./NNP Baum/NNP ./.
``/`` You/PRP 've/VBP got/VBN to/TO make/VB those/DT savings/NNS now/RB ./. ''/''
Mr./NNP Harper/NNP expressed/VBD confidence/NN that/IN he/PRP and/CC Mr./NNP Baum/NNP can/MD convince/VB the/DT board/NN of/IN their/PRP$ worthiness/NN to/TO run/VB the/DT company/NN ./.
``/`` We/PRP look/VBP upon/IN this/DT as/IN a/DT great/JJ opportunity/NN to/TO prove/VB the/DT fact/NN that/IN we/PRP have/VBP a/DT tremendous/JJ management/NN team/NN ,/, ''/'' he/PRP said/VBD ./.
He/PRP predicted/VBD that/IN the/DT board/NN would/MD give/VB the/DT current/JJ duo/NN until/IN early/JJ next/JJ year/NN before/IN naming/VBG a/DT new/JJ chief/NN executive/NN ./.
Mr./NNP Baum/NNP said/VBD the/DT two/CD have/VBP orders/NNS to/TO ``/`` focus/VB on/IN bottom-line/JJ profits/NNS ''/'' and/CC to/TO ``/`` take/VB a/DT hard/JJ look/NN at/IN our/PRP$ businesses/NNS --/: what/WP is/VBZ good/JJ ,/, what/WP is/VBZ not/RB so/RB good/JJ ./. ''/''
Analysts/NNS generally/RB applaud/VBP the/DT performance/NN of/IN Campbell/NNP U.S.A./NNP ,/, the/DT company/NN 's/POS largest/JJS division/NN ,/, which/WDT posted/VBD 6/CD %/NN unit/NN sales/NNS growth/NN and/CC a/DT 15/CD %/NN improvement/NN in/IN operating/NN profit/NN for/IN fiscal/JJ 1989/CD ./.
``/`` The/DT way/NN that/IN we/PRP 've/VBP been/VBN managing/VBG Campbell/NNP U.S.A./NNP can/MD hopefully/RB spread/VB to/TO other/JJ areas/NNS of/IN the/DT company/NN ,/, ''/'' Mr./NNP Baum/NNP said/VBD ./.
In/IN the/DT interview/NN at/IN headquarters/NN yesterday/NN afternoon/NN ,/, both/DT men/NNS exuded/VBD confidence/NN and/CC seemed/VBD to/TO work/VB well/RB together/RB ./.
``/`` You/PRP 've/VBP got/VBN two/CD champions/NNS sitting/VBG right/JJ before/IN you/PRP ,/, ''/'' said/VBD Mr./NNP Baum/NNP ./.
``/`` We/PRP play/VBP to/TO win/VB ./.
Wednesday/NNP ,/, November/NNP 1/CD ,/, 1989/CD
The/DT key/JJ U.S./NNP and/CC foreign/JJ annual/JJ interest/NN rates/NNS below/IN are/VBP a/DT guide/NN to/TO general/JJ levels/NNS but/CC do/VBP n't/RB always/RB represent/VB actual/JJ transactions/NNS ./.
PRIME/NNP RATE/NNP :/: 10/CD 1/2/CD %/NN ./.
The/DT base/NN rate/NN on/IN corporate/JJ loans/NNS at/IN large/JJ U.S./NNP money/NN center/NN commercial/JJ banks/NNS ./.
FEDERAL/NNP FUNDS/NNPS :/: 9/CD 1/2/CD %/NN high/JJ ,/, 8/CD 3/4/CD %/NN low/JJ ,/, 8/CD 3/4/CD %/NN near/IN closing/JJ bid/NN ,/, 9/CD %/NN offered/VBD ./.
Reserves/NNS traded/VBN among/IN commercial/JJ banks/NNS for/IN overnight/JJ use/NN in/IN amounts/NNS of/IN $/$ 1/CD million/CD or/CC more/JJR ./.
Source/NN :/: Fulton/NNP Prebon/NNP (/-LRB- U.S.A/NNP ./. )/-RRB- Inc/NNP ./.
DISCOUNT/NNP RATE/NNP :/: 7/CD %/NN ./.
The/DT charge/NN on/IN loans/NNS to/TO depository/NN institutions/NNS by/IN the/DT New/NNP York/NNP Federal/NNP Reserve/NNP Bank/NNP ./.
CALL/NNP MONEY/NNP :/: 9/CD 3/4/CD %/NN ./.
The/DT charge/NN on/IN loans/NNS to/TO brokers/NNS on/IN stock/NN exchange/NN collateral/NN ./.
COMMERCIAL/JJ PAPER/NN placed/VBN directly/RB by/IN General/NNP Motors/NNPS Acceptance/NNP Corp./NNP :/: 8.55/CD %/NN 30/CD to/TO 44/CD days/NNS ;/: 8.25/CD %/NN 45/CD to/TO 59/CD days/NNS ;/: 8.45/CD %/NN 60/CD to/TO 89/CD days/NNS ;/: 8/CD %/NN 90/CD to/TO 119/CD days/NNS ;/: 7.90/CD %/NN 120/CD to/TO 149/CD days/NNS ;/: 7.80/CD %/NN 150/CD to/TO 179/CD days/NNS ;/: 7.55/CD %/NN 180/CD to/TO 270/CD days/NNS ./.
COMMERCIAL/JJ PAPER/NN :/: High-grade/JJ unsecured/JJ notes/NNS sold/VBN through/IN dealers/NNS by/IN major/JJ corporations/NNS in/IN multiples/NNS of/IN $/$ 1,000/CD :/: 8.65/CD %/NN 30/CD days/NNS ;/: 8.575/CD %/NN 60/CD days/NNS ;/: 8.50/CD %/NN 90/CD days/NNS ./.
CERTIFICATES/NNS OF/IN DEPOSIT/NN :/: 8.07/CD %/NN one/CD month/NN ;/: 8.06/CD %/NN two/CD months/NNS ;/: 8.04/CD %/NN three/CD months/NNS ;/: 7.95/CD %/NN six/CD months/NNS ;/: 7.88/CD %/NN one/CD year/NN ./.
Average/JJ of/IN top/JJ rates/NNS paid/VBN by/IN major/JJ New/NNP York/NNP banks/NNS on/IN primary/JJ new/JJ issues/NNS of/IN negotiable/JJ C.D.s/NNS ,/, usually/RB on/IN amounts/NNS of/IN $/$ 1/CD million/CD and/CC more/JJR ./.
The/DT minimum/JJ unit/NN is/VBZ $/$ 100,000/CD ./.
Typical/JJ rates/NNS in/IN the/DT secondary/JJ market/NN :/: 8.60/CD %/NN one/CD month/NN ;/: 8.55/CD %/NN three/CD months/NNS ;/: 8.35/CD %/NN six/CD months/NNS ./.
BANKERS/NNS ACCEPTANCES/NNS :/: 8.50/CD %/NN 30/CD days/NNS ;/: 8.48/CD %/NN 60/CD days/NNS ;/: 8.30/CD %/NN 90/CD days/NNS ;/: 8.15/CD %/NN 120/CD days/NNS ;/: 8.07/CD %/NN 150/CD days/NNS ;/: 7.95/CD %/NN 180/CD days/NNS ./.
Negotiable/JJ ,/, bank-backed/JJ business/NN credit/NN instruments/NNS typically/RB financing/VBG an/DT import/NN order/NN ./.
LONDON/NNP LATE/RB EURODOLLARS/NNS :/: 8/CD 3/4/CD %/NN to/TO 8/CD 5/8/CD %/NN one/CD month/NN ;/: 8/CD 13/16/CD %/NN to/TO 8/CD 11/16/CD %/NN two/CD months/NNS ;/: 8/CD 3/4/CD %/NN to/TO 8/CD 5/8/CD %/NN three/CD months/NNS ;/: 8/CD 5/8/CD %/NN to/TO 8/CD 1/2/CD %/NN four/CD months/NNS ;/: 8/CD 1/2/CD %/NN to/TO 8/CD 7/16/CD %/NN five/CD months/NNS ;/: 8/CD 1/2/CD %/NN to/TO 8/CD 3/8/CD %/NN six/CD months/NNS ./.
LONDON/NNP INTERBANK/NN OFFERED/VBN RATES/NNS (/-LRB- LIBOR/NNP )/-RRB- :/: 8/CD 3/4/CD %/NN one/CD month/NN ;/: 8/CD 3/4/CD %/NN three/CD months/NNS ;/: 8/CD 1/2/CD %/NN six/CD months/NNS ;/: 8/CD 7/16/CD %/NN one/CD year/NN ./.
The/DT average/NN of/IN interbank/NN offered/VBD rates/NNS for/IN dollar/NN deposits/NNS in/IN the/DT London/NNP market/NN based/VBN on/IN quotations/NNS at/IN five/CD major/JJ banks/NNS ./.
FOREIGN/NNP PRIME/NNP RATES/NNPS :/: Canada/NNP 13.50/CD %/NN ;/: Germany/NNP 9/CD %/NN ;/: Japan/NNP 4.875/CD %/NN ;/: Switzerland/NNP 8.50/CD %/NN ;/: Britain/NNP 15/CD %/NN ./.
These/DT rate/NN indications/NNS are/VBP n't/RB directly/RB comparable/JJ ;/: lending/VBG practices/NNS vary/VB widely/RB by/IN location/NN ./.
TREASURY/NNP BILLS/NNPS :/: Results/NNS of/IN the/DT Monday/NNP ,/, October/NNP 30/CD ,/, 1989/CD ,/, auction/NN of/IN short-term/JJ U.S./NNP government/NN bills/NNS ,/, sold/VBN at/IN a/DT discount/NN from/IN face/NN value/NN in/IN units/NNS of/IN $/$ 10,000/CD to/TO $/$ 1/CD million/CD :/: 7.78/CD %/NN 13/CD weeks/NNS ;/: 7.62/CD %/NN 26/CD weeks/NNS ./.
FEDERAL/NNP HOME/NNP LOAN/NNP MORTGAGE/NNP CORP/NNP ./. (/-LRB- Freddie/NNP Mac/NNP )/-RRB- :/: Posted/VBN yields/NNS on/IN 30-year/JJ mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days/NNS ./.
9.82/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 8.25/CD %/NN ,/, 2/CD %/NN rate/NN capped/JJ one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./.
Source/NN :/: Telerate/NNP Systems/NNPS Inc/NNP ./.
FEDERAL/NNP NATIONAL/NNP MORTGAGE/NNP ASSOCIATION/NNP (/-LRB- Fannie/NNP Mae/NNP )/-RRB- :/: Posted/VBN yields/NNS on/IN 30/CD year/NN mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days/NNS (/-LRB- priced/VBN at/IN par/NN )/-RRB- 9.75/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 8.70/CD %/NN ,/, 6/2/CD rate/NN capped/JJ one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./.
Source/NN :/: Telerate/NNP Systems/NNPS Inc/NNP ./.
MERRILL/NNP LYNCH/NNP READY/NNP ASSETS/NNPS TRUST/NNP :/: 8.64/CD %/NN ./.
Annualized/VBN average/JJ rate/NN of/IN return/NN after/IN expenses/NNS for/IN the/DT past/JJ 30/CD days/NNS ;/: not/RB a/DT forecast/NN of/IN future/JJ returns/NNS ./.
Robert/NNP L./NNP Bernstein/NNP ,/, chairman/NN and/CC president/NN of/IN Random/NNP House/NNP Inc./NNP ,/, announced/VBD his/PRP$ resignation/NN from/IN the/DT publishing/NN house/NN he/PRP has/VBZ run/VBN for/IN 23/CD years/NNS ./.
A/DT successor/NN was/VBD n't/RB named/VBN ,/, which/WDT fueled/VBD speculation/NN that/IN Mr./NNP Bernstein/NNP may/MD have/VB clashed/VBN with/IN S.I./NNP Newhouse/NNP Jr./NNP ,/, whose/WP$ family/NN company/NN ,/, Advance/NNP Publications/NNPS Inc./NNP ,/, owns/VBZ Random/NNP House/NNP ./.
Abrupt/JJ departures/NNS are/VBP n't/RB unheard/JJ of/IN within/IN the/DT Newhouse/NNP empire/NN ./.
In/IN an/DT interview/NN ,/, Mr./NNP Bernstein/NNP said/VBD his/PRP$ departure/NN ``/`` evolved/VBD out/IN of/IN discussions/NNS with/IN Si/NNP Newhouse/NNP and/CC that/DT 's/VBZ the/DT decision/NN I/PRP reached/VBD ./. ''/''
He/PRP declined/VBD to/TO elaborate/VB ,/, other/JJ than/IN to/TO say/VB ,/, ``/`` It/PRP just/RB seemed/VBD the/DT right/JJ thing/NN to/TO do/VB at/IN this/DT minute/NN ./.
Sometimes/RB you/PRP just/RB go/VBP with/IN your/PRP$ gut/NN ./. ''/''
Mr./NNP Bernstein/NNP said/VBD he/PRP will/MD stay/VB until/IN Dec./NNP 31/CD and/CC work/VB with/IN his/PRP$ successor/NN ,/, who/WP is/VBZ to/TO be/VB named/VBN soon/RB ./.
Mr./NNP Newhouse/NNP ,/, meanwhile/RB ,/, insisted/VBD that/IN he/PRP is/VBZ n't/RB unhappy/JJ with/IN Mr./NNP Bernstein/NNP or/CC the/DT performance/NN of/IN Random/NNP House/NNP ,/, the/DT largest/JJS trade/NN publishing/VBG house/NN in/IN the/DT U.S./NNP ./.
The/DT company/NN said/VBD the/DT publisher/NN 's/POS annual/JJ sales/NNS volume/NN increased/VBD to/TO $/$ 800/CD million/CD from/IN $/$ 40/CD million/CD during/IN Mr./NNP Bernstein/NNP 's/POS tenure/NN ./.
``/`` Bob/NNP has/VBZ handled/VBN the/DT extraordinary/JJ growth/NN of/IN the/DT company/NN quite/RB brilliantly/RB ,/, ''/'' said/VBD Mr./NNP Newhouse/NNP ./.
``/`` The/DT company/NN is/VBZ doing/VBG well/RB ,/, it/PRP 's/VBZ stable/JJ ,/, it/PRP 's/VBZ got/VBN good/JJ people/NNS ./.
Bob/NNP has/VBZ an/DT agenda/NN and/CC this/DT seemed/VBD like/IN the/DT natural/JJ time/NN ./. ''/''
Publishing/NN officials/NNS believe/VBP that/IN while/IN Random/NNP House/NNP has/VBZ enjoyed/VBN spectacular/JJ growth/NN and/CC has/VBZ smoothly/RB integrated/VBN many/JJ acquisitions/NNS in/IN recent/JJ years/NNS ,/, some/DT of/IN the/DT bigger/JJR ones/NNS have/VBP n't/RB been/VBN absorbed/VBN so/RB easily/RB ./.
Crown/NNP Publishing/NNP Group/NNP ,/, acquired/VBN last/JJ year/NN ,/, is/VBZ said/VBN to/TO be/VB turning/VBG in/RP disappointing/JJ results/NNS ./.
As/IN a/DT private/JJ company/NN ,/, Random/NNP House/NNP does/VBZ n't/RB report/VB its/PRP$ earnings/NNS ./.
Mr./NNP Bernstein/NNP ,/, who/WP succeeded/VBD Bennett/NNP Cerf/NNP ,/, has/VBZ been/VBN only/RB the/DT second/JJ president/NN of/IN Random/NNP House/NNP since/IN it/PRP was/VBD founded/VBN in/IN 1925/CD ./.
Speculation/NN on/IN his/PRP$ successor/NN centers/VBZ on/IN a/DT number/NN of/IN division/NN heads/NNS at/IN the/DT house/NN ./.
Possible/JJ candidates/NNS include/VBP Susan/NNP Petersen/NNP ,/, president/NN of/IN Ballantine/Del/NNP Rey/Fawcett/NNP ,/, Random/NNP House/NNP 's/POS huge/JJ and/CC successful/JJ paperback/NN division/NN ./.
Some/DT say/VBP Anthony/NNP Cheetham/NNP ,/, head/NN of/IN a/DT recently/RB acquired/VBN British/JJ company/NN ,/, Century/NNP Hutchinson/NNP ,/, could/MD be/VB chosen/VBN ./.
There/EX is/VBZ also/RB speculation/NN that/IN Mr./NNP Newhouse/NNP could/MD bring/VB in/IN a/DT powerhouse/NN businessman/NN or/CC another/DT Newhouse/NNP family/NN member/NN to/TO run/VB the/DT business/NN side/NN ,/, in/IN combination/NN with/IN a/DT publishing/NN executive/NN like/IN Robert/NNP Gottlieb/NNP ,/, who/WP left/VBD Random/NNP House/NNP 's/POS Alfred/NNP A./NNP Knopf/NNP to/TO run/VB the/DT New/NNP Yorker/NNP ,/, also/RB owned/VBN by/IN the/DT Newhouse/NNP family/NN ./.
Not/RB included/VBN on/IN the/DT most-likely-successor/JJ list/NN are/VBP Joni/NNP Evans/NNP ,/, recruited/VBN two/CD years/NNS ago/IN to/TO be/VB publisher/NN of/IN adult/NN trade/NN books/NNS for/IN Random/NNP House/NNP ,/, and/CC Sonny/NNP Mehta/NNP ,/, president/NN of/IN the/DT prestigious/JJ Alfred/NNP A./NNP Knopf/NNP unit/NN ./.
When/WRB Ms./NNP Evans/NNP took/VBD her/PRP job/NN ,/, several/JJ important/JJ divisions/NNS that/WDT had/VBD reported/VBN to/TO her/PRP$ predecessor/NN were/VBD n't/RB included/VBN partly/RB because/IN she/PRP did/VBD n't/RB wish/NN to/TO be/VB a/DT full-time/JJ administrator/NN ./.
Mr./NNP Mehta/NNP is/VBZ widely/RB viewed/VBN as/IN a/DT brilliant/JJ editor/NN but/CC a/DT less-than-brilliant/JJ administrator/NN and/CC his/PRP$ own/JJ departure/NN was/VBD rumored/VBN recently/RB ./.
Mr./NNP Bernstein/NNP ,/, a/DT tall/JJ ,/, energetic/JJ man/NN who/WP is/VBZ widely/RB respected/VBN as/IN a/DT publishing/NN executive/NN ,/, has/VBZ spent/VBN much/JJ of/IN his/PRP$ time/NN in/IN recent/JJ years/NNS on/IN human/JJ rights/NNS issues/NNS ./.
Congress/NNP learned/VBD during/IN the/DT Reagan/NNP administration/NN that/IN it/PRP could/MD intimidate/VB the/DT executive/JJ branch/NN by/IN uttering/VBG again/RB and/CC again/RB the/DT same/JJ seven/CD words/NNS :/: ``/`` Provided/VBN ,/, that/IN no/DT funds/NNS shall/MD be/VB spent/VBN .../: ./. ''/''
This/DT phrase/NN once/RB again/RB is/VBZ found/VBN throughout/IN the/DT many/JJ appropriations/NNS bills/NNS now/RB moving/VBG through/IN Congress/NNP ./.
It/PRP signals/VBZ Congress/NNP 's/POS attempt/NN ,/, under/IN the/DT pretext/NN of/IN guarding/VBG the/DT public/JJ purse/NN ,/, to/TO deny/VB the/DT president/NN the/DT funding/NN necessary/JJ to/TO execute/VB certain/JJ of/IN his/PRP$ duties/NNS and/CC prerogatives/NNS specified/VBN in/IN Article/NNP II/NNP of/IN the/DT Constitution/NNP ./.
This/DT species/NN of/IN congressional/JJ action/NN is/VBZ predicated/VBN on/IN an/DT interpretation/NN of/IN the/DT appropriations/NNS clause/NN that/WDT is/VBZ erroneous/JJ and/CC unconstitutional/JJ ./.
The/DT appropriations/NNS clause/NN states/VBZ that/IN ``/`` No/DT Money/NN shall/MD be/VB drawn/VBN from/IN the/DT Treasury/NNP ,/, but/CC in/IN Consequence/NN of/IN Appropriations/NNS made/VBN by/IN Law/NN .../: ./. ''/''
The/DT prevailing/VBG interpretation/NN of/IN the/DT clause/NN on/IN Capitol/NNP Hill/NNP is/VBZ that/IN it/PRP gives/VBZ Congress/NNP an/DT omnipresent/JJ veto/NN over/IN every/DT conceivable/JJ action/NN of/IN the/DT president/NN through/IN the/DT ability/NN to/TO withhold/VB funding/NN ./.
This/DT interpretation/NN was/VBD officially/RB endorsed/VBN by/IN Congress/NNP in/IN 1987/CD in/IN the/DT Iran-Contra/NNP Report/NNP ./.
As/IN partisans/NNS of/IN congressional/JJ power/NN understand/VBP ,/, a/DT ``/`` power/NN of/IN the/DT purse/NN ''/'' so/RB broadly/RB construed/VBN would/MD emasculate/VB the/DT presidency/NN and/CC swallow/VB the/DT principle/NN of/IN separation/NN of/IN powers/NNS ./.
It/PRP is/VBZ not/RB supported/VBN by/IN the/DT text/NN or/CC history/NN of/IN the/DT Constitution/NNP ./.
The/DT framers/NNS hardly/RB discussed/VBD the/DT appropriations/NNS clause/NN at/IN the/DT Constitutional/NNP Convention/NNP of/IN 1787/CD ,/, according/VBG to/TO Madison/NNP 's/POS notes/NNS ./.
To/TO the/DT extent/NN they/PRP did/VBD ,/, their/PRP$ concern/NN was/VBD to/TO ensure/VB fiscal/JJ accountability/NN ./.
Moreover/RB ,/, the/DT framers/NNS believed/VBD that/IN the/DT nation/NN needed/VBD a/DT unitary/JJ executive/NN with/IN the/DT independence/NN and/CC resources/NNS to/TO perform/VB the/DT executive/NN functions/NNS that/IN the/DT Confederation/NNP Congress/NNP had/VBD performed/VBN poorly/RB under/IN the/DT Articles/NNPS of/IN Confederation/NNP ./.
It/PRP would/MD contradict/VB that/DT objective/NN if/IN the/DT appropriations/NNS clause/NN (/-LRB- technically/RB a/DT limitation/NN on/IN legislative/JJ power/NN )/-RRB- could/MD be/VB read/VBN as/IN placing/VBG the/DT president/NN on/IN Congress/NNP 's/POS short/JJ leash/NN ,/, making/VBG the/DT executive/NN consist/VBP of/IN the/DT president/NN and/CC every/DT member/NN of/IN Congress/NNP ./.
As/IN it/PRP went/VBD to/TO the/DT conference/NN panel/NN now/RB deliberating/VBG ,/, the/DT appropriations/NNS bill/NN for/IN the/DT executive/JJ office/NN of/IN the/DT president/NN for/IN fiscal/JJ 1990/CD contained/VBD some/DT breathtaking/JJ attempts/NNS by/IN Congress/NNP to/TO rewrite/VB the/DT Constitution/NNP under/IN the/DT pretext/NN of/IN protecting/VBG the/DT public/NN 's/POS money/NN ./.
During/IN the/DT coming/VBG weeks/NNS ,/, President/NNP Bush/NNP must/MD decide/VB whether/IN to/TO veto/VB the/DT bills/NNS containing/VBG them/PRP --/: or/CC ,/, alternatively/RB ,/, to/TO sign/VB these/DT bills/NNS into/IN law/NN with/IN a/DT statement/NN declaring/VBG their/PRP$ intrusions/NNS on/IN executive/JJ power/NN to/TO be/VB in/IN violation/NN of/IN Article/NNP II/NNP ,/, and/CC thus/RB void/JJ and/CC severable/JJ ./.
The/DT 1990/CD appropriations/NNS legislation/NN attempts/VBZ to/TO strip/VB the/DT president/NN of/IN his/PRP$ powers/NNS to/TO make/VB certain/JJ appointments/NNS as/IN provided/VBN by/IN Article/NNP II/NNP ./.
Article/NNP II/NNP places/VBZ on/IN the/DT president/NN the/DT duty/NN to/TO nominate/VB ,/, ``/`` and/CC by/IN and/CC with/IN the/DT Advice/NNP and/CC Consent/NNP of/IN the/DT Senate/NNP ''/'' appoint/VB ,/, ambassadors/NNS ,/, judges/NNS ,/, and/CC other/JJ officers/NNS of/IN the/DT U.S./NNP ./.
It/PRP also/RB empowers/VBZ the/DT president/NN to/TO make/VB recess/NN appointments/NNS ,/, without/IN Senate/NNP approval/NN :/: ``/`` The/DT President/NNP shall/MD have/VB Power/NN to/TO fill/VB up/RP all/DT Vacancies/NNS that/WDT may/MD happen/VB during/IN the/DT Recess/NN of/IN the/DT Senate/NNP ,/, by/IN granting/VBG Commissions/NNS which/WDT shall/MD expire/VB at/IN the/DT End/NN of/IN their/PRP$ next/JJ Session/NN ./. ''/''
Yet/RB Section/NNP 605/CD of/IN the/DT appropriations/NNS bill/NN for/IN the/DT executive/JJ office/NN provides/VBZ :/: ``/`` No/DT part/NN of/IN any/DT appropriation/NN for/IN the/DT current/JJ fiscal/JJ year/NN contained/VBN in/IN this/DT or/CC any/DT other/JJ Act/NN shall/MD be/VB paid/VBN to/TO any/DT person/NN for/IN the/DT filling/NN of/IN any/DT position/NN for/IN which/WDT he/PRP or/CC she/PRP has/VBZ been/VBN nominated/VBN after/IN the/DT Senate/NNP has/VBZ voted/VBN not/RB to/TO approve/VB the/DT nomination/NN of/IN said/VBN person/NN ./. ''/''
Thus/RB ,/, with/IN one/CD brief/JJ passage/NN in/IN an/DT appropriations/NNS bill/NN ,/, Congress/NNP repeals/VBZ the/DT president/NN 's/POS power/NN to/TO make/VB recess/NN appointments/NNS under/IN Article/NNP II/NNP ./.
Section/NN 605/CD also/RB imposes/VBZ unconstitutional/JJ conditions/NNS on/IN the/DT president/NN 's/POS ability/NN to/TO nominate/VB candidates/NNS of/IN his/PRP$ choosing/NN ./.
The/DT language/NN of/IN the/DT appropriations/NNS rider/NN implies/VBZ that/IN any/DT nomination/NN to/TO any/DT position/NN of/IN a/DT rejected/VBN nominee/NN will/MD result/VB in/IN the/DT president/NN being/VBG denied/VBN funding/VBG to/TO pay/VB that/DT person/NN 's/POS salary/NN ./.
The/DT president/NN could/MD probably/RB not/RB avoid/VB this/DT restriction/NN by/IN choosing/VBG people/NNS willing/JJ to/TO serve/VB without/IN pay/NN ,/, because/IN the/DT Anti-Deficiency/NNP Act/NNP prohibits/VBZ voluntary/JJ service/NN to/TO the/DT government/NN ./.
The/DT 1990/CD appropriations/NNS bills/NNS also/RB contain/VBP a/DT number/NN of/IN ``/`` muzzling/JJ ''/'' provisions/NNS that/WDT violate/VBP the/DT recommendation/NN clause/NN in/IN Article/NNP II/NNP of/IN the/DT Constitution/NNP ./.
Muzzling/JJ provisions/NNS ,/, which/WDT might/MD be/VB called/VBN ``/`` blindfold/NN laws/NNS ''/'' as/IN well/RB ,/, prevent/VBP the/DT executive/JJ branch/NN from/IN even/RB looking/VBG at/IN certain/JJ policy/NN options/NNS ,/, let/VB alone/RB from/IN recommending/VBG them/PRP to/TO Congress/NNP ./.
Such/JJ laws/NNS violate/VBP the/DT provision/NN in/IN Article/NNP II/NNP that/WDT requires/VBZ the/DT president/NN to/TO make/VB recommendations/NNS to/TO Congress/NNP ,/, but/CC which/WDT gives/VBZ the/DT president/NN the/DT discretion/NN to/TO select/VB the/DT subject/JJ matter/NN of/IN those/DT recommendations/NNS ./.
Typically/RB ,/, these/DT laws/NNS seek/VBP to/TO prevent/VB executive/JJ branch/NN officials/NNS from/IN inquiring/VBG into/IN whether/IN certain/JJ federal/JJ programs/NNS make/VBP any/DT economic/JJ sense/NN or/CC proposing/VBG more/JJR market-oriented/JJ alternatives/NNS to/TO regulations/NNS ./.
Probably/RB the/DT most/RBS egregious/JJ example/NN is/VBZ a/DT proviso/NN in/IN the/DT appropriations/NNS bill/NN for/IN the/DT executive/NN office/NN that/WDT prevents/VBZ the/DT president/NN 's/POS Office/NNP of/IN Management/NNP and/CC Budget/NNP from/IN subjecting/VBG agricultural/JJ marketing/NN orders/NNS to/TO any/DT cost-benefit/JJ scrutiny/NN ./.
There/EX is/VBZ something/NN inherently/RB suspect/JJ about/IN Congress/NNP 's/POS prohibiting/VBG the/DT executive/NN from/IN even/RB studying/VBG whether/IN public/JJ funds/NNS are/VBP being/VBG wasted/VBN in/IN some/DT favored/VBN program/NN or/CC other/JJ ./.
Perhaps/RB none/NN of/IN the/DT unconstitutional/JJ conditions/NNS contained/VBN in/IN the/DT appropriations/NNS bills/NNS for/IN fiscal/JJ 1990/CD better/RBR illustrates/VBZ Congress/NNP 's/POS attempt/NN to/TO usurp/VB executive/JJ power/NN than/IN Section/NN 609/CD of/IN the/DT executive-office/NN bill/NN :/: ``/`` None/NN of/IN the/DT funds/NNS made/VBN available/JJ pursuant/JJ to/TO the/DT provisions/NNS of/IN this/DT Act/NN shall/MD be/VB used/VBN to/TO implement/VB ,/, administer/VB ,/, or/CC enforce/VB any/DT regulation/NN which/WDT has/VBZ been/VBN disapproved/VBN pursuant/JJ to/TO a/DT resolution/NN of/IN disapproval/NN duly/RB adopted/VBN in/IN accordance/NN with/IN the/DT applicable/JJ law/NN of/IN the/DT United/NNP States/NNPS ./. ''/''
This/DT provision/NN amounts/VBZ to/TO a/DT legislative/JJ veto/NN over/IN the/DT president/NN 's/POS execution/NN of/IN the/DT law/NN ,/, since/IN a/DT one-house/JJ resolution/NN could/MD be/VB said/VBN to/TO be/VB ``/`` duly/RB adopted/VBN ''/'' even/RB though/IN it/PRP would/MD require/VB neither/DT bicameral/JJ action/NN in/IN Congress/NNP nor/CC presentation/NN to/TO the/DT president/NN for/IN his/PRP$ signature/NN or/CC veto/NN ./.
The/DT Supreme/NNP Court/NNP 's/POS decision/NN in/IN INS/NNP v./CC Chadha/NNP held/VBD that/IN legislative/JJ vetoes/NNS are/VBP unconstitutional/JJ ./.
President/NNP Bush/NNP should/MD veto/VB appropriations/NNS acts/NNS that/WDT contain/VBP these/DT kinds/NNS of/IN unconstitutional/JJ conditions/NNS on/IN the/DT president/NN 's/POS ability/NN to/TO discharge/VB his/PRP$ duties/NNS and/CC exercise/VB his/PRP$ prerogatives/NNS ./.
If/IN President/NNP Bush/NNP fails/VBZ to/TO do/VB so/RB in/IN his/PRP$ first/JJ year/NN ,/, he/PRP will/MD invite/VB Congress/NNP ,/, for/IN the/DT remainder/NN of/IN his/PRP$ presidency/NN ,/, to/TO rewrite/VB Article/NNP II/NNP of/IN the/DT Constitution/NNP to/TO suit/VB its/PRP$ purposes/NNS ./.
What/WP becomes/VBZ custom/NN in/IN the/DT Bush/NNP administration/NN will/MD only/RB become/VB more/RBR difficult/JJ for/IN future/JJ presidents/NNS ,/, including/VBG Democrats/NNPS ,/, to/TO undo/VB ./.
President/NNP Reagan/NNP learned/VBD that/DT lesson/NN ./.
By/IN 1987/CD ,/, then-Speaker/JJ Jim/NNP Wright/NNP was/VBD discussing/VBG arms/NNS control/NN in/IN Moscow/NNP with/IN Mikhail/NNP Gorbachev/NNP and/CC then/RB attempting/VBG to/TO direct/VB the/DT president/NN ,/, through/IN an/DT appropriations/NNS rider/NN ,/, to/TO treat/VB the/DT Soviets/NNPS as/IN though/IN the/DT Senate/NNP had/VBD ratified/VBN SALT/NNP II/NNP ./.
If/IN a/DT veto/NN is/VBZ unworkable/JJ because/IN it/PRP would/MD leave/VB part/NN of/IN the/DT executive/JJ branch/NN unfunded/JJ ,/, the/DT president/NN could/MD sign/VB the/DT appropriations/NNS bills/NNS into/IN law/NN and/CC assert/VB a/DT power/NN of/IN excision/NN ,/, declaring/VBG the/DT rider/NN restricting/VBG his/PRP$ Article/NNP II/NNP powers/NNS to/TO be/VB unconstitutional/JJ and/CC severable/JJ ./.
The/DT Constitution/NNP does/VBZ not/RB expressly/RB give/VB the/DT president/NN such/JJ power/NN ./.
However/RB ,/, the/DT president/NN does/VBZ have/VB a/DT duty/NN not/RB to/TO violate/VB the/DT Constitution/NNP ./.
The/DT question/NN is/VBZ whether/IN his/PRP$ only/JJ means/NNS of/IN defense/NN is/VBZ the/DT veto/NN ./.
Excision/NN of/IN appropriations/NNS riders/NNS that/WDT trespass/VBP on/IN the/DT president/NN 's/POS duties/NNS and/CC prerogative/NN under/IN Article/NNP II/NNP would/MD be/VB different/JJ from/IN the/DT line-item/JJ veto/NN ./.
As/IN discussed/VBN in/IN the/DT context/NN of/IN controlling/VBG federal/JJ spending/NN ,/, the/DT line-item/JJ veto/NN is/VBZ characterized/VBN as/IN a/DT way/NN for/IN the/DT president/NN to/TO excise/VB perfectly/RB constitutional/JJ provisions/NNS in/IN a/DT spending/NN bill/NN that/WDT are/VBP objectionable/JJ merely/RB because/IN they/PRP conflict/VBP with/IN his/PRP$ policy/NN objectives/NNS ./.
The/DT excision/NN of/IN unconstitutional/JJ conditions/NNS in/IN an/DT appropriations/NNS bill/NN would/MD be/VB a/DT power/NN of/IN far/RB more/RBR limited/VBN applicability/NN ./.
One/CD could/MD argue/VB that/IN it/PRP is/VBZ not/RB an/DT assertion/NN of/IN a/DT item/NN veto/NN at/IN all/DT for/IN the/DT president/NN ,/, by/IN exerting/VBG a/DT power/NN of/IN excision/NN ,/, to/TO resist/VB unconstitutional/JJ conditions/NNS in/IN legislation/NN that/WDT violate/VBP the/DT separation/NN of/IN powers/NNS ./.
There/EX is/VBZ no/DT downside/NN if/IN the/DT president/NN asserts/VBZ a/DT right/NN of/IN excision/NN over/IN unconstitutional/JJ conditions/NNS in/IN the/DT fiscal/JJ 1990/CD appropriations/NNS bills/NNS ./.
If/IN Congress/NNP does/VBZ nothing/NN ,/, President/NNP Bush/NNP will/MD have/VB won/VBN ./.
If/IN Congress/NNP takes/VBZ the/DT dispute/NN to/TO the/DT Supreme/NNP Court/NNP (/-LRB- assuming/VBG it/PRP can/MD establish/VB standing/NN to/TO sue/VB )/-RRB- ,/, President/NNP Bush/NNP might/MD win/VB ./.
In/IN that/DT case/NN ,/, he/PRP might/MD receive/VB an/DT opinion/NN from/IN the/DT court/NN that/WDT is/VBZ a/DT vindication/NN of/IN the/DT president/NN 's/POS right/NN to/TO perform/VB the/DT duties/NNS and/CC exercise/VB the/DT prerogatives/NNS the/DT framers/NNS thought/VBD should/MD be/VB entrusted/VBN to/TO the/DT executive/NN ./.
If/IN President/NNP Bush/NNP loses/VBZ at/IN the/DT court/NN ,/, it/PRP might/MD be/VB disappointing/JJ ,/, as/IN Morrison/NNP v./CC Olson/NNP was/VBD for/IN the/DT Reagan/NNP administration/NN ./.
But/CC the/DT presidency/NN would/MD be/VB no/RB worse/JJR off/IN than/IN it/PRP is/VBZ now/RB ./.
Moreover/RB ,/, the/DT electorate/NN would/MD have/VB received/VBN a/DT valuable/JJ civics/NNS lesson/NN in/IN how/WRB the/DT separation/NN of/IN powers/NNS works/VBZ in/IN practice/NN ./.
As/IN it/PRP stands/VBZ now/RB ,/, Congress/NNP presumes/VBZ after/IN the/DT Reagan/NNP administration/NN that/IN the/DT White/NNP House/NNP will/MD take/VB unconstitutional/JJ provisions/NNS in/IN appropriations/NNS bills/NNS lying/VBG down/IN ./.
President/NNP Bush/NNP should/MD set/VB things/NNS straight/RB ./.
If/IN he/PRP does/VBZ not/RB ,/, he/PRP will/MD help/VB realize/VB Madison/NNP 's/POS fear/NN in/IN The/DT Federalist/NNP No./NN 48/CD of/IN a/DT legislature/NN ``/`` everywhere/RB extending/VBG the/DT sphere/NN of/IN its/PRP$ activity/NN and/CC drawing/VBG all/DT powers/NNS into/IN its/PRP$ impetuous/JJ vortex/NN ./. ''/''
Mr./NNP Sidak/NNP served/VBD as/IN an/DT attorney/NN in/IN the/DT Reagan/NNP administration/NN ./.
His/PRP$ longer/JJR analysis/NN of/IN executive/JJ power/NN and/CC the/DT appropriations/NNS clause/NN is/VBZ to/TO appear/VB in/IN the/DT Duke/NNP Law/NNP Journal/NNP later/JJ this/DT year/NN ./.
Despite/IN one/CD of/IN the/DT most/RBS devastating/JJ droughts/NNS on/IN record/NN ,/, net/JJ cash/NN income/NN in/IN the/DT Farm/NNP Belt/NNP rose/VBD to/TO a/DT new/JJ high/NN of/IN $/$ 59.9/CD billion/CD last/JJ year/NN ./.
The/DT previous/JJ record/NN was/VBD $/$ 57.7/CD billion/CD in/IN 1987/CD ,/, according/VBG to/TO the/DT Agriculture/NNP Department/NNP ./.
Net/JJ cash/NN income/NN --/: the/DT amount/NN left/VBN in/IN farmers/NNS '/POS pockets/NNS after/IN deducting/VBG expenses/NNS from/IN gross/JJ cash/NN income/NN --/: increased/VBD in/IN 33/CD states/NNS in/IN 1988/CD ,/, as/IN the/DT drought/NN cut/VBD into/IN crop/NN yields/NNS and/CC drove/VBD up/RP commodity/NN prices/NNS ,/, the/DT department/NN 's/POS Economic/NNP Research/NNP Service/NNP reported/VBD yesterday/NN ./.
Most/JJS of/IN those/DT states/NNS set/VBP farm/NN income/NN records/NNS ./.
The/DT worst/JJS crop/NN damage/NN occurred/VBD in/IN the/DT Midwestern/NNP Corn/NNP Belt/NNP and/CC the/DT northern/JJ Great/NNP Plains/NNPS ./.
What/WP saved/VBD many/JJ farmers/NNS from/IN a/DT bad/JJ year/NN was/VBD the/DT opportunity/NN to/TO reclaim/VB large/JJ quantities/NNS of/IN grain/NN and/CC other/JJ crops/NNS that/IN they/PRP had/VBD ``/`` mortgaged/VBN ''/'' to/TO the/DT government/NN under/IN price-support/JJ loan/NN programs/NNS ./.
With/IN prices/NNS soaring/VBG ,/, they/PRP were/VBD able/JJ to/TO sell/VB the/DT reclaimed/VBN commodities/NNS at/IN ``/`` considerable/JJ profit/NN ,/, ''/'' the/DT agency/NN 's/POS 240-page/JJ report/NN said/VBD ./.
In/IN less/JJR parched/VBN areas/NNS ,/, meanwhile/RB ,/, farmers/NNS who/WP had/VBD little/JJ or/CC no/DT loss/NN of/IN production/NN profited/VBD greatly/RB from/IN the/DT higher/JJR prices/NNS ./.
To/TO the/DT surprise/NN of/IN some/DT analysts/NNS ,/, net/JJ cash/NN income/NN rose/VBD in/IN some/DT of/IN the/DT hardest-hit/JJ states/NNS ,/, including/VBG Indiana/NNP ,/, Illinois/NNP ,/, Nebraska/NNP and/CC the/DT Dakotas/NNPS ./.
Analysts/NNS attributed/VBD the/DT increases/NNS partly/RB to/TO the/DT $/$ 4/CD billion/CD disaster-assistance/JJ package/NN enacted/VBN by/IN Congress/NNP ./.
Last/JJ year/NN 's/POS record/NN net/NN cash/NN income/NN confirms/VBZ the/DT farm/NN sector/NN 's/POS rebound/NN from/IN the/DT agricultural/JJ depression/NN of/IN the/DT early/JJ 1980s/CD ./.
It/PRP also/RB helps/VBZ explain/VB the/DT reluctance/NN of/IN the/DT major/JJ farm/NN lobbies/NNS and/CC many/JJ lawmakers/NNS to/TO make/VB any/DT significant/JJ changes/NNS in/IN the/DT 1985/CD farm/NN program/NN next/IN year/NN ./.
Commodity/NN prices/NNS have/VBP been/VBN rising/VBG in/IN recent/JJ years/NNS ,/, with/IN the/DT farm/NN price/NN index/NN hitting/VBG record/NN peaks/NNS earlier/JJR this/DT year/NN ,/, as/IN the/DT government/NN curtailed/VBD production/NN with/IN land-idling/JJ programs/NNS to/TO reduce/VB price-depressing/JJ surpluses/NNS ./.
At/IN the/DT same/JJ time/NN ,/, export/NN demand/NN for/IN U.S./NNP wheat/NN ,/, corn/NN and/CC other/JJ commodities/NNS strengthened/VBD ,/, said/VBD Keith/NNP Collins/NNP ,/, a/DT department/NN analyst/NN ./.
Farmers/NNS also/RB benefited/VBD from/IN strong/JJ livestock/NN prices/NNS ,/, as/IN the/DT nation/NN 's/POS cattle/NNS inventory/NN dropped/VBD close/RB to/TO a/DT 30-year/JJ low/NN ./.
``/`` All/DT of/IN these/DT forces/NNS came/VBD together/RB in/IN 1988/CD to/TO benefit/VB agriculture/NN ,/, ''/'' Mr./NNP Collins/NNP said/VBD ./.
California/NNP led/VBD the/DT nation/NN with/IN $/$ 6.5/CD billion/CD in/IN net/JJ cash/NN income/NN last/JJ year/NN ,/, followed/VBN by/IN Texas/NNP ,/, $/$ 3.9/CD billion/CD ;/: Iowa/NNP ,/, $/$ 3.4/CD billion/CD ;/: Florida/NNP ,/, $/$ 3.1/CD billion/CD ;/: and/CC Minnesota/NNP ,/, $/$ 2.7/CD billion/CD ./.
Iowa/NNP and/CC Minnesota/NNP were/VBD among/IN the/DT few/JJ major/JJ farm/NN states/NNS to/TO log/VB a/DT decline/NN in/IN net/JJ cash/NN income/NN ./.
Despite/IN federal/JJ disaster/NN relief/NN ,/, the/DT drought/NN of/IN 1988/CD was/VBD a/DT severe/JJ financial/JJ setback/NN for/IN an/DT estimated/VBN 10,000/CD to/TO 15,000/CD farmers/NNS ,/, according/VBG to/TO the/DT department/NN ./.
Many/JJ lost/VBD their/PRP$ farms/NNS ./.
Department/NN economists/NNS do/VBP n't/RB expect/VB 1989/CD to/TO be/VB as/RB good/JJ a/DT year/NN as/IN 1988/CD was/VBD ./.
Indeed/RB ,/, net/JJ cash/NN income/NN is/VBZ likely/JJ to/TO fall/VB this/DT year/NN as/IN farm/NN expenses/NNS rise/VBP and/CC government/NN payments/NNS to/TO farmers/NNS decline/VBP ./.
At/IN the/DT same/JJ time/NN ,/, an/DT increase/NN of/IN land/NN under/IN cultivation/NN after/IN the/DT drought/NN has/VBZ boosted/VBN production/NN of/IN corn/NN ,/, soybeans/NNS and/CC other/JJ commodities/NNS ,/, causing/VBG a/DT fall/NN in/IN prices/NNS that/WDT has/VBZ been/VBN only/RB partly/RB cushioned/VBN by/IN heavy/JJ grain/NN buying/NN by/IN the/DT Soviets/NNPS ./.
Last/JJ year/NN ,/, government/NN payments/NNS to/TO farmers/NNS slipped/VBD to/TO less/JJR than/IN $/$ 14.5/CD billion/CD from/IN a/DT record/NN $/$ 16.7/CD billion/CD in/IN 1987/CD ./.
Payments/NNS are/VBP expected/VBN to/TO range/VB between/IN $/$ 9/CD billion/CD and/CC $/$ 12/CD billion/CD this/DT year/NN ./.
After/IN years/NNS of/IN struggling/VBG ,/, the/DT Los/NNP Angeles/NNP Herald/NNP Examiner/NNP will/MD publish/VB its/PRP$ last/JJ edition/NN today/NN ,/, shut/VBN down/RP by/IN its/PRP$ parent/NN ,/, Hearst/NNP Corp./NNP ,/, following/VBG unsuccessful/JJ efforts/NNS to/TO sell/VB the/DT venerable/JJ newspaper/NN ./.
The/DT demise/NN of/IN the/DT 238,000-circulation/JJ Herald/NNP ,/, once/RB the/DT nation/NN 's/POS largest/JJS afternoon/NN newspaper/NN with/IN circulation/NN exceeding/VBG 700,000/CD ,/, turns/VBZ the/DT country/NN 's/POS second-largest/JJ city/NN into/IN a/DT one-newspaper/JJ town/NN ,/, at/IN least/JJS in/IN some/DT senses/NNS ./.
The/DT Los/NNP Angeles/NNP Times/NNP ,/, with/IN a/DT circulation/NN of/IN more/JJR than/IN 1.1/CD million/CD ,/, dominates/VBZ the/DT region/NN ./.
But/CC it/PRP faces/VBZ stiff/JJ competition/NN in/IN Orange/NNP County/NNP from/IN the/DT Orange/NNP County/NNP Register/NNP ,/, which/WDT sells/VBZ more/JJR than/IN 300,000/CD copies/NNS a/DT day/NN ,/, and/CC in/IN the/DT San/NNP Fernando/NNP Valley/NNP from/IN the/DT Los/NNP Angeles/NNP Daily/NNP News/NNP ,/, which/WDT sells/VBZ more/JJR than/IN 170,000/CD ./.
Nearby/JJ cities/NNS such/JJ as/IN Pasadena/NNP and/CC Long/NNP Beach/NNP also/RB have/VBP large/JJ dailies/NNS ./.
In/IN July/NNP ,/, closely/RB held/VBN Hearst/NNP ,/, based/VBN in/IN New/NNP York/NNP ,/, put/VBD the/DT paper/NN on/IN the/DT block/NN ./.
Speculation/NN had/VBD it/PRP that/IN the/DT company/NN was/VBD asking/VBG $/$ 100/CD million/CD for/IN an/DT operation/NN said/VBD to/TO be/VB losing/VBG about/IN $/$ 20/CD million/CD a/DT year/NN ,/, but/CC others/NNS said/VBD Hearst/NNP might/MD have/VB virtually/RB given/VBN the/DT paper/NN away/RB ./.
An/DT attempted/VBN buy-out/NN led/VBN by/IN John/NNP J./NNP McCabe/NNP ,/, chief/NN operating/NN officer/NN ,/, never/RB materialized/VBD ,/, and/CC a/DT stream/NN of/IN what/WP one/CD staff/NN member/NN dismissed/VBD as/IN ``/`` tire-kickers/NNS and/CC lookee-loos/NNS ''/'' had/VBD filed/VBN through/IN since/IN ./.
The/DT prospective/JJ buyers/NNS included/VBD investor/NN Marvin/NNP Davis/NNP and/CC the/DT Toronto/NNP Sun/NNP ./.
The/DT death/NN of/IN the/DT Herald/NNP ,/, a/DT newsstand/NN paper/NN in/IN a/DT freeway/NN town/NN ,/, was/VBD perhaps/RB inevitable/JJ ./.
Los/NNP Angeles/NNP is/VBZ a/DT sprawling/JJ ,/, balkanized/JJ newspaper/NN market/NN ,/, and/CC advertisers/NNS seemed/VBD to/TO feel/VB they/PRP could/MD buy/VB space/NN in/IN the/DT mammoth/JJ Times/NNP ,/, then/RB target/VB a/DT particular/JJ area/NN with/IN one/CD of/IN the/DT regional/JJ dailies/NNS ./.
The/DT Herald/NNP was/VBD left/VBN in/IN limbo/NN ./.
Further/RB ,/, the/DT Herald/NNP seemed/VBD torn/VBN editorially/RB between/IN keeping/VBG its/PRP$ old-time/JJ Hearst/NNP readership/NN --/: blue-collar/JJ and/CC sports-oriented/JJ --/: and/CC trying/VBG to/TO provide/VB a/DT sprightly/JJ ,/, upscale/JJ alternative/NN to/TO the/DT sometimes/RB staid/VBN Times/NNP ./.
Hearst/NNP had/VBD flirted/VBN with/IN a/DT conversion/NN to/TO tabloid/JJ format/NN for/IN years/NNS but/CC never/RB executed/VBN the/DT plan/NN ./.
The/DT Herald/NNP joins/VBZ the/DT Baltimore/NNP News-American/NNP ,/, which/WDT folded/VBD ,/, and/CC the/DT Boston/NNP Herald-American/NNP ,/, which/WDT was/VBD sold/VBN ,/, as/IN cornerstones/NNS of/IN the/DT old/JJ Hearst/NNP newspaper/NN empire/NN abandoned/VBN by/IN the/DT company/NN in/IN the/DT 1980s/CD ./.
Many/JJ felt/VBD Hearst/NNP kept/VBD the/DT paper/NN alive/JJ as/IN long/RB as/IN it/PRP did/VBD ,/, if/IN marginally/RB ,/, because/IN of/IN its/PRP$ place/NN in/IN family/NN history/NN ./.
Its/PRP$ fanciful/JJ offices/NNS were/VBD designed/VBN by/IN architect/NN Julia/NNP Morgan/NNP ,/, who/WP built/VBD the/DT Hearst/NNP castle/NN at/IN San/NNP Simeon/NNP ./.
William/NNP Randolph/NNP Hearst/NNP had/VBD kept/VBN an/DT apartment/NN in/IN the/DT Spanish/NNP Renaissance-style/JJ building/NN ./.
Analysts/NNS said/VBD the/DT Herald/NNP 's/POS demise/NN does/VBZ n't/RB necessarily/RB represent/VB the/DT overall/JJ condition/NN of/IN the/DT newspaper/NN industry/NN ./.
``/`` The/DT Herald/NNP was/VBD a/DT survivor/NN from/IN a/DT bygone/JJ age/NN ,/, ''/'' said/VBD J./NNP Kendrick/NNP Noble/NNP ,/, a/DT media/NNS analyst/NN with/IN PaineWebber/NNP Inc/NNP ./.
``/`` Actually/RB ,/, the/DT long/JJ deterioration/NN in/IN daily/JJ newspapers/NNS shows/VBZ signs/NNS of/IN coming/VBG to/TO an/DT end/NN ,/, and/CC the/DT industry/NN looks/VBZ pretty/RB healthy/JJ ./. ''/''
Founded/VBN as/IN the/DT Examiner/NNP in/IN 1903/CD by/IN Mr./NNP Hearst/NNP ,/, the/DT Herald/NNP was/VBD crippled/VBN by/IN a/DT bitter/JJ ,/, decade-long/JJ strike/NN that/WDT began/VBD in/IN 1967/CD and/CC cut/VBD circulation/NN in/IN half/DT ./.
Financially/RB ,/, it/PRP never/RB recovered/VBD ;/: editorially/RB ,/, it/PRP had/VBD its/PRP$ moments/NNS ./.
In/IN 1979/CD ,/, Hearst/NNP hired/VBD editor/NN James/NNP Bellows/NNP ,/, who/WP brightened/VBD the/DT editorial/NN product/NN considerably/RB ./.
He/PRP and/CC his/PRP$ successor/NN ,/, Mary/NNP Anne/NNP Dolan/NNP ,/, restored/VBD respect/NN for/IN the/DT editorial/NN product/NN ,/, and/CC though/IN in/IN recent/JJ years/NNS the/DT paper/NN had/VBD been/VBN limping/VBG along/IN on/IN limited/VBN resources/NNS ,/, its/PRP$ accomplishments/NNS were/VBD notable/JJ ./.
For/IN example/NN ,/, the/DT Herald/NNP consistently/RB beat/VBD its/PRP$ much-larger/JJ rival/NN on/IN disclosures/NNS about/IN Los/NNP Angeles/NNP Mayor/NNP Tom/NNP Bradley/NNP 's/POS financial/JJ dealings/NNS ./.
The/DT Herald/NNP 's/POS sports/NNS coverage/NN and/CC arts/NNS criticism/NN were/VBD also/RB highly/RB regarded/VBN ./.
Robert/NNP J./NNP Danzig/NNP ,/, vice/NN president/NN and/CC general/JJ manager/NN of/IN Hearst/NNP Newspapers/NNP ,/, stood/VBD up/RP in/IN the/DT paper/NN 's/POS newsroom/NN yesterday/NN and/CC announced/VBD that/IN no/DT buyers/NNS had/VBD stepped/VBN forward/RB and/CC that/IN the/DT paper/NN would/MD fold/VB ,/, putting/VBG more/JJR than/IN 730/CD full-time/JJ employees/NNS out/IN of/IN work/NN ./.
Hearst/NNP said/VBD it/PRP would/MD provide/VB employees/NNS with/IN a/DT placement/NN service/NN and/CC pay/VB them/PRP for/IN 60/CD days/NNS ./.
Some/DT long-tenured/JJ employees/NNS will/MD receive/VB additional/JJ benefits/NNS ,/, the/DT company/NN said/VBD ./.
Hours/NNS after/IN the/DT announcement/NN ,/, representatives/NNS of/IN the/DT Orange/NNP County/NNP Register/NNP were/VBD in/IN a/DT bar/NN across/IN the/DT street/NN recruiting/VBG ./.
The/DT reaction/NN in/IN the/DT newsroom/NN was/VBD emotional/JJ ./.
``/`` I/PRP 've/VBP never/RB seen/VBN so/IN many/JJ people/NNS crying/VBG in/IN one/CD place/NN at/IN one/CD time/NN ,/, ''/'' said/VBD Bill/NNP Johnson/NNP ,/, an/DT assistant/JJ city/NN editor/NN ./.
``/`` So/RB Long/JJ ,/, L.A./NNP ''/'' was/VBD chosen/VBN as/IN the/DT paper/NN 's/POS final/JJ headline/NN ./.
``/`` I/PRP 'm/VBP doing/VBG the/DT main/JJ story/NN ,/, and/CC I/PRP 'm/VBP already/RB two/CD beers/NNS drunk/JJ ,/, ''/'' said/VBD reporter/NN Andy/NNP Furillo/NNP ,/, whom/WP the/DT Times/NNP hired/VBD away/RB several/JJ years/NNS ago/IN but/CC who/WP returned/VBD to/TO the/DT Herald/NNP out/IN of/IN preference/NN ./.
His/PRP$ wife/NN also/RB works/VBZ for/IN the/DT paper/NN ,/, as/IN did/VBD his/PRP$ father/NN ./.
Outside/JJ ,/, a/DT young/JJ pressman/NN filling/VBG a/DT news/NN box/NN with/IN an/DT extra/JJ edition/NN headlined/VBN ``/`` Herald/NNP Examiner/NNP Closes/VBZ ''/'' refused/VBD to/TO take/VB a/DT reader/NN 's/POS quarter/NN ./.
``/`` Forget/VB it/PRP ,/, ''/'' he/PRP said/VBD as/IN he/PRP handed/VBD her/PRP a/DT paper/NN ./.
``/`` It/PRP does/VBZ n't/RB make/VB any/DT difference/NN now/RB ./.
Olympia/NNP Broadcasting/NNP Corp./NNP said/VBD it/PRP did/VBD n't/RB make/VB a/DT $/$ 1.64/CD million/CD semiannual/JJ interest/NN payment/NN due/JJ yesterday/NN on/IN $/$ 23.4/CD million/CD of/IN senior/JJ subordinated/VBN debentures/NNS ./.
The/DT radio-station/NN owner/NN and/CC programmer/NN said/VBD it/PRP was/VBD trying/VBG to/TO obtain/VB additional/JJ working/JJ capital/NN from/IN its/PRP$ senior/JJ secured/VBN lenders/NNS and/CC other/JJ financial/JJ institutions/NNS ./.
It/PRP said/VBD it/PRP needs/VBZ to/TO make/VB the/DT payment/NN by/IN Dec./NNP 1/CD to/TO avoid/VB a/DT default/NN that/WDT could/MD lead/VB to/TO an/DT acceleration/NN of/IN the/DT debt/NN ./.
In/IN September/NNP ,/, the/DT company/NN said/VBD it/PRP was/VBD seeking/VBG offers/NNS for/IN its/PRP$ five/CD radio/NN stations/NNS in/IN order/NN to/TO concentrate/VB on/IN its/PRP$ programming/NN business/NN ./.
If/IN you/PRP 'd/MD really/RB rather/RB have/VB a/DT Buick/NNP ,/, do/VB n't/RB leave/VB home/NN without/IN the/DT American/NNP Express/NNP card/NN ./.
Or/CC so/IN the/DT slogan/NN might/MD go/VB ./.
American/NNP Express/NNP Co./NNP and/CC General/NNP Motors/NNPS Corp./NNP 's/POS beleaguered/VBN Buick/NNP division/NN are/VBP joining/VBG forces/NNS in/IN a/DT promotion/NN aimed/VBN at/IN boosting/VBG Buick/NNP 's/POS sales/NNS while/IN encouraging/VBG broader/JJR use/NN of/IN the/DT American/NNP Express/NNP card/NN ./.
The/DT companies/NNS are/VBP giving/VBG four-day/JJ vacations/NNS for/IN two/CD to/TO Buick/NNP buyers/NNS who/WP charge/VBP all/DT or/CC part/NN of/IN their/PRP$ down/IN payments/NNS on/IN the/DT American/NNP Express/NNP green/JJ card/NN ./.
They/PRP have/VBP begun/VBN sending/VBG letters/NNS explaining/VBG the/DT program/NN ,/, which/WDT began/VBD Oct./NNP 18/CD and/CC will/MD end/VB Dec./NNP 18/CD ,/, to/TO about/IN five/CD million/CD card/NN holders/NNS ./.
Neither/DT company/NN would/MD disclose/VB the/DT program/NN 's/POS cost/NN ./.
Buick/NNP approached/VBD American/NNP Express/NNP about/IN a/DT joint/JJ promotion/NN because/IN its/PRP$ card/NN holders/NNS generally/RB have/VBP a/DT ``/`` good/JJ credit/NN history/NN ''/'' and/CC are/VBP ``/`` good/JJ at/IN making/VBG payments/NNS ,/, ''/'' says/VBZ a/DT spokeswoman/NN for/IN the/DT division/NN ./.
American/NNP Express/NNP also/RB represents/VBZ the/DT upscale/NN image/NN ``/`` we/PRP 're/VBP trying/VBG to/TO project/VB ,/, ''/'' she/PRP adds/VBZ ./.
Buick/NNP has/VBZ been/VBN seeking/VBG for/IN the/DT past/JJ few/JJ years/NNS to/TO restore/VB its/PRP$ reputation/NN as/IN ``/`` the/DT doctor/NN 's/POS car/NN ''/'' --/: a/DT product/NN for/IN upscale/NN professionals/NNS ./.
Sales/NNS were/VBD roughly/RB flat/JJ in/IN the/DT 1989/CD model/NN year/NN compared/VBN with/IN a/DT year/NN earlier/JJR ,/, though/IN industry/NN sales/NNS fell/VBD ./.
But/CC since/IN the/DT 1990/CD model/NN year/NN began/VBD Oct./NNP 1/CD ,/, Buick/NNP sales/NNS have/VBP plunged/VBN 33/CD %/NN ./.
For/IN American/NNP Express/NNP ,/, the/DT promotion/NN is/VBZ part/NN of/IN an/DT effort/NN to/TO broaden/VB the/DT use/NN of/IN its/PRP$ card/NN for/IN retail/JJ sales/NNS ,/, where/WRB the/DT company/NN expects/VBZ to/TO get/VB much/RB of/IN the/DT future/JJ growth/NN in/IN its/PRP$ card/NN business/NN ./.
Traditionally/RB ,/, the/DT card/NN has/VBZ been/VBN used/VBN mainly/RB for/IN travel/NN and/CC entertainment/NN expenses/NNS ./.
Phillip/NNP Riese/NNP ,/, an/DT American/NNP Express/NNP executive/JJ vice/NN president/NN ,/, says/VBZ the/DT promotion/NN with/IN Buick/NNP is/VBZ his/PRP$ company/NN 's/POS first/JJ with/IN an/DT auto/NN maker/NN ,/, but/CC ``/`` hopefully/RB {/-LRB- will/MD be/VB }/-RRB- the/DT first/JJ of/IN many/JJ ''/'' in/IN the/DT company/NN 's/POS effort/NN to/TO promote/VB its/PRP$ green/JJ card/NN as/IN ``/`` the/DT total/JJ car-care/JJ card/NN ./. ''/''
To/TO that/DT end/NN ,/, American/NNP Express/NNP has/VBZ been/VBN signing/VBG up/RP gasoline/NN companies/NNS ,/, car/NN repair/NN shops/NNS ,/, tire/NN companies/NNS and/CC car/NN dealers/NNS to/TO accept/VB the/DT card/NN ./.
Many/JJ auto/NN dealers/NNS now/RB let/VBP car/NN buyers/NNS charge/VB part/NN or/CC all/DT of/IN their/PRP$ purchase/NN on/IN the/DT American/NNP Express/NNP card/NN ,/, but/CC few/JJ card/NN holders/NNS realize/VBP this/DT ,/, Mr./NNP Riese/NNP says/VBZ ./.
Until/IN now/RB ,/, however/RB ,/, buyers/NNS who/WP wanted/VBD to/TO finance/VB part/NN of/IN a/DT car/NN purchase/NN through/IN General/NNP Motors/NNPS Acceptance/NNP Corp./NNP could/MD n't/RB put/VB their/PRP$ down/NN payment/NN on/IN a/DT charge/NN card/NN because/IN of/IN possible/JJ conflicts/NNS with/IN truth-in-lending/NN and/CC state/NN disclosure/NN laws/NNS over/IN finance/NN rates/NNS ,/, says/VBZ a/DT spokesman/NN for/IN the/DT GM/NNP finance/NN arm/NN ./.
But/CC GMAC/NNP approved/VBD the/DT Buick/NNP program/NN ,/, he/PRP says/VBZ ,/, because/IN the/DT American/NNP Express/NNP green/JJ card/NN requires/VBZ payment/NN in/IN full/JJ upon/IN billing/NN ,/, and/CC so/RB does/VBZ n't/RB carry/VB any/DT finance/NN rates/NNS ./.
Mr./NNP Riese/NNP says/VBZ American/NNP Express/NNP considers/VBZ GM/NNP and/CC Buick/NNP ``/`` very/RB sophisticated/JJ direct-mail/JJ marketers/NNS ,/, ''/'' so/IN ``/`` by/IN joining/VBG forces/NNS with/IN them/PRP we/PRP have/VBP managed/VBN to/TO maximize/VB our/PRP$ direct-mail/JJ capability/NN ./. ''/''
In/IN addition/NN ,/, Buick/NNP is/VBZ a/DT relatively/RB respected/VBN nameplate/NN among/IN American/NNP Express/NNP card/NN holders/NNS ,/, says/VBZ an/DT American/NNP Express/NNP spokeswoman/NN ./.
When/WRB the/DT company/NN asked/VBD members/NNS in/IN a/DT mailing/NN which/WDT cars/NNS they/PRP would/MD like/VB to/TO get/VB information/NN about/IN for/IN possible/JJ future/JJ purchases/NNS ,/, Buick/NNP came/VBD in/RP fourth/JJ among/IN U.S./NNP cars/NNS and/CC in/IN the/DT top/NN 10/CD of/IN all/DT cars/NNS ,/, the/DT spokeswoman/NN says/VBZ ./.
American/NNP Express/NNP has/VBZ more/JJR than/IN 24/CD million/CD card/NN holders/NNS in/IN the/DT U.S./NNP ,/, and/CC over/IN half/DT have/VBP the/DT green/JJ card/NN ./.
GMAC/NNP screened/VBD the/DT card-member/NN list/NN for/IN holders/NNS more/JJR than/IN 30/CD years/NNS old/JJ with/IN household/NN incomes/NNS over/IN $/$ 45,000/CD who/WP had/VBD n't/RB ``/`` missed/VBN any/DT payments/NNS ,/, ''/'' the/DT Buick/NNP spokeswoman/NN says/VBZ ./.
Some/DT 3.8/CD million/CD of/IN the/DT five/CD million/CD who/WP will/MD get/VB letters/NNS were/VBD preapproved/VBN for/IN credit/NN with/IN GMAC/NNP ./.
These/DT 3.8/CD million/CD people/NNS also/RB are/VBP eligible/JJ to/TO get/VB one/CD percentage/NN point/NN off/IN GMAC/NNP 's/POS advertised/VBN finance/NN rates/NNS ,/, which/WDT start/VBP at/IN 6.9/CD %/NN for/IN two-year/JJ loan/NN contracts/NNS ./.
A/DT spokesman/NN for/IN Visa/NNP International/NNP 's/POS U.S./NNP subsidiary/NN says/VBZ his/PRP$ company/NN is/VBZ using/VBG promotions/NNS to/TO increase/VB use/NN of/IN its/PRP$ cards/NNS ,/, but/CC does/VBZ n't/RB have/VB plans/NNS for/IN a/DT tie-in/NN similar/JJ to/TO the/DT American/NNP Express-Buick/NNP link/NN ./.
Three/CD divisions/NNS at/IN American/NNP Express/NNP are/VBP working/VBG with/IN Buick/NNP on/IN the/DT promotion/NN :/: the/DT establishment/NN services/NNS division/NN ,/, which/WDT is/VBZ responsible/JJ for/IN all/DT merchants/NNS and/CC companies/NNS that/WDT accept/VBP the/DT card/NN ;/: the/DT travel/NN division/NN ;/: and/CC the/DT merchandise/NN sales/NNS division/NN ./.
The/DT vacation/NN packages/NNS include/VBP hotel/NN accommodations/NNS and/CC ,/, in/IN some/DT cases/NNS ,/, tours/NNS or/CC tickets/NNS to/TO local/JJ attractions/NNS ,/, but/CC not/RB meals/NNS ./.
Destinations/NNS are/VBP Chicago/NNP ;/: Honolulu/NNP ;/: Las/NNP Vegas/NNP ,/, Nev./NNP ;/: Los/NNP Angeles/NNP ;/: Miami/NNP Beach/NNP ,/, Fla./NNP ;/: New/NNP Orleans/NNP ;/: New/NNP York/NNP ;/: Orlando/NNP ,/, Fla./NNP ;/: San/NNP Francisco/NNP ;/: and/CC Washington/NNP ,/, D.C./NNP
A/DT buyer/NN who/WP chooses/VBZ to/TO fly/VB to/TO his/PRP$ destination/NN must/MD pay/VB for/IN his/PRP$ own/JJ ticket/NN but/CC gets/VBZ a/DT companion/NN 's/POS ticket/NN free/JJ if/IN they/PRP fly/VBP on/IN United/NNP Airlines/NNPS ./.
In/IN lieu/NN of/IN the/DT vacation/NN ,/, buyers/NNS can/MD choose/VB among/IN several/JJ prizes/NNS ,/, including/VBG a/DT grandfather/NN clock/NN or/CC a/DT stereo/NN videocassette/NN recorder/NN ./.
Card/NN holders/NNS who/WP receive/VBP the/DT letter/NN also/RB are/VBP eligible/JJ for/IN a/DT sweepstakes/NN with/IN Buick/NNP cars/NNS or/CC a/DT Hawaii/NNP vacation/NN as/IN prizes/NNS ./.
If/IN they/PRP test-drive/VBP a/DT Buick/NNP ,/, they/PRP get/VBP an/DT American/NNP Express/NNP calculator/NN ./.
This/DT is/VBZ n't/RB Buick/NNP 's/POS first/JJ travel-related/JJ promotion/NN ./.
A/DT few/JJ years/NNS ago/IN ,/, the/DT company/NN offered/VBD two/CD round-trip/JJ tickets/NNS on/IN Trans/NNP World/NNP Airlines/NNPS to/TO buyers/NNS of/IN its/PRP$ Riviera/NNP luxury/NN car/NN ./.
The/DT promotion/NN helped/VBD Riviera/NNP sales/NNS exceed/VB the/DT division/NN 's/POS forecast/NN by/IN more/JJR than/IN 10/CD %/NN ,/, Buick/NNP said/VBD at/IN the/DT time/NN ./.
The/DT United/NNP Kingdom/NNP High/NNP Court/NNP declared/VBD illegal/JJ a/DT variety/NN of/IN interest-rate/NN swap/NN transactions/NNS and/CC options/NNS deals/NNS between/IN a/DT London/NNP borough/NN council/NN and/CC commercial/JJ banks/NNS ./.
The/DT ruling/NN could/MD lead/VB to/TO the/DT cancellation/NN of/IN huge/JJ bank/NN debts/NNS the/DT London/NNP Borough/NNP of/IN Hammersmith/NNP and/CC Fulham/NNP ran/VBD up/RP after/IN losing/VBG heavily/RB on/IN swap/NN transactions/NNS ./.
As/RB many/JJ as/IN 70/CD U.K./NNP and/CC international/JJ banks/NNS stand/VBP to/TO lose/VB several/JJ hundred/CD million/CD pounds/NNS should/MD the/DT decision/NN be/VB upheld/VBN and/CC set/VB a/DT precedent/NN for/IN other/JJ municipalities/NNS ./.
An/DT appeal/NN is/VBZ expected/VBN ./.
In/IN response/NN to/TO the/DT ruling/NN ,/, gilt/JJ futures/NNS swiftly/RB plunged/VBD more/JJR than/IN a/DT point/NN yesterday/NN before/IN recovering/VBG much/JJ of/IN the/DT loss/NN by/IN the/DT end/NN of/IN the/DT session/NN ./.
Gilts/NNS ,/, or/CC British/JJ government/NN bonds/NNS ,/, which/WDT also/RB fell/VBD sharply/RB initially/RB ,/, retraced/VBD some/DT of/IN the/DT losses/NNS to/TO end/VB about/IN 3/8/CD point/NN lower/JJR ./.
The/DT council/NN ,/, which/WDT is/VBZ alleged/VBN to/TO have/VB engaged/VBN in/IN over/IN 600/CD deals/NNS valued/VBN at/IN over/IN #/# 6/CD billion/CD (/-LRB- $/$ 9.5/CD billion/CD )/-RRB- ,/, lost/VBD millions/NNS of/IN pounds/NNS from/IN soured/JJ swap/NN deals/NNS ./.
At/IN one/CD point/NN ,/, Hammersmith/NNP is/VBZ reported/VBN to/TO have/VB accounted/VBN for/IN as/RB much/JJ as/IN 10/CD %/NN of/IN the/DT sterling/NN market/NN in/IN interest-rate/NN swap/NN dealings/NNS ./.
When/WRB two/CD parties/NNS engage/VBP in/IN an/DT interest-rate/NN swap/NN ,/, they/PRP are/VBP betting/VBG against/IN each/DT other/JJ on/IN future/JJ rates/NNS ./.
Thus/RB ,/, an/DT institution/NN obligated/VBD to/TO make/VB fixed-rate/JJ interest/NN payments/NNS on/IN debt/NN swaps/NNS the/DT payments/NNS with/IN another/DT making/VBG floating-rate/JJ payments/NNS ./.
In/IN most/JJS of/IN the/DT British/JJ transactions/NNS ,/, the/DT municipalities/NNS agreed/VBD to/TO make/VB floating-rate/JJ payments/NNS to/TO banks/NNS ,/, which/WDT would/MD make/VB fixed-rate/JJ payments/NNS ./.
As/IN interest/NN rates/NNS rose/VBD ,/, municipalities/NNS owed/VBD the/DT banks/NNS more/JJR than/IN the/DT banks/NNS were/VBD paying/VBG them/PRP ./.
The/DT court/NN hearing/NN began/VBD in/IN early/JJ October/NNP at/IN the/DT request/NN of/IN Anthony/NNP Hazell/NNP ,/, district/NN auditor/NN for/IN Hammersmith/NNP ,/, who/WP argued/VBD that/IN local/JJ councils/NNS are/VBP n't/RB vested/VBN with/IN constitutional/JJ authority/NN to/TO engage/VB in/IN such/JJ capital-markets/JJ activities/NNS ./.
The/DT council/NN backed/VBD the/DT audit/NN commission/NN 's/POS stand/NN that/IN the/DT swap/NN transactions/NNS are/VBP illegal/JJ ./.
Although/IN the/DT Hammersmith/NNP and/CC Fulham/NNP council/NN was/VBD by/IN far/RB the/DT most/RBS active/JJ local/JJ authority/NN engaging/VBG in/IN such/JJ capital-markets/JJ transactions/NNS ,/, the/DT court/NN decision/NN could/MD set/VB a/DT precedent/NN for/IN similar/JJ transactions/NNS by/IN 77/CD other/JJ local/JJ councils/NNS ./.
``/`` While/IN this/DT court/NN ruling/NN was/VBD only/RB on/IN Hammersmith/NNP ,/, it/PRP will/MD obviously/RB be/VB very/RB persuasive/JJ in/IN other/JJ cases/NNS of/IN a/DT similar/JJ nature/NN ,/, ''/'' a/DT solicitor/NN representing/VBG one/CD of/IN the/DT banks/NNS said/VBD ./.
Already/RB ,/, 10/CD local/JJ councils/NNS have/VBP refused/VBN to/TO honor/VB fees/NNS and/CC payments/NNS to/TO banks/NNS incurred/VBN during/IN various/JJ swaps/NNS dealings/NNS ./.
Other/JJ financial/JJ institutions/NNS involved/VBN include/VBP Barclays/NNP Bank/NNP PLC/NNP ,/, Midland/NNP Bank/NNP PLC/NNP ,/, Security/NNP Pacific/NNP Corp./NNP ,/, Chemical/NNP Banking/NNP Corp./NNP 's/POS Chemical/NNP Bank/NNP ,/, Citicorp/NNP 's/POS Citibank/NNP and/CC Mitsubishi/NNP Finance/NNP International/NNP ./.
If/IN the/DT banks/NNS exhaust/VBP all/DT avenues/NNS of/IN appeal/NN ,/, it/PRP is/VBZ possible/JJ that/IN they/PRP would/MD seek/VB to/TO have/VB the/DT illegality/NN ruling/NN work/VB both/DT ways/NNS ,/, some/DT market/NN sources/NNS said/VBD ./.
Banks/NNS could/MD seek/VB to/TO recover/VB payments/NNS to/TO local/JJ authorities/NNS in/IN instances/NNS where/WRB the/DT banks/NNS made/VBD net/JJ payments/NNS to/TO councils/NNS ./.
Officials/NNS from/IN the/DT various/JJ banks/NNS involved/VBN are/VBP expected/VBN to/TO meet/VB during/IN the/DT next/JJ few/JJ days/NNS to/TO consider/VB other/JJ arrangements/NNS with/IN local/JJ authorities/NNS that/WDT could/MD be/VB questionable/JJ ./.
The/DT banks/NNS have/VBP 28/CD days/NNS to/TO file/VB an/DT appeal/NN against/IN the/DT ruling/NN and/CC are/VBP expected/VBN to/TO do/VB so/RB shortly/RB ./.
In/IN the/DT aftermath/NN of/IN the/DT stock/NN market/NN 's/POS gut-wrenching/JJ 190-point/JJ drop/NN on/IN Oct./NNP 13/CD ,/, Kidder/NNP ,/, Peabody/NNP &/CC Co./NNP 's/POS 1,400/CD stockbrokers/NNS across/IN the/DT country/NN began/VBD a/DT telephone/NN and/CC letter-writing/JJ campaign/NN aimed/VBN at/IN quashing/VBG the/DT country/NN 's/POS second-largest/JJ program/NN trader/NN ./.
The/DT target/NN of/IN their/PRP$ wrath/NN ?/.
Their/PRP$ own/JJ employer/NN ,/, Kidder/NNP Peabody/NNP ./.
Since/IN October/NNP 's/POS minicrash/NN ,/, Wall/NNP Street/NNP has/VBZ been/VBN shaken/VBN by/IN an/DT explosion/NN of/IN resentment/NN against/IN program/NN trading/NN ,/, the/DT computer-driven/JJ ,/, lightning-fast/JJ trades/NNS of/IN huge/JJ baskets/NNS of/IN stocks/NNS and/CC futures/NNS that/WDT can/MD send/VB stock/NN prices/NNS reeling/VBG in/IN minutes/NNS ./.
But/CC the/DT heated/VBN fight/NN over/IN program/NN trading/NN is/VBZ about/IN much/RB more/JJR than/IN a/DT volatile/JJ stock/NN market/NN ./.
The/DT real/JJ battle/NN is/VBZ over/IN who/WP will/MD control/VB that/DT market/NN and/CC reap/VB its/PRP$ huge/JJ rewards/NNS ./.
Program/NN trading/NN itself/PRP ,/, according/VBG to/TO many/JJ academics/NNS who/WP have/VBP studied/VBN it/PRP ,/, is/VBZ merely/RB caught/VBN in/IN the/DT middle/NN of/IN this/DT battle/NN ,/, unfairly/RB labeled/VBN as/IN the/DT evil/NN driving/VBG force/NN of/IN the/DT marketplace/NN ./.
The/DT evidence/NN indicates/VBZ that/IN program/NN trading/NN did/VBD n't/RB ,/, in/IN fact/NN ,/, cause/VB the/DT market/NN 's/POS sharp/JJ fall/NN on/IN Oct./NNP 13/CD ,/, though/IN it/PRP may/MD have/VB exacerbated/VBN it/PRP ./.
On/IN one/CD side/NN of/IN this/DT power/NN struggle/NN stand/VBP the/DT forces/NNS in/IN ascendency/NN on/IN Wall/NNP Street/NNP --/: the/DT New/NNP Guard/NNP --/: consisting/VBG of/IN high-tech/JJ computer/NN wizards/NNS at/IN the/DT major/JJ brokerage/NN firms/NNS ,/, their/PRP$ pension/NN fund/NN clients/NNS with/IN immense/NN pools/NNS of/IN money/NN ,/, and/CC the/DT traders/NNS at/IN the/DT fast-growing/JJ Chicago/NNP futures/NNS exchanges/NNS ./.
These/DT are/VBP the/DT main/JJ proponents/NNS of/IN program/NN trading/NN ./.
Defending/VBG their/PRP$ ramparts/NNS are/VBP Wall/NNP Street/NNP 's/POS Old/NNP Guard/NNP --/: the/DT traditional/JJ ,/, stock-picking/JJ money/NN managers/NNS ,/, tens/NNS of/IN thousands/NNS of/IN stock/NN brokers/NNS ,/, the/DT New/NNP York/NNP Stock/NNP Exchange/NNP 's/POS listed/VBN companies/NNS and/CC the/DT clannish/JJ floor/NN traders/NNS ,/, known/VBN as/IN specialists/NNS ,/, who/WP make/VBP markets/NNS in/IN their/PRP$ stocks/NNS ./.
So/IN far/RB ,/, Wall/NNP Street/NNP 's/POS Old/NNP Guard/NNP seems/VBZ to/TO be/VB winning/VBG the/DT program-trading/JJ battle/NN ,/, successfully/RB mobilizing/VBG public/JJ and/CC congressional/JJ opinion/NN to/TO bludgeon/VB their/PRP$ tormentors/NNS ./.
The/DT Chicago/NNP Mercantile/NNP Exchange/NNP ,/, a/DT major/JJ futures/NNS marketplace/NN ,/, yesterday/NN announced/VBD the/DT addition/NN of/IN another/DT layer/NN of/IN trading/NN halts/NNS designed/VBN to/TO slow/VB program/NN traders/NNS during/IN a/DT rapidly/RB falling/VBG stock/NN market/NN ,/, and/CC the/DT Big/NNP Board/NNP is/VBZ expected/VBN today/NN to/TO approve/VB some/DT additional/JJ restrictions/NNS on/IN program/NN trading/NN ./.
Stung/VBN by/IN charges/NNS that/IN their/PRP$ greed/NN is/VBZ turning/VBG the/DT stock/NN market/NN into/IN a/DT gigantic/JJ crapshoot/NN ,/, almost/RB all/PDT the/DT big/JJ investment/NN banking/NN houses/NNS have/VBP abandoned/VBN index/NN arbitrage/NN ,/, a/DT common/JJ form/NN of/IN program/NN trading/NN ,/, for/IN their/PRP$ own/JJ accounts/NNS in/IN the/DT past/JJ few/JJ days/NNS ./.
A/DT few/JJ ,/, such/JJ as/IN giant/JJ Merrill/NNP Lynch/NNP &/CC Co./NNP ,/, now/RB refuse/VBP even/RB to/TO do/VB index/NN arbitrage/NN trades/NNS for/IN clients/NNS ./.
The/DT Old/NNP Guard/NNP 's/POS assault/NN on/IN program/NN trading/NN and/CC its/PRP$ practitioners/NNS has/VBZ been/VBN fierce/JJ and/CC broad-based/JJ ,/, in/IN part/NN because/IN some/DT Old/NNP Guard/NNP members/NNS feel/VBP their/PRP$ very/JJ livelihood/NN is/VBZ at/IN stake/NN ./.
Some/RB ,/, such/JJ as/IN traditional/JJ money/NN manager/NN Neuberger/NNP &/CC Berman/NNP ,/, have/VBP taken/VBN out/RP national/JJ newspaper/NN advertisements/NNS demanding/VBG that/IN market/NN regulators/NNS ``/`` stop/VB the/DT numbers/NNS racket/NN on/IN Wall/NNP Street/NNP ./. ''/''
Big/NNP Board/NNP stock/NN specialists/NNS ,/, in/IN a/DT bold/JJ palace/NN revolt/NN ,/, began/VBD shortly/RB after/IN Oct./NNP 13/CD to/TO telephone/VB the/DT corporate/JJ executives/NNS of/IN the/DT companies/NNS whose/WP$ stock/NN is/VBZ listed/VBN on/IN the/DT Big/NNP Board/NNP to/TO have/VB them/PRP pressure/VB the/DT exchange/NN to/TO ban/VB program/NN trading/NN ./.
Charles/NNP Wohlstetter/NNP ,/, the/DT chairman/NN of/IN Contel/NNP Corp./NNP who/WP is/VBZ rallying/VBG other/JJ CEOs/NNS to/TO the/DT anti-program/JJ trading/NN cause/NN ,/, says/VBZ he/PRP has/VBZ received/VBN ``/`` countless/JJ ''/'' letters/NNS offering/VBG support/NN ./.
``/`` They/PRP said/VBD universally/RB ,/, without/IN a/DT single/JJ exception/NN :/: Do/VB n't/RB even/RB compromise/VB ./.
Kill/VB it/PRP ,/, ''/'' he/PRP says/VBZ ./.
Wall/NNP Street/NNP 's/POS New/NNP Guard/NNP is/VBZ n't/RB likely/JJ to/TO take/VB all/PDT this/DT lying/VBG down/IN for/IN long/RB ,/, however/RB ./.
Its/PRP$ new/JJ products/NNS and/CC trading/NN techniques/NNS have/VBP been/VBN highly/RB profitable/JJ ./.
Program/NN trading/NN money/NN managers/NNS have/VBP gained/VBN control/NN over/IN a/DT big/JJ chunk/NN of/IN the/DT invested/VBN funds/NNS in/IN this/DT country/NN ,/, and/CC the/DT pressures/NNS on/IN such/JJ money/NN managers/NNS to/TO produce/VB consistent/JJ profits/NNS has/VBZ wedded/VBN them/PRP to/TO the/DT ability/NN to/TO move/VB rapidly/RB in/IN and/CC out/IN the/DT market/NN that/IN program/NN trading/NN gives/VBZ them/PRP ./.
What/WP 's/VBZ more/JJR ,/, the/DT last/JJ time/NN major/JJ Wall/NNP Street/NNP firms/NNS said/VBD they/PRP were/VBD getting/VBG out/IN of/IN program/NN trading/NN --/: in/IN the/DT aftermath/NN of/IN the/DT 1987/CD crash/NN --/: they/PRP waited/VBD a/DT few/JJ months/NNS and/CC then/RB sneaked/VBD back/RB into/IN it/PRP ./.
Even/RB some/DT members/NNS of/IN the/DT Old/NNP Guard/NNP ,/, despite/IN their/PRP$ current/JJ advantage/NN ,/, seem/VBP to/TO be/VB conceding/VBG that/IN the/DT future/NN belongs/VBZ with/IN the/DT New/NNP Guard/NNP ./.
Last/JJ week/NN ,/, Robert/NNP M./NNP Bradley/NNP ,/, one/CD of/IN the/DT Big/NNP Board/NNP 's/POS most/RBS respected/VBN floor/NN traders/NNS and/CC head/NN of/IN a/DT major/JJ traders/NNS '/POS organization/NN ,/, surrendered/VBD ./.
He/PRP sold/VBD his/PRP$ exchange/NN seat/NN and/CC wrote/VBD a/DT bitter/JJ letter/NN to/TO Big/NNP Board/NNP Chairman/NNP John/NNP J./NNP Phelan/NNP Jr./NNP in/IN which/WDT he/PRP said/VBD the/DT Big/NNP Board/NNP is/VBZ too/RB focused/VBN on/IN machines/NNS ,/, rather/RB than/IN people/NNS ./.
He/PRP said/VBD the/DT exchange/NN is/VBZ ``/`` headed/VBN for/IN a/DT real/JJ crisis/NN ''/'' if/IN program/NN trading/NN is/VBZ n't/RB curbed/VBN ./.
``/`` I/PRP do/VBP not/RB want/VB my/PRP$ money/NN invested/VBN in/IN what/WP I/PRP consider/VBP as/IN nothing/NN more/JJR than/IN a/DT casino/NN ,/, ''/'' Mr./NNP Bradley/NNP wrote/VBD ./.
The/DT battle/NN has/VBZ turned/VBN into/IN a/DT civil/JJ war/NN at/IN some/DT firms/NNS and/CC organizations/NNS ,/, causing/VBG internal/JJ contradictions/NNS and/CC pitting/VBG employee/NN against/IN employee/NN ./.
At/IN Kidder/NNP ,/, a/DT unit/NN of/IN General/NNP Electric/NNP Co./NNP ,/, and/CC other/JJ big/JJ brokerage/NN firms/NNS ,/, stockbrokers/NNS battle/VBP their/PRP$ own/JJ firm/NN 's/POS program/NN traders/NNS a/DT few/JJ floors/NNS away/RB ./.
Corporations/NNS like/IN Contel/NNP denounce/VBP program/NN trading/NN ,/, yet/CC Contel/NNP has/VBZ in/IN the/DT past/NN hired/VBD pension/NN fund/NN managers/NNS like/IN Bankers/NNP Trust/NNP Co./NNP that/WDT are/VBP also/RB big/JJ program/NN traders/NNS ./.
The/DT Big/NNP Board/NNP --/: the/DT nation/NN 's/POS premier/JJ stock/NN exchange/NN --/: is/VBZ sharply/RB divided/VBN between/IN its/PRP$ floor/NN traders/NNS and/CC its/PRP$ top/JJ executives/NNS ./.
Its/PRP$ entrenched/VBN 49/CD stock/NN specialists/NNS firms/NNS are/VBP fighting/VBG tooth/NN and/CC nail/NN against/IN programs/NNS ./.
But/CC the/DT Big/NNP Board/NNP 's/POS leadership/NN --/: over/IN the/DT specialists/NNS '/POS protests/NNS --/: two/CD weeks/NNS ago/IN began/VBD trading/NN a/DT new/JJ stock/NN ``/`` basket/NN ''/'' product/NN designed/VBN to/TO facilitate/VB program/NN trading/NN ./.
``/`` A/DT lot/NN of/IN people/NNS would/MD like/VB to/TO go/VB back/RB to/TO 1970/CD ,/, ''/'' before/IN program/NN trading/NN ,/, Mr./NNP Phelan/NNP said/VBD this/DT week/NN ./.
``/`` I/PRP would/MD like/VB to/TO go/VB back/RB to/TO 1970/CD ./.
But/CC we/PRP are/VBP not/RB going/VBG back/RB to/TO 1970/CD ./. ''/''
Again/RB and/CC again/RB ,/, program-trading/NN 's/POS critics/NNS raise/VBP the/DT ``/`` casino/NN ''/'' theme/NN ./.
They/PRP say/VBP greedy/JJ market/NN manipulators/NNS have/VBP made/VBN a/DT shambles/NN of/IN the/DT nation/NN 's/POS free-enterprise/NN system/NN ,/, turning/VBG the/DT stock/NN market/NN into/IN a/DT big/JJ gambling/NN den/NN ,/, with/IN the/DT odds/NNS heavily/RB stacked/VBN against/IN the/DT small/JJ investor/NN ./.
``/`` The/DT public/NN did/VBD n't/RB come/VBN to/TO the/DT market/NN to/TO play/VB a/DT game/NN ;/: they/PRP can/MD go/VB to/TO Off-Track/NNP Betting/NNP for/IN that/DT ,/, ''/'' says/VBZ A./NNP Brean/NNP Murray/NNP ,/, chairman/NN of/IN Brean/NNP Murray/NNP ,/, Foster/NNP Securities/NNPS ,/, a/DT traditional/JJ money/NN management/NN firm/NN ./.
The/DT program/NN traders/NNS ,/, on/IN the/DT other/JJ hand/NN ,/, portray/VBP old-fashioned/JJ stock/NN pickers/NNS as/IN the/DT Neanderthals/NNS of/IN the/DT industry/NN ./.
Critics/NNS like/IN Mr./NNP Murray/NNP ``/`` are/VBP looking/VBG for/IN witches/NNS ,/, and/CC people/NNS who/WP use/VBP computers/NNS to/TO trade/VB are/VBP a/DT convenient/JJ boogieman/NN ,/, ''/'' says/VBZ J./NNP Thomas/NNP Allen/NNP ,/, president/NN of/IN Advanced/NNP Investment/NNP Management/NNP Inc./NNP ,/, a/DT Pittsburgh/NNP firm/NN that/WDT runs/VBZ a/DT $/$ 200/CD million/CD fund/NN that/WDT uses/VBZ index/NN arbitrage/NN ./.
``/`` Just/RB a/DT blind/JJ fear/NN of/IN the/DT unknown/NN is/VBZ causing/VBG them/PRP to/TO beg/VB the/DT regulators/NNS for/IN protection/NN ./. ''/''
For/IN all/PDT the/DT furor/NN ,/, there/EX is/VBZ nothing/NN particularly/RB complex/JJ about/IN the/DT concept/NN of/IN stock-index/JJ arbitrage/NN ,/, the/DT most/RBS controversial/JJ type/NN of/IN computer-assisted/JJ program/NN trading/NN ./.
Like/IN other/JJ forms/NNS of/IN arbitrage/NN ,/, it/PRP merely/RB seeks/VBZ to/TO take/VB advantage/NN of/IN momentary/JJ discrepancies/NNS in/IN the/DT price/NN of/IN a/DT single/JJ product/NN --/: in/IN this/DT case/NN ,/, a/DT basket/NN of/IN stocks/NNS --/: in/IN different/JJ markets/NNS --/: in/IN this/DT case/NN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP and/CC the/DT Chicago/NNP futures/NNS markets/NNS ./.
That/DT divergence/NN is/VBZ what/WP stock/NN index/NN traders/NNS seek/VBP ./.
When/WRB it/PRP occurs/VBZ ,/, the/DT traders/NNS place/VBP orders/NNS via/IN computers/NNS to/TO buy/VB the/DT basket/NN of/IN stocks/NNS (/-LRB- such/JJ as/IN the/DT 500/CD stocks/NNS that/WDT constitute/VBP the/DT Standard/NNP &/CC Poor/NNP 's/POS 500/CD stock/NN index/NN )/-RRB- in/IN whichever/WDT market/NN is/VBZ cheaper/JJR and/CC sell/VBP them/PRP in/IN the/DT more/RBR expensive/JJ market/NN ;/: they/PRP lock/VBP in/RP the/DT difference/NN in/IN price/NN as/IN profit/NN ./.
Such/JJ program/NN trades/NNS ,/, which/WDT can/MD involve/VB the/DT purchase/NN or/CC sale/NN of/IN millions/NNS of/IN dollars/NNS of/IN stock/NN ,/, occur/VBP in/IN a/DT matter/NN of/IN seconds/NNS ./.
A/DT program/NN trade/NN of/IN $/$ 5/CD million/CD of/IN stock/NN typically/RB earns/VBZ a/DT razor-thin/JJ profit/NN of/IN $/$ 25,000/CD ./.
To/TO keep/VB program-trading/JJ units/NNS profitable/JJ in/IN the/DT eyes/NNS of/IN senior/JJ brokerage/NN executives/NNS ,/, traders/NNS must/MD seize/VB every/DT opportunity/NN their/PRP$ computers/NNS find/VBP ./.
The/DT speed/NN with/IN which/WDT such/JJ program/NN trades/NNS take/VBP place/NN and/CC the/DT volatile/JJ price/NN movements/NNS they/PRP can/MD cause/VB are/VBP what/WP program/NN trading/NN critics/NNS profess/VBP to/TO despise/VB ./.
``/`` If/IN you/PRP continue/VBP to/TO do/VB this/DT ,/, the/DT investor/NN becomes/VBZ frightened/VBN --/: any/DT investor/NN :/: the/DT odd/JJ lotter/NN ,/, mutual/JJ funds/NNS and/CC pension/NN funds/NNS ,/, ''/'' says/VBZ Larry/NNP Zicklin/NNP ,/, managing/VBG partner/NN at/IN Neuberger/NNP &/CC Berman/NNP ./.
But/CC many/JJ experts/NNS and/CC traders/NNS say/VBP that/IN program/NN trading/NN is/VBZ n't/RB the/DT main/JJ reason/NN for/IN stock-market/NN gyrations/NNS ./.
``/`` I/PRP have/VBP not/RB seen/VBN one/CD iota/NN of/IN evidence/NN ''/'' to/TO support/VB restrictions/NNS on/IN program/NN trading/NN ,/, says/VBZ a/DT Vanderbilt/NNP University/NNP finance/NN professor/NN ,/, Hans/NNP Stoll/NNP ,/, an/DT authority/NN on/IN the/DT subject/NN ./.
Says/VBZ the/DT Big/NNP Board/NNP 's/POS Mr./NNP Phelan/NNP ,/, ``/`` Volatility/NN is/VBZ greater/JJR than/IN program/NN trading/NN ./. ''/''
The/DT Oct./NNP 13/CD plunge/NN was/VBD triggered/VBN not/RB by/IN program/NN traders/NNS ,/, but/CC by/IN news/NN of/IN the/DT unraveling/NN of/IN the/DT $/$ 6.79/CD billion/CD buy-out/NN of/IN UAL/NNP Corp/NNP ./.
Unable/JJ to/TO unload/VB UAL/NNP and/CC other/JJ airline/NN shares/NNS ,/, takeover-stock/JJ speculators/NNS ,/, or/CC risk/VB arbitragers/NNS ,/, dumped/VBD every/DT blue-chip/JJ stock/NN they/PRP had/VBD ./.
While/IN program/NN trades/NNS swiftly/RB kicked/VBD in/IN ,/, a/DT ``/`` circuit/NN breaker/NN ''/'' that/WDT halted/VBD trading/NN in/IN stock/NN futures/NNS in/IN Chicago/NNP made/VBD some/DT program/NN trading/NN impossible/JJ ./.
Susan/NNP Del/NNP Signore/NNP ,/, head/NN trader/NN at/IN Travelers/NNPS Investment/NNP Management/NNP Co./NNP ,/, says/VBZ critics/NNS are/VBP ignoring/VBG ``/`` the/DT role/NN the/DT {/-LRB- takeover/NN stock/NN }/-RRB- speculator/NN is/VBZ taking/VBG in/IN the/DT market/NN as/IN a/DT source/NN of/IN volatility/NN ./. ''/''
Many/JJ arbs/NNS are/VBP ``/`` overleveraged/JJ ,/, ''/'' she/PRP says/VBZ ,/, and/CC they/PRP ``/`` have/VBP to/TO sell/VB when/WRB things/NNS look/VBP like/IN they/PRP fall/VBP apart/RB ./. ''/''
Like/IN virtually/RB everything/NN on/IN Wall/NNP Street/NNP ,/, the/DT program-trading/JJ battle/NN is/VBZ over/IN money/NN ,/, and/CC the/DT traditionalists/NNS have/VBP been/VBN losing/VBG out/RP on/IN bundles/NNS of/IN it/PRP to/TO the/DT New/NNP Guard/NNP in/IN recent/JJ years/NNS ./.
Take/VB the/DT traditional/JJ money/NN managers/NNS ,/, or/CC ``/`` stock/NN pickers/NNS ,/, ''/'' as/IN they/PRP are/VBP derisively/RB known/VBN among/IN the/DT computer/NN jockeys/NNS ./.
Traditional/JJ stock/NN managers/NNS like/VBP to/TO charge/VB 50/CD cents/NNS to/TO 75/CD cents/NNS for/IN every/DT $/$ 100/CD they/PRP manage/VBP for/IN big/JJ institutional/JJ investors/NNS ,/, and/CC higher/JJR fees/NNS for/IN smaller/JJR investors/NNS ./.
Yet/CC many/JJ such/JJ managers/NNS consistently/RB fail/VBP to/TO even/RB keep/VB up/RP with/IN ,/, much/RB less/JJR beat/VB ,/, the/DT returns/NNS of/IN standard/JJ benchmarks/NNS like/IN the/DT S&P/NNP
Not/RB surprisingly/RB ,/, old-style/JJ money/NN managers/NNS have/VBP been/VBN losing/VBG clients/NNS to/TO giant/JJ stock-index/NN funds/NNS that/WDT use/VBP computers/NNS to/TO juggle/VB portfolios/NNS so/IN they/PRP mirror/VBP the/DT S&P/NNP 500/CD ./.
The/DT indexers/NNS charge/VBP only/RB a/DT few/JJ pennies/NNS per/IN $/$ 100/CD managed/VBN ./.
Today/NN ,/, about/IN $/$ 200/CD billion/CD ,/, or/CC 20/CD %/NN of/IN all/DT pension-fund/JJ stock/NN investments/NNS ,/, is/VBZ held/VBN by/IN index/NN funds/NNS ./.
The/DT new/JJ Wall/NNP Street/NNP of/IN computers/NNS and/CC automated/VBN trading/NN threatens/VBZ to/TO make/VB dinosaurs/NNS of/IN the/DT 49/CD Big/NNP Board/NNP stock-specialist/JJ firms/NNS ./.
These/DT small/JJ but/CC influential/JJ floor/NN brokers/NNS long/RB have/VBP earned/VBN fat/JJ returns/NNS of/IN 30/CD %/NN to/TO 40/CD %/NN a/DT year/NN on/IN their/PRP$ capital/NN ,/, by/IN virtue/NN of/IN their/PRP$ monopoly/NN in/IN making/VBG markets/NNS in/IN individual/JJ stocks/NNS ./.
The/DT specialists/NNS see/VBP any/DT step/NN to/TO electronic/JJ trading/NN as/IN a/DT death/NN knell/NN ./.
And/CC they/PRP believe/VBP the/DT Big/NNP Board/NNP ,/, under/IN Mr./NNP Phelan/NNP ,/, has/VBZ abandoned/VBN their/PRP$ interest/NN ./.
The/DT son/NN of/IN a/DT specialist/NN and/CC once/RB one/CD himself/PRP ,/, Mr./NNP Phelan/NNP has/VBZ nonetheless/RB been/VBN striving/VBG --/: with/IN products/NNS like/IN the/DT new/JJ stock/NN basket/NN that/IN his/PRP$ former/JJ colleagues/NNS dislike/VBP so/RB much/RB --/: to/TO keep/VB index/NN funds/NNS and/CC other/JJ program/NN traders/NNS from/IN taking/VBG their/PRP$ business/NN to/TO overseas/JJ markets/NNS ./.
Meanwhile/RB ,/, specialists/NNS '/POS trading/NN risks/NNS have/VBP skyrocketed/VBN as/IN a/DT result/NN of/IN stock-market/NN volatility/NN ./.
``/`` When/WRB the/DT sell/NN programs/NNS hit/VBP ,/, you/PRP can/MD hear/VB the/DT order/NN printers/NNS start/VB to/TO go/VB ''/'' on/IN the/DT Big/NNP Board/NNP trading/NN floor/NN ,/, says/VBZ one/CD specialist/NN there/RB ./.
``/`` The/DT buyers/NNS walk/VBP away/RB ,/, and/CC the/DT specialist/NN is/VBZ left/VBN alone/RB ''/'' as/IN the/DT buyer/NN of/IN last/JJ resort/NN for/IN his/PRP$ stable/NN of/IN stocks/NNS ,/, he/PRP contends/VBZ ./.
No/DT one/NN is/VBZ more/RBR unhappy/JJ with/IN program/NN trading/NN than/IN the/DT nation/NN 's/POS stockbrokers/NNS ./.
They/PRP are/VBP still/RB trying/VBG to/TO lure/VB back/RB small/JJ investors/NNS spooked/VBN by/IN the/DT 1987/CD stock-market/NN crash/NN and/CC the/DT market/NN 's/POS swings/NNS since/IN then/RB ./.
``/`` Small/JJ investors/NNS are/VBP absolutely/RB dismayed/JJ that/IN Wall/NNP Street/NNP is/VBZ stacking/VBG the/DT deck/NN against/IN them/PRP ,/, and/CC these/DT wide/JJ swings/NNS are/VBP scaring/VBG them/PRP to/TO death/NN ,/, ''/'' says/VBZ Raymond/NNP A./NNP Mason/NNP ,/, chairman/NN of/IN regional/JJ broker/NN Legg/NNP Mason/NNP Inc./NNP in/IN Baltimore/NNP ./.
Stockbrokers/NNS '/POS business/NN and/CC pay/NN has/VBZ been/VBN falling/VBG ./.
Last/JJ year/NN ,/, the/DT average/JJ broker/NN earned/VBD $/$ 71,309/CD ,/, 24/CD %/NN lower/JJR than/IN in/IN 1987/CD ./.
Corporate/JJ executives/NNS resent/VBP that/IN their/PRP$ company/NN 's/POS stock/NN has/VBZ been/VBN transformed/VBN into/IN a/DT nameless/JJ piece/NN of/IN a/DT stock-index/NN basket/NN ./.
Index/NN traders/NNS who/WP buy/VBP all/DT 500/CD stocks/NNS in/IN the/DT S&P/NNP 500/CD often/RB do/VBP n't/RB even/RB know/VB what/WP the/DT companies/NNS they/PRP own/VBP actually/RB do/VBP ,/, complains/VBZ Andrew/NNP Sigler/NNP ,/, chairman/NN of/IN Champion/NNP International/NNP Corp/NNP ./.
``/`` Do/VBP you/PRP make/VB sweatshirts/NNS or/CC sparkplugs/NNS ?/.
Oh/UH ,/, you/PRP 're/VBP in/IN the/DT paper/NN business/NN ,/, ''/'' is/VBZ one/CD reaction/NN Mr./NNP Sigler/NNP says/VBZ he/PRP 's/VBZ gotten/VBN from/IN his/PRP$ big/JJ institutional/JJ shareholders/NNS ./.
By/IN this/DT September/NNP ,/, program/NN traders/NNS were/VBD doing/VBG a/DT record/NN 13.8/CD %/NN of/IN the/DT Big/NNP Board/NNP 's/POS average/JJ daily/JJ trading/NN volume/NN ./.
Among/IN the/DT top/JJ practitioners/NNS were/VBD Wall/NNP Street/NNP blue/JJ bloods/NNS :/: Morgan/NNP Stanley/NNP &/CC Co./NNP ,/, Kidder/NNP Peabody/NNP ,/, Merrill/NNP Lynch/NNP ,/, Salomon/NNP Brothers/NNPS Inc./NNP and/CC PaineWebber/NNP Group/NNP Inc/NNP ./.
But/CC then/RB came/VBD Oct./NNP 13/CD and/CC the/DT negative/JJ publicity/NN orchestrated/VBN by/IN the/DT Old/NNP Guard/NNP ,/, particularly/RB against/IN index/NN arbitrage/NN ./.
The/DT indexers/NNS '/POS strategy/NN for/IN the/DT moment/NN is/VBZ to/TO hunker/VB down/IN and/CC let/VB the/DT furor/NN die/VB ./.
``/`` There/EX 's/VBZ a/DT lynch-mob/JJ psychology/NN right/RB now/RB ,/, ''/'' says/VBZ the/DT top/JJ program-trading/JJ official/NN at/IN a/DT Wall/NNP Street/NNP firm/NN ./.
``/`` Wall/NNP Street/NNP 's/POS cash/NN cow/NN has/VBZ been/VBN gored/VBN ,/, but/CC I/PRP do/VBP n't/RB think/VB anyone/NN has/VBZ proven/VBN that/IN index/NN arbitrage/NN is/VBZ the/DT problem/NN ./. ''/''
Too/RB much/JJ money/NN is/VBZ at/IN stake/NN for/IN program/NN traders/NNS to/TO give/VB up/IN ./.
For/IN example/NN ,/, stock-index/NN futures/NNS began/VBD trading/VBG in/IN Chicago/NNP in/IN 1982/CD ,/, and/CC within/IN two/CD years/NNS they/PRP were/VBD the/DT fastest-growing/JJ futures/NNS contract/NN ever/RB launched/VBN ./.
Stock/NN futures/NNS trading/NN has/VBZ minted/VBN dozens/NNS of/IN millionaires/NNS in/IN their/PRP$ 20s/CD and/CC 30s/CD ./.
Now/RB ,/, on/IN a/DT good/JJ day/NN ,/, Chicago/NNP 's/POS stock-index/NN traders/NNS trade/VBP more/JJR dollars/NNS worth/NN of/IN stock/NN futures/NNS than/IN the/DT Big/NNP Board/NNP trades/VBZ in/IN stock/NN ./.
Now/RB the/DT stage/NN is/VBZ set/VBN for/IN the/DT battle/NN to/TO play/VB out/IN ./.
The/DT anti-programmers/NNS are/VBP getting/VBG some/DT helpful/JJ thunder/NN from/IN Congress/NNP ./.
Program/NN traders/NNS '/POS ``/`` power/NN to/TO create/VB total/JJ panic/NN is/VBZ so/RB great/JJ that/IN they/PRP ca/MD n't/RB be/VB allowed/VBN to/TO have/VB their/PRP$ way/NN ,/, ''/'' says/VBZ Rep./NNP Edward/NNP Markey/NNP ,/, a/DT Massachusetts/NNP Democrat/NNP ./.
``/`` We/PRP have/VBP to/TO have/VB a/DT system/NN that/WDT says/VBZ to/TO those/DT largest/JJS investors/NNS :/:
`/`` Sit/VB down/RB !/.
You/PRP will/MD not/RB panic/VB ,/,
you/PRP will/MD not/RB put/VB the/DT financial/JJ system/NN in/IN jeopardy/NN ./. '/'' ''/''
But/CC the/DT prospects/NNS for/IN legislation/NN that/WDT targets/VBZ program/NN trading/NN is/VBZ unlikely/JJ anytime/RB soon/RB ./.
Many/JJ people/NNS ,/, including/VBG the/DT Big/NNP Board/NNP ,/, think/VBP that/IN it/PRP 's/VBZ too/RB late/JJ to/TO put/VB the/DT genie/NN back/RB in/IN the/DT bottle/NN ./.
The/DT Big/NNP Board/NNP 's/POS directors/NNS meet/VBP today/NN to/TO approve/VB some/DT program-trading/JJ restrictions/NNS ,/, but/CC a/DT total/JJ ban/NN is/VBZ n't/RB being/VBG considered/VBN ,/, Big/NNP Board/NNP officials/NNS say/VBP ./.
``/`` You/PRP 're/VBP not/RB going/VBG to/TO stop/VB the/DT idea/NN of/IN trading/VBG a/DT basket/NN of/IN stocks/NNS ,/, ''/'' says/VBZ Vanderbilt/NNP 's/POS Prof./NNP Stoll/NNP ./. ``/``
Program/NN trading/NN is/VBZ here/RB to/TO stay/VB ,/, and/CC computers/NNS are/VBP here/RB to/TO stay/VB ,/, and/CC we/PRP just/RB need/VBP to/TO understand/VB it/PRP ./. ''/''
Short/JJ of/IN a/DT total/NN ban/NN ,/, some/DT anti-programmers/NNS have/VBP proposed/VBN several/JJ middle-ground/JJ reforms/NNS ,/, which/WDT they/PRP say/VBP would/MD take/VB away/RP certain/JJ advantages/NNS program/NN traders/NNS currently/RB enjoy/VBP in/IN the/DT marketplace/NN that/IN other/JJ investors/NNS do/VBP n't/RB ./.
One/CD such/JJ proposal/NN regarding/VBG stock-index/NN futures/NNS is/VBZ an/DT increase/NN in/IN the/DT margin/NN requirement/NN --/: or/CC the/DT ``/`` good-faith/NN ''/'' payment/NN of/IN cash/NN needed/VBN to/TO trade/VB them/PRP --/: to/TO about/IN the/DT same/JJ level/NN as/IN the/DT margin/NN requirement/NN for/IN stocks/NNS ./.
Currently/RB ,/, margins/NNS on/IN stock/NN futures/NNS purchases/NNS are/VBP much/RB lower/JJR --/: roughly/RB 7/CD %/NN compared/VBN with/IN 50/CD %/NN for/IN stocks/NNS --/: making/VBG the/DT futures/NNS market/NN much/RB faster/JJR and/CC potentially/RB more/RBR speculative/JJ ./.
Program/NN trading/NN critics/NNS also/RB want/VBP the/DT Federal/NNP Reserve/NNP Board/NNP ,/, rather/RB than/IN the/DT futures/NNS industry/NN ,/, to/TO set/VB such/JJ margins/NNS ./.
Futures/NNS traders/NNS respond/VBP that/IN low/JJ margins/NNS help/VBP keep/VB their/PRP$ markets/NNS active/JJ ./.
Higher/JJR margins/NNS would/MD chase/VB away/RB dozens/NNS of/IN smaller/JJR traders/NNS who/WP help/VBP larger/JJR traders/NNS buy/VB and/CC sell/VB ,/, they/PRP say/VBP ./.
Another/DT proposed/VBN reform/NN is/VBZ to/TO have/VB program/NN traders/NNS answer/VB to/TO an/DT ``/`` uptick/NN rule/NN ''/'' a/DT reform/NN instituted/VBN after/IN the/DT Great/NNP Crash/NNP of/IN 1929/CD that/WDT protects/VBZ against/IN stocks/NNS being/VBG relentlessly/RB beaten/VBN downward/RB by/IN those/DT seeking/VBG to/TO profit/VB from/IN lower/JJR prices/NNS ,/, namely/RB short/JJ sellers/NNS ./.
The/DT Big/NNP Board/NNP 's/POS uptick/NN rule/NN prevents/VBZ the/DT short/JJ sale/NN of/IN a/DT stock/NN when/WRB the/DT stock/NN is/VBZ falling/VBG in/IN price/NN ./.
But/CC in/IN 1986/CD ,/, program/NN traders/NNS received/VBD what/WP amounted/VBD to/TO an/DT exemption/NN from/IN the/DT uptick/NN rule/NN in/IN certain/JJ situations/NNS ,/, to/TO make/VB it/PRP easier/JJR to/TO link/VB the/DT stock/NN and/CC futures/NNS markets/NNS ./.
A/DT reinstatement/NN of/IN the/DT uptick/NN rule/NN for/IN program/NN traders/NNS would/MD slow/VB their/PRP$ activity/NN considerably/RB ./.
Program/NN traders/NNS argue/VBP that/IN a/DT reinstatement/NN of/IN the/DT rule/NN would/MD destroy/VB the/DT ``/`` pricing/NN efficiency/NN ''/'' of/IN the/DT futures/NNS and/CC stock/NN markets/NNS ./.
James/NNP A./NNP White/NNP contributed/VBD to/TO this/DT article/NN ./.
Fundamentalists/NNPS Jihad/NNP
Big/NNP Board/NNP Chairman/NNP John/NNP Phelan/NNP said/VBD yesterday/NN that/IN he/PRP could/MD support/VB letting/VBG federal/JJ regulators/NNS suspend/VB program/NN trading/NN during/IN wild/JJ stock-price/NN swings/NNS ./.
Thus/RB the/DT band-wagon/JJ psychology/NN of/IN recent/JJ days/NNS picks/VBZ up/RP new/JJ impetus/NN ./.
Index/NN arbitrage/NN is/VBZ a/DT common/JJ form/NN of/IN program/NN trading/NN ./.
As/IN usually/RB practiced/VBN it/PRP takes/VBZ advantage/NN of/IN a/DT rather/RB basic/JJ concept/NN :/: Two/CD separate/JJ markets/NNS in/IN different/JJ locations/NNS ,/, trading/VBG basically/RB the/DT same/JJ widgets/NNS ,/, ca/MD n't/RB trade/VB them/PRP for/IN long/RB at/IN prices/NNS that/WDT are/VBP widely/RB different/JJ ./.
In/IN index/NN arbitrage/NN ,/, the/DT widget/NN is/VBZ the/DT S&P/NNP 500/CD ,/, and/CC its/PRP$ price/NN is/VBZ constantly/RB compared/VBN between/IN the/DT futures/NNS market/NN in/IN Chicago/NNP and/CC the/DT stock/NN markets/NNS largely/RB in/IN New/NNP York/NNP ./.
To/TO profit/VB from/IN an/DT index-arbitrage/JJ opportunity/NN ,/, someone/NN who/WP owns/VBZ the/DT S&P/NNP 500/CD widget/NN in/IN New/NNP York/NNP must/MD sell/VB it/PRP and/CC replace/VB it/PRP with/IN a/DT cheaper/JJR S&P/NNP 500/CD widget/NN in/IN Chicago/NNP ./.
If/IN the/DT money/NN manager/NN performing/VBG this/DT service/NN is/VBZ being/VBG paid/VBN by/IN his/PRP$ clients/NNS to/TO match/VB or/CC beat/VB the/DT return/NN of/IN the/DT S&P/NNP 500/CD index/NN ,/, he/PRP is/VBZ likely/JJ to/TO remain/VB fully/RB invested/VBN at/IN all/DT times/NNS ./.
(/-LRB- Few/JJ ,/, if/IN any/DT ,/, index-fund/JJ managers/NNS will/MD risk/VB leveraging/VBG performance/NN by/IN owning/VBG more/JJR than/IN 100/CD %/NN exposure/NN to/TO stocks/NNS ,/, and/CC equally/RB few/JJ will/MD want/VB to/TO own/VB less/JJR than/IN a/DT 100/CD %/NN position/NN should/MD stocks/NNS rise/VB ./. )/-RRB-
By/IN constantly/RB seeking/VBG to/TO own/VB the/DT cheapest/JJS widget/NN ,/, index-arbitrage/JJ traders/NNS hope/VBP to/TO add/VB between/IN 1/CD %/NN and/CC 3/CD %/NN to/TO the/DT annual/JJ return/NN of/IN the/DT S&P/NNP 500/CD ./.
That/DT represents/VBZ a/DT very/RB thin/JJ ``/`` excess/JJ ''/'' return/NN ,/, certainly/RB far/RB less/JJR than/IN what/WP most/RBS fundamental/JJ stock/NN pickers/NNS claim/VBP to/TO seek/VB as/IN their/PRP$ performance/NN objective/NN ./.
The/DT fact/NN that/IN a/DT vast/JJ majority/NN of/IN fundamentalist/JJ money/NN managers/NNS fail/VBP to/TO beat/VB the/DT S&P/NNP 500/CD may/MD contribute/VB to/TO the/DT hysteria/NN surrounding/VBG the/DT issue/NN ./.
As/IN more/JJR managers/NNS pursue/VBP the/DT index-arbitrage/JJ strategy/NN ,/, these/DT small/JJ opportunities/NNS between/IN markets/NNS will/MD be/VB reduced/VBN and/CC ,/, eventually/RB ,/, eliminated/VBN ./.
The/DT current/JJ opportunities/NNS arise/VBP because/IN the/DT process/NN for/IN executing/VBG a/DT buy/NN or/CC sell/NN order/NN in/IN the/DT actual/JJ stocks/NNS that/WDT make/VBP up/RP the/DT S&P/NNP 500/CD is/VBZ more/RBR cumbersome/JJ than/IN transacting/VBG in/IN the/DT futures/NNS market/NN ./.
The/DT New/NNP York/NNP Stock/NNP Exchange/NNP 's/POS attempt/NN to/TO introduce/VB a/DT new/JJ portfolio/NN basket/NN is/VBZ evidence/NN of/IN investors/NNS '/POS desires/NNS to/TO make/VB fast/JJ and/CC easy/JJ transactions/NNS of/IN large/JJ numbers/NNS of/IN shares/NNS ./.
So/RB if/IN index/NN arbitrage/NN is/VBZ simply/RB taking/VBG advantage/NN of/IN thin/JJ inefficiencies/NNS between/IN two/CD markets/NNS for/IN the/DT same/JJ widget/NN ,/, how/WRB did/VBD ``/`` program/NN trading/NN ''/'' evolve/VB into/IN the/DT evil/JJ creature/NN that/WDT is/VBZ evoking/VBG the/DT curses/NNS of/IN so/RB many/JJ observers/NNS ?/.
All/DT arguments/NNS against/IN program/NN trading/NN ,/, even/RB those/DT pressed/VBN without/IN fact/NN ,/, conclude/VBP with/IN three/CD expected/VBN results/NNS after/IN ``/`` reforms/NNS ''/'' are/VBP implemented/VBN :/: 1/LS )/-RRB- reduced/VBN volatility/NN ,/, 2/LS )/-RRB- a/DT long-term/JJ investment/NN focus/NN ,/, and/CC 3/LS )/-RRB- a/DT level/NN playing/NN field/NN for/IN the/DT small/JJ investor/NN ./.
But/CC many/JJ of/IN these/DT reforms/NNS are/VBP unneeded/JJ ,/, even/RB harmful/JJ ./.
Reducing/VBG volatility/NN ./.
An/DT index-arbitrage/JJ trade/NN is/VBZ never/RB executed/VBN unless/IN there/EX is/VBZ sufficient/JJ difference/NN between/IN the/DT markets/NNS in/IN New/NNP York/NNP and/CC Chicago/NNP to/TO cover/VB all/DT transaction/NN costs/NNS ./.
Arbitrage/NN does/VBZ n't/RB cause/VB volatility/NN ;/: it/PRP responds/VBZ to/TO it/PRP ./.
Think/VB about/IN what/WP causes/VBZ the/DT difference/NN in/IN prices/NNS between/IN the/DT two/CD markets/NNS for/IN S&P/NNP 500/CD stocks/NNS --/: usually/RB it/PRP is/VBZ large/JJ investors/NNS initiating/VBG a/DT buy/NN or/CC sell/NN in/IN Chicago/NNP ./.
A/DT large/JJ investor/NN will/MD likely/RB cause/VB the/DT futures/NNS market/NN to/TO decline/VB when/WRB he/PRP sells/VBZ his/PRP$ futures/NNS ./.
Arbitrage/NN simply/RB transfers/VBZ his/PRP$ selling/NN pressure/NN from/IN Chicago/NNP to/TO New/NNP York/NNP ,/, while/IN functioning/VBG as/IN a/DT buyer/NN in/IN Chicago/NNP ./.
The/DT start/NN of/IN the/DT whole/JJ process/NN is/VBZ the/DT key/NN -/: someone/NN must/MD fundamentally/RB increase/VB or/CC decrease/VB his/PRP$ ownership/NN in/IN widgets/NNS to/TO make/VB widget/NN prices/NNS move/VB ./.
Why/WRB does/VBZ this/DT large/JJ hypothetical/JJ seller/NN trade/VB in/IN Chicago/NNP instead/RB of/IN New/NNP York/NNP ?/.
Perhaps/RB he/PRP is/VBZ willing/JJ to/TO sacrifice/VB to/TO the/DT arbitrage/NN trader/NN some/DT small/JJ profit/NN in/IN order/NN to/TO get/VB quick/JJ and/CC certain/JJ execution/NN of/IN his/PRP$ large/JJ trade/NN ./.
In/IN a/DT competitive/JJ market/NN ,/, this/DT investor/NN has/VBZ many/JJ ways/NNS to/TO execute/VB his/PRP$ transactions/NNS ,/, and/CC he/PRP will/MD have/VB more/JJR alternatives/NNS (/-LRB- both/DT foreign/JJ and/CC domestic/JJ )/-RRB- if/IN his/PRP$ volume/NN is/VBZ profitable/JJ for/IN an/DT exchange/NN to/TO handle/VB ./.
If/IN not/RB Chicago/NNP ,/, then/RB in/IN New/NNP York/NNP ;/: if/IN not/RB the/DT U.S./NNP ,/, then/RB overseas/RB ./.
Volatility/NN surrounding/VBG his/PRP$ trades/NNS occurs/VBZ not/RB because/IN of/IN index/NN arbitrage/NN ,/, but/CC because/IN his/PRP$ is/VBZ a/DT large/JJ addition/NN or/CC subtraction/NN to/TO a/DT widget/NN market/NN with/IN finite/JJ liquidity/NN ./.
Eliminate/VB arbitrage/NN and/CC liquidity/NN will/MD decline/VB instead/RB of/IN rising/VBG ,/, creating/VBG more/JJR volatility/NN instead/RB of/IN less/JJR ./.
The/DT speed/NN of/IN his/PRP$ transaction/NN is/VBZ n't/RB to/TO be/VB feared/VBN either/RB ,/, because/IN faster/JJR and/CC cleaner/JJR execution/NN is/VBZ desirable/JJ ,/, not/RB loathsome/JJ ./.
If/IN slowing/VBG things/NNS down/IN could/MD reduce/VB volatility/NN ,/, stone/NN tablets/NNS should/MD become/VB the/DT trade/NN ticket/NN of/IN the/DT future/NN ./.
Encouraging/VBG long-term/JJ investing/NN ./.
We/PRP must/MD be/VB very/RB cautious/JJ about/IN labeling/VBG investors/NNS as/IN ``/`` long-term/JJ ''/'' or/CC ``/`` short-term/JJ ./. ''/''
Policies/NNS designed/VBN to/TO encourage/VB one/CD type/NN of/IN investor/NN over/IN another/DT are/VBP akin/JJ to/TO placing/VBG a/DT sign/NN over/IN the/DT Big/NNP Board/NNP 's/POS door/NN saying/VBG :/: ``/`` Buyers/NNS welcome/VB ,/, sellers/NNS please/VB go/VB away/RB !/. ''/''
The/DT ultimate/JJ goal/NN of/IN any/DT investor/NN is/VBZ a/DT profit/NN motive/NN ,/, and/CC regulators/NNS should/MD not/RB concern/VB themselves/PRP with/IN whether/IN investors/NNS are/VBP sufficiently/RB focused/VBN on/IN the/DT long/JJ term/NN ./.
A/DT free/JJ market/NN with/IN a/DT profit/NN motive/NN will/MD attract/VB each/DT investor/NN to/TO the/DT liquidity/NN and/CC risks/NNS he/PRP can/MD tolerate/VB ./.
In/IN point/NN of/IN fact/NN ,/, volatility/NN as/IN measured/VBN by/IN the/DT annualized/JJ standard/JJ deviation/NN of/IN daily/JJ stock/NN price/NN movements/NNS has/VBZ frequently/RB been/VBN much/RB higher/JJR than/IN it/PRP is/VBZ today/NN ./.
Periods/NNS before/IN the/DT advent/NN of/IN futures/NNS or/CC program/NN trading/NN were/VBD often/RB more/RBR volatile/JJ ,/, usually/RB when/WRB fundamental/JJ market/NN conditions/NNS were/VBD undergoing/VBG change/NN (/-LRB- 1973-75/CD ,/, 1937-40/CD ,/, and/CC 1928-33/CD for/IN example/NN )/-RRB- ./.
It/PRP is/VBZ interesting/JJ to/TO see/VB the/DT fundamental/JJ stock/NN pickers/NNS scream/VB ``/`` foul/JJ ''/'' on/IN program/NN trading/NN when/WRB the/DT markets/NNS decline/VBP ,/, while/IN hailing/VBG the/DT great/JJ values/NNS still/RB abounding/VBG as/IN the/DT markets/NNS rise/VBP ./.
Could/MD rising/VBG volatility/NN possibly/RB be/VB related/VBN to/TO uncertainty/NN about/IN the/DT economics/NNS of/IN stocks/NNS ,/, instead/RB of/IN the/DT evil/JJ deeds/NNS of/IN program-trading/NN goblins/NNS ?/.
Some/DT of/IN the/DT proposed/VBN fixes/NNS for/IN what/WP is/VBZ labeled/VBN ``/`` program-trading/NN volatility/NN ''/'' could/MD be/VB far/RB worse/JJR than/IN the/DT perceived/VBN problem/NN ./.
In/IN using/VBG program/NN trading/NN as/IN a/DT whipping/JJ boy/NN ,/, fundamentalist/JJ investors/NNS stand/VBP to/TO gain/VB the/DT high/JJ ground/NN in/IN wooing/VBG small/JJ investors/NNS for/IN their/PRP$ existing/VBG stock-selection/JJ products/NNS ./.
They/PRP may/MD ,/, however/RB ,/, risk/VB bringing/VBG some/DT damaging/JJ interference/NN from/IN outside/IN the/DT markets/NNS themselves/PRP ./.
How/WRB does/VBZ a/DT nice/JJ new/JJ tax/NN ,/, say/VB 5/CD %/NN ,/, on/IN any/DT financial/JJ transaction/NN sound/VB ?/.
That/DT ought/MD to/TO make/VB sure/JJ we/PRP 're/VBP all/DT thinking/VBG for/IN the/DT long/JJ term/NN ./.
Getting/VBG a/DT level/NN playing/NN field/NN ./.
This/DT argument/NN is/VBZ perhaps/RB the/DT most/RBS interesting/JJ one/CD for/IN abolishing/VBG program/NN trading/NN --/: not/RB because/IN of/IN its/PRP$ merits/NNS ,/, but/CC because/IN of/IN the/DT firms/NNS championing/VBG the/DT cause/NN ./.
The/DT loudest/JJS of/IN these/DT reformers/NNS are/VBP money/NN managers/NNS who/WP cater/VBP to/TO smaller/JJR investors/NNS ./.
They/PRP continually/RB advise/VBP their/PRP$ clients/NNS on/IN which/WDT individual/JJ stocks/NNS to/TO buy/VB or/CC sell/VB ,/, while/IN their/PRP$ clients/NNS continue/VBP to/TO hope/VB for/IN superior/JJ performance/NN ./.
Even/RB with/IN mutual/JJ funds/NNS ,/, the/DT little/JJ investor/NN continues/VBZ to/TO tolerate/VB high/JJ fees/NNS ,/, high/JJ commissions/NNS and/CC poor/JJ performance/NN ,/, while/IN index-fund/NN managers/NNS slowly/RB amass/VBP a/DT better/JJR record/NN with/IN lower/JJR fees/NNS ,/, lower/JJR commissions/NNS and/CC less/JJR risk/NN ./.
Yet/CC our/PRP$ efforts/NNS are/VBP somehow/RB less/RBR noble/JJ than/IN those/DT of/IN an/DT investment/NN expert/NN studiously/RB devouring/VBG press/NN clippings/NNS on/IN each/DT company/NN he/PRP follows/VBZ ./.
Almost/RB all/DT new/JJ regulation/NN is/VBZ introduced/VBN in/IN the/DT interests/NNS of/IN protecting/VBG the/DT little/JJ guy/NN ,/, and/CC he/PRP invariably/RB is/VBZ the/DT one/CD least/JJS able/JJ to/TO cope/VB with/IN its/PRP$ consequences/NNS ./.
If/IN spreads/NNS available/JJ from/IN index/NN arbitrage/NN are/VBP so/RB enormous/JJ ,/, surely/RB any/DT sizable/JJ mutual-fund/NN company/NN could/MD profit/VB from/IN offering/VBG it/PRP to/TO small/JJ investors/NNS ./.
The/DT sad/JJ reality/NN is/VBZ that/IN the/DT retail/JJ investor/NN continues/VBZ to/TO pursue/VB stellar/JJ performers/NNS first/RB ,/, while/IN leaving/VBG institutions/NNS to/TO grapple/VB with/IN basis/NN points/NNS of/IN performance/NN on/IN large/JJ sums/NNS of/IN money/NN quarter/NN by/IN quarter/NN ./.
Cost-effective/JJ index/NN funds/NNS just/RB are/VBP n't/RB sexy/JJ enough/RB to/TO justify/VB the/DT high/JJ fees/NNS and/CC commissions/NNS that/IN retail/JJ customers/NNS frequently/RB pay/VBP ,/, and/CC that/IN institutional/JJ customers/NNS refuse/VBP to/TO pay/VB ./.
Each/DT new/JJ trading/NN roadblock/NN is/VBZ likely/JJ to/TO be/VB beaten/VBN by/IN institutions/NNS seeking/VBG better/JJR ways/NNS to/TO serve/VB their/PRP$ high-volume/JJ clients/NNS ,/, here/RB or/CC overseas/RB ./.
Legislating/VBG new/JJ trading/NN inefficiencies/NNS will/MD only/RB make/VB things/NNS harder/JJR on/IN the/DT least/JJS sophisticated/JJ investors/NNS ./.
So/RB what/WP is/VBZ next/JJ for/IN program/NN trading/NN ?/.
Left/VBN to/TO its/PRP$ own/JJ devices/NNS ,/, index/NN arbitrage/NN will/MD become/VB more/RBR and/CC more/RBR efficient/JJ ,/, making/VBG it/PRP harder/JJR and/CC harder/JJR to/TO do/VB profitably/RB ./.
Spreads/NNS will/MD become/VB so/RB tight/RB that/IN it/PRP wo/MD n't/RB matter/VB which/WDT market/NN an/DT investor/NN chooses/VBZ --/: arbitrage/NN will/MD prevent/VB him/PRP from/IN gaining/VBG any/DT temporary/JJ profit/NN ./.
If/IN government/NN or/CC private/JJ watchdogs/NNS insist/VBP ,/, however/RB ,/, on/IN introducing/VBG greater/JJR friction/NN between/IN the/DT markets/NNS (/-LRB- limits/NNS on/IN price/NN moves/NNS ,/, two-tiered/JJ execution/NN ,/, higher/JJR margin/NN requirements/NNS ,/, taxation/NN ,/, etc./FW )/-RRB- ,/, the/DT end/NN loser/NN will/MD be/VB the/DT markets/NNS themselves/PRP ./.
Instead/RB ,/, we/PRP ought/MD to/TO be/VB inviting/VBG more/JJR liquidity/NN with/IN cheaper/JJR ways/NNS to/TO trade/VB and/CC transfer/VB capital/NN among/IN all/DT participants/NNS ./.
Mr./NNP Allen/NNP 's/POS Pittsburgh/NNP firm/NN ,/, Advanced/NNP Investment/NNP Management/NNP Inc./NNP ,/, executes/VBZ program/NN trades/NNS for/IN institutions/NNS ./.
Some/DT Democrats/NNPS in/IN Congress/NNP are/VBP warning/VBG that/IN a/DT complicated/JJ new/JJ funding/NN device/NN for/IN the/DT two/CD federal/JJ antitrust/JJ agencies/NNS could/MD result/VB in/IN further/JJR cutbacks/NNS in/IN a/DT regulatory/JJ area/NN already/RB reduced/VBN sharply/RB in/IN recent/JJ years/NNS ./.
The/DT funding/NN mechanism/NN ,/, which/WDT has/VBZ received/VBN congressional/JJ approval/NN and/CC is/VBZ expected/VBN to/TO be/VB signed/VBN by/IN President/NNP Bush/NNP ,/, would/MD affect/VB the/DT antitrust/JJ operations/NNS of/IN the/DT Justice/NNP Department/NNP and/CC the/DT Federal/NNP Trade/NNP Commission/NNP ./.
As/IN a/DT part/NN of/IN overall/JJ efforts/NNS to/TO reduce/VB spending/NN ,/, Congress/NNP cut/VBD by/IN $/$ 30/CD million/CD the/DT Bush/NNP administration/NN 's/POS request/NN for/IN antitrust/JJ enforcement/NN for/IN fiscal/JJ 1990/CD ,/, which/WDT began/VBD Oct./NNP 1/CD ./.
To/TO offset/VB the/DT reduction/NN ,/, Congress/NNP approved/VBD a/DT $/$ 20,000/CD fee/NN that/IN investors/NNS and/CC companies/NNS will/MD have/VB to/TO pay/VB each/DT time/NN they/PRP make/VBP required/VBN filings/NNS to/TO antitrust/JJ regulators/NNS about/IN mergers/NNS ,/, acquisitions/NNS and/CC certain/JJ other/JJ transactions/NNS ./.
Some/RB Democrats/NNPS ,/, led/VBN by/IN Rep./NNP Jack/NNP Brooks/NNP (/-LRB- D./NNP ,/, Texas/NNP )/-RRB- ,/, unsuccessfully/RB opposed/VBD the/DT measure/NN because/IN they/PRP fear/VBP that/IN the/DT fees/NNS may/MD not/RB fully/RB make/VB up/RP for/IN the/DT budget/NN cuts/NNS ./.
But/CC Justice/NNP Department/NNP and/CC FTC/NNP officials/NNS said/VBD they/PRP expect/VBP the/DT filing/NN fees/NNS to/TO make/VB up/RP for/IN the/DT budget/NN reductions/NNS and/CC possibly/RB exceed/VB them/PRP ./.
``/`` It/PRP could/MD operate/VB to/TO augment/VB our/PRP$ budget/NN ,/, ''/'' James/NNP Rill/NNP ,/, the/DT Justice/NNP Department/NNP 's/POS antitrust/JJ chief/NN ,/, said/VBD in/IN an/DT interview/NN ./.
Under/IN measures/NNS approved/VBN by/IN both/DT houses/NNS of/IN Congress/NNP ,/, the/DT administration/NN 's/POS request/NN for/IN $/$ 47/CD million/CD for/IN the/DT Antitrust/NNP Division/NNP would/MD be/VB cut/VBN $/$ 15/CD million/CD ./.
The/DT FTC/NNP budget/NN request/NN of/IN $/$ 70/CD million/CD ,/, about/IN $/$ 34/CD million/CD of/IN which/WDT would/MD go/VB for/IN antitrust/JJ enforcement/NN ,/, would/MD also/RB be/VB cut/VBN by/IN $/$ 15/CD million/CD ./.
The/DT administration/NN had/VBD requested/VBN roughly/RB the/DT same/JJ amount/NN for/IN antitrust/JJ enforcement/NN for/IN fiscal/JJ 1990/CD as/IN was/VBD appropriated/VBN in/IN fiscal/JJ 1989/CD ./.
The/DT offsetting/VBG fees/NNS would/MD apply/VB to/TO filings/NNS made/VBN under/IN the/DT Hart-Scott-Rodino/NNP Act/NNP ./.
Under/IN that/DT law/NN ,/, parties/NNS proposing/VBG mergers/NNS or/CC acquisitions/NNS valued/VBN at/IN $/$ 15/CD million/CD or/CC more/RBR must/MD notify/VB FTC/NNP and/CC Justice/NNP Department/NNP antitrust/JJ regulators/NNS before/IN completing/VBG the/DT transactions/NNS ./.
Currently/RB ,/, the/DT government/NN charges/VBZ nothing/NN for/IN such/JJ filings/NNS ./.
Proponents/NNS of/IN the/DT funding/NN arrangement/NN predict/VBP that/IN ,/, based/VBN on/IN recent/JJ filing/NN levels/NNS of/IN more/JJR than/IN 2,000/CD a/DT year/NN ,/, the/DT fees/NNS will/MD yield/VB at/IN least/JJS $/$ 40/CD million/CD this/DT fiscal/JJ year/NN ,/, or/CC $/$ 10/CD million/CD more/JJR than/IN the/DT budget/NN cuts/NNS ./.
``/`` When/WRB you/PRP do/VBP that/DT ,/, there/EX is/VBZ not/RB a/DT cut/NN ,/, but/CC there/EX is/VBZ in/IN fact/NN a/DT program/NN increase/NN of/IN $/$ 5/CD million/CD ''/'' each/DT for/IN the/DT FTC/NNP and/CC the/DT Justice/NNP Department/NNP ,/, Rep./NNP Neal/NNP Smith/NNP (/-LRB- D./NNP ,/, Iowa/NNP )/-RRB- said/VBD during/IN House/NNP debate/NN ./.
But/CC Rep./NNP Don/NNP Edwards/NNP (/-LRB- D./NNP ,/, Calif/NNP ./. )/-RRB- responded/VBD that/IN a/DT recession/NN could/MD stifle/VB merger/NN activity/NN ,/, reducing/VBG the/DT amount/NN of/IN fees/NNS collected/VBN ./.
The/DT antitrust/JJ staffs/NNS of/IN both/PDT the/DT FTC/NNP and/CC Justice/NNP Department/NNP were/VBD cut/VBN more/JJR than/IN 40/CD %/NN in/IN the/DT Reagan/NNP administration/NN ,/, and/CC enforcement/NN of/IN major/JJ merger/NN cases/NNS fell/VBD off/RP drastically/RB during/IN that/DT period/NN ./.
``/`` Today/NN is/VBZ not/RB the/DT time/NN to/TO signal/VB that/IN Congress/NNP in/IN any/DT way/NN sanctions/VBZ the/DT dismal/JJ state/NN into/IN which/WDT antitrust/JJ enforcement/NN has/VBZ fallen/VBN ,/, ''/'' Mr./NNP Edwards/NNP argued/VBD ./.
Any/DT money/NN in/IN excess/NN of/IN $/$ 40/CD million/CD collected/VBN from/IN the/DT fees/NNS in/IN fiscal/JJ 1990/CD would/MD go/VB to/TO the/DT Treasury/NNP at/IN large/JJ ./.
Corporate/JJ lawyers/NNS said/VBD the/DT new/JJ fees/NNS would/MD n't/RB inhibit/VB many/JJ mergers/NNS or/CC other/JJ transactions/NNS ./.
Though/IN some/DT lawyers/NNS reported/VBD that/IN prospective/JJ acquirers/NNS were/VBD scrambling/VBG to/TO make/VB filings/NNS before/IN the/DT fees/NNS take/VBP effect/NN ,/, government/NN officials/NNS said/VBD they/PRP had/VBD n't/RB noticed/VBN any/DT surge/NN in/IN filings/NNS ./.
FALL/NN BALLOT/NN ISSUES/NNS set/VBD a/DT record/NN for/IN off-year/JJ elections/NNS ./.
Odd-year/JJ elections/NNS attract/VBP relatively/RB few/JJ ballot/NN issues/NNS ./.
But/CC the/DT 1989/CD fall/NN total/NN of/IN 80/CD ,/, while/IN well/RB below/IN 1988/CD activity/NN ,/, shows/VBZ ``/`` a/DT steady/JJ ratcheting/VBG up/IN in/IN citizen/NN referenda/NN and/CC initiatives/VBZ ,/, ''/'' says/VBZ Patrick/NNP McGuigan/NNP ,/, editor/NN of/IN Family/NNP ,/, Law/NNP and/CC Democracy/NNP Report/NNP ./.
He/PRP says/VBZ the/DT 10/CD citizen-sparked/JJ issues/NNS on/IN state/NN ballots/NNS this/DT fall/NN represent/VBP the/DT most/JJS in/IN any/DT odd-year/JJ this/DT decade/NN ./.
Ballot/NN questions/NNS range/VBP from/IN a/DT Maine/NNP initiative/NN on/IN banning/VBG Cruise/NN missiles/NNS to/TO a/DT referendum/NN on/IN increasing/VBG the/DT North/NNP Dakota/NNP income/NN tax/NN ./.
Ballot/NN watchers/NNS say/VBP attention/NN already/RB is/VBZ focused/VBN on/IN the/DT 1990/CD elections/NNS ./.
In/IN California/NNP ,/, two/CD petition/NN drives/NNS for/IN next/JJ year/NN 's/POS election/NN are/VBP ``/`` essentially/RB finished/VBN ,/, ''/'' says/VBZ David/NNP Schmidt/NNP ,/, author/NN of/IN ``/`` Citizen/NNP Lawmakers/NNPS ./. ''/''
Mr./NNP McGuigan/NNP cites/VBZ three/CD completed/VBN efforts/NNS in/IN Oklahoma/NNP ./.
Hot/JJ ballot/NN topics/NNS are/VBP expected/VBN to/TO be/VB abortion/NN ,/, the/DT environment/NN and/CC insurance/NN reform/NN ./.
Taking/VBG a/DT cue/NN from/IN California/NNP ,/, more/JJR politicians/NNS will/MD launch/VB their/PRP$ campaigns/NNS by/IN backing/VBG initiatives/NNS ,/, says/VBZ David/NNP Magleby/NNP of/IN Brigham/NNP Young/NNP University/NNP ./.
PHOTOGRAPH/NN COLLECTING/NN gains/VBZ new/JJ stature/NN as/IN prices/NNS rise/VBP ./.
Price/NN records/NNS are/VBP being/VBG set/NN at/IN auctions/NNS this/DT week/NN ./.
At/IN Christie/NNP 's/POS ,/, a/DT folio/NN of/IN 21/CD prints/NNS from/IN Alfred/NNP Stieglitz/NNP 's/POS ``/`` Equivalents/NNS ''/'' series/NN sold/VBD for/IN $/$ 396,000/CD ,/, a/DT single-lot/JJ record/NN ./.
Other/JJ works/NNS also/RB have/VBP been/VBN exceeding/VBG price/NN estimates/NNS ./.
In/IN part/NN ,/, prices/NNS reflect/VBP development/NN of/IN a/DT market/NN structure/NN based/VBN on/IN such/JJ variables/NNS as/IN the/DT number/NN of/IN prints/NNS ./.
This/DT information/NN used/VBD to/TO be/VB poorly/RB documented/VBN and/CC largely/RB anecdotal/JJ ,/, says/VBZ Beth/NNP Gates-Warren/NNP of/IN Sotheby/NNP 's/POS ./.
``/`` There/EX is/VBZ finally/RB some/DT sort/NN of/IN sense/NN in/IN the/DT market/NN ,/, ''/'' she/PRP says/VBZ ./.
Corporations/NNS and/CC museums/NNS are/VBP among/IN the/DT serious/JJ buyers/NNS ,/, giving/VBG greater/JJR market/NN stability/NN ,/, says/VBZ Robert/NNP Persky/NNP of/IN the/DT Photograph/NNP Collector/NNP ./.
``/`` When/WRB I/PRP see/VBP prints/NNS going/VBG into/IN the/DT hands/NNS of/IN institutions/NNS ,/, I/PRP know/VBP they/PRP are/VBP n't/RB going/VBG to/TO come/VB back/RB on/IN the/DT market/NN ./. ''/''
Most/JJS in/IN demand/NN :/: classic/JJ photographs/NNS by/IN masters/NNS such/JJ as/IN Stieglitz/NNP and/CC Man/NNP Ray/NNP ./.
But/CC much/RB contemporary/JJ work/NN is/VBZ also/RB fetching/VBG ``/`` a/DT great/JJ deal/NN of/IN money/NN ,/, ''/'' says/VBZ Miles/NNP Barth/NNP of/IN the/DT International/NNP Center/NNP of/IN Photography/NNP ./.
DIALING/VBG 900/CD brings/VBZ callers/NNS a/DT growing/VBG number/NN of/IN services/NNS ./.
Currently/RB a/DT $/$ 300/CD million-a-year/JJ business/NN ,/, 900/CD telephone/NN service/NN is/VBZ expected/VBN to/TO hit/VB $/$ 500/CD million/CD next/JJ year/NN and/CC near/IN $/$ 2/CD billion/CD by/IN 1992/CD as/IN uses/NNS for/IN the/DT service/NN continue/VBP to/TO expand/VB ,/, says/VBZ Joel/NNP Gross/NNP of/IN Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP Inc/NNP ./.
The/DT service/NN --/: which/WDT costs/VBZ the/DT caller/NN from/IN 30/CD cents/NNS to/TO $/$ 25/CD a/DT minute/NN --/: currently/RB is/VBZ dominated/VBN by/IN celebrity/NN chatter/NN ,/, horoscopes/NNS and/CC romance/NN lines/NNS ./.
But/CC more/RBR serious/JJ applications/NNS are/VBP in/IN the/DT wings/NNS ,/, and/CC that/DT is/VBZ where/WRB the/DT future/JJ growth/NN is/VBZ expected/VBN ./.
``/`` I/PRP 'm/VBP starting/VBG to/TO see/VB more/JJR business/NN transactions/NNS ,/, ''/'' says/VBZ Andrea/NNP West/NNP of/IN American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP ,/, noting/VBG growing/VBG interest/NN in/IN use/NN of/IN 900/CD service/NN for/IN stock/NN sales/NNS ,/, software/NN tutorials/NNS and/CC even/RB service/NN contracts/NNS ./.
Colleges/NNS ,/, she/PRP says/VBZ ,/, are/VBP eyeing/VBG registration/NN through/IN 900/CD service/NN ./.
Charities/NNS test/VBP the/DT waters/NNS ,/, but/CC they/PRP face/VBP legal/JJ barriers/NNS to/TO electronic/JJ fund/NN raising/NN ./.
``/`` The/DT thing/NN that/WDT will/MD really/RB break/VB this/DT market/NN right/RB open/JJ is/VBZ merchandising/NN ,/, ''/'' Ms./NNP West/NNP says/VBZ ./.
Much/JJ of/IN the/DT 800/CD service/NN will/MD ``/`` migrate/VB to/TO 900/CD ,/, ''/'' predicts/VBZ Jack/NNP Lawless/NNP ,/, general/JJ manager/NN of/IN US/NNP Sprint/NNP 's/POS 900/CD product/NN ./.
FAMILY/NN PETS/NNS are/VBP improving/VBG recovery/NN rates/NNS of/IN patients/NNS at/IN Columbia/NNP Hospital/NNP ,/, Milwaukee/NNP ./.
Patients/NNS who/WP receive/VBP canine/JJ or/CC feline/JJ visitors/NNS are/VBP found/VBN to/TO have/VB lower/JJR blood/NN pressure/NN and/CC improved/VBN appetite/NN and/CC be/VB more/RBR receptive/JJ to/TO therapy/NN ,/, says/VBZ Mary/NNP Ann/NNP O'Loughlin/NNP ,/, program/NN coordinator/NN ./.
TIRED/JJ OF/IN TRIMMING/VBG ?/.
Hammacher/NNP Schlemmer/NNP &/CC Co./NNP offers/VBZ a/DT fiber-optic/JJ Christmas/NNP tree/NN that/WDT eliminates/VBZ the/DT need/NN to/TO string/VB lights/NNS ./.
The/DT $/$ 6,500/CD tree/NN is/VBZ designed/VBN to/TO send/VB continuously/RB changing/VBG colored/VBN light/NN to/TO dozens/NNS of/IN fiber-end/JJ bunches/NNS ./.
MEDICINE/NNP TRANSPLANT/NNP :/: Growth/NN of/IN Japanese/JJ trade/NN and/CC travel/NN prompts/VBZ Beth/NNP Israel/NNP Medical/NNP Center/NNP ,/, New/NNP York/NNP ,/, to/TO set/VB up/RP a/DT bilingual/JJ medical/JJ practice/NN ./.
Funded/VBN by/IN a/DT $/$ 1/CD million/CD gift/NN from/IN Tokio/NNP Marine/NNP &/CC Fire/NNP Insurance/NNP ,/, the/DT service/NN will/MD follow/VB Japanese/JJ medical/JJ protocols/NNS ,/, including/VBG emphasis/NN on/IN preventative/JJ medicine/NN ./.
DIAPER/NN SERVICES/NNS make/VBP a/DT comeback/NN amid/IN growing/VBG environmental/JJ concerns/NNS ./.
Concerned/VBN about/IN shrinking/VBG landfills/NNS and/CC the/DT safety/NN of/IN chemicals/NNS used/VBN in/IN super-absorbent/JJ disposables/NNS ,/, parents/NNS are/VBP returning/VBG to/TO the/DT cloth/NN diaper/NN ./.
Tiny/NNP Tots/NNPS Inc./NNP ,/, Campbell/NNP ,/, Calif./NNP ,/, says/VBZ business/NN is/VBZ up/IN 35/CD %/NN in/IN the/DT past/NN year/NN ./.
``/`` We/PRP 're/VBP gaining/VBG 1,200/CD new/JJ customers/NNS each/DT week/NN ,/, ''/'' says/VBZ Jack/NNP Mogavero/NNP of/IN General/NNP Health/NNP Care/NNP Corp./NNP ,/, Piscataway/NNP ,/, N.J/NNP ./.
In/IN Syracuse/NNP ,/, N.Y./NNP ,/, DyDee/NNP Service/NNP 's/POS new/JJ marketing/NN push/NN stresses/VBZ environmental/JJ awareness/NN ./.
Among/IN its/PRP$ new/JJ customers/NNS :/: day-care/JJ centers/NNS that/WDT previously/RB spurned/VBD the/DT service/NN ./.
The/DT National/NNP Association/NNP of/IN Diaper/NNP Services/NNPS ,/, Philadelphia/NNP ,/, says/VBZ that/IN since/IN January/NNP it/PRP has/VBZ gotten/VBN more/JJR than/IN 672/CD inquiries/NNS from/IN people/NNS interested/JJ in/IN starting/VBG diaper/NN services/NNS ./.
Elisa/NNP Hollis/NNP launched/VBD a/DT diaper/NN service/NN last/JJ year/NN because/IN State/NNP College/NNP ,/, Pa./NNP ,/, where/WRB she/PRP lives/VBZ ,/, did/VBD n't/RB have/VB one/CD ./.
Diaper/NN shortages/NNS this/DT summer/NN limited/VBD growth/NN at/IN Stork/NNP Diaper/NNP Services/NNPS ,/, Springfield/NNP ,/, Mass./NNP ,/, where/WRB business/NN is/VBZ up/IN 25/CD %/NN in/IN
Also/RB spurring/VBG the/DT move/NN to/TO cloth/NN :/: diaper/NN covers/NNS with/IN Velcro/NN fasteners/NNS that/WDT eliminate/VBP the/DT need/NN for/IN safety/NN pins/NNS ./.
BRIEFS/NNPS :/:
Only/RB 57.6/CD %/NN of/IN New/NNP Yorkers/NNPS watch/VBP the/DT local/JJ news/NN ,/, the/DT lowest/JJS viewership/NN in/IN the/DT country/NN ,/, says/VBZ a/DT new/JJ study/NN by/IN Impact/NNP Resources/NNPS Inc./NNP ,/, Columbus/NNP ,/, Ohio/NNP .../: ./.
FreudToy/NNP ,/, a/DT pillow/NN bearing/VBG the/DT likeness/NN of/IN Sigmund/NNP Freud/NNP ,/, is/VBZ marketed/VBN as/IN a/DT $/$ 24.95/CD tool/NN for/IN do-it-yourself/JJ analysis/NN ./.
Program/NN trading/NN is/VBZ ``/`` a/DT racket/NN ,/, ''/'' complains/VBZ Edward/NNP Egnuss/NNP ,/, a/DT White/NNP Plains/NNP ,/, N.Y./NNP ,/, investor/NN and/CC electronics/NNS sales/NNS executive/NN ,/, ``/`` and/CC it/PRP 's/VBZ not/RB to/TO the/DT benefit/NN of/IN the/DT small/JJ investor/NN ,/, that/DT 's/VBZ for/IN sure/RB ./. ''/''
But/CC although/IN he/PRP thinks/VBZ that/IN it/PRP is/VBZ hurting/VBG him/PRP ,/, he/PRP doubts/VBZ it/PRP could/MD be/VB stopped/VBN ./.
Mr./NNP Egnuss/NNP 's/POS dislike/NN of/IN program/NN trading/NN is/VBZ echoed/VBN by/IN many/JJ small/JJ investors/NNS interviewed/VBN by/IN Wall/NNP Street/NNP Journal/NNP reporters/NNS across/IN the/DT country/NN ./.
But/CC like/IN Mr./NNP Egnuss/NNP ,/, few/JJ expect/VBP it/PRP to/TO be/VB halted/VBN entirely/RB ,/, and/CC a/DT surprising/JJ number/NN doubt/NN it/PRP should/MD be/VB ./.
``/`` I/PRP think/VBP program/NN trading/NN is/VBZ basically/RB unfair/JJ to/TO the/DT individual/JJ investor/NN ,/, ''/'' says/VBZ Leo/NNP Fields/NNP ,/, a/DT Dallas/NNP investor/NN ./.
He/PRP notes/VBZ that/IN program/NN traders/NNS have/VBP a/DT commission/NN cost/NN advantage/NN because/IN of/IN the/DT quantity/NN of/IN their/PRP$ trades/NNS ,/, that/IN they/PRP have/VBP a/DT smaller/JJR margin/NN requirement/NN than/IN individual/JJ investors/NNS do/VBP and/CC that/IN they/PRP often/RB can/MD figure/VB out/RP earlier/JJR where/WRB the/DT market/NN is/VBZ heading/VBG ./.
But/CC he/PRP blames/VBZ program/NN trading/NN for/IN only/RB some/DT of/IN the/DT market/NN 's/POS volatility/NN ./.
He/PRP also/RB considers/VBZ the/DT market/NN overvalued/VBD and/CC cites/VBZ the/DT troubles/NNS in/IN junk/NN bonds/NNS ./.
He/PRP adds/VBZ :/: ``/`` The/DT market/NN may/MD be/VB giving/VBG us/PRP another/DT message/NN ,/, that/IN a/DT recession/NN is/VBZ looming/VBG ./. ''/''
Or/CC ,/, as/IN Dorothy/NNP Arighi/NNP ,/, an/DT interior/JJ decorator/NN in/IN Arnold/NNP ,/, Calif./NNP ,/, puts/VBZ it/PRP :/: ``/`` All/DT kinds/NNS of/IN funny/JJ things/NNS spook/VBP the/DT market/NN these/DT days/NNS ./. ''/''
But/CC she/PRP believes/VBZ that/IN ``/`` program/NN trading/NN creates/VBZ deviant/JJ swings/NNS ./.
It/PRP 's/VBZ not/RB a/DT sound/JJ thing/NN ;/: there/EX 's/VBZ no/DT inherent/JJ virtue/NN in/IN it/PRP ./. ''/''
She/PRP adds/VBZ that/IN legislation/NN curbing/VBG it/PRP would/MD be/VB ``/`` a/DT darned/RB good/JJ idea/NN ./. ''/''
At/IN the/DT Charles/NNP Schwab/NNP &/CC Co./NNP office/NN in/IN Atlanta/NNP 's/POS Buckhead/NNP district/NN ,/, a/DT group/NN of/IN investors/NNS voices/NNS skepticism/NN that/IN federal/JJ officials/NNS would/MD curb/VB program/NN trading/NN ./.
Citing/VBG the/DT October/NNP 1987/CD crash/NN ,/, Glenn/NNP Miller/NNP says/VBZ ,/, ``/`` It/PRP 's/VBZ like/IN the/DT last/JJ crash/NN --/: they/PRP threatened/VBD ,/, but/CC no/DT one/NN did/VBD anything/NN ./. ''/''
A./NNP Donald/NNP Anderson/NNP ,/, a/DT 59-year-old/JJ Los/NNP Angeles/NNP investor/NN who/WP says/VBZ the/DT stock/NN market/NN 's/POS ``/`` fluctuations/NNS and/CC gyrations/NNS give/VBP me/PRP the/DT heebie-jeebies/NNS ,/, ''/'' does/VBZ n't/RB see/VB much/JJ point/NN in/IN outlawing/VBG program/NN trading/NN ./.
Those/DT who/WP still/RB want/VBP to/TO do/VB it/PRP ``/`` will/MD just/RB find/VB some/DT way/NN to/TO get/VB around/IN ''/'' any/DT attempt/NN to/TO curb/VB it/PRP ./.
Similarly/RB ,/, Rick/NNP Wamre/NNP ,/, a/DT 31-year-old/JJ asset/NN manager/NN for/IN a/DT Dallas/NNP real-estate/NN firm/NN ,/, would/MD like/VB to/TO see/VB program/NN trading/NN disappear/VB because/IN ``/`` I/PRP ca/MD n't/RB see/VB that/IN it/PRP does/VBZ anything/NN for/IN the/DT market/NN or/CC the/DT country/NN ./. ''/''
Yet/RB he/PRP is/VBZ n't/RB in/IN favor/NN of/IN new/JJ legislation/NN ./.
``/`` I/PRP think/VBP we/PRP 've/VBP got/VBN enough/JJ securities/NNS laws/NNS ,/, ''/'' he/PRP says/VBZ ./.
``/`` I/PRP 'd/MD much/RB rather/RB see/VB them/PRP dealing/VBG with/IN interest/NN rates/NNS and/CC the/DT deficit/NN ./. ''/''
Peter/NNP Anthony/NNP ,/, who/WP runs/VBZ an/DT employment/NN agency/NN in/IN New/NNP York/NNP ,/, decries/VBZ program/NN trading/NN as/IN ``/`` limiting/VBG the/DT game/NN to/TO a/DT few/JJ ,/, ''/'' but/CC he/PRP also/RB is/VBZ n't/RB sure/JJ it/PRP should/MD be/VB more/RBR strictly/RB regulated/VBN ./.
``/`` I/PRP do/VBP n't/RB want/VB to/TO denounce/VB it/PRP because/IN denouncing/VBG it/PRP would/MD be/VB like/IN denouncing/VBG capitalism/NN ,/, ''/'' he/PRP explains/VBZ ./.
And/CC surprising/JJ numbers/NNS of/IN small/JJ investors/NNS seem/VBP to/TO be/VB adapting/VBG to/TO greater/JJR stock/NN market/NN volatility/NN and/CC say/VB they/PRP can/MD live/VB with/IN program/NN trading/NN ./.
Glenn/NNP Britta/NNP ,/, a/DT 25-year-old/JJ New/NNP York/NNP financial/JJ analyst/NN who/WP plays/VBZ options/NNS for/IN his/PRP$ personal/JJ account/NN ,/, says/VBZ he/PRP is/VBZ ``/`` factoring/VBG ''/'' the/DT market/NN 's/POS volatility/NN ``/`` into/IN investment/NN decisions/NNS ./. ''/''
He/PRP adds/VBZ that/IN program/NN trading/NN ``/`` increases/VBZ liquidity/NN in/IN the/DT market/NN ./.
You/PRP ca/MD n't/RB hold/VB back/JJ technology/NN ./. ''/''
And/CC the/DT practice/NN should/MD n't/RB be/VB stopped/VBN ,/, he/PRP says/VBZ ,/, because/IN ``/`` even/RB big/JJ players/NNS are/VBP n't/RB immune/JJ to/TO the/DT rigors/NNS of/IN program/NN trading/NN ./. ''/''
Also/RB in/IN New/NNP York/NNP ,/, Israel/NNP Silverman/NNP ,/, an/DT insurance-company/NN lawyer/NN ,/, comments/VBZ that/IN program/NN trading/NN ``/`` increases/VBZ volatility/NN ,/, but/CC I/PRP do/VBP n't/RB think/VB it/PRP should/MD be/VB banned/VBN ./.
There/EX 's/VBZ no/DT culprit/NN here/RB ./.
The/DT market/NN is/VBZ just/RB becoming/VBG more/RBR efficient/JJ ./. ''/''
Arbitraging/VBG on/IN differences/NNS between/IN spot/NN and/CC futures/NNS prices/NNS is/VBZ an/DT important/JJ part/NN of/IN many/JJ financial/JJ markets/NNS ,/, he/PRP says/VBZ ./.
He/PRP adds/VBZ that/IN his/PRP$ shares/NNS in/IN a/DT company/NN savings/NN plan/NN are/VBP invested/VBN in/IN a/DT mutual/JJ fund/NN ,/, and/CC volatility/NN ,/, on/IN a/DT given/VBN day/NN ,/, may/MD hurt/VB the/DT fund/NN ./.
But/CC ``/`` I/PRP 'm/VBP a/DT long-term/JJ investor/NN ,/, ''/'' he/PRP says/VBZ ./.
``/`` If/IN you/PRP were/VBD a/DT short-term/JJ investor/NN ,/, you/PRP might/MD be/VB more/RBR leery/JJ about/IN program/NN trading/NN ./. ''/''
Jim/NNP Enzor/NNP of/IN Atlanta/NNP defends/VBZ program/NN trading/NN because/IN he/PRP believes/VBZ that/IN it/PRP can/MD bring/VB the/DT market/NN back/RB up/IN after/IN a/DT plunge/NN ./.
``/`` If/IN we/PRP have/VBP a/DT real/JJ bad/JJ day/NN ,/, the/DT program/NN would/MD say/VB ,/, `/`` Buy/VB ,/, '/'' ''/'' he/PRP explains/VBZ ./.
``/`` If/IN you/PRP could/MD get/VB the/DT rhythm/NN of/IN the/DT program/NN trading/NN ,/, you/PRP could/MD take/VB advantage/NN of/IN it/PRP ./. ''/''
What/WP else/RB can/MD a/DT small/JJ investor/NN do/VB ?/.
Scott/NNP Taccetta/NNP ,/, a/DT Chicago/NNP accountant/NN ,/, is/VBZ going/VBG into/IN money-market/JJ funds/NNS ./.
Mr./NNP Taccetta/NNP says/VBZ he/PRP had/VBD just/RB recouped/VBN the/DT $/$ 5,000/CD he/PRP lost/VBD in/IN the/DT 1987/CD crash/NN when/WRB he/PRP lost/VBD more/JJR money/NN last/JJ Oct./NNP 13/CD ./.
Now/RB ,/, he/PRP plans/VBZ to/TO sell/VB all/PDT his/PRP$ stocks/NNS by/IN the/DT first/JJ quarter/NN of/IN 1990/CD ./.
In/IN October/NNP ,/, before/IN the/DT market/NN dropped/VBD ,/, Mrs./NNP Arighi/NNP of/IN Arnold/NNP ,/, Calif./NNP ,/, moved/VBD to/TO sell/VB the/DT ``/`` speculative/JJ stocks/NNS ''/'' in/IN her/PRP$ family/NN trust/NN ``/`` so/IN we/PRP will/MD be/VB able/JJ to/TO withstand/VB all/PDT this/DT flim-flammery/NN ''/'' caused/VBN by/IN program/NN trading/NN ./.
She/PRP believes/VBZ that/IN the/DT only/JJ answer/NN for/IN individuals/NNS is/VBZ to/TO ``/`` buy/VB stocks/NNS that/WDT 'll/MD weather/VB any/DT storm/NN ./. ''/''
Lucille/NNP Gorman/NNP ,/, an/DT 84-year-old/JJ Chicago/NNP housewife/NN ,/, has/VBZ become/VBN amazingly/RB immune/JJ to/TO stock-market/NN jolts/NNS ./.
Mrs./NNP Gorman/NNP took/VBD advantage/NN of/IN low/JJ prices/NNS after/IN the/DT 1987/CD crash/NN to/TO buy/VB stocks/NNS and/CC has/VBZ hunted/VBN for/IN other/JJ bargains/NNS since/IN the/DT Oct./NNP 13/CD plunge/NN ./.
``/`` My/PRP$ stocks/NNS are/VBP all/RB blue/JJ chips/NNS ,/, ''/'' she/PRP says/VBZ ./.
``/`` If/IN the/DT market/NN goes/VBZ down/IN ,/, I/PRP figure/VBP it/PRP 's/VBZ paper/NN profits/NNS I/PRP 'm/VBP losing/VBG ./.
On/IN the/DT other/JJ hand/NN ,/, if/IN it/PRP goes/VBZ way/NN sky/NN high/RB ,/, I/PRP always/RB sell/VBP ./.
You/PRP do/VBP n't/RB want/VB to/TO get/VB yourself/PRP too/RB upset/JJ about/IN these/DT things/NNS ./.
Young/NNP 's/POS Market/NNP Co./NNP ,/, a/DT wholesaler/NN of/IN spirits/NNS ,/, wines/NNS and/CC other/JJ goods/NNS ,/, said/VBD it/PRP will/MD merge/VB with/IN a/DT new/JJ corporation/NN formed/VBN by/IN the/DT Underwood/NNP family/NN ,/, which/WDT controls/VBZ Young/NNP 's/POS ./.
Under/IN terms/NNS of/IN the/DT agreement/NN ,/, shareholders/NNS other/JJ than/IN the/DT Underwoods/NNPS will/MD receive/VB $/$ 3,500/CD a/DT share/NN at/IN closing/NN ,/, which/WDT is/VBZ expected/VBN in/IN December/NNP ./.
The/DT Underwood/NNP family/NN said/VBD that/IN holders/NNS of/IN more/JJR than/IN a/DT majority/NN of/IN the/DT stock/NN of/IN the/DT company/NN have/VBP approved/VBN the/DT transaction/NN by/IN written/VBN consent/NN ./.
Researchers/NNS at/IN American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP 's/POS Bell/NNP Laboratories/NNPS reported/VBD they/PRP raised/VBD the/DT electrical/JJ current-carrying/JJ capacity/NN of/IN new/JJ superconductor/NN crystals/NNS by/IN a/DT factor/NN of/IN 100/CD ,/, moving/VBG the/DT materials/NNS closer/JJR to/TO commercial/JJ use/NN ./.
The/DT scientists/NNS said/VBD they/PRP created/VBD small/JJ changes/NNS in/IN the/DT crystal-lattice/JJ structures/NNS of/IN the/DT superconductors/NNS to/TO raise/VB the/DT amount/NN of/IN current/NN that/IN single/JJ crystals/NNS could/MD carry/VB to/TO 600,000/CD amps/NNS per/IN square/JJ centimeter/NN in/IN a/DT moderately/RB strong/JJ magnetic/JJ field/NN ./.
The/DT scientists/NNS said/VBD they/PRP made/VBD the/DT advance/NN with/IN yttrium-containing/JJ superconductors/NNS cooled/VBN to/TO liquid-nitrogen/NN temperature/NN ,/, or/CC minus/CC 321/CD degrees/NNS Fahrenheit/NN ./.
Their/PRP$ report/NN appears/VBZ in/IN today/NN 's/POS issue/NN of/IN the/DT journal/NN Nature/NNP ./.
The/DT finding/NN marks/VBZ a/DT significant/JJ step/NN in/IN research/NN on/IN ``/`` bulk/NN ''/'' superconductors/NNS ,/, which/WDT are/VBP aimed/VBN at/IN use/NN in/IN wires/NNS for/IN motors/NNS ,/, magnets/NNS ,/, generators/NNS and/CC other/JJ applications/NNS ./.
Scientists/NNS had/VBD obtained/VBN even/RB higher/JJR current-carrying/JJ capacity/NN in/IN thin/JJ films/NNS of/IN the/DT new/JJ superconductors/NNS ,/, but/CC have/VBP had/VBN problems/NNS increasing/VBG the/DT amount/NN of/IN current/NN that/IN bulk/NN crystals/NNS could/MD carry/VB ./.
Superconductors/NNS conduct/VBP electricity/NN without/IN resistance/NN when/WRB cooled/VBN ./.
A/DT family/NN of/IN ceramic/JJ superconductors/NNS discovered/VBN during/IN the/DT past/JJ three/CD years/NNS promise/VBP new/JJ technologies/NNS such/JJ as/IN cheaper/JJR electrical/JJ generation/NN --/: but/CC only/RB if/IN their/PRP$ current-carrying/JJ capacity/NN can/MD be/VB raised/VBN ./.
The/DT AT&T/NNP advance/NN shows/VBZ how/WRB one/CD aspect/NN of/IN the/DT current-carrying/JJ problem/NN can/MD be/VB overcome/VBN ./.
But/CC ``/`` it/PRP wo/MD n't/RB lead/VB to/TO imminent/JJ use/NN ''/'' of/IN new/JJ superconductors/NNS ,/, cautioned/VBD Robert/NNP B./NNP van/NNP Dover/NNP ,/, one/CD of/IN the/DT AT&T/NNP researchers/NNS ./.
He/PRP added/VBD that/IN the/DT current-carrying/JJ capacity/NN of/IN multi-crystal/JJ samples/NNS of/IN superconductors/NNS remains/VBZ too/RB low/RB for/IN most/JJS practical/JJ uses/NNS because/IN of/IN so-called/JJ weak/JJ links/NNS between/IN crystals/NNS ./.
Such/JJ multi-crystal/JJ materials/NNS will/MD probably/RB be/VB needed/VBN for/IN commercial/JJ applications/NNS ./.
Mr./NNP van/NNP Dover/NNP said/VBD the/DT AT&T/NNP team/NN created/VBD the/DT desired/VBN crystal/NN changes/NNS by/IN bombarding/VBG superconductor/NN samples/NNS with/IN neutrons/NNS ,/, a/DT process/NN that/WDT creates/VBZ some/DT radioactivity/NN in/IN the/DT samples/NNS and/CC may/MD not/RB be/VB feasible/JJ for/IN large-scale/JJ commercial/JJ use/NN ./.
Still/RB ,/, scientists/NNS breathed/VBD a/DT collective/JJ sigh/NN of/IN relief/NN about/IN the/DT finding/NN ,/, because/IN it/PRP demonstrates/VBZ how/WRB to/TO overcome/VB the/DT ``/`` flux/NN pinning/NN ''/'' problem/NN that/IN earlier/RBR this/DT year/NN was/VBD widely/RB publicized/VBN as/IN undercutting/VBG new/JJ superconductors/NNS '/POS potential/NN ./.
The/DT problem/NN involves/VBZ the/DT motion/NN of/IN small/JJ magnetic/JJ fields/NNS within/IN superconductor/NN crystals/NNS ,/, limiting/VBG their/PRP$ current-carrying/JJ capacity/NN ./.
Mr./NNP van/NNP Dover/NNP said/VBD the/DT crystal/NN changes/VBZ his/PRP$ team/NN introduced/VBD apparently/RB pins/VBZ the/DT magnetic/JJ fields/NNS in/IN place/NN ,/, preventing/VBG them/PRP from/IN lowering/VBG current-carrying/JJ capacity/NN ./.
Mr./NNP van/NNP Dover/NNP added/VBD that/IN researchers/NNS are/VBP trying/VBG to/TO determine/VB precisely/RB what/WDT crystal/NN changes/NNS solved/VBD the/DT problem/NN ./.
Determining/VBG that/DT may/MD enable/VB them/PRP to/TO develop/VB better/JJR ways/NNS to/TO introduce/VB the/DT needed/VBN crystal-lattice/NN patterns/NNS ./.
The/DT AT&T/NNP team/NN also/RB is/VBZ trying/VBG to/TO combine/VB their/PRP$ latest/JJS superconductor/NN process/NN with/IN ``/`` melt-textured/JJ growth/NN ,/, ''/'' a/DT process/NN discovered/VBN earlier/JJR at/IN Bell/NNP Laboratories/NNPS ./.
The/DT combined/VBN processes/NNS may/MD significantly/RB raise/VB the/DT current-carrying/JJ capacity/NN of/IN multi-crystal/JJ samples/NNS ./.
William/NNP C./NNP Walbrecher/NNP Jr./NNP ,/, an/DT executive/NN at/IN San/NNP Francisco-based/JJ 1st/CD Nationwide/NNP Bank/NNP ,/, was/VBD named/VBN president/NN and/CC chief/NN executive/JJ officer/NN of/IN Citadel/NNP Holding/NNP Corp./NNP and/CC its/PRP$ principal/JJ operating/VBG unit/NN ,/, Fidelity/NNP Federal/NNP Bank/NNP ./.
The/DT appointment/NN takes/VBZ effect/NN Nov./NNP 13/CD ./.
He/PRP succeeds/VBZ James/NNP A./NNP Taylor/NNP ,/, who/WP stepped/VBD down/RP as/IN chairman/NN ,/, president/NN and/CC chief/NN executive/NN in/IN March/NNP for/IN health/NN reasons/NNS ./.
Edward/NNP L./NNP Kane/NNP succeeded/VBD Mr./NNP Taylor/NNP as/IN chairman/NN ./.
Separately/RB ,/, Citadel/NNP posted/VBD a/DT third-quarter/NN net/JJ loss/NN of/IN $/$ 2.3/CD million/CD ,/, or/CC 68/CD cents/NNS a/DT share/NN ,/, versus/CC net/JJ income/NN of/IN $/$ 5.3/CD million/CD ,/, or/CC $/$ 1.61/CD a/DT share/NN ,/, a/DT year/NN earlier/JJR ./.
The/DT latest/JJS results/NNS include/VBP some/DT unusual/JJ write-downs/NNS ,/, which/WDT had/VBD an/DT after-tax/JJ impact/NN of/IN $/$ 4.9/CD million/CD ./.
Those/DT included/VBD costs/NNS associated/VBN with/IN the/DT potential/JJ Valley/NNP Federal/NNP Savings/NNP and/CC Loan/NNP Association/NNP acquisition/NN ,/, which/WDT was/VBD terminated/VBN on/IN Sept./NNP 27/CD ,/, 1989/CD ./.
In/IN addition/NN ,/, operating/VBG results/NNS were/VBD hit/VBN by/IN an/DT increase/NN in/IN loan/NN and/CC real/JJ estate/NN loss/NN reserves/NNS ./.
In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Citadel/NNP shares/NNS closed/VBD yesterday/NN at/IN $/$ 45.75/CD ,/, down/RB 25/CD cents/NNS ./.
The/DT following/VBG were/VBD among/IN yesterday/NN 's/POS offerings/NNS and/CC pricings/NNS in/IN the/DT U.S./NNP and/CC non-U.S./NNP capital/NN markets/NNS ,/, with/IN terms/NNS and/CC syndicate/NN manager/NN ,/, as/IN compiled/VBN by/IN Dow/NNP Jones/NNP Capital/NNP Markets/NNPS Report/NNP :/:
International/NNP Business/NNP Machines/NNPS Corp./NNP --/:
$/$ 750/CD million/CD of/IN 8/CD 3/8/CD %/NN debentures/NNS due/JJ Nov./NNP 1/CD ,/, 2019/CD ,/, priced/VBN at/IN 99/CD to/TO yield/VB 8.467/CD %/NN ./.
The/DT 30-year/JJ non-callable/JJ issue/NN was/VBD priced/VBN at/IN a/DT spread/NN of/IN 57/CD basis/NN points/NNS above/IN the/DT Treasury/NNP 's/POS 8/CD 1/8/CD %/NN bellwether/NN long/JJ bond/NN ./.
Rated/VBN triple-A/JJ by/IN both/DT Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP and/CC Standard/NNP &/CC Poor/NNP 's/POS Corp./NNP ,/, the/DT issue/NN will/MD be/VB sold/VBN through/IN underwriters/NNS led/VBN by/IN Salomon/NNP Brothers/NNPS Inc/NNP ./.
The/DT size/NN of/IN the/DT issue/NN was/VBD increased/VBN from/IN an/DT originally/RB planned/VBN $/$ 500/CD million/CD ./.
Detroit/NNP --/:
$/$ 130/CD million/CD of/IN general/JJ obligation/NN distributable/JJ state/NN aid/NN bonds/NNS due/JJ 1991-2000/CD and/CC 2009/CD ,/, tentatively/RB priced/VBN by/IN a/DT Chemical/NNP Securities/NNPS Inc./NNP group/NN to/TO yield/VB from/IN 6.20/CD %/NN in/IN 1991/CD to/TO 7.272/CD %/NN in/IN 2009/CD ./.
There/EX is/VBZ $/$ 81.8/CD million/CD of/IN 7.20/CD %/NN term/NN bonds/NNS due/JJ 2009/CD priced/VBN at/IN 99/CD 1/4/CD to/TO yield/VB 7.272/CD %/NN ./.
Serial/JJ bonds/NNS are/VBP priced/VBN to/TO yield/VB from/IN 6.20/CD %/NN in/IN 1991/CD to/TO 7/CD %/NN in/IN 2000/CD ./.
The/DT bonds/NNS are/VBP insured/VBN and/CC triple-A-rated/JJ ./.
Santa/NNP Ana/NNP Community/NNP Redevelopment/NNP Agency/NNP ,/, Calif./NNP --/:
$/$ 107/CD million/CD of/IN tax/NN allocation/NN bonds/NNS ,/, 1989/CD Series/NNP A-D/NNP ,/, due/JJ 1991-1999/CD ,/, 2009/CD and/CC 2019/CD ,/, tentatively/RB priced/VBN by/IN a/DT Donaldson/NNP Lufkin/NNP &/CC Jenrette/NNP Securities/NNPS Corp./NNP group/NN to/TO yield/VB from/IN 6.40/CD %/NN in/IN 1991/CD to/TO 7.458/CD %/NN in/IN 2019/CD ./.
The/DT 7/CD 3/8/CD %/NN term/NN bonds/NNS due/JJ 2009/CD are/VBP priced/VBN at/IN 99/CD 1/2/CD to/TO yield/VB 7.422/CD %/NN ,/, and/CC 7/CD 3/8/CD %/NN term/NN bonds/NNS due/JJ 2019/CD are/VBP priced/VBN at/IN 99/CD to/TO yield/VB 7.458/CD %/NN ./.
Serial/JJ bonds/NNS are/VBP priced/VBN at/IN par/NN to/TO yield/VB from/IN 6.40/CD %/NN in/IN 1991/CD to/TO 7.15/CD %/NN in/IN 1999/CD ./.
The/DT bonds/NNS are/VBP rated/VBN single-A/JJ by/IN S&P/NNP ,/, according/VBG to/TO the/DT lead/NN underwriter/NN ./.
Maryland/NNP Community/NNP Development/NNP Administration/NNP ,/, Department/NNP of/IN Housing/NNP and/CC Community/NNP Development/NNP --/:
$/$ 80.8/CD million/CD of/IN single-family/NN program/NN bonds/NNS ,/, 1989/CD fourth/JJ and/CC fifth/JJ series/NN ,/, tentatively/RB priced/VBN by/IN a/DT Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS group/NN to/TO yield/VB from/IN 6.25/CD %/NN in/IN 1992/CD for/IN fourth/JJ series/NN bonds/NNS to/TO 7.74/CD %/NN in/IN 2029/CD for/IN fifth/JJ series/NN bonds/NNS ./.
There/EX is/VBZ $/$ 30.9/CD million/CD of/IN fourth/JJ series/NN bonds/NNS ,/, the/DT interest/NN on/IN which/WDT is/VBZ not/RB subject/JJ to/TO the/DT federal/JJ alternative/NN minimum/NN tax/NN ./.
They/PRP mature/VBP 1992-1999/CD ,/, 2009/CD and/CC 2017/CD ./.
Fourth/JJ series/NN serial/NN bonds/NNS are/VBP priced/VBN at/IN par/NN to/TO yield/VB from/IN 6.25/CD %/NN in/IN 1992/CD to/TO 7/CD %/NN in/IN 1999/CD ./.
The/DT 7.40/CD %/NN term/NN bonds/NNS due/JJ 2009/CD are/VBP priced/VBN to/TO yield/VB 7.45/CD %/NN ,/, and/CC 7.40/CD %/NN term/NN bonds/NNS due/JJ 2017/CD are/VBP priced/VBN to/TO yield/VB 7.50/CD %/NN ./.
There/EX is/VBZ $/$ 49.9/CD million/CD of/IN fifth/JJ series/NN bonds/NNS ,/, which/WDT are/VBP subject/JJ to/TO the/DT federal/JJ alternative/NN minimum/NN tax/NN ./.
They/PRP mature/VBP in/IN 2005/CD ,/, 2009/CD and/CC 2029/CD ./.
Bonds/NNS due/JJ in/IN 2005/CD have/VBP a/DT 7/CD 1/2/CD %/NN coupon/NN and/CC are/VBP priced/VBN at/IN par/NN ./.
The/DT 7/CD 5/8/CD %/NN bonds/NNS due/JJ 2009/CD are/VBP priced/VBN to/TO yield/VB 7.65/CD %/NN ,/, and/CC 7/CD 5/8/CD %/NN bonds/NNS due/JJ 2029/CD are/VBP priced/VBN at/IN 98/CD 1/2/CD to/TO yield/VB 7.74/CD %/NN ./.
The/DT underwriters/NNS expect/VBP a/DT double-A/JJ rating/NN from/IN Moody/NNP 's/POS ./.
Heiwado/NNP Co/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/:
$/$ 100/CD million/CD of/IN Eurobonds/NNS due/JJ Nov./NNP 16/CD ,/, 1993/CD ,/, with/IN equity-purchase/JJ warrants/NNS ,/, indicating/VBG a/DT 3/CD 7/8/CD %/NN coupon/NN at/IN par/NN ,/, via/IN Daiwa/NNP Europe/NNP Ltd/NNP ./.
Each/DT $/$ 5,000/CD bond/NN carries/VBZ one/CD warrant/NN ,/, exercisable/JJ from/IN Nov./NNP 30/CD ,/, 1989/CD ,/, through/IN Nov./NNP 2/CD ,/, 1993/CD ,/, to/TO buy/VB shares/NNS at/IN an/DT expected/VBN premium/NN of/IN 2/CD 1/2/CD %/NN to/TO the/DT closing/JJ price/NN when/WRB terms/NNS are/VBP fixed/VBN Tuesday/NNP ./.
Fees/NNS 2/CD 1/4/CD ./.
Svenska/NNP Intecknings/NNP Garanti/NNP Aktiebolaget/NNP (/-LRB- Sweden/NNP )/-RRB- --/:
20/CD billion/CD yen/NN of/IN 6/CD %/NN Eurobonds/NNS due/JJ Nov./NNP 21/CD ,/, 1994/CD ,/, priced/VBN at/IN 101/CD 3/4/CD to/TO yield/VB 6.03/CD %/NN less/RBR full/JJ fees/NNS ,/, via/IN Mitsui/NNP Finance/NNP International/NNP ./.
Guaranteed/VBN by/IN Svenska/NNP Handelsbanken/NNP ./.
Fees/NNS 1/CD 7/8/CD ./.
Takashima/NNP &/CC Co/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/:
50/CD million/CD Swiss/JJ francs/NNS of/IN privately/RB placed/VBN convertible/JJ notes/NNS due/JJ March/NNP 31/CD ,/, 1994/CD ,/, with/IN a/DT fixed/VBN 0.25/CD %/NN coupon/NN at/IN par/NN via/IN Yamaichi/NNP Bank/NNP (/-LRB- Switzerland/NNP )/-RRB- ./.
Put/VB option/NN March/NNP 31/CD ,/, 1992/CD ,/, at/IN a/DT fixed/VBN 107/CD 7/8/CD to/TO yield/VB 3.43/CD %/NN ./.
Each/DT 50,000/CD Swiss/JJ franc/NN note/NN is/VBZ convertible/JJ from/IN Nov./NNP 30/CD ,/, 1989/CD ,/, to/TO March/NNP 16/CD ,/, 1994/CD at/IN a/DT 5/CD %/NN premium/NN over/IN the/DT closing/JJ share/NN price/NN Monday/NNP ,/, when/WRB terms/NNS are/VBP scheduled/VBN to/TO be/VB fixed/VBN ./.
Fees/NNS 1/CD 3/4/CD ./.
Mitsubishi/NNP Pencil/NNP Co/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/:
60/CD million/CD Swiss/JJ francs/NNS of/IN privately/RB placed/VBN convertible/JJ notes/NNS due/JJ Dec./NNP 31/CD ,/, 1993/CD ,/, with/IN a/DT fixed/VBN 0.25/CD %/NN coupon/NN at/IN par/NN via/IN Union/NNP Bank/NNP of/IN Switzerland/NNP ./.
Put/VB option/NN on/IN Dec./NNP 31/CD ,/, 1991/CD ,/, at/IN a/DT fixed/VBN 106/CD 7/8/CD to/TO yield/VB 3.42/CD %/NN ./.
Each/DT 50,000/CD Swiss/JJ franc/NN note/NN is/VBZ convertible/JJ from/IN Dec./NNP 5/CD ,/, 1989/CD ,/, to/TO Dec./NNP 31/CD ,/, 1993/CD ,/, at/IN a/DT 5/CD %/NN premium/NN over/IN the/DT closing/JJ share/NN price/NN Tuesday/NNP ,/, when/WRB terms/NNS are/VBP scheduled/VBN to/TO be/VB fixed/VBN ./.
Fees/NNS 1/CD 5/8/CD ./.
Koizumi/NNP Sangyo/NNP Corp/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/:
20/CD million/CD Swiss/JJ francs/NNS of/IN 6/CD 1/2/CD %/NN privately/RB placed/VBN notes/NNS due/JJ Nov./NNP 29/CD ,/, 1996/CD ,/, priced/VBN at/IN 99/CD 1/2/CD via/IN Dai-Ichi/NNP Kangyo/NNP Bank/NNP (/-LRB- Schweiz/NNP )/-RRB- ./.
Guarantee/NN by/IN Dai-Ichi/NNP Kangyo/NNP Bank/NNP Ltd/NNP ./.
Fees/NNS 1/CD 3/4/CD ./.
Although/IN his/PRP$ team/NN lost/VBD the/DT World/NNP Series/NNP ,/, San/NNP Francisco/NNP Giants/NNPS owner/NN Bob/NNP Lurie/NNP hopes/VBZ to/TO have/VB a/DT new/JJ home/NN for/IN them/PRP ./.
He/PRP is/VBZ an/DT avid/JJ fan/NN of/IN a/DT proposition/NN on/IN next/JJ week/NN 's/POS ballot/NN to/TO help/VB build/VB a/DT replacement/NN for/IN Candlestick/NNP Park/NNP ./.
Small/JJ wonder/NN ,/, since/IN he/PRP 's/VBZ asking/VBG San/NNP Francisco/NNP taxpayers/NNS to/TO sink/VB up/IN to/TO $/$ 100/CD million/CD into/IN the/DT new/JJ stadium/NN ./.
As/IN San/NNP Francisco/NNP digs/VBZ out/RP from/IN The/DT Pretty/NNP Big/NNP One/CD ,/, opponents/NNS say/VBP the/DT last/JJ thing/NN the/DT city/NN can/MD afford/VB is/VBZ an/DT expensive/JJ new/JJ stadium/NN ./.
A/DT stadium/NN craze/NN is/VBZ sweeping/VBG the/DT country/NN ./.
It/PRP 's/VBZ fueled/VBN by/IN the/DT increasing/VBG profitability/NN of/IN major-league/JJ teams/NNS ./.
Something/NN like/IN one-third/NN of/IN the/DT nation/NN 's/POS 60/CD largest/JJS cities/NNS are/VBP thinking/VBG about/IN new/JJ stadiums/NNS ,/, ranging/VBG from/IN Cleveland/NNP to/TO San/NNP Antonio/NNP and/CC St./NNP Petersburg/NNP ./.
Most/JJS boosters/NNS claim/VBP the/DT new/JJ sports/NNS complexes/NNS will/MD be/VB moneymakers/NNS for/IN their/PRP$ city/NN ./.
Pepperdine/NNP University/NNP economist/NN Dean/NNP Baim/NNP scoffs/VBZ at/IN that/DT ./.
He/PRP has/VBZ looked/VBN at/IN 14/CD baseball/NN and/CC football/NN stadiums/NNS and/CC found/VBN that/IN only/RB one/CD --/: private/JJ Dodger/NNP Stadium/NNP --/: brought/VBD more/JJR money/NN into/IN a/DT city/NN than/IN it/PRP took/VBD out/IN ./.
Stadiums/NNS tend/VBP to/TO redistribute/VB existing/VBG wealth/NN within/IN a/DT community/NN ,/, not/RB create/VB more/JJR of/IN it/PRP ./.
Voters/NNS generally/RB agree/VBP when/WRB they/PRP are/VBP given/VBN a/DT chance/NN to/TO decide/VB if/IN they/PRP want/VBP to/TO sink/VB their/PRP$ own/JJ tax/NN dollars/NNS into/IN a/DT new/JJ mega-stadium/NN ./.
San/NNP Francisco/NNP voters/NNS rejected/VBD a/DT new/JJ ballpark/NN two/CD years/NNS ago/IN ./.
Last/JJ month/NN ,/, Phoenix/NNP voters/NNS turned/VBD thumbs/NNS down/RP on/IN a/DT $/$ 100/CD million/CD stadium/NN bond/NN and/CC tax/NN proposition/NN ./.
Its/PRP$ backers/NNS fielded/VBD every/DT important/JJ interest/NN on/IN their/PRP$ team/NN --/: a/DT popular/JJ mayor/NN ,/, the/DT Chamber/NNP of/IN Commerce/NNP ,/, the/DT major/JJ media/NNS --/: and/CC spent/VBD $/$ 100,000/CD on/IN promotion/NN ./.
But/CC voters/NNS decided/VBD that/IN if/IN the/DT stadium/NN was/VBD such/PDT a/DT good/JJ idea/NN someone/NN would/MD build/VB it/PRP himself/PRP ,/, and/CC rejected/VBD it/PRP 59/CD %/NN to/TO 41/CD %/NN ./.
In/IN San/NNP Francisco/NNP ,/, its/PRP$ backers/NNS concede/VBP the/DT ballpark/NN is/VBZ at/IN best/JJS running/VBG even/RB in/IN the/DT polls/NNS ./.
George/NNP Christopher/NNP ,/, the/DT former/JJ San/NNP Francisco/NNP mayor/NN who/WP built/VBD Candlestick/NNP Park/NNP for/IN the/DT Giants/NNPS in/IN the/DT 1960s/CD ,/, wo/MD n't/RB endorse/VB the/DT new/JJ ballpark/NN ./.
He/PRP says/VBZ he/PRP had/VBD Candlestick/NNP built/VBN because/IN the/DT Giants/NNPS claimed/VBD they/PRP needed/VBD 10,000/CD parking/NN spaces/NNS ./.
Since/IN the/DT new/JJ park/NN will/MD have/VB only/RB 1,500/CD spaces/NNS ,/, Mr./NNP Christopher/NNP thinks/VBZ backers/NNS are/VBP playing/VBG some/DT fiscal/JJ ``/`` games/NNS ''/'' of/IN their/PRP$ own/JJ with/IN the/DT voters/NNS ./.
Stadium/NN boosters/NNS claim/VBP that/IN without/IN public/JJ money/NN they/PRP would/MD never/RB be/VB built/VBN ./.
Miami/NNP Dolphins/NNPS owner/NN Joe/NNP Robbie/NNP disagrees/VBZ ,/, and/CC he/PRP can/MD prove/VB it/PRP ./.
Several/JJ years/NNS ago/IN he/PRP gave/VBD up/RP trying/VBG to/TO persuade/VB Miami/NNP to/TO improve/VB its/PRP$ city-owned/JJ Orange/NNP Bowl/NNP ,/, and/CC instead/RB built/VBD his/PRP$ own/JJ $/$ 100/CD million/CD coliseum/NN with/IN private/JJ funds/NNS ./.
He/PRP did/VBD n't/RB see/VB why/WRB the/DT taxpayers/NNS should/MD help/VB build/VB something/NN he/PRP would/MD then/RB use/VB to/TO turn/VB a/DT healthy/JJ profit/NN ./.
``/`` This/DT stadium/NN shows/VBZ that/IN anything/NN government/NN can/MD do/VB ,/, we/PRP can/MD do/VB better/RBR ,/, ''/'' Mr./NNP Robbie/NNP says/VBZ ./.
But/CC to/TO Moon/NNP Landrieu/NNP ,/, the/DT former/JJ New/NNP Orleans/NNP mayor/NN who/WP helped/VBD build/VB that/DT city/NN 's/POS cavernous/JJ ,/, money-losing/JJ Superdome/NNP ,/, questions/NNS of/IN who/WP benefits/VBZ or/CC the/DT bottom/NN line/NN are/VBP of/IN little/JJ relevance/NN ./.
``/`` The/DT Superdome/NNP is/VBZ an/DT exercise/NN in/IN optimism/NN ,/, a/DT statement/NN of/IN faith/NN ,/, ''/'' he/PRP has/VBZ said/VBN ./.
``/`` It/PRP is/VBZ the/DT very/JJ building/NN of/IN it/PRP that/WDT is/VBZ important/JJ ,/, not/RB how/WRB much/RB of/IN it/PRP is/VBZ used/VBN or/CC its/PRP$ economics/NN ./. ''/''
An/DT Egyptian/JJ Pharaoh/NNP could/MD n't/RB have/VB justified/VBN his/PRP$ pyramids/NNS any/RB better/RBR ./.
But/CC civilization/NN has/VBZ moved/VBN forward/RB since/IN then/RB ./.
Today/NN taxpayers/NNS get/VBP to/TO vote/VB ,/, most/JJS of/IN the/DT time/NN ,/, on/IN whether/IN they/PRP want/VBP to/TO finance/VB the/DT building/VBG schemes/NNS of/IN our/PRP$ modern/JJ political/JJ pharaohs/NNS ,/, or/CC let/VB private/JJ money/NN erect/VB these/DT playgrounds/NNS for/IN public/JJ passions/NNS ./.
Reed/NNP International/NNP PLC/NNP said/VBD that/IN net/JJ income/NN for/IN the/DT six/CD months/NNS ended/VBD Oct./NNP 1/CD slipped/VBD 5/CD %/NN to/TO #/# 89.7/CD million/CD (/-LRB- $/$ 141.9/CD million/CD )/-RRB- ,/, or/CC 16/CD pence/NN a/DT share/NN ,/, from/IN #/# 94.8/CD million/CD (/-LRB- $/$ 149.9/CD million/CD )/-RRB- ,/, or/CC 17.3/CD pence/NN a/DT share/NN ./.
The/DT British/JJ paper/NN ,/, packaging/NN and/CC publishing/NN concern/NN ,/, said/VBD profit/NN from/IN continuing/VBG lines/NNS fell/VBD 10/CD %/NN to/TO #/# 118/CD million/CD from/IN #/# 130.6/CD million/CD ./.
While/IN there/EX were/VBD no/DT one-time/JJ gains/NNS or/CC losses/NNS in/IN the/DT latest/JJS period/NN ,/, there/EX was/VBD a/DT one-time/JJ gain/NN of/IN #/# 18/CD million/CD in/IN the/DT 1988/CD period/NN ./.
And/CC while/IN there/EX was/VBD no/DT profit/NN this/DT year/NN from/IN discontinued/VBN operations/NNS ,/, last/JJ year/NN they/PRP contributed/VBD #/# 34/CD million/CD ,/, before/IN tax/NN ./.
Pretax/NN profit/NN fell/VBD 3.7/CD %/NN to/TO #/# 128/CD million/CD from/IN #/# 133/CD million/CD and/CC was/VBD below/IN analysts/NNS '/POS expectations/NNS of/IN #/# 130/CD million/CD to/TO #/# 135/CD million/CD ,/, but/CC shares/NNS rose/VBD 6/CD pence/NN to/TO 388/CD pence/NN in/IN early/JJ trading/NN yesterday/NN in/IN London/NNP ./.
Reed/NNP is/VBZ paying/VBG an/DT interim/JJ dividend/NN of/IN 4.6/CD pence/NN ,/, up/RB 15/CD %/NN from/IN 4/CD pence/NN a/DT year/NN earlier/JJR ./.
Sales/NNS fell/VBD 20/CD %/NN to/TO #/# 722/CD million/CD ./.
Earnings/NNS were/VBD hurt/VBN by/IN disposal/NN of/IN operations/NNS in/IN its/PRP$ restructuring/NN ,/, Reed/NNP said/VBD ./.
Wall/NNP Street/NNP 's/POS big/JJ securities/NNS firms/NNS face/VBP the/DT prospect/NN of/IN having/VBG their/PRP$ credit/NN ratings/NNS lowered/VBN ./.
The/DT reason/NN :/: Risks/NNS from/IN the/DT firms/NNS '/POS new/JJ ``/`` merchant/NN banking/NN ''/'' activities/NNS are/VBP rising/VBG as/IN revenue/NN from/IN the/DT industry/NN 's/POS traditional/JJ business/NN erodes/VBZ ./.
The/DT downgrading/NN of/IN debt/NN issued/VBN by/IN CS/NNP First/NNP Boston/NNP Inc./NNP ,/, parent/NN of/IN First/NNP Boston/NNP Corp./NNP ,/, by/IN Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP ,/, coupled/VBN with/IN a/DT Moody/NNP 's/POS announcement/NN that/IN Shearson/NNP Lehman/NNP Hutton/NNP Holdings/NNP Inc./NNP is/VBZ under/IN review/NN for/IN a/DT possible/JJ downgrade/NN ,/, sent/VBD shivers/NNS through/IN the/DT brokerage/NN community/NN this/DT week/NN ./.
With/IN the/DT shudders/NNS came/VBD the/DT realization/NN that/IN some/DT of/IN Wall/NNP Street/NNP 's/POS biggest/JJS players/NNS are/VBP struggling/VBG to/TO maintain/VB the/DT stellar/JJ credit/NN standing/NN required/VBN to/TO finance/VB their/PRP$ activities/NNS profitably/RB ./.
Securities/NNS firms/NNS are/VBP among/IN the/DT biggest/JJS issuers/NNS of/IN commercial/JJ paper/NN ,/, or/CC short-term/JJ corporate/JJ IOUs/NNS ,/, which/WDT they/PRP sell/VBP to/TO finance/VB their/PRP$ daily/JJ operations/NNS ./.
The/DT biggest/JJS firms/NNS still/RB retain/VB the/DT highest/JJS ratings/NNS on/IN their/PRP$ commercial/JJ paper/NN ./.
But/CC Moody/NNP 's/VBZ warned/VBN that/IN Shearson/NNP 's/POS commercial/JJ paper/NN rating/NN could/MD be/VB lowered/VBN soon/RB ,/, a/DT move/NN that/WDT would/MD reduce/VB Shearson/NNP 's/POS profit/NN margins/NNS on/IN its/PRP$ borrowings/NNS and/CC signal/VB trouble/NN ahead/RB for/IN other/JJ firms/NNS ./.
Shearson/NNP is/VBZ 62%-owned/JJ by/IN American/NNP Express/NNP Co/NNP ./.
``/`` Just/RB as/IN the/DT 1980s/CD bull/NN market/NN transformed/VBD the/DT U.S./NNP securities/NNS business/NN ,/, so/RB too/RB will/MD the/DT more/RBR difficult/JJ environment/NN of/IN the/DT 1990s/CD ,/, ''/'' says/VBZ Christopher/NNP T./NNP Mahoney/NNP ,/, a/DT Moody/NNP 's/POS vice/NN president/NN ./.
``/`` A/DT sweeping/JJ restructuring/NN of/IN the/DT industry/NN is/VBZ possible/JJ ./. ''/''
Standard/NNP &/CC Poor/NNP 's/POS Corp./NNP says/VBZ First/NNP Boston/NNP ,/, Shearson/NNP and/CC Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ,/, in/IN particular/JJ ,/, are/VBP likely/JJ to/TO have/VB difficulty/NN shoring/VBG up/RP their/PRP$ credit/NN standing/NN in/IN months/NNS ahead/RB ./.
What/WP worries/VBZ credit-rating/NN concerns/NNS the/DT most/JJS is/VBZ that/IN Wall/NNP Street/NNP firms/NNS are/VBP taking/VBG long-term/JJ risks/NNS with/IN their/PRP$ own/JJ capital/NN via/IN leveraged/JJ buy-out/NN and/CC junk/NN bond/NN financings/NNS ./.
That/DT 's/VBZ a/DT departure/NN from/IN their/PRP$ traditional/JJ practice/NN of/IN transferring/VBG almost/RB all/DT financing/VBG risks/NNS to/TO investors/NNS ./.
Whereas/IN conventional/JJ securities/NNS financings/NNS are/VBP structured/VBN to/TO be/VB sold/VBN quickly/RB ,/, Wall/NNP Street/NNP 's/POS new/JJ penchant/NN for/IN leveraged/JJ buy-outs/NNS and/CC junk/NN bonds/NNS is/VBZ resulting/VBG in/IN long-term/JJ lending/VBG commitments/NNS that/WDT stretch/VBP out/RP for/IN months/NNS or/CC years/NNS ./.
``/`` The/DT recent/JJ disarray/NN in/IN the/DT junk/NN bond/NN market/NN suggests/VBZ that/IN brokers/NNS may/MD become/VB longer-term/JJ creditors/NNS than/IN they/PRP anticipated/VBD and/CC may/MD face/VB long/JJ delays/NNS ''/'' in/IN getting/VBG their/PRP$ money/NN back/RB ,/, says/VBZ Jeffrey/NNP Bowman/NNP ,/, a/DT vice/NN president/NN at/IN S&P/NNP ,/, which/WDT raised/VBD a/DT warning/VBG flag/NN for/IN the/DT industry/NN in/IN April/NNP when/WRB it/PRP downgraded/VBD CS/NNP First/NNP Boston/NNP ./.
``/`` Wall/NNP Street/NNP is/VBZ facing/VBG a/DT Catch-22/NN situation/NN ,/, ''/'' says/VBZ Mr./NNP Mahoney/NNP of/IN Moody/NNP 's/POS ./.
Merchant/NN banking/NN ,/, where/WRB firms/NNS commit/VBP their/PRP$ own/JJ money/NN ,/, ``/`` is/VBZ getting/VBG riskier/JJR ,/, and/CC there/EX 's/VBZ less/JJR of/IN it/PRP to/TO go/VB around/IN ./. ''/''
In/IN addition/NN ,/, he/PRP says/VBZ ,/, the/DT buy-out/NN business/NN is/VBZ under/IN pressure/NN ``/`` because/IN of/IN the/DT junk/NN bond/NN collapse/NN ,/, ''/'' meaning/VBG that/IN returns/NNS are/VBP likely/JJ to/TO decline/VB as/IN the/DT volume/NN of/IN junk-bond/NN financings/NNS shrinks/VBZ ./.
In/IN a/DT leveraged/JJ buy-out/NN ,/, a/DT small/JJ group/NN of/IN investors/NNS acquires/VBZ a/DT company/NN in/IN a/DT transaction/NN financed/VBN largely/RB by/IN borrowing/NN ,/, with/IN the/DT expectation/NN that/IN the/DT debt/NN will/MD be/VB paid/VBN with/IN funds/NNS generated/VBN by/IN the/DT acquired/VBN company/NN 's/POS operations/NNS or/CC sales/NNS of/IN its/PRP$ assets/NNS ./.
In/IN a/DT recent/JJ report/NN ,/, Moody/NNP 's/POS said/VBD it/PRP ``/`` expects/VBZ intense/JJ competition/NN to/TO occur/VB through/IN the/DT rest/NN of/IN the/DT century/NN in/IN the/DT securities/NNS industry/NN ,/, which/WDT ,/, combined/VBN with/IN overcapacity/NN ,/, will/MD create/VB poor/JJ prospects/NNS for/IN profitability/NN ./. ''/''
It/PRP said/VBD that/IN the/DT ``/`` temptation/NN for/IN managements/NNS to/TO ease/VB this/DT profit/NN pressure/NN by/IN taking/VBG greater/JJR risks/NNS is/VBZ an/DT additional/JJ rating/NN factor/NN ./. ''/''
Both/DT Moody/NNP 's/POS and/CC S&P/NNP cited/VBD First/NNP Boston/NNP 's/POS reliance/NN in/IN recent/JJ years/NNS on/IN merchant/NN banking/NN ,/, which/WDT has/VBZ been/VBN responsible/JJ for/IN a/DT significant/JJ portion/NN of/IN the/DT closely/RB held/VBN firm/NN 's/POS profit/NN ./.
The/DT recent/JJ cash/NN squeeze/NN at/IN Campeau/NNP Corp./NNP ,/, First/NNP Boston/NNP 's/POS most/JJS lucrative/JJ client/NN of/IN the/DT decade/NN ,/, is/VBZ proving/VBG costly/JJ to/TO First/NNP Boston/NNP because/IN it/PRP arranged/VBD more/JJR than/IN $/$ 3/CD billion/CD of/IN high-yield/JJ ,/, high-risk/JJ junk/NN financings/NNS for/IN Campeau/NNP units/NNS ./.
In/IN addition/NN ,/, a/DT big/JJ loan/NN that/IN First/NNP Boston/NNP made/VBD to/TO Ohio/NNP Mattress/NNP Co/NNP ./. was/VBD n't/RB repaid/VBN on/IN time/NN when/WRB its/PRP$ $/$ 450/CD million/CD junk/NN financing/NN for/IN a/DT buy-out/NN of/IN the/DT bedding/NN company/NN was/VBD withdrawn/VBN ./.
``/`` These/DT two/CD exposures/NNS alone/RB represent/VBP a/DT very/RB substantial/JJ portion/NN of/IN CS/NNP First/NNP Boston/NNP 's/POS equity/NN ,/, ''/'' Moody/NNP 's/POS said/VBD ./.
``/`` Total/JJ merchant/NN banking/NN exposures/NNS are/VBP in/IN excess/NN of/IN the/DT firm/NN 's/POS equity/NN ./. ''/''
CS/NNP First/NNP Boston/NNP ,/, however/RB ,/, benefits/VBZ from/IN the/DT backing/NN of/IN its/PRP$ largest/JJS shareholder/NN ,/, Credit/NNP Suisse/NNP ,/, Switzerland/NNP 's/POS third/JJ largest/JJS bank/NN ./.
Shearson/NNP also/RB has/VBZ been/VBN an/DT aggressive/JJ participant/NN in/IN the/DT leveraged/JJ buy-out/NN business/NN ./.
But/CC its/PRP$ earnings/NNS became/VBD a/DT major/JJ disappointment/NN as/IN its/PRP$ traditional/JJ retail/NN ,/, or/CC individual/JJ investor/NN ,/, business/NN showed/VBD no/DT signs/NNS of/IN rebounding/VBG from/IN the/DT slump/NN that/WDT followed/VBD the/DT October/NNP 1987/CD stock/NN market/NN crash/NN ./.
In/IN addition/NN ,/, Shearson/NNP 's/POS listed/VBN $/$ 2/CD billion/CD of/IN capital/NN is/VBZ overstated/VBN ,/, according/VBG to/TO the/DT rating/NN concerns/NNS ,/, because/IN it/PRP includes/VBZ $/$ 1.7/CD billion/CD of/IN goodwill/NN ./.
Shearson/NNP ``/`` really/RB only/RB has/VBZ $/$ 300/CD million/CD of/IN capital/NN ,/, ''/'' says/VBZ Mr./NNP Bowman/NNP of/IN S&P/NNP ./.
A/DT Shearson/NNP spokesman/NN said/VBD the/DT firm/NN is/VBZ n't/RB worried/VBN ./.
``/`` A/DT year/NN ago/IN ,/, Moody/NNP 's/POS also/RB had/VBD Shearson/NNP under/IN review/NN for/IN possible/JJ downgrade/NN ,/, ''/'' he/PRP said/VBD ./.
``/`` After/IN two/CD months/NNS of/IN talks/NNS ,/, our/PRP$ rating/NN was/VBD maintained/VBN ./. ''/''
Drexel/NNP ,/, meanwhile/RB ,/, already/RB competes/VBZ at/IN a/DT disadvantage/NN to/TO its/PRP$ big/JJ Wall/NNP Street/NNP rivals/NNS because/IN it/PRP has/VBZ a/DT slightly/RB lower/JJR commercial/JJ paper/NN rating/NN ./.
The/DT collapse/NN of/IN junk/NN bond/NN prices/NNS and/CC the/DT cancellation/NN of/IN many/JJ junk/NN bond/NN financings/NNS apparently/RB have/VBP taken/VBN their/PRP$ toll/NN on/IN closely/RB held/VBN Drexel/NNP ,/, the/DT leading/VBG underwriter/NN in/IN that/DT market/NN ./.
The/DT firm/NN also/RB has/VBZ been/VBN hit/VBN with/IN big/JJ financial/JJ settlements/NNS with/IN the/DT government/NN stemming/VBG from/IN its/PRP$ guilty/JJ plea/NN to/TO six/CD felonies/NNS related/VBN to/TO a/DT big/JJ insider-trading/JJ scandal/NN ./.
Drexel/NNP this/DT year/NN eliminated/VBD its/PRP$ retail/NN or/CC individual/JJ customer/NN business/NN ,/, cutting/VBG the/DT firm/NN 's/POS workforce/NN almost/RB in/IN half/NN to/TO just/RB over/IN 5,000/CD ./.
Recently/RB ,/, Drexel/NNP circulated/VBD a/DT private/JJ financial/JJ statement/NN among/IN several/JJ securities/NNS firms/NNS showing/VBG that/IN its/PRP$ earnings/NNS performance/NN has/VBZ diminished/VBN this/DT year/NN from/IN previous/JJ years/NNS ./.