[ September ] [ July and August ] Confidence in the pound is widely expected to take another sharp dive if trade figures for September , due for release tomorrow , fail to show a substantial improvement from July and August 's near-record deficits . 
[ Exchequer ] Chancellor of the Exchequer Nigel Lawson 's restated commitment to a firm monetary policy has helped to prevent a freefall in sterling over the past week . 
[ Mansion House ] But analysts reckon underlying support for sterling has been eroded by the chancellor 's failure to announce any new policy measures in his Mansion House speech last Thursday . 
[ Chris Dillow ] [ U.K. ] [ Nomura Research Institute ] `` The risks for sterling of a bad trade figure are very heavily on the down side , '' said Chris Dillow , senior U.K. economist at Nomura Research Institute . 
[ Simon Briscoe ] [ U.K. ] [ Midland Montagu ] [ Midland Bank PLC ] `` If there is another bad trade number , there could be an awful lot of pressure , '' noted Simon Briscoe , U.K. economist for Midland Montagu , a unit of Midland Bank PLC . 
[ August ] Forecasts for the trade figures range widely , but few economists expect the data to show a very marked improvement from the # 2 billion  $ 3.2 billion   deficit in the current account reported for August . 
[ August ] [ July ] [ October ] The August deficit and the # 2.2 billion gap registered in July are topped only by the # 2.3 billion deficit of October 1988 . 
[ Sanjay Joshi ] [ Baring Brothers & Co. ] [ Britain ] Sanjay Joshi , European economist at Baring Brothers & Co. , said there is no sign that Britain 's manufacturing industry is transforming itself to boost exports . 
[ September ] He reckons the current account deficit will narrow to only # 1.8 billion in September . 
[ Mr. Dillow ] However , Mr. Dillow said he believes that a reduction in raw material stockbuilding by industry could lead to a sharp drop in imports . 
[ August ] Combined with at least some rebound in exports after August 's unexpected decline , the deficit could narrow to as little as # 1.3 billion . 
[ Mr. Briscoe ] Mr. Briscoe , who also forecasts a # 1.3 billion current account gap , warns that even if the trade figures are bullish for sterling , the currency wo n't advance much because investors will want to see further evidence of the turnaround before adjusting positions . 
[ Mansion House ] [ Mr. Lawson ] In his Mansion House speech , Mr. Lawson warned that a further slowdown can be expected as the impact of the last rise in interest rates earlier this month takes effect . 
[ Friday ] [ U.K. ] But consumer expenditure data released Friday do n't suggest that the U.K. economy is slowing that quickly . 
[ Mr. Dillow ] Mr. Dillow said the data show the economy `` is still quite strong , '' but suggestions that much of the spending went on services rather than consumer goods should reduce fears of more import rises . 
[ Thursday ] Thursday , he reminded his audience that the government `` can not allow the necessary rigor of monetary policy to be undermined by exchange rate weakness . '' 
[ Mr. Lawson ] Analysts agree there is little holding sterling firm at the moment other than Mr. Lawson 's promise that rates will be pushed higher if necessary . 
[ Sterling ] [ Mr. Lawson ] Sterling was already showing some signs of a lack of confidence in Mr. Lawson 's promise Friday . 
[ Friday ] Friday 's Market Activity 
[ Oct. ] [ Dow Jones Industrial Average ] Foreign exchange dealers said that the currency market has begun to distance itself from the volatile stock exchange , which has preoccupied the market since Oct. 13 , when the Dow Jones Industrial Average plunged more than 190 points . 
[ U.S. Federal Reserve ] Currency analysts predict that in the coming week the foreign exchange market will shift its focus back to economic fundamentals , keeping a close eye out for any signs of monetary easing by U.S. Federal Reserve . 
[ New York ] [ New York ] Late in the New York trading day , the dollar was quoted at 1.8578 marks , up from 1.8470 marks late Thursday in New York . 
[ U.S. ] [ New York ] The U.S. currency was also changing hands at 142.43 yen , up from 141.70 yen in New York late Thursday . 
[ Tokyo ] [ Monday ] [ U.S. ] [ Friday ] In Tokyo on Monday , the U.S. currency opened for trading at 141.95 yen , up from Friday 's Tokyo close of 141.35 yen . 
[ Commodity Exchange ] [ New York ] On the Commodity Exchange in New York , gold for current delivery settled at $ 367.30 an ounce , up 20 cents . 
[ Hong Kong ] In early trading in Hong Kong Monday , gold was quoted at $ 366.50 an ounce . 
[ East Rock Partners Limited Partnership ] [ A.P. Green Industries Inc. ] East Rock Partners Limited Partnership said it proposed to acquire A.P. Green Industries Inc. for $ 40 a share . 
[ Oct. ] [ A.P. Green ] [ East Rock ] [ Oct. ] In an Oct. 19 letter to A.P. Green 's board , East Rock said the offer is subject to the signing of a merger agreement by no later than Oct. 31 . 
[ Securities and Exchange Commission ] The letter , attached to a filing with the Securities and Exchange Commission , said the approval is also contingent upon obtaining satisfactory financing . 
[ A.P. Green ] An A.P. Green official declined to comment on the filing . 
[ A.P. Green ] A.P. Green currently has 2,664,098 shares outstanding . 
[ Mexico ] [ Mo. ] The company is a Mexico , Mo. , maker of refractory products . 
[ East Rock ] [ A.P. Green ] East Rock also said in the filing that it boosted its stake in A.P. Green to 8.7 % . 
[ A.P. Green ] [ Thursday ] It now holds 233,000 A.P. Green common shares , including 30,000 shares bought last Thursday for $ 35.50 to $ 36.50 a share . 
[ New ] [ John Kuhns and Robert MacDonald ] [ East Rock Partners Inc. ] [ East Rock Partners L.P ] New York-based John Kuhns and Robert MacDonald control East Rock Partners Inc. , the sole general partner of East Rock Partners L.P . 
[ Westwood Brick Lime Inc. ] [ Westwood Group Inc ] The sole limited partner of the partnership is Westwood Brick Lime Inc. , an indirect subsidiary of Westwood Group Inc . 
[ Westwood Brick ] [ Westwood Group ] [ Boston ] Both Westwood Brick and Westwood Group are based in Boston . 
[ Trucking ] Trucking , shipping and air-freight companies have announced rate increases , scheduled for this fall or early next year , reflecting higher costs and tightened demand for freight transport . 
[ U.S. ] [ U.S. ] That 's a big change from recent years when freight haulage was a bright spot for U.S. productivity , helping to restrain inflation and make U.S. industry more competitive abroad . 
[ Clifford Sayre ] [ Du Pont Co ] `` Demand has caught up with the supply of certain types of freight transportation , and rates are starting to move up '' at a rate `` close to or slightly more than the inflation rate , '' said Clifford Sayre , director of logistics at Du Pont Co . 
[ Ohio State University ] Shippers surveyed recently by Ohio State University said they expect their freight-transport , storage and distribution costs to rise about 4 % this year . 
[ Bernard LaLonde ] [ Ohio State ] [ Columbus ] `` This is the first year since transportation deregulation in 1980 that we have had such a dramatic and broad-based upturn in perceived transportation rates , '' said Bernard LaLonde , a transportation logistics professor at Ohio State in Columbus . 
[ Carriers ] Carriers could use their equipment more efficiently , leading to overcapacity they were eager to fill . 
[ GNP ] Shippers cut about $ 35 billion from their annual , inter-city truck and rail costs , to about $ 150 billion , or about 6.4 % of gross national product , down from 8 % of GNP in 1981 . 
[ Mr. LaLonde ] `` Shippers are saying ` the party 's over , ' '' said Mr. LaLonde . 
[ Robert Delaney ] [ Arthur D. Little Inc. ] [ Cambridge ] [ Mass. ] Robert Delaney , a consultant at Arthur D. Little Inc. , Cambridge , Mass. , said `` We 've gotten all the benefits of deregulation in freight-cost reductions . 
[ Gerard McCullough ] [ Massachusetts Institute ] [ Technology ] `` There 's still a lot of pressure on rates in both rail and truck , '' said Gerard McCullough , lecturer in transportation at Massachusetts Institute of Technology . 
[ April ] Less-than-truckload companies , which carry the freight of several shippers in each truck trailer , discounted away a 4.7 % rate increase implemented last April . 
[ Consolidated Freightways Inc. ] [ Menlo Park ] [ Calif. ] An official at Consolidated Freightways Inc. , a Menlo Park , Calif. , less-than-truckload carrier , said rate discounting in that industry has begun to `` stabilize . '' 
[ Consolidated Freightways ] Consolidated Freightways plans to raise its rates 5.3 % late this year or early next year , and at least two competitors have announced similar increases . 
[ Michael Lloyd ] [ Salomon Bros ] Truckers are `` trying to send signals that they need to stop the bloodletting , forget about market share and go for higher rates , '' said Michael Lloyd , an analyst at Salomon Bros . 
[ U.S. ] [ Pacific ] [ Asia ] Air-freight carriers raised their rates for U.S. products going across the Pacific to Asia by about 20 % earlier this month . 
[ Japan Air Lines ] And Japan Air Lines said it plans to boost its rates a further 25 % over the next two years . 
[ U.S. ] [ U.S. ] [ Richard Connors ] [ Yusen Air & Sea Service U.S.A. Inc. ] [ U.S. ] [ Nippon Yusen Kaisha ] [ Japan ] Such rate increases `` will increase the total cost of U.S. products and slow down the rate of increase of U.S. exports , '' said Richard Connors , a senior vice president of Yusen Air & Sea Service U.S.A. Inc. , the U.S. air-freight-forwarding subsidiary of Nippon Yusen Kaisha of Japan . 
[ Salomon ] Some bulk shipping rates have increased `` 3 % to 4 % in the past few months , '' said Salomon 's Mr. Lloyd . 
[ Carriers ] [ North Atlantic ] [ U.S. ] [ Europe ] Carriers boosted rates more than 10 % in the North Atlantic between the U.S. and Europe last September , hoping to partly restore rates to earlier levels . 
[ Pacific ] [ U.S. ] [ Asia ] [ April ] Ship lines operating in the Pacific plan to raise rates on containers carrying U.S. exports to Asia about 10 % , effective next April . 
[ MGM Grand Inc. ] [ Securities and Exchange Commission ] MGM Grand Inc. said it filed a registration statement with the Securities and Exchange Commission for a public offering of six million common shares . 
[ Beverly Hills ] The Beverly Hills , Calif.-based company said it would have 26.9 million common shares outstanding after the offering . 
[ Gaming ] [ Merrill Lynch Capital Markets ] The hotel and Gaming company said Merrill Lynch Capital Markets will lead the underwriters . 
[ MGM Grand ] Proceeds from the sale will be used for remodeling and refurbishing projects , as well as for the planned MGM Grand hotel\/casino and theme park . 
[ Bob Stone ] Bob Stone stewed over a letter from his manager putting him on probation for insubordination . 
[ Mr. Stone ] Mr. Stone thought the discipline was unfair ; he believed that his manager wanted to get rid of him for personal reasons . 
[ Mr. Stone ] At the scheduled time , Mr. Stone entered a conference room in a building near where he worked . 
[ Mr. Stone ] The only extra people were a couple of personnel specialists , one of whom knew Mr. Stone 's case intimately and would help fill in any facts needed to give the court the full picture . 
[ Mr. Stone ] Over a cup of coffee , Mr. Stone told his story . 
[ Mr. Stone ] The chairman promised Mr. Stone a decision within two weeks . 
[ Bob Stone ] Bob Stone is a fictional name , but the incident described is real . 
[ Northrop Corp. ] [ Los Angeles ] It happened at Northrop Corp. in Los Angeles . 
[ Management Appeals Committee ] [ MAC ] The court is called the Management Appeals Committee , or just `` MAC , '' and it is likely to hear a couple of dozen cases a year . 
[ Federal Express ] [ Memphis ] [ Defense and Underseas Systems ] [ Honeywell ] [ Minneapolis ] [ General Electric ] [ Columbia ] [ Md. ] Alter some details of this example and it could be taking place today at Federal Express in Memphis , the Defense and Underseas Systems divisions of Honeywell in Minneapolis , a General Electric plant in Columbia , Md. , or a number of other companies . 
[ Polaroid ] [ Personnel Policy Planning Committee ] At Polaroid , the Personnel Policy Planning Committee may hear only about 20 cases a year ; the rest of the many hundreds of complaints are resolved at earlier stages . 
[ TWA ] [ System Board ] [ Adjustment ] At TWA , the System Board of Adjustment hears 50 to 75 cases a year , only a fraction of the complaints brought to personnel specialists . 
[ Citicorp ] [ Problem Review Board ] At Citicorp , the Problem Review Board may hear only 12 or so cases because of personnel 's skill in complaint-resolution . 
[ Bob Stone ] A panel system like that in the Bob Stone example enjoys such advantages as high credibility and , for the panelists , mutual support . 
[ International Business Machines ] [ Bank ] [ America ] International Business Machines and Bank of America are among the companies using the single-adjudicator approach . 
[ Smith-Kline Beecham ] Smith-Kline Beecham goes further and sometimes features its grievance procedure in closed-circuit TV programs . 
[ IBM ] At IBM , the company 's Open Door system is sometimes the subject of memorandums from the chief executive . 
[ Federal Express ] [ Frederick Smith ] [ James Barksdale ] [ Appeals Board ] Federal Express goes further in this respect than any company I know of with both Frederick Smith and James Barksdale , chief executive and chief operating officer , respectively , sitting in on the Appeals Board almost every Tuesday to decide cases . 
[ Mr. Ewing ] [ Winchester ] [ Mass. ] [ Justice ] [ Job ] [ Grievances ] [ Nonunion ] [ Harvard Business School Press ] Mr. Ewing is a consultant based in Winchester , Mass. , and author of `` Justice on the Job : Resolving Grievances in the Nonunion Workplace ''  Harvard Business School Press , 1989   . 
[ Tokyo ] [ Monday ] Tokyo stocks closed higher in active trading Friday , marking the fourth consecutive daily gain since Monday 's sharp fall . 
[ Tokyo ] [ Nikkei ] At Tokyo , the Nikkei index of 225 selected issues was up 112.16 points to 35486.38 . 
[ Tokyo ] [ Nikkei ] In early trading in Tokyo Monday , the Nikkei index rose 101.98 points to 35588.36 . 
[ Friday ] [ First ] Friday 's volume on the First Section was estimated at one billion shares , up from 862 million Thursday . 
[ New York ] With investors relieved at the overnight gain in New York stocks , small-lot buying orders streamed into the market from early morning , making traders believe the market was back to normal . 
[ Nikkei ] The Nikkei , which reached as high as 35611.38 right after the opening , surrendered part of its early advance toward the end of the day because of profit-taking . 
[ Dai-ichi Securities ] `` Investors , especially dealers , do n't want to hold a position over the weekend , '' a trader at Dai-ichi Securities said , adding , though , that the trading mood remained positive through the afternoon session . 
[ Tokyo Stock Price Index ] [ Topix ] [ First ] The Tokyo Stock Price Index  Topix   of all issues listed in the First Section , which gained 22.78 points Thursday , was up 14.06 points , or 0.53 % , at 2679.72 . 
[ Friday ] [ New York ] [ Nikkei ] In turmoil caused by the previous Friday 's plunge in New York stocks , the Nikkei marked a sharp 647.33-point fall Monday . 
[ Nikkei ] [ Wall Street ] [ Oct. ] But the Nikkei fell an overall 1.8 % in value that day compared with Wall Street 's far sharper 6.9 % drop on Oct. 13 . 
[ Tokyo ] [ Friday ] [ New York ] [ Tokyo ] The Tokyo market 's resiliency helped participants to regain confidence gradually as they spent more time on analyzing factors that caused the Friday plunge and realized these problems were unique to New York stocks and not directly related to Tokyo . 
[ Nikkei ] [ Monday ] The Nikkei continued to gain for the rest of the week , adding 1017.69 points in four days -- more than erasing Monday 's losses . 
[ Nikkei ] But further major advances on the Nikkei are n't foreseen this week by market observers . 
[ U.S. ] Investors are still waiting to see how the U.S. government will decide on interest rates and how the dollar will be stabilized . 
[ Pioneer ] Pioneer surged 450 yen  $ 3.16   to 6,050 yen  $ 42.60   . 
[ Kyocera ] Kyocera advanced 80 yen to 5,440 . 
[ Fanuc ] Fanuc gained 100 to 7,580 . 
[ Breweries ] Breweries attracted investors because of their land property holdings that could figure in development or other plans , traders said . 
[ Sapporo ] [ Kirin ] Sapporo gained 80 to 1,920 and Kirin added 60 to 2,070 . 
[ Thursday ] Housings , constructions and pharmaceuticals continued to be bought following Thursday 's gains because of strong earnings outlooks . 
[ Daiwa House ] Daiwa House gained 50 to 2,660 . 
[ Misawa Homes ] Misawa Homes was up 20 at 2,960 . 
[ Kajima ] [ Ohbayashi ] Kajima advanced 40 to 2,120 and Ohbayashi added 50 to 1,730 . 
[ Fujisawa ] [ Mochida ] Fujisawa added 80 to 2,010 and Mochida advanced 230 to 4,400 . 
[ Wall Street ] London share prices were influenced largely by declines on Wall Street and weakness in the British pound . 
[ Financial Times-Stock Exchange ] The key Financial Times-Stock Exchange 100-share index ended 10.2 points lower at 2179.1 , above its intraday low of 2176.9 , but off the day 's high of 2189 . 
[ Wall Street ] The index finished 2.4 % under its close of 2233.9 the previous Friday , although it recouped some of the sharp losses staged early last week on the back of Wall Street 's fall . 
[ London ] [ Friday ] [ September ] London was weak throughout Friday 's trading , however , on what dealers attributed to generally thin interest ahead of the weekend and this week 's potentially important U.K. trade figures for September . 
[ FT-SE ] [ Wall Street ] The FT-SE 100 largely remained within an 11-point range establshed within the first hour of trading before it eased to an intraday low late in the session when a flurry of program selling pushed Wall Street lower . 
[ FT ] The FT 30-share index closed 11.0 points lower at 1761.0 . 
[ Thursday ] Volume was extremely thin at 351.3 million shares , the lightest volume of the week and modestly under Thursday 's 387.4 million shares . 
[ Wall Street ] [ Thursday ] Dealers said the day 's action was featureless outside some response to sterling 's early weakness against the mark , and fears that Wall Street might open lower after its strong leap forward Thursday . 
[ FT-SE ] They added that market-makers were largely sidelined after aggressively supporting the market Thursday in their quest to cover internal shortages of FT-SE 100 shares . 
[ Airways ] [ UAL Corp. ] [ United Airlines ] The key corporate news of the day was that British Airways decided to withdraw from a management-led bid for UAL Corp. , the parent of United Airlines . 
[ Airways ] [ UAL ] British Airways rose initially after announcing its withdrawal from the UAL deal . 
[ FT-SE ] The airline was the most active FT-SE 100 at 8.2 million shares traded . 
[ B.A.T Industries ] [ Sir James Goldsmith ] The next most active top-tier stock was B.A.T Industries , the target of Sir James Goldsmith 's # 13.4 billion bid . 
[ Sir James ] [ Thursday ] Sir James said Thursday night that his plans for the takeover had n't changed . 
[ B.A.T ] B.A.T ended the day at 778 , down 5 , on turnover of 7.5 million shares . 
[ Trusthouse Forte ] [ Barclays De Zoete Wedd ] [ Hillsdown Holdings ] In other active shares , Trusthouse Forte shed 10 to 294 on volume of 6.4 million shares after a Barclays De Zoete Wedd downgrading , while Hillsdown Holdings , a food products concern , was boosted 2 to 271 after it disclosed it would seek shareholder approval to begin share repurchases . 
[ Europe ] [ Stockholm ] [ Brussels and Milan ] Elsewhere in Europe , share prices closed higher in Stockholm , Brussels and Milan . 
[ Frankfurt ] [ Zurich ] [ Paris and Amsterdam ] Prices were lower in Frankfurt , Zurich , Paris and Amsterdam . 
[ Sydney ] [ Taipei ] [ Wellington ] [ Manila ] [ Hong Kong ] [ Singapore ] [ Seoul ] Share prices closed higher in Sydney , Taipei , Wellington , Manila , Hong Kong and Singapore and were lower in Seoul . 
[ Morgan Stanley Capital International Perspective ] [ Geneva ] Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . 
[ U.S. ] The U.S. is required to notify foreign dictators if it knows of coup plans likely to endanger their lives , government officials said . 
[ Reagan ] [ Senate Intelligence Committee ] The notification policy was part of a set of guidelines on handling coups outlined in a secret 1988 exchange of letters between the Reagan administration and the Senate Intelligence Committee . 
[ President Bush ] [ Republican ] [ White House ] The existence of the guidelines has become known since President Bush disclosed them privately to seven Republican senators at a White House meeting last Monday . 
[ Mr. Bush ] [ Manuel Noriega ] Officials familiar with the meeting said Mr. Bush cited the policy as an example of the sort of congressional requirements the administration contends contribute to the failure of such covert actions as this month 's futile effort to oust Panamanian dictator Manuel Noriega . 
[ Mr. Bush ] [ White House ] According to the officials , Mr. Bush even read to the senators selections from a highly classified letter from the committee to the White House discussing the guidelines . 
[ U.S. ] [ Mr. Noriega ] No notification was ever considered , officials said , apparently because the U.S. did n't think the coup plotters intended to kill Mr. Noriega , but merely sought to imprison him . 
[ White House ] What 's more , both administration and congressional officials hint that the notification requirement is likely to be dropped from the guidelines on coup attempts that are being rewritten by the panel and the White House . 
[ Mr. Bush ] The rewriting was launched at a meeting between Mr. Bush and intelligence committee leaders Oct. 12 , a few days before the meeting at which the president complained about the rules . 
[ NBC News ] [ Capitol Hill ] [ Congress ] However , the disclosure of the guidelines , first reported last night by NBC News , is already being interpreted on Capitol Hill as an unfair effort to pressure Congress . 
[ White House ] [ Congress ] [ Mr. Noriega ] It has reopened the bitter wrangling between the White House and Congress over who is responsible for the failure to oust Mr. Noriega and , more broadly , for difficulties in carrying out covert activities abroad . 
[ Sen. David Boren ] [ D. ] [ Okla. ] [ Panama ] A statement issued by the office of the committee chairman , Sen. David Boren  D. , Okla.   , charged that the disclosure is part of a continuing effort to shift the criticism for the failure of the recent coup attempt in Panama . 
[ Sen. Boren ] Sen. Boren said , `` It 's time to stop bickering and work together to develop a clear and appropriate policy to help the country in the future . 
[ Republican Sen. William Cohen ] [ Maine ] [ White House ] Republican Sen. William Cohen of Maine , the panel 's vice chairman , said of the disclosure that `` a text torn out of context is a pretext , and it is unfair for those in the White House who are leaking to present the evidence in a selective fashion . '' 
[ Sen. Boren ] Sen. Boren said the committee could n't defend itself by making the documents public because that would violate classification rules . 
[ White House ] [ Congress ] But the chairman and other committee members stressed that the notification guideline was n't imposed on the White House by a meddling Congress . 
[ Panama ] [ July ] [ October ] Instead , both congressional and administration officials agreed , it grew out of talks about coup-planning in Panama that were initiated by the administration in July 1988 and stretched into last October . 
[ U.S. ] [ U.S. ] The guideline was n't a law , but a joint interpretation of how the U.S. might operate during foreign coups in light of the longstanding presidential order banning a U.S. role in assassinations . 
[ Congress ] In fact , yesterday the administration and Congress were still differing on what had been agreed to . 
[ U.S. ] One administration official said notification was required even if the U.S. `` gets wind '' of somebody else 's coup plans that seem likely to endanger a dictator 's life . 
[ U.S. ] But a congressional source close to the panel said the rule only covered coup plans directly involving the U.S. . 
[ U.S. ] [ Panama ] Although the notification guideline was n't carried out in this month 's coup attempt , some administration officials argue that it may have led to hesitation and uncertainty on the part of U.S. intelligence and military operatives in Panama . 
[ U.S. ] One senior administration official called the guideline `` outrageous '' and said it could make U.S. operatives reluctant to even listen to coup plans for fear they may get into legal trouble . 
[ Reagan ] [ Panama ] The issue came to a head last year , officials recalled , partly because the Reagan administration had sought unsuccessfully to win committee approval of funding for new Panama coup efforts . 
[ White House ] In addition , both administration and congressional officials said the need for guidelines on coups and assassinations was partly spurred by a White House desire to avoid nasty overseas surprises during the election campaign . 
[ White House ] Though the assassination ban is a White House order that Congress never voted on , the intelligence committees can exercise influence over its interpretation . 
[ Central Intelligence Agency Director William Webster ] [ Congress ] [ U.S. ] Last week , Central Intelligence Agency Director William Webster publicly called on Congress to provide new interpretations of the assassination order that would permit the U.S. more freedom to act in coups . 
[ Congress ] The administration has reacted to criticism that it mishandled the latest coup attempt by seeking to blame Congress for restrictions the White House said have hampered its freedom of action . 
[ Panama ] However , last week Mr. Webster 's two top CIA deputies said congressional curbs had n't hampered the spy agency 's role in the coup attempt in Panama . 
[ Sens. Boren and Cohen ] [ Oct. ] Nevertheless , the administration 's criticisms appeared to have made some headway with Sens. Boren and Cohen after their Oct. 12 meeting with the president . 
[ U.S. ] The three men agreed to rewrite the guidelines , without changing the basic assassination ban , to clear up any ambiguities that may have hampered U.S. encouragement of coups against anti-American leaders . 
[ Gerald F. Seib ] Gerald F. Seib contributed to this article . 
[ Wall Street Journal ]  During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history .   
[ U.S. ] [ Roaring Twenties ] [ Britain ] MUTUAL FUNDS ARRIVED IN THE U.S. during the Roaring Twenties  they had been in Britain for a century   , but they did n't boom until the money market fund was created in the 1970s . 
[ Securities and Exchange Commission ] An early fund had filed a registration with the Securities and Exchange Commission that included a fixed $ 1 price . 
[ Dreyfus ] [ February ] When Dreyfus started the first advertising-backed retail fund in February 1974 , it was priced at $ 10 a share  and reached $ 1 billion in assets in one year .   
[ Dreyfus ] [ SEC ] Dreyfus moved to the $ 1 price after the SEC set standards -- an average 120-day maturity of high-grade paper -- that are still the rule . 
[ Dreyfus ] Dreyfus alone has seen its money market funds grow from $ 1 billion in 1975 to closes to $ 15 billion today . 
[ Procter & Gamble Co. ] [ Noxell Corp. ] [ Hart-Scott-Rodino Act ] [ Noxell ] [ P&G ] Procter & Gamble Co. and Noxell Corp. said they received early termination of the waiting period under the Hart-Scott-Rodino Act regarding the proposed $ 1.4 billion merger of Noxell into P&G . 
[ Noxell ] [ Hunt Valley ] [ Md. ] [ Nov. ] Shareholders of Noxell , of Hunt Valley , Md. , will vote on the merger at a special meeting on Nov. 30 , the companies said . 
[ P&G ] [ Cincinnati ] [ Noxell ] [ Class B ] [ P&G ] P&G , Cincinnati , agreed to exchange 0.272 share of its common stock for each share of Noxell common and Class B stock , a total of about 11 million P&G shares . 
[ P&G ] The transaction would mark the entry of P&G into cosmetics . 
[ Messerschmitt-Boelkow-Blohm G.m.b ] [ H. ] [ Daimler-Benz AG ] [ Nov. ] Shareholders of Messerschmitt-Boelkow-Blohm G.m.b . H. postponed their formal endorsement of a merger with Daimler-Benz AG until another meeting on Nov. 17 . 
[ Friday ] The owners of the defense and aerospace concern , which include three regional states , several industrial companies and banks , met Friday to discuss the final terms of the transaction , in which Daimler-Benz will acquire 50.01 % of 
[ Hamburg and Bremen ] [ German Airbus ] But agreement aparently could n't be reached because of opposition from the states of Hamburg and Bremen , which are demanding more influence over the German Airbus operations and a better guarantee against job losses in the troubled Northern German region . 
[ Bavaria ] [ MBB ] [ Daimler-Benz ] The two states and the state of Bavaria still hold a majority in MBB , but their stake will fall to around 30 % after Daimler-Benz acquires its stake in the concern . 
[ Jeffrey E. Levin ] Jeffrey E. Levin was named vice president and chief economist of this commodity futures and options exchange . 
[ Seton Hall University ] He had been associate professor in the department of finance at Seton Hall University . 
[ SIERRA TUCSON Cos. ] SIERRA TUCSON Cos. said it completed its initial public offering of 2.5 million common shares , which raised $ 30 million . 
[ Tucson ] [ Ariz. ] The Tucson , Ariz. , operator of addiction-treatment centers said proceeds will be used for expansion , to pay debt and for general corporate purposes . 
[ Oppenheimer & Co. ] Oppenheimer & Co. was the lead underwriter . 
[ GNP ] [ MMS International ] [ McGraw-Hill Inc. ] [ New York ] The consensus view on real GNP , the total value of the nation 's output of goods and services adjusted for inflation , calls for a 2.3 % gain , down from the second quarter 's 2.5 % , according to MMS International , a unit of McGraw-Hill Inc. , New York . 
[ GNP ] [ Thursday ] But inflation , as measured by the GNP deflator in Thursday 's report , is expected to rise only 3.5 % , down from 4.6 % in the second quarter . 
[ Samuel D. Kahan ] [ Kleinwort Benson Government Securities Inc. ] [ Chicago ] `` Inflation could be a real surprise , '' said Samuel D. Kahan , chief financial economist at Kleinwort Benson Government Securities Inc. , in Chicago . 
[ mid-October ] [ September ] [ September ] The week 's other notable indicators include mid-October auto sales , September durable goods orders as well as September personal income , personal consumption and the saving rate . 
[ GNP ] Many economists see even slower GNP growth for the remainder of the year , with some leaning more strongly toward a possible recession . 
[ Hurricane Hugo ] [ San Francisco ] In addition to softer production data , weaker housing starts and lower corporate profits currently in evidence , some analysts believe the two recent natural disasters -- Hurricane Hugo and the San Francisco earthquake -- will carry economic ramifications in the fourth quarter . 
[ Dow Jones Industrial Average ] The recent one-day , 190-point drop in the Dow Jones Industrial Average seems to be significant to economists mainly for its tacit comment on the poor quality of third-quarter profits now being reported . 
[ Michael K. Evans ] [ Evans Economics Inc. ] [ Washington ] `` The stock market is sick because profits are crumbling , '' says Michael K. Evans , president of Evans Economics Inc. , Washington . 
[ Mr. Evans ] [ GNP ] On the other hand , Mr. Evans expects the hurricane and the earthquake `` to take a hunk out of fourth-quarter GNP . '' 
[ GNP ] His estimate of 3.3 % for third-quarter GNP is higher than the consensus largely because he believes current inventories are n't as low as official figures indicate . 
[ Edward J. Campbell ] [ Brown Brothers Harriman & Co. ] [ New York ] Edward J. Campbell , economist at Brown Brothers Harriman & Co. , New York , noted that large increases in construction activity along with government and private relief efforts could offset loss of production in those areas . 
[ Gary Ciminero ] [ Fleet\/Norstar Financial Group ] [ Providence ] [ R.I. ] Gary Ciminero , economist at Fleet\/Norstar Financial Group , Providence , R.I. , expects the deflator to rise 3.7 % , well below the second quarter 's 4.6 % , partly because of what he believes will be temporarily better price behavior . 
[ GNP ] He expects real GNP growth of only 2.1 % for the quarter , noting a wider trade deficit , slower capital and government spending and the lower inventory figures . 
[ Sung Won Sohn ] [ Norwest Corp. ] [ Minneapolis ] Sung Won Sohn , chief economist at Norwest Corp. , Minneapolis , holds that the recent stock-market volatility `` increases the possibility of economic recession and reinforces the bad news '' from recent trade deficit , employment and housing reports . 
[ September ] The consensus calls for a 0.5 % increase in September personal income and a 0.3 % gain in consumption . 
[ August ] In August , personal income rose 0.4 % and personal consumption increased 0.9 % . 
[ Charles Lieberman ] [ Manufacturers Hanover Securities Corp. ] [ New York ] [ Hurrican Hugo ] Charles Lieberman , managing director of financial markets reasearch at Manufacturers Hanover Securities Corp. , New York , said Hurrican Hugo shaved 0.1 % to 0.2 % from personal-income growth , because of greatly diminished rental income from tourism . 
[ September ] [ August ] Durable goods orders for September , due out tomorrow , are expected to show a slip of 1 % , compared with August 's 3.9 % increase . 
[ HASTINGS MANUFACTURING Co. ] [ Dec. ] HASTINGS MANUFACTURING Co. declared a regular quarterly dividend of 10 cents a share and an extra dividend of five cents a share on its common stock , payable Dec. 15 to shares of record Nov. 17 . 
[ Hastings ] [ Mich. ] The Hastings , Mich. , concern makes piston rings , filters and fuel pumps . 
[ Vickers PLC ] [ United Kingdom ] [ New Zealand ] [ Ron Brierley ] Vickers PLC , a United Kingdom defense and engineering company , said an investment unit controlled by New Zealand financier Ron Brierley raised its stake in the company Friday to 15.02 % from about 14.6 % Thursday and from 13.7 % the previous week . 
[ I.E.P. Securities Ltd. ] [ Mr. Brierley ] [ Vickers ] I.E.P. Securities Ltd. , a unit of Mr. Brierley 's Hong Kong-based Industrial Equity  Pacific   Ltd. , boosted its holdings in Vickers to 38.8 million shares . 
[ May ] [ Mr. Brierley ] In May , Mr. Brierley 's stake shrank to 8.7 % after ranging between 9 % and 11 % for much of the previous year . 
[ Ron Brierley ] [ Vickers ] `` Ron Brierley clearly views our company as a good investment , '' a Vickers spokesman said . 
[ Industrial Equity ] The spokesman refused to comment on speculation that Industrial Equity might use its interest as a platform to launch a hostile bid for the company . 
[ Vickers ] [ U.K. ] [ Rolls Royce ] Vickers makes tanks for the U.K. army , Rolls Royce cars , and has marine and medical businesses . 
[ Rune Andersson ] [ Trelleborg AB ] When Rune Andersson set out to revive flagging Swedish conglomerate Trelleborg AB in the early 1980s , he spurned the advice of trendy management consultants . 
[ Mr. Andersson ] `` All these consultants kept coming around telling us we should concentrate on high technology , electronics or biotechnology , and get out of mature basic industries , '' Mr. Andersson recalls . 
[ Trelleborg ] Yet under its 45-year-old president , Trelleborg moved aggressively into those unfashionable base industries -- first strengthening its existing rubber and plastics division , later adding mining as well as building and construction materials . 
[ Mr. Andersson ] But going against the grain has never bothered Mr. Andersson . 
[ Mr. Andersson ] [ Trelleborg ] Mr. Andersson is anxious to strengthen Trelleborg 's balance sheet . 
[ Tuesday ] [ Trelleborg ] [ Stockholm ] On Tuesday , Trelleborg 's directors announced plans to spin off two big divisions -- minerals processing , and building and distribution -- as separately quoted companies on Stockholm 's Stock Exchange . 
[ Trelleborg ] At current market prices , the twin public offerings to be completed next year would add an estimated 2.5 billion Swedish kronor  $ 386 million   to Trelleborg 's coffers , analysts say . 
[ Trelleborg ] The board had also been expected to approve a SKr1.5 billion international offering of new Trelleborg shares . 
[ Trelleborg ] But that share issue -- intended to make Trelleborg better known among international investors -- was postponed until market conditions stabilize , people familiar with the situation say . 
[ Trelleborg ] [ Stockholm ] Trelleborg 's internationally traded `` Bfree '' series stock plunged SKr29  $ 4.48   to SKr205  $ 31.65   in volatile trading Monday in Stockholm . 
[ Tuesday ] Tuesday , the shares regained SKr20 , closing at SKr225 . 
[ Mr. Andersson ] [ Trelleborg ] Mr. Andersson says he is confident that taking parts of the company public will help erase the `` conglomerate stigma '' that has held down Trelleborg 's share price . 
[ Trelleborg ] Trelleborg plans to remain the dominant shareholder with stakes of slightly less than 50 % of both units . 
[ Henry Dunker ] [ Trelleborg ] A family foundation set up by late founder Henry Dunker controls 59 % of Trelleborg 's voting shares outstanding . 
[ Trelleborg ] But the foundation bylaws require the entire Trelleborg stake to be sold in the open market if control drops below 50 % . 
[ Trelleborg ] That possibility had crept closer as repeated new share offerings to finance Trelleborg 's rapid growth steadily diluted the foundation 's holding . 
[ Mr. Andersson ] That growth is the result of Mr. Andersson 's shopping spree , during which he has bought and sold more than 100 companies during the past five years . 
[ AB Electrolux ] [ Mr. Andersson ] Applying prowess gained during earlier stints at appliance maker AB Electrolux , Mr. Andersson and a handful of loyal lieutenants aggressively stripped away dead wood -- and got quick results . 
[ Trelleborg ] [ Scandinavia ] The treatment turned Trelleborg into one of Scandinavia 's biggest and fastest-growing industrial concerns . 
[ Mr. Andersson ] [ Trelleborg ] [ Ernst Herslow ] Many analysts expect Mr. Andersson , who owns 1.7 % of the company , to be named Trelleborg 's new chairman when Ernst Herslow steps down next year . 
[ Mr. Andersson ] [ Trelleborg ] [ Canada ] [ Falconbridge Ltd ] Last month , in his boldest move yet , Mr. Andersson and Trelleborg joined forces with Canada 's Noranda Inc. in a joint $ 2 billion hostile takeover of another big Canadian mining concern , Falconbridge Ltd . 
[ Falconbridge ] [ Trelleborg ] [ Scandinavian ] Industry analysts suggest that the conquest of Falconbridge could vault Trelleborg from a regional Scandinavian success story to a world-class mining concern . 
[ Trelleborg ] [ RTZ Corp. ] [ Anglo-American Corp. ] [ Mike Kurtanjek ] [ James Capel & Co. ] [ London ] `` Trelleborg is n't in the same league yet as mining giants such as RTZ Corp. or Anglo-American Corp. , '' says Mike Kurtanjek , a mining analyst at James Capel & Co. , London . 
[ Trelleborg ] But Trelleborg still must clear some tough hurdles . 
[ Mr. Andersson ] Mr. Andersson acknowledges that the company 's mining division `` will be busy for a while digesting its recent expansion . '' 
[ Trelleborg ] Booming metals prices have fueled Trelleborg 's recent profit surge , raising mining 's share of pretax profit to 68 % this year from a big loss two years earlier . 
[ Mining ] [ Trelleborg ] Mining is likely to remain Trelleborg 's main business . 
[ Trelleborg ] [ Noranda ] [ Falconbridge ] Analysts say its chances of success will likely hinge on how well Trelleborg manages to cooperate with Noranda in the Falconbridge venture . 
[ Noranda and Trelleborg ] [ Falconbridge ] Noranda and Trelleborg each came close to winning Falconbridge alone before the successful joint bid . 
[ Noranda ] [ Falconbridge ] [ Swedes ] [ Noranda ] Some analysts say Noranda would prefer to break up Falconbridge , and that the Swedes -- relatively inexperienced in international mining operations -- could have problems holding their own with a much bigger partner like Noranda operating on its home turf . 
[ Mr. Andersson ] [ Trelleborg and Noranda ] [ Falconbridge ] Mr. Andersson insists that Trelleborg and Noranda have n't discussed a Falconbridge break-up . 
[ Falconbridge ] Falconbridge , he says , will continue operating in its current form . 
[ Trelleborg ] But such partnerships are common in mining , where there are n't problems or conflict of interest or risk of cheating by a partner , '' Trelleborg 's president says . 
[ Mr. Andersson ] Perhaps more important , both companies share Mr. Andersson 's belief in the coming renaissance of base industries . 
[ Mr. Andersson ] `` If the 1980s were a decade of consumption , the '90s will be the investment decade , '' Mr. Andersson says . 
[ Europe ] `` The whole of Europe and the industrialized world is suffering from a breakdown in infrastructure investment , '' he says . 
[ Apple Computer Inc. ] [ Adobe Systems Inc ] Apple Computer Inc. posted improved fiscal fourth-quarter profit due largely to a $ 48 million gain on the sale of its stock in Adobe Systems Inc . 
[ Sept. ] Excluding the gain , the company registered a modest 4.6 % increase for the quarter ended Sept. 29 to $ 113 million , or 87 cents a share , from the year-earlier $ 107.9 million , or 84 cents a share . 
[ Adobe ] Proceeds of the Adobe sale brought net income in the quarter to $ 161.1 million , or $ 1.24 a share . 
[ Adobe ] [ Apple ] Without the Adobe gain , Apple 's full-year operating profit edged up 1.5 % to $ 406 million , or $ 3.16 a share , from $ 400.3 million , or $ 3.08 a share . 
[ Adobe ] Including the Adobe gain , full-year net was $ 454 million , or $ 3.53 a share . 
[ John Sculley ] [ Macintosh SE\/30 and IIcx ] John Sculley , chairman and chief executive officer , credited the Macintosh SE\/30 and IIcx computers , introduced in the winter , for the brightened sales performance . 
[ Mr. Sculley ] Mr. Sculley also indicated that sagging margins , which dogged the company through most of 1989 , began to turn up in the fourth quarter as chip prices eased . 
[ Mr. Sculley ] `` Adverse pressure on gross margins ... has subsided , '' Mr. Sculley said . 
[ Mr. Sculley ] Looking ahead to 1990 , Mr. Sculley predicted `` another year of significant revenue growth , '' along with improved profitability , as the recovery in gross margins continues into 1990 . 
[ Gary J. Schantz ] Gary J. Schantz , 44 years old , was named president and chief operating officer . 
[ Polymerix ] Polymerix makes lumber-like materials that it describes as `` plastic wood . '' 
[ Martin Schrager ] Martin Schrager , 51 , who had been president , was named vice chairman . 
[ Mr. Schantz ] [ Acrylic ] [ Polycast Technology Corp ] Mr. Schantz was vice president and chief operating officer of the Acrylic division of Polycast Technology Corp . 
[ David L. Holewinski ] Separately , the board expanded to six members with the election of David L. Holewinski , a consultant . 
[ Terry L. Haines ] [ North ] Terry L. Haines , formerly general manager of Canadian operations , was elected to the new position of vice president , North American sales , of this plastics concern . 
[ Larry A. Kushkin ] [ North ] Also , Larry A. Kushkin , executive vice president , North American operations , was named head of the company 's international automotive operations , another new position . 
[ A. Schulman ] He remains an executive vice president , the company said , and his new position reflects `` the growing importance of the world automotive market as a market for A. Schulman 's high performance plastic materials . '' 
[ Gordon Trimmer ] [ Mr. Haines ] [ Mr. Kushkin ] Gordon Trimmer will succeed Mr. Haines as manager of Canadian operations , and Mr. Kushkin 's former position is n't being filled at this time , the company said . 
[ General Electric Co. ] [ Ocean State Power ] [ Burrillville ] [ R.I ] General Electric Co. said it signed a contract with the developers of the Ocean State Power project for the second phase of an independent $ 400 million power plant , which is being built in Burrillville , R.I . 
[ GE ] [ Ebasco ] [ Enserch Corp. ] GE , along with a division of Ebasco , a subsidiary of Enserch Corp. , have been building the first 250-megawatt phase of the project , which they expect to complete in late 1990 . 
[ GE ] GE 's Power Generation subsidiary will operate and maintain the plant upon its completion . 
[ Environmental Protection Agency ] [ Superfund ] The Environmental Protection Agency is getting a lot out of the Superfund program . 
[ Office ] [ Technology Assessment ] Of the $ 4.4 billion spent so far on the program , 60 % is going for administrative costs , management and research , the Office of Technology Assessment just reported . 
[ EPA ] At current allocations , that means EPA will be spending $ 300 billion on itself . 
[ Chambers Development Co. ] [ Security Bureau Inc. ] [ Florida ] Chambers Development Co. said its Security Bureau Inc. unit purchased two security concerns in Florida that will add $ 2.1 million of annual revenue . 
[ Purchase ] [ Miami ] [ Fort Lauderdale ] [ West Palm Beach ] [ Fla. ] [ Chambers ] Purchase of the businesses serving Miami , Fort Lauderdale and West Palm Beach , Fla. , is part of a plan by Chambers to expand in the growing security industry . 
[ Basf AG ] [ Latin America ] [ Mexico ] [ Asia\/Australia ] [ Singapore ] [ Oct ] Basf AG said it moved its headquarters for Latin America to Mexico and the headquarters for the Asia\/Australia regional division to Singapore , effective Oct . 
[ Ludwigshafen ] [ Basf ] The central offices for both regions were previously located in Ludwigshafen , Basf headquarters . 
[ Basf ] Both regions are the fastest-growing areas for Basf , the company said . 
[ David H. Eisenberg ] [ Imasco ] [ Alexandria ] [ Va ] David H. Eisenberg , 53 years old , was named president and chief operating officer of Imasco 's 500-store Peoples Drug Stores Inc. unit , based in Alexandria , Va . 
[ Mr. Eisenberg ] Mr. Eisenberg was senior executive vice president and chief operating officer . 
[ Imasco ] Imasco is a tobacco , retailing , restaurant and financial services concern . 
[ Lotus Development Corp. ] [ Signal ] [ Infotechnology Inc. ] [ New York ] [ Financial News Network ] Lotus Development Corp. is in talks to sell its Signal stock-quote service to Infotechnology Inc. , the New York parent of Financial News Network , people familiar with the negotiations said . 
[ Signal ] [ FM ] Signal , which has an estimated 10,000 subscribers and is profitable , provides stock quotes over an FM radio band that can be received by specially equipped personal computers . 
[ Lotus ] [ Cambridge ] [ Mass. ] Lotus , Cambridge , Mass. , has been rumored to have the sale of the four-year-old unit under consideration for a year . 
[ Lotus ] The business is n't related to Lotus 's main businesses of making computer software and publishing information on compact disks . 
[ Felipe Bince Jr ] `` Please submit your offers , '' says Felipe Bince Jr . 
[ Mr. Bince ] Mr. Bince , the trust 's associate executive trustee , declares the bidding a failure . 
[ October ] [ President Corazon Aquino ] [ Ferdinand Marcos ] In October 1987 , President Corazon Aquino vowed that her government would `` get out of business '' by selling all or part of the state 's holdings in the many companies taken over by the government during the 20-year rule of Ferdinand Marcos . 
[ Mrs. Aquino ] Two years later , Mrs. Aquino 's promise remains largely unfulfilled . 
[ October ] October is a critical month for the privatization program . 
[ Manila ] Manila is offering several major assets for the first time and is trying to conclude sales already arranged . 
[ Airlines ] In addition , the government is scheduled to unveil plans for privatizing Philippine Airlines , the national carrier , an effort that lawyer and business columnist Rodolfo Romero calls `` the bellwether of privatization . '' 
[ Asset Privatization Trust ] [ December ] The Asset Privatization Trust , the agency chiefly responsible for selling government-held properties , has recorded sales of more than $ 500 million since it began functioning in December 1986 . 
[ Ramon Garcia ] [ Asset Trust ] Ramon Garcia , the Asset Trust 's executive trustee , admits to what he calls `` temporary setbacks . '' 
[ October ] [ Associated Bank ] October 's troubles began when the trust failed to sell a state-owned commercial bank , Associated Bank , for the minimum price of 671 million pesos  $ 31 million   . 
[ Leonardo Ty ] In addition , special bidding rules give the bank 's former owner , Leonardo Ty , the right to match the highest bid . 
[ Mr. Ty ] Mr. Ty lost control to the government in 1980 when a government bank made emergency loans to the cash-strapped institution . 
[ Manila ] [ Mr. Ty ] In 1983 , the loans were converted into equity , giving Manila 98 % of the bank , but with the understanding that Mr. Ty had repurchase rights . 
[ Paper Industries Corp. ] [ Philippines ] [ Picop ] Separately , the government will try again within a month to sell the 36 % stake in Paper Industries Corp. of the Philippines , or Picop , as the paper mill is known . 
[ Picop ] As it stands now , the government would continue to hold 45 % of Picop after the 36 % stake is sold . 
[ Picop ]  About 7.5 % of Picop is publicly traded and other shareholders own the rest of the equity .   
[ Elders ] [ Australia ] The prospect of buying into a cash-hungry company without getting management control persuaded at least three foreign buyers , including a member of the Elders group of Australia , to pull out of the bidding , the bankers and analysts say . 
[ Mr. Garcia ] [ Asset Trust ] Mr. Garcia acknowledges the problem and says the Asset Trust will study why the bidding failed and what changes the agency may be able to offer . 
[ Picop ] Under government regulations , however , foreign ownership of Picop 's equity is limited to 40 % . 
[ Picop ] Even though the government would retain the 45 % stake in Picop , critics have accused the trust of selling out to foreigners . 
[ Picop ] A series of newspaper articles accused the trust of short-changing the government over the Picop sale . 
[ Mr. Garcia ] [ Picop ] Mr. Garcia says he has been notified of congressional hearings on the Picop bidding and possible legislation covering the paper mill 's sale , both prompted by the criticism of the agency . 
[ Airlines ] The question of control could further hinder long-delayed plans for the government to divest itself of Philippine Airlines , in which it has a 99 % stake . 
[ Gordon M. Sprenger ] [ LifeSpan Inc. ] [ Peter S. Willmott ] [ Willmott Services Inc ] The new directors are Gordon M. Sprenger , president and chief executive officer of LifeSpan Inc. , and Peter S. Willmott , chairman and chief executive officer of Willmott Services Inc . 
[ Gerard E. Wood ] Gerard E. Wood , 51 years old , was elected president , chief executive officer and a director of this minerals and materials company . 
[ Harry A. Durney ] He succeeds Harry A. Durney , 65 , who is retiring from active duty but remains a director and consultant . 
[ Mr. Wood ] [ Steep Rock Resources Inc ] Mr. Wood has been president and chief executive of Steep Rock Resources Inc . 
[ Eagle Financial Corp. ] [ Webster Financial Corp. ] [ Connecticut ] Eagle Financial Corp. and Webster Financial Corp. , two Connecticut savings bank-holding companies , agreed to merge in a tax-free stock transaction . 
[ Webster\/Eagle Bancorp Inc. ] [ Connecticut ] The new holding company , Webster\/Eagle Bancorp Inc. , will have about $ 1.2 billion of assets and 19 banking offices in Connecticut . 
[ Webster ] [ Waterbury ] In the merger , each share of Webster , based in Waterbury , will be converted into one share of the new company . 
[ Eagle ] [ Bristol ] [ Webster\/Eagle ] Each share of Eagle , based in Bristol , will become 0.95 share of Webster\/Eagle . 
[ American Stock Exchange ] [ Eagle ] In American Stock Exchange composite trading Friday , Eagle shares rose 12.5 cents to $ 11 . 
[ Webster ] In national over-the-counter trading , Webster shares fell 25 cents to $ 12.375 . 
[ Webster ] [ Eagle ] Webster has 3.5 million shares outstanding and Eagle 2.6 million . 
[ Frank J. Pascale ] [ Eagle ] [ James C. Smith ] [ Webster ] [ Webster\/Eagle ] Frank J. Pascale , chairman of Eagle , will be chairman of the new firm and James C. Smith , president and chief executive officer of Webster , will take those posts at Webster\/Eagle . 
[ Harold W. Smith Sr. ] [ Webster ] Harold W. Smith Sr. , chairman of Webster , will become chairman emeritus and a director of the new company . 
[ Ralph T. Linsley ] [ Eagle ] [ Webster\/Eagle ] Ralph T. Linsley , vice chairman of Eagle , will become vice chairman of Webster\/Eagle . 
[ James Smith ] In an interview , James Smith said the banks ' `` markets are contiguous and their business philosophies are similar and conservative . '' 
[ June ] [ Webster ] [ First Federal Savings & Loan Association ] [ Waterbury ] At June 30 , Webster , which owns First Federal Savings & Loan Association of Waterbury , had assets of $ 699 million . 
[ Eagle ] [ Bristol Federal Savings Bank ] [ First Federal Savings & Loan Association ] [ Torrington ] Eagle , which controls Bristol Federal Savings Bank and First Federal Savings & Loan Association of Torrington , had assets of $ 469.6 million on that date . 
[ Guillermo Ortiz ] [ Mexico ] [ Americans ] Guillermo Ortiz 's Sept. 15 Americas column , `` Mexico 's Been Bitten by the Privatization Bug , '' is a refreshingly clear statement of his government 's commitment to privatization , and must be welcomed as such by all Americans who wish his country well . 
[ Mexico-United States Institute ] [ Mexico ] The Mexico-United States Institute is glad to see such a high official as Mexico 's undersecretary of finance view his country 's reforms `` in the context of a larger , world-wide process '' of profound change toward free-market economics , especially in the statist countries . 
[ Mexicana ] [ Aviacion ] [ Mr. Ortiz ] It is not quite true , for example , that the Mexican government has `` privatized '' Mexicana de Aviacion , as Mr. Ortiz claims . 
[ Mr. Ortiz ] Regrettably , too , Mr. Ortiz resorts to the familiar `` numbers game '' when he boasts that `` fewer than 392  state enterprises   currently remain in the public sector , '' down from the `` 1,155 public entities that existed in 1982 . 
[ Mexico ] '' But the enterprises still in state hands include the biggest and most economically powerful ones in Mexico ; indeed , they virtually constitute the economic infrastructure . 
[ Constitution ] They are officially considered `` strategic , '' and their privatization is prohibited by the Mexican Constitution . 
[ Mr. Ortiz ] [ President Carlos Salinas ] [ Mexico ] In language that sidesteps the issue , Mr. Ortiz writes , `` The divestiture of nonpriority and nonstrategic public enterprises is an essential element of President Carlos Salinas 's plan to modernize Mexico 's economy ... . '' 
[ Mexicana ] [ Aviacion ] [ Mexico ] To guarantee that Mexicana de Aviacion and other companies will really be privatized , Mexico needs a pluri-party political system that will ensure democracy and hence accountability . 
[ Daniel James ] Daniel James President Mexico-United States Institute 
[ Ponce ] [ Puerto Rico ] The board of this Ponce , Puerto Rico concern voted to suspend payment of its quarterly of 11 cents a share for the third quarter . 
[ Puerto Rico ] The third-largest thrift institution in Puerto Rico also said it expects a return to profitability in the third quarter when it reports operating results this week . 
[ Ponce Federal ] [ Financial Institutions Reform ] [ Recovery ] [ Enforcement Act ] Ponce Federal said the dividend was suspended in anticipation of more stringent capital requirements under the Financial Institutions Reform , Recovery , and Enforcement Act of 1989 . 
[ United Airlines ] [ UAL Corp. ] A labor-management group is preparing a revised buy-out bid for United Airlines parent UAL Corp. that would transfer majority ownership to employees while leaving some stock in public hands , according to people familiar with the group . 
[ UAL ] But to avoid the risk of rejection , the group does n't plan to submit the plan formally at a UAL board meeting today . 
[ Airways PLC ] People familiar with the company say the board is n't likely to give quick approval to any offer substantially below the $ 300-a-share , $ 6.79 billion buy-out bid that collapsed last week after banks would n't raise needed loans and after a key partner , British Airways PLC , dropped out . 
[ New York Stock Exchange ] [ UAL ] In composite trading Friday on the New York Stock Exchange , UAL closed at $ 168.50 a share , down $ 21.625 . 
[ British Air ] But the pilots union , which has been pushing for a takeover since 1987 , appears to be pressing ahead with the revised bid to avoid further loss of momentum even though it has n't found a partner to replace British Air . 
[ UAL ] UAL currently has 22.6 million shares , fully diluted . 
[ UAL ] [ British Air ] The failed takeover would have given UAL employees 75 % voting control of the nation 's second-largest airline , with management getting 10 % control and British Air 15 % . 
[ Management ] [ British Air ] Management 's total could be reduced , and the public could get more than the 15 % control that had been earmarked for British Air . 
[ UAL Chairman Stephen Wolf ] Although the pilots are expected to continue to pursue the bid , UAL Chairman Stephen Wolf may be asked to withdraw from the buy-out effort , at least temporarily , and to return to running the company full time . 
[ UAL ] The board could eventually come under some pressure to sell the company because its members can be ousted by a majority shareholder vote , particularly since one-third of UAL stock is held by takeover stock speculators who favor a sale . 
[ Los Angeles ] [ Marvin Davis ] [ August ] However , the only outsider who has emerged to lead such a shareholder vote , Los Angeles investor Marvin Davis , who triggered the buy-out with a $ 5.4 billion bid in early August , is hanging back -- apparently to avoid being blamed for contributing to the deal 's collapse . 
[ Mr. Davis ] [ New York ] [ Citicorp ] Three top advisers to Mr. Davis visited New York late last week , at least in part to confer with executives at Citicorp . 
[ Mr. Davis ] [ Citicorp ] Mr. Davis had paid $ 6 million for Citicorp 's backing of his last bid . 
[ Citicorp ] But Citicorp has lost some credibility because it also led the unsuccessful effort to gain bank loans for the labor-management group . 
[ Friday ] [ British Air ] [ UAL ] On Friday , British Air issued a statement saying it `` does not intend to participate in any new deal for the acquisition of UAL in the foreseeable future . '' 
[ British Air ] [ UAL ] However , several people said that British Air might yet rejoin the bidding group and that the carrier made the statement to answer questions from British regulators about how it plans to use proceeds of a securities offering previously earmarked for the UAL buy-out . 
[ UAL ] Also late last week , UAL flight attendants agreed to participate with the pilots in crafting a revised offer . 
[ UAL ] [ John Pope ] Speculation has also arisen that the UAL executive most closely identified with the failure to gain bank financing , chief financial officer John Pope , may come under pressure to resign . 
[ Mr. Pope ] However , people familiar with the buy-out group said Mr. Pope 's departure would weaken the airline 's management at a critical time . 
[ UAL ] [ Lazard Freres & Co. ] [ Salomon Brothers Inc. ] [ Paul Weiss Rifkind Wharton & Garrison ] Despite the buy-out group 's failure to obtain financing , UAL remains obligated to pay $ 26.7 million in investment banking and legal fees to the group 's advisers , Lazard Freres & Co. , Salomon Brothers Inc. , and Paul Weiss Rifkind Wharton & Garrison . 
[ Whittle Communications Limited Partnership ] [ Knoxville ] [ Tenn. ] Whittle Communications Limited Partnership , Knoxville , Tenn. , will launch its first media property targeting Hispanic women . 
[ La Familia ] [ Hoy ] `` La Familia de Hoy , '' or `` Today 's Family , '' will debut this spring and will combine a national bimonthly magazine and TV programming . 
[ La Familia ] [ Spanish-language Univision ] [ Univision Holdings Inc. ] [ Hallmark Cards Inc ] The television element of `` La Familia '' includes a series of two-minute informational features to air seven days a week on the Spanish-language Univision network , a unit of Univision Holdings Inc. , which is 80%-owned by Hallmark Cards Inc . 
[ WEIRTON STEEL Corp. ] [ National Steel Corp ] WEIRTON STEEL Corp. said it completed a $ 300 million sale of 10-year notes , the final step in the 1984 buy-out of the company from National Steel Corp . 
[ Bear ] [ Stearns & Co. ] [ Shearson Lehman Hutton Inc. ] [ Lazard Freres & Co. ] The 10 7\/8 % notes were priced at 99.5 % to yield 10.958 % in an offering managed by Bear , Stearns & Co. , Shearson Lehman Hutton Inc. and Lazard Freres & Co. , the company said . 
[ Weirton ] [ Weirton ] [ W. Va. ] [ National Intergroup Inc. ] [ National Steel ] Weirton , of Weirton , W. Va. , said $ 60.3 million of the proceeds were used to prepay the remaining amounts on the note outstanding to National Intergroup Inc. , the parent of National Steel . 
[ Lep Group PLC ] [ Britain ] [ Systems Inc. ] Lep Group PLC of Britain , which holds a 62.42 % stake in Profit Systems Inc. , said it is considering courses of action that could result in its having `` active control '' of the company . 
[ Securities and Exchange Commission ] [ Lep Group ] [ Systems ] In a filing with the Securities and Exchange Commission , Lep Group said a possible course of action may include acquiring some or all of the Profit Systems shares it does n't already own . 
[ Lep Group ] [ Systems ] Lep Group and affiliates currently control 3,513,072 Profit Systems common shares , or 62.42 % , the filing said . 
[ Systems ] [ Valley Stream ] [ N.Y. ] Profit Systems , Valley Stream , N.Y. , is an air freight forwarding concern . 
[ U.S. ] [ September ] [ Treasury Department ] U.S. official reserve assets rose $ 6.05 billion in September , to $ 68.42 billion , the Treasury Department said . 
[ August ] The gain compared with a $ 1.10 billion decline in reserve assets in August to $ 62.36 billion , the department said . 
[ U.S. ] [ International Monetary Fund ] [ U.S. ] [ IMF ] U.S. reserve assets consist of foreign currencies , gold , special drawing rights at the International Monetary Fund and the U.S. reserve position -- its ability to draw foreign currencies -- at the IMF . 
[ September ] The nation 's holdings of foreign currencies increased $ 5.67 billion in September to $ 39.08 billion , while its gold reserves were virtually unchanged at $ 11.07 billion . 
[ U.S. ] [ IMF ] [ IMF ] U.S. holdings of IMF special drawing rights last month rose $ 247 million , to $ 9.49 billion , and its reserve position at the IMF increased $ 142 million , to $ 8.79 billion . 
[ Alusuisse ] [ America Inc. ] [ Consolidated Aluminum Corp. ] [ U.S. ] Alusuisse of America Inc. plans to sell its Consolidated Aluminum Corp. subsidiary as part of its strategy to focus more on aluminum packaging in the U.S. . 
[ Alusuisse ] [ New York ] [ First Boston Corp. ] Alusuisse , of New York , declined to say how much it expects to get for the unit ; the company has hired First Boston Corp. to help identify bidders . 
[ Alusuisse ] [ Swiss Aluminium Ltd. ] [ Zurich ] [ Switzerland ] Alusuisse is a subsidiary of Swiss Aluminium Ltd. , a Zurich , Switzerland , producer of aluminum , chemicals and packaging products . 
[ Consolidated ] [ Hannibal ] [ Ohio ] [ Jackson ] [ Tenn. ] [ Bens Run ] [ W.Va ] Consolidated , which had 1988 revenue of $ 400 million , makes aluminum sheet and foil products at its Hannibal , Ohio , and Jackson , Tenn. , rolling mills and recycles aluminum at a plant in Bens Run , W.Va . 
[ Manhattan National Corp. ] [ Michael A. Conway ] Manhattan National Corp. said Michael A. Conway , president and chief executive officer , was elected chief executive of the holding company 's two principal insurance subsidiaries . 
[ Paul P. Aniskovich Jr. ] He succeeds Paul P. Aniskovich Jr. , who resigned to pursue other business interests , the company said . 
[ Mr. Conway ] [ Manhattan Life Insurance Co. ] [ Manhattan National Life Insurance Co ] Mr. Conway , 42 years old , was elected chairman , president and chief executive of Manhattan Life Insurance Co. and president and chief executive of Manhattan National Life Insurance Co . 
[ Harry Rossi ] [ Manhattan National Life Insurance Co ] Harry Rossi , 69 , chairman of the holding company , also remains chairman of Manhattan National Life Insurance Co . 
[ Mr. Conway ] [ Union Central Life Insurance Co. ] [ Cincinnati ] [ Union Central ] [ Manhattan National Corp ] Mr. Conway was executive vice president and chief investment officer of Union Central Life Insurance Co. , of Cincinnati , in 1987 , when Union Central bought a 54 % interest in Manhattan National Corp . 
[ Central Life ] [ Manhattan National ] He resigned as an officer of Central Life to accept the Manhattan National presidency . 
[ Daniel J. Terra ] [ First Illinois Corp. ] [ August ] [ First Illinois ] Daniel J. Terra , a director of First Illinois Corp. , said that in August he reduced his stake in First Illinois to 26.48 % of the common shares outstanding . 
[ Securities and Exchange Commission ] [ Mr. Terra ] [ First Illinois ] [ Aug. ] [ Aug. ] In a filing with the Securities and Exchange Commission , Mr. Terra said he sold 263,684 First Illinois common shares from Aug. 9 to Aug. 28 for $ 9.9375 to $ 10.5625 a share . 
[ Mr. Terra ] [ Evanston ] [ Ill. ] Mr. Terra said in the filing that he sold the stock to decrease his position in the Evanston , Ill. , banking concern . 
[ SciMed Life Systems Inc. ] [ Minneapolis ] SciMed Life Systems Inc. , Minneapolis , said a federal appeals court vacated an earlier summary judgment in its favor . 
[ St. Paul ] [ September ] [ Advanced Cardiovascular Systems ] [ Eli Lilly & Co ] A lower court in St. Paul had ruled in September 1988 that a heart catheter SciMed manufactures does n't infringe on a patent owned by Advanced Cardiovascular Systems , a unit of Eli Lilly & Co . 
[ SciMed ] SciMed said the appeals court remanded the case back to the district court for further proceedings . 
[ SciMed ] In national over-the-counter trading Friday , SciMed shares tumbled $ 2.75 to $ 43 . 
[ SciMed ] [ Lilly ] [ Lilly ] SciMed said it `` remains committed '' both to the `` vigorous defense '' of its position that the catheter does n't infringe the Lilly unit 's patent , and to the pursuit of its own counterclaims , which allege Lilly engaged in antitrust violations and other wrongful acts . 
[ BID ] [ UAL ] A REVISED BID FOR UAL is being prepared by a labor-management group , sources said . 
[ United Air ] The new proposal , which would transfer majority ownership of United Air 's parent to employees and leave some stock in public hands , would be valued at $ 225 to $ 240 a share , or as much as $ 5.42 billion . 
[ UAL ] But UAL 's board is n't expected to give quick approval to any offer substantially below the $ 300-a-share bid that collapsed recently . 
[ UAL ] Takeover stock speculators have incurred paper losses of over $ 700 million from the failed UAL offer , their worst loss ever on a single deal . 
[ Ford and Saab ] [ Ford ] [ Saab ] Ford and Saab ended talks about a possible alliance after Ford concluded that the cost to modernize Saab 's car operations would outweigh the likely return . 
[ Ford ] [ Jaguar ] [ GM ] The collapse Friday prompted speculation that Ford would intensify its pursuit of Jaguar , which is negotiating a defensive alliance with GM . 
[ Dow Jones ] The Dow Jones industrials rose 5.94 , to 2689.14 , making the gain for the week a record 119.88 points , or 4.7 % . 
[ New York City ] New York City bonds were sold off by many investors last week amid political and economic uncertainty . 
[ Arizona ] More banks are being hurt by Arizona 's worsening real-estate slump . 
[ First Interstate Bancorp ] [ Los Angeles ] [ Friday ] [ Arizona ] First Interstate Bancorp of Los Angeles said Friday it expects a $ 16 million quarterly loss , citing property-loan losses at its Arizona unit . 
[ OPEC ] OPEC 's ability to produce more oil than it can sell is starting to cast a shadow over world oil markets . 
[ OPEC ] OPEC officials worry that prices could collapse a few months from now if the group does n't adopt new quotas . 
[ Saatchi & Saatchi ] Saatchi & Saatchi has attracted offers for some of its advertising units but has rejected them , sources said . 
[ Interpublic Group ] The proposals , from suitors including Interpublic Group , come as the London-based ad giant struggles through its most difficult period ever . 
[ Qintex Australia ] [ Los ] Qintex Australia suffered another setback Friday when its Los Angeles-based affiliate filed for Chapter 11 protection . 
[ Qintex ] [ MGM\/UA ] Qintex 's $ 1.5 billion pact to buy MGM\/UA collapsed recently . 
[ Kodak ] Kodak entered the high-definition television market by unveiling a device that can convert conventional film into high-definition video . 
[ U.S. ] A handful of small U.S. firms are refusing to cede the HDTV-screen market to Japanese manufacturers . 
[ Trucking ] Trucking , shipping and air-freight firms are all planning rate increases , reflecting higher costs and tightened demand . 
[ Texaco ] [ Texas ] Texaco has purchased an oil-producing company in Texas for $ 476.5 million . 
[ Texaco ] [ Pennzoil ] It is Texaco 's first major acquisition since the legal battle with Pennzoil began over four years ago . 
[ Winnebago ] Winnebago posted a widened quarterly loss and slashed its dividend in half , reflecting the deepening slowdown in recreational vehicle sales . 
[ Dow Jones ] Dow Jones industrials 2689.14 , up 5.94 ; transportation 1230.80 , off 32.71 ; utilities 215.48 , up 0.06 . 
[ Shearson Lehman Hutton Treasury ] Shearson Lehman Hutton Treasury index 3392.49 , off 
[ Dow Jones ] Dow Jones futures index 129.62 , off 0.51 ; spot index 131.34 , up 0.88 . 
[ Inmac Corp. ] Inmac Corp. , a money-losing direct marketer of computer supplies and accessories , said directors suspended payment of its semiannual dividend as too great a drain on funds . 
[ April ] The company paid five cents a share in April . 
[ Oct. ] [ Friday ] The directors ' action , taken Oct. 10 but announced Friday , had little or no effect on the company 's stock , which stagnated at $ 4.75 in light over-the-counter trading . 
[ Inmac ] [ July ] Inmac recently disclosed a $ 12.3 million write-off related to a corporate restructuring that resulted in the company 's posting a $ 6.4 million net loss for the year ended July 29 , compared with year-earlier profit of $ 9.7 million , or $ 1.02 a share . 
[ Kenneth A. Eldred ] `` The board felt that the continued payment of our semiannual dividend was inconsistent with recent operating results , '' said Kenneth A. Eldred , president and chief executive officer . 
[ Food and Drug Administration ] [ American Home Products Corp. ] [ Quantum Pharmics ] [ Amityville ] [ N.Y ] The Food and Drug Administration said American Home Products Corp. agreed to recall certain generic drugs that were produced by its Quantum Pharmics unit in Amityville , N.Y . 
[ Quantum ] Quantum stopped shipping the drugs last month , following a federal investigation regarding information the company supplied to obtain three drug approvals . 
[ FDA ] [ Quantum ] [ FDA ] The FDA requested the recall of Quantum 's mioxidil tablets , chlorazepate dipotassium tablets and meclofenamate sodium capsules because , it said , the size of the production runs submitted for testing to gain FDA approval was in each case misrepresented as much larger than it actually was . 
[ American Home Products ] [ New York ] [ FDA ] American Home Products , based in New York , agreed to recall four other products , trazadone , doxepin , diazepam and lorazapam , because of concerns about data submitted in their original approval applications before the FDA . 
[ FDA ] No safety problems with the products are known , the FDA said . 
[ FDA ] An FDA spokesperson said the drugs are still available under other brand names . 
[ American Home Products ] [ Quantum ] Last month , American Home Products said it was suspending production and distribution of all 21 of Quantum 's generic drug products pending the completion of an exhaustive internal audit . 
[ Quantum ] [ FDA ] It also temporarily closed Quantum , because of the internal investigation , as well as the FDA 's ongoing inquiry . 
[ New York Stock Exchange ] [ American Home Products ] [ Friday ] In New York Stock Exchange composite trading , American Home Products rose 75 cents to $ 105 on Friday . 
[ Lyondell Petrochemical Co. ] Lyondell Petrochemical Co. said third-quarter net income fell 54 % , to $ 73 million , or 91 cents a share , from $ 160 million a year earlier . 
[ January ] Year-earlier per-share results are n't applicable because the company went public in January . 
[ Lyondell ] Like other refiners , Lyondell 's margins for chemicals and gasoline were narrower . 
[ New York Stock Exchange ] [ Lyondell ] In New York Stock Exchange composite trading Friday , Lyondell was unchanged at $ 18.50 a share . 
[ Cordis Corp. ] Four former Cordis Corp. officials were acquitted of federal charges related to the Miami-based company 's sale of pacemakers , including conspiracy to hide pacemaker defects . 
[ U.S. District Court ] [ Miami ] [ Harold Hershhenson ] [ John Pagones ] [ Stephen Vadas ] [ Dean Ciporkin ] [ Cordis ] Jurors in U.S. District Court in Miami cleared Harold Hershhenson , a former executive vice president ; John Pagones , a former vice president ; and Stephen Vadas and Dean Ciporkin , who had been engineers with Cordis . 
[ Cordis ] Earlier this year , Cordis , a maker of medical devices , agreed to plead guilty to felony and misdemeanor charges related to the pacemakers and to pay the government about $ 5.7 million in fines and other costs . 
[ Cordis ] [ Telectronics Holding Ltd. ] [ Australia ] Cordis sold its pacemaker operations two years ago to Telectronics Holding Ltd. of Australia . 
[ Management and ] [ Torstar Corp. ] [ Canada ] Management and unions representing 2,400 employees at Torstar Corp. 's Toronto Star reached a tentative contract agreement Friday , averting a strike by most employees of Canada 's largest daily newspaper . 
[ Amgen Inc. ] Amgen Inc. said its second-quarter earnings increased more than tenfold to $ 3.9 million , or 22 cents a share , due to increased sales of the company 's new antianemia drug for kidney patients . 
[ Thousand Oaks ] [ Sept. ] The Thousand Oaks , Calif.-based biotechnology company reported a 97 % increase in revenue to $ 42.5 million for the quarter ended Sept. 30 . 
[ Amgen ] In the year-ago period , Amgen reported net income of $ 320,000 , or two cents a share , on revenue of $ 21.5 million . 
[ Aoun ] LEBANESE LAWMAKERS APPROVED a peace plan but Aoun rejected it . 
[ Lebanon ] [ Christian ] Lebanon 's Parliament passed the power-sharing accord to end the country 's 14-year-old conflict , but the Christian military leader wad the plan was `` full of ambiguities . '' 
[ Arab ] [ Saudi Arabian ] [ Taif ] [ Lebanon ] [ Moslems and Christians ] [ Parliament ] The Arab League-sponsored pact , drafted during three weeks of talks at the Saudi Arabian resort of Taif , includes Syrian proposals for at least a partial troop pullout from Lebanon , and guarantees an equal number of seats for Moslems and Christians in the Parliament . 
[ Aoun ] [ Damascus ] The rejection by Aoun , who has demanded a total and immediate pull-out of Damascus 's 33,000 troops , puts the future of the agreement in doubt . 
[ NORTHERN CALIFORNIA ] NORTHERN CALIFORNIA BRACED for earthquake-related traffic jams . 
[ San Francisco Bay ] [ Tuesday ] As rescuers pressed their efforts after finding a survivor in a collapsed freeway , the San Francisco Bay area girded for hundreds of thousands of commuters seeking to avoid routes ravaged by last Tuesday 's tremor . 
[ Oakland ] In Oakland , officials said the 57-year-old longshoreman who spent four days entombed in rubble was in critical condition with slight improvement . 
[ Friday ] [ Bush ] Estimates of damage in the area , visited Friday by Bush , topped $ 5 billion . 
[ World Series ] [ Giants ] [ Athletics ] [ Friday ] The baseball commissioner announced that the third game of the World Series between the Giants and the Athletics would n't resume until Friday . 
[ U.S. ] THE U.S. . IS REQUIRED to notify foreign dictators of certain coup plans . 
[ Reagan ] [ Senate Intelligence ] [ U.S. ] Under guidelines included in an exchange of letters between the Reagan administration and the Senate Intelligence panel last year , the U.S. must inform foreign dictators of plans likely to endanger their lives . 
[ Bush ] [ GOP ] The existence of the policy became known after Bush disclosed it to seven GOP senators last week , citing the plan as an example of congressional requirements the administration contends contribute to the failure of covert actions , officials said . 
[ Bush ] [ Panama ] Bush conceded that the requirement did n't affect a decision to lend only minor support to this month 's failed effort to oust Panama 's Noriega , aides said . 
[ Atlantis ] [ Earth ] [ Edwards Air Force Base ] [ Calif ] The shuttle Atlantis 's crew prepared to return to Earth today several hours earlier than planned to avoid high winds forecast at the landing site at Edwards Air Force Base , Calif . 
[ Mojave Desert ] The five astronauts , who stowed gear and tested the spacecraft 's steering , said they were unconcerned about the touchy weather expected in the Mojave Desert . 
[ South Africa ] Commonwealth leaders issued a declaration giving South Africa six months to deliver on pledges to ease apartheid or face new reprisals . 
[ Malaysia ] The 49-nation organization , meeting in Malaysia , called for tighter financial pressure immediately . 
[ Britain ] Britain 's Prime Minister Thatcher alone dissented . 
[ East Germany ] [ West ] East Germany 's leadership vowed swift action to ease travel to the West . 
[ Communist ] Despite the pledge by the Communist rulers , tens of thousands of people across the country staged marches over the weekend to demand democratic freedoms . 
[ Leipzig ] In Leipzig , more than 500 people met with local party officials to discuss internal changes . 
[ Senate ] [ Judge Alcee Hastings ] [ Miami ] The Senate convicted federal Judge Alcee Hastings of Miami of eight impeachment articles , removing him from the bench . 
[ Friday ] The chamber voted 69-26 Friday to convict the judge of perjury and bribery conspiracy . 
[ Rep. Garcia ] [ New York ] [ Wedtech Corp. ] [ New York Democrat ] Rep. Garcia and his wife were found guilty by a federal jury in New York of extorting $ 76,000 from Wedtech Corp. in return for official acts by the New York Democrat . 
[ Honduras ] [ Saturday ] Authorities in Honduras launched an investigation into the cause of Saturday 's crash of a Honduran jetliner that killed 132 of the 146 people aboard . 
[ Boeing ] [ Honduras ] [ Costa Rica ] [ Nicaragua ] [ Tegucigalpa ] The Boeing 727 , en route to Honduras from Costa Rica via Nicaragua , smashed into the hills outside Tegucigalpa as it approached the capital 's airport in high winds and low clouds . 
[ U.S. ] [ Israel ] [ Prime Minister ] [ Mideast ] The U.S. and Israel have been holding what an aide to Prime Minister Shamir called intense telephone negotiations in an effort to bridge differences over Mideast peace moves . 
[ Labor Party ] [ Shamir ] The Labor Party , meanwhile , threatened to support a parliamentary motion to topple the coalition unless Shamir showed flexibility on Arab-Israeli talks . 
[ Nicaragua ] [ Contra ] [ Nicaragua ] Nicaragua 's Defense Ministry said a group of Contra rebels ambushed two trucks carrying troops in northern Nicaragua , killing 18 of the soldiers . 
[ Saturday ] The incident occurred Saturday night . 
[ Sandinista ] [ March ] The Sandinista government and the U.S.-backed insurgents agreed in March to suspend offensive operations , but there has been sporadic fighting . 
[ Immunex Corp. ] Scientists have isolated a molecule that may hold potential as a treatment for disruptions of the immune system , ranging from organ-transplant rejection , to allergies and asthma , Immunex Corp. said . 
[ Alfred Hayes ] [ Federal Reserve Bank ] [ New York ] [ Saturday ] [ New Canaan ] [ Conn ] Died : Alfred Hayes , 79 , former president of the Federal Reserve Bank of New York , Saturday , in New Canaan , Conn . 
[ Contel Corp. ] Contel Corp. said third-quarter net income increased 16 % to $ 72 million , or 45 cents a share , from $ 62 million , or 39 cents a share , as a result of strong growth in telephone-access lines and long-distance minutes of use . 
[ Contel Credit ] The telecommunications company 's results included a one-time gain of $ 4 million , or two cents a share , from the sale of Contel Credit , a leasing and financial-services subsidiary . 
[ New York Stock Exchange ] [ Contel ] In New York Stock Exchange composite trading , Contel closed at $ 33.75 a share , down .50 cents . 
[ East Germany ] [ Egon Krenz ] In East Germany , where humor has long been the only way to express political criticism , they 're not laughing about their new leader Egon Krenz . 
[ Mr. Krenz ] Mr. Krenz is such a contradictory figure that nobody has even come up with any good jokes about him . 
[ Krenz ] `` With Krenz , we just do n't know what to expect . '' 
[ Mr. Krenz ] [ 52-year-old Politburo ] [ Erich Honecker ] Mr. Krenz does n't seem to be the knee-jerk hardliner many initially thought he was when the 52-year-old Politburo member was selected last week to succeed Erich Honecker . 
[ East Germany ] [ Mr. Krenz ] [ Mikhail Gorbachev ] [ East Germany ] [ Moscow ] According to East Germany 's ADN news agency , Mr. Krenz spoke to Soviet leader Mikhail Gorbachev by telephone over the weekend and acknowledged East Germany could learn from Moscow 's glasnost policies . 
[ Mr. Krenz ] [ East Germany ] Already last week , Mr. Krenz started overhauling East Germany 's heavily censored and notoriously boring news media . 
[ Thursday ] On Thursday , a day after he took office , East German television broke into regular programming to launch a talk show in which viewers call in questions for a panel of officials to answer . 
[ 43-year-old ] `` It was quite a shock , '' says a 43-year-old East German shopkeeper . 
[ East Germans ] Other changes , including easing restrictions on travel for East Germans , are expected . 
[ East Germans ] [ Mr. Krenz ] But whether such moves can win back the confidence of East Germans , who have taken to the streets by the thousands in recent weeks to demand democratic changes , depends largely on whether they feel they can trust Mr. Krenz . 
[ Mr. Krenz ] [ Mr. Honecker ] [ China ] Mr. Krenz is not only closely identified with his mentor , Mr. Honecker , but also blamed for ordering violent police action against protesters this month and for praising China for sending tanks against student demonstrators . 
[ Rainer Eppelmann ] [ Protestant ] [ East Berlin ] `` I hope he grows with the job , '' says Rainer Eppelmann , a Protestant pastor in East Berlin . 
[ Mr. Krenz ] [ East Germany ] Although Mr. Krenz is dedicated to East Germany 's conservative vein of communism , there is much about his style that sets him apart from his party comrades . 
[ Mr. Honecker ] [ Mr. Krenz ] Unlike Mr. Honecker , who tended to lecture people about socialist values , Mr. Krenz enjoys asking questions . 
[ Berlin ] [ Gorbachev ] Indeed , one of his first actions as leader was to visit a gritty machine factory on the outskirts of Berlin and wander among the workers -- a la Gorbachev . 
[ East Germans ] At one point , he asked a worker whether he thought East Germans were fleeing the country because of restrictive travel policies . 
[ U.S. ] This same tendency toward openness impressed a group of visiting U.S. congressmen this spring . 
[ Mr. Krenz ] Rather than trying to `` lecture us , '' says one congressional aide who attended the two-hour meeting , Mr. Krenz `` wanted to listen . '' 
[ Rep. Ronnie Flippo ] [ D. ] [ Ala. ] [ Mr. Krenz ] [ East Germany ] Rep. Ronnie Flippo  D. , Ala.   , one of the members of the delegation , says he was particularly impressed by Mr. Krenz 's ready admission that East Germany needed to change . 
[ German Chancellor Helmut Kohl ] `` He 's a very tough man , but one who 's also open to arguments , '' adds an aide to West German Chancellor Helmut Kohl . 
[ Mr. Krenz ] But there 's another side to Mr. Krenz . 
[ Poland ] Born in a Baltic town in an area which is now part of Poland , he has dedicated his life to the party apparatus . 
[ Mr. Honecker ] He moved quickly through the ranks with the help of his patron , Mr. Honecker , and emerged as the heir apparent . 
[ Barbara Donovan ] [ East Germany ] [ Radio Free Europe ] [ Munich ] [ Mr. Krenz ] Barbara Donovan , an expert on East Germany at Radio Free Europe in Munich , says Mr. Krenz may project a smooth image , but she doubts he 's a true reformer . 
[ Communist Party ] Even if he is , she adds , he appears to have only limited room for maneuver within the Communist Party 's ruling Politburo . 
[ Poland and Hungary ] The sudden growth of the opposition movement , together with the steady outflow of citizens escaping through Poland and Hungary , has plunged the country into its deepest political crisis since an anti-Soviet workers ' uprising in 1953 . 
[ East Berlin ] `` He does n't have any honeymoon period , '' says a Western diplomat based in East Berlin . 
[ Mr. Krenz ] The diplomat adds that Mr. Krenz has several things going for him . 
[ East ] The East German economy is strong compared with other East bloc nations . 
[ Mr. Honecker ] And his relative youth could help him project a more vibrant image , contrasting with the perception of Mr. Honecker as an out-of-touch old man . 
[ East Germans ] [ Mr. Krenz ] For average East Germans , Mr. Krenz remains a puzzle . 
[ 30-year-old ] `` Either he was n't being real in the past , or he is n't being real right now , '' says a 30-year-old East German doctor . 
[ East Berlin ] The doctor was among dozens of people milling through East Berlin 's Gethsemane Church Saturday morning . 
[ East Germany ] Meanwhile , East Germany 's growing openness may even allow the state-controlled news media to display a muted sense of humor . 
[ Television ] [ East Berlin ] Television last week carried a new report on East Berlin 's main wallpaper factory and the need to boost production . 
[ East Germans ] [ Kurt Hager ] East Germans remember a comment a few years ago by Kurt Hager , the government 's top ideologist , that just because a neighbor hangs new wallpaper , there 's no reason to change your own . 
[ East Germany ] His point was there is no reason for East Germany to copy Soviet-style changes . 
[ East Berlin ] `` It 's hard to know whether it was intended to be funny , '' says the East Berlin shopkeeper , `` But everyone I know laughed about it . 
[ Texas ] [ Utah ] New experiments at some of the big national laboratories are still unable to find hints of nuclear fusion reactions , leaving only the finding of tritium in a Texas experiment to support University of Utah chemists ' claim of achieving hydrogen fusion at room temperatures . 
[ Electrochemical Society ] The latest developments in cold fusion research were presented in 24 reports delivered at the fall meeting here of the Electrochemical Society , the first scientific meeting in five months to hear formal reports on cold fusion experiments . 
[ Los Angeles ] This was in contrast with the society 's meeting last May , at the height of the controversy , when more than 1,500 scientists , along with scores of reporters and TV crews , crowded into a Los Angeles hotel ballroom for a tumultuous special night session on the subject . 
[ Martin Fleischmann ] [ B. Stanley Pons ] Neither of the two chemists whose Utah experiments triggered the cold fusion uproar , Martin Fleischmann and B. Stanley Pons , were at the meeting . 
[ Department ] [ Energy ] But some members of an ad hoc expert committee set up by the Department of Energy to evaluate the cold fusion research were in the audience . 
[ DOE ] The committee is to recommend at the end of the month whether DOE should support cold fusion research . 
[ March ] [ Messrs. Fleischmann and Pons ] Most of the two dozen scientists taking the podium reported results with new , more sophisticated variations of the seemingly simple electrolysis-of-water experiments described last March by Messrs. Fleischmann and Pons . 
[ Messrs. Fleischmann and Pons ] But Messrs. Fleischmann and Pons said their experiments also produced large amounts of heat . 
[ Richard A. Oriani ] [ University ] [ Minnesota ] One of the seven reports presented here of excess heat production was given by Richard A. Oriani , professor of chemical engineering at the University of Minnesota . 
[ Mr. Oriani ] [ Utah ] Mr. Oriani said his skepticism of the Utah claims was initially confirmed when his first experiments last spring failed to produce results . 
[ Texas A&M ] But he then borrowed a palladium rod from chemists at Texas A&M who said they were getting excess heat . 
[ Mr. Oriani ] Typical of other experiments , Mr. Oriani said his experiment was `` very erratic . '' 
[ Mr. Oriani ] Mr. Oriani said the heat bursts were too large and too long to be explained by the sudden release of energy that might have slowly accumulated during the experiments ' quiescent times , as some scientists have suggested . 
[ Stanford University ] One exception is a continuing experiment at Stanford University where as much as 10 watts of energy are being put into the electrolytic cells . 
[ Turgut M. Gur ] [ Robert A. Huggins ] [ Stanford ] A cell filled with heavy water is producing 1.0 to 1.5 watts more heat than an identical electrolytic cell filled with ordinary water next to it , reported Turgut M. Gur , an associate of materials scientist Robert A. Huggins , head of the Stanford experimental team . 
[ John Bockris ] [ Texas A&M University ] One of the few hints the excess heat might be produced by fusion came from brief remarks by chemist John Bockris of Texas A&M University . 
[ Mr. Bockris ] Mr. Bockris previously reported getting bursts of excess heat and of detecting increasing amounts of tritium forming in the heavy water . 
[ Messrs. Fleischmann and Pons ] Messrs. Fleischmann and Pons initially reported indirect evidence of neutrons being produced in their experiment but later conceded the measurements were questionable . 
[ Sandia National Laboratories ] [ Albuquerque ] [ N.M. ] Researchers at Sandia National Laboratories in Albuquerque , N.M. , reported they went so far as to take a `` cold fusion '' experiment and three neutron detectors into a tunnel under 300 feet of granite to shield the detectors from cosmic rays . 
[ Shimson Gottesfeld ] [ Los Alamos National Laboratory ] Shimson Gottesfeld of Los Alamos National Laboratory said researchers there detected a burst of neutrons from an early cold fusion experiment last April but decided not to announce it until they could confirm it . 
[ Lawrence Berkeley Laboratory ] [ California ] [ Philip Ross ] [ California ] At the Lawrence Berkeley Laboratory in California , new experiments indicated that the lithium added to the heavy water so it will conduct a current can produce previously unsuspected electrical effects on the surface of the palladium rod -- which Messrs. Fleischmann and Pons might have misinterpreted , reported Philip Ross from the California laboratory . 
[ Dow Jones & Co. ] [ Wall Street Journal ] Dow Jones & Co. announced Wall Street Journal advertising rates for 1990 . 
[ Journal ] The Journal also will offer expanded volume and frequency discounts . 
[ Peter R. Kann ] [ Dow Jones ] `` Newsprint and postage prices this year have not gone up , '' said Peter R. Kann , president of Dow Jones . 
[ Eastern ] [ Midwest ] [ Southwest ] Advertising rates for the Eastern , Midwest , Western and Southwest editions will increase an average 5.5 % , and rates for localized advertising editions will increase 7.5 % . 
[ Wall Street Journal ] Rates for the Wall Street Journal Reports will remain unchanged . 
[ Wall Street Journal ] A one-time noncontract full-page advertisement in The Wall Street Journal national edition will cost $ 99,385 . 
[ Wall Street Journal\/Europe ] [ Brussels ] [ Netherlands ] [ Switzerland ] Advertising rates for The Wall Street Journal\/Europe , published in Brussels and printed in the Netherlands and Switzerland , will increase 9 % . 
[ Asian Wall Street Journal ] [ Hong Kong ] [ Singapore and Tokyo ] Rates for The Asian Wall Street Journal , published and printed in Hong Kong and also printed in Singapore and Tokyo , will rise 8 % . 
[ Asian Wall Street Journal Weekly ] [ New York ] [ North ] Rates for The Asian Wall Street Journal Weekly , published in New York for North American readers , will rise 6 % . 
[ Dow Jones ] [ Barron ] Dow Jones also publishes Barron 's magazine , other periodicals and community newspapers and operates electronic business information services . 
[ Telerate Inc. ] It owns 67 % of Telerate Inc. , a leading supplier of computerized financial information on global markets . 
[ Texas Instruments Inc. ] Reflecting the impact of lower semiconductor prices and cuts in defense spending , Texas Instruments Inc. said third-quarter net income fell 31 % and sales dropped slightly from a year earlier . 
[ Jerry Junkins ] Jerry Junkins , chairman , president and chief executive officer , said sluggish consumer-electronics sales reduced demand for semiconductors . 
[ Texas Instruments ] In addition , cost increases related to fixed-price defense contracts and a $ 10 million charge to reduce the work force of Texas Instruments ' defense-electronics division also reduced net . 
[ Mr. Junkins ] Mr. Junkins was n't optimistic about the short-term outlook , hinting that further workforce reductions may be needed . 
[ Information Technology Group ] Further , he said , an internal reorganization to combine several divisions into the Information Technology Group is expected to affect fourth-quarter results by an undisclosed amount . 
[ Lynch Corp. ] [ Lynch Telephone Corp. ] [ Western New Mexico Telephone Co. ] Lynch Corp. said its Lynch Telephone Corp. subsidiary completed the acquisition of Western New Mexico Telephone Co. for $ 20 million plus assumption of $ 24 million of debt . 
[ Western New Mexico Telephone ] [ Silver City ] Western New Mexico Telephone , Silver City , had net income of $ 1.9 million on revenue of about $ 10 million last year . 
[ New Mexico ] It is an independent phone company with a service area of 15,000 square miles in southwest New Mexico . 
[ New Mexico ] It is also a partner in the wireline cellular franchise covering most of western New Mexico . 
[ Lynch ] The transaction represents Lynch 's entry into the telephone business . 
[ Nelson Bunker Hunt ] Nelson Bunker Hunt 's attempted corner on silver a decade ago is still haunting the market in this metal . 
[ January ] Silver , now trading around $ 5 an ounce , surged to an all-time peak of $ 50 an ounce in January 1980 from around $ 9 in mid-1979 . 
[ Mr. Hunt ] [ Lesley Edgar ] [ Sharps Pixley Ltd. ] [ London ] `` Mr. Hunt 's attempt to squeeze the silver market 10 years ago is still indirectly to blame for today 's market depression , '' says Lesley Edgar , managing director of Sharps Pixley Ltd. , London bullion brokers . 
[ Mr. Hunt ] [ Middle Eastern ] [ Mr. Edgar ] While some 100 million ounces of silver once held by Mr. Hunt and Middle Eastern associates are n't hanging over the market anymore , the price surge of 1979-80 precipitated an expansion of mine production and scrap recovery and encouraged silver consumers to economize on silver use , Mr. Edgar says . 
[ U.S. ] Japanese and U.S. photographic firms are beginning to produce electronic cameras and X-rays that do n't require silver , dealers say . 
[ Treasury ] Even in the present uncertain investment climate , investors are preferring `` quality assets '' such as Treasury bills and bonds to gold , silver and platinum , dealers say . 
[ Frederick R. Demler ] [ Drexel Burnham Lambert Inc ] `` Bargain hunters believe that silver offers the best value amongst precious metals , '' says Frederick R. Demler , analyst at Drexel Burnham Lambert Inc . 
[ U.S. ] A further decline in prices will lead to mine production cuts in the U.S. , he says . 
[ India ] [ Soviet Union ] Scrap merchants are converting smaller quantities of metal into silver , while low prices are discouraging exports from India and the Soviet Union . 
[ Peru and Mexico ] [ Mr. Demler ] Silver prices could also be boosted by strikes in leading producing nations Peru and Mexico , Mr. Demler says . 
[ Mr. Demler ] Compared with huge annual surpluses of more than 100 million ounces in the first half of the 1980s , world silver supplies and consumption are now nearly in balance , Mr. Demler says . 
[ Tom Butler ] [ Samuel Montagu & Co. ] [ London ] `` There 's just too much silver around , '' says Tom Butler , an analyst at Samuel Montagu & Co. , a London bullion house . 
[ Shearson Lehman Hutton Inc. ] A huge silver stockpile at exchanges , refiners , consuming industries and government warehouses of at least 617 million ounces is the market depressant , says Shearson Lehman Hutton Inc. in a report . 
[ Commodity Exchange ] [ New York ] [ Rhona O'Connell ] [ Shearson Lehman Hutton ] This year alone , inventories at the Commodity Exchange of New York jumped `` by a staggering 46 million to 221 million ounces '' because of producer deliveries , de-stocking by fabricators and sales by disenchanted investors , says Rhona O'Connell , London-based precious metals analyst at Shearson Lehman Hutton . 
[ Ms. O'Connell ] `` Silver production is also in an inexorable upward trend , '' Ms. O'Connell says . 
[ Middle Eastern ] Moreover , while Asian and Middle Eastern investors hoard gold and help underpin its price , silver does n't have the same mystique , dealers say . 
[ Urs Seiler ] [ Union Bank ] [ Switzerland ] Investors have gotten burned on silver so often that they are far more partial to gold , says Urs Seiler , senior vice president at Union Bank of Switzerland . 
[ Agriculture Department ] [ Oct. ] After the close of trading Friday , the Agriculture Department reported that feedlots in the 13 biggest ranch states held 8.06 million cattle on Oct. 1 , down 6 % from that date a year earlier . 
[ Agriculture Department ] The Agriculture Department also said that the number of fattened cattle slaughtered in the quarter dropped by 5 % from the 1988 quarter , which was in line with projections by analysts . 
[ Energy ] Energy 
[ Friday ] [ November ] [ West Texas Intermediate ] [ New York Mercantile Exchange ] Friday 's 44-cent-a-barrel price drop to $ 19.98 in the expiring November contract for West Texas Intermediate crude may well set the tone for trading this week in petroleum futures on the New York Mercantile Exchange . 
[ Friday ] Copper prices fell sharply Friday afternoon . 
[ December ] For example , copper for December delivery settled 4.5 cents lower at $ 1.2345 a pound . 
[ Friday ] [ Highland Valley ] [ British Columbia ] On Friday , one analyst said , rank-and-file workers ratified a new labor agreement ending a three-month strike at the Highland Valley mine in British Columbia . 
[ Mexico ] [ Cananea ] [ August ] In Mexico , the analyst added , employees at the Cananea mine , who have been out of work since late August when the mine was declared bankrupt by the government , accepted a 35 % cut in the 3,800-man work force . 
[ Friday ] [ London ] [ EDT ] On Friday , selling dominated the afternoon `` curb '' session in London , which takes place at noon EDT . 
[ December ] Long-term support for the December contract was believed to be at $ 1.25 a pound . 
[ Ben Hanauer ] [ Rudolph Wolff & Co. ] `` In general , it was a bearish close , '' said Ben Hanauer , a copper trader at Rudolph Wolff & Co. , a major commodities trading and brokerage firm . 
[ London Metal Exchange ] [ Monday ] But whether this price break has implications for this week , he said , `` we will know more when the London Metal Exchange copper stock levels are released Monday morning . '' 
[ LME ] Another analyst said he expected LME inventories to be down by about 15,000 tons when the weekly report is issued . 
[ Bernard Savaiko ] [ PaineWebber Inc. ] [ LME ] Bernard Savaiko , senior commodities analyst at PaineWebber Inc. , said that when traders saw the market was n't reacting positively to the forecasts of lower LME stocks , they perceived a bearish sign . 
[ Friday ] He also noted that the Japanese , who had been buying at prices just above the $ 1.25 level , apparently pulled back from the market on Friday . 
[ Mr. Savaiko ] [ December ] Mr. Savaiko said he sees a possibility of the December contract dropping to $ 1.05 a pound . 
[ Hewlett-Packard Co. ] Hewlett-Packard Co. will announce today a software program that allows computers in a network to speed up computing tasks by sending the tasks to each other . 
[ Task Broker ] Called Task Broker , the program acts something like an auctioneer among a group of computers wired together . 
[ Task Broker ] If a machine has a big computing task , Task Broker asks other computers in the network for `` bids '' on the job . 
[ Hewlett-Packard ] Hewlett-Packard claims that the software allows a network to run three times as many tasks as conventional networks and will run each task twice as fast . 
[ Hewlett-Packard ] [ John McCarthy ] [ Forrester Research Inc. ] The new Hewlett-Packard program , said analyst John McCarthy at Forrester Research Inc. , a computer-market research company , `` is a key building block as people move to this new model of distributed processing . '' 
[ Hewlett-Packard ] With the Hewlett-Packard program , he said , `` You get more bang for the buck you 've spent on computers . '' 
[ January ] [ Unix ] The program , which will be shipped in January 1990 , runs on the Unix operating system . 
[ Hewlett-Packard ] Hewlett-Packard will charge $ 5,000 for a license covering 10 users . 
[ Hewlett-Packard and Apollo ] [ Multiflow Computer Inc. ] [ Branford ] [ Conn ] The program now works on all Hewlett-Packard and Apollo workstations and on computers made by Multiflow Computer Inc. of Branford , Conn . 
[ Hewlett-Packard ] [ Sun Microsystems Inc. ] [ Digital Equipment Corp. ] Hewlett-Packard said it will sell versions later next year that run on Sun Microsystems Inc. and Digital Equipment Corp. machines . 
[ Task Broker ] The Task Broker differs from other programs that spread computing tasks around a network . 
[ Network ] [ System ] [ Hewlett-Packard ] A previously available program called Network Computing System , developed by Hewlett-Packard 's Apollo division , for instance , takes a task and splits it up into parts , divvying up those parts to several computers in a network for simultaneous processing . 
[ Task Broker ] [ Hewlett-Packard ] Applications wo n't have to be rewritten to work with Task Broker , Hewlett-Packard said , and the user of a computer wo n't be able to tell that another machine is doing the work . 
[ Task Broker ] [ Bill Kay ] [ Hewlett-Packard ] The Task Broker `` turns that network into -- as far as the user is concerned -- one giant computer , '' said Bill Kay , general manager of Hewlett-Packard 's workstation group . 
[ Murray Riese ] [ National Restaurants ] [ New York ] [ Pizza Hut ] [ Roy Rogers ] `` When elephants start fighting , ants get killed , '' says Murray Riese , co-owner of National Restaurants , a New York franchisee for Pizza Hut , Roy Rogers and other chains . 
[ Donald Harty ] [ Charisma Group Inc. ] [ New York ] [ Grand Metropolitan PLC ] The chains `` used to offer discounts during winter when business was slow , but in the last year or so , discounting has become a 12-month thing , '' says Donald Harty , president of Charisma Group Inc. , a New York franchisee of Grand Metropolitan PLC 's Burger King chain . 
[ Charisma ] [ Mr. Harty ] Though Charisma 's sales are up slightly this year , Mr. Harty says profits will be flat or lower . 
[ Bill Konopnicki ] [ Safford ] [ Ariz. ] [ McDonald ] And Bill Konopnicki , a Safford , Ariz. , licensee of McDonald 's Corp. who is chairman of the company 's National Operators Advisory Board , says some fast-food outlets `` could be in serious trouble , based on the amount of discounting that seems to be going on . '' 
[ PepsiCo Inc. ] [ Wendy ] [ John Rohs ] [ Wertheim Schroder & Co ] But early this year , PepsiCo Inc. 's Taco Bell unit and Wendy 's International Inc. slashed prices and stepped up promotions , says John Rohs , an analyst for Wertheim Schroder & Co . 
[ McDonald ] The situation was further aggravated early this month , when McDonald 's set plans to heat up the discounting by offering coupons . 
[ Joe Mack ] [ Cormack Enterprises Inc. ] [ Burger King ] [ Omaha ] [ Neb. ] Joe Mack , a district manager for Cormack Enterprises Inc. , a Burger King operator in Omaha , Neb. , says discounting is so prevalent that `` we have to serve 15 % to 20 % more customers '' to keep sales level . 
[ Alan D'Agosto ] [ Panda ] [ Arby ] [ Omaha ] Alan D'Agosto , president of Panda 's Inc. , an operator of Arby 's restaurants in Omaha , says : `` All we 're doing is keeping the customers coming , but we are n't increasing sales . '' 
[ Vincent Morrissey ] [ Kentucky Fried Chicken ] [ Midwest ] If the battle continues much longer , many fast-food businesses will close or merge , predicts Vincent Morrissey , who owns a string of Kentucky Fried Chicken stores in the Midwest . 
[ National Restaurant Association ] [ U.S. ] The National Restaurant Association says quick-service restaurant units in the U.S. rose 14 % to 131,146 between 1983 and 1987 , the last year for which figures are available . 
[ Wendy ] [ Columbus ] [ Ohio ] With the market so crowded , says a spokesman for Wendy 's in Columbus , Ohio , `` If you 're doing well , you 're doing well at someone else 's expense . '' 
[ Mr. Rohs ] [ Wendy ] [ U.S. ] [ August ] According to Mr. Rohs , inflation-adjusted , same-store sales at company-owned Wendy 's units in the U.S. have trailed year-earlier levels throughout 1989 , except for August . 
[ McDonald ] `` McDonald 's has also been running negative all year , '' the analyst says . 
[ Wendy ] [ McDonald ] [ Mr. Rohs ] Spokesmen for Wendy 's and McDonald 's criticized Mr. Rohs 's calculations . 
[ Jack Greenberg ] [ McDonald ] Jack Greenberg , executive vice president and chief financial officer of McDonald 's , says the company does n't compute , much less disclose , inflation-adjusted , same-store sales . 
[ McDonald ] [ U.S. ] [ Mr. Greenberg ] Profit margins at company-owned McDonald 's outlets in the U.S. `` are holding up quite nicely , '' says Mr. Greenberg . 
[ Mr. Greenberg ] But Mr. Greenberg 's sanguine outlook is n't matched by many fast-food industry observers . 
[ Mr. Harty ] [ Burger King ] [ New York ] Big franchise groups `` can ride out the storm a lot longer , '' says Mr. Harty , the Burger King operator in New York . 
[ Mr. Morrissey ] [ Kentucky Fried Chicken ] Mr. Morrissey , the Kentucky Fried Chicken franchisee , notes that most franchise owners must absorb increases in expenses without any cut in the royalties , or portion of sales , that they must pay franchisers . 
[ Lew Rudnick ] [ Rudnick & Wolfe ] [ Chicago ] But once a franchisee agrees to a promotional program , the franchiser can demand full participation to the very end , says Lew Rudnick , a principal of Rudnick & Wolfe , a Chicago law firm with franchise industry clients . 
[ Mr. Riese ] [ National Restaurants ] Says Mr. Riese of National Restaurants : `` If you resisted on prices , maybe you would never get that telephone call about a new franchise . 
[ CalMat Co. ] [ Los Angeles ] CalMat Co. said it completed a $ 32.8 million sale of assets from its Los Angeles area real estate portfolio for net income of $ 12 million . 
[ CalMat ] CalMat said the sale is part of its previously announced plan to sell much of its real estate holdings to focus on its core business of mining and producing asphalt , concrete , rock and sand . 
[ IRS ] And you thought the only reason to save your canceled checks was to prepare for an IRS audit . 
[ Reggie Jackson ] Reggie Jackson , the retired baseball star , has found another use for them . 
[ Mr. Jackson ] [ Mr. October ] [ World Series ] Mr. Jackson , who won the nickname `` Mr. October '' for his World Series exploits , is selling some of his canceled checks to autograph collectors through a dealer for as much as $ 500 each . 
[ Mr. Jackson ] Dealers say the budding trade in Mr. Jackson 's canceled checks is unusual . 
[ Jack Smalling ] [ Ames ] [ Iowa ] `` I do n't know of any living ballplayer that 's ever done it , '' says Jack Smalling , a dealer in Ames , Iowa , and a recognized expert in the field of baseball autographs . 
[ Mr. Jackson ] [ San Francisco ] [ Labor Day ] An initial batch of Mr. Jackson 's checks was on sale at a baseball-card show held in San Francisco over Labor Day weekend . 
[ Mr. Jackson ] Mr. Jackson showed up at the affair to sign autographs for a fee as well . 
[ Reggie ] [ William Vizas ] [ Bill ] [ Denver ] [ San Francisco ] `` For someone who has everything else -- Reggie 's jersey , cap and cards -- his checks might be a nice addition , '' says William Vizas , owner of Bill 's Sports Collectibles in Denver , who examined the checks at the San Francisco card show . 
[ Ty ] [ Babe Ruth ] [ Mr. Smalling ] `` Maybe three years ago , there were a lot of  Ty   Cobbs in the hobby , and awhile back there were Babe Ruth checks , '' says Mr. Smalling . 
[ Bob Machon ] [ Papa ] [ Menlo Park ] [ Calif ] `` Maybe I 'm a little stuffy , but I would n't sell them , '' sniffs Bob Machon , owner of Papa 's Sports Cards in Menlo Park , Calif . 
[ Mr. Smalling ] And Mr. Smalling does n't believe they 're worth all that much now . 
[ Mr. Jackson ] Why Mr. Jackson , who could n't be reached for comment , has made some of his checks available for sale is n't clear . 
[ Matt Merola ] [ Mr. Jackson ] [ New York ] `` I would say he 's definitely not in need of money , '' says Matt Merola , an agent of Mr. Jackson 's based in New York . 
[ Mr. Jackson ] And Mr. Jackson probably has opened new checking accounts , too . 
[ Mr. Smalling ] `` I assume those accounts are closed , '' says Mr. Smalling , referring to the accounts of the canceled checks . 
[ USX Corp. ] [ Kobe Steel Ltd. ] USX Corp. and its Japanese partner , Kobe Steel Ltd. , agreed to form a joint venture to build a new plant to produce hot-dipped galvanized sheet products , mainly for the automotive market . 
[ Bethlehem Steel Corp. ] [ LTV Corp. ] [ Armco Inc. ] Bethlehem Steel Corp. , LTV Corp. and Armco Inc. all have plans to build additional lines for such coated corrosion-resistant steel . 
[ Charles Bradford ] [ Merrill Lynch Capital Markets ] `` There 's too much capacity , '' contended Charles Bradford , an analyst with Merrill Lynch Capital Markets . 
[ USX ] Indeed , USX said it expects the market for coated sheet steel to reach 12 million tons annually by 1992 , compared with 10.2 million tons shipped in 1988 . 
[ USX ] [ Kobe Steel ] USX and Kobe Steel hope to reach a definitive agreement establishing the 50-50 partnership by the end of the year , with construction tentatively slated for the spring of 1990 and production by 1992 . 
[ USX ] USX already has six lines in existing plants producing hot-dipped galvanized steel , but this marks the first so-called greenfield plant for such production . 
[ Market Order ] Market Order : This is probably the most widely used order -- and the one most open to abuse by unscrupulous floor brokers , since it imposes no price restrictions . 
[ Chicago ] A recent indictment alleges that some floor brokers at the two largest Chicago commodity exchanges used market orders to fill customers ' orders at unfavorable prices by arranging trades with fellow brokers . 
[ Order ] Limit Order : Limit orders are used when investors want to restrict the amount they will receive or pay for an investment . 
[ Order ] Stop Order : Stop orders tell a floor broker to buy or sell an investment once the price reaches a certain level . 
[ October ] [ Friday ] The crash in October 1987 and last Friday 's sell-off painfully taught some investors exactly what stop orders will and wo n't do . 
[ Friday ] [ Monday ] An investor who may have placed a stop-loss order at $ 90 under a stock that was trading at $ 100 a share on the Friday before the crash was stunned to discover that the order was filled at $ 75 when the stock opened at that price on Monday . 
[ Stop-Limit Order ] Stop-Limit Order : Stop-limit orders turn into limit orders when an investment trades at the price specified in the order . 
[ Market-If-Touched Order ] Market-If-Touched Order : Market-if-touched orders are like stop orders in that they become market orders if a specified price is reached . 
[ Fill-Or-Kill Order ] Fill-Or-Kill Order : The fill-or-kill order is one of several associated with the timing of trades . 
[ Gregory Bessemer ] [ U.S. Trading Championship ] Gregory Bessemer , who came in second in the stock division of the recently completed U.S. Trading Championship , says he uses fill-or-kill orders almost exclusively when trading options . 
[ Not-Held Order ] Not-Held Order : This is another timing order . 
[ One-Cancels-The-Other Order ] One-Cancels-The-Other Order : This is really two orders in one , generally for the same security or commodity , instructing floor brokers to fill whichever order they can first and then cancel the other order . 
[ Specific-Time Order ] Specific-Time Order : This type of order couples many of the orders described above with instructions that the order must be carried out at or by a certain time . 
[ Day ] `` Day orders '' expire at the end of the day on which they are entered , `` good-till-canceled orders '' have no expiration date . 
[ Oct. ] On Oct. 19 , 1987 , some investors learned the consequences of entering `` good-til-canceled limit orders '' and then forgetting about them . 
[ Mr. Angrist ] [ Wall Street Journal ] Mr. Angrist writes on the options and commodities markets for The Wall Street Journal . 
[ Beta ] Beta is a handy gauge that measures the volatility of a stock or stock mutual fund . 
[ Standard & Poor ] The beta of the broad market , typically defined as the Standard & Poor 's 500-stock index , is always 1.0 . 
[ Beta ] [ William F. Sharpe ] [ Stanford University ] `` Beta is only part of the risk in a stock , '' says William F. Sharpe , the Stanford University emeritus professor who developed the measure . 
[ Beta ] Beta is also a poor indicator of the risk in stock groups that march to their own drummer . 
[ American Association ] Concern that investors could misinterpret such readings led the American Association of Individual Investors to eliminate beta figures for precious-metals funds in the 1989 edition of its mutual-fund guide . 
[ John Markese ] `` Our fear was people would look just at the beta  of a gold fund   and say here is an investment with very low risk , '' says John Markese , director of research for the Chicago-based group . 
[ Timothy Kochis ] [ Deloitte ] [ Haskins & Sells ] `` People tend to see risk primarily on that one dimension , '' says Timothy Kochis , national director of personal financial planning for accountants Deloitte , Haskins & Sells . 
[ U.S. Treasury ] U.S. Treasury bonds , for example , are supersafe when it comes to returning money at maturity . 
[ Treasury ] Stocks are much riskier than Treasury bills , for example , because the range in performance from the best years to the worst is much wider . 
[ Friday ] For instance , some investors have sworn off stocks since the 1987 market crash ; last Friday 's debacle only reinforced those feelings . 
[ Steven B. Enright ] [ New York ] [ Seidman Financial Services ] `` That 's the biggest risk of all -- the risk of not meeting your objectives , '' says Steven B. Enright , a New York financial planner with Seidman Financial Services . 
[ Seidman Financial Services ] [ BDO Seidman ] Note that the younger couple 's portfolio has a higher expected annual return , 10.1 % vs. 8.8 % , as calculated by Seidman Financial Services , which is the financial-planning affiliate of BDO Seidman . 
[ John H. Cammack ] [ Alexandra Armstrong Advisors Inc. ] [ Washington ] `` They may feel emotionally secure now because they are not heavily in the stock market , '' says John H. Cammack , a financial planner with Alexandra Armstrong Advisors Inc. in Washington . 
[ Ms. Slater ] [ Wall Street Journal ] Ms. Slater reports on personal finance from The Wall Street Journal 's New York bureau . 
[ Treasury ] Over several decades , for instance , investors who put up with the stock market 's gyrations earned returns far in excess of those on bonds and `` cash '' investments like Treasury bills . 
[ Portfolio ] [ Retired ] Portfolio A : Retired couple , age 65 ; $ 400,000 portfolio . 
[ Portfolio B ] Portfolio B : Two-income couple , age 45 ; $ 150,000 portfolio . 
[ Senator John Kerry ] [ Manuel Noriega ] A letter from Senator John Kerry chides us today for implying that he had `` flip-flopped '' on Manuel Noriega . 
[ Noriega ] He correctly says he has been down on Noriega for some time , hence his criticism of administration mishandling of the attempted coup . 
[ October ] Our October 12 editorial should have been more precise . 
[ Senator ] [ Noriega ] [ Central ] It meant to convey our hope that the Senator and other members of the congressional left are broadening their dislike of Noriega to include other notorious Central American drug runners . 
[ Sandinistas ] [ Nicaragua ] [ Castro-Medellin ] The Sandinistas of Nicaragua , for example , also are part of the Castro-Medellin cartel nexus . 
[ U.S. ] [ Senator Kerry ] In his letter and on the basis of his losing vote Tuesday against U.S. aid for the Nicaraguan opposition , Senator Kerry makes clear he has not made that intellectual leap . 
[ Capital ] Capital has been democratized , and people want in . 
[ Americans ] Like all Americans seeking chronic prosperity , I do find it necessary to plunge certain funds into conservative monetary tools , if only to assuage my father-in-law , who believes in such things . 
[ WSJ Oct. ] Figure 1 demonstrates the performance of those businesses I 've invested in during this prosperous decade  see accompanying illustration -- WSJ Oct. 20 , 1989   . 
[ Christmas ] Oil-related properties suffered a huge decline until I divested myself of all such stocks in 1985 , at which point the industry , while not lighting up any Christmas trees , began a slow recovery . 
[ Pru-Bache ] By 1987 , these properties were in a tailspin , causing my broker at Pru-Bache to remark that she 'd `` never seen anything like it . '' 
[ New York ] Perhaps most dramatic was the performance of the metropolitan New York real-estate market , which was booming until I entered it in late 1988 , at which time it posted the first negative compound annual growth rate in years . 
[ Daily ] Daily living is the best possible investment ! 
[ Henry Kravis ] Henry Kravis , watch out ! 
[ Mr. Schwartz ] [ New York ] Mr. Schwartz is a business executive and writer in New York . 
[ JAMES SCHWARTZ ] WHEN JAMES SCHWARTZ was just a lad his father gave him a piece of career advice . 
[ Mr. Schwartz ] `` He told me to choose an area where just by being mediocre I could be great , '' recalls Mr. Schwartz , now 40 . 
[ Mr. Schwartz ] [ Englewood ] [ Colo. ] It should be noted that Mr. Schwartz , who operates out of Englewood , Colo. , is a puckish sort who likes to give his colleagues the needle . 
[ Wild West ] [ Scott Stapf ] [ North American Securities Administrators Association ] `` The industry is still pretty much in its Wild West days , '' says Scott Stapf , director of investor education for the North American Securities Administrators Association . 
[ NASAA ] An admittedly limited survey by NASAA , whose members are state securities-law regulators , found that between 1986 and 1988 `` fraud and abuse '' by financial planners cost 22,000 investors $ 400 million . 
[ Mr. Stapf ] What 's more , the losses they and the others caused `` are just what we are stumbling over , '' says Mr. Stapf , adding that the majority of misdeeds probably go undetected . 
[ John Gargan ] [ Tampa ] [ Fla. ] [ International Association ] [ Financial ] Nobody can estimate the toll , but John Gargan , a Tampa , Fla. , planner and head of one trade group , the International Association of Registered Financial Planners , thinks the danger to investors from incompetence is `` humongous , '' far greater than that from crookery . 
[ Barbara Roper ] [ Consumer Federation ] [ America ] [ Washington ] For most investors `` the benefits just are n't worth the risks , '' says Barbara Roper , who follows financial-planning issues for the Consumer Federation of America , a consumer-advocacy organization based in Washington . 
[ Better Business Bureaus ] She says her group used to give tips on selecting planners -- check educational and experience credentials , consult regulators and Better Business Bureaus -- but found that even some people who took these steps `` were still getting ripped off . '' 
[ Tax Reform Act ] The Tax Reform Act of 1986 , which eliminated many tax shelters peddled by planners , and the stock market crash the next year did cause a sharp slump in such demand , and many planners had to make an unplanned exit from the business . 
[ International Association ] [ Financial ] [ IAFP ] But membership in the International Association of Financial Planners  IAFP   , the industry 's biggest trade group , is still nearly triple what it was in 1980 , and it 's believed that the ranks of planners who do n't belong to any group have soared as well . 
[ Americans ] An estimated 10 million Americans are now using financial planners , and the pool of capital they influence is enormous . 
[ IAFP ] [ April ] A survey of 54,000 of them conducted by the IAFP in April showed that these practitioners alone had controlled or guided the investment of $ 154 billion of their clients ' money in the previous 12 months . 
[ Securities and Exchange Commission ] Even the minority of them who must register with the Securities and Exchange Commission as `` investment advisers '' -- people who are in the business of counseling others on the buying and selling of securities specifically -- have been enough to swamp the agency 's capacity . 
[ SEC ] The SEC has only about 200 staffers assigned to keep tabs on investment advisers -- about the same as in 1980 -- even though the number of advisers has tripled to about 15,000 over the past decade . 
[ SEC ] Currently , a registered investment adviser can expect an SEC audit only once every 12 years . 
[ Kathryn McGrath ] [ SEC ] `` It does n't take a rocket scientist to figure out our problem , '' says Kathryn McGrath , director of the SEC 's division of investment management . 
[ SEC ] [ Congress ] [ National Association ] [ Securities ] So the SEC has proposed to Congress that much of the job of oversight be turned over to an industry-funded , self-regulatory organization patterned on the National Association of Securities Dealers , which operates in the brokerage business . 
[ Mr. Schwartz ] [ Englewood ] [ Colo. ] [ Dracula ] Mr. Schwartz , the puckish planner from Englewood , Colo. , says that allowing the business to police itself would be `` like putting Dracula in charge of the blood bank . '' 
[ Mr. Gargan ] [ Tampa ] [ SEC ] Mr. Gargan , the Tampa planner who heads one trade group , favors simply assessing the industry and giving the money to the SEC to hire more staff . 
[ Mr. Gargan ] [ IAFP ]  Mr. Gargan 's views are not greeted with wild enthusiasm over at the IAFP , the major industry organization . 
[ IAFP ] [ Mr. Gargan ] When the IAFP recently assembled other industry groups to discuss common standards that might be applied to planners , Mr. Gargan 's group was excluded . 
[ Mr. Gargan ] [ Beauregard ] [ IAFP ] That may be because Mr. Gargan , smarting at what he considered slurs on his membership standards made by the rival group , enrolled his dog , Beauregard , as a member of the IAFP . 
[ Boris ] [ Bo ] [ Regaard ] Then he sent the pooch 's picture with the certificate of membership -- it was made out to `` Boris ` Bo ' Regaard '' -- to every newspaper he could think of .   
[ NASAA ] NASAA , the organization of state securities regulators , is pushing for a model regulatory statute already adopted in eight states . 
[ NASAA ] NASAA estimates that nearly 90 % of planners receive some or all of their income from sales commissions on securities , insurance and other financial products they recommend . 
[ Albany ] [ First Meridian Corp. ] [ Albany ] In 1986 the New York attorney general 's office got an order from a state court in Albany shutting down First Meridian Corp. , an Albany financial-planning firm that had invested $ 55 million on behalf of nearly 1,000 investors . 
[ Florida ] In its notice of action , the attorney general said the company had promised to put clients into `` balanced '' investment portfolios ; instead , the attorney general alleged , the company consistently shoved unwary customers into high-risk investments in paintings , coins and Florida condos . 
[ First Meridian ] Those investments paid big commissions to First Meridian , payments investors were never told about , the attorney general alleged . 
[ First Meridian ] [ Book-of-the-Month Club ] In practice , the attorney general alleged in an affidavit , if an investor had access to cash `` the chances of being turned down by First Meridian were about as probable as being rejected by the Book-of-the-Month Club . '' 
[ First Meridian ] [ Roger V. Sala ] And , the attorney general added , First Meridian 's president , Roger V. Sala , portrayed himself as a `` financial expert '' when his qualifications largely consisted of a high-school diploma , work as a real-estate and insurance salesman , and a stint as supervisor at a highway toll booth . 
[ First Meridian ] First Meridian and its officials are currently under investigation for possible criminal wrongdoing , according to a spokeswoman for the attorney general . 
[ Harry Manion ] [ Mr. Sala ] [ First Meridian ] Harry Manion , Mr. Sala 's attorney , says his client denies any wrongdoing and adds that the attorney general 's contentions about First Meridian 's business practices are incorrect . 
[ Mr. Sala ] [ New York ] [ Mr. Sala ] [ Harvard ] [ Mr. Manion ] As for Mr. Sala 's qualifications , `` the snooty attorneys for the state of New York decided Mr. Sala was n't qualified because he did n't have a Harvard degree , '' says Mr. Manion . 
[ Georgia ] [ Atlanta ] [ J. Chandler Peterson ] [ Atlanta ] [ IAFP ] Two such actions , both filed earlier this year in Georgia state court in Atlanta , could be particularly embarrassing to the industry : both name J. Chandler Peterson , an Atlanta financial planner who is a founder and past chairman of the IAFP , as defendant . 
[ Mr. Peterson ] One suit , filed by more than three dozen investors , charges that Mr. Peterson misused much of the $ 9.7 million put into a limited partnership that he operated and promoted , spending some of it to pay his own legal bills and to invest in other companies in which he had an interest . 
[ Mr. Peterson ] Those companies , in turn , paid Mr. Peterson commissions and fees , the suit alleges . 
[ Mr. Peterson ] [ Bank ] [ Scottsdale ] [ Scottsdale ] [ Ariz ] The other suit was filed by two men in a dispute over $ 100,000 investments each says he made with Mr. Peterson as part of an effort to purchase the Bank of Scottsdale in Scottsdale , Ariz . 
[ Mr. Peterson ] [ Mr. Peterson ] One plaintiff , a doctor , testified in an affidavit that he also gave Mr. Peterson $ 50,000 to join a sort of investment club which essentially gave the physician `` the privilege of making additional investments '' with Mr. Peterson . 
[ Mr. Peterson ] In affidavits , each plaintiff claims Mr. Peterson promised the bank purchase would be completed by the end of 1988 or the money returned . 
[ Mr. Peterson ] Mr. Peterson took the plaintiffs ' and other investors ' money to a meeting of the bank 's directors . 
[ Myron Diebel ] Wearing a business suit and western-style hat and boots , he opened up his briefcase and dumped $ 1 million in cash on a table in front of the directors , says Myron Diebel , the bank 's president . 
[ Mr. Diebel ] `` He said he wanted to show the color of his money , '' recalls Mr. Diebel . 
[ Mr. Peterson ] According to the suit , Mr. Peterson has yet to return the plaintiffs ' investment . 
[ Mr. Peterson ] Mr. Peterson declines to comment on specific allegations in the two suits , saying he prefers to save such responses for court . 
[ Mr. Peterson ] Rearding the suit over the bank bid , Mr. Peterson says it is filled with `` inflammatory language and half truths . '' 
[ Mr. Peterson ] Mr. Peterson says the suits against him are less a measure of his work than they are a `` sign of the times '' in which people generally are more prone to sue . 
[ Mr. Peterson ] Mr. Peterson also says he does n't consider himself a financial planner anymore . 
[ Alabama ] Certificates of deposit do n't pay 23 % a year , for example , but that did n't give pause to clients of one Alabama planner . 
[ Mobile County ] Now they 're losers and he 's in jail in Mobile County . 
[ Marshall Islands ] CDs yielding 40 % are even more implausible -- especially when the issuing `` bank '' in the Marshall Islands is merely a mail drop watched over by a local gas-station operator -- but investors fell for that one too . 
[ Colorado ] And the Colorado planner who promised to make some of his clients millionaires on investments of as litle as $ 100 ? 
[ Mr. Emshwiller ] [ Wall Street Journal ] Mr. Emshwiller is a staff reporter in The Wall Street Journal 's Los Angeles bureau . 
[ Fashion Island Shopping Center ] [ Southern California ] [ Mercedes-Benzes and ] At the ritzy Fashion Island Shopping Center , the tanned and elegant ladies of this wealthy Southern California beach community disembark from their Mercedes-Benzes and BMWs for another day of exercising their credit cards . 
[ Neiman-Marcus ] [ Bullocks Wilshire ] They root among the designer offerings at Neiman-Marcus and Bullocks Wilshire . 
[ Atrium Court ] They stroll through the marble-encased corridors of the Atrium Court . 
[ Farmers Market ] They graze at the Farmers Market , a combination gourmet food court and grocery store , while a pianist accompanies the noon fashion show with a selection of dreamy melodies . 
[ Fashion Island ] Meanwhile , in the squat office buildings that ring Fashion Island , the odds are good that someone is getting fleeced . 
[ Kacy McClelland ] `` They seem to like these industrial parks , '' says Kacy McClelland , a postal inspector who specializes in mail fraud . 
[ Newport Beach ] Welcome to that welter of contradictions known as Newport Beach . 
[ U.S. ] [ Cote ] [ Fraud ] It is also known as the fraud capital of the U.S. , dubbed by investigators and the media as the `` Cote de Fraud '' . 
[ Miami ] [ Maggot Mile ] [ Las Vegas ] The places renowned for breeding bunco , like the Miami neighborhood known as the `` Maggot Mile '' and Las Vegas 's flashy strip of casinos , invariably offer fast cars , high rollers , glamorous women and lots of sunshine . 
[ Green Bay ] [ Buffalo ] You do n't hear much about unusual concentrations of fraud in Green Bay or Buffalo . 
[ Newport Beach ] Newport Beach fits the scam artists ' specifications perfectly . 
[ Blondes ] [ Mr. McClelland ] `` Blondes , cocaine and Corvettes , '' mutters Mr. McClelland . 
[ Newport Beach ] The rich image of Newport Beach also helps lend the con artists ' operation an air of respectability . 
[ Newport Beach ] [ David Katz ] [ U.S. ] [ Southern California ] `` One reason they use Newport Beach is that it sounds swankier than most addresses , '' says David Katz , a U.S. attorney who , until recently , headed a multi-agency Southern California fraud task force . 
[ Newport Beach ] [ Rhode Island ] `` Newport Beach is known in Rhode Island for having a lot of rich people . '' 
[ Bible ] No wonder all kinds of big-time scams have flourished here , from phony tax-sheltered Bible sales to crooked car dealers to bogus penny-stock traders . 
[ Mr. McClelland ] `` I 've heard that there is $ 40 billion taken in nationwide by boiler rooms every year , '' Mr. McClelland says . 
[ Orange County ] `` If that 's true , Orange County has to be at least 10 % of that . '' 
[ Orange County ] [ Newport Beach ] [ California ] [ Los Angeles ] And most of the truly big scams in Orange County seem to originate in Newport Beach or one of the other well-heeled communities that surround this sliver-like city that hooks around a point of land on the California coast south of Los Angeles . 
[ Newport Beach ] In fact , sophisticated big-bucks boiler-room scams are known generically among law-enforcement types as `` Newport Beach '' operations . 
[ Hollywood ] That contrasts with the penny-ante sales of things such as pen-and-pencil sets and office supplies that are known as `` Hollywood '' scams . 
[ Newport Beach ] Newport Beach telemarketers concentrate on precious metals and oil-leasing deals that typically cost thousands of dollars a shot . 
[ Newport Beach ] [ Capital Trust Inc. ] [ Los Angeles ] In one ingenious recent example of a Newport Beach boiler room , prospective investors in Capital Trust Inc. were allegedly told that their investment in precious metals was insured against losses `` caused by employees due to dishonesty , destruction or disappearance , '' according to an indictment handed up by a federal grand jury in Los Angeles last month . 
[ Newport Beach ] Thus falsely reassured , investors sent $ 11.4 million to the Newport Beach company , most of which was diverted to unauthorized uses , the indictment charges . 
[ Douglas Jones ] [ Richard O. Kelly Sr. ] [ Capital Trust ] Douglas Jones , an attorney representing Richard O. Kelly Sr. , the chairman and president of Capital Trust , says his client denies that there was any attempt to defraud investors . 
[ Mr. Jones ] `` There were some business deals that went bad , '' Mr. Jones says , `` but no intent to defraud . '' 
[ Newport Beach ] [ Hollywood ] Newport Beach operations differ from the Hollywood boiler rooms in style as well as in dollars . 
[ Mr. Katz ] [ U.S. ] [ Newport Beach ] But , says Mr. Katz , the U.S. attorney , `` the interesting thing about Newport Beach operations is that they give themselves the indulgence of beautiful offices , with plush furnishings . 
[ Hollywood ] When we go there , it 's quite different from these Hollywood places where the sandwiches are spread out on the table and the people are picking their noses . '' 
[ Newport Beach ] The Newport Beach operators also tend to indulge themselves privately . 
[ Matthew Valentine ] [ Lompoc Federal Prison ] [ Intech Investment Corp. ] Investigators cite the case of Matthew Valentine , who is currently serving a six-year sentence at Lompoc Federal Prison for his role in Intech Investment Corp. , which promised investors returns of as much as 625 % on precious metals . 
[ Mr. Valentine ] [ Los Angeles ] [ Mercedes ] [ Lido Isle ] [ Newport ] Mr. Valentine , who pleaded guilty to five counts of fraud in federal court in Los Angeles , drove a leased Mercedes and lived in an expensive home on Lido Isle , an island in Newport 's harbor , according to investigators . 
[ BMW ] With the $ 3 million received from investors , he took frequent junkets with friends to exotic locales and leased an expensive BMW for his girlfriend , whom he met at the shop where he got his custom-tailored suits . 
[ Las Vegas ] [ Mr. Katz ] `` It 's amazing the amount of money that goes up their nose , out to the dog track or to the tables in Las Vegas , '' Mr. Katz says . 
[ Vincent M Ciavarella ] [ Property Management Systems ] [ Fashion Island ] [ Irvine Co. ] Vincent M Ciavarella , regional manager of Property Management Systems , insists he does n't know of any bogus telemarketers operating in the 1.6 million square feet of office space around Fashion Island that his company leases for Irvine Co. , the owner and developer of the project . 
[ Mr. Ciavarella ] Mr. Ciavarella has rejected a few prospective tenants who provided `` incomplete '' financial information and acknowledges that illegitimate operators `` are not easily detectable . 
[ Richard Luehrs ] [ Newport Harbor Area Chamber ] [ Commerce ] Richard Luehrs , president of the Newport Harbor Area Chamber of Commerce , calls boiler rooms a `` negative we wish we could get rid of . '' 
[ Mr. Lancaster ] [ Wall Street Journal ] Mr. Lancaster is deputy chief of The Wall Street Journal 's Dallas bureau . 
[ Prestige U. ] Now , investment salesmen say it 's time to take some risks if you want the kind of returns that will buy your toddler a ticket to Prestige U. in 18 years . 
[ June ] Tuitions at private colleges rose 154 % in the 10 years ended in June of this year ; that 's twice the 77 % increase in consumer prices for the same period . 
[ Harvard ] A year at Harvard now goes for $ 19,395 . 
[ Ivy League ] By 2007 , when this year 's newborns hit campus , a four-year Ivy League sheepskin will cost $ 300,000 , give or take a few pizzas-with-everything at exam time . 
[ Stanford ] [ MIT ] Stanford , MIT and other utmosts will cost no less . 
[ James Riepe ] [ T. Rowe Price ] `` You 're not going to make it in a 5 % bank account , '' says James Riepe , director of mutual funds at T. Rowe Price . 
[ Murray Ruffel ] [ Financial ] To get the necessary growth , adds Murray Ruffel , a marketing official at the Financial Programs mutual-fund group , `` you need to go to the stock market . '' 
[ Justice Department ] The antitrust division of the Justice Department is investigating the oddly similar tuition charges and increases among the top schools . 
[ State U ] And then there 's always State U . 
[ Treasury ] Forget about Treasury bills or a money-market fund . 
[ Financial ] [ Franklin ] [ T. Rowe Price ] [ Edward D. Jones ] Several outfits -- including the Financial Programs , Franklin , and T. Rowe Price mutual-fund groups and the Edward D. Jones brokerage house -- are advertising `` college planner '' tables and charts that tell you how much you need to put aside regularly . 
[ Denver-based Financial ] Most of the mailers are free , but Denver-based Financial Programs sells , for $ 15 , a version customized to the age of the child and the college of choice . 
[ Stanford ] To build a nest egg that would pay for Stanford when a current first-grader reaches college age , parents would need to set aside $ 773.94 a month -- for 12 years . 
[ T. Rowe Price ] Using a recent average private-school cost of about $ 12,500 a year , T. Rowe Price 's planner prescribes $ 450 monthly if the plan begins when the child is six . 
[ Arthur Hauptman ] [ American Council ] [ Education ] [ Washington ] `` People are basically peddling a lot of fear , '' says Arthur Hauptman , a consultant to the American Council on Education in Washington . 
[ Mr. Hauptman ] Mr. Hauptman reckons that the best investment choice is mutual funds because they are managed and over time have nearly kept up with the broad stock averages . 
[ Connecticut ] [ Illinois ] [ Virginia ] They have laid out about $ 1 billion for so-called baccalaureate zero-coupon municipal bonds -- so far offered by Connecticut , Illinois , Virginia and eight other states . 
[ Michigan ] [ Florida and Wyoming ] And they have bought about $ 500 million in prepaid-tuition plans , offered in Michigan , Florida and Wyoming . 
[ June ] [ Virginia ] In June , Virginia sold bonds for $ 268.98 that will pay $ 1,000 in 2009 . 
[ Richard Anderson ] [ Forum ] [ College Financing Alternatives ] [ Columbia University ] But Richard Anderson , head of the Forum for College Financing Alternatives , at Columbia University , a research group partly financed by the federal government , says zeros are particularly ill-suited . 
[ Mr. Anderson ] Had zeros been available in 1972 and had parents bought a face amount equal to four years ' tuition at the time , aiming for their children 's 1988 enrollment , they would have been left with only enough to pay for two years , Mr. Anderson figures . 
[ Securities and Exchange Commission ] Two private groups are seeking Securities and Exchange Commission approval for plans that could be more broadly transferable . 
[ Mr. Anderson ] Mr. Anderson wants the prestige colleges to sponsor such a plan . 
[ Internal Revenue Service ] One problem is that the Internal Revenue Service has decided that the investment earnings and gains of the sponsors ' funds are taxable . 
[ Mr. Anderson ] Based on historical rates of return , Mr. Anderson reckons a 100 % stock portfolio , indexed to the market , would have kept up with tuition and taxes in the 20th century . 
[ Mr. Anderson ] `` I 'm not sure they 're going to make it work , '' says Mr. Anderson . 
[ Florida and Wyoming ] Florida and Wyoming have backed up their guarantees with the full faith and credit of the state governments , meaning that taxpayers will pick up any slack . 
[ Michigan ] Not so Michigan . 
[ Mr. Putka ] [ Wall Street Journal ] Mr. Putka covers education from The Wall Street Journal 's Boston bureau . 
[ Jan. ] [ Yale ] [ Notre Dame ] [ University ] [ Minnesota ] If you start saving for your child 's eduction on Jan. 1 , 1990 , here 's the monthly sum you will need to invest to pay for four years at Yale , Notre Dame and University of Minnesota . 
[ PaineWebber Inc ] Source : PaineWebber Inc . 
[ Humphreys County ] [ Miss. ] [ Allen D. Tharp ] [ Isola ] AMONG THE CATFISH farmers in the watery delta land of Humphreys County , Miss. , Allen D. Tharp of Isola was one of the best known and most enterprising . 
[ Mr. Tharp ] Along the way , Mr. Tharp omitted a total of $ 1.5 million from his receipts reported on federal tax returns for three years . 
[ Internal Revenue Service ] [ Samuel James Baker ] The returns landed in the hands of an Internal Revenue Service criminal investigator , Samuel James Baker . 
[ Mr. Baker ] [ South ] [ Mr. Tharp ] Mr. Baker interviewed or wrote to hundreds of catfish farmers , live-haulers and processors throughout the South before coming up with detailed estimates of purchases and sales , in pounds and dollars , by Mr. Tharp and others . 
[ Mr. Tharp ] [ IRS ] Unknown to Mr. Tharp , he had fouled his net on a special IRS project to catch catfish farmers and haulers inclined to cheat on their taxes . 
[ Mr. Tharp ] Confronted with the evidence , Mr. Tharp pleaded guilty to one charge of filing a false return and was fined $ 5,000 and sentenced to 18 months in prison . 
[ Federal and ] Federal and state tax enforcers develop many group targets for investigation , on the basis of occupation , high income , type of income , or some other characteristic that may signal an opportunity or tendency to hide income or exaggerate deductions . 
[ IRS ] [ Church ] [ Scientology ] [ U.S. Supreme Court ] The IRS recently won part of its long-running battle with the Church of Scientology over exemptions when the U.S. Supreme Court held that members ' payments to the church were n't deductible because the members received services in return . 
[ IRS ] IRS statistics show that the more persistent hiders of income among sole proprietors of businesses include used-car dealers , entertainment producers , masons , roofers , and taxi owners . 
[ IRS ] Small businesses in general account for almost 40 % of unreported personal income , the IRS has said . 
[ IRS ] Once such abuses become so pervasive , the IRS builds another factor into its secret computer formula for selecting returns for audit and does n't need special projects for them . 
[ San Franciscans ] [ IRS ] San Franciscans have a much higher incidence of audits than average because more of them score high under that formula , not because IRS agents envy their life styles . 
[ Congress ] Many openings for mass cheating , such as questionable tax shelters and home offices , have gaped so broadly that Congress has passed stringent laws to close them . 
[ IRS ] And laws requiring the reporting of more varieties of transactions have enabled the IRS to rely on computers to ferret out discrepancies with returns and to generate form-letter inquiries to taxpayers . 
[ Social Security ] [ IRS ] [ Americans ] [ U.S. ] Passport applicants now must give Social Security numbers , enabling the IRS to see whether Americans living abroad are filing required U.S. returns . 
[ IRS ] But while IRS computers focus routinely on target groups like these , the agency has assigned many agents to special projects that need more personal attention . 
[ IRS ] In most cases , the IRS says , these projects are local or regional , rather than national , and arise because auditors in an area detect some pattern of abuse among , say , factory workers claiming that having a multitude of dependents frees them from tax withholding or yacht owners deducting losses from sideline charter businesses . 
[ Marshall V. Washburn ] The national office currently has 21 noncriminal audit projects , according to Marshall V. Washburn , deputy assistant commissioner for examination . 
[ IRS ] And now that returns must show dependents ' Social Security numbers , the IRS wants to see which dependents show up on more than one return -- and which dependents turn out to be deceased . 
[ IRS ] [ Mr. Washburn ] It prompted an IRS study that found many sellers were concealing income and treating large amounts of nondeductible travel and other personal expenses as business costs , Mr. Washburn says . 
[ Tax Court ] [ Mr. and Mrs. Peter S. Rubin ] [ Cherry Hill ] [ N.J. ] [ Amway ] The Tax Court recently denied business deductions by Mr. and Mrs. Peter S. Rubin of Cherry Hill , N.J. , who both were part-time distributors of Amway products in addition to their regular jobs as sales people in other fields . 
[ Amway ] For 1984 , they reported gross income of $ 1,647 from Amway sales , offset by expenses totaling $ 16,746 -- including car costs of $ 6,805 and travel and entertainment costs of $ 5,088 . 
[ Tax Court ] The Tax Court did n't believe that the Rubins , who earned $ 65,619 in their regular jobs , treated the sideline as a real business and derived `` merely incidental elements of recreation and other personal pleasure and benefits '' from it . 
[ Selling Association ] [ Amway Corp. ] [ IRS ] The Direct Selling Association , a trade group , points out that its members , which include Amway Corp. , cooperate with the IRS to distribute tax-compliance material to sales people and are helping to prepare a public-service television program on the subject . 
[ IRS ] The independent-contractor project , which began in 1988 , involves about 350 IRS agents . 
[ June ] [ Raymond P. Keenan ] In the fiscal nine months ended June 30 , reports Raymond P. Keenan , assistant commissioner for collection , they examined about 13,000 employers , assessed more than $ 67 million in delinquent employment taxes , and reclassified about 56,000 workers as employees instead of self-employed contractors . 
[ IRS ] [ Jerry Lackey ] [ IRS ] [ Florida ] [ Orlando ] But many others , who want to qualify for employee benefits and unemployment compensation , become tipsters for the IRS , says Jerry Lackey , who manages the IRS project 's force of nine agents in north and central Florida from Orlando . 
[ Mr. Lackey ] In his area , Mr. Lackey continues , the miscreant employers most commonly are in construction -- doing framing , drywall , masonry and similar work . 
[ IRS ] The IRS assessed the clinic $ 350,000 in back payroll taxes . 
[ New York ] Revenue-short states also are becoming more aggressive pursuers of tax delinquents , and perhaps none tracks them down with more relish than does New York since it acquired an $ 80 million computer system in 1985 . 
[ New York ] [ IRS ] [ Yellow Pages ] The state 's tax enforcers have amassed data bases from other New York agencies that license or register professionals and businesses ; from exchange agreements with the IRS , 24 other states , and two Canadian provinces , and even from phonebook Yellow Pages . 
[ New York ] Thus armed for massive matching of documents by computer , they single out high-income groups , looking primarily for people who have n't filed New York income-tax returns . 
[ New York City ] [ Florida ] The state has combed through records relating to architects , stockbrokers , lawyers in the New York City area , construction workers from out of the state , and homeowners who claim to be residents of other states -- especially Florida , which has no personal income tax . 
[ Frederick G. Hicks ] Soon to feel the glare of attention are lawyers elsewhere in the state , doctors , dentists , and accountants , says Frederick G. Hicks , director of the tax-department division that develops the computer-matching programs . 
[ Florida ] In the early stage of checking people with incomes exceeding $ 500,000 who were filing nonresident returns , it squeezed $ 7.5 million out of a man who was posing as a Florida resident . 
[ Mr. Hicks ] `` We think we can reclaim hundreds of millions of dollars just through the nonresident project , '' Mr. Hicks declares . 
[ Mr. Schmedel ] [ Wall Street Journal ] Mr. Schmedel is editor of The Wall Street Journal 's Tax Report column . 
[ Berkeley ] [ Privileged Class ] [ Sept. ] In finding `` good news '' in Berkeley 's new freshman admissions plan  `` The Privileged Class , '' editorial , Sept. 20   , you 're reading the headline but not the story . 
[ Berkeley ] But that does n't mean `` half of the students attending Berkeley '' will be admitted this way . 
[ Berkeley ] But the new category does not replace or reduce Berkeley 's broad racial preferences . 
[ Berkeley ] The role of academic criteria in choosing Berkeley 's freshmen can only decline as a result . 
[ Stephen R. Barnett ] [ Law ] [ California ] [ Calif ] Stephen R. Barnett Professor of Law University of California Berkeley , Calif . 
[ Nevada ] Or an interest in a retirement community in Nevada that will knock your socks off , once it is built ? 
[ Kent Neal ] [ Broward County State Attorney ] [ Fort Lauderdale ] [ Fla. ] `` These people are very skilled at finding out what makes a person tick , '' says Kent Neal , chief of the economic-crime unit of the Broward County State Attorney 's Office in Fort Lauderdale , Fla. , a major haven for boiler rooms . 
[ John Blodgett ] John Blodgett agrees -- and he ought to know . 
[ Charles Harper ] [ Securities and Exchange Commission ] [ Miami ] Everyone is vulnerable , '' says Charles Harper , associate regional administrator for the Securities and Exchange Commission in Miami . 
[ Ed McMahon ] [ Michael Cunningham ] [ University ] [ Kentucky ] [ Louisville ] `` The overnight success story is part of our culture , and our society puts an emphasis on it with lotteries and Ed McMahon making millionaires out of people , '' says Michael Cunningham , an associate professor of psychology at the University of Kentucky in Louisville . 
[ Spencer Barasch ] [ SEC ] [ Fort Worth ] [ Texas ] Adds Spencer Barasch , branch chief for enforcement at the SEC in Fort Worth , Texas : `` Why do people play the lottery when the odds are great against them ? 
[ SH Oil ] [ Winter Haven ] [ Fla. ] Between 1978 and 1987 , for instance , SH Oil in Winter Haven , Fla. , sold interests in oil wells to a very select group of local residents , while turning away numerous other eager investors . 
[ Stephen Smith ] [ Amoco Oil Co. ] [ Florida ] [ Florida ] The owner of the company , Stephen Smith , who has since pleaded guilty to state and federal fraud charges , confided to investors that he had a secret agreement with Amoco Oil Co. and said the location of his wells was confidential , according to a civil suit filed in a Florida state court by the Florida comptroller 's office . 
[ Amoco ] Neither the Amoco agreement nor the wells existed , the suit alleged . 
[ Tony Adamski ] [ Federal Bureau ] [ Investigation ] [ Washington ] [ D.C. ] Such schemes , says Tony Adamski , chief of the financial-crimes unit of the Federal Bureau of Investigation in Washington , D.C. , appeal to investors ' `` desire to believe this is really true and that they are part of a chosen group being given this opportunity . '' 
[ Mr. Cunningham ] At times , salesmen may embellish the inside information with `` the notion that this is some slightly shady , slightly illegal investment the person is being included in , '' says Mr. Cunningham . 
[ Mr. Blodgett ] Mr. Blodgett , the boiler-room veteran , believes that for many investors , the get-rich-quick scams carry a longed-for element of excitement . 
[ Mr. Blodgett ] [ Florida ] [ California ]  Mr. Blodgett , who was convicted in Florida state court of selling unregistered securities and in California state court of unlawful use of the telephone to defraud and deceive , is now on probation . 
[ Paul Andreassen ] [ Harvard ] `` The trappings of success go a long way -- wearing the right clothes , doing the right things , '' says Paul Andreassen , an associate professor of psychology at Harvard . 
[ Paul Wenz ] [ Phoenix ] [ Ariz. ] Paul Wenz , a Phoenix , Ariz. , attorney , says a promise of unrealistic returns would have made him leery . 
[ Mr. Wenz ] But Mr. Wenz , who says he lost $ 43,000 in one precious-metals deal and $ 39,000 in another , says a salesman `` used a business-venture approach '' with him , sending investment literature , a contract limiting the firm 's liability , and an insurance policy . 
[ Douglas Watson ] [ Los Angeles Police Department ] Still others are stung by a desire to do both well and good , says Douglas Watson , commanding officer of the Los Angeles Police Department 's bunko-forgery division . 
[ Christians ] Born-again Christians are the most visible targets of unscrupulous do-gooder investment pitches . 
[ William Lynes ] [ Lockheed Corp. ] [ Lily ] [ Stuart-James Co. ] [ Atlanta ] [ Lockheed ] William Lynes , a retired engineer from Lockheed Corp. , says he and his wife , Lily , warmed to the investment pitches of a penny-stock peddler from Stuart-James Co. in Atlanta after the broker told them he , too , had once worked with Lockheed . 
[ Lyneses ] [ Powder Springs ] [ Ga. ] [ Georgia ] [ Stuart James ] The Lyneses , of Powder Springs , Ga. , have filed suit in Georgia state court against Stuart James , alleging fraud . 
[ Donald Trinen ] [ Lyneses ]  Donald Trinen , an attorney for the penny-brokerage firm , denies the fraud allegations and says the Lyneses were fully apprised that they were pursuing a high-risk investment .   
[ Terree Bowers ] [ U.S. ] [ Los Angeles ] `` It 's not uncommon for these guys to send pictures of themselves or their families to ingratiate themselves to their clients , '' says Terree Bowers , chief of the major-frauds section of the U.S. attorney 's office in Los Angeles . 
[ Maury Elvekrog ] [ Seger-Elvekrog Inc. ] [ Birmingham ] [ Mich. ] `` Sometimes when people are making big changes , retiring from their jobs , moving to a new area , they lose their bearings , '' says Maury Elvekrog , a licensed psychologist who is now an investment adviser and principal in Seger-Elvekrog Inc. , a Birmingham , Mich. , investment-counseling firm . 
[ Jerald Jellison ] [ University ] [ Southern California ] [ Los Angeles ] Almost all of us in comparable circumstances might be victimized in some way , '' says Jerald Jellison , a psychology professor at the University of Southern California in Los Angeles . 
[ Nick Cortese ] Nick Cortese thinks that 's what happened to him . 
[ Mr. Cortese ] [ 33-year-old Delta Air Lines ] Mr. Cortese , a 33-year-old Delta Air Lines engineer , invested some $ 2,000 in penny stocks through a broker who promised quick returns . 
[ Mr. Cortese ] `` We were saving up to buy a house , and my wife was pregnant , '' says Mr. Cortese . 
[ Christmas ] `` It was just before the Christmas holidays , and I figured we could use some extra cash . '' 
[ Mr. Cortese ] `` Maybe it was just a vulnerable time , '' says Mr. Cortese . 
[ Ms. Brannigan ] [ Wall Street Journal ] Ms. Brannigan is a staff reporter in The Wall Street Journal 's Atlanta bureau . 
[ New York Stock Exchange ] Prices for seats on the New York Stock Exchange are recovering a bit after hitting a four-year low earlier this month . 
[ Big Board ] Two seats on the Big Board were sold yesterday for $ 455,000 , and then $ 500,000 . 
[ Oct. ] [ November ] The previous sale was $ 436,000 on Oct. 17 ; the last time prices were that low was November 1985 , when a seat sold for $ 425,000 . 
[ September ] Prices peaked at $ 1,150,000 in September 1987 . 
[ Money Smart Term Life ] [ Amex Life Insurance Co. ] [ American Express ] One variation that appealed to me at first was the `` Money Smart Term Life '' policy offered by Amex Life Insurance Co. , the American Express unit , to the parent company 's credit-card holders . 
[ Amex ] Amex said it would charge me $ 576 a year for $ 100,000 of coverage -- and would pay me back all the premiums I put in if I canceled the policy after 10 years . 
[ Amex ] Second , the $ 5,760 I 'd get back would be much diminished in purchasing power by 10 years of inflation ; Amex , not I , would get the benefit of the investment income on my money , income that would have exceeded the inflation rate and thus given the company a real profit . 
[ Amex ] Third and most important , Amex would charge me a far higher premium than other reputable companies would on a straight term policy for the same amount ; I 'd be paying so heavily just to have the option of getting my premiums back that I 'd almost have to cancel to make the whole thing worthwhile . 
[ Amex ] That would be all right with Amex , which could then lock in its investment profit , but it does n't add up to a `` smart money '' move for me . 
[ First Law ] Which goes to show that the First Law applies in insurance as in anything else : There is no free lunch , there is only marketing . 
[ Second Law ] And the Second Law , unique to insurance ? 
[ CD ] The implication is that your permanent-insurance policy is really some kind of CD or mutual-fund account with an added feature . 
[ Congress ] Congress closed this loophole last year , or thought it did . 
[ Monarch Capital Corp. ] [ Springfield ] [ Mass. ] However , Monarch Capital Corp. of Springfield , Mass. , has developed a `` combination plan '' of annuity and insurance coverage that it says does not violate the new regulations and that allows policy loans without tax consequences . 
[ Timothy Pfiefer ] [ Tillinghast ] [ Towers Perrin Co. ] [ New York ] Companies `` are n't comfortable playing these games , but they realize they 're under pressure to make their policies look good , '' says Timothy Pfiefer , an actuarial consultant at Tillinghast , a unit of Towers Perrin Co. , the big New York consulting firm . 
[ John Hancock ] At a back-yard barbecue , for example , a friend boasts that she 'll only have to pay premiums on her John Hancock policy for seven years and that her death benefits will then be `` guaranteed . '' 
[ David Dominici ] I call her agent , David Dominici . 
[ Glenn Daily ] [ New ] But Glenn Daily , a New York-based financial consultant , warns that many of these bonuses are `` just fantasies , '' because most are n't guaranteed by the companies . 
[ Security-Connecticut Life Insurance Co. ] [ Jackson National Life Insurance Co. ] [ National Travelers Life Insurance Co. ] Offered by insurers that include Security-Connecticut Life Insurance Co. , Jackson National Life Insurance Co. , and National Travelers Life Insurance Co. , these policy riders let me tap a portion of my death benefits while I 'm still alive . 
[ American Life Insurance Corp. ] [ Lincoln ] [ Neb. ] [ Equitable Life Assurance Society ] [ U.S. ] I compared one universal policy for $ 130,000 face amount from such an insurer , American Life Insurance Corp. of Lincoln , Neb. , with a similar offering from Equitable Life Assurance Society of the U.S. , which operates through 11,000 commissioned salesmen . 
[ Ameritas ] [ Equitable ] After one year I could walk away from the Ameritas policy with $ 792 , but Id get only $ 14 from the Equitable . 
[ Ameritas ] [ Equitable ] At age 65 , when I 'd stop paying premiums , the Ameritas offering would have a projected cash value $ 14,000 higher than the other , even though the Equitable 's policy illustration assumed a fractionally higher interest rate . 
[ Paris ] I 'm thinking about using the $ 871 annual premium to finance a trip to Paris first . 
[ Rorer Group Inc. ] [ Robert Cawthorn ] Rorer Group Inc. will report that third-quarter profit rose more than 15 % from a year earlier , though the gain is wholly due to asset sales , Robert Cawthorn , chairman , president and chief executive officer , said . 
[ Mr. Cawthorn ] Mr. Cawthorn said in an interview that sales will show an increase from a year ago of `` somewhat less than 10 % . '' 
[ Mr. Cawthorn ] [ Rorer ] Mr. Cawthorn said the profit growth in the latest quarter was due to the sale of two Rorer drugs . 
[ Asilone ] [ Boots PLC ] [ London ] Asilone , an antacid , was sold to Boots PLC , London . 
[ Thrombinar ] [ Jones Medical Industries Inc. ] [ St. Louis ] Thrombinar , a drug used to stanch bleeding , was sold to Jones Medical Industries Inc. , St. Louis . 
[ Rorer ] He said Rorer sold the drugs for `` nice prices '' and will record a combined , pretax gain on the sales of $ 20 million . 
[ Mr. Cawthorn ] As the gain from the sales indicates , operating profit was `` significantly '' below the year-earlier level , Mr. Cawthorn said . 
[ Rorer ] [ July ] Rorer in July had projected lower third-quarter operating profit but higher profit for all of 1989 . 
[ Mr. Cawthorn ] [ Rorer ] [ July ] [ Rorer ] [ U.S. ] Mr. Cawthorn attributed the decline in third-quarter operating profit to the stronger dollar , which reduces the value of overseas profit when it is translated into dollars ; to accelerated buying of Rorer products in the second quarter because of a then-pending July 1 price increase , and to higher marketing expenses for Rorer 's Maalox antacid , whose sales and market share in the U.S. had slipped in the first half of 1989 . 
[ Rorer ] [ Asilone and Thrombinar ] [ Maalox ] He said Rorer opted to sell Asilone and Thrombinar to raise revenue that would `` kick start '' its increased marketing efforts behind Maalox , still its top-selling product with about $ 215 million in world-wide sales in 1988 . 
[ Maalox ] `` We had underfunded Maalox for a year , '' he said , because the company was concentrating on research and development and promoting other drugs . 
[ Rorer ] [ Maalox ] He said Rorer will spend $ 15 million to $ 20 million more on Maalox advertising and promotion in the second half of 1989 than in the year-earlier period . 
[ Hoechst AG ] Hoechst AG said it will stop producing fertilizer in 1990 because of continued losses and a bleak outlook . 
[ Oberhausen ] The West German chemical concern said it will close the last remaining fertilizer plant in Oberhausen in the fall of next year . 
[ Hoechst ] [ Western Europe ] [ East ] Hoechst said the fertilizer market faces overcapacity in Western Europe , rising imports from East bloc countries and overseas , and declining demand . 
[ HomeFed Corp. ] [ Home Federal Savings & Loan ] [ HomeFed Bank ] HomeFed Corp. said its main subsidiary , Home Federal Savings & Loan , converted from a federal savings and loan to a federal savings bank and changed its name to HomeFed Bank . 
[ Office ] [ Thrift Supervision ] [ HomeFed ] The federal Office of Thrift Supervision approved the conversion last Friday , HomeFed said . 
[ Dow Jones Industrial Average ] The Dow Jones Industrial Average rose 39.55 points to 2683.20 . 
[ Standard & Poor ] [ Nasdaq ] Standard & Poor 's 500-stock Index rose 5.37 to 347.13 and the Nasdaq composite index jumped 7.52 to 470.80 . 
[ New York Stock Exchange ] New York Stock Exchange volume swelled to 198,120,000 shares . 
[ September ] The consumer price index rose 0.2 % in September , while many economists were looking for a 0.4 % increase . 
[ American Express ] [ Caterpillar ] The euphoria was such that investors responded to good earnings reports of companies such as American Express , while ignoring the disappointing profits of companies such as Caterpillar , analysts said . 
[ Hilton ] Hilton rose 2 7\/8 to 100 , for example . 
[ Last Friday ] [ Hilton ] Last Friday , takeover traders spilled out of Hilton , knocking the stock down 21 1\/2 to 85 . 
[ Holiday Corp. ] [ Honeywell ] Among other stocks involved in restructurings or rumored to be so : Holiday Corp. gained 1 7\/8 to 73 and Honeywell rose 2 7\/8 to 81 1\/2 . 
[ Airways ] [ UAL ] One floor trader noted in astonishment that nobody seemed to mind the news that British Airways is n't making a special effort to revive the UAL buy-out . 
[ American Medical International ] Takeover enthusiasm may have been renewed when an investor group disclosed yesterday that it had obtained all the financing required to complete its $ 1.6 billion leveraged buy-out of American Medical International . 
[ Peter VandenBerg ] [ Shearson Lehman Hutton ] `` That 's put some oomph back into this market , '' said Peter VandenBerg , a vice president of equity trading at Shearson Lehman Hutton . 
[ Chung Lew ] [ Kleinwort Benson North America ] `` There is no strength behind this rally , '' asserted Chung Lew , head trader at Kleinwort Benson North America . 
[ October Major Market Index ] [ Friday ] [ Monday ] The number of outstanding contracts in the October Major Market Index jumped from 5,273 on Friday to 9,023 on Monday . 
[ MMI ] [ Dow Jones Industrial Average ] The MMI is a 20-stock index that mimics the Dow Jones Industrial Average . 
[ Wednesday ] [ October ] [ Donald Selkin ] [ Prudential-Bache Securities ] By Wednesday , the outstanding October contracts amounted to 8,524 , representing about $ 1.13 billion in stock , noted Donald Selkin , head of stock-index futures research at Prudential-Bache Securities , who expects a volatile expiration today . 
[ MMI ] [ Mr. Selkin ] `` There has been a tremendous increase '' in MMI positions , Mr. Selkin said . 
[ Philip Morris ] [ Big Board ] [ Coca-Cola Co. ] [ Merck ] [ American Telephone & Telegraph ] Philip Morris added 1 1\/8 to 44 1\/2 in Big Board composite trading of 3.7 million shares , Coca-Cola Co. gained 2 3\/8 to 70 3\/8 , Merck gained 1 3\/8 to 77 3\/8 and American Telephone & Telegraph advanced 7\/8 to 43 3\/8 on 2.5 million shares . 
[ American Medical ] American Medical jumped 1 7\/8 to 23 5\/8 . 
[ IMA Acquisition ] [ First Boston ] [ Pritzker ] [ Chicago ] [ Chemical Bank ] IMA Acquisition , an investor group that includes First Boston and the Pritzker family of Chicago , said Chemical Bank had made arrangements for 23 other banks to provide $ 509 million in bank financing for the buy-out offer . 
[ Chemical ] [ First Boston ] Chemical and six other banks , along with First Boston , are providing the rest of the $ 1.6 billion . 
[ Time Warner ] [ Warner Communications ] Elsewhere on the takeover front , Time Warner advanced 2 5\/8 to 136 5\/8 and Warner Communications tacked on 7\/8 to 63 7\/8 . 
[ Delaware Supreme Court ] [ Chris-Craft Industries ] [ Warner ] The Delaware Supreme Court affirmed a ruling that barred Chris-Craft Industries from voting its Warner preferred stock as a separate class in deciding on the companies ' proposed merger . 
[ Paramount Communications ] [ MCA ] Paramount Communications climbed 1 1\/4 to 58 1\/2 and MCA rose 1 1\/2 to 64 ; both media companies have long been mentioned as potential acquisition candidates . 
[ Woolworth ] [ Upjohn ] [ Armstrong World Industries ] [ Kollmorgen ] Among other actual and rumored targets , Woolworth rose 1 1\/4 to 60 1\/2 , Upjohn went up 1 1\/8 to 39 3\/4 , Armstrong World Industries gained 1 to 40 1\/8 and Kollmorgen rose 3\/4 to 13 7\/8 . 
[ Soo Line ] In addition : -- Soo Line jumped 2 3\/4 to 20 1\/4 , above the $ 19.50 a share that Canadian Pacific offered for the company in a takeover proposal . 
[ Xtra ] -- Xtra gained 1 1\/8 to 27 1\/8 . 
[ Investor Robert M. Gintel ] Investor Robert M. Gintel , who owns a 4.7 % stake in the company , said he plans a proxy fight for control of its board . 
[ Golden Nugget ] -- Golden Nugget rose 2 to 28 1\/4 . 
[ International Business Machines ] Buying interest also resurfaced in the technology sector , including International Business Machines , whose board approved a $ 1 billion increase in its stock buy-back program . 
[ IBM ] IBM rose 2 3\/8 to 104 1\/8 as 2.2 million shares changed hands . 
[ Compaq Computer ] Compaq Computer soared 4 5\/8 to 111 1\/8 on 1.8 million shares in response to the company 's announcement of plans to introduce several products next month . 
[ Digital Equipment ] [ September ] Digital Equipment gained 1 3\/8 to 89 3\/4 despite reporting earnings for the September quarter that were on the low end of expectations . 
[ Cray Research ] [ Hewlett-Packard ] [ Tandem Computers ] [ Data General ] [ Motorola ] Among other technology issues , Cray Research rose 1 5\/8 to 37 , Hewlett-Packard added 1 1\/4 to 50 1\/4 , Tandem Computers rallied 1 1\/8 to 25 3\/4 , Data General rose 3\/4 to 14 1\/2 and Motorola gained 2 3\/8 to 59 1\/4 . 
[ Symbol Technologies ] [ Shearson Lehman Hutton ] [ Commodore International ] [ September ] On the other hand , Symbol Technologies dropped 1 1\/4 to 18 1\/2 after Shearson Lehman Hutton lowered its short-term investment rating on the stock and its 1989 earnings estimate , and Commodore International fell 7\/8 to 8 after the company said it expects to post a loss for the September quarter . 
[ San Francisco ] Insurance stocks continued to climb on expectations that premium rates will rise in the aftermath of the earthquake in the San Francisco area . 
[ American International Group ] [ General Re ] [ Kemper ] [ AON ] [ Chubb ] American International Group climbed 4 to 106 5\/8 , General Re rose 3 1\/8 to 89 5\/8 , Kemper added 2 1\/2 to 48 , AON went up 1 3\/8 to 36 and Chubb rose 1 1\/4 to 82 1\/4 . 
[ Mattel ] [ Tonka ] [ Lewis Galoob Toys ] [ Big Board ] [ Hasbro ] [ American Stock Exchange ] Mattel added 1 1\/4 to 19 5\/8 , Tonka firmed 1 to 18 1\/2 and Lewis Galoob Toys rose 7\/8 to 13 5\/8 on the Big Board , while Hasbro gained 1 to 21 7\/8 on the American Stock Exchange . 
[ Capital Cities-ABC ] Capital Cities-ABC surged 42 5\/8 to 560 . 
[ Kidder Peabody ] Kidder Peabody raised its investment rating on the stock and its earnings estimates for 1989 and 1990 , based on optimism that the company 's ABC television network will continue to fare well in the ratings . 
[ Dun & Bradstreet ] Dun & Bradstreet lost 1 7\/8 to 51 7\/8 on 1.8 million shares . 
[ Merrill Lynch ] Merrill Lynch lowered its short-term rating on the stock and its estimate of 1990 earnings , citing a sales slowdown in the company 's credit-rating business . 
[ Pinnacle West Capital ] Pinnacle West Capital , which suspended its common-stock dividend indefinitely and reported a 91 % decline in third-quarter earnings , fell 5\/8 to 11 3\/8 . 
[ Amex Market Value Index ] The Amex Market Value Index recorded its sharpest gain of the year by climbing 4.74 to 382.81 . 
[ B.A.T Industries ] [ Amex ] B.A.T Industries , the most active Amex issue , rose 3\/8 to 12 3\/8 . 
[ Sir James Goldsmith ] The company received shareholder approval for its restructuring plan , designed to fend off a hostile takeover bid from a group headed by financier Sir James Goldsmith . 
[ Chambers Development Class ] [ Class B ] Chambers Development Class A jumped 3 1\/8 to 37 1\/8 and Class B rose 2 5\/8 to 37 1\/4 . 
[ TRC Cos. ] [ U.S. ] TRC Cos. , the target of an investigation by the U.S. inspector general , dropped 2 to 10 3\/4 . 
[ Avondale Industries Inc. ] [ New Orleans ] [ Navy ] Avondale Industries Inc. , New Orleans , received a $ 23 million contract from the Navy to enlarge by 50 % the capacity of an auxiliary oiler . 
[ Navy ] [ Avondale ] The award results from the Navy 's exercising of an option in an earlier contract it awarded Avondale . 
[ Richard J. Pinola ] Richard J. Pinola was elected to the board of this personnel consulting concern , increasing its size to nine members . 
[ Mr. Pinola ] [ Penn Mutual Life Insurance Co ] Mr. Pinola is president and chief operating officer of Penn Mutual Life Insurance Co . 
[ Senate ] [ U.S. ] The Senate rejected a constitutional amendment that President Bush sought to protect the U.S. flag from desecration . 
[ Constitution ] The 51-48 roll call fell well short of the two-thirds majority needed to approve changes to the Constitution . 
[ Mr. Bush ] [ Bill ] [ Rights ] The vote , in which 11 GOP lawmakers voted against Mr. Bush 's position , was a victory for Democratic leaders , who opposed the amendment as an intrusion on the Bill of Rights . 
[ American Constitution ] [ Senate Majority Leader George Mitchell ] [ Maine ] `` We can support the American flag without changing the American Constitution , '' said Senate Majority Leader George Mitchell of Maine . 
[ Mr. Mitchell ] [ House Speaker Thomas Foley ] [ D. ] [ Wash ] In order to defuse pressure for an amendment , Mr. Mitchell and House Speaker Thomas Foley  D. , Wash .   had arranged for lawmakers to pass a statute barring flag desecration before voting on the constitutional change . 
[ Mr. Bush ] Mr. Bush said he would allow the bill to become law without his signature , because he said only a constitutional amendment can protect the flag adequately . 
[ June ] [ Supreme Court ] [ Texas ] [ First Amendment ] In June , the Supreme Court threw out the conviction of a Texas man who set a flag afire during a 1984 demonstration , saying he was `` engaging in political expression '' that is protected by the First Amendment . 
[ Gallup Poll ] [ New York Business Group ] [ Health ] A new Gallup Poll study commissioned by the New York Business Group on Health , found that a full 25 % of the work force at companies may suffer from anxiety disorders or a stress-related illness , with about 13 % suffering from depression . 
[ New York Business Group ] It is one of a series of studies on health commissioned by the New York Business Group , a non-profit organization with about 300 members . 
[ Leon J. Warshaw ] The stress study was undertaken because problems related to stress `` are much more prevalent than they seem , '' said Leon J. Warshaw , executive director of the business group . 
[ Dr. Warshaw ] In presenting the study late last week , Dr. Warshaw estimated the cost of these types of disorders to business is substantial . 
[ Dr. Warshaw ] `` We hope to sensitize employers '' to recognize the problems so they can do something about them , Dr. Warshaw said . 
[ National Council ] [ Compensation Insurance ] Even the courts are beginning to recognize the link between jobs and stress-related disorders in compensation cases , according to a survey by the National Council on Compensation Insurance . 
[ Robert M.A. Hirschfeld ] [ National Institute ] [ Mental Health ] The disorders , which 20 years ago struck middle-age and older people , `` now strike people at the height of productivity , '' says Robert M.A. Hirschfeld , of the National Institute of Mental Health , who spoke at the presentation of the study 's findings . 
[ Upjohn Co. ] The study , which received funding from Upjohn Co. , which makes several drugs to treat stress-related illnesses , also found 47 % of the managers said stress , anxiety and depression contribute to decreased production . 
[ Dr. Warshaw ] Although Dr. Warshaw points out that stress and anxiety have their positive uses , `` stress perceived to be threatening implies a component of fear and anxiety that may contribute to burnout . '' 
[ Paul D'Arcy ] [ Rohrer ] [ Hibler & Replogle ] `` We all like stress , but there 's a limit , '' says Paul D'Arcy , of Rohrer , Hibler & Replogle , a corporate psychology and management consulting firm . 
[ Mr. D'Arcy ] The problem , says Mr. D'Arcy , a psychologist , is that `` it 's very hard to get any hard measures on how stress affects job performance . 
[ Air ] [ Christmas ] For Cheap Air Fares , Spend Christmas Aloft 
[ Christmas Day ] IT IS N'T TRUE that a 90-year old clergyman on a mission of mercy to a disaster area on Christmas Day can fly free . 
[ America ] But his circumstances are among the few that can qualify for the handful of really cheap airline tickets remaining in America . 
[ Christmas ] One of the best deals , though , may mean skipping Christmas dinner with the relatives . 
[ Christmas ] This week , many carriers are announcing cut-rate fares designed to get people to fly on some of the most hallowed -- and slowest -- days of the year , including Christmas . 
[ Christmas ] In recent years , the airlines had waited until the last moment to court Christmas season vacationers with bargain fares . 
[ Last Christmas Day ] [ USAir Group Inc. ] [ Chicago ] [ Pittsburgh ] That approach flopped : Last Christmas Day , a USAir Group Inc. DC-9 jetliner flew about seven passengers from Chicago to Pittsburgh . 
[ U.S. ] [ Dec. ] [ Jan. ] They are cutting ticket prices by as much as 70 % from normal levels for travel to most U.S. locations on Dec. 24 , 25 , 29 , 30 and 31 , and Jan. 4 , 5 and 6 . 
[ Kringle ] The promotions -- dubbed everything from 'T- is the Season to be Jolly to Kringle fares -- put round-trip fares at $ 98 , $ 148 and $ 198 . 
[ Roger Bard ] [ Mr. Mitchell Travel Service ] [ Burnsville ] [ N.C ] `` They 're trying to keep planes flying on days they 'd normally park them , '' says Roger Bard , president of Mr. Mitchell Travel Service in Burnsville , N.C . 
[ CONTINENTAL Airlines ] [ Marlo Thomas ] [ Phil Donahue ] IF CONTINENTAL Airlines has its way , couples like Marlo Thomas and Phil Donahue may find it a hassle to qualify for some new discounts . 
[ Continental ] [ Texas Air Corp. ] Continental , a Texas Air Corp. unit , recently unveiled a marketing program offering free companion tickets to business-class and first-class passengers on international flights . 
[ Continental ] The Continental catch : Only immediate family members are allowed , and they must have the same last name as the buyer of the ticket or legal proof they 're related . 
[ Jessica Crosby ] [ New York ] [ National Association ] [ Women Business ] `` What a bunch of nonsense , '' says Jessica Crosby , president of the New York chapter of the National Association of Women Business Owners . 
[ Continental ] Continental 's logic : It does n't want business companions abusing the promotion by falsely claiming to be related . 
[ Jim O'Donnell ] `` We accommodate their choice of names by allowing them to demonstrate '' family affiliation with legal documents , says Jim O'Donnell , a senior vice president . 
[ Lambda Legal Defense and Education Fund ] [ New York City ] The Lambda Legal Defense and Education Fund of New York City has received complaints from homosexual couples whom the airline does n't recognize as family . 
[ Evan Wolfson ] [ Trans World Airlines ] `` It 's certainly discrimination , '' says attorney Evan Wolfson , whose group forced Trans World Airlines this year to change a rule that allowed travelers to transfer frequent flier awards only to family members . 
[ Hurricane Area ] Take Your Vacation In a Hurricane Area 
[ HURRICANE Hugo ] [ Caribbean ] [ Atlantic ] WHEN HURRICANE Hugo careened through the Caribbean and the Atlantic coast states , it downed electric and telephone lines , shot coconuts through cottage rooftops , shattered windows and uprooted thousands of lives . 
[ Midway Airlines Inc. ] [ American Airlines ] [ AMR Corp. ] [ Virgin Islands ] Since the hurricane , Midway Airlines Inc. and American Airlines , a unit of AMR Corp. , trimmed their one-way fares to the Virgin Islands to $ 109 from prices that were at times double that before the storm . 
[ Hugo ] [ Compassion ] [ Virgin Islands Aid ] The fares are code-named Hugo , Compassion and Virgin Islands Aid . 
[ Airlines ] [ Northern California ]  Airlines are n't lowering fares to Northern California following this week 's earthquake , but reservation agents can waive advance-purchase restrictions on discount fares for emergency trips .   
[ Caribbean ] Some hotels in the hurricane-stricken Caribbean promise money-back guarantees . 
[ Myrtle Beach ] [ S.C. ] [ Yachtsman Resort ] In Myrtle Beach , S.C. , the damaged Yachtsman Resort offers daily rates as low as $ 35 , or as much as 22 % below regular prices . 
[ Michele Hoffman ] [ VCR ] [ Jacuzzi ] Says Michele Hoffman , a clerk in the resort 's front office : `` We do n't have the outdoor pool , the pool table , ping pong table , snack bar or VCR , but we still have the indoor pool and Jacuzzi . '' 
[ Northwest Airlines ] [ 108-year-old Lansing ] [ Mich. ] [ Tampa ] [ Fla ] Next month , Northwest Airlines says , a 108-year-old Lansing , Mich. , woman is taking it up on the offer to fly with her 72-year-old son to Tampa , Fla . 
[ Northwest ] Last year when Northwest first offered the promotion , only six centenarians flew free . 
[ Red Cross ] THE NATION'S carriers also provide discounts to Red Cross workers , retired military personnel and medical students . 
[ Saturday ] There 's even a special fare for clergy that does n't require the usual stay over Saturday night . 
[ British Petroleum Co. PLC ] [ BP Exploration ] [ Don ] [ North Sea ] The British Petroleum Co. PLC said its BP Exploration unit has produced the first oil from its Don oilfield in the North Sea . 
[ BP ] In an official release , BP said initial production from the field was 11,000 barrels a day , and that it expects peak output from the field of 15,000 barrels a day to be reached in 1990 . 
[ Social Security ] As the sponsor of the `` Older Americans Freedom to Work Act , '' which would repeal the Social Security earnings limit for people aged 65 and older , I applaud your strong endorsement to repeal this Depression-era fossil . 
[ Social Security ] [ Social Security ] For every dollar earned over $ 8,880 , Social Security recipients lose 50 cents of their Social Security benefits ; it 's like a 50 % marginal tax . 
[ Social Security ] Repeal would generate more in new taxes than the government would lose in increased Social Security benefit payments . 
[ Democrats ] [ Rules Committee ] [ Reconciliation Bill ] We now need support from the Democrats on the Rules Committee in order to include earnings-limit reform in the Reconciliation Bill . 
[ Republicans ] [ Democrats ] Since all four Republicans on the committee are co-sponsors of my bill , it is the Democrats who will be held fully accountable if an earnings test amendment is not allowed from the floor . 
[ Social Security ] The time is now to lift the burdensome Social Security earnings limit from the backs of our nation 's seniors . 
[ Rep. J. Dennis Hastert ] [ R. ] [ Ill ] Rep. J. Dennis Hastert  R. , Ill .   
[ Seventh Avenue ] [ Jack Purnick ] When his Seventh Avenue fur business here was flying high 20 years ago , Jack Purnick had 25 workers and a large factory . 
[ Seventh Avenue ] [ U.S. ] [ Larry Rosen ] But just down Seventh Avenue , where about 75 % of U.S. fur garments are made , Larry Rosen has acquired two retail outlets , broadened his fur-making line and expanded into leather . 
[ Mr. Purnick ] `` The small , good fur salon is not what it used to be , '' says Mr. Purnick , 75 years old . 
[ Americans ] `` We make the finest product in the world , and the Americans are being kicked around . '' 
[ Mr. Rosen ] Mr. Rosen , though , believes imports have reinvigorated the industry in which he has worked for most of his 57 years . 
[ U.S. ] Import competition for U.S. furs has risen sharply since furriers started aggressively marketing `` working-girl mink '' and similar lower-priced imported furs in recent years . 
[ Merchants ] Merchants discovered a consumer largely ignored by higher-priced furriers : the younger woman -- even in her late 20s -- who never thought she could buy a mink . 
[ U.S. ] The new market helped boost U.S. fur sales to about $ 1.8 billion a year now , triple the level in the late 1970s . 
[ South Korea ] [ China ] [ Hong Kong ] It also opened the door to furs made in South Korea , China , Hong Kong and other countries . 
[ Jindo Furs ] [ U.S. ] Jindo Furs , a large South Korean maker , says it operates 35 retail outlets in the U.S. and plans to open 15 more by the end of next year . 
[ Mr. Purnick ] Mr. Purnick and other old-line furriers call many of the the imports unstylish and poorly made . 
[ U.S. ] High-end U.S. furriers say these imports have n't squeezed them . 
[ Mr. Purnick ] [ Seventh Avenue ] But low-priced and middle-priced furriers like Mr. Purnick , who once saturated the five-block Seventh Avenue fur district , say imports have cut their sales . 
[ Mr. Rosen ] Yet Mr. Rosen has turned the import phenomenon to his advantage . 
[ Greece ] In 1982 , he started a factory in Greece . 
[ West Germany ] Two years later , he opened one in West Germany . 
[ U.S. ] To maintain control over production and avoid overdependence on foreign sources , he says he still makes most of his furs in the U.S. . 
[ Far East ] But six years ago he also began importing from the Far East . 
[ Mr. Rosen ] Inspired by imports , Mr. Rosen now makes fur muffs , hats and flings . 
[ Turkey ] He has leather jackets from Turkey that are lined with eel skin and topped off with raccoon-skin collars . 
[ Asia ] From Asia , he has mink jackets with floral patterns made by using different colored furs . 
[ Far East ] Next he will be testing pictured embroidery  called kalega   made in the Far East . 
[ Seymour Schreibman ] [ Schreibman Raphael Furs Inc. ] [ Persian ] Seymour Schreibman , the 65-year-old owner of Schreibman Raphael Furs Inc. , treats the reverse side of a Persian lambskin to produce a reversible fur-and-leather garment . 
[ Mr. Rosen ] Mr. Rosen is also pushing retail sales . 
[ Brooklyn ] [ Queens ] This year he bought two stores , one in Brooklyn and one in Queens . 
[ Golden Feldman Furs Inc. ] Golden Feldman Furs Inc. began retailing aggressively eight years ago , and now retail sales account for about 20 % of gross income . 
[ Mr. Rosen ] In other moves , Mr. Rosen says he bought a truck three years ago to reach more retailers . 
[ Midwest ] Since then he has expanded his fleet and can now bring his furs to the front door of retailers as far away as the Midwest . 
[ New York ] Small retailers who ca n't afford to travel to his New York showroom have become fair game . 
[ Mr. Rosen ] Such moves have helped Mr. Rosen weather the industry slump of recent years . 
[ Antonovich Inc. ] [ Fur Vault Inc. ] [ Evans Inc. ] Large furriers such as Antonovich Inc. , Fur Vault Inc. and Evans Inc. all reported losses in their latest fiscal years . 
[ U.S. ] [ Mr. Schreibman ] `` The intensive labor needed to manufacture furs  in the U.S. .   is not as available as it was , '' says Mr. Schreibman , who is starting overseas production . 
[ Stephen Sanders ] [ Marshall Field ] [ Chicago ] `` People are promoting furs in various ways and taking the glamour out of the fur business , '' says Stephen Sanders , divisional merchandise manager for Marshall Field 's department store in Chicago . 
[ Mr. Purnick ] [ New York ] `` You ca n't make a commodity out of a luxury , '' insists Mr. Purnick , the New York furrier . 
[ Mr. Rosen ] But Mr. Rosen responds : `` Whatever people want to buy , I 'll sell . 
[ GTE Corp. ] [ GTE ] Four workers at GTE Corp. 's headquarters have been diagnosed as having hepatitis , and city health officials are investigating whether a cafeteria worker may have exposed hundreds of other GTE employees to the viral infection , company and city officials said . 
[ GTE ] The four cases were all reported to GTE 's medical director and state and local health authorities . 
[ GTE ] [ GTE ] [ ARA Services Inc. ] GTE shut down its cafeteria Tuesday afternoon after testing determined that at least one cafeteria worker employed by GTE 's private food vending contractor , ARA Services Inc. , was suffering from a strain of the virus , officials said . 
[ GTE ] More than 700 people work in the GTE building . 
[ Dr. Andrew McBride ] Dr. Andrew McBride , city health director , said his staff suspects the hepatitis , which can be highly contagious , was spread by the cafeteria worker with the virus . 
[ Dr. McBride ] The exact strain of hepatitis that the cafeteria worker contracted has n't been determined but should be known by the end of the week , Dr. McBride said . 
[ Hepatitis ] [ GTE ] Hepatitis A , considered the least dangerous strain of the virus , has been confirmed in at least one GTE employee , company and city officials said . 
[ A ] [ Dr. Frank Provato ] [ GTE ] `` From a public health point of view we 're relieved because hepatitis A is rarely life-threatening , '' said Dr. Frank Provato , GTE 's medical director . 
[ GTE ] [ GTE ] [ Thomas Mattausch ] GTE officials began posting warning notices about the potential threat to exposure Wednesday morning at various places at the company , said GTE spokesman Thomas Mattausch . 
[ Mr. Mattausch ] The company has begun offering shots of gamma globulin , which will diminish the flu-like symptoms of hepatitis A , in anyone who has contracted the disease , Mr. Mattausch said . 
[ Mr. Mattausch ] `` We 're strongly recommending that anyone who has eaten in the cafeteria this month have the shot , '' Mr. Mattausch added , `` and that means virtually everyone who works here . 
[ Oct. ] [ Colombia ] I was appalled to read the misstatements of facts in your Oct. 13 editorial `` Colombia 's Brave Publisher . '' 
[ Mary Poulin ] [ Calif. ] Mary Poulin Palo Alto , Calif. 
[ Wall Street Journal ] [ U.S. ] [ El Espectador ] [ El Espectador ] I suggest that The Wall Street Journal  as well as other U.S. news publications of like mind   should put its money where its mouth is : Lend computer equipment to replace that damaged at El Espectador , buy ad space , publish stories under the bylines of El Espectador journalists . 
[ El Espectador ] Perhaps an arrangement could be worked out to `` sponsor '' El Espectador journalists and staff by paying for added security in exchange for exclusive stories . 
[ El Espectador ] Reward El Espectador 's courage with real support . 
[ Douglas B. Evans ] Douglas B. Evans 
[ COCA-COLA Co ] [ Atlanta ] COCA-COLA Co .  Atlanta   -- 
[ Anton Amon ] [ George Gourlay ] Anton Amon and George Gourlay were elected vice presidents of this soft-drink company . 
[ Mr. Amon ] [ Coca-Cola Enterprises ] Mr. Amon , 46 years old , is the company 's director of quality assurance ; most recently , he served as vice president , operations , for Coca-Cola Enterprises . 
[ Mr. Gourlay ] Mr. Gourlay , 48 , is manager for corporate manufacturing operations ; he was assistant vice president at the company . 
[ Exchequer ] [ U.K. ] In the wake of a slide in sterling , a tailspin in the stock market , and a string of problematic economic indicators , British Chancellor of the Exchequer Nigel Lawson promised gradual improvement in the U.K. economy . 
[ London ] [ Mr. Lawson ] In a speech prepared for delivery to London 's financial community , Mr. Lawson summed up current economic policy as a battle to wring inflation out of the British economy , using high interest rates as `` the essential instrument '' to carry out the campaign . 
[ Mr. Lawson ] Mr. Lawson also made it clear that he would be watching exchange rates carefully . 
[ Mr. Lawson ] In reaffirming the current monetary policy of using high interest rates to fight inflation and shore up the pound , Mr. Lawson dismissed other approaches to managing the economy . 
[ Mr. Lawson ] [ Britain ] Mr. Lawson also dismissed the possibility of imposing direct credit controls on Britain 's financial system . 
[ Mr. Lawson ] [ London ] [ Mansion House ] [ U.K. ] Mr. Lawson 's speech , delivered at the Lord Mayor of London 's annual dinner at Mansion House , came on the heels of a grueling period for the U.K. economy . 
[ New York ] It was quoted at 2.9428 marks in late New York trading Wednesday . 
[ September ] Unemployment in September dropped to 1,695,000 , the lowest level since 1980 . 
[ Britain ] [ August ] Meanwhile , average earnings in Britain were up 8.75 % in August over the previous year . 
[ Robin Leigh-Pemberton ] [ England ] In a separate speech prepared for delivery at the dinner , Robin Leigh-Pemberton , Bank of England governor , conceded that `` demand pressures were even more buoyant than had been appreciated '' when the British economy was heating up last year . 
[ Dow Jones Industrial Average ] Discussing the recent slide in stock prices , the central bank governor stated that `` the markets now appear to have steadied '' after the `` nasty jolt '' of the 190.58-point plunge in the Dow Jones Industrial Average a week ago . 
[ New York ] [ London Financial Times-Stock Exchange ] [ Share Index ] [ Mr. Leigh-Pemberton ] Although the New York market plunge prompted a 70.5-point drop in the London Financial Times-Stock Exchange 100 Share Index , Mr. Leigh-Pemberton declared `` that the experience owed nothing to the particular problems of the British economy . '' 
[ U.S. ] [ U.K. ] Specifically , he pointed out that compared with the U.S. market , the U.K. has far fewer highly leveraged junk-bond financings . 
[ Mr. Lawson ] [ Thatcher ] [ European Monetary System ] Discussing future monetary arrangements , Mr. Lawson repeated the Thatcher government 's commitment to join the exchange rate mechanism of the European Monetary System , but he did n't indicate when . 
[ C. Olivetti & Co. ] [ Europe ] [ CP486 ] C. Olivetti & Co. , claiming it has won the race in Europe to introduce computers based on a powerful new microprocessor chip , unveiled its CP486 computer yesterday . 
[ Intel Corp. ] The product is the first from a European company based on Intel Corp. 's new 32-bit 486tm microprocessor , which works several times faster than previously available chips . 
[ Hewlett-Packard Co. ] Hewlett-Packard Co. became the first company world-wide to announce a product based on the chip earlier this month , but it wo n't start shipping the computers until early next year . 
[ Olivetti ] [ Europe ] [ December ] An Olivetti spokesman said the company 's factories are already beginning to produce the machine , and that it should be available in Europe by December . 
[ Europeans ] [ Americans ] `` What this means is that Europeans will have these machines in their offices before Americans do , '' the spokesman said . 
[ Olivetti ] [ Patricia Meagher Davis ] [ James Capel & Co. ] [ London ] The new chip `` is a very big step in computing , and it is important that Olivetti be one of the first out on the market with this product , '' said Patricia Meagher Davis , an analyst at James Capel & Co. in London . 
[ Olivetti ] Executives at Olivetti , whose earnings have been steadily sliding over the past couple of years , have acknowledged that in the past they have lagged at getting new technology to market . 
[ Ms. Davis ] [ Olivetti ] Ms. Davis said the new machines could steal some sales away from Olivetti 's own minicomputers , but would bring new sales among professionals such as engineers , stockbrokers and medical doctors . 
[ Olivetti ] [ Olivetti ] [ December ] Although Olivetti 's profits tumbled 40 % in the first half of this year , she believes Olivetti 's restructuring last fall and its introduction of new products will begin to bear fruit with an earnings rebound next year , especially if it can fulfill its promise to deliver the new machines by December . 
[ Olivetti ] [ Olivetti ] `` It 's the missing link '' in Olivetti 's product line between small personal computers and higher-priced minicomputers , the Olivetti spokesman said . 
[ Olivetti ] [ LSX ] He added that Olivetti will continue making its LSX minicomputer line . 
[ Europe ] The machines will cost around $ 16,250 on average in Europe . 
[ Intel ] [ MIPS ] [ Intel ] [ MIPS ] The Intel 486 chip can process 15 million instructions per second , or MIPS , while Intel 's previous 386 chip could handle only 3 to 6 MIPS . 
[ Olivetti ] [ CP486 ] [ U.S. ] [ Olivetti USA ] [ ISC\/Bunker Ramo ] Olivetti also plans to sell the CP486 computer in the U.S. starting next year through Olivetti USA and through its ISC\/Bunker Ramo unit , which specializes in automating bank-branch networks . 
[ Viatech Inc. ] [ Ferembal S.A ] Viatech Inc. said it received approval from the French government for its proposed $ 44.7 million acquisition of Ferembal S.A . 
[ erembal ] [ France ] erembal , the second-largest maker of food cans in France , had 1988 sales of $ 150 million . 
[ Ferembal ] Ferembal has 930 workers at four canning manufacturing plants and one plastic container facility . 
[ Viatech ] Viatech makes flexible packaging films and machinery , and materials for the food and pharmaceutical industries . 
[ Social Security ] [ Department ] [ Health ] [ Human Services ] Social Security benefits will rise 4.7 % next year to keep pace with inflation , boosting the average monthly benefit to $ 566 from $ 541 , the Department of Health and Human Services announced . 
[ Social Security ] [ Jan. ] The higher payments will start with Social Security checks received on Jan. 3 , 1990 . 
[ Supplemental Security Income ] [ Dec. ] [ SSI ] Supplemental Security Income payments to the disabled also will rise 4.7 % , starting with checks received on Dec. 29 , 1988 , increasing the maximum SSI payment to $ 386 from $ 368 a month . 
[ Social Security ] The inflation adjustment also means that the maximum annual level of earnings subject to the wage tax that generates revenue for the Social Security trust fund will rise to $ 50,400 in 1990 from $ 48,000 this year . 
[ Social Security ] This means that the maximum yearly Social Security tax paid by workers and employers each will rise $ 250.80 next year to $ 3,855.60 . 
[ Social Security ] Beneficiaries aged 65 through 69 will be able to earn $ 9,360 without losing any Social Security benefits in 1990 , up from $ 8,880 this year . 
[ U.S. ] Suppliers were also hurt by the stronger U.S. dollar , which makes sales abroad more difficult . 
[ Becton ] [ Dickinson & Co. ] Becton , Dickinson & Co. , for example , faces stiff competition from a Japanese supplier in the important syringe market . 
[ Franklin Lakes ] [ N.J. ] [ Jerry E. Fuller ] [ Duff & Phelps Inc ] The Franklin Lakes , N.J. , company is expected to report sales growth of only 5 % to 6 % , but should still maintain earnings growth of 10 % , says Jerry E. Fuller , an analyst with Duff & Phelps Inc . 
[ Abbott Laboratories ] Among the first of the group to post results , Abbott Laboratories said third-quarter net income jumped 14 % to $ 196 million , or 88 cents a share , from $ 172 million , or 76 cents a share , a year earlier . 
[ Abbott Park ] [ Ill. ] Sales for the company , based in Abbott Park , Ill. , rose 8.3 % to $ 1.31 billion from $ 1.21 billion . 
[ Baxter International Inc. ] Baxter International Inc. yesterday reported net climbed 20 % in the third period to $ 102 million , or 34 cents a share , from $ 85 million , or 28 cents a share , a year earlier . 
[ Deerfield ] [ Ill. ] Sales for the Deerfield , Ill. , company rose 5.8 % to $ 1.81 billion from $ 1.71 billion . 
[ C.R. Bard Inc. ] C.R. Bard Inc. yesterday said third-quarter net plunged 51 % to $ 9.9 million , or 18 cents a share , from $ 20 million , or 35 cents a share , a year earlier . 
[ Murray Hill ] [ N.J. ] The Murray Hill , N.J. , company said full-year earnings may be off 33 cents a share because the company removed a catheter from the market . 
[ Food and Drug Administration ] The Food and Drug Administration had raised questions about the device 's design . 
[ Peter Sidoti ] [ Drexel Burnham Lambert Inc ] Takeover speculation , which has been buoying stocks of supply houses , may also ease , says Peter Sidoti , an analyst with Drexel Burnham Lambert Inc . 
[ National Medical Enterprises Inc. ] [ Los Angeles ] [ Aug. ] Bolstered by strong performances by its psychiatric hospitals , National Medical Enterprises Inc. , Los Angeles , reported net income of $ 50 million , or 65 cents a share , for the first quarter ended Aug. 31 , up from $ 41 million , or 56 cents a share , a year earlier . 
[ Humana Inc. ] [ Louisville ] [ Ky. ] [ Aug. ] Humana Inc. , Louisville , Ky. , also reported favorable results , with net income of $ 66.7 million , or 66 cents , in the fourth quarter ended Aug. 31 , up from $ 58.2 million , or 59 cents , a year earlier . 
[ Humana ] Humana 's revenues , for example , are being boosted by large increases in enrollments in the company 's health maintenance organizations . 
[ Todd Richter ] [ Dean Witter Reynolds ] Says Todd Richter , an analyst with Dean Witter Reynolds : `` The shakeout in the publicly traded companies is over . 
[ Oct. ] [ Labor Department ] Initial claims for regular state unemployment benefits rose to a seasonally adjusted 396,000 during the week ended Oct. 7 from 334,000 the previous week , the Labor Department said . 
[ Sept. ] The number of people receiving regular state benefits in the week ended Sept. 30 decreased to a seasonally adjusted 2,202,000 , or 2.2 % of those covered by unemployment insurance , from 2,205,000 the previous week , when the insured unemployment rate also was 2.2 % . 
[ Sept. ] Counting all state and federal benefit programs , the number of people receiving unemployment benefits in the week ended Sept. 30 fell to 1,809,300 from 1,838,200 a week earlier . 
[ Labor Department ] [ Hurricane Hugo ] [ North Carolina ] [ South Carolina ] A Labor Department spokesman said the unusually high number of initial claims for state unemployment benefits reflects the impact of Hurricane Hugo on southern states , particularly North Carolina and South Carolina . 
[ Nynex Corp. ] The figure also may reflect initial claims filed by striking Nynex Corp. workers who have become eligible for unemployment benefits , the official said . 
[ Digital Equipment Corp. ] Digital Equipment Corp. reported a 32 % decline in net income on a modest revenue gain in its fiscal first quarter , causing some analysts to predict weaker results ahead than they had expected . 
[ Wall Street ] [ U.S. ] Although the second-largest computer maker had prepared Wall Street for a poor quarter , analysts said they were troubled by signs of flat U.S. orders and a slowdown in the rate of gain in foreign orders . 
[ Maynard ] [ Mass. ] The Maynard , Mass. , company is in a transition in which it is trying to reduce its reliance on mid-range machines and establish a presence in workstations and mainframes . 
[ Sept. ] Net for the quarter ended Sept. 30 fell to $ 150.8 million , or $ 1.20 a share , from $ 223 million , or $ 1.71 a share , a year ago . 
[ Digital ] Digital said a shift in its product mix toward low-end products and strong growth in workstation sales yielded lower gross margins . 
[ Digital ] The lack of a strong product at the high end of Digital 's line was a significant drag on sales . 
[ Digital ] Digital hopes to address that with the debut of its first mainframe-class computers next Tuesday . 
[ International Business Machines Corp ] The new line is aimed directly at International Business Machines Corp . 
[ Mark Steinkrauss ] [ Digital ] `` Until the new mainframe products kick in , there wo n't be a lot of revenue contribution at the high end , and that 's hurt us , '' said Mark Steinkrauss , Digital 's director of investor relations . 
[ DEC ] [ New York Stock Exchange ] DEC shares rose $ 1.375 to $ 89.75 apiece in consolidated New York Stock Exchange trading yesterday . 
[ Dow Jones Industrial Average ] But analysts said that against the backdrop of a nearly 40-point rise in the Dow Jones Industrial Average , that should n't necessarily be taken as a sign of great strength . 
[ Steven Milunovich ] [ First Boston ] `` I think the next few quarters will be difficult , '' said Steven Milunovich of First Boston . 
[ Mr. Milunovich ] [ DEC ] '' Mr. Milunovich said he was revising his estimate for DEC 's current year from $ 8.20 a share to `` well below $ 8 , '' although he has n't settled on a final number . 
[ DEC ] [ Europe ] One troubling aspect of DEC 's results , analysts said , was its performance in Europe . 
[ DEC ] DEC said its overseas business , which now accounts for more than half of sales , improved in the quarter . 
[ Europe ] It even took the unusually frank step of telling analysts in a morning conference call that orders in Europe were up in `` double digits '' in foreign-currency terms . 
[ Jay Stevens ] [ Dean Witter Reynolds ] That gain probably translated into about 5 % to 7 % in dollar terms , well below recent quarters ' gains of above 20 % , reckons Jay Stevens of Dean Witter Reynolds . 
[ Europe ] [ Mr. Stevens ] `` That was a disappointment '' and a sign of overall computer-market softness in Europe , Mr. Stevens said . 
[ Marc Schulman ] [ UBS Securities ] [ New York ] [ DEC ] Marc Schulman , with UBS Securities in New York , dropped his estimate of DEC 's full-year net to $ 6.80 a share from $ 8 . 
[ Mr. Schulman ] [ DEC ] Although overall revenues were stronger , Mr. Schulman said , DEC `` drew down its European backlog '' and had flat world-wide orders overall . 
[ Mr. Schulman ] [ DEC ] Mr. Schulman said he believes that the roll-out of DEC 's new mainframe will `` occur somewhat more leisurely '' than many of his investment colleagues expect . 
[ December ] [ June ] He said current expectations are for an entry level machine to be shipped in December , with all of the more sophisticated versions out by June . 
[ DEC ] For reasons he would n't elaborate on , he said he 's sure that schedule wo n't be met , meaning less profit impact from the product for DEC in the next few quarters . 
[ John R. Wilke ] John R. Wilke contributed to this article . 
[ Colgate Palmolive Co. ] [ Latin ] [ U.S. ] Colgate Palmolive Co. reported third-quarter net income rose 27 % , bolstered by strong sales in its Latin American business and surprisingly healthy profits from U.S. operations . 
[ Colgate ] Colgate said net income for the quarter rose to $ 76.7 million , or $ 1.06 a share , on sales that increased 6 % to $ 1.3 billion . 
[ Colgate ] In the year-earlier period , Colgate posted net income of $ 60.2 million , or 88 cents a share . 
[ Reuben Mark ] [ Colgate ] [ Latin America ] [ Far East ] [ Europe ] Reuben Mark , chairman and chief executive officer of Colgate , said earnings growth was fueled by strong sales in Latin America , the Far East and Europe . 
[ Colgate ] Results were also bolstered by `` a very meaningful increase in operating profit at Colgate 's U.S. business , '' he said . 
[ Colgate ] [ Colgate ] [ Fab ] Operating profit at Colgate 's U.S. household products and personal care businesses , which include such well-known brands as Colgate toothpaste and Fab laundry detergent , jumped more than 40 % , the company said . 
[ Mr. Mark ] Mr. Mark attributed the improvement to cost savings achieved by consolidating manufacturing operations , blending together two sales organizations and more carefully focusing the company 's promotional activities . 
[ U.S. ] [ Mr. Mark ] `` We 've done a lot to improve  U.S. .   results and a lot more will be done , '' Mr. Mark said . 
[ U.S. ] `` Improving profitability of U.S. operations is an extremely high priority in the company . '' 
[ Colgate ] Colgate 's results were at the high end of the range of analysts ' forecasts . 
[ U.S. ] The scope of the improvement in the U.S. business caught some analysts by surprise . 
[ Colgate ] Colgate 's 1988 net income included $ 40.1 million , or 59 cents a share , from discontinued operations . 
[ Colgate ] Colgate sold its hospital supply and home health care business last year . 
[ Colgate ] [ MacroChem Corp. ] [ Billerica ] [ Mass. ] [ U.S. ] [ MacroChem ] Separately , Colgate Wednesday finalized an agreement with MacroChem Corp. , a tiny dental products and pharmaceutical concern based in Billerica , Mass. , to market in the U.S. four of MacroChem 's FDA-approved dental products . 
[ Colgate ] The move is part of a drive to increase Colgate 's business with dentists , a company spokeswoman said . 
[ USACafes Limited Partnership ] [ Bonanza ] [ Metromedia Co. ] USACafes Limited Partnership said it completed the sale of its Bonanza restaurant franchise system to a subsidiary of Metromedia Co. for $ 71 million in cash . 
[ USACafes ] [ Sam and Charles Wyly ] [ Dallas ] USACafes , which is nearly half-owned by Sam and Charles Wyly of Dallas , said it will distribute proceeds from the sale to unit holders as a liquidating dividend as soon as possible . 
[ Bonanza ] The Bonanza franchise system , which generates about $ 600 million in sales annually , represented substantially all of the partnership 's assets . 
[ Delaware ] [ USACafes ] The sale of the system has been challenged in a class-action suit on behalf of unit holders filed last week in a Delaware court , USACafes said . 
[ American Telephone & Telegraph Co. ] American Telephone & Telegraph Co. unveiled a sweetened pension and early-retirement program for management that it hopes will enable it to save $ 450 million in the next year . 
[ AT&T ] AT&T also said net income rose 19 % in the third quarter . 
[ AT&T ] AT&T said its amended pension program will nearly double to 34,000 the number of managers eligible to retire with immediate pension payments . 
[ AT&T ] AT&T said that based on studies of other companies that have offered retirement plans , it expects about one-third of its eligible managers to retire under the new program . 
[ AT&T ] AT&T said third-quarter net income grew , despite stiff competition in all of the company 's markets . 
[ AT&T ] The results roughly matched estimates of securities analysts , who were encouraged by AT&T increasing its operating margin to 13 % from 11 % a year ago , because of continued cost-cutting efforts . 
[ AT&T ] Under the amended pension program , AT&T managers who have at least five years of service will have five years added to their age and length of service for pension purposes . 
[ Dec. ] Managers who retire Dec. 30 will have an additional 15 % added to their monthly pension for as long as five years or age 65 , whichever comes earlier . 
[ AT&T ] An AT&T spokeswoman said the company would likely replace about one-third of its managers who choose to retire with new employees . 
[ Jack Grubman ] [ PaineWebber Inc ] `` This tells you AT&T is serious about continuing to manage their cost structure and is committed to 20%-a-year earnings growth , '' said Jack Grubman , an analyst with PaineWebber Inc . 
[ Joel D. Gross ] [ Donaldson ] [ Lufkin & Jenrette ] `` This is a good move , but it only gets you to where people 's expectations already are , '' in terms of earnings growth , said Joel D. Gross , an analyst with Donaldson , Lufkin & Jenrette . 
[ Mr. Gross ] Mr. Gross said he had hoped that a cost savings of $ 450 million would result in even greater growth than the 20 % annual earnings increase AT&T has told analysts it expects in the future . 
[ AT&T ] AT&T said the special retirement option will increase fourth-quarter expenses . 
[ AT&T ] [ Ing ] [ C. Olivetti & Co. ] [ Cie ] [ Industriali Riunite ] AT&T said the expense increase will be largely offset by a gain from its previously announced plan to swap its holdings in Ing . C. Olivetti & Co. for shares in Cie . Industriali Riunite , an Italian holding company . 
[ AT&T ] For the nine months , AT&T said net income was $ 1.99 billion , or $ 1.85 a share , up 19 % from $ 1.67 billion , or $ 1.56 a share . 
[ New York Stock Exchange ] [ AT&T ] In composite trading yesterday on the New York Stock Exchange , AT&T shares closed at $ 43.375 , up 87.5 cents . 
[ Westridge Capital Management Inc. ] When it comes to buying and selling shares , Westridge Capital Management Inc. takes a back seat to no one . 
[ Los Angeles ] Every dollar 's worth of stock in the Los Angeles money manager 's portfolio is traded seven or eight times a year , the firm estimates . 
[ Securities and Exchange Commission ] That makes it the most active trader among all the nation 's investment advisers , according to Securities and Exchange Commission filings . 
[ Westridge Capital ] Westridge Capital is an index fund -- the type of stolid long-term investor whose goal is to be nothing more than average . 
[ Westridge Capital ] Westridge Capital 's frenetic trading reflects the changes sweeping through the previously sleepy world of indexing . 
[ Standard ] [ Poor ] Indexing for the most part has involved simply buying and then holding stocks in the correct mix to mirror a stock market barometer , such as Standard & Poor 's 500-stock index , and match its performance . 
[ S&P ] These big investors have flocked to indexing because relatively few `` active '' stock pickers have been able to consistently match the returns of the S&P 500 or other bellwethers , much less beat it . 
[ Seth M. Lynn ] [ Axe Core Investors Inc. ] [ Tarrytown ] [ N.Y ] `` Indexing has been the most single successful investment concept in the last decade , but the index money has been just sort of sitting there , '' says Seth M. Lynn , president of Axe Core Investors Inc. , an indexer based in Tarrytown , N.Y . 
[ S&P ] Among the souped-up indexing strategies : Indexed portfolios can be built around thousands of stocks , or just a few dozen , rather than being restricted to the S&P 500 companies . 
[ S&P ] They can ignore the S&P 500 stocks altogether and focus on particular types of stocks , such as smaller companies , those paying high dividends or companies in a particular industry , state or country . 
[ S&P ] With today 's computer-driven program trading techniques , index funds can trade back and forth between stock-index futures and the actual stocks making up indexes such as the S&P 500 . 
[ S&P ] One reason for these hybrids is that indexing 's rapid growth is slowing , particularly for those `` plain vanilla '' funds that mirror the S&P 500 . 
[ P. James Kartalia ] [ ANB Investment Management Co. ] [ Chicago ] `` There is n't a boatload  of big investors   out there still waiting to get into indexing , '' says P. James Kartalia , vice president of ANB Investment Management Co. , Chicago , which offers both indexing and active management services . 
[ Axe Core ] `` It 's like getting a free toaster when you open an account , '' says Axe Core 's Mr. Lynn . 
[ Westridge Capital ] And many have been successful , as in the case of the index fund operated by hyper-trader Westridge Capital . 
[ Westridge Capital ] [ S&P ] [ S&P ] [ James Carder ] Westridge Capital has used enhanced indexing techniques to beat the S&P 500 's returns by 2.5 to 3 percentage points over the past four years , with the same risk level as holding the S&P 500 stocks , according to James Carder , the firm 's president . 
[ Westridge Capital ] Strategies vary for Westridge Capital , which has $ 300 million under management . 
[ S&P ] The firm sometimes buys S&P 500 futures when they are selling at a discount to the actual stocks , and will switch back and forth between stocks and stock-index futures to take advantages of any momentary price discrepencies . 
[ Mr. Carder ] Mr. Carder also goes through periods when he buys stocks in conjunction with options to boost returns and protect against declines . 
[ Mr. Carder ] `` By their nature , our trades are very short-term and are going to create high turnover , '' Mr. Carder adds . 
[ Bankers Trust Co. ] Big indexer Bankers Trust Co. also uses futures in a strategy that on average has added one percentage point to its enhanced fund 's returns . 
[ J. Thomas Allen ] [ Advanced Investment Management Inc. ] [ S&P ] J. Thomas Allen , president of Pittsburgh-based Advanced Investment Management Inc. , agrees it 's a good idea to jump between the S&P 500 stocks and futures . 
[ S&P ] `` You 're buying the S&P , and you always want to hold the cheapest form of it , '' he says . 
[ John Zumbrunn ] [ Prudential Insurance Co. ] [ America ] `` If the futures markets have a problem , then those products could have a problem , '' says John Zumbrunn , managing director of Prudential Insurance Co. of America 's Investment Index Technologies Inc. unit . 
[ Prudential ] [ S&P ] Prudential currently is seeking approval to offer a new fund offering a return equal to the S&P 500 index plus 5\/100 of a percentage point . 
[ Prudential ] An added feature is that the slighty improved return would be guaranteed by Prudential . 
[ Treasury ] The fund could invest $ 87 for one year in Treasury bills yielding 8 % to return the guaranteed $ 95 . 
[ S&P ] [ S&P ] That leaves $ 13 , which could be used to buy S&P 500 options that will nearly match any gain in the S&P index . 
[ Frank Salerno ] [ Bankers Trust ] `` We see a lot of interest in those kind of things , '' says Frank Salerno , a vice president of Bankers Trust . 
[ S&P ] Instead of replicating the S&P 500 or some other index exactly , some stocks are overweighted or underweighted in the portfolio . 
[ S&P ] [ Chrysler Corp. ] One simple approach is to exclude S&P 500 companies considered bankruptcy candidates ; this can avoid weak sisters , but also can hurt when a company like Chrysler Corp. rebounds . 
[ S&P ] Another approach : An investor with $ 100 million might use $ 75 million to buy the S&P 500 index and spend the other $ 25 million on a favorite group of stocks . 
[ South Africa ] Indexes can be constructed to serve social goals , such as eliminating the stocks of companies doing business in South Africa . 
[ Pennsylvania State Employees Retirement System ] Pennsylvania State Employees Retirement System , for example , has about $ 130 million invested in a fund of 244 companies that are either Pennsylvania-based or have 25 % of their work forces in the state . 
[ New York Stock Exchange ] [ American Stock Exchange ] Short interest on the New York Stock Exchange declined for the second consecutive month , this time 4.2 % , while the American Stock Exchange reported its third consecutive record month of short interest . 
[ Big Board ] [ Oct. ] [ mid-September ] The Big Board reported that short interest dropped to 523,920,214 shares as of Oct. 13 from 547,347,585 shares in mid-September . 
[ Amex ] Amex short interest climbed 3 % to 53,496,665 shares from 51,911,566 shares . 
[ Big Board ] [ Amex ] For the year-earlier month , the Big Board reported 461,539,056 shares , indicating a 13.5 % year-to-year rise , while the Amex reported 36,015,194 shares , a 48 % leap . 
[ Amex ] [ mid-December ] Amex short interest has been heading upward since mid-December , with increases in each month since then except at mid-July . 
[ Big Board ] The level of negative sentiment measured by the Big Board short interest ratio slipped to 3.36 from last month 's 3.38 . 
[ Varity Corp. ] [ Big Board ] Varity Corp. led the Big Board list of largest short volumes with 12,822,563 shares . 
[ Varity ] [ K-H Corp. ] [ Fruehauf Corp. ] Varity has proposed to acquire K-H Corp. , consisting of the auto parts division and some debt of Fruehauf Corp. , for $ 577.3 million of cash and securities . 
[ Chemical Waste Management ] [ New York ] Chemical Waste Management posted the biggest increase in short volume on the New York exchange , up 3,383,477 shares to 5,267,238 . 
[ Bristol-Myers Squibb Co. ] [ Squibb Corp. ] [ Bristol-Myers Co. ] Bristol-Myers Squibb Co. , the entity formed from the recent acquisition of Squibb Corp. by Bristol-Myers Co. , logged the largest volume decline , 7,592,988 shares , to 12,017,724 . 
[ International Business Machines Corp. ] Short interest in International Business Machines Corp. plunged to 1,425,035 shares from 2,387,226 shares a month earlier . 
[ Exxon Corp. ] Also closely watched is Exxon Corp. , where short interest slid to 4,469,167 shares from 5,088,774 . 
[ Germany Fund Inc. ] On a percentage basis , Germany Fund Inc. led the gainers , leaping to 67,972 shares from three shares . 
[ TransCanada PipeLines Ltd. ] TransCanada PipeLines Ltd. led the percentage decliners , dropping to 59 shares from 183,467 . 
[ Amex ] [ Texas Air Corp. ] The Amex short interest volume leader again was Texas Air Corp. , rising to 3,820,634 shares from 3,363,949 . 
[ Bolar Pharmaceutical Co. ] Bolar Pharmaceutical Co. posted the largest volume increase , 552,302 shares , to 2,157,656 . 
[ Food and Drug Administration ] The company is under an investigation concerning procedures to gain Food and Drug Administration approval of generic drugs . 
[ Bolar ] Bolar has denied any wrongdoing . 
[ B.A.T Industries PLC ] The largest volume drop -- down 445,645 shares to 141,903 -- came in shares represented by B.A.T Industries PLC 's American depositary receipts . 
[ First Iberian Fund ] First Iberian Fund led the percentage increases , rising to 73,100 shares from 184 . 
[ Nelson Holdings International Ltd. ] Nelson Holdings International Ltd. dropped the most on a percentage basis , to 1,000 shares from 255,923 . 
[ Big Board and Amex ] [ mid-October ] [ mid-September ] The adjacent tables show the Big Board and Amex issues in which a short interest position of at least 100,000 shares existed as of mid-October or in which there was a short position change of at least 50,000 shares since mid-September . 
[ Oct. ] [ Pitiful ] [ Helpless Presidency ] [ Bush ] [ Manuel Noriega ] [ Oct. ] Your Oct. 12 editorial `` Pitiful , Helpless Presidency ? '' correctly states that I was critical of the Bush administration 's failure to have any plan in place to respond in a timely fashion to the opportunities to oust Manuel Noriega presented by the attempted military coup on Oct. 3 . 
[ Gen. Noriega ] [ U.S. ] Although you may have forgotten , public opinion about Gen. Noriega is where it is in large measure because of my investigation of his years of involvement in narcotics smuggling  and simultaneous work as a U.S. operative   . 
[ Gen. Noriega ] [ Subcommittee ] [ Terrorism and Narcotics ] [ Foreign Relations Committee ] [ Feb. ] [ April ] The public made up its mind about Gen. Noriega largely as a result of the hearings I chaired in the Subcommittee on Terrorism and Narcotics of the Foreign Relations Committee on Feb. 8 , 9 , 10 and 11 , 1988 , and again on April 4 , 1988 . 
[ Gen. Noriega ] [ U.S. ] It was during those hearings that the nation first learned the breadth and depth of Gen. Noriega 's criminality , and of his enduring relationships with a variety of U.S. government agencies . 
[ Gen. Noriega ] [ U.S. ] [ Sandinistas ] Those hearings also highlighted how Gen. Noriega was able to use his relationships with these agencies to delay U.S. action against him , and to exploit the administration 's obsession with overthrowing the Sandinistas to protect his own drug-dealing . 
[ Costa Rica ] [ Reagan ] [ Gen. Noriega ] [ Gen. Noriega ] [ Nicaragua ] As former Ambassador to Costa Rica Francis J. McNeil testified before the subcommittee , the Reagan administration knew that Gen. Noriega was involved with narcotics , but made a decision in the summer of 1986 `` to put Gen. Noriega on the shelf until Nicaragua was settled . '' 
[ Gen. Noriega ] [ Contra ] As the report issued by the subcommittee concluded , `` Our government did nothing regarding Gen. Noriega 's drug business and substantial criminal involvement because the first priority was the Contra war . 
[ United States ] This decision resulted in at least some drugs entering the United States as a hidden cost of the war . '' 
[ Gen. Noriega ] Unfortunately , this problem continued even after Gen. Noriega 's indictment . 
[ Congress ] [ U.S. ] [ Panama ] Throughout 1988 and this year , I and others in Congress have pressed the U.S. to develop a plan for pushing this `` narcokleptocrat '' out of Panama . 
[ Sen. John Kerry ] [ D. ] [ Mass ] Sen. John Kerry  D. , Mass .   
[ Vietnam ] Vietnam is finding that turning a stagnant socialist order into a dynamic free market does n't come easy . 
[ Tire King ] The Tire King 
[ Nguyen Van Chan ] Nguyen Van Chan is living proof that old ways die hard . 
[ Mr. Chan ] [ Hanoi ] Mr. Chan used to be an oddity in Hanoi : a private entrepreneur . 
[ Mr. Chan ] Mr. Chan , now 64 years old , invented a fountain pen he and his family produced from plastic waste . 
[ Mr. Chan ] For his troubles , Mr. Chan was jailed three times between 1960 and 1974 . 
[ Vietnam ] Things were supposed to change when Vietnam 's economic reforms gathered pace , and for awhile they did . 
[ Mr. Chan ] After years of experimenting , Mr. Chan produced a heavy-duty bicycle tire that outlasted its state-produced rival . 
[ Mr. Chan ] Says Mr. Chan : `` When I showed it was from my own brain , they lost for the second time . '' 
[ Mr. Chan ] With only the clothes they were wearing , family members moved to a home owned by one of Mr. Chan 's sons . 
[ Mr. Chan ] After six months on the run , Mr. Chan learned the order for his arrest had been canceled . 
[ January ] [ Hanoi ] [ National Assembly ] He rejoined his family in January 1984 and began the long struggle for justice , pressing everyone from Hanoi municipal officials to National Assembly deputies for restoration of his rights . 
[ Mr. Chan ] Mr. Chan achieved a breakthrough in 1987 -- and became a minor celebrity again -- when his story was published in a weekly newspaper . 
[ Mr. Chan ] In 1988 , 18 months after the sixth congress formally endorsed family-run private enterprise , district authorities allowed Mr. Chan to resume work . 
[ Mr. Chan ] Mr. Chan now produces 1,000 bicycle and motorbike tires a month and 1,000 tins of tire-patching glue in the son 's small house . 
[ Mr. Chan ] Mr. Chan talks optimistically of expanding , maybe even moving into the import-export field . 
[ Editor ] The Editor 
[ Nguyen Ngoc ] [ Vietnamese Writers Association ] [ Van Nghe ] Nguyen Ngoc seemed an obvious choice when the Vietnamese Writers Association was looking for a new editor to reform its weekly newspaper , Van Nghe . 
[ Mr. Ngoc ] Mr. Ngoc , 57 years old , had solid reformist credentials : He had lost his official position in the association in he early 1980s because he questioned the intrusion of politics into literature . 
[ July ] [ Mr. Ngoc ] [ Van Nghe ] [ Vietnam ] Appointed editor in chief in July 1987 , Mr. Ngoc rapidly turned the staid Van Nghe into Vietnam 's hottest paper . 
[ Thanh Hoa ] Another described how tax-collection officials in Thanh Hoa province one night stormed through homes and confiscated rice from starving villagers . 
[ Nguyen Huy Thiep ] The newspaper also ran a series of controversial short stories by Nguyen Huy Thiep , a former history teacher , who stirred debate over his interpretation of Vietnamese culture and took a thinly veiled swipe at writers who had blocked his entry into their official association . 
[ Van Nghe ] Van Nghe quickly made influential enemies . 
[ Lai Nguyen ] `` Those who manage ideology and a large number of writers reacted badly '' to the restyled paper , says Lai Nguyen An , a literary critic . 
[ Mr. Ngoc ] [ December ] After months of internal rumblings , Mr. Ngoc was fired last December . 
[ Mr. Ngoc ] [ Van Nghe ] [ Nguyen Duy ] [ Vietnam ] `` Under Mr. Ngoc , Van Nghe protected the people instead of the government , '' says Nguyen Duy , a poet who is the paper 's bureau chief for southern Vietnam . 
[ Nguyen Thi Thi ] [ Vietnam ] Nguyen Thi Thi is Vietnam 's entrepreneur of the 1980s . 
[ Mrs. Thi ] Mrs. Thi did n't wait for the reforms to get her start . 
[ Hochiminh City Food Co. ] She charged ahead of the government and the law to establish Hochiminh City Food Co. as the biggest rice dealer in the country . 
[ Hanoi ] Her success , which included alleviating an urban food shortage in the early 1980s , helped persuade Hanoi to take the reform path . 
[ Saigon ] A lifelong revolutionary with little education who fought both the French and the U.S.-backed Saigon regime , she switched effortlessly to commerce after the war . 
[ Nguyen Van Linh ] [ Ho Chi Minh City ] As she rode over regulations , only her friendship with party leaders , including Nguyen Van Linh , then Ho Chi Minh City party secretary , kept her out of jail . 
[ Mr. Linh ] [ Mrs. Thi ] Following Mr. Linh 's appointment as secretary-general of the party at the sixth congress , Mrs. Thi has become the darling of `` doi moi '' , the Vietnamese version of perestroika . 
[ 67-year-old Mrs. Thi ] Actually , 67-year-old Mrs. Thi is about as poor as almost everyone else in this impoverished land . 
[ Hochiminh City Food ] She has indeed turned Hochiminh City Food into a budding conglomerate , but the company itself remains state-owned . 
[ Hochiminh City Food ] Last year , Hochiminh City Food says it bought two million metric tons of unhusked rice , more than 10 % of the country 's output . 
[ Mrs. Thi ] [ Industrial and Commercial Bank ] [ Saigon Petro ] [ Vietnam ] In recent years , Mrs. Thi has started to diversify the company , taking a 20 % stake in newly established , partly private Industrial and Commercial Bank , and setting up Saigon Petro , which owns and operates Vietnam 's first oil refinery . 
[ Mrs. Thi ] [ Hochiminh City Food ] Mrs. Thi says Hochiminh City Food last year increased pretax profit 60 % to the equivalent of about $ 2.7 million on sales of $ 150 million . 
[ Vietnam ] She is almost cavalier about the possibility Vietnam 's reforms will create rivals on her home turf . 
[ Vietnam ] `` I am only afraid that with Vietnam 's poor-quality products we ca n't compete with neighboring countries . 
[ San Francisco Bay ] The earthquake that hit the San Francisco Bay area is n't likely to result in wholesale downgrading of bond ratings , officials at the two major rating agencies said . 
[ Standard & Poor ] [ California ] [ Hyman Grossman ] Standard & Poor 's Corp. is reviewing debt issued by 12 California counties , and `` there are potential isolated problems , '' said Hyman Grossman , a managing director . 
[ Bay View Federal Savings & Loan ] The only securities so far to be singled out are those issued by Bay View Federal Savings & Loan . 
[ Moody ] [ Bay View Federal ] [ Bay View Capital Corp ] Moody 's Investors Service Inc. said it is reviewing , with an eye toward a possible downgrade , the ratings on Bay View Federal bonds , long-term deposits and the preferred-stock rating of its parent company , Bay View Capital Corp . 
[ Moody ] As for property and casualty insurers , Moody 's said `` preliminary estimates suggest that losses should not have a significant impact on most insurers ' financial condition , '' but it `` raises concerns about potentially substantial risks '' longer-term . 
[ Hurricane Hugo ] [ Moody ] `` Losses from the earthquake are expected to be of similar magnitude to those of Hurricane Hugo , '' according to Moody 's . 
[ Oct. ] [ Democratic Tax ] Your Oct. 5 editorial `` A Democratic Tax Cut '' contained an error . 
[ U.S. ] [ Hawaii ] The only significant commercial banana farmers in the U.S. are in Hawaii . 
[ Hawaii Banana Industry Association ] The Hawaii Banana Industry Association , to which nearly all of them belong , has no lobbyist . 
[ Thomas V. Reese Sr ] Thomas V. Reese Sr . Maui Banana Co . 
[ Western Digital Corp. ] [ Sept. ] Western Digital Corp. reported a net loss of $ 2.7 million , or nine cents a share , for its first quarter ended Sept. 30 , citing factors as varied as hurricane damage , an advance in graphics technology and the strengthening dollar . 
[ Chairman Roger W. Johnson ] Nonetheless , Chairman Roger W. Johnson said he expects the company to be profitable in the current quarter . 
[ Western Digital ] In its second quarter last year , Western Digital earned $ 12.7 million , or 44 cents a share , on sales of $ 258.4 million . 
[ Mr. Johnson ] [ Western Digital ] [ Puerto Rico ] [ Hurricane Hugo ] [ Caribbean ] Mr. Johnson said Western Digital 's plant in Puerto Rico was affected by Hurricane Hugo , losing three days ' production because of the storm , which wrecked much of the Caribbean island 's infrastructure . 
[ Mr. Johnson ] Although the plant itself was n't damaged , Mr. Johnson said millions of dollars in first-quarter revenue were lost . 
[ Mr. Johnson ] There are no plans to initiate a common stock dividend , Mr. Johnson said , explaining that the board continues to believe shareholders are best served by reinvesting excess cash . 
[ Mr. Johnson ] Mr. Johnson said the first-quarter loss also heavily reflected a rapid change in graphics technology that left reseller channels with too many of the old computer graphics boards and too few new monitors compatible with the new graphics boards . 
[ Western Digital ] Western Digital does n't make the monitors . 
[ Western Digital ] An accelerating move by personal computer manufacturers ' to include advanced graphics capabilities as standard equipment further dampened reseller purchases of Western Digital 's equipment . 
[ Mr. Johnson ] `` The other areas of the business -- storage and microcomputers -- were very good , '' Mr. Johnson said . 
[ Western Digital ] [ VGA ] [ EGA ] He said Western Digital has reacted swiftly to the movement to video graphics array , VGA , graphics technology from the old enhanced graphics adapter , EGA , which has a lower resolution standard , technology and now is one of the leading producers of these newer units . 
[ Mr. Johnson ] Still , Mr. Johnson said , `` our stock is grossly undervalued . '' 
[ Western Digital ] As part of its reorganization this week , Western Digital has divided its business into two segments -- storage products , including controllers and disk drives ; and microcomputer products , which include graphics , communications and peripheral control chips . 
[ Graphics ] Graphics , communications and peripheral control chips were combined because , increasingly , multiple functions are being governed by a single chip . 
[ Storage ] Storage , which includes computer controllers and 3.5-inch disk drives , represents nearly two-thirds of the company 's business . 
[ Mr. Johnson ] Computer parts are getting ever smaller , Mr. Johnson said , a shrinking that has propelled laptops into position as the fastest-growing segment of the computer business . 
[ Western Digital ] As smaller and more powerful computers continue to be the focus of the industry , he said , Western Digital is strengthening development of laptop parts . 
[ Irvine ] Next year Western Digital plans to consolidate its operations from 11 buildings in Irvine into two buildings in the same city a new headquarters and , a block away , a modern $ 100 million silicon wafer fabrication plant . 
[ AT&T ] The plan will help the company in its existing joint manufacturing agreement with AT&T . 
[ Western Digital ] [ Mr. Johnson ] About half of Western Digital 's business is overseas , and Mr. Johnson expects that proportion to continue . 
[ Europe ] [ Western Digital ] Plans to dissolve many of the trade barriers within Europe in 1992 creates significant opportunities for the company , he said , particularly since Western Digital already manufactures there . 
[ Western Digital ] [ Europe ] Capitalizing on that presence , Western Digital is launching a major effort to develop the embryonic reseller market in Europe . 
[ Banca Nazionale del Lavoro ] Directors of state-owned Banca Nazionale del Lavoro approved a two-step capital-boosting transaction and a change in the bank 's rules that will help it operate more like a private-sector institution . 
[ BNL ] [ Treasury ] Until now , BNL 's top managers and its directors have been appointed by a Treasury decree . 
[ Treasury ] The bank 's chairman and director general , who also sit on the board , still would be appointed by the Treasury . 
[ BNL ] [ Italian Treasury ] [ Atlanta ] [ Iraq ] BNL , which is controlled by the Italian Treasury , was rocked by the disclosure last month that its Atlanta branch extended more than $ 3 billion in unauthorized credits to Iraq . 
[ Italy ] The ensuing scandal , in which the bank 's management resigned , has helped renew calls for privatization , or at least an overhaul , of Italy 's banking system , which is about 80 % state-controlled . 
[ BNL ] [ December ] BNL called a shareholders ' assembly meeting in December to vote on the proposals . 
[ BNL ] [ Milan Stock Exchange ] BNL has about 75,000 nonvoting shares that are listed on the Milan Stock Exchange . 
[ Atlanta ] [ Consob ] The shares were suspended from trading following disclosure of the Atlanta scandal ; Consob , the stock exchange regulatory body , reportedly will decide soon whether to end the trading suspension . 
[ Switzerland ] [ September ] [ August ] Switzerland 's wholesale price index increased 0.3 % in September from August , and was up 3.9 % from a year ago , marking the first time this year that the index has fallen below 4 % on a year-to-year basis , the government reported . 
[ August ] In August , the index was up 0.2 % from the previous month , and was up 4.5 % on a year-to-year basis . 
[ September ] The wholesale price index , based on 1963 as 100 , was 180.9 in September . 
[ American Express Co. ] [ Third World ] American Express Co. posted a 21 % increase in third quarter net income despite a sharp rise in reserves for Third World loans at its banking unit . 
[ American Express ] Aided by a sharp gain in its travel business , American Express said net rose to $ 331.8 million , or 77 cents a share , from $ 273.9 million , or 64 cents a share . 
[ Income ] Income from continuing operations was up 26 % . 
[ American Express Bank ] [ Sept. ] The travel , investment services , insurance and banking concern added $ 110 million to reserves for credit losses at its American Express Bank unit , boosting the reserve to $ 507 million as of Sept. 30 . 
[ American Express Travel Related Services Co. ] At the American Express Travel Related Services Co. unit , net rose 17 % to a record $ 240.8 million on a 19 % revenue increase . 
[ American Express Information Services Co ] The figures exclude businesses now organized as American Express Information Services Co . 
[ American Express ] American Express card charge volume rose 12 % . 
[ U.S. ] Travel sales rose 11 % , led by gains in the U.S. . 
[ IDS Financial Services ] At IDS Financial Services , the financial planning and mutual fund unit , net rose 19 % to a record $ 47.6 million on a 33 % revenue gain . 
[ American Express Bank ] American Express Bank earnings fell 50 % to $ 21.3 million from $ 42.5 million despite a 29 % revenue gain . 
[ American Express Information Services ] Profit rose 38 % at American Express Information Services to $ 21.6 million . 
[ Shearson Lehman Hutton Holdings Inc. ] Shearson Lehman Hutton Holdings Inc. , as previously reported , had net of $ 65.9 million , reversing a $ 3.5 million loss a year earlier ; its latest results include a $ 37 million gain from the sale of an institutional money management business . 
[ American Express ] [ Shearson ] [ Shearson ] American Express 's share of Shearson 's earnings was $ 41 million , after preferred stock dividends ; it owns about 68 % of Shearson 's common . 
[ American Express ] For the nine months , American Express said net rose 11 % to $ 899.8 million , or $ 2.09 a share , from $ 807.5 million , or $ 1.89 a share . 
[ Textron Inc. ] Textron Inc. , hampered by a slowdown in its defense sales , reported an 8 % decline in per-share earnings on nearly flat revenue for its third quarter . 
[ Textron ] For the nine months , Textron reported net of $ 182.1 million , or $ 2.06 a share , on revenue of $ 5.41 billion . 
[ Textron ] [ Avdel PLC ] [ Avdel ] Textron said that nine-months ' results do n't include earnings of Avdel PLC , a British maker of industrial fasteners , but do include interest costs of $ 16.4 million on borrowings related to the proposed purchase of Avdel . 
[ Federal Trade Commission ] A federal judge has issued a preliminary injunction against the purchase because of Federal Trade Commission concerns that the transaction would reduce competition in the production of two kinds of rivets . 
[ Textron ] [ Bell ] For the quarter , Textron said aerospace revenue , including Bell helicopter and jet-engine manufacture , declined 9.8 % to $ 755.9 million from $ 838.3 million , an indication of slowing government defense work . 
[ Hunt ] [ Minpeco S.A. ] [ Texas ] As the Hunt brothers ' personal bankruptcy cases sputter into their second year , Minpeco S.A. has proposed a deal to settle its huge claim against the troubled Texas oil men . 
[ September ] But the plan only threatens to heighten the tension and confusion already surrounding the cases that were filed in September 1988 . 
[ Minpeco ] Minpeco now says it is willing to settle for up to $ 65.7 million from each brother , although the actual amount would probably be much less . 
[ Judge Harold C. Abramson ] [ W. Herbert Hunt ] Although the proposal must be approved by federal Judge Harold C. Abramson , W. Herbert Hunt has agreed to the Peruvian mineral concern 's proposal . 
[ Nelson Bunker Hunt ] [ Internal Revenue Service ] Nelson Bunker Hunt is considering it , although his attorney says he wo n't do it if the proposal jeopardizes a tentative settlement he has reached with the Internal Revenue Service , which claims the brothers owe $ 1 billion in back taxes and is by far the biggest creditor in both cases . 
[ IRS ] [ Nelson Bunker Hunt ] [ U.S. Justice Department ] The tentative agreement between the IRS and Nelson Bunker Hunt is awaiting U.S. Justice Department approval . 
[ IRS ] [ Minpeco ] [ Manufacturers Hanover Trust Co. ] Under it , the former billionaire 's assets would be liquidated with the IRS getting 80 % of the proceeds and the rest being divided among other creditors , including Minpeco and Manufacturers Hanover Trust Co. , which is seeking repayment of a $ 36 million loan . 
[ W. Herbert Hunt ] [ IRS ] A similiar proposal has been made in the W. Herbert Hunt case although he and the IRS are at odds over the size of the non-dischargable debt he would have to pay to the government from future earnings . 
[ Minpeco ] [ Manufacturers Hanover ] In both cases , Minpeco and Manufacturers Hanover have been fighting ferociously over their shares of the pie . 
[ IRS ] [ Manufacturers Hanover ] [ Judge Abramson ] [ Minpeco ] [ Manufacturer Hanover ] [ IRS ] With support from the IRS , Manufacturers Hanover has filed suit asking Judge Abramson to subordinate Minpeco 's claim to those of Manufacturer Hanover and the IRS . 
[ Minpeco ] [ Manufacturers Hanover Corp. ] Minpeco has threatened a `` volcano '' of litigation if the Manufacturers Hanover Corp. unit attempts to force such a plan through the court . 
[ Minpeco ] [ W. Herbert Hunt ] [ Judge Abramson ] Minpeco said it would n't pursue such litigation if its settlement plan in the W. Herbert Hunt case is approved by Judge Abramson , who will consider the proposal at a hearing next week . 
[ Minpeco ] [ Thomas Gorman ] [ W. Herbert Hunt ] [ Hugh Ray ] [ Manufacturers Hanover ] Minpeco attorney Thomas Gorman decribed the plan as one step toward an overall settlement of the W. Herbert Hunt case but Hugh Ray , attorney for Manufacturers Hanover , called it `` silly '' and said he would fight it in court . 
[ Justice Department ] [ Grover Hartt III ] [ IRS ] `` The thing is so fluid right now that there 's really no way to say what will happen , '' says Justice Department attorney Grover Hartt III , who represents the IRS in the case . 
[ Developments ] `` Developments like this are hard to predict . 
[ Banc ] [ Corp. ] [ Trustcorp Inc. ] [ Toledo ] [ Ohio ] [ Trustcorp ] [ Society Corp. ] [ Cleveland ] Banc One Corp. said it agreed in principle to buy five branch offices from Trustcorp Inc. , Toledo , Ohio , following the planned merger of Trustcorp into Society Corp. , Cleveland . 
[ Erie and Ottawa ] [ Ohio ] [ Banc ] The five offices in Erie and Ottawa counties in northern Ohio have total assets of about $ 88 million , Banc One said . 
[ Banc ] [ Banc ] The purchase price will be established after Banc One has an opportunity to study the quality of the assets , Banc One said . 
[ Society Corp. ] [ Trustcorp ] [ Trustcorp ] [ Society ] Society Corp. already has branches in the area , and selling the Trustcorp offices could avoid a problem with regulators over excessive concentration of banking in the two counties after the merger of Trustcorp into Society , according to industry sources . 
[ Investment Company Institute ] The 473 funds tracked by the Investment Company Institute , a Washington-based trade group , rose to $ 356.1 billion , a record . 
[ January ] The $ 6.07 billion increase was the strongest weekly inflow since January 1988 . 
[ Jacob Dreyer ] [ Institute ] Individual investors , represented in the general-purpose and broker-dealer fund categories , pulled money from the stock market after its big drop last Friday and put the money into funds , said Jacob Dreyer , vice president and chief economist of the Institute . 
[ Mr. Dreyer ] `` Insitutional investors , on the other hand , reacted to the steep decline in yields on direct money-market instruments following the stock-market decline last Friday , '' Mr. Dreyer said . 
[ Tuesday ] [ Donoghue ] [ Holliston ] [ Mass. ] Yields on money funds dropped in the week ended Tuesday , according to Donoghue 's Money Fund Report , a Holliston , Mass. , newsletter . 
[ Donoghue ] The average seven-day compounded yield fell to 8.55 % from 8.60 % the week earlier , Donoghue 's said . 
[ U.S. Treasury ] [ Monday ] At the auction of six-month U.S. Treasury bills on Monday , the average yield fell to 7.61 % from 7.82 % . 
[ Tuesday ] Likewise , certificates of deposit on average posted lower yields in the week ended Tuesday . 
[ Bank Bumiputra Malaysia Bhd. ] [ Mohamed Basir Ismail ] Domestic lending for real estate and property development was the source of Bank Bumiputra Malaysia Bhd. 's most recent spate of financial troubles , the institution 's executive chairman , Mohamed Basir Ismail , said . 
[ Bank Bumiputra ] [ Tan Sri Basir ] [ Malaysia ] Speaking to reporters this week after Bank Bumiputra 's shareholders approved a rescue plan , Tan Sri Basir said heavy lending to the property sector rocked the bank when property prices in Malaysia plummeted in 1984-85 . 
[ Hong Kong ] [ Bank Bumiputra ] [ Malaysia ] The predicament , he added , was similar to the Hong Kong 1982-83 property-price collapse , which exposed the involvement of Bank Bumiputra 's former subsidiary in the colony in the largest banking scandal in Malaysia 's history . 
[ Bumiputra Malaysia Finance Ltd. ] [ Hong Kong ] The subsidiary , Bumiputra Malaysia Finance Ltd. , was left with M$ 2.26 billion in bad loans made to Hong Kong property speculators . 
[ Bank Bumiputra ] Both episodes wiped out Bank Bumiputra 's shareholders ' funds . 
[ Petroliam Nasional Bhd. ] [ Petronas ] Each time , the bank 's 90 % shareholder -- Petroliam Nasional Bhd. , or Petronas , the national oil company -- has been called upon to rescue the institution . 
[ Petronas ] In five years , Petronas , which became the dominant shareholder in a 1984 rescue exercise , has spent about M$ 3.5 billion to prop up the troubled bank . 
[ Tan Sri Basir ] [ Malaysia ] Tan Sri Basir said the capital restructuring plan has been approved by Malaysia 's Capital Issues Committee and central bank . 
[ Malaysia ] Malaysia 's High Court is expected to approve the plan . 
[ Tan Sri Basir ] [ Bank Bumiputra ] [ March ] Once the plan is approved , Tan Sri Basir said , most of Bank Bumiputra 's nonperforming loans will have been fully provided for and the bank will be on track to report a pretax profit of between M$ 160 million and M$ 170 million for the fiscal year ending March 31 . 
[ Malaysia ] [ Tan Sri Basir ] Malaysia 's Banking Secrecy Act prohibited the bank from identifying delinquent borrowers , said Tan Sri Basir . 
[ Malaysia ] [ United Malays National Organization ] [ Kuala Lumpur ] But public documents indicate 10 % or more of the bank 's provisions were made for foregone interest on a M$ 200 million loan to Malaysia 's dominant political party , the United Malays National Organization , to build its convention and headquarters complex in Kuala Lumpur . 
[ UMNO ] [ September ] The loan to UMNO was made in September 1983 . 
[ Tan Sri Basir ] `` We lent a lot of money all over the place , '' said Tan Sri Basir , who refused to discuss the bank 's outstanding loans to 
[ Oct. ] As well as the M$ 1.23 billion in provisions announced on Oct. 6 , the restructuring package covers an additional M$ 450 million in provisions made in earlier years but never reflected in a reduction of the bank 's paid-up capital . 
[ Petronas ] At the end of the exercise , the cash injection from Petronas will increase the bank 's paid-up capital to M$ 1.15 billion after virtually being wiped out by the new provisions . 
[ Heidi Ehman ] [ Republicans ] Heidi Ehman might have stepped from a recruiting poster for young Republicans . 
[ Ronald Reagan ] White , 24 years old , a singer in her church choir , she symbolizes a generation that gave its heart and its vote to Ronald Reagan . 
[ Supreme Court ] [ Ms. Ehman ] When the Supreme Court opened the door this year to new restrictions on abortion , Ms. Ehman opened her mind to Democratic politics . 
[ Passaic County ] [ James Florio ] Now she leads a grassroots abortion-rights campaign in Passaic County for pro-choice Democratic gubernatorial candidate James Florio . 
[ Rep. Florio ] [ Rep. James Courter ] `` This is one where I cross party lines , '' she says , rejecting the anti-abortion stance of Rep. Florio 's opponent , Reagan-Republican Rep. James Courter . 
[ Republican ] [ Mr. Courter ] Polls bear out this warning , but after a decade of increased Republican influence here , the new politics of abortion have contributed to a world turned upside down for Mr. Courter . 
[ Republicans ] Unless he closes the gap , Republicans risk losing not only the governorship but also the assembly next month . 
[ GOP ] [ Democrats ] Going into the 1990s , the GOP is paying a price for the same conservative social agenda that it used to torment Democrats in the past . 
[ New Jersey ] [ U.S. Supreme Court ] [ Webster ] [ Missouri ] New Jersey 's own highest court remains a liberal bulwark against major restrictions on abortion , but the U.S. Supreme Court ruling , Webster vs. Missouri , has engaged voters across the nation who had been insulated from the issue . 
[ July ] Before July , pro-choice voters could safely make political decisions without focusing narrowly on abortion . 
[ Trenton ] [ Congress ] [ Medicaid ] A recent pro-choice rally in Trenton drew thousands , and in a major reversal , Congress is defying a presidential veto and demanding that Medicaid abortions be permitted in cases of rape and incest . 
[ Webster ] [ Linda Bowker ] [ Trenton ] [ National Organization ] [ Women ] `` If Webster had n't happened , you would n't be here , '' Linda Bowker tells a reporter in the Trenton office of the National Organization for Women . 
[ Courter ] `` We could have shouted from the rooftops about Courter ... and no one would have heard us . '' 
[ New Jersey ] New Jersey is a proving ground for this aggressive women's-rights movement this year . 
[ Cherry Hill ] [ National Abortion Rights Action League ] In Cherry Hill , the National Abortion Rights Action League , whose goal is to sign up 50,000 pro-choice voters , targets a union breakfast to build labor support for its cause . 
[ Election Day ] A labor chief speaks sardonically of having to `` man and woman '' Election Day phones . 
[ Ms. Ehman ] No age group is more sensitive than younger voters , like Ms. Ehman . 
[ New Jersey ] [ George Bush ] [ Michael Dukakis ] [ Rutgers University ] A year ago this fall , New Jersey voters under 30 favored George Bush by 56 % to 39 % over Michael Dukakis , according to a survey then by Rutgers University 's Eagleton Institute . 
[ Eagleton-Newark Star Ledger ] A matching Eagleton-Newark Star Ledger poll last month showed a complete reversal . 
[ Democrat Florio ] [ Republican Courter ] Voters in the same age group backed Democrat Florio 55 % to 29 % over Republican Courter . 
[ Abortion ] [ New Jersey ] Abortion alone ca n't explain this shift , but New Jersey is a model of how so personal an issue can become a baseline of sorts in judging a candidate . 
[ Mr. Florio ] By a 2-to-1 ratio , voters appear more at ease with Mr. Florio 's stance on abortion , and polls indicate his lead widens when the candidates are specifically linked to the issue . 
[ Mr. Florio ] `` The times are my times , '' says Mr. Florio . 
[ Camden County ] [ Newark ] The Camden County congressman still carries himself with a trademark `` I'm-coming-down-your-throat '' intensity , but at a pause in Newark 's Columbus Day parade recently , he was dancing with his wife in the middle of the avenue in the city 's old Italian-American ward . 
[ Medicaid ] After losing by fewer than 1,800 votes in the 1981 governor 's race , he has prepared himself methodically for this moment , including deciding in recent years he could no longer support curbs on federal funding for Medicaid abortions . 
[ Mr. Courter ] [ Oliver North ] [ Iran-Contra ] Mr. Courter , by comparison , seems a shadow of the confident hawk who defended Oliver North before national cameras at Iran-Contra hearings two years ago . 
[ Kathy Stanwick ] [ Abortion Rights League ] [ Mr. Courter ] `` He does n't know himself , '' Kathy Stanwick of the Abortion Rights League says of Mr. Courter 's position . 
[ Mr. Florio ] [ Republican ] Even abortion opponents , however angry with Mr. Florio , ca n't hide their frustration with the Republican 's ambivalence . 
[ Richard Traynor ] [ New Jersey Right ] [ Life ] `` He does n't want to lead the people , '' says Richard Traynor , president of New Jersey Right to Life . 
[ Mr. Courter ] Moreover , by stepping outside the state 's pro-choice tradition , Mr. Courter aggravates fears that he is too conservative as well on more pressing concerns such as auto insurance rates and the environment . 
[ Congress ] [ 48-year-old Mr. Courter ] [ Mr. Reagan ] Elected to Congress in 1978 , the 48-year-old Mr. Courter is part of a generation of young conservatives who were once very much in the lead of the rightward shift under Mr. Reagan . 
[ Vietnam ] [ U.S. ] Like many of his colleagues , he did n't serve in Vietnam in the 1960s yet embraced a hawkish defense and foreign policy -- even voting against a 1984 resolution critical of the U.S. mining of Nicaraguan harbors . 
[ Jack Kemp ] [ Irving Kristol and George Gilder ] [ Mr. Courter ] [ New Jersey GOP ] [ Thomas Kean ] [ Republican ] Jack Kemp and the writers Irving Kristol and George Gilder were influences , and Mr. Courter 's own conservative credentials proved useful to the current New Jersey GOP governor , Thomas Kean , in the 1981 Republican primary here . 
[ Mr. Courter ] [ Gov. Kean ] The same partnership is now crucial to Mr. Courter 's fortunes , but the abortion issue is only a reminder of the gap between his record and that of the more moderate , pro-choice Gov. Kean . 
[ Warren County ] [ Washington ] [ Gov. Kean ] [ New Jersey ] While the Warren County congressman pursued an anti-government , anti-tax agenda in Washington , Gov. Kean was approving increased income and sales taxes at home and overseeing a near doubling in the size of New Jersey 's budget in his eight years in office . 
[ Kean ] [ Mr. Courter ] Kean forces play down any differences with Mr. Courter , but this history makes it harder for the conservative to run against government . 
[ Mr. Courter ] [ Gov. Kean ] Mr. Courter 's free-market plan to bring down auto insurance rates met criticism from Gov. Kean 's own insurance commissioner . 
[ Mr. Courter ] Mr. Courter is further hobbled by a record of votes opposed to government regulation on behalf of consumers . 
[ Peace Corps ] [ Mr. Courter ] Fluent in Spanish from his days in the Peace Corps , Mr. Courter actively courts minority voters but seems oddly over his head . 
[ Puerto Rican Congress ] [ Asbury Park ] He is warm and polished before a Puerto Rican Congress in Asbury Park . 
[ Hispanics ] Yet minutes after promising to appoint Hispanics to high posts in state government , he is unable to say whether he has ever employed any in his congressional office . 
[ Democrat Florio ] Asked the same question after his appearance , Democrat Florio identifies a staff member by name and explains her whereabouts today . 
[ Camden ] When he is presented with a poster celebrating the organization 's 20th anniversary , he recognizes a photograph of one of the founders and recalls time spent together in Camden . 
[ Camden ] [ Florio ] Details and Camden are essential Florio . 
[ Congress ] [ Watergate ] Elected to Congress as a `` Watergate baby '' in 1974 , he ran for governor three years later . 
[ Gov. Kean ] In the opinion of many , he has n't stopped running since , even though he declined a rematch with Gov. Kean in 1985 . 
[ South Jersey ] [ House Energy and Commerce Committee ] His base in South Jersey and on the House Energy and Commerce Committee helped him sustain a network of political-action committees to preserve his edge . 
[ Mr. Florio ] With limited budgets for television in a high-priced market , Mr. Florio 's higher recognition than his rival is a major advantage . 
[ Monmouth ] [ Republican ] In Monmouth , an important swing area , Republican freeholders now run on a slogan promising to keep the county `` clean and green . '' 
[ Mr. Florio ] Mr. Florio savors this vindication , but at age 52 , the congressman is also a product of his times and losses . 
[ Exodus ] He speaks for the death penalty as if reading from Exodus 21 ; to increase state revenue he focuses not on `` taxes '' but on `` audits '' to cut waste . 
[ Mr. Courter ] [ Mr. Florio ] Hard-hitting consultants match ads with Mr. Courter 's team , and Mr. Florio retools himself as the lean , mean Democratic fighting machine of the 1990s . 
[ Ozzie and Harriet ] [ Grateful Dead ] Appealing to a young audience , he scraps an old reference to Ozzie and Harriet and instead quotes the Grateful Dead . 
[ Camden ] The Democratic lawmaker fits a pattern of younger reformers arising out of old machines , but his ties to Camden remain a sore point because of the county 's past corruption . 
[ Trenton State College ] His campaign hierarchy is chosen from elsewhere in the state , and faced with criticism of a sweetheart bank investment , he has so far blunted the issue by donating the bulk of his profits to his alma mater , Trenton State College . 
[ Mr. Florio ] [ Webster ] Mr. Florio 's forcefulness on the abortion issue after the Webster ruling divides some of his old constituency . 
[ Pasquale Pignatelli ] [ Essex County ] [ Mr. Florio ] Pasquale Pignatelli , an unlikely but enthusiastic pipe major in an Essex County Irish bagpipe band , speaks sadly of Mr. Florio . 
[ Catholic ] [ Mr. Pignatelli ] `` I am a devout Catholic , '' says Mr. Pignatelli , a 40-year-old health officer . 
[ Bill Wames Sr. ] [ Mr. Florio ] Bill Wames Sr. , 72 , is Catholic too , but unfazed by Mr. Florio 's stand on abortion . 
[ Italy ] [ Band ] A security guard at a cargo terminal , he wears a Sons of Italy jacket and cap celebrating `` The US 1 Band . '' 
[ September ] [ Labor Department ] Consumer prices rose a surprisingly moderate 0.2 % in September , pushed up mostly by a jump in clothing costs , the Labor Department reported . 
[ Dow Jones Industrial Average ] The Dow Jones Industrial Average rallied on the news , closing 39.55 points higher at 2683.20 . 
[ Joel Popkin ] `` I think inflation is going to pick up through the fall , '' said Joel Popkin , a specialist on inflation who runs an economic consulting firm here . 
[ Jay Woodworth ] [ Bankers Trust Co. ] [ New York ] `` We 've had whopping declines in consumer energy prices in each of the past three months , and at the wholesale level those are fully behind us now , '' said Jay Woodworth , chief domestic economist at Bankers Trust Co. in New York . 
[ September ] But retail energy prices declined 0.9 % in September . 
[ Edward Yardeni ] [ Prudential-Bache Securities Inc. ] [ New York ] `` It increasingly appears that 1987-88 was a temporary inflation blip and not the beginning of a cyclical inflation problem , '' argued Edward Yardeni , chief economist at Prudential-Bache Securities Inc. in New York . 
[ Mr. Yardeni ] Mr. Yardeni predicted that world business competition will continue to restrain prices . 
[ Federal Reserve ] The mild inflation figures renewed investors ' hopes that the Federal Reserve will ease its interest-rate stance . 
[ Friday ] The steep climb in producer prices reported last Friday fostered pessimism about lower interest rates and contributed to the stock market 's 6.9 % plunge that day . 
[ U.S. ] In the past several days , however , the U.S. 's central bank has allowed a key interest rate to fall slightly to try to stabilize the markets . 
[ Fed ] Analysts say Fed policy makers have been wary of relaxing credit too much because they were still uncertain about the level of inflation in the economy . 
[ September ] Excluding the volatile categories of energy and food -- leaving what some economists call the core inflation rate -- consumer prices still rose only 0.2 % in September . 
[ Labor Department ] [ September ] [ August ] Separately , the Labor Department reported that average weekly earnings rose 0.3 % in September , after adjusting for inflation , following a 0.7 % decline in August . 
[ Labor Department ] [ September ] Here are the seasonally adjusted changes in the components of the Labor Department 's consumer price index for September . 
[ U.S. ] Such efforts -- unheard of only a few years ago -- are the latest attempts to revive the sagging $ 1.76 billion U.S. ski industry . 
[ U.S. ] By some estimates , nearly a fourth of all U.S. ski areas have been forced to shut down since the early '80s . 
[ D'Arcy Masius Benton & Bowles Inc. ] [ Chicago ] In its new ad campaign , created by D'Arcy Masius Benton & Bowles Inc. , Chicago , the ski industry is trying to change its image as a sport primarily for young white people . 
[ Ski ] `` Ski school is great , '' cries out a tot , bundled in a snowsuit as he plows down a bunny slope . 
[ Kathe Dillmann ] [ United Ski Industries Association ] `` We used to show some hot-dog skier in his twenties or thirties going over the edge of a cliff , '' says Kathe Dillmann , a spokeswoman for the United Ski Industries Association , the trade group sponsoring the campaign . 
[ Ms. Dillmann ] `` We wanted to show it 's okay if you fall , '' says Ms. Dillmann . 
[ Angel Fire ] [ Red River and Taos ] [ New Mexico ] But in these crunch times for the ski industry , some resorts , such as the Angel Fire , Red River and Taos ski areas in New Mexico , have even started shuttle-busing skiers to each other 's slopes and next year plan to sell tickets good for all local lifts . 
[ Vail ] [ Colo. ] Vail , Colo. , now has a playland that looks like an old mining town ; kids can ski through and pan for fool 's gold . 
[ Michael Shannon ] [ Vail Associates Inc. ] [ Vail and ] [ Beaver Creek ] `` Most parents who had to go through that never came back , '' says Michael Shannon , president of Vail Associates Inc. , which owns and operates the Vail and nearby Beaver Creek resorts . 
[ Winter Carnival ] [ Sunday River ] [ Maine ] During Winter Carnival week , for example , visitors at Sunday River in Maine can take a hot-air balloon ride . 
[ Don Borgeson ] [ Angel Fire ] [ N.M. ] [ Commerce ] `` People these days want something else to do besides ski and sit in the bar , '' says Don Borgeson , executive director of Angel Fire , N.M. 's Chamber of Commerce . 
[ American Express Co. ] An American Express Co. survey of its travel agents revealed that only 34 % believe their clients will pick a trip this winter based on the availability of winter sports , as opposed to 69 % who think that warm-weather sports will be the deciding factor . 
[ I. William Berry ] [ Ski Industry Letter ] [ Katonah ] [ N.Y ] `` Even if they could bring in that many new skiers , I do n't know if  the industry   could handle that kind of an increase , '' says I. William Berry , editor and publisher of the Ski Industry Letter in Katonah , N.Y . 
[ World Series ] [ Tuesday ] [ Wednesday or Thursday ] They did n't play the third game of the World Series on Tuesday night as scheduled , and they did n't play it on Wednesday or Thursday either . 
[ Candlestick Park ] They are supposed to play the game next Tuesday , in Candlestick Park here . 
[ Tuesday ] The theory is that the stadium , damaged by Tuesday 's earthquake , will be repaired by then , and that people will be able to get there . 
[ World Series ] [ Bay Area ] [ Tuesday ] [ Sports ] It may seem trivial to worry about the World Series amid the destruction to the Bay Area wrought by Tuesday 's quake , but the name of this column is `` On Sports , '' so I feel obliged to do so . 
[ Candlestick ] You might be interested to know that baseball , not survival , appeared to be the first thought of most of the crowd of 60,000-odd that had gathered at Candlestick at 5:04 p.m. Tuesday , a half-hour before game time , when the quake struck . 
[ Traverse City ] [ Mich. ] I 'd slept through my only previous brush with natural disaster , a tornado 15 or so summers ago near Traverse City , Mich. , so I was unprepared for one reaction to such things : the urge to talk about them . 
[ World Series ] `` I guess I thought , ` This is the World Series and I 'm not gon na wimp out ! ' '' 
[ Global Village ] Here in the Global Village , though , folks do not stay uninformed for long . 
[ Candlestick Park ] Electrical power was out in still-daylighted Candlestick Park , but battery-operated radios and television sets were plentiful . 
[ Richter Scale ] Its Richter Scale measurement was reported as 6.5 , then 6.9 , then 7.0 . 
[ Bay Bridge ] [ Interstate Highway ] [ Oakland ] A section of the Bay Bridge had collapsed , as had a part of Interstate Highway 880 in Oakland . 
[ Ball ] At 5:40 p.m. , scheduled game time having passed , some fans chanted `` Let 's Play Ball . '' 
[ Pieces ] [ Candlestick ] `` Pieces of Candlestick , '' they said . 
[ World Series ] The only frenzy I saw was commercial : Booths selling World Series commemorative stamps and dated postmarks were besieged by fledgling speculators who saw future profit in the items . 
[ Westin ] At my hotel , the Westin , power was out , some interior plaster had broken loose and there had been water damage , but little else . 
[ Amfac ] With Garpian randomness , a hotel across the street , the Amfac , had been hit harder : A large sheet of its concrete facade and several window balconies were torn away . 
[ Westin ] The Westin staff had , kindly , set out lighted candles in the ballroom , prepared a cold-cuts buffet and passed around pillows and blankets . 
[ Chicago Cubs ] I fell asleep on the lobby floor , next to a man wearing a Chicago Cubs jacket . 
[ World Series ] The journalistic consensus was that the earthquake made the World Series seem unimportant . 
[ Series ] Should the rest of the Series be played at all ? 
[ Olympics ] The quake and baseball were n't related , unlike the massacre of athletes that attended the 1972 Olympics . 
[ BART Series ] [ Bay Bridge Series ] This has been widely dubbed the BART Series , after the local subway line , and the Bay Bridge Series . 
[ Bart Giamatti ] [ Bay Bridge ] Flags fly at half-staff for the death of Bart Giamatti , the late baseball commissioner , and now the Bay Bridge lies in ruins . 
[ Series ] [ Diego ] A Series that was shaping up as the dullest since the one-sided Detroit-over-San Diego go of 1984 has become memorable in the least fortunate way . 
[ Campeau Corp. ] The disarray in the junk-bond market that began last month with a credit crunch at Campeau Corp. has offered commercial banks a golden opportunity to play a greater role in financing billion-dollar takeovers . 
[ New York ] [ Citicorp ] [ Chase Manhattan Corp. ] [ United Airlines ] [ UAL Corp ] But two big New York banks seem to have kicked those chances away , for the moment , with the embarrassing failure of Citicorp and Chase Manhattan Corp. to deliver $ 7.2 billion in bank financing for a leveraged buy-out of United Airlines parent UAL Corp . 
[ Congress ] [ Wall Street ] For more than a decade , banks have been pressing Congress and banking regulators for expanded powers to act like securities firms in playing Wall Street 's lucrative takeover game , from giving mergers advice all the way to selling and trading high-yield junk bonds . 
[ July ] [ Bankers Trust New York Corp. ] [ Northwest Airlines ] [ NWA Inc ] Those expanded powers reached their zenith in July when Bankers Trust New York Corp. provided mergers advice , an equity investment and bank loans for the $ 3.65 billion leveraged buy-out of Northwest Airlines parent NWA Inc . 
[ Los Angeles ] [ Alfred Checchi ] One of the major selling points used by Los Angeles financier Alfred Checchi in getting the takeover approved was that the deal did n't include any junk bonds . 
[ Washington ] That was seen as an advantage in lobbying airline employees and Washington regulators for approval of the contested takeover . 
[ Charles Nathan ] [ Salomon Brothers Inc. ] Charles Nathan , co-head of mergers and acquisitions at Salomon Brothers Inc. , says it is natural for banks to try to expand beyond their bread-and-butter business of providing senior debt for buy-outs . 
[ UAL ] But the UAL collapse , he says , `` may tell you it 's not going to work that easily . '' 
[ David Batchelder ] [ La Jolla ] [ Calif. ] [ Los Angeles ] [ Marvin Davis ] [ UAL and NWA ] David Batchelder , a mergers adviser in La Jolla , Calif. , who aided Los Angeles investor Marvin Davis on the bids which put both UAL and NWA in play as takeover candidates this year , says that banks have been `` preparing to play a larger and larger role in acquisition financing . '' 
[ Mr. Batchelder ] Mr. Batchelder says that in the past , banks would normally have loaned 65 % of a total buy-out price , with the loans secured by the target company 's assets . 
[ Mr. Checchi ] [ NWA ] [ Mr. Batchelder ] Mr. Checchi 's purchase of NWA , Mr. Batchelder notes , `` was probably the most aggressive to date , '' with bank debt at 85 % of the purchase price . 
[ Mr. Batchelder ] [ Citicorp ] [ UAL ] But Mr. Batchelder says that Citicorp 's `` failure to deliver '' on its promise to raise the UAL bank debt for a labor-management buy-out group `` is very distressing to potential users of a ` highly-confident ' letter from commercial banks . '' 
[ Mr. Davis ] [ Citicorp ] [ UAL ] [ Citicorp ] [ UAL ] His client , Mr. Davis , used just such a letter from Citicorp in pursuing UAL ; Citicorp later agreed to work with a competing UAL buy-out group . 
[ Citicorp ] [ Chase Manhattan ] [ UAL ] Executives of Citicorp and Chase Manhattan declined to comment on either the UAL situation , or on the changing nature of banks ' role in financing takeovers . 
[ Campeau ] In the wake of Campeau 's problems , prices of junk bonds tumbled , throwing into doubt the ability of corporate acquirers to finance large takeovers with the help of junk bond sales . 
[ Mark Solow ] [ Manufacturers Hanover Trust Co. ] Mark Solow , senior managing director at Manufacturers Hanover Trust Co. , says the falloff in junk bonds may yet open new business opportunities to banks in structuring takeovers . 
[ Manufacturers Hanover ] In fact , Manufacturers Hanover said in its third-quarter earnings report that fees from syndicating loans to other banks dropped 48 % , to $ 21 million . 
[ James B. Lee ] [ Chemical Banking Corp. ] James B. Lee , head of syndications and private placements at Chemical Banking Corp. , said he believes banks can still make a credible offer of one-stop shopping for takeover finance . 
[ American Medical International Inc. ] As evidence , he cites yesterday 's arrangement for the final financing of a $ 3 billion bid for American Medical International Inc. in which Chemical served as both the lead bank and an equity investor . 
[ Arthur Fleischer Jr. ] [ Fried Frank Harris Shriver & Jacobson ] Arthur Fleischer Jr. , a takeover lawyer at Fried Frank Harris Shriver & Jacobson , notes that `` a political and emotional bias '' has developed against junk bonds . 
[ Paramount Communications Inc. ] [ Time Inc. ] One hostile bidder who deliberately avoided using junk bonds was Paramount Communications Inc. in its initial offer to acquire Time Inc. for $ 10.7 billion , or $ 175 a share . 
[ Paramount ] A Paramount spokesman says that decision was based on the financial , not political , drawbacks of junk bonds . 
[ Paramount Chairman Martin Davis ] [ Time ] But some observers believe Paramount Chairman Martin Davis wanted to avoid the possible taint of being perceived as a corporate raider in his controversial bid for Time . 
[ Mr. Davis ] [ Paramount ] In the end , Mr. Davis used junk bonds so that he could raise Paramount 's bid to $ 200 a share . 
[ Time ] [ Paramount ] [ Warner Communications Inc ] Time eluded Paramount by acquiring Warner Communications Inc . 
[ NWA ] [ UAL ] The success of the NWA financing , and the failure of the UAL deal , also seem to highlight the important new role in takeover financing being played by Japanese banks . 
[ NWA ] [ Transportation Secretary Samuel Skinner ] Japanese banks accounted for 50 % of the NWA bank debt , according to a report by Transportation Secretary Samuel Skinner . 
[ UAL ] But it was broad-scale rejection by Japanese banks that helped seal the fate of the attempt to buy UAL . 
[ Citicorp and Chase ] Citicorp and Chase are attempting to put together a new , lower bid . 
[ Takanori Mizuno ] [ Institute ] [ Financial Affairs Inc. ] [ Tokyo ] [ LBO ] Takanori Mizuno , chief economist of the Institute for Financial Affairs Inc. , a Tokyo research center on finance and economics , says , `` The junk bond market became very jittery , and there 's a fear of a coming recession and the possible bankruptcy of LBO companies . 
[ Harley-Davidson Inc. ] Harley-Davidson Inc. filed suit in federal court here , alleging that a group that holds 6.2 % of its stock made `` false , deceptive and misleading '' statements in recent regulatory filings and public announcements . 
[ Harley-Davidson ] [ Malcolm I. Glazer ] [ Hart-Scott-Rodino ] Harley-Davidson 's complaint claims that the group , led by investor Malcolm I. Glazer , violated securities laws by failing to disclose plans to purchase 15 % of the company 's shares outstanding and that when the required Hart-Scott-Rodino filing eventually was made , it did n't disclose the group 's alleged earlier violation of the so-called prior-notice requirements of the law . 
[ Mr. Glazer ] Mr. Glazer could n't immediately be reached to comment . 
[ Harley ] [ Rochester ] [ N.Y. ] But when Harley last week publicly questioned the legality of the group 's filing procedures , the Rochester , N.Y. , investor said `` we complied with every law , '' and he denied any wrongdoing . 
[ Glazer ] [ Securities and Exchange Commission ] [ October ] [ Harley-Davidson ] The Glazer group said in a Securities and Exchange Commission filing in early October that it may seek a controlling interest in Harley-Davidson , or seek representation on the company 's board . 
[ Harley ] [ Glazer ] Harley has said it does n't intend to be acquired by the Glazer group or any other party . 
[ Inland Steel Industries Inc. ] Inland Steel Industries Inc. , battered by lower volume and higher costs , posted a 75 % drop in third-quarter earnings . 
[ New York Stock Exchange ] [ Inland ] In composite trading on the New York Stock Exchange , Inland closed yesterday at $ 35.875 a share , down $ 1 . 
[ Charles Bradford ] [ Merrill Lynch Capital Markets ] Charles Bradford , an analyst with Merrill Lynch Capital Markets , said higher prices for galvanized and cold-rolled products offset lower prices for bar , hot-rolled and structural steel . 
[ Mr. Bradford ] Structural steel , which primarily serves the construction market , was especially hurt by a 15 % price drop , Mr. Bradford said . 
[ Aug. ] [ United Steelworkers ] The increased labor costs became effective Aug. 1 under terms of the four-year labor agreement with the United Steelworkers union . 
[ Chicago ] Meanwhile , the company 's service center segment , which saw operating profit drop to $ 11.5 million from $ 30.7 million a year ago , experienced much of the same demand and cost problems , as well as start-up costs associated with a coil processing facility in Chicago and an upgraded computer information system . 
[ Inland Chairman Frank W. Luerssen ] Inland Chairman Frank W. Luerssen said the company 's short-term outlook is `` clouded by uncertainties in the economy and financial markets . '' 
[ America ] America 's financial markets do not yet have all the required modern features required to make them fully `` aftershock-resistant . '' 
[ New York Stock Exchange ] In today 's markets , specialists  on the New York Stock Exchange   and `` upstairs '' market makers  in the over-the-counter market   are the only market participants allowed to play a direct role in the price-determination process . 
[ Last Friday ] Last Friday the 13th  as well as two years ago this week   the markets became unlinked . 
[ America ] To add aftershock-damping power to America 's markets , a modern , electronic trading system should be implemented that permits equal access to the trading arena  and the information that would automatically accompany such access   by investors -- particularly institutional investors . 
[ Securities Reform Act ] Investors and professionals alike would compete on the level playing field Congress sought and called a `` national market system ''  not yet achieved   almost 15 years ago when it passed the Securities Reform Act of 1975 . 
[ Last Friday ] Last Friday 's market gyrations did not result in severe `` aftershocks . '' 
[ Mr. Peake ] [ Englewood ] [ N.J ] Mr. Peake is chairman of his own consulting company in Englewood , N.J . 
[ David A. Wyss ] [ Data Resources ] [ McGraw-Hill Inc ] When they do hit , they hit fast , '' says David A. Wyss , chief financial economist at the Data Resources division of McGraw-Hill Inc . 
[ Mr. Wyss ] Though he himself does n't expect a recession soon , Mr. Wyss advises people who do that `` the best thing to be in is long that is , 20-year to 30-year Treasury bonds . '' 
[ Mr. Wyss ] The reason is simple , Mr. Wyss says : `` Interest rates almost always decline during recession . '' 
[ Mr. Wyss ] Corporate bonds `` are usually not a good bet in a recession , '' Mr. Wyss says . 
[ Avner Arbel ] [ Cornell University ] It 's an `` absolute necessity '' to get out of junk bonds when a recession is in the offing , says Avner Arbel , professor of finance at Cornell University . 
[ Jeffrey L. Beach ] [ Underwood Neuhaus ] [ Co. ] [ Houston ] One of these is Jeffrey L. Beach , director of research for Underwood Neuhaus & Co. , a brokerage house in Houston , who thinks that `` we 're either in a recession or about to go into one . '' 
[ Mr. Beach ] [ Treasury ] Instead , Mr. Beach says , investors `` probably should be carrying a very high level of cash , '' by which he means such so-called cash equivalents as money-market funds and Treasury bills . 
[ Greg Confair ] [ Sigma Financial Inc. ] [ Allentown ] [ Pa. ] Greg Confair , president of Sigma Financial Inc. in Allentown , Pa. , also recommends that investors go heavily for cash . 
[ Mr. Confair ] `` This late in an expansion , '' the economy tends to veer off either into damaging inflation or into a recession , Mr. Confair says . 
[ Federal Reserve Board ] [ Fed ] The Federal Reserve Board 's plan for a `` soft landing , '' he says , requires the Fed to navigate `` an ever-narrowing corridor . '' 
[ Mr. Confair ] A soft landing is n't something that can be achieved once and for all , Mr. Confair adds . 
[ Fed Chairman Alan Greenspan ] He believes that the task facing Fed Chairman Alan Greenspan is so difficult that it resembles `` juggling a double-bladed ax and a buzz saw . '' 
[ David Katz ] [ Value Matrix Management Inc. ] [ New York ] `` Trying to time the economy is a mistake , '' says David Katz , chief investment officer of Value Matrix Management Inc. in New York . 
[ Mr. Katz ] Mr. Katz notes that some economists have been predicting a recession for at least two years . 
[ Mr. Katz ] Mr. Katz adds that people who jump in and out of the stock market need to be right about 70 % of the time to beat a buy-and-hold strategy . 
[ Ned Davis ] [ Ned Davis Research Inc. ] [ Nokomis ] [ Fla. ] [ Dow Jones Industrial Average ] According to Ned Davis , president of Ned Davis Research Inc. in Nokomis , Fla. , the average drop in the Dow Jones Industrial Average was about 21 % , and the decrease began an average of six months before a recession officially started . 
[ Mr. Katz ] Mr. Katz advocates issues with low price-earnings ratios -- that is , low prices in relation to the company 's earnings per share . 
[ Low P-E ] `` Low P-E '' stocks , he says , vastly outperform others `` during a recession or bear market . '' 
[ Prof. Arbel ] Prof. Arbel urges investors to discard stocks in small companies . 
[ Sept. ] And in any case , he argues , stocks of small companies are `` almost as overpriced as they were Sept. 30 , 1987 , just before the crash . '' 
[ Mr. Arbel ] For example , Mr. Arbel says , stocks of small companies are selling for about 19 times cash flow . 
[ Cash ]  Cash flow , basically earnings plus depreciation , is one common gauge of a company 's financial health .   
[ Mr. Arbel ] That ratio is dangerously close to the ratio of 19.7 that prevailed before the 1987 stock-market crash , Mr. Arbel says . 
[ Food ] Food , tobacco , drugs and utilities are the classic examples . 
[ George Putnam III ] [ Turnaround Letter ] [ Boston ] George Putnam III , editor of Turnaround Letter in Boston , offers one final tip for recession-wary investors . 
[ Mr. Dorfman ] [ Wall Street Journal ] Mr. Dorfman covers investing issues from The Wall Street Journal 's New York bureau . 
[ Standard & Poor ] The following shows the number of times these industries outperformed the Standard & Poor 's 500-Stock Index during the first six months of the past seven recessions . 
[ Prudential-Bache Securities Inc. ] [ York International Corp ] Yesterday , Prudential-Bache Securities Inc. said it postponed a $ 220 million senior subordinated debenture offering by York International Corp . 
[ Donaldson ] [ Lufkin & Jenrette Securities Corp. ] [ Chicago & North Western Acquisition Corp. ] And Donaldson , Lufkin & Jenrette Securities Corp. scrambled to restructure and improve the potential returns on a $ 475 million debenture offering by Chicago & North Western Acquisition Corp. that was still being negotiated late last night . 
[ Chicago & North ] The issue by Chicago & North Western is one of the so-called good junk-bond offerings on the new-issue calendar . 
[ Wednesday ] [ Drexel Burnham Lambert Inc. ] [ Continental Airlines ] On Wednesday , Drexel Burnham Lambert Inc. had to slash the size of Continental Airlines ' junk-bond offering to $ 71 million from $ 150 million . 
[ Salomon Brothers Inc. ] [ Grand Union Co. ] Salomon Brothers Inc. has delayed Grand Union Co. 's $ 1.16 billion junk-bond offering while it restructures the transaction . 
[ Grand Union ] Last week , the Grand Union offering was sweetened to include warrants that allow bondholders to acquire common stock . 
[ Prudential-Bache ] [ York ] Prudential-Bache said the York issue was delayed because of market conditions . 
[ Chicago & North ] [ Mariel Clemensen ] [ Citicorp ] `` Everything is going through firehoops right now , and  Chicago & North Western   is no exception , '' said Mariel Clemensen , vice president , high-yield research , at Citicorp . 
[ Dan Baldwin ] [ Chancellor Capital Management ] [ Chicago & North ] Dan Baldwin , managing director of high-yield investments at Chancellor Capital Management , said the Chicago & North Western offering was restructured in part because `` several large insurance buyers right now are demanding equity as part of the package . 
[ Mr. Baldwin ] Mr. Baldwin likes the offering . 
[ Chicago & North ] While they consider the Chicago & North Western issue to be good , they do n't view it as the best . 
[ Chicago & North ] [ Donaldson Lufkin ] To lure buyers to the Chicago & North Western bonds , portfolio managers said Donaldson Lufkin sweetened the transaction by offering the bonds with a resettable interest rate and a 10 % equity kicker . 
[ CNW Corp. ] [ Chicago & North ] The equity arrangement apparently would allow bondholders to buy a total of 10 % of the stock of CNW Corp. , Chicago & North Western 's parent company . 
[ Donaldson Lufkin ] Donaldson Lufkin declined to comment on the restructuring . 
[ Donaldson Lufkin ] [ Blackstone Group ] [ CNW ] According to some analysts familiar with the negotiations , the 10 % of equity would come directly from Donaldson Lufkin and a fund affiliated with the investment bank Blackstone Group , which would reduce their CNW equity holdings by 5 % each . 
[ Blackstone ] [ Donaldson Lufkin ] That would leave the Blackstone fund with a 60 % stake and Donaldson Lufkin with 15 % . 
[ RJR Capital Holdings Corp. ] [ Petrolane Gas Service Limited Partnership ] Junk bonds ended about one-half point higher with so-called high-quality issues from RJR Capital Holdings Corp. and Petrolane Gas Service Limited Partnership rising one point . 
[ Treasury ] In the Treasury market , the benchmark 30-year bond rose seven-eighths point , or $ 8.75 for each $ 1,000 face amount . 
[ Labor Department ] The Labor Department reported that consumer prices rose just 0.2 % last month , slightly lower than some economists had expected . 
[ Treasurys ] But there were also rumors yesterday that several Japanese institutional investors were shifting their portfolios and buying long-term bonds while selling shorter-term Treasurys . 
[ Short-term Treasury ] Short-term Treasury securities ended narrowly mixed , with two-year notes posting slight declines while three-year notes were slightly higher . 
[ Fed ] Yesterday , the Fed executed four-day matched sales , a technical trading operation designed to drain reserves from the banking system . 
[ Fed ] The move was interpreted by some economists as a sign that the Fed does n't want the federal funds rate to move any lower than the 8 3\/4 % at which it has been hovering around during the past week . 
[ Fed ] It is considered an early signal of Fed credit policy changes . 
[ Robert Chandross ] [ Lloyds Bank PLC ] They are telling us that  8 3\/4 %   is as low as they want to see the fed funds rate , '' said Robert Chandross at Lloyds Bank PLC . 
[ Treasury Securities ] Treasury Securities 
[ Treasury ] The discount rate on three-month Treasury bills rose to 7.56 % from 7.51 % Wednesday , while the rate on six-month bills rose to 7.57 % from 7.53 % . 
[ Treasury ] Meanwhile , the Treasury sold $ 9.75 billion of 52-week bills yesterday . 
[ July ] Yesterday 's yield was the lowest since 7.22 % on July 27 . 
[ RJR Capital Holdings Corp. ] [ Petrolane Gas Service Limited Partnership ] Dealers said junk bond issues on average were up by 1\/4 to 1\/2 point with so-called quality issues from RJR Capital Holdings Corp. and Petrolane Gas Service Limited Partnership posting one-point gains . 
[ Petrolane Gas Service ] [ RJR ] Petrolane Gas Service 's 13 1\/4 % debentures traded at 102 , after trading around par earlier this week , and RJR 's 13 1\/2 % subordinated debentures of 2001 were at 101 5\/8 after trading at below par earlier this week . 
[ Street ] Activity was brisk in the high-grade general obligation market , as a series of sell lists hit the Street and capped upward price movement in the sector . 
[ New Jersey Turnpike Authority ] New Jersey Turnpike Authority 's 7.20 % issue of 2018 was up 3\/8 at 98 3\/8 bid to yield about 7.32 % , down 0.03 percentage point . 
[ California ] [ Tuesday ] The debt of some California issuers pulled off lows reached after Tuesday 's massive earthquake , although traders said market participants remained cautious . 
[ California ] California expects to rely on federal emergency funds and its $ 1.06 billion in general fund reserves to meet the estimated $ 500 million to $ 1 billion in damages resulting from the quake , according to a state official . 
[ Cindy Katz ] [ California ] It 's also unclear precisely how the state will rebuild its reserve , said Cindy Katz , assistant director of California 's department of finance , although she noted that a bond offering for that purpose is n't anticipated . 
[ Virginia Public School Authority ] The largest sale in the competitive arena was a $ 55.7 million issue of school financing bonds from the Virginia Public School Authority . 
[ Securities ] Mortgage-Backed Securities 
[ Treasury ] [ Treasury ] Mortgage securities generally ended 6\/32 to 9\/32 point higher , but lagged gains in the Treasury market because of a shift in the shape of the Treasury yield curve and rumored mortgage sales by thrifts . 
[ Premium Government National Mortgage Association ] [ Congress ] Premium Government National Mortgage Association securities with coupon rates of 13 % and higher actually declined amid concerns about increased prepayments because of a plan being considered by Congress to speed the refinancing of government-subsidized mortgages . 
[ Ginnie Mae ] Ginnie Mae 13 % securities were down about 1\/4 at 109 30\/32 . 
[ Congress ] If the refinancing plan clears Congress , there could be fairly heavy prepayments on the premium securities , hurting any investor paying much above par for them . 
[ Treasury ] In the current-coupon sector , a shift in the Treasury yield curve resulting from the better performance of long-dated issues over short-dated securities hurt major coupons because it will become more difficult to structure new derivative securities offerings . 
[ Ginnie Mae ] [ Federal Home Loan Mortgage Corp. ] Ginnie Mae 9 % securities ended at 98 6\/32 , up 9\/32 , and Federal Home Loan Mortgage Corp. 9 % securities were at 97 10\/32 , up 6\/32 . 
[ Ginnie Mae ] [ Treasury ] The Ginnie Mae 9 % issue was yielding 9.42 % to a 12-year average life assumption , as the spread above the Treasury 10-year note widened 0.03 percentage point to 1.48 . 
[ Remic ] [ Treasury ] While Remic issuance may slow in the coming days because of the shift in the Treasury yield curve , underwriters continued to crank out new real estate mortgage investment conduits structured when the yield curve was more favorable . 
[ Freddie Mac ] Two new Remics totaling $ 900 million were announced by Freddie Mac yesterday . 
[ Exchequer ] British government bonds ended little changed as investors awaited an economic policy address last night by Chancellor of the Exchequer Nigel Lawson . 
[ Treasury ] The Treasury 11 3\/4 % bond due 2003\/2007 was down 2\/32 at 111 29\/32 to yield 10.09 % , while the 11 3\/4 % notes due 1991 were unchanged at 98 19\/32 to yield 12.94 % . 
[ Japan ] [ West Germany ] [ October ] In Japan , the bellwether No. 111 4.6 % bond of 1998 ended off 0.03 at 95.72 , to yield 5.32 % , and in West Germany , the 7 % benchmark issue due October 1999 ended 0.05 point lower at 99.85 to yield 7.02 % . 
[ Hoboken ] It may be straightforward -- he wants money for food -- or incredibly convoluted ; his sister is at this very moment near death in Hoboken , he has lost his wallet and has only $ 1.22 in change to put toward a bus ticket costing $ 3.83 , and wo n't you give him the difference ? 
[ Night Train Express ] Figuring that their money would more likely go toward a bottle of Night Train Express , most people have little trouble saying no to propositions like this . 
[ Council ] [ Better Business Bureaus ] State law enforcers can barely keep up with charity scams , and reports from watchdog groups such as the Council of Better Business Bureaus are not encouraging . 
[ Philanthropic Advisory Service ] [ BBB ] The Philanthropic Advisory Service of the BBB reviews hundreds of new charities every year , measuring them against minimum standards for accountability ; for accuracy and honesty in solicitation ; and for percentage of funds actually going to work for which the charity was supposedly established . 
[ Service ] The Service figures at least half of the money taken in should be spent on program . 
[ David Ormstedt ] [ Connecticut ] On this basis , `` there 's no way the average person can know a good charity from a bad one , '' says David Ormstedt , an assistant attorney general in Connecticut . 
[ Connecticut Association ] [ Concerned Veterans ] [ Vietnam Veterans Service Center ] Including those , he contends , who put about $ 1 million into the kitty for the Connecticut Association of Concerned Veterans and the Vietnam Veterans Service Center . 
[ Mr. Ormstedt ] [ Florida ] The state has sued these charities in state court , complaining that much of the money was grossly misspent ; 82 % , says Mr. Ormstedt , went to fund raisers and most of the rest to the people who ran the charities and to their relatives -- for fur coats , trips to Florida , Lucullan restaurant tabs . 
[ Shelton ] [ Conn. ] The telephone number for the charity in Shelton , Conn. , has been disconnected , and the former officials could n't be located . 
[ Arthritis Foundation ] [ American Cancer Society ] [ United ] [ America ] The Arthritis Foundation , the American Cancer Society and the United Way of America all say that they spend roughly 90 % of their income on programs , not overhead . 
[ Illinois ] [ Chicago ] [ Telesystems Marketing Inc. ] The state of Illinois is suing the charity for fraud in Chicago , along with Telesystems Marketing Inc. , its Houston-based fund raiser . 
[ Michael Burns ] [ Telesystems ] [ National ] Michael Burns , president of Telesystems , says his concern has only benefited from the publicity surrounding the case , noting that three other charities have signed on as clients because they were impressed with the amount he raised for National Children 's . 
[ U.S. Supreme Court ] State laws previously used as a yardstick minimum percentages of income -- usually half -- that had to be spent on the program rather than overhead , but these have been overturned by the U.S. Supreme Court . 
[ Connecticut ] The attorney general 's office in Connecticut alone has put seven of them out of business over the past couple of years , and the enforcement drive is continuing there and elsewhere . 
[ Illinois ] Illinois , for instance , currently has under investigation 10 of the 30 companies drumming up funds for charities soliciting there . 
[ Illinois ] [ Watson & Hughey Co. ] [ Alexandria ] [ American Heart Disease Foundation ] [ Cancer Fund ] [ America ] Attorneys general in several states , including Illinois , are already suing Watson & Hughey Co. , an Alexandria , Va.-based outfit that they say has used deceptive sweepstakes ads to solicit donations for the American Heart Disease Foundation and the Cancer Fund of America . 
[ Illinois ] [ Watson & Hughey ] According to the Illinois attorney general 's suit , Watson & Hughey sent mailings indicating that recipients were guaranteed cash prizes , and could win up to an additional $ 1,000 on top of them , if they contributed as little as $ 7 . 
[ Illinois ] The suit is still pending in Illinois state court . 
[ Watson & Hughey ] Watson & Hughey has denied the allegations in court ; officials decline to comment further . 
[ William Webster ] [ Missouri ] `` All too often this will merely be a statement on the solicitation such as , ` Do n't smoke ! ' or ` Wear suntan lotion , ' `` says William Webster , attorney general of Missouri . 
[ Mr. Webster ] [ United Cancer Council ] Mr. Webster cites a four-page mailing from the United Cancer Council that offers a chance to win $ 5,000 in gold bullion to those giving as little as $ 5 to cancer education . 
[ Washington ] Officials at the Washington D.C.-based charity did n't return repeated phone calls . 
[ American Heart Association ] Most of them do n't last for long , but in the meantime all we can do is tell people they are n't connected with us , '' says a spokeswoman for the American Heart Association . 
[ Rockford ] [ Ill. ] [ Mothers ] A couple in Rockford , Ill. , raised $ 12,591 earlier this year using the name and logo of Mothers Against Drunk Driving , without permission from the group . 
[ MADD ] MADD did n't learn of the fund raising until the couple sent it a check for $ 613 , along with a letter saying that was the charity 's `` share . '' 
[ Illinois Attorney General ] [ MADD ] The Illinois Attorney General won a court order to prevent the couple from raising further funds without MADD 's permission . 
[ Rockford ] The couple could n't be reached for comment and apparently have left Rockford , law enforcement officials report . 
[ Denise McDonald ] [ MADD ] Denise McDonald , a spokeswoman for MADD , says , `` It 's scary , because anybody could do this . '' 
[ Mr. Johnson ] [ Wall Street Journal ] Mr. Johnson is a staff reporter in The Wall Street Journal 's Chicago bureau . 
[ Airways PLC ] [ UAL Corp. ] [ United Airlines ] British Airways PLC , a crucial participant in the proposed buy-out of UAL Corp. , washed its hands of the current efforts to revive a bid for the parent of United Airlines . 
[ UAL ] Specifically , the British carrier said it currently has no plans to participate in any new offer for UAL . 
[ British Air ] In addition , British Air officially withdrew its support for the previous $ 300-a-share bid in a terse statement that said `` the original deal is closed . '' 
[ Airways ] [ UAL ] [ Friday ] [ UAL ] Company officials said later that British Airways believes its involvement in the UAL buy-out ended last Friday when the buy-out group , which also includes UAL 's management and pilot union , failed to obtain financing for the $ 6.79 billion transaction . 
[ UAL ] The carrier stopped short of saying it would n't at some point reconsider participating in any new bid for UAL . 
[ UAL ] Collectively , the statements raised questions about whether a new bid for UAL will ever get off the ground . 
[ Friday ] The transaction has had a series of setbacks since the financing problems became known last Friday , with no signs or statements from the buy-out group to indicate that any progress has taken place . 
[ British Air ] [ United ] However , in response to the British Air decision , United 's pilot union vowed to continue efforts to revive the buy-out . 
[ Chairman Frederick C. Dubinsky ] [ UAL ] [ New York ] [ UAL ] Pilot union Chairman Frederick C. Dubinsky said advisers to UAL management and the union will begin meeting in New York today and will work through the weekend to devise a new proposal to present to UAL 's board `` at the earliest time possible . '' 
[ British Air ] Pilot union advisers appeared confident that a new bid could go forward even without British Air 's participation . 
[ UAL ] [ British Air ] UAL declined to comment on British Air 's statement . 
[ UAL Chairman Stephen M. Wolf ] UAL Chairman Stephen M. Wolf , who is leading the management end of the buy-out , has n't provided investors with any assurances about the prospect of a new deal . 
[ United ] [ Treasury Department ] In another setback yesterday , United 's machinist union asked the Treasury Department to investigate whether certain aspects of the original buy-out proposal violated tax laws . 
[ Securities and Exchange Commission ] [ Transportation Department and Labor Department ] In an effort to derail the buy-out , the union has already called for investigations by the Securities and Exchange Commission , Transportation Department and Labor Department . 
[ United ] The United flight-attendants union agreed to negotiations that could lead to the flight attendants contributing concessions to a revived bid in exchange for an ownership stake . 
[ Airways ] [ British Air ] Still , without the assurance of British Airways ' financial backing , it will be tougher for the buy-out group to convince already-reluctant banks to make loan commitments for a revised bid , especially since British Air 's original investment represented 78 % of the cash equity contribution for the bid . 
[ British Air ] [ UAL ] [ UAL ] [ UAL ] Under the previous plan , British Air would have received a 15 % stake in UAL in exchange for a $ 750 million equity investment , with a 75 % stake going to UAL employees and 10 % to UAL management . 
[ British Air ] [ Lord King ] [ British Air ] British Air officials said the airline 's chairman , Lord King , was concerned about news reports indicating that British Air might be willing to participate in a bid that included a lower purchase price and better investment terms for the British carrier . 
[ British Air ] [ Derek Stevens ] [ UAL ] The previous reports were based on remarks by British Air 's chief financial officer , Derek Stevens , who said any revised bid would have to include a lower purchase price to reflect the sharp drop in UAL 's stock in the past week . 
[ UAL ] [ New York Stock Exchange ] UAL stock dropped $ 1.625 yesterday to $ 190.125 on volume of 923,500 shares in composite trading on the New York Stock Exchange . 
[ UAL ] [ British Air ] UAL declined to comment on British Air 's statement . 
[ Dow Jones Professional Investor Report ] [ Mr. Stevens ] In an interview Wednesday with Dow Jones Professional Investor Report , Mr. Stevens said , `` We 're in no way committed to a deal going through at all . 
[ British Air ] Indeed , British Air seemed to be distancing itself from the troubled transaction early in an effort to avoid any further embarrassment . 
[ British Air ] `` The  buy-out   consortium ceased to exist because our American partners were not capable of organizing the financing , '' a British Air spokesman said . 
[ Airways ] [ Transportation Department ] [ Northwest ] [ KLM Royal ] [ Airlines ] British Airways may have begun to have second thoughts about the transaction after the Transportation Department forced Northwest 's Airlines ' new owners to restructure the equity contribution of KLM Royal Dutch Airlines in that carrier . 
[ Northwest ] [ U.S. ] Most of the department 's statements since the Northwest transaction indicated it planned to curtail foreign ownership stakes in U.S. carriers . 
[ British Air ] [ Chicago ] Even before British Air 's announcement , pilot union leaders had been meeting in Chicago yesterday to consider their options . 
[ Lazard Freres & Co. ] [ Paul ] [ Weiss ] [ Rifkind Wharton & Garrison ] The leaders expressed support for trying to revive the bid following a briefing Wednesday by the union 's advisers , Lazard Freres & Co. and Paul , Weiss , Rifkind Wharton & Garrison . 
[ Mr. Dubinsky ] They also unanimously re-elected Mr. Dubinsky , the union chairman who has led the pilots ' 2 1\/2-year fight to take control of the airline . 
[ UAL ] UAL 's advisers have indicated previously that it may take a while to come forward with a revised plan since they want to have firm bank commitments before launching a new bid . 
[ Citicorp ] [ Chase Manhattan Corp. ] The buy-out fell through after Citicorp and Chase Manhattan Corp. , the lead banks in the transaction , failed to obtain $ 7.2 billion in financing needed for the plan . 
[ Italy ] [ June ] [ Istat ] Italy 's industrial wholesale sales index rose 13.2 % in June from a year earlier , the state statistical institute Istat said . 
[ June ] [ May ] The June increase compared with a rise of 10.5 % in May from a year earlier . 
[ Istat ] Domestic wholesale sales rose 11.9 % from a year earlier , while foreign sales jumped 17.3 % , Istat said . 
[ Senate Democrats ] [ President Bush ] Senate Democrats favoring a cut in the capital-gains tax have decided , under pressure from their leaders , not to offer their own proposal , placing another obstacle in the path of President Bush 's legislative priority . 
[ Senate Majority Leader George Mitchell ] [ D. ] [ Maine ] But Senate Majority Leader George Mitchell  D. , Maine   , a vigorous opponent of the capital-gains tax cut , called the group to meet with him Wednesday night and again yesterday . 
[ Sen. Mitchell ] Sen. Mitchell urged them to desist . 
[ Democrats ] Afterward , leaders of the dissident Democrats relented , and said they would n't offer their own proposal as they had planned . 
[ President Bush ] [ Democrats ] [ Senate ] The decision is a setback for President Bush , who needs the support of Democrats to pass the tax cut through the Democratic-controlled Senate . 
[ Democrats ] Having a proposal sponsored by Democrats would have given the president an advantage . 
[ Republican ] Having only a Republican measure makes the task harder . 
[ Sen. Bob Packwood ] [ R. ] [ Ore. ] [ Republican ] Still , Sen. Bob Packwood  R. , Ore.   , the lead sponsor of the Republican capital-gains amendment , predicted that the tax cut would be enacted this year . 
[ Sen. Mitchell ] [ Democrats ] But Sen. Mitchell , buoyed by his victory among fellow Democrats , strongly disagreed . 
[ Mr. Mitchell ] Mr. Mitchell has been predicting that the president 's initiative would fail this year . 
[ Democrats ] Yesterday , in an interview , he added that the Democrats ' decision `` increases the likelihood that a capital-gains tax cut will not pass this year . '' 
[ Mr. Mitchell ] [ Senate ] Mr. Mitchell 's first victory came last week , when the Senate passed a deficit-reduction bill that did n't contain a capital-gains provision . 
[ House and Senate ] That vote made it unlikely that a capital-gains tax cut would be included in the final bill , now being drafted by House and Senate negotiators . 
[ House ] The House version of the bill does include the tax cut . 
[ Republican ] Now Republican leaders are concentrating on attaching a capital-gains amendment to some other bill , perhaps a measure raising the federal borrowing limit or a second tax bill that would follow on the heels of the deficit-reduction legislation . 
[ President Bush ] [ White House ] To help lay the groundwork for that fight , President Bush plans early next week to meet at the White House with some 20 Democratic senators who favor cutting the capital-gains tax or are undecided on the issue . 
[ Sen. Packwood ] [ Democrats ] The president apparently will have only one bill to push , Sen. Packwood 's , and at least some of the dissident Democrats plan to support it . 
[ Sen. David Boren ] [ D. ] [ Okla. ] [ Democrats ] `` I may want to offer additional amendments to improve it when the bill comes to the floor , '' said Sen. David Boren  D. , Okla.   , a leader of those Democrats . 
[ Packwood ] The Packwood plan , as expected , would allow individuals to exclude from income 5 % of the gain from the sale of a capital asset held for more than one year . 
[ Oct. ] The exclusion would apply to assets sold after Oct. 1 . 
[ Packwood ] [ Sen. William Roth ] [ R. ] [ Del. ] The Packwood plan also would include a proposal , designed by Sen. William Roth  R. , Del.   , that would create new tax benefits for individual retirement accounts . 
[ Roth ] [ IRA ] The Roth plan would create a new , non-deductible IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home , education expenses and medical expenses . 
[ Westmoreland Coal Co. ] Westmoreland Coal Co. , realizing benefits of a sustained effort to cut costs and boost productivity , reported sharply improved third-quarter results . 
[ Pemberton Hutchinson ] In an interview , Pemberton Hutchinson , president and chief executive , cited several reasons for the improvement : higher employee productivity and `` good natural conditions '' in the mines , as well as lower costs for materials , administrative overhead and debt interest . 
[ Mr. Hutchinson ] In the latest nine months , Mr. Hutchinson said , total coal sales rose to about 14.6 million tons from about 14.3 million tons a year earlier . 
[ Jan. ] In addition , long-term debt has been trimmed to about $ 72 million from $ 96 million since Jan. 1 . 
[ Westmoreland ] [ Appalachia ] Westmoreland 's strategy is to retain and expand its core business of mining and selling low-sulphur coal in the Appalachia region . 
[ Ohio River ] [ Newport News ] [ Va ] The operating territory includes coal terminals on the Ohio River and in Newport News , Va . 
[ Westmoreland ] Westmoreland exports about a fourth of its coal tonnage , including a significant amount of metallurgical coal produced by others that is used by steelmakers overseas . 
[ Westmoreland ] For the past couple of years , Westmoreland has undertaken an aggressive streamlining of all aspects of its business . 
[ Mr. Hutchinson ] `` I think the ship is now righted , the bilges are pumped and we are on course , '' Mr. Hutchinson said of the restructuring program . 
[ Westmoreland ] But he cautioned that Westmoreland 's third quarter is typically better than the fourth , so investors `` should n't just multiply the third quarter by four '' and assume the same rate of improvement can be sustained . 
[ Mr. Hutchinson ] [ Westmoreland ] Nevertheless , Mr. Hutchinson predicted that 1989 would be `` solidly profitable '' for Westmoreland and that 1990 would bring `` more of the same . '' 
[ Westmoreland Energy Inc. ] [ Virginia ] In a move that complements the company 's basic strategy , its Westmoreland Energy Inc. unit is developing four coal-fired cogeneration plants with a partner in Virginia . 
[ Westmoreland ] Some of the coal the plants buy will come from Westmoreland mines . 
[ Mr. Hutchinson ] Mr. Hutchinson predicted that the unit 's contribution to company results in the 1990s `` will be exciting . '' 
[ Westmoreland ] [ Mississippi River ] He said Westmoreland is looking at investment stakes in other cogeneration plants east of the Mississippi River . 
[ Westmoreland ] Westmoreland expects energy demand to grow annually in the 2.5 % range in the early 1990s . 
[ Mr. Hutchinson ] `` We see coal 's piece of the action growing , '' Mr. Hutchinson said . 
[ Coal ] `` Coal prices , while not skyrocketing , will grow modestly in real terms , we think . 
[ Chase Manhattan Corp. ] [ Manhattan ] Chase Manhattan Corp. , after trying unsuccessfully to sell its interest in its lower Manhattan operations building , has exercised its option to purchase the 50-story office tower . 
[ Chase ] [ New York Plaza ] [ Sol Atlas ] Chase had purchased an option to buy the building at One New York Plaza for an undisclosed sum from the late Sol Atlas as part of its original lease in 1970 . 
[ Chase ] [ Brooklyn ] The building houses about 4,500 Chase workers , most of whom will be moved to downtown Brooklyn after the bank 's new back office center is completed in 1993 . 
[ Chase ] The move is part of Chase 's strategy to consolidate its back offices under one roof . 
[ Chase Manhattan Plaza ] The headquarters is located a few blocks away at 1 Chase Manhattan Plaza . 
[ Chase ] [ Atlas ] [ October ] As part of its decision to leave the building , Chase tried to sell its interest , along with the Atlas estate 's interest , shortly after the October 1987 stock market crash . 
[ Chase Senior Vice President George Scandalios ] Chase Senior Vice President George Scandalios said the bank decided to exercise its option after bids fell short of expectations . 
[ Chase ] [ Atlas ] He said Chase and the Atlas estate were looking to sell the entire building for $ 400 million to $ 475 million , but did n't get an offer for more than $ 375 million . 
[ Chase ] As the building 's new owner , Chase will have its work cut out for it . 
[ Chase ] [ Salomon Brothers Inc. ] Chase is vacating 1.1 million square feet of space , and Salomon Brothers Inc. , whose headquarters is in the building , also plans to move shortly . 
[ Thomson McKinnon Inc. ] In addition , another major building tenant , Thomson McKinnon Inc. 's Thomson McKinnon Securities , likely will vacate the premises as part of its liquidation . 
[ New York ] [ Edward S. Gordon Co. ] New York real estate brokerage Edward S. Gordon Co. will have the difficult task of finding new tenants . 
[ New York ] Even with its striking views of the New York harbor , the building is considered antiquated by modern office standards . 
[ Chase ] And Chase will have to spend approximately $ 50 million to remove asbestos from the premises . 
[ WALL STREET ] [ George Orwell ] WALL STREET , SHAKE hands with George Orwell . 
[ Newspeak ] The author of the futuristic novel `` 1984 '' invented a language called Newspeak that made it impossible to fully develop a heretical thought -- that is , anything negative about the policies and practices of the state . 
[ Wall Street ] Wall Street has n't gotten that far yet , but it has made a promising start . 
[ Dow Jones Industrial Average ] [ Oct. ] In their lexicon the 508-point collapse in the Dow Jones Industrial Average on Oct. 19 , 1987 , was just a big blip . 
[ Streetspeak ] [ New York Stock Exchange Chairman John Phelan ] Trotting out a much-beloved Streetspeak term , New York Stock Exchange Chairman John Phelan recently declared that history would record the event as only `` a major technical correction . '' 
[ English ]  Another much-beloved saying , however , this one in plain English , holds that if something walks like a duck and quacks like a duck , it is a duck . 
[ Oct. ] [ DJ ] On Oct. 29 , 1929 -- a date historians stubbornly insist on associating with the dreaded C-word -- the DJ industrials fell 12.8 % . 
[ New ] [ Morgan Stanley & Co. ] Of the major New York-based securities firms , only Morgan Stanley & Co. still calls its salespeople brokers . 
[ Merrill Lynch & Co. ] [ Shearson Lehman Hutton Inc. ] At Merrill Lynch & Co. and Shearson Lehman Hutton Inc. , they are `` financial consultants . '' 
[ Drexel Burnham Lambert Inc. ] [ Prudential Bache Securities ] [ Dean Witter Reynolds Inc. ] At Drexel Burnham Lambert Inc. , Prudential Bache Securities , and Dean Witter Reynolds Inc. , they are `` account executives . '' 
[ PaineWebber Inc. ] At PaineWebber Inc. , they are `` investment executives . '' 
[ Dean Witter ] `` It s almost product de jour , '' grouses one account executive at Dean Witter . 
[ Treasury ] Indeed , conservative investors , many of them elderly , have poured more than $ 50 billion into such funds , which promise fatter yields than ordinary Treasury bonds -- only to learn later that these funds use part of their money to dabble in high-risk bond options , a gambler 's game . 
[ Wall Street ] When a certain class of investment performs so poorly that its reputation is tarnished , look for Wall Street to give it a new moniker . 
[ American Telephone & Telegraph Co. ] American Telephone & Telegraph Co. , for one , is still a favorite of widows , orphans and trust departments -- but shorn of its regional telephone units and exposed to competition on every side , it is a far different investment prospect than it was before divestiture . 
[ Larry Biehl ] [ San Mateo ] [ Calif. ] Larry Biehl , a money manager in San Mateo , Calif. , blames that on the advent of program trading , in which computers used by big institutional investors are programmed to buy and sell big blocks when certain market conditions prevail . 
[ Mr. Biehl ] Now , says Mr. Biehl , value investing often means `` looking for downtrodden companies with terrible management that are in real trouble . '' 
[ Ms. Bettner ] [ Wall Street Journal ] Ms. Bettner covers personal finance from The Wall Street Journal 's Los Angeles bureau . 
[ U.S. Treasury ] [ LDC ] -- For the past several years , the banks , lacking a private navy to enforce their interests , have been pressuring the U.S. Treasury to underwrite their bad LDC credits . 
[ Treasury ] [ Brady Plan ] -- The Treasury wisely has refused , but has concluded that indirect credit support through various multinational agencies should be made available for a price : either debt reduction or debt-service reduction or new loans  the Brady Plan   . 
[ George A. Wiegers ] George A. Wiegers 
[ Gillette Co. ] [ Warren E. Buffett ] [ Berkshire Hathaway Inc. ] Gillette Co. elected Warren E. Buffett , chairman of Berkshire Hathaway Inc. , to its board , increasing the number of directors to 12 from 11 . 
[ Berkshire Hathaway ] [ Gillette ] [ Gillette ] [ Mr. Buffett ] Berkshire Hathaway earlier this year bought $ 600 million of preferred stock in Gillette that is convertible into an 11 % stake , and Gillette said at the time that Mr. Buffett would be added to the board . 
[ Gillette ] Separately , Gillette said its third-quarter earnings rose 2 % to $ 65.2 million , or 57 cents a share , from $ 63.9 million , or 57 cents a share , in the year-earlier period ; per-share earnings remained flat despite an increase in net income in part because the company paid a $ 10.4 million dividend on the new preferred stock in the period . 
[ Gillette ] For the nine months , Gillette 's net income declined 1 % to $ 205.3 million , or $ 2.02 a share , from $ 207 million , or $ 1.82 a share , in the 1988 period . 
[ New York Stock Exchange ] In composite trading on the New York Stock Exchange , the company closed yesterday at $ 45.50 a share , up 25 cents . 
[ Walter Yetnikoff ] [ Sony Corp. ] [ Peter Guber ] [ Sony ] [ Columbia Pictures ] [ Mr. Guber ] When Walter Yetnikoff , the president of Sony Corp. 's CBS Records , last month told producer Peter Guber that Sony was about to make a $ 3.4 billion bid for Columbia Pictures and needed someone to run the studio , Mr. Guber jumped at the chance . 
[ New York ] [ Tokyo ] [ Sony ] Within two days , he was on his way to New York and Tokyo to meet with top brass at Sony . 
[ Sony ] [ Mr. Guber ] [ Jon Peters ] And before the week was out , Sony had offered Mr. Guber and his partner , Jon Peters , the most lucrative employment contracts in the history of the movie business . 
[ Sony ] [ Columbia ] [ Guber Peters Entertainment Co. ] Not only that , Sony also agreed to give them a stake in Columbia 's future profits and buy their company , Guber Peters Entertainment Co. , for $ 200 million , almost 40 % more than the market value of the company . 
[ Warner Bros. ] [ Batman ] Just seven months earlier , they had signed a five-year exclusive contract to make movies for Warner Bros. for which they had just produced the smash hit `` Batman . '' 
[ Mr. Guber ] [ Warner Communications Inc. ] [ Steven Ross ] [ Sony ] But Mr. Guber figured that Warner Communications Inc. chairman Steven Ross , would empathize and let the producers go , knowing the Sony offer was `` the culmination of a life 's work . '' 
[ Warner ] [ Time Inc. ] [ Los Angeles Superior Court ] [ Sony ] [ Guber Peters ] Last week , following fruitless settlement talks , Warner , now merging with Time Inc. , filed a $ 1 billion breach of contract suit in Los Angeles Superior Court against both Sony and Guber Peters . 
[ Sony ] [ Warner ] [ U.S. ] Sony promptly countersued , charging Warner with trying to sabotage its acquisitions and hurt its efforts to enter the U.S. movie business . 
[ Sony ] [ World War III ] The accusations of lying and duplicity are flying thick and fast on both sides : As one Sony executive puts it , `` It 's World War III . '' 
[ Hollywood ] That two successful producers who are n't all that well known outside Hollywood could occasion such a clash of corporate titans suggests how desperate the quest for proven talent is in the movie business . 
[ Mr. Guber ] [ Boston ] [ New York ] Mr. Guber was raised in Boston and educated in New York . 
[ Mr. Peters ] [ Barbra Streisand ] Mr. Peters is a high-school dropout who came to fame as Barbra Streisand 's hairdresser . 
[ Hollywood ] Yet , they are far and away the most prolific producers in Hollywood . 
[ Warner ] That is a skill Sony badly needs -- and Warner is loath to lose . 
[ Columbia ] [ Ghostbusters II ] [ Harry ] [ Sally ] [ Warner ] [ Paramount Pictures ] [ Walt Disney Co. ] [ Universal Studios ] [ Columbia ] Although Columbia had a good summer with `` Ghostbusters II '' and `` When Harry Met Sally , '' rivals such as Warner , Paramount Pictures , Walt Disney Co. and Universal Studios have been thrashing Columbia at the box office . 
[ Columbia ] After five years of management turmoil , with four different studio heads , Columbia sorely needs a stable , savvy team to restore its credibility and get it back in the business of making hits . 
[ Mr. Guber ] [ Mr. Peters ] [ Hollywood ] Mr. Guber and Mr. Peters are n't universally loved in Hollywood but they are well connected . 
[ Mr. Guber ] [ Mr. Peters ] [ Flashdance ] [ Color Purple ] Sometimes Mr. Guber and Mr. Peters do little more than grab the first draft of a screenplay for a `` Flashdance , '' or buy rights to a best seller such as `` The Color Purple . '' 
[ MGM\/UA ] [ Messrs. Guber and Peters ] With MGM\/UA 's `` Rainman , '' for instance , Messrs. Guber and Peters had virtually nothing to do with day-to-day production , but their names still appear in big letters on the credits , and they are inevitably associated with its success . 
[ Batman ] Sometimes , as with `` Batman , '' the pair really do make the film . 
[ Guber Peters ] [ London ] In that case , Guber Peters acquired the rights in 1979 , nursed the movie through a dozen scripts , and were on the set in London for 11 months hovering over the most minute changes in casting and production . 
[ Brian De Palma ] [ Guber Peters ] [ Warner ] [ Tom Wolfe ] `` They 're the best production talent around , '' says Brian De Palma , beholden to Guber Peters for hiring him to direct the Warner movie of Tom Wolfe 's novel `` Bonfire of the Vanities . '' 
[ Mr. De Palma ] And when you 're making a movie this big , you need all the help you can get , '' Mr. De Palma adds . 
[ Warner ] [ Mr. Guber ] [ Mr. Peters ] [ Caddyshack II ] Warner executives blame Mr. Guber 's and Mr. Peters 's lack of involvement in `` Caddyshack II '' for casting and production problems and the film 's ultimate dismal failure . 
[ Mr. Peters ] `` We 've had a few bombs , '' admits Mr. Peters . 
[ Columbia ] He says his company 's prowess at packaging and marketing `` is why we 'll be good at Columbia . 
[ Hollywood ] [ Mr. Guber ] Longtime Hollywood associates describe Mr. Guber as the intellectual powerhouse of the two , a man with a flair for deal-making and marketing . 
[ Peter ] [ Hollywood ] [ Robert Bookman ] [ Creative Artists Agency ] `` Peter is a major piece of Hollywood manpower who has really earned his success , '' says Robert Bookman , an agent at Creative Artists Agency . 
[ Mark Johnson ] [ Rainman ] Mark Johnson , the producer of `` Rainman , '' chimes in : `` He has a great ability to hire terrific people and delegate authority ... . 
[ Mr. Peters ] [ Hollywood ] Mr. Peters , on the other hand , has fewer fans in Hollywood , and his detractors like to characterize him as something of a hot-tempered bully . 
[ Barbra Streisand ] Barbra Streisand made him famous . 
[ Star ] [ Main ] He came to produce her records and her movies -- `` A Star Is Born '' and `` The Main Event . '' 
[ Mr. Peters ] [ Kim Basinger ] [ Batman ] Thrice married but now single , Mr. Peters got plenty of ink last summer for an on-set romance with actress Kim Basinger during the making of `` Batman . '' 
[ Mr. Guber ] Mr. Guber , by contrast , has been married to one woman for more than 20 years . 
[ Hollywood ] But for all their intellectual and stylistic differences , they make the perfect `` good cop , bad cop '' team , Hollywood associates say . 
[ Peter ] `` Peter is the bright , sympathetic guy when you 're doing a deal , '' says one agent . 
[ Peter ] `` If there 's a problem , Peter disappears , and all of a sudden Jon shows up . '' 
[ Mr. Guber ] [ Mr. Peters ] [ Hollywood ] Mr. Guber and Mr. Peters rub many people in Hollywood the wrong way . 
[ Producers Don Simpson and Jerry Bruckheimer ] [ Flashdance ] [ Messrs. Guber and Peters ] Producers Don Simpson and Jerry Bruckheimer , who shepherded `` Flashdance '' through several scripts and ultimately produced the movie , bristle when Messrs. Guber and Peters take credit for the film . 
[ Mr. Simpson ] Says Mr. Simpson : `` The script was unreadable . 
[ Roger Birnbaum ] [ Guber Peters ] [ United Artists ] [ Rainman ] [ Batman ] When Roger Birnbaum , an executive who worked for Guber Peters in the early 1980s , left to take a job as head of production at the United Artists studio , they made him forfeit all credits and financial interest in the films he had helped develop , including `` Rainman '' and `` Batman . '' 
[ Mr. Peters ] [ Mr. Guber ] [ Warner ] Mr. Peters acknowledges that and says it 's not unlike the situation he and Mr. Guber are in with Warner . 
[ Roger ] [ Mr. Peters ] `` I was upset with Roger , I fumpered and schmumpered , '' says Mr. Peters . 
[ Mr. Birnbaum ] [ Guber Peters ] [ Hollywood ] Still , Mr. Birnbaum says his relationship with Guber Peters was `` one of the most successful I 've had in Hollywood . '' 
[ Jon ] [ Peter ] [ Mr. Birnbaum ] [ News Corp. ] The two `` have a wonderful chemistry -- Jon is very impulsive , and Peter is very compulsive , '' adds Mr. Birnbaum , who is now head of production at News Corp. 's 20th Century Fox Film Co . 
[ Jon Peters ] `` Jon Peters will come barreling into a room , say he 's got a great idea , and be gone . 
[ Peter ] Peter will take the kernel of that idea and make it grow into something specific ... . '' 
[ Mr. Birnbaum ] [ Mr. Guber ] [ Mr. Peters ] [ Dian Fossey ] [ Gorillas ] [ Mist ] Mr. Birnbaum recalls that Mr. Guber and Mr. Peters shifted into high gear a few years back upon learning that they had competition for the story of the murdered naturalist Dian Fossey , which became `` Gorillas in the Mist . '' 
[ Rwanda ] [ Dian Fossey ] He says , `` Within a few weeks , we made deals with the government of Rwanda and everyone who had ever met or talked to Dian Fossey . 
[ Peter ] I think Peter even made some deals with the gorillas . '' 
[ Universal Studios ] [ Guber Peters ] [ Warner ] Universal Studios was working on a competing film , but the studio and its producers ultimately agreed to co-produce the film with Guber Peters and Warner . 
[ Guber Peters ] [ Robert Redford ] [ Ted Turner ] [ Chico Mendes ] [ Amazon ] More recently , Guber Peters beat out a dozen other producers , reportedly including Robert Redford and Ted Turner , for rights to the life story of Chico Mendes , the murdered Brazilian union leader who fought developers in the Amazon rain forest . 
[ Messrs. Guber and Peters ] [ Gorillas ] [ Mist ] Messrs. Guber and Peters assiduously courted the man 's widow for months , showing her a tape of `` Gorillas in the Mist '' to impress her with the quality of their work . 
[ Money ] Money helped , too . 
[ Chico Mendes Foundation ] Some of the money will go to the Chico Mendes Foundation , but it is n't earmarked for groups trying to save the rain forest .   
[ Sony ] [ Mr. Guber ] [ Mr. Peters ] It 's hardly astonishing  given the men 's track record   that Sony wants Mr. Guber and Mr. Peters . 
[ Hollywood ] [ Sony ] [ Warner ] But it is puzzling to some Hollywood executives that Sony rushed to hire them without clearing up the Warner situation first . 
[ Sony ] [ Mr. Guber ] [ Mr. Peters ] [ Warner ] Some note that Sony might have saved itself some trouble by just hiring Mr. Guber and letting Mr. Peters stay on to fulfill the Warner contract . 
[ Guber ] [ Peters ] [ Steven Tisch ] [ Mr. Guber ] But though `` people in town may ask why Guber needs Peters , it 's good to have a partner , and obviously the chemistry works , '' says Steven Tisch , a producer who once worked for Mr. Guber . 
[ Peter and Jon ] In the case of Peter and Jon , the ink has been very , very black . '' 
[ Mr. Guber ] [ Columbia ] Mr. Guber got his start in the movie business at Columbia two decades ago . 
[ New York University ] [ Driver ] [ Tommy ] [ Shampoo ] Recruited from New York University 's MBA program , he rose within two years to head of production , overseeing such films as `` The Way We Were , '' `` Taxi Driver , '' `` Tommy '' and `` Shampoo . '' 
[ Neil Bogart ] [ Casablanca Records and Filmworks ] [ Polygram Pictures ] [ Deep ] [ Midnight Express ] In 1976 , he teamed up with record producer Neil Bogart in Casablanca Records and Filmworks -- later called Polygram Pictures -- where they produced such hits as as `` The Deep , '' and `` Midnight Express . '' 
[ Mr. Guber ] [ Mr. Peters ] [ Mr. Bogart ] In 1980 , Mr. Guber got together with Mr. Peters , by then a successful producer in his own right , after the death of Mr. Bogart . 
[ Guber Peters ] [ Warner and ] While Guber Peters produced a number of hits for Warner and others , their record was n't always so impressive . 
[ Legend ] [ Billie Jean ] [ VisionQuest ] [ Clue ] [ Clan ] [ Cave Bear ] Among their clinkers were `` The Legend of Billie Jean , '' `` VisionQuest , '' `` Clue '' and `` Clan of the Cave Bear . '' 
[ Warner ] And the failures make it possible for Warner in its current lawsuit to paint the producers as ingrates . 
[ Warner ] The studio says it stuck with them `` even in the early years when the creative partnership was not particularly profitable for Warner . '' 
[ Mr. Guber ] [ Goliath ] [ Time Warner ] Mr. Guber replies that `` this is a Goliath , this Time Warner , trying to chew up two fellows who have done only well for them for a long period of time . '' 
[ Mr. Guber ] [ Mr. Peters ] [ Warner ] [ Warner ] [ Sony ] Mr. Guber and Mr. Peters maintain that executives at Warner have always known of their ambitions to run a major entertainment powerhouse , but that Warner never felt threatened until they linked up with Sony . 
[ Mr. Guber ] `` From the beginning ,  they   knew we had a goal and a dream , '' says Mr. Guber . 
[ Warner ] [ Guber Peters ] On a number of occasions , he adds , he tried to get Warner to buy Guber Peters outright . 
[ Mr. Guber ] `` They always listened , but they never acted , '' Mr. Guber says . 
[ Mr. Guber ] [ Mr. Peters ] [ Barris Entertainment ] [ Giant Industries Inc. Chairman Burt Sugarman ] In 1987 , Mr. Guber and Mr. Peters contributed their company 's assets in exchange for a 28 % stake in Barris Entertainment , a small-fry TV production company controlled by Giant Industries Inc. Chairman Burt Sugarman . 
[ July ] [ Warner ] [ Messrs. Guber ] [ Peters and Sugarman ] [ MGM\/UA ] In July a year later , Warner agreed to release the producers from their old contract when Messrs. Guber , Peters and Sugarman made a $ 100 million offer to buy 25 % of MGM\/UA . 
[ Mr. Guber ] [ Mr. Peters ] [ MGM ] [ Warner Bros ] Mr. Guber and Mr. Peters planned to run the nearly dormant MGM studio , and the two even tried to interest Warner Bros . ' President Terry Semel in becoming a partner after he advised them on the deal . 
[ MGM ] But the MGM plan collapsed just two weeks later . 
[ Mr. Guber ] [ Mr. Peters ] Mr. Guber and Mr. Peters say they got a look at the books and balked at the price . 
[ Mr. Sugarman ] Their relationship with Mr. Sugarman soured shortly thereafter . 
[ Last May ] [ Barris ] [ Barris ] [ Guber Peters Entertainment Co ] Last May , he sold his 24 % stake in Barris to a passive Australian investor and Barris was renamed Guber Peters Entertainment Co . 
[ Mr. Guber ] [ Mr. Peters ] [ Warner ] Meanwhile , Mr. Guber and Mr. Peters had agreed to extend their Warner agreement with the new five-year exclusive contract . 
[ Columbia ] [ Columbia ] But it paled by comparison to what Sony was to offer last month : the chance , at last , to run a major studio , about $ 50 million in deferred compensation , up to 10 % of Columbia 's future cash flow , 8 % of the future appreciation of Columbia 's market value , and annual salaries of $ 2.7 million for each . 
[ Guber Peters ] The producers ' 28 % share of publicly held Guber Peters would net them an additional $ 50 million . 
[ Sony ] [ Warner ] Sony also agreed to indemnify the producers against any liability to Warner . 
[ Sony ] Sony is paying a hefty price for a company that had revenue of only $ 42 million last year . 
[ Batman ] [ Guber Peters ] In the the latest quarter , thanks in part to `` Batman , '' Guber Peters earned $ 5.8 million , or 50 cents a share , compared to a loss of $ 6.8 million , or 62 cents a share , in last year 's quarter . 
[ Guber Peters ] Guber Peters stock , which traded as low as $ 6 a share last year , closed yesterday at $ 16.625 . 
[ Mr. Guber ] [ Mr. Peters ] [ Warner ] Mr. Guber and Mr. Peters claim they have an oral agreement with Warner executives that allows them to terminate their contract should the opportunity to run a major studio arise . 
[ Los Angeles ] [ Mr. Ross ] [ Warner Bros. Chairman Robert Daly ] [ President Semel ] But in affidavits filed yesterday in the Los Angeles court , Mr. Ross , Warner Bros. Chairman Robert Daly and President Semel deny that such an oral agreement was ever made . 
[ Warner ] Warner , in its court filings , calls it `` a piece of fiction created for this litigation . '' 
[ Mr. Daly ] [ Warner ] [ MGM ] Mr. Daly in his affidavit acknowledges that Warner agreed to release the producers last year to take over MGM but says that situation was altogether different . 
[ Mr. Daly ] For one thing , according to Mr. Daly , the producers requested a release in advance . 
[ Guber Peters ] [ Warner ] Moreover , the old contract was about to expire , and the lineup of Guber Peters pictures for Warner was n't as strong as it is now . 
[ Warner ] [ MGM ] [ Warner ] [ MGM\/UA ] [ Guber and Peters ] [ MGM ] [ Mr. Daly ] Warner itself was in negotiations with MGM over certain movie and other rights , and it was `` in Warner 's interest to accommodate MGM\/UA , Guber and Peters by permitting them to become MGM executives , '' Mr. Daly said in his affidavit . 
[ Warner ] [ Mr. Guber ] [ Mr. Peters ] [ Columbia ] Warner obviously does n't think that it is in its own interests to let Mr. Guber and Mr. Peters go off to Columbia . 
[ Mr. Ross ] [ Sony ] At the very least , Mr. Ross clearly sees an opportunity to use the two men to get a pound of flesh from Sony . 
[ Warner ] [ Columbia ] [ Columbia ] [ Warner ] During settlement talks , for example , Warner demanded such things as cable TV rights to Columbia movies and Columbia 's interest in the studio it jointly owns with Warner , according to executives involved in the talks . 
[ Warner ] [ Mr. Peters ] [ Batman ] In any settlement , Warner is almost certain to demand rights to most of the 50 or so projects Mr. Guber and Mr. Peters have locked up for the next few years , notably sequels to `` Batman . '' 
[ Mr. Guber ] [ Mr. Peters ] [ Sony ] [ Warner ] Mr. Guber and Mr. Peters refuse to concede that they may have made a tactical error in accepting the Sony offer before taking it up with Warner . 
[ Hollywood ] And they say there are plenty of precedents in Hollywood for letting people out of contracts . 
[ Warner ] [ David Puttnam ] [ Columbia ] The last time Columbia Pictures was looking for a studio chief , they note , Warner released producer David Puttnam from his contract , then took him back after he was subsequently fired by his bosses at Columbia . 
[ Warner ] [ Sony ] [ Hollywood ] In his affidavit filed yesterday , Warner 's Mr. Ross indicated he is n't buying any such argument : `` If Sony succeeds here , no written contract in Hollywood will be worth the paper it 's written on . 
[ SALES PITCH ] THE SALES PITCH could n't sound better . 
[ U.S. Treasury ] Their yields are higher than those of U.S. Treasury issues . 
[ Owen Carney ] [ U.S. ] `` A lot of this stuff really is in untested waters , '' says Owen Carney , director of the investment securities division of the U.S. comptroller of the currency . 
[ Wall Street ] Such concerns , however , have n't stopped asset-backed securities from becoming one of Wall Street 's hottest new products . 
[ Third World ] [ Brazil ] [ Argentina ] Some predict there will be `` Third World bonds , '' backed by loans to Brazil , Argentina and other debt-ridden nations . 
[ James Grant ] [ Grant ] `` This is the heyday of debt , '' says James Grant , editor of Grant 's Interest Rate Observer , a newsletter . 
[ Securities Data Co ] The result is a $ 45 billion market , according to Securities Data Co . 
[ August ] That includes more than $ 9.5 billion issued through August of this year , up sharply from $ 6.5 billion in the comparable 1988 period -- and more than in all of 1987 . 
[ Bill Addiss ] [ Shearson Lehman Hutton Inc ] `` We expect additional offerings '' of asset-backed securities targeted toward individual investors , says Bill Addiss , a senior vice president at Shearson Lehman Hutton Inc . 
[ Citibank ] [ Sears ] [ Roebuck & Co. ] The process typically begins when an institution , such as Citibank or Sears , Roebuck & Co. , takes a pool of credit-card or other receivables and sells them to a specially created trust . 
[ Wall Street ] The trust then issues securities -- generally due in five years or less -- that are underwritten by Wall Street brokerage firms and offered to investors . 
[ Craig J. Goldberg ] [ Merrill Lynch Capital Markets ] Asset-backed securities `` are an attractive investment compared to bank certificates of deposit or other corporate bonds , '' says Craig J. Goldberg , managing director and head of the asset-backed securities group at Merrill Lynch Capital Markets . 
[ Citibank ] Consider a $ 500 million offering of 9 % securities issued last spring and backed by Citibank credit-card receivables . 
[ Treasury ] The triple-A-rated issue offered a yield of only about 0.5 percentage point above four-year Treasury issues . 
[ Mr. Grant ] `` If you 're in the bond business playing the relative-performance derby , then even an extra 25 basis points  0.25 percentage point   becomes an important consideration on a career basis , '' says Mr. Grant . 
[ Treasury ] Moreover , the interest on asset-backed securities is fully taxable , while interest on Treasury issues is tax-free at the state and local level . 
[ Alex Powers ] [ Chase Manhattan Bank ] [ New York ] [ California ] That 's why some investment managers , such as Alex Powers , a vice president of Chase Manhattan Bank 's private banking division , do n't recommend most asset-backed issues for individuals in high-tax states , such as New York or California . 
[ Mr. Powers ] But Mr. Powers has purchased asset-backed issues for individuals with tax-deferred accounts , such as retirement plans . 
[ Treasurys ] He points out that institutions buying asset-backed issues in large quantities can earn higher spreads over Treasurys than individuals buying smaller amounts . 
[ Treasury ] The secondary , or resale , market for asset-backed securities is relatively new and much less active than for Treasury issues . 
[ Jonathan S. Paris ] [ Investors Inc. ] [ New York ] `` You could see massive gyrations here because it 's such a thinly traded market , '' says Jonathan S. Paris , a vice president of European Investors Inc. , a New York investment-management firm . 
[ Treasury ] [ New York Stock Exchange ] In addition , an investor who wants to know the daily value of Treasury bonds , or corporate bonds traded on the New York Stock Exchange , can simply check newspaper listings . 
[ Citibank ] [ Citibank N.A. ] [ Citicorp ] The front cover of the prospectus for the Citibank credit-card receivables offering points out in bold capital letters that the certificates represent an interest only in the specially created trust and `` do not represent interests in or obligations of the banks , Citibank N.A. , Citicorp or any affiliate thereof . '' 
[ Citibank ] In other words , if there 's a problem , do n't expect Citibank to come to the rescue . 
[ Treasurys ] Still , they play a crucial role in winning top ratings for most asset-backed issues -- which in turn is why the yield above Treasurys is so slim . 
[ Third World ] If a bank 's credit rating was lowered because of , say , its loans to Third World nations , that could also affect the ratings , liquidity and prices of the asset-backed issues that the bank supports . 
[ Americans ] At a time when Americans are leveraged to their eyeballs , asset-backed investors may be taking a heady gamble that consumers will be able to repay loans in hard times . 
[ Treasurys ] At the very least , a recession would prompt investors to buy the highest-quality bonds they can find -- that is , Treasurys . 
[ Treasurys ] That could widen the yield spread between Treasurys and asset-backed securities , as well as make it tougher to unload the latter . 
[ U.S. ] [ Craig Corcoran ] [ Davis\/Zweig Futures Inc. ] `` A day of reckoning is coming where we think the market will place a high premium on the highest-quality debt issues , and therefore we think the best debt investment is U.S. government bonds , '' says Craig Corcoran of Davis\/Zweig Futures Inc. , an investment advisory firm . 
[ Treasurys ] [ Mr. Corcoran ] `` Nope , we still say to stick with Treasurys , '' Mr. Corcoran replies . 
[ Raymond F. DeVoe Jr. ] [ Legg Mason Wood Walker Inc. ] [ DeVoe ] And it reminds Raymond F. DeVoe Jr. , a market strategist at Legg Mason Wood Walker Inc. , of what he calls `` DeVoe 's Unprovable but Highly Probable Theory No. 1 : 
[ Mr. Herman ] [ Wall Street Journal ] Mr. Herman is a staff reporter in The Wall Street Journal 's New York bureau . 
[ Principal ] \* Principal amount 
[ August ] \*\* As of August 30 
[ Principal ] \* Principal amount 
[ Securities Data Co ] Source : Securities Data Co . 
[ Wall Street Journal ] [ Erdos & Morgan Inc. ] Judging by a poll of Wall Street Journal readers conducted this summer by Erdos & Morgan Inc. , serious investors have taken that advice to heart . 
[ Journal ] Nearly 1,000 investors responded to the Journal 's poll , providing an in-depth look at their portfolios . 
[ Journal ] For example , about 88 % of Journal readers owned stock  down slightly from 91 % in a similar poll last year   . 
[ Aug. ] The poll , conducted Aug. 7-28 , also provides a glimpse into the thinking of serious investors on a variety of other topics . 
[ August ] [ August ] A slim majority  51 %   think stock prices will be higher in August 1990 than they were in August 1989 . 
[ August ] But as of August , only 50 % actually had stock-market investments of that size . 
[ Journal ] But it appears that many Journal readers were taking that news as a sign to be cautious , rather than a signal to jump on the bandwagon . 
[ Mr. Dorfman ] [ Wall Street Journal ] Mr. Dorfman covers investing issues from The Wall Street Journal 's New York bureau . 
[ Oct. ] [ Statistics Canada ] Canadian steel ingot production totaled 276,334 metric tons in the week ended Oct. 14 , down 5.3 % from the preceding week 's total of 291,890 tons , Statistics Canada , a federal agency , said . 
[ Health Care Property Investors Inc. ] Health Care Property Investors Inc. said it acquired three long-term care facilities and one assisted-living facility in a purchase-and-lease transaction valued at $ 15 million . 
[ Florida ] [ National Health Care Affiliates Inc. ] [ Buffalo ] [ N.Y ] The real estate investment trust said that it leased the three Florida facilities to National Health Care Affiliates Inc. of Buffalo , N.Y . 
[ Health Care Property ] Health Care Property holds an interest in 139 facilities in 30 states . 
[ Moody ] [ Chatsworth ] [ Calif. ] [ Caa ] Moody 's Investors Service said it lowered its rating on about $ 75 million of this Chatsworth , Calif. , concern 's convertible subordinated debentures , due 2012 , to Caa from B2 . 
[ Winchester ] It said the reduction reflects impaired business prospects and reduced financial flexibility caused by continuing losses at the maker of Winchester disk drives . 
[ VALLEY National Corp. ] VALLEY National Corp. -- 
[ Moody ] Moody 's Investors Service Inc. said it lowered its rating on about $ 400 million of this bank holding company 's senior debt to B2 from Ba3 . 
[ Moody ] [ Valley National ] [ Phoenix ] [ Ariz. ] Moody 's said it expects Valley National , of Phoenix , Ariz. , to make substantial further provisions against its real-estate portfolio , and that it continues to suffer from the high cost of carrying nonperforming assets , and from high loan-loss provisions . 
[ U.S. ] Electronic theft by foreign and industrial spies and disgruntled employees is costing U.S. companies billions and eroding their international competitive advantage . 
[ U.S. ] [ Noel D. Matchett ] [ National Security Agency ] [ Information Security Inc. ] [ Silver Spring ] [ Md ] `` Hostile and even friendly nations routinely steal information from U.S. companies and share it with their own companies , '' said Noel D. Matchett , a former staffer at the federal National Security Agency and now president of Information Security Inc. , Silver Spring , Md . 
[ U.S. ] [ Michelle Van Cleave ] [ White House ] [ National Security Affairs ] It `` may well be '' that theft of business data is `` as serious a strategic threat to national security '' as it is a threat to the survival of victimized U.S. firms , said Michelle Van Cleave , the White House 's assistant director for National Security Affairs . 
[ Technology ] [ Management ] [ Armed Forces Communications and Electronics Association ] The conference was jointly sponsored by the New York Institute of Technology School of Management and the Armed Forces Communications and Electronics Association , a joint industry-government trade group . 
[ VCR ] Even rank amateurs can do it if they spend a few thousand dollars for a commercially available microwave receiver with amplifier and a VCR recorder . 
[ Mr. Matchett ] `` You can have a dozen competitors stealing your secrets at the same time , '' Mr. Matchett said , adding : `` It 's a pretty good bet they wo n't get caught . '' 
[ U.S. ] Even though electronic espionage may cost U.S. firms billions of dollars a year , most are n't yet taking precautions , the experts said . 
[ East ] One expert , whose job is so politically sensitive that he spoke on condition that he would n't be named or quoted , said the expected influx of East European refugees over the next few years will greatly increase the chances of computer-maintenance workers , for example , doubling as foreign spies . 
[ Oliver North ] [ Iran-Contra ] He said that Oliver North of Iran-Contra notoriety thought he had erased his computer but that the information was later retrieved for congressional committees to read . 
[ W. Mark Goode ] [ Micronyx Inc. ] [ Richardson ] [ Texas ] [ Mikhail Gorbachev ] W. Mark Goode , president of Micronyx Inc. , a Richardson , Texas , firm that makes computer-security products , provided a new definition for Mikhail Gorbachev 's campaign for greater openness , known commonly as glasnost . 
[ Mr. Gorbachev ] [ Mr. Goode ] [ Soviets ] Under Mr. Gorbachev , Mr. Goode said , the Soviets are openly stealing Western corporate communications . 
[ Middle East ] He cited the case of a Swiss oil trader who recently put out bids via telex for an oil tanker to pick up a cargo of crude in the Middle East . 
[ Soviets ] The Soviets ' eavesdropping paid off , however , because they got the contract . 
[ University ] [ Toronto ] [ Connaught BioSciences Inc. ] [ Ciba-Geigy Ltd. ] [ Chiron Corp ] The University of Toronto stepped deeper into the contest for Connaught BioSciences Inc. by reaching an unusual agreement with Ciba-Geigy Ltd. and Chiron Corp . 
[ University ] The University said the two companies agreed to spend 25 million Canadian dollars  $ 21.3 million   over 10 years on research at Canadian universities if they are successful in acquiring the vaccine maker . 
[ University ] [ Toronto ] It said $ 10 million would go to the University of Toronto . 
[ Ciba-Geigy ] [ Chiron ] [ Connaught ] [ Institut Merieux S.A. ] [ France ] Ciba-Geigy and Chiron have made a joint bid of C$ 866 million for Connaught , and Institut Merieux S.A. of France has made a rival bid of C$ 942 million . 
[ University ] [ Merieux ] [ Connaught ] [ Connaught ] The University is seeking an injunction against the Merieux bid , arguing that Connaught 's predecessor company agreed in 1972 that Connaught 's ownership would n't be transferred to foreigners . 
[ Ciba-Geigy ] [ Chiron ] The university implied that it would drop its opposition to foreign ownership if Ciba-Geigy and Chiron are successful with their lower bid . 
[ Merieux ] It said the new agreement would `` replace '' the old one that forms the basis of its suit against the Merieux takeover . 
[ Connaught ] [ Canada ] [ James Keffer ] `` Notwithstanding foreign ownership of Connaught , this accord would enhance research and development in Canada , '' said James Keffer , the university 's vice president of research . 
[ Ciba-Geigy ] [ Chiron ] [ Emeryville ] [ Calif ] Ciba-Geigy is a Swiss pharmaceutical company and Chiron is based in Emeryville , Calif . 
[ Jacques-Francois Martin ] [ Merieux ] [ Connaught ] In a statement , Jacques-Francois Martin , director general of Merieux , said the French company is still determined to acquire Connaught . 
[ Ciba-Geigy ] [ Merieux ] [ Connaught ] While he did n't comment directly on the pact between Ciba-Geigy and the university , he said Merieux can transfer new products and technologies to Connaught more rapidly than other companies `` not currently producing and marketing vaccines  who   can only promise this for some ... years in the future . '' 
[ Connaught ] In national over-the-counter trading yesterday , Connaught closed at $ 28.625 , up $ 1.25 . 
[ Microsoft ] [ Nasdaq ] Microsoft and other software stocks surged , leading the Nasdaq composite index of over-the-counter stocks to its biggest advance of the year on breathtaking volume . 
[ Microsoft ] Leading the pack , Microsoft soared 3 3\/4 , or 4 % , to a record price of 84 1\/4 on 1.2 million shares . 
[ Valley National ] On the other hand , Valley National tumbled 24 % after reporting a sizable third-quarter loss . 
[ Nasdaq ] The Nasdaq composite leaped 7.52 points , or 1.6 % , to 470.80 . 
[ Aug. ] Its largest previous rise this year came Aug. 7 , when it gained 4.31 . 
[ OTC ] [ Nasdaq ] The OTC market 's largest stocks soared as well , as the Nasdaq 100 Index jumped 10.01 , or 2 % , to 463.06 . 
[ Nasdaq Financial Index ] The Nasdaq Financial Index rose 5.04 , or 1.1 % , to 460.33 . 
[ Dow Jones Industrials ] [ New York Stock Exchange Composite ] By comparison , the Dow Jones Industrials and the New York Stock Exchange Composite each rose 1.5 % . 
[ Nasdaq ] Volume totaled 173.5 million shares , 30 % above this year 's average daily turnover on Nasdaq . 
[ Nasdaq ] Among broader Nasdaq industry groups , the utility index gained 18.11 to 761.38 . 
[ Nasdaq ] The Nasdaq industrial index climbed 8.17 to 458.52 , and the `` other finance '' index , made up of commercial banks and real estate and brokerage firms , rose 3.97 to 545.96 . 
[ Jeremiah Mullins ] [ OTC ] [ Dean Witter Reynolds ] Jeremiah Mullins , head of OTC trading at Dean Witter Reynolds , said both institutional and retail investors were buying . 
[ OTC ] [ Mr. Mullins ] [ OTC ] `` There 's no pressure on OTC stocks at this point , '' said Mr. Mullins , who said some buyers are beginning to shop among smaller OTC issues . 
[ Microsoft ] [ Sept. ] Microsoft 's surge followed a report this week of substantially improved earnings for its first quarter , ended Sept. 30 . 
[ Rick Sherlund ] [ Goldman Sachs ] Rick Sherlund , a Goldman Sachs analyst , has raised his earnings estimates for the company twice in the past two weeks , citing improved margins . 
[ Microsoft ] Microsoft earned $ 3.03 a share in fiscal 1989 . 
[ Autodesk ] [ Lotus Development ] [ Novell ] [ Ashton-Tate ] [ Oracle Systems ] Among other software issues , Autodesk jumped 1 1\/4 to 42 , Lotus Development was unchanged at 32 1\/2 , Novell jumped 7\/8 to 30 3\/4 , Ashton-Tate gained 1\/4 to 10 5\/8 , and Oracle Systems rose 3\/4 to 25 3\/4 . 
[ Caere ] Caere , a new software issue , surged from its offering price of 12 to close at 16 1\/8 . 
[ Caere ] [ Alex ] [ Brown & Sons ] Caere was underwritten by Alex . Brown & Sons . 
[ Alex ] [ Brown ] [ Rally ] Another recently offered Alex . Brown issue , Rally 's , surged 3 1\/8 to 23 . 
[ Friday ] The operator of fast-food restaurants , whose shares began trading last Friday , climbed 3 1\/8 to 23 on 944,000 shares . 
[ Valley National ] Valley National 's slide of 5 3\/4 points to 18 1\/2 on 4.2 million shares followed its report late Wednesday of a $ 72.2 million third-quarter loss . 
[ Phoenix ] [ Ariz. ] In the 1988 quarter , the Phoenix , Ariz. , commercial banking concern earned $ 18.7 million . 
[ Valley National ] [ Arizona ] Valley National said its $ 110 million provision for credit losses and $ 11 million provision for other real estate owned is related to weakness in the Arizona real estate market . 
[ Moody ] [ Valley National ] Additionally , Moody 's Investors Service said it downgraded Valley National 's senior debt and confirmed the company 's commercial paper rating of `` not prime . '' 
[ Exabyte ] A new issue , Exabyte , surged 2 1\/8 from its initial offering price to close at 12 1\/8 . 
[ Dell Computer ] Dell Computer dropped 7\/8 to 6 . 
[ Jan. ] The company said earnings for the year ending Jan. 28 , 1990 , are expected to be 25 to 35 cents a share , compared with a previous estimate of 50 to 60 cents a share . 
[ Nutmeg Industries ] Nutmeg Industries lost 1 3\/4 to 14 . 
[ Raymond James & Associates ] [ St. Petersburg ] [ Fla. ] [ Dow Jones Professional Investor Report ] Raymond James & Associates in St. Petersburg , Fla. , lowered its third-quarter earnings estimate for the company , according to Dow Jones Professional Investor Report . 
[ A.P. Green Industries ] A.P. Green Industries advanced 1 5\/8 to 36 1\/8 . 
[ East Rock Partners ] [ A.P. Green ] East Rock Partners , which has indicated it might make a bid for the company , said A.P. Green , a refractory products maker , told the partnership it is n't for sale . 
[ Row ] [ Upper Reserved ] [ Candlestick Park ] Row 21 of Section 9 of the Upper Reserved at Candlestick Park is a lofty perch , only a few steps from the very top of the stands . 
[ World Series ] From my orange seat , I looked over the first-base line and the new-mown ball field in the warm sun of the last few minutes before what was to have been the third game of the World Series . 
[ Pacific ] It was five in the afternoon , but that was Pacific time . 
[ New York ] Back in New York the work day was already over , so I did n't have to feel guilty . 
[ Tigers ] Even still , I did feel self-indulgent , and I could n't help remembering my father 's contempt for a rich medical colleague who would go to watch the Tigers on summer afternoons . 
[ Stick ] This ballpark , the Stick , was not a classic baseball stadium -- too symmetrical , too much bald concrete . 
[ Yankee Stadium ] And it did n't have the crowded wild intimacy of Yankee Stadium . 
[ Stick ] The broadcasters were , after all , documenting the game , ratifying its occurrence for millions outside the Stick . 
[ World Series ] Long lines of people waited to buy special souvenir World Series postcards with official postmarks . 
[ Series ] [ Series ] [ English and ] Thousands of us had paid $ 5 for the official souvenir book with its historical essays on Series trivia , its historical photographs of great moments in Series past , and its instructions , in English and Spanish , for filling in the scorecard . 
[ Santa Barbara ] Then I remembered the quake of '71 , which I experienced in Santa Barbara in a second-story motel room . 
[ Southern California ] [ Magic Fingers ] When the swaying of the building woke me up , I reasoned that a   I was in Southern California ; b   the bed was moving ; c   it must be a Magic Fingers bed that had short-circuited . 
[ Stick ] At the Stick , while the world shook , I thought of that morning and then it struck me that this time was different . 
[ Stick ] The Stick did n't fall . 
[ Stick ] [ Walkmen and Watchmen ] It was during the quiet exodus down the pristine concrete ramps of the Stick that I really understood the point of all those Walkmen and Watchmen . 
[ Stick ] In this way , while the Stick itself was blacked out , we kept up to date on events . 
[ Bay Bridge ] Within 15 minutes of the quake itself , I was able to see pictures of the collapsed section of the Bay Bridge . 
[ Oakland ] [ Marina ] But the broadcasts continued through the blacked-out night , with pictures of the sandwiched highway ganglion in Oakland and firefighting in the Marina district . 
[ Stick ] Everyone at the Stick that day had started out as a spectator and ended up as a participant . 
[ Bay Area ] In fact , the entire population of the Bay Area had ended up with this dual role of actor and audience . 
[ Bay Bridge ] The outstanding example of this was the motorist on the Bay Bridge who had the presence of mind to take out a video camera at the absolutely crucial moment and record the car in front as it fell into the gap in the roadway . 
[ Marshall McLuhan ] Marshall McLuhan , you should have been there at that hour . 
[ Shearson Lehman Hutton Inc. ] Investors who received Shearson Lehman Hutton Inc. 's latest stock commentary may be left with blank expressions . 
[ 76-page Weekly Portfolio Perspective ] The first 10 pages of the 76-page Weekly Portfolio Perspective are completely blank , except for the page numbers . 
[ Shearson ] Rather than printing devils , Shearson puts all the blame on the unpredictable stock market . 
[ Shearson ] The plunge made Shearson 's market commentary instantly out of date . 
[ Friday ] [ Shearson ] [ Fridays ] In fact , last Friday 's 190.58-point tumble in the stock market caught many people and businesses by surprise , not the least of them brokerage firms such as Shearson that print their weekly market commentaries on Fridays for dissemination the following week . 
[ Shearson ] [ American Express Co. ] [ Jack Rivkin ] [ Shearson ] Shearson , a 62%-owned unit of American Express Co. , did n't have enough time to update its market commentary so , `` We decided to kill our strategy pieces , '' says Jack Rivkin , the head of Shearson 's research department . 
[ Shearson ] The first thought some investors had was that a red-faced Shearson must have been wildly bullish on stocks in its original commentary , and that 's why it purged its pages . 
[ Shearson ] Investors recalled that Shearson last week had been advising that `` the market is still exhibiting all the signs of a further advance . '' 
[ Mr. Rivkin ] But Mr. Rivkin insists that the 10 pages were n't pulled because they were too bullish . 
[ Monday ] Instead , he says , `` they were cautious , and that was n't the message we wanted to deliver '' on Monday . 
[ Mr. Rivkin ] [ Europe ] [ LBO ] As Mr. Rivkin explains it , `` We were raising some caution flags about rate rises in Europe and concerns about the LBO market . 
[ Friday ] And by late Friday afternoon , actually after the close , we decided that was the wrong tone to take . 
[ Friday ] [ Shearson ] Both before and after the Friday plunge , Shearson has maintained a recommended portfolio weighting of 65 % stocks , 20 % bonds and 15 % cash . 
[ Sheldon B. Lubar ] [ Lubar & Co. ] [ John L. Murray ] [ Universal Foods Corp. ] Sheldon B. Lubar , chairman of Lubar & Co. , and John L. Murray , chairman of Universal Foods Corp. , were elected to the board of this engine maker . 
[ Robert W. Kasten ] [ John R. Parker ] They succeed Robert W. Kasten and John R. Parker , who reached the mandatory retirement age . 
[ China ] China 's slide toward recession is beginning to look like a free fall . 
[ China ] [ State Statistical Bureau ] [ September ] In a report on China 's foundering economy , the official State Statistical Bureau disclosed that industrial output last month rose 0.9 % from a year earlier - the lowest growth rate in a decade for September . 
[ Beijing ] `` The economy is crashing hard , '' says an Asian economist in Beijing . 
[ September ] The economy 's slowdown is due only partly to the austerity program launched in September 1988 to cool an overheated economy and tame inflation . 
[ Industrial ] [ February ]  Industrial output surged 21 % in 1988 , while inflation peaked last February at nearly 30 % .   
[ China ] In China , however , there is n't likely to be any silver lining because the economy remains guided primarily by the state . 
[ China ] Instead , China is likely to shell out ever-greater subsidies to its coddled state-run enterprises , which ate up $ 18 billion in bailouts last year . 
[ China ] Rather , the brunt of the slowdown will be felt in the fast-growing private and semi-private `` township '' enterprises , which have fallen into disfavor as China 's leaders re-emphasize an orthodox Marxist preference for public ownership . 
[ China ] `` When the going gets rough , China penalizes the efficient and rewards the incompetent , '' says a Western economist . 
[ Communist Party ] Reports of an economy near recession come as officials prepare a major Communist Party plenum for sometime in the next few weeks . 
[ China ] Some analysts believe China soon will begin relaxing economic controls , particularly by loosening credit . 
[ China ] [ China Daily ] One sign of a possible easing of credit policy was the decision this week of People 's Bank of China , the central bank , to allocate $ 5.4 billion in short-term loans to pay farmers for the autumn harvest , the official China Daily reported . 
[ China ] The cycle has been repeated several times since China began reforming its planned economy in 1979 . 
[ China ] And , because China 's leaders have abandoned plans to drastically reform the economy , it is likely to continue , analysts say . 
[ China Daily ] [ September ] The statistical bureau 's report , cited in China Daily , notes that industrial output in September totaled $ 29.4 billion , a rise of just 0.9 % from a year earlier . 
[ Jiangsu and Zhejiang ] [ Sichuan ] Output declined in several provinces , including Jiangsu and Zhejiang , two key coastal areas , and Sichuan , the nation 's agricultural breadbasket . 
[ Shanghai ] [ China ] Production in Shanghai , China 's industrial powerhouse and the largest source of tax revenue for the central government , fell 1.8 % for the month . 
[ China Daily ] Nationwide , output of light industrial products declined 1.8 % -- `` the first decline in 10 years , '' a bureau spokesman told China Daily . 
[ President Reagan ] [ Capitol Hill ] The 1986 tax overhaul , the biggest achievement of President Reagan 's second term , is beginning to fall apart , and interest groups are lining up for tax goodies all over Capitol Hill . 
[ Theodore Groom ] `` Everything is up for grabs , '' says Theodore Groom , a lobbyist for mutual life-insurance companies . 
[ Robert Juliano ] Adds Robert Juliano , the head lobbyist for a variety of interests that want to protect the tax deduction for travel and entertainment expenses : `` It appears as though the whole thing is wide open again . '' 
[ Congress ] The catalyst has been the congressional move to restore preferential tax treatment for capital gains , an effort that is likely to succeed in this Congress . 
[ House ] The House seriously considered raising the top tax rate paid by individuals with the highest incomes . 
[ Senate Finance Committee ] The Senate Finance Committee voted to expand the deduction for individual retirement accounts , and also to bring back income averaging for farmers , a tax preference that allows income to be spread out over several years . 
[ D. ] [ Ark ] As part of the same bill , the finance panel also voted in favor of billions of dollars in narrow tax breaks for individuals and corporations , in what committee member Sen. David Pryor  D. , Ark .   calls a `` feeding frenzy '' of special-interest legislating . 
[ Senate ] [ Friday ] [ Finance Committee ] To be sure , the full Senate , facing a fast-approaching budget deadline , last Friday stripped away all of the tax breaks that were contained in the Finance Committee bill . 
[ IRA ] Other bills will be moving soon that are expected to carry many of the tax cuts , including both the capital-gains and IRA provisions . 
[ Rep. Thomas Downey ] [ D. ] [ N.Y ] `` There is n't any doubt that the thread of the '86 code has been given a mighty tug , '' says Rep. Thomas Downey  D. , N.Y .   . 
[ Rep. William Gray ] [ Pennsylvania ] [ Democrat ] [ House ] `` It 's back to tax-give-away time for the select few , '' says Rep. William Gray of Pennsylvania , the third-ranking Democrat in the House . 
[ Senate and House ] [ Lloyd Bentsen ] [ Danny Rostenkowski ] Referring to the chairmen of the Senate and House tax-writing committees , he adds , `` Next year , every special-interest group is going to be there knocking on Lloyd Bentsen 's door , on Danny Rostenkowski 's door . '' 
[ House Ways and Means ] Just last week , a House Ways and Means subcommittee held a lengthy meeting to hear the pleas of individual cities , companies and interest groups who want to open their own special loopholes . 
[ Paul Huard ] [ National Association ] [ Manufacturers ] The return of pro-investment tax breaks such as those for capital gains and IRAs `` creates more of a mood or a mindset that is helpful for getting better depreciation  write-offs   or investment credits , '' says Paul Huard , a vice president for the National Association of Manufacturers . 
[ Charls Walker ] Corporate lobbyist Charls Walker is planning a spring conference to discuss what tax changes to make to improve `` competitiveness . '' 
[ President Bush ] Real-estate interests , for example , are protesting an omission in President Bush 's capital-gains proposal : It does n't include real-estate gains . 
[ Wayne Thevenot ] [ Concord Associates ] `` If there is going to be a tax scheme that contemplates lower treatment of capital gains , they certainly want to be part of it , '' says real-estate lobbyist Wayne Thevenot of Concord Associates . 
[ Mr. Thevenot ] In the House-passed tax bill , Mr. Thevenot got his wish ; real-estate assets are included in the capital-gains provision . 
[ Sotheby ] [ Christie ] [ National Association ] [ Antique ] But Sotheby 's , Christie 's and the National Association of Antique Dealers are still trying to get theirs . 
[ Tax Reform Act ] All of this talk is antithetical to the Tax Reform Act of 1986 . 
[ President Bush ] This year Congress , with prodding from President Bush , has been busy trying to put many of these same tax preferences back into the code . 
[ Rep. Willis Gradison ] [ R. ] [ Ohio ] They wanted reform and they got a revolution , '' says overhaul advocate Rep. Willis Gradison  R. , Ohio   . 
[ Mr. Juliano ] Mr. Juliano thinks so . 
[ Saturday ] [ Capitol ] [ San Francisco ] [ Chicago ] [ St. Ignatius High School ] One recent Saturday morning he stayed inside the Capitol monitoring tax-and-budget talks instead of flying to San Francisco for a fund-raiser and then to his hometown of Chicago for the 30th reunion of St. Ignatius High School . 
[ 48-year-old Mr. Juliano ] `` I 'm too old to waste a weekend , but that 's what I did , '' the 48-year-old Mr. Juliano moans . 
[ Lufthansa AG ] Lufthansa AG said passenger volume climbed 5.2 % for the first nine months of 1989 to 15.3 million passengers from 14.5 million passengers in the year-earlier period . 
[ January ] [ September ] [ Lufthansa ] From January through September , the distance flown by Lufthansa airplanes rose 5.6 % to 266.2 million kilometers from a year earlier , the company added . 
[ Raymond Chandler ] [ Hemingway ] Raymond Chandler , in a 1950 letter defending a weak Hemingway book , likened a champion writer to a baseball pitcher . 
[ Chandler ] Chandler might have been predicting the course of his own career . 
[ Philip Marlowe ] [ Playback ] His last published novel featuring private detective Philip Marlowe , the inferior `` Playback ''  1958   , at times read almost like a parody of his previous work . 
[ Chandler ] [ Marlowe ] [ Poodle Springs Story ] When he died in 1959 , Chandler left behind four chapters of yet another Marlowe book , `` The Poodle Springs Story , '' which seemed to go beyond parody into something like burlesque . 
[ Champ ] [ Chandler ] `` Champ '' Chandler 's last pitch , apparently , was a screwball . 
[ Robert Parker ] [ Spenser ] [ Marlowe ] [ Chandler ] [ Poodle Springs Story ] Now Robert Parker , author of several best sellers featuring Spenser , a contemporary private eye in the Marlowe mold , has with the blessings of the Chandler estate been hired to complete `` The Poodle Springs Story . '' 
[ Poodle Springs ] [ Putnam ] [ Marlowe ] [ California ] The result , `` Poodle Springs ''  Putnam 's , 288 pages , $ 18.95   is an entertaining , easy to read and fairly graceful extension of the Marlowe chronicle , full of hard-boiled wisecracks and California color . 
[ Chandler ] [ Chandler ] If it does not quite have Chandler 's special magic -- well , at the end , neither did Chandler . 
[ Marlowe ] [ Poodle ] [ Palm ] [ Springs ] [ Cadillac Fleetwood ] As the book begins , a newly wed Marlowe roars into the desert resort of Poodle  a.k.a . Palm   Springs at the wheel of a Cadillac Fleetwood . 
[ Linda Loring ] [ Chandler ] His bride is the rich and beautiful Linda Loring , a character who also appeared in Chandler 's `` The Long Goodbye '' and `` Playback . '' 
[ Philip and Linda ] Philip and Linda move into her mansion and ca n't keep their hands off each other , even in front of the Hawaiian\/Japanese houseman . 
[ Chandler ] That 's Chandler 's setup . 
[ Mr. Parker ] [ Poodle Springs ] [ Hollywood ] Mr. Parker spins it into a pretty satisfying tale involving Poodle Springs high life , Hollywood low life and various folk who hang their hats in both worlds . 
[ Bernie Ohls ] [ Chandler ] [ Marlowe ] The supporting lineup is solid , the patter is amusing and there 's even a cameo by Bernie Ohls , the `` good cop '' of previous Chandler books who still does n't hesitate to have Marlowe jailed when it suits his purposes . 
[ Chandler ] The style throughout bears a strong resemblance to Chandler 's prose at its most pared down . 
[ Mr. Parker ] All told , Mr. Parker does a better job of making a novel out of this abandoned fragment than anyone might have had a right to expect . 
[ Marlowe ] [ Marlowe ] At one point , the reader is two steps ahead of Marlowe in catching on to a double identity scam -- and Marlowe is supposed to be the pro . 
[ Hollywood ] [ Tequila Sunrise ] Contact lenses , tank tops , prostitutes openly working the streets of Hollywood and the Tequila Sunrise cocktail all seem out of place in the 1950s . 
[ Marlowe ] A little more care in re-creating Marlowe 's universe would have made the book that much more enjoyable . 
[ Mr. Nolan ] [ Los Angeles Magazine ] Mr. Nolan is a contributing editor at Los Angeles Magazine . 
[ Ko Shioya ] [ Reader ] Ko Shioya spent eight years as the editor in chief of the Japanese edition of Reader 's Digest . 
[ Japan ] [ Mr. Shioya ] `` Japan has been a major importer of foreign information and news , '' says Mr. Shioya . 
[ Mr. Shioya ] Mr. Shioya has turned the tables . 
[ Business Tokyo ] Today , he is publisher of Business Tokyo magazine , the first English-language business magazine devoted to coverage of Japanese business . 
[ Keizaikai Corp. ] After a slick redesign , the two-year-old magazine has been relaunched this month by its parent company , Keizaikai Corp. , the Tokyo-based company with interests that include financial services , book publishing and a tourist agency . 
[ U.S. ] [ Insider ] [ Business Tokyo ] [ World ] Printed in the U.S. and carrying the line `` The Insider 's Japan , '' Business Tokyo 's October cover story was `` The World 's No. 1 Customer '' -- Japanese women . 
[ Keizaikai ] Keizaikai is one of a small but growing band of Japanese companies taking their first steps into American publishing , after making major investments in entertainment , real estate and banking companies here . 
[ U.S. ] [ New ] Japanese concerns have retained a number of publishing consultants and media brokers to study the U.S. market , including the New York-based investment banker Veronis , Suhler & Associates . 
[ U.S. ] And they are quietly linking up with U.S. publishing trade groups . 
[ John Veronis ] [ Veronis Suhler ] `` Japanese publishers want to be introduced to the publishing and information industries , '' said John Veronis , chairman of Veronis Suhler . 
[ Sony Corp. ] [ Columbia Pictures Entertainment Inc. ] While there are n't any major deals in the works currently on the scale of Sony Corp. 's recent $ 3.4 billion agreement to buy Columbia Pictures Entertainment Inc. , observers do n't rule out a transaction of that size . 
[ Mr. Veronis ] `` The Japanese take the long view . '' said Mr. Veronis . 
[ Nikkei Business Publications ] [ Nikkei Home ] [ Magazine House ] [ Magazine Publishers ] [ America ] [ U.S. ] In recent months , three big Tokyo-based publishing concerns -- including Nikkei Business Publications , Nikkei Home  no relation   , and Magazine House -- applied for membership in Magazine Publishers of America , which represents almost all U.S. consumer magazines . 
[ Business Tokyo ] Japanese involvement in American publishing has been so small to date that magazines such as Business Tokyo are considered groundbreakers . 
[ Keizaikai ] [ Business Tokyo ] When Keizaikai launched Business Tokyo in 1987 , it appealed to a more multinational audience . 
[ Milton Glaser and Walter Bernard ] [ U.S. ] The magazine was overhauled with the aid of American magazine design gurus Milton Glaser and Walter Bernard , and targets top-level U.S. executives with Japanese and American advertisers . 
[ Susumu Ohara ] [ Nihon Keizai Shinbun America Inc. ] [ Japan Economic Journal ] [ U.S. ] Susumu Ohara , president of Nihon Keizai Shinbun America Inc. , publisher of the Japan Economic Journal , said he receives telephone calls weekly from media bankers on whether his parent company is interested in buying a U.S. consumer or business magazine . 
[ Thomas Kenney ] [ First Boston Corp. ] [ Reader ] `` The Japanese are in the early stage right now , '' said Thomas Kenney , a onetime media adviser for First Boston Corp. who was recently appointed president of Reader 's Digest Association 's new Magazine Publishing Group . 
[ Nabisco ] Now they realize magazines are as much a franchise as Nabisco is a franchise . 
[ Bell Atlantic Corp. ] [ Southern New England Telecommunications ] [ Nynex Corp. ] [ Pacific Telesis Group ] [ U S West Inc. ] Bell Atlantic Corp. and Southern New England Telecommunications posted strong profit gains for the third quarter , while Nynex Corp. , Pacific Telesis Group and U S West Inc. reported earnings declines for the period . 
[ Minnesota and Colorado ] [ U S West ] Rate settlements in Minnesota and Colorado depressed U S West 's third-quarter profit . 
[ Denver-based U S West ] [ BetaWest Properties ] Denver-based U S West said net income dropped 8.9 % , noting that the year-ago quarter included the sale of a building by its BetaWest Properties unit . 
[ U S West ] Overall they increased 2.8 % to 12.1 million , putting U S West over the 12 million mark for the first time . 
[ Jack MacAllister ] `` On a truly comparable basis , we 've seen modest earnings growth this year from the operations of our company , '' said Jack MacAllister , chairman and chief executive officer . 
[ U S West ] [ New York Stock Exchange ] Yesterday , U S West shares rose 75 cents to close at $ 71.25 in New York Stock Exchange composite trading . 
[ Bell Atlantic ] Philadelphia-based Bell Atlantic said net rose 6.5 % , aided by strong growth in the network-services business and an increase in the number of new telephone lines . 
[ Bell Atlantic ] Bell Atlantic added 148,000 new telephone lines in the quarter for a total of 16.9 million . 
[ Big Board ] [ Bell Atlantic ] In composite trading on the Big Board , Bell Atlantic closed at $ 100.625 , up $ 1.50 a share . 
[ Nynex ] [ New York Telephone ] At Nynex , net slumped 14.8 % , primarily because of a continuing strike by 60,000 employees , lower-than-expected profit at its New York Telephone unit and significantly higher taxes and costs . 
[ State and ] State and local taxes increased to $ 131.3 million from $ 99.1 million a year ago . 
[ Nynex ] Nynex said expenses rose 4.5 % to $ 2.73 billion from $ 2.61 billion , a $ 119 million increase . 
[ William C. Ferguson ] `` Our net income is n't where we would want it to be at this point , '' said William C. Ferguson , chairman and chief executive officer . 
[ New York Telephone ] `` This deviation from our past growth patterns is caused largely by lower earnings at New York Telephone . '' 
[ Mr. Ferguson ] [ New York City ] Mr. Ferguson said a continued softness in New York City area 's economy and increased competition , particularly in the private-line market , took a heavy toll on earnings . 
[ Nynex ] The three-month-old strike at Nynex seriously hurt the installation of new telephone lines in the quarter . 
[ Nynex ] Nynex said access lines in service at the end of the quarter were off 18,000 from the previous quarter , which reported an increase of 160,000 new access lines . 
[ AGS Computers ] Revenue rose to $ 3.31 billion from $ 3.18 billion , mostly from acquisition of AGS Computers and robust non-regulated businesses . 
[ Big Board ] [ Nynex ] In Big Board composite trading yesterday , Nynex common closed at $ 81.125 , up $ 1.625 . 
[ Southern New England Telecommunications ] Southern New England Telecommunications , which bolstered its marketing efforts for telephone and non-telephone subsidiaries , reported that net increased 8.1 % . 
[ Walter H. Monteith Jr. ] [ SNET ] Walter H. Monteith Jr. , SNET chairman and chief executive officer , said : `` Innovative marketing of our products and services contributed to increase revenue . '' 
[ SNET ] [ Big Board ] SNET common rose $ 1.25 to $ 85.50 a share yesterday in composite trading on the Big Board . 
[ San ] [ Pacific Telesis ] San Francisco-based Pacific Telesis said net declined 12.6 % , primarily because of regulatory action . 
[ California Public Utilities Commission ] [ American Telephone & Telegraph Co. ] Revenue was reduced $ 33 million by three extraordinary items : a California Public Utilities Commission refund for an American Telephone & Telegraph Co. billing adjustment ; a provision for productivity sharing to be paid to customers in 1990 and a one-time accrual for a toll settlement with long-distance telephone companies . 
[ Sam Ginn ] `` This is a good quarter for us in terms of our business fundamentals , '' said Sam Ginn , chairman and chief executive officer . 
[ Pacific Telesis ] Pacific Telesis said new telephone lines increased 4.5 % for a total of about $ 13.5 million for the quarter ; toll calls increased 9.6 % to 807 million and minutes of telephone usage increased to 9.9 billion . 
[ Big Board ] [ Pacific Telesis ] In Big Board composite trading yesterday , Pacific Telesis common closed at $ 45.50 , up 87.5 cents . 
[ U S West ] a - Includes a one-time gain of $ 88.7 million from a commonstock sale by U S West 's U S West New Vector Group . 
[ FiberCom ] b - Includes a $ 41.3 million gain on the sale of FiberCom . 
[ Amoco Corp. ] Amoco Corp. said third-quarter net income plunged 39 % to $ 336 million , or 65 cents a share , as gasoline refining and marketing profits lagged substantially behind last year 's record level . 
[ Amoco ] A spokesman said Amoco completed an environmental analysis last quarter but that no single clean-up project was responsible . 
[ Amoco ] [ Wall Street ] Aside from the special charge , Amoco 's results were in line with Wall Street estimates . 
[ New York Stock Exchange ] The company 's stock ended at $ 48.375 , up 25 cents in New York Stock Exchange composite trading . 
[ Amoco ] Amoco is the first major oil company to report third-quarter results . 
[ American Petrofina Inc. ] American Petrofina Inc. , a Dallas-based integrated oil company , yesterday said its third-quarter earnings declined by more than half . 
[ Fina ] Fina blamed lower chemical prices , reduced gasoline margins and refinery maintenance shutdowns . 
[ Amoco ] Amoco 's refining and marketing profit in the quarter fell to $ 134 million from $ 319 million . 
[ Amoco ] [ Chairman Richard M. Morrow ] Amoco 's domestic oil and natural gas operations recorded a profit of $ 104 million in the quarter compared with a loss of $ 5 million , `` primarily on the strength of higher crude oil prices , '' said Chairman Richard M. Morrow . 
[ Amoco ] [ Tenneco Inc. ] Amoco also sharply boosted natural-gas output , part of it from properties acquired from Tenneco Inc. last year . 
[ Amoco ] Higher oil prices were n't enough to offset a roughly $ 20 million charge related to a 10 % reduction in Amoco 's Canadian work force as well as increased exploration expenses . 
[ Amoco ] For the nine months , Amoco said that net income fell to $ 1.29 billion from $ 1.69 billion but if unusual items are excluded , operations produced essentially flat results . 
[ James F. Gero ] [ Varo Inc. ] [ Richard J. Hatchett III ] [ Dallas ] James F. Gero , former chairman and chief executive officer of Varo Inc. , and Richard J. Hatchett III , a Dallas investment banker , were elected directors of this medical-products concern , boosting the board to seven members . 
[ Christmas ] [ Halloween ] For retailers , Christmas , not Halloween , promises to be this year 's spookiest season . 
[ Campeau Corp. ] Many retailers fear a price war will erupt if cash-strapped companies such as Campeau Corp. slash tags to spur sales . 
[ Christmas ] [ Norman Abramson ] [ Clothestime Inc. ] `` Profits at Christmas could be under attack for every retailer , '' asserts Norman Abramson , president and chief operating officer of Clothestime Inc. , an off-price chain . 
[ Management Horizons ] Management Horizons forecasts a 1.4 % profit decline for non-auto retailers this year , after annual drops that averaged 4.5 % in 1988 and 1987 . 
[ Carl Steidtmann ] [ Columbus ] [ Ohio ] `` For the last two and a half years , retailing has been in a mild recession , '' says Carl Steidtmann , chief economist at the Columbus , Ohio , consulting firm . 
[ Christmas ] [ Bonwit Teller and B. Altman ] [ L.J. Hooker Corp. ] [ Bankruptcy Code ] [ B.A.T Industries PLC ] [ Marshall Field ] [ Campeau ] This year , many stores are entering the Christmas season in turmoil : Bonwit Teller and B. Altman parent L.J. Hooker Corp. is operating under Chapter 11 of the federal Bankruptcy Code ; B.A.T Industries PLC 's healthy Saks Fifth Avenue and Marshall Field 's chains are on the auction block ; Campeau 's Bloomingdale 's is also on the block . 
[ Limited Inc. ] [ May Department Stores Co. ] [ Dillard Department Stores Inc. ] Stores in a state of confusion are likely to fare poorly , and to lose customers to stable chains such as Limited Inc. , May Department Stores Co. and Dillard Department Stores Inc. , which should do well . 
[ Cynthia Turk ] [ Touche Ross & Co. ] `` There are going to be very clear winners and very clear losers , '' says Cynthia Turk , a Touche Ross & Co. retail consultant . 
[ Mr. Steidtmann ] [ Christmas ] Says Mr. Steidtmann : `` I 'm looking for a bi-polar Christmas . '' 
[ Mr. Steidtmann ] But Mr. Steidtmann predicts that healthy stores hawking mostly apparel could ring up gains of as much as 25 % to 30 % . 
[ December ] Catalog companies are likely to pose a bigger threat to all stores this year , particularly in December . 
[ Federal Express ] More than 200 catalog outfits are promoting a low-cost Federal Express service that guarantees pre-Christmas delivery of orders made by a certain date . 
[ December ] [ Christmas ] [ Adam Strum ] [ Wine Enthusiast Inc. ] `` Traditionally , consumers were concerned about ordering after the first of December because they did n't believe they would get it by Christmas , '' says Adam Strum , chairman of the Wine Enthusiast Inc. , which sells wine cellars and accessories through the mail . 
[ Federal Express ] [ Mr. Strum ] [ December ] Using Federal Express delivery last year , Mr. Strum says , `` December was our biggest month . '' 
[ Sears ] [ Roebuck & Co. ] [ Federal Express ] [ Dec. ] [ Book ] Even Sears , Roebuck & Co. is getting into the act , offering for the first time to have Federal Express deliver toys ordered by Dec. 20 from its Wish Book catalog . 
[ K mart Corp. Chairman Joseph E. Antonini ] [ Christmas ] K mart Corp. Chairman Joseph E. Antonini summed up his outlook for the Christmas season as `` not troublesome . '' 
[ Philip M. Hawley ] [ Carter Hawley Hale Stores Inc. ] Philip M. Hawley , chairman of Carter Hawley Hale Stores Inc. , expects sales at department stores open at least a year to rise a modest 3 % to 5 % over last year 's totals , both for his company and the industry in general . 
[ Christmas ] `` I 'm not looking for a runaway Christmas at all , '' he says . 
[ Woolworth Corp. Chairman Harold E. Sells ] `` It is n't a real boom holiday season in our eyes , '' says Woolworth Corp. Chairman Harold E. Sells , `` but it is n't going to be a bust either . '' 
[ Mr. Sells ] [ Woolworth ] [ Kinney and Foot Locker ] Mr. Sells expects fourth-quarter sales at his company -- which besides Woolworth stores includes Kinney and Foot Locker shoe stores and other specialty chains -- to rise `` pretty much in line '' with its year-to-date increases of between 8 % and 9 % . 
[ September ] [ Leo J. Shapiro & Associates ] [ Chicago ] A consumer poll conducted in early September by Leo J. Shapiro & Associates , a market researcher based in Chicago , also suggests a modest holiday . 
[ Christmas ] Of the 450 survey respondents , 35 % said they expect to spend less buying Christmas gifts this year than last year , while 28 % said they expect to spend more and 37 % said their gift budget would stay the same . 
[ Shapiro ] The results are almost identical to Shapiro 's September 1988 numbers . 
[ Christmas ] [ Monday ] Christmas falls on a Monday , creating a big last-minute weekend opportunity for stores . 
[ Saturday ] [ Sunday ] Most will stay open late Saturday night and open their doors again Sunday . 
[ December ] [ Woolworth ] `` What you 'll hear as we get into December is that sales are sluggish , '' predicts Woolworth 's Mr. Sells . 
[ Camilo Jose Cela ] [ Nobel Prize ] [ Swedish Academy ] The Spanish author Camilo Jose Cela won the Nobel Prize for literature yesterday , a surprising choice , but given the Swedish Academy 's past perversities , hardly the most undeserved and ridiculous accolade handed out by the awarding committee . 
[ Spain ] [ 73-year-old Mr. Cela ] [ Franco ] [ Family ] [ Pascal Duarte ] In Spain , anyway , the 73-year-old Mr. Cela enjoys some renown for the novels and travel books he wrote during the parched Franco years , the everyday poverty and stagnant atmosphere of which he described in brutally direct , vivid prose , beginning with `` The Family of Pascal Duarte ''  1942   . 
[ Civil War ] [ Spain ] [ Franco ] [ Mr. Cela ] Unlike other writers who either battled the fascists during the Civil War , or left Spain when Franco triumphed , Mr. Cela fought briefly on the general 's side , no doubt earning with his war wound some forbearance when he went on to depict a country with a high population of vagabonds , murderers and rural idiots trudging aimlessly through a dried-out land . 
[ Pascal Duarte ] [ Fate ] Still , it was in Argentine editions that his countrymen first read his story of Pascal Duarte , a field worker who stabbed his mother to death and has no regrets as he awaits his end in a prison cell : `` Fate directs some men down the flower-bordered path , and others down the road bordered with thistles and prickly pears . 
[ Mr. Cela ] Mr. Cela himself was one of the lucky ones , his fortunes steadily increasing over the decades he spent putting out some 70 travelogues , novels , short story collections and poetry . 
[ Guadalajara ] [ Viaje ] [ Alcarria ] [ Spain ] [ Rolls-Royce ] The man who wore out his shoes wandering around Guadalajara in 1958 , describing in his travel book `` Viaje a la Alcarria '' how he scrounged for food and stayed in squalid inns , now tours Spain in a Rolls-Royce . 
[ Hive ] [ Madrid ] [ Dona Rosa ] [ English ] [ J.M. Cohen ] [ Ecco Press ] Of his 10 novels , `` The Hive ''  1951   , full of sharp vignettes of Madrid life and centered on a cafe run by Dona Rosa , a foul-mouthed , broad-based woman with blackened little teeth encrusted in filth , used to be available in English , translated by J.M. Cohen and published by Ecco Press , which now no doubt regrets relinquishing its copyright . 
[ Plaza ] [ Alonso Martinez ] The lonely woman walks on in the direction of the Plaza de Alonso Martinez . 
[ Teresa ] [ Cepeda ] It is evident that their conversation runs more or less on the following lines : `` I 've submitted the manuscript of my novel under the title ` Teresa de Cepeda , ' and in it I 've treated a few neglected aspects of that eternal problem which ... '' 
[ Senorita Elvira ] In passing the window , Senorita Elvira gives them a smile -- simply out of habit . 
[ Ashland Oil Inc. ] [ Sept. ] Ashland Oil Inc. said it will take after-tax charges of $ 78 million , or $ 1.40 a share , in its fiscal fourth quarter , ended Sept. 30 . 
[ Ashland ] Because of the charge , Ashland expects to report a loss for the fourth quarter and `` significantly lower results '' for fiscal 1989 . 
[ Ashland ] For fiscal 1988 , Ashland had net of $ 224 million , or $ 4.01 a share , on revenue of $ 7.8 billion . 
[ Ashland ] [ National Iranian Oil Co. ] [ Ashland Technology Corp. ] The charges consist of : a $ 25 million after-tax charge to cover cost overruns in Ashland 's Riley Consolidated subsidiary ; a previously announced $ 38 million after-tax charge resulting from a $ 325 million settlement with National Iranian Oil Co. and a $ 15 million after-tax charge from the previously announced sale of its Ashland Technology Corp. subsidiary . 
[ Ashland ] Ashland expects that sale to be complete next year . 
[ Riley ] The charge for the Riley subsidiary is for expected costs to correct problems with certain bed boilers built for utilities . 
[ President Bush ] [ Costa ] When President Bush arrives here next week for a hemispheric summit organized to commemorate a century of Costa Rican democracy , will he be able to deliver a credible message in the wake of the Panamanian fiasco ? 
[ Mr. Bush ] [ Latin ] [ U.S. ] [ Gen. Manuel Noriega ] [ Sandinista ] Undoubtedly Mr. Bush will be praised by some Latin leaders prone to pay lip service to nonintervention , while they privately encourage more assertive U.S. action to remove Gen. Manuel Noriega and safeguard their countries from a Sandinista onslaught . 
[ Bush ] [ U.S. Congress ] It originates in a Bush administration decision not to antagonize the U.S. Congress and avoid , at all costs , being accused of meddling in the region . 
[ U.S. ] [ Central America ] The result has been a dangerous vacuum of U.S. leadership , which leaves Central America open to Soviet adventurism . 
[ U.S. ] [ Central America ] [ Washington ] [ Fernando Volio ] [ Costa ] `` The  influence of the   U.S. is not being felt in Central America ; Washington 's decisions do not respond to a policy , and are divorced from reality , '' says Fernando Volio , a Costa Rican congressman and former foreign minister . 
[ Bush ] [ Organization ] [ American States ] [ Gen. Noriega ] The disarray of the Bush administration 's Latin diplomacy was evident in the failure of the Organization of American States to condemn categorically Gen. Noriega . 
[ U.S. ] [ Rio Group ] [ Peru ] Faced with this embarrassment , U.S. diplomats expressed confidence that the influential Rio Group of South American nations , which gathered last week in Peru , would take a stronger posture toward the Panamanian dictator . 
[ Gen. Noriega ] But other than a few slaps on the wrist , Gen. Noriega went unpunished by that body , too ; he was not even singled out in the closing statement . 
[ Mr. Bush ] [ Costa Rica ] [ Daniel Ortega ] [ U.S. ] Now Mr. Bush will come to Costa Rica and encounter Nicaraguan strongman Daniel Ortega , eager for photo opportunities with the U.S. president . 
[ Costa Rican President Oscar Arias ] [ Chile ] [ Cuba ] [ Panama or Haiti ] The host , Costa Rican President Oscar Arias , did not invite Chile , Cuba , Panama or Haiti to the summit , which was to be restricted to democracies . 
[ Mr. Ortega ] However , Mr. Ortega was included . 
[ Sandinistas ] [ Costa ] Formally upgrading the Sandinistas to a democratic status was an initiative harshly criticized in the Costa Rican press . 
[ Carlos Manuel Castillo ] [ Mr. Arias ] [ Nicaragua ] Even Carlos Manuel Castillo -- the presidential candidate for Mr. Arias 's National Liberation Party -- made public his opposition to the presence of Nicaragua `` in a democratic festivity . '' 
[ Bush ] [ July ] [ Central ] [ Tela ] [ Honduras ] Nevertheless , the Bush administration agreed to the dubious arrangement in July , a few weeks before the Central American presidents met in Tela , Honduras , to discuss a timetable for disbanding the anti-Sandinista rebels . 
[ Washington ] [ State Department ] [ President Arias ] [ Contras ] [ Mr. Ortega ] [ February ] According to officials in Washington , the State Department hoped that by pleasing President Arias , it would gain his support to postpone any decision on the Contras until after Mr. Ortega 's promises of democratic elections were tested next February . 
[ Reagan ] [ Contra ] [ Contras ] However , relying on an ardent critic of the Reagan administration and the Contra movement for help in delaying the disarming of the Contras was risky business . 
[ U.S. ] [ U.S. ] [ Mr. Arias ] And even some last-minute phone calls that Mr. Bush made  at the behest of some conservative U.S. senators   to enlist backing for the U.S. position failed to stop the march of Mr. Arias 's agenda . 
[ Sen. Christopher Dodd ] [ D. ] [ Conn. ] [ Central America ] Prior to this episode , Sen. Christopher Dodd  D. , Conn.   , sensing an open field , undertook a personal diplomatic mission through Central America to promote an early disbanding of the rebels . 
[ Nicaragua ] [ Sandinistas ] [ Bush ] [ Sandinistas ] Visiting Nicaragua , he praised the Sandinistas for their electoral system and chided the Bush administration for not rewarding the Sandinistas . 
[ Honduras ] [ Contras ] [ Washington ] In Honduras , where the Contras are a hot political issue , he promised to help unblock some $ 70 million in assistance withheld due to the failure of local agencies to comply with conditions agreed upon with Washington . 
[ Aid ] [ Salvadoran President Alfredo Cristiani ] [ Mr. Cristiani ] [ U.S. ] [ Sen. Dodd ] Aid was also the gist of the talks Sen. Dodd had with Salvadoran President Alfredo Cristiani ; Mr. Cristiani 's government is very much at the mercy of U.S. largess and is forced to listen very carefully to Sen. Dodd 's likes and dislikes . 
[ U.S. ] [ Bush ] [ December ] It was therefore not surprising that close allies of the U.S. , virtually neglected by the Bush administration , ordered the Nicaraguan insurgents dismantled by December , long before the elections . 
[ Tela Accords ] [ Dodd ] Fittingly , the Tela Accords were nicknamed by Hondurans `` the Dodd plan . '' 
[ U.S. ] [ U.S. ] [ Central America ] The individual foreign policy carried out by U.S. legislators adds to a confusing U.S. performance that has emboldened Soviet initiatives in Central America . 
[ Oct. ] [ State ] [ Soviet Foreign Minister Eduard Shevardnadze ] [ Managua ] [ Nicaragua ] On Oct. 3 , following conversations with Secretary of State James Baker , Soviet Foreign Minister Eduard Shevardnadze arrived in Managua to acclaim `` Nicaragua 's great peace efforts . '' 
[ Mr. Shevardnadze ] [ U.S.S.R. ] [ Nicaragua ] [ February ] [ U.S. ] [ Central America ] There , Mr. Shevardnadze felt legitimized to unveil his own peace plan : The U.S.S.R. would prolong a suspension of arms shipments to Nicaragua after the February election if the U.S. did likewise with its allies in Central America . 
[ Nicaragua ] He also called on Nicaragua 's neighbors to accept a `` military equilibrium '' guaranteed by both superpowers . 
[ Pentagon ] [ Moscow ] [ East ] [ Nicaragua ] [ Cuba ] The Pentagon claims that in spite of Moscow 's words , East bloc weapons continue to flow into Nicaragua through Cuba at near-record levels . 
[ Mr. Shevardnadze ] [ Mr. Baker ] [ Bush ] [ Soviets ] [ Central America ] Since Mr. Shevardnadze 's proposals followed discussions with Mr. Baker , speculations arose that the Bush administration was seeking an accommodation with the Soviets in Central America . 
[ Arias Plan ] [ Sandinista ] [ Washington ] This scheme would fit the Arias Plan , which declared a false symmetry between Soviet military aid to the Sandinista dictatorship and that provided by Washington to freely elected governments . 
[ Capitol Hill ] [ El Salvador ] [ President Cristiani ] Furthermore , it is also likely to encourage those on Capitol Hill asking for cuts in the assistance to El Salvador if President Cristiani does not bend to demands of the Marxist guerrillas . 
[ U.S. ] [ Central America ] [ U.S. ] [ Radio Costa Rica ] The sad condition of U.S. policy in Central America is best depicted by the recent end to U.S. sponsorship of Radio Costa Rica . 
[ Costa ] [ Sandinista ] In 1984 , the Costa Rican government requested help to establish a radio station in the northern part of the country , flooded by airwaves of Sandinista propaganda . 
[ Radio Costa Rica ] [ U.S. ] [ Voice ] [ America ] [ VOA ] Recovering radiophonic sovereignty was the purpose of Radio Costa Rica , funded by the U.S. and affiliated with the Voice of America  VOA   . 
[ Bush ] [ Radio Costa Rica ] A few months ago , the Bush administration decided to stop this cooperation , leaving Radio Costa Rica operating on a shoestring . 
[ VOA ] According to news reports , the abrupt termination was due to fears that VOA transmissions could interfere with the peace process . 
[ Russia ] [ Nicaragua ] [ Esteli ] In the meantime , Russia gave Nicaragua another powerful radio transmitter , which has been installed in the city of Esteli . 
[ Caribbean ] [ North America ] It is capable of reaching the entire Caribbean area and deep into North America . 
[ U.S. ] Perhaps its loud signal may generate some awareness of the Soviet condominium being created in the isthmus thanks to U.S. default . 
[ Nicaragua ] [ Costa Rica ] The Soviet entrenchment in Nicaragua is alarming for Costa Rica , a peaceful democracy without an army . 
[ Washington ] [ President Arias ] [ U.S. ] Questioned in Washington about what would happen if his much-heralded peace plan would fail , President Arias voiced expectations of direct U.S. action . 
[ July ] [ Gallup ] [ Costa ] [ Nicaragua or Panama ] [ U.S. ] A poll conducted in July by a Gallup affiliate showed that 64 % of Costa Ricans believe that if their country is militarily attacked by either Nicaragua or Panama , the U.S. will come to its defense . 
[ Panama ] [ U.S. ] [ Delta Force ] But in the light of events in Panama , where the U.S. has such clear strategic interests , waiting for the Delta Force may prove to be a dangerous gambit . 
[ Mr. Daremblum ] [ La Nacion ] Mr. Daremblum is a lawyer and a columnist for La Nacion newspaper . 
[ Holiday Corp. ] Holiday Corp. said net income jumped 89 % , partly on the strength of record operating income in its gaming division . 
[ Holiday ] [ Britain ] [ Holiday Inn ] [ August ] That debt is part of the $ 2.1 billion of Holiday debt that Bass PLC of Britain said it would retire or assume when it agreed to buy the Holiday Inn business in August . 
[ Holiday ] Holiday said third-quarter earnings rose to $ 39.8 million , or $ 1.53 a share , from $ 21 million , or 84 cents a share , a year earlier . 
[ Embassy Suites ] [ Holiday Inn ] [ Bass ] Results for the quarter included $ 19.2 million in pretax gains from property transactions , including the sale of one Embassy Suites hotel , and $ 3.5 million of nonrecurring costs associated with the acquisition of the Holiday Inn business by Bass . 
[ Holiday ] Holiday said operating income related to gaming increased 4.5 % to a record $ 61.4 million from $ 58.8 million a year earlier . 
[ Las Vegas ] [ Nev. ] [ Atlantic City ] [ N.J. ] [ Harrah ] [ Laughlin ] [ Nev ] The jump reflected record results in Las Vegas , Nev. , and Atlantic City , N.J. , as well as a full quarter 's results from Harrah 's Del Rio in Laughlin , Nev . 
[ December ] The tender offer and consent solicitation will be made to debtholders in December . 
[ Holiday ] [ Bass ] In effect , Holiday is asking holders for permission for Bass to buy their debt . 
[ Holiday ] [ Salomon Brothers Inc. ] Holiday said Salomon Brothers Inc. has been retained to act as the dealer-manager and financial adviser in connection with the offer and solicitation . 
[ Holiday ] [ Holiday ] Holiday said its 15 % notes due 1992 also will be included in the tender offer and consent solicitation at a price to be determined by Holiday prior to the commencement of the offer . 
[ Paramount Communications Inc. ] [ MCA Inc. ] The television units of Paramount Communications Inc. and MCA Inc. are exploring the possibility of offering prime-time programming to independent stations two nights a week , industry executives say . 
[ News Corp. ] [ MCA and Paramount ] Although such a venture would n't match the `` fourth network '' created by News Corp. 's Fox Broadcasting Co. , MCA and Paramount may have similar ambitions . 
[ Fox ] Fox , which also owns six TV stations , provides programs three nights a week to those and other affiliates . 
[ Paramount ] [ MCA ] [ Premier Advertiser ] [ Star Trek ] [ Next Generation ] [ Charles ] [ Charge ] [ Friday ] [ Series ] Paramount Domestic TV and MCA TV formed a joint venture last month , named Premier Advertiser Sales , to sell advertising in programs syndicated by both companies , such as `` Star Trek : the Next Generation , '' `` Charles in Charge '' and `` Friday the 13th : the Series . '' 
[ Paramount ] A spokeswoman for Paramount said the company does n't comment on speculation . 
[ Shelly Schwab ] [ MCA ] Calls to Shelly Schwab , president of MCA TV , were n't returned . 
[ Fox ] The two companies , like Fox , already have their own TV stations . 
[ MCA ] [ WWOR ] [ New York ] [ Paramount ] [ TVX Broadcast Group ] [ Salomon Inc. ] MCA owns WWOR in New York and Paramount last month agreed to purchase a 79 % stake in the TVX Broadcast Group from Salomon Inc. in a deal valued at $ 140 million . 
[ TVX ] [ WTXF ] [ Fox ] [ Philadelphia ] TVX owns five stations , including WTXF , a Fox affiliate , in Philadelphia . 
[ Fox ] [ Fox ] One broadcasting executive familiar with the project said the co-venture would target stations affiliated with Fox because Fox has the desirable independent stations in most of the key cities . 
[ Fox ] [ Saturdays ] [ Sundays and Mondays ] Currently , Fox supplies programs on Saturdays , Sundays and Mondays , although the company plans to expand to other weeknights . 
[ Jamie Kellner ] [ Fox Broadcasting ] [ Fox ] Jamie Kellner , president of Fox Broadcasting , said , `` We believe the partnership of Fox , its affiliates and advertisers is succeeding and will continue to grow . '' 
[ Fox ] [ Fox ] Another Fox official , who declined to be identified , said Fox was n't pleased by the possible Paramount-MCA venture into prime-time programming . 
[ Fox ] `` To make the venture work , they would need Fox affiliates , '' he said . 
[ Fox ] `` We spent a lot of time and money in building our group of stations , '' he said , adding that Fox does n't `` appreciate '' another company attempting to usurp its station lineup . 
[ Fox ] Fox said it plans to offer its stations movies , theatrical and made-for-TV ventures , probably on Wednesdays , sometime next year . 
[ Paramount and MCA ] [ Paramount and MCA ] Paramount and MCA , according to the broadcasting executive , plan to offer theatrical movies produced separately by Paramount and MCA for Wednesdays and perhaps a block of original shows Fridays . 
[ Paramount and MCA ] [ Chris-Craft Industries ] [ Los Angeles ] [ San Francisco ] [ Portland ] [ Ore ] The executive said Paramount and MCA have also held discussions with Chris-Craft Industries ' broadcasting unit , which owns five independent stations in cities such as Los Angeles , San Francisco and Portland , Ore . 
[ Chris-Craft ] A Chris-Craft station manager said there have been no formal talks . 
[ Fox ] [ Michael Conway ] [ WTXF ] [ TVX ] [ Fox ] `` I think it 's to Fox 's advantage to be associated with the Paramount-MCA venture , '' said Michael Conway , station manager of WTXF , the TVX station that is a Fox affiliate . 
[ Mr. Conway ] [ Fox ] Mr. Conway said the Fox shows appearing on nights when Paramount-MCA shows would n't be offered could be promoted on the programs produced by Paramount-MCA . 
[ Michael Fisher ] [ KTXL ] [ Fox ] [ Sacramento ] [ Calif. ] Michael Fisher , general manager of KTXL , a Fox affiliate in Sacramento , Calif. , said , `` The real question is whether the Paramount-MCA offering is practical . 
[ Fox ] Why would I consider giving up Fox , a proven commodity , '' for an unknown venture ? 
[ Fox ] Fox attracts a young audience with shows such as `` Married ... With Children , '' its most successful series . 
[ Banco Popular ] [ Puerto Rico ] [ BanPonce Corp. ] Banco Popular de Puerto Rico and BanPonce Corp. -- agreed to merge in a transaction valued at $ 324 million . 
[ BanPonce ] Under the agreement , BanPonce stockholders will be able to exchange each of their shares for either shares in the new entity or cash . 
[ San Juan ] The two companies , both based in San Juan , will form a bank holding company with assets of just over $ 9 billion . 
[ BanPonce Corp ] The holding company will be called BanPonce Corp . 
[ Banco Popular ] [ Puerto Rico ] The primary subsidiary will be the combined banking operations of the two companies and will be known as Banco Popular de Puerto Rico . 
[ Rafael Carrion Jr. ] [ Banco Popular ] Rafael Carrion Jr. , chairman of Banco Popular , will be the chairman of the holding company . 
[ Alberto M. Paracchini ] [ BanPonce ] Alberto M. Paracchini , currently chairman of BanPonce , will serve as president of the bank holding company and chairman of the subsidiary . 
[ Banco Popular ] [ July ] Banco Popular originally proposed the merger in July , in a cash and stock transaction valued at $ 50 a share , or about $ 293 million . 
[ BanPonce ] [ Banco Popular ] BanPonce reacted cooly at first , but appeared to be won over , analysts said , by Banco Popular 's assurances that it wanted only a friendly transaction . 
[ Banco Popular ] [ Edward Thompson ] [ Thomson BankWatch Inc. ] [ New York ] `` Banco Popular just kept waiting , '' said Edward Thompson , a vice president and analyst at Thomson BankWatch Inc. in New York . 
[ BanPonce ] [ Banco Popular ] BanPonce caters to a more affluent customer , while Banco Popular has always had a large presence among middle-income and lower-income markets . 
[ Puerto Rico ] The merger should also allow the companies to reduce costs by combining operations in many locations in Puerto Rico . 
[ Mr. Thompson ] `` They 're often right across the street from one another , '' Mr. Thompson said . 
[ Richard Carrion ] [ Banco Popular ] Richard Carrion , who is currently president and chief executive officer of Banco Popular , said the merger will result in a `` larger and stronger locally based bank . '' 
[ Mr. Carrion ] Mr. Carrion , who will now serve as president and chief executive officer of the subsidiary bank , added : `` We 'll be able to better compete with large foreign banks . 
[ Puerto Rico ] The newly merged company will have 165 branches in Puerto Rico and 27 branches outside of the island . 
[ Mr. Carrion ] Mr. Carrion said the merger should be completed in six to nine months . 
[ Caterpillar Inc. ] Hit by higher costs and lower sales , Caterpillar Inc. said third-quarter earnings tumbled 43 % and full-year earnings will trail last year 's results . 
[ Latin America ] The company , which is in a costly modernization program , said earnings were hurt by higher start-up and new program costs , increased costs of materials , higher wages and an $ 11 million provision for bad debts in Latin America . 
[ Caterpillar ] In announcing a 1989 capital spending plan of $ 950 million early this year , Caterpillar said full-year earnings would be flat compared with last year 's $ 616 million , or $ 6.07 a share . 
[ Caterpillar ] [ Peoria ] [ York ] [ Pa. ] [ November and December ] Suffering from a downturn in heavy truck production that cut orders for its engines , Caterpillar also said it will indefinitely lay off about 325 workers in the Peoria area and temporarily shut its plant in York , Pa. , for two weeks in both November and December . 
[ Caterpillar ] For the first nine months of the year , Caterpillar said earnings fell 14 % to $ 390 million , or $ 3.85 a share , from $ 453 million , or $ 4.46 a share , a year earlier . 
[ Millicom Inc. ] [ Pakistan ] Millicom Inc. said it is one of two companies to receive a license to introduce and operate a cellular mobile telephone system in Pakistan . 
[ Millicom ] A spokeswoman for Millicom , a telecommunications company , said she did n't know the value of the contract . 
[ Cable & Wireless PLC ] [ Britain ] Cable & Wireless PLC of Britain won the other license . 
[ Millicom ] [ Pakistan ] [ Comvik International AB ] [ Kinnevik ] [ Sweden ] [ Arfeen International ] [ Pakistan ] Millicom said it would build and operate the system in Pakistan with Comvik International AB , part of the Kinnevik group of Sweden , and Arfeen International , Pakistan . 
[ B.A.T Industries PLC ] [ Sir James Goldsmith ] B.A.T Industries PLC won overwhelming shareholder approval for a defensive restructuring to fend off a # 13.35 billion  $ 21.23 billion   takeover bid from Sir James Goldsmith . 
[ London ] At a shareholders ' meeting in London , the tobacco , financial-services and retailing giant said it received 99.9 % approval from voting holders for plans to spin off about $ 6 billion in assets . 
[ B.A.T ] [ U.S. ] [ Marshall Field ] [ Saks Fifth Avenue ] B.A.T aims to sell such U.S. retailing units as Marshall Field and Saks Fifth Avenue and float its big paper and British retailing businesses via share issues to existing holders . 
[ Barclays ] [ Zoete Wedd ] The company said it acquired 2.5 million shares for 785 pence  $ 12.48   each , or a total of # 19.6 million  $ 31.2 million   , from its broker , Barclays de Zoete Wedd . 
[ B.A.T ] The share buy-back plan is likely to underpin B.A.T 's share price . 
[ B.A.T ] [ Nov. ] B.A.T said it may make more equity purchases until the close of business today , depending on market conditions , but will cease further purchases until Nov. 22 , when it releases third-quarter results . 
[ London ] B.A.T shares rose 29 pence to 783 pence on London 's stock exchange yesterday . 
[ B.A.T ] Before the recent tumult in global financial markets , B.A.T officials , holders and analysts had expected a substantial part of the restructuring to be complete by the end of the first half . 
[ Saks ] [ Marshall Field ] [ B.A.T ] [ Chairman Patrick Sheehy ] `` We are not in any hurry to sell '' Saks , Marshall Field or B.A.T 's other U.S. retail properties , said Chairman Patrick Sheehy . 
[ U.S. ] Company officials say the flotations of the paper and British retailing businesses are likely only after the disposals of the U.S. retailing assets . 
[ Sir James ] [ U.S. ] [ B.A.T ] Meanwhile , Sir James still is pursuing efforts to gain U.S. insurance regulators ' approval for a change in control of B.A.T 's Farmers Group Inc. unit . 
[ B.A.T ] The Anglo-French financier has indicated he intends to bid again for B.A.T if he receives approval . 
[ Hasbro Inc. ] Hasbro Inc. , the nation 's largest toy maker , reported third-quarter earnings increased 73 % from a year earlier on a 9.4 % sales gain , reflecting improved margins . 
[ Hasbro ] Hasbro said it had net income of $ 31.3 million , or 53 cents a share , up from $ 18.1 million , or 31 cents a share , a year earlier , when it took a pretax charge of $ 10 million after dropping development of an interactive video entertainment system . 
[ Milton Bradley and Playskool ] The company cited sales gains at its Milton Bradley and Playskool units and in its international business for the increase in revenue . 
[ Alan G. Hassenfeld ] [ Hasbro ] [ Record Breakers ] [ Cabbage Patch Kids ] [ Scrabble ] [ Coleco Industries Inc. ] [ Christmas ] Alan G. Hassenfeld , chairman and chief executive , added that Hasbro 's new line of battery-powered racing cars , called Record Breakers , and its acquisition of Cabbage Patch Kids , Scrabble and other lines from Coleco Industries Inc. puts the company `` in a good position as we enter the Christmas buying season . '' 
[ Hasbro ] For the first nine months of the year , Hasbro 's net income rose 33 % to $ 68.2 million , or $ 1.15 a share , from $ 51.3 million , or 88 cents a share , on a 3.1 % increase in revenue to $ 992.7 million from $ 963 million a year earlier . 
[ Reebok International Ltd. ] Reebok International Ltd. posted a 35 % increase in third-quarter net income despite a slight decline in sales . 
[ Paul Fireman ] [ Reebok ] Paul Fireman , Reebok chairman and chief executive officer , said , `` Our gains in earnings provide further evidence that the controls we have put in place and our sales mix are continuing to improve the company 's overall profit performance . '' 
[ Reebok ] [ CML Group Inc. ] Separately , Reebok completed the acquisition of CML Group Inc. 's Boston Whaler unit , a builder of power boats . 
[ CML ] [ Acton ] [ Mass. ] [ Reebok ] CML , Acton , Mass. , had agreed to sell the unit to Reebok for about $ 42 million . 
[ Reebok ] [ CML ] [ July ] The agreement also called for Reebok to receive warrants to purchase 400,000 shares of CML common at $ 31.25 a share , exercisable at any time before July 1 , 
[ CML ] An outside spokesman for CML said the terms were changed to a minor extent but would n't disclose what those changes were . 
[ Pitney Bowes Inc. ] [ Wheeler Group Inc. ] Pitney Bowes Inc. directors authorized the company to seek buyers for its Wheeler Group Inc. subsidiary , a direct mail marketer of office supplies . 
[ Pitney Bowes ] [ Wheeler Group ] [ Pitney Bowes ] Pitney Bowes said the decision was based on a long-term analysis of the compatibility of Wheeler Group 's marketing business with other Pitney Bowes operations . 
[ Pitney Bowes ] [ Wheeler Group ] [ Dictaphone Corp ] Pitney Bowes acquired the core of what evolved into Wheeler Group in 1979 by buying Dictaphone Corp . 
[ New Hartford ] [ Conn. ] A spokeswoman would n't comment on whether the company had talked with any potential buyers for the New Hartford , Conn. , unit , which had 1988 sales of about $ 75 million . 
[ Wheeler Group ] She said Wheeler Group was profitable but would n't give figures . 
[ Pitney Bowes ] Separately , Pitney Bowes said third-quarter net income gained 15 % to $ 62 million , or 78 cents a share , from $ 54 million , or 68 cents a share , a year ago . 
[ Nimitz Freeway ] [ California ] [ Transportation ] Steel jackets of a type that may have prevented collapse of the columns of a 1.5-mile stretch of the Nimitz Freeway had been installed on at least a small test section of the double-decker highway last year by California 's Department of Transportation , employees familiar with the project say . 
[ Tuesday ] The test project -- which reportedly survived Tuesday 's earthquake -- was a prelude to a state plan to retrofit that critical section of the freeway with the steel casings . 
[ Oakland ] [ Cypress ] The failure in Oakland of the freeway segment known as the Cypress structure was the deadliest aspect of the quake , although officials were hopeful yesterday that the death toll there might be significantly lower than the 250 initially feared . 
[ Giant ] Giant yellow cranes were wheeled up alongside the collapsed segment , preparing to lift off chunks of the debris . 
[ Sacramento ] In Sacramento , a transportation department spokesman said he could n't immediately confirm or deny existence of the test work . 
[ Cypress ] However , he asserted that the department had n't mastered the technology needed to retrofit the entire Cypress structure . 
[ Cypress ] [ California ] Knowledgeable employees said the retrofitting , which had n't yet been budgeted , was part of a planned , three-stage reinforcement of the Cypress structure begun by the California transportation department several years ago . 
[ Cypress ] The Cypress reinforcement project itself was part of an annual effort to shore up structures believed vulnerable to earthquakes . 
[ Southern California ] The state began such work after a 1971 tremblor in Southern California , when numerous bridges collapsed . 
[ Cypress ] [ DOT ] `` We had just finished phase two '' of the Cypress project that involved installing a series of retaining cables designed to prevent sections of the roadway from separating as a result of seismic shock , a state DOT engineer said . 
[ DOT ] [ Sacramento ] After completing installation of the jackets on `` one frame '' of the freeway last year , the state DOT had sent the project over to its Sacramento engineers to draw up a final design . 
[ Gov. George Deukmejian ] Gov. George Deukmejian , who said he had been assured by state transportation officials that the structure could withstand an even larger quake , called for an immediate investigation . 
[ Richard Katz ] [ California Assembly ] `` I want to know who made the decision that it was safe for 186,000 people to use every day , '' said Richard Katz , a state legislator who is chairman of the California Assembly 's transportation committee . 
[ Cypress ] [ June ] [ San Francisco Bay ] The Cypress structure opened in June 1957 , and as such , like many buildings in the San Francisco Bay area , does not meet current building codes requiring considerably more steel support . 
[ Cypress ] Transportation department officials , however , said they were as surprised as anyone by the Cypress destruction . 
[ Burch Bachtold ] [ San Francisco ] `` Unfortunately , there is only one laboratory for developing techniques to withstand earthquakes , and that is an earthquake , '' said Burch Bachtold , San Francisco district director for the transportation department . 
[ Financial Corp. ] [ Santa Barbara ] [ Nov. ] Financial Corp. of Santa Barbara said it rescheduled to Nov. 29 a special shareholder meeting to vote on a $ 75 million stock-for-debt exchange . 
[ Nov. ] [ Securities and Exchange Commission ] The meeting had been scheduled for Nov. 10 but the company delayed the meeting to allow time for the Securities and Exchange Commission to review the proposal . 
[ August ] As part of a restructuring announced earlier this year , the company proposed in August to exchange 168 newly issued common shares for each $ 1,000 face value of debt . 
[ Financial Corp. ] However , that figure could be revised , Financial Corp. said . 
[ New York Stock Exchange ] [ Financial Corp. ] In composite trading Wednesday on the New York Stock Exchange , Financial Corp. closed at $ 1.125 , unchanged . 
[ Financial Corp. ] Financial Corp. also is proposing to exchange each of its 130,000 outstanding shares of cumulative convertible preferred series A stock for two shares of common . 
[ Bonn ] [ West Germany ] [ U.S. ] [ Eastern Europe ] After years of quarreling over Bonn 's `` Ostpolitik '' , West Germany and the U.S. appear to have shifted onto a united course in Eastern Europe . 
[ Bonn and Washington ] Bonn and Washington have taken a leading role in aid for the reformist countries , pledging billions of dollars in fresh credit and forgiving old debt while urging other industrial nations to follow suit . 
[ East ] [ Poland ] [ Hungary ] [ Soviet Union ] Both hope to encourage pressure for change in East bloc countries still ruled by Stalinist holdouts by arranging liberal financial aid and trade benefits for Poland , Hungary and , to a lesser extent , the Soviet Union . 
[ East Germany ] West German officials also have the special goal of holding out hope for East Germany 's fledgling reform movement . 
[ Soviet Union ] [ Poland ] [ Hungary ] [ East Germany ] [ Foreign Minister Hans-Dietrich Genscher ] `` The change taking place in the Soviet Union , Poland and Hungary has aroused new hope in both German states that reforms will be undertaken in  East Germany   , and that relations between the two German states , too , will get better , '' said Foreign Minister Hans-Dietrich Genscher . 
[ New ] [ Institute ] [ East-West Security ] [ Frankfurt ] [ Mr. Genscher ] Addressing a conference of the New York-based Institute for East-West Security Studies in Frankfurt yesterday , Mr. Genscher said , `` History will judge us by whether we have taken the opportunities that emerge from these reforms . '' 
[ East ] [ Europe ] [ Atlantic ] [ Urals ] The ultimate aim of Western support for East bloc reforms , he said , is to create `` an equitable and stable peaceful order in Europe from the Atlantic to the Urals . '' 
[ Mr. Genscher ] [ Commerce ] [ Hungary and Poland ] Mr. Genscher and U.S. Secretary of Commerce Robert A. Mosbacher , in separate speeches at the conference , appealed for more Western contributions to economic reforms and business development in Hungary and Poland . 
[ Bonn and Washington ] [ Poland ] [ International Monetary Fund ] Bonn and Washington are leading supporters of Poland 's request for a $ 1 billion stand-by credit from the International Monetary Fund . 
[ Hungary ] [ Poland ] `` We want the bold programs of market development and political freedom in Hungary and in Poland to succeed . 
[ Mr. Mosbacher ] We are prepared to support those changes , '' said Mr. Mosbacher . 
[ U.S. ] [ East ] U.S. curbs on the exports of sensitive technology to East bloc countries will remain in place , however . 
[ U.S. House ] [ Representatives ] [ Poland and Hungary ] Meanwhile , the U.S. House of Representatives yesterday approved an $ 837.5 million aid package for Poland and Hungary that more than doubles the amount President Bush had requested . 
[ House ] [ Congress ] [ Poland and Hungary ] The package was brought to the House just 15 days after it was introduced , indicating Congress 's eagerness to reward Poland and Hungary for their moves toward democracy and freemarket economic reforms . 
[ Senate ] [ Hungary and Poland ] The legislation , approved 345-47 and sent to the Senate , establishes two enterprise funds , to be governed by independent nonprofit boards , which will make loans and investments in new business ventures in Hungary and Poland . 
[ U.S. ] [ Japan ] [ European Community Commission ] [ Poland and Hungary ] [ European Investment Bank ] [ EC ] In addition , a group of 24 industrialized countries , including the U.S. and Japan and coordinated by the European Community Commission , has promised Poland and Hungary trade advice and a line of credit equivalent to $ 1.11 billion through the European Investment Bank , while the EC plans $ 222 million in direct aid . 
[ Chancellor Helmut Kohl ] [ Poland ] When Chancellor Helmut Kohl travels to Poland Nov. 9 , he is expected to take with him a promise of three billion West German marks  $ 1.6 billion   in new credit guarantees for industrial projects . 
[ Bonn ] Last week , Bonn agreed to reschedule 2.5 billion marks in Polish debt that came due last year . 
[ Poland ] Poland 's plan to switch to a free-market economy by 1991 is hampered by a foreign debt load of $ 39.2 billion . 
[ West Germany ] [ Hungary ] West Germany also has increased its credit guarantees to Hungary by 500 million marks to 1.5 billion marks as the emerging democratic state rushes through its own economic reforms , including a broad privatization of state-owned industry and tax incentives for industrial investment . 
[ Bavaria and Baden-Wuerttemberg ] An additional 500 million marks in credit-backing was promised by the West German state governments of Bavaria and Baden-Wuerttemberg . 
[ Deutsche Bank AG ] [ Soviet Union ] [ Hungary and Poland ] Deutsche Bank AG , which last year arranged a three billion mark credit for the Soviet Union , is now moving to become the first West German bank to set up independent business offices in Hungary and Poland as they shift to free-market economies . 
[ Frankfurt ] [ Deutsche Bank ] A maxim of Frankfurt banking holds that wherever Deutsche Bank goes , other West German banks follow . 
[ Mattel Inc. ] Mattel Inc. said third-quarter net income rose 73 % , to $ 38 million , or 76 cents a share , from $ 21.9 million , or 45 cents a share , a year ago . 
[ Mattel ] [ John W. Amerman ] `` Mattel 's world-wide volume has grown 25 % in a climate of relatively flat industry sales , '' said John W. Amerman , chairman . 
[ Mattel ] [ Barbie ] [ Hot Wheels ] [ Disney ] Mattel attributed the jump in quarter net to strong world-wide sales of its Barbie doll , Hot Wheels cars , Disney toys and other well-known toy lines . 
[ Cherry Merry Muffin ] [ Turtle Tots ] The company also cited retail trade and consumer demand for new products introduced this year , such as Cherry Merry Muffin and Turtle Tots . 
[ Mattel ] For the nine months , Mattel net more than doubled to $ 58.9 million , or $ 1.19 a share , from $ 25.4 million , or 53 cents a share , a year ago . 
[ Mattel ] [ Hawthorne ] [ Calif. ] Mattel said the company 's sale of rights to land and buildings at its Hawthorne , Calif. , headquarters resulted in a $ 13 million charge to third-quarter operating profit . 
[ Mattel ] [ El Segundo ] [ Calif. ] Mattel has purchased a new headquarters building in El Segundo , Calif. , which it will occupy by the end of next year . 
[ Democracy ] Democracy can be cruel to politicians : Sometimes it forces them to make choices . 
[ Supreme Court ] Now that the Supreme Court opened the door on the subject of abortion , politicians are squinting under the glare of democratic choice . 
[ Republicans ] So long as abortion was a question for litigation , not legislation , Republicans could find political security in absolutism . 
[ Republicans ] They could attract one-issue voters by adopting the right-to-life movement 's strongest position , even as pro-choice Republicans knew this mattered little on an issue monopolized by the court . 
[ Washington ] [ George Bush ] Much of Washington thought it detected George Bush in a characteristic waffle on abortion the past week . 
[ Congress ] Only a month ago he 'd warned Congress not to pass legislation to pay for abortions in cases of rape or incest . 
[ Last Friday ] [ Congress ] Last Friday , after Congress passed it anyway , he hinted he was looking for compromise . 
[ Mr. Bush ] In fact , Mr. Bush 's dance was more wiggle than waffle . 
[ White House ] Pro-life advocates say the White House never wavered over the veto . 
[ Christopher Smith ] [ R. ] [ N.J. ] [ House ] Christopher Smith  R. , N.J.   , a pro-life leader in the House , suggested a compromise that would have adapted restrictive language from rape and incest exceptions in the states . 
[ White House ] [ George Bush ] The White House , never eager for a fight , was happy to try , which is why George Bush said he was looking for `` flexibility '' last week . 
[ Democrats ] [ Republicans ] [ White House ] [ Staff ] [ Monday ] [ Mr. Bush ] When Democrats refused to budge , pro-life Republicans met at the White House with Chief of Staff John Sununu on Monday , and Mr. Bush quickly signaled a veto . 
[ Panama ] Amid charges of `` timidity '' on Panama and elsewhere , the president was n't about to offend his most energetic constituency . 
[ GOP ] [ Congress ] The GOP doubters were in Congress . 
[ Republicans ] In last week 's House vote , 41 Republicans defected . 
[ Connecticut Rep. Nancy Johnson ] [ Mr. Bush ] After the vote , Connecticut Rep. Nancy Johnson rounded up nearly as many signatures on a letter to Mr. Bush urging him not to veto . 
[ Sen. Orrin Hatch ] [ R. ] [ Utah ] Even such a pro-life stalwart as Sen. Orrin Hatch  R. , Utah   had counseled some kind of compromise . 
[ Senate ] The Senate passed the same bill yesterday , with a veto-proof majority of 67 . 
[ Republican ] The manuevering illustrates an emerging Republican donnybrook , pacified since the early 1980s . 
[ GOP ] At the 1988 GOP convention , abortion was barely discussed at all , though delegates were evenly divided on the question of an anti-abortion constitutional amendment . 
[ Ms. Johnson ] Ms. Johnson made a passionate statement to the platform committee , but she was talking to herself . 
[ Republicans ] Now many Republicans are listening . 
[ New Jersey ] [ Virginia ] [ GOP ] They 're frightened by what they see in New Jersey , and especially Virginia , where pro-life GOP candidates for governor are being pummeled on abortion . 
[ Eddie Mahe ] [ Republican ] [ GOP ] Eddie Mahe , a Republican consultant , says the two GOP candidates could have avoided trouble if they had framed the issue first . 
[ Virginia ] [ Marshall Coleman ] [ Eddy Dalton ]  In Virginia , Marshall Coleman and his running mate , Eddy Dalton , are both on the defensive for opposing abortions even in cases of rape or incest .   
[ Mr. Mahe ] But Mr. Mahe adds , `` The net loser in the next few years is the right-to-life side . '' 
[ Darla St. Martin ] [ Life ] [ Mr. Bush ] [ Michael Dukakis ] Darla St. Martin , of the National Right to Life Committee , says exit polls from the 1988 election had single-issue , pro-life voters giving Mr. Bush about five more percentage points of support than pro-choice voters gave Michael Dukakis . 
[ Supreme Court ] But the Supreme Court 's opening of debate may have changed even that . 
[ GOP ] [ Neil Newhouse ] [ Wirthlin Group ] GOP pollster Neil Newhouse , of the Wirthlin Group , says polls this summer showed that the single-issue voters had about evened out . 
[ Republican ] [ Democrats ] The Republican danger is that abortion could become for them what it 's long been for Democrats , a divisive litmus test . 
[ Bush ] It 's already that in the Bush administration , at least for any job in which abortion is even remotely an issue . 
[ Oklahoma ] [ Robert Fulton ] [ Department ] [ Health and Human Services ] Oklahoma official Robert Fulton lost a chance for a senior job in the Department of Health and Human Services after right-to-life activists opposed him . 
[ Caldwell Butler ] [ Legal Services ] Caldwell Butler , a conservative former congressman , was barred from a Legal Services post , after he gave wrong answers on abortion . 
[ Burton Lee ] Even the president 's doctor , Burton Lee , has said on the record that he 'd love to be surgeon general but could n't pass the pro-life test . 
[ HHS Secretary Louis Sullivan ] [ Republican ] In the case of HHS Secretary Louis Sullivan , the litmus test could yet damage issues important to other parts of the Republican coalition . 
[ Mr. Sullivan ] [ White House ] After Mr. Sullivan waffled on abortion last year , the White House appeased right-to-lifers by surrounding him with pro-life deputies . 
[ HHS ] Their views on health care and welfare did n't much matter , though HHS spends billions a year on both . 
[ Democrats ] Though Democrats can gloat at all this for now , they may want to contain their glee . 
[ Republicans ] Eventually even Republicans will find a way to frame the issue in ways that expose pro-choice absolutism . 
[ Democracy ] Democracy is forcing the abortion debate toward healthy compromise , toward the unpolarizing middle . 
[ Roe ] [ Wade ] Roe v. Wade pre-empted political debate , so the extremes blossomed . 
[ Union Pacific Corp ] Union Pacific Corp . third-quarter net income fell 17 % . 
[ New York Stock Exchange ] [ Union Pacific ] In composite trading on the New York Stock Exchange , Union Pacific jumped $ 1.375 to $ 75 a share . 
[ Union Pacific Railroad ] The company said its Union Pacific Railroad had a 3 % profit increase , despite a 14 % rise in fuel costs and a 4 % drop in car loadings . 
[ Union Pacific Resources ] Earnings from continuing operations of the Union Pacific Resources unit almost doubled , the company said . 
[ Union Pacific Realty ] Earnings from Union Pacific Realty dropped 50 % to $ 3 million . 
[ Overnite Transportation ] [ Union Pacific ] Before good will , Overnite Transportation earnings fell 11 % to $ 15 million , Union Pacific said . 
[ Federal Trade Commission ] The Federal Trade Commission ruled that five major title-insurance companies illegally fixed prices for title search-and-examination services by participating in joint `` rating bureaus '' in six states . 
[ FTC ] The FTC ordered the companies not to use rating bureaus in those six states . 
[ Ticor Title Insurance Co. ] [ California ] [ Los ] [ Ticor ] [ Chicago Title Insurance Co. ] [ Safeco Title Insurance Co. ] [ Chicago ] [ Trust Co. ] [ Title Insurance Corp. ] [ Richmond ] [ Universal Corp. ] [ Stewart Title Guaranty Co. ] [ Houston-based Stewart Information Services Corp ] The commission order named the following companies : Ticor Title Insurance Co. of California , a unit of Los Angeles-based Ticor ; Chicago Title Insurance Co. and Safeco Title Insurance Co. , units of Chicago Title & Trust Co. ; Lawyers Title Insurance Corp. , a unit of Richmond , Va.-based Universal Corp. ; and Stewart Title Guaranty Co. , a unit of Houston-based Stewart Information Services Corp . 
[ Chicago ] [ Trust ] [ Safeco ] [ Security Union Title Insurance Co ] Chicago Title & Trust acquired Safeco in 1987 and changed the unit 's name to Security Union Title Insurance Co . 
[ FTC ] [ New Jersey ] [ Pennsylvania ] [ Connecticut ] [ Wisconsin ] [ Arizona ] [ Montana ] The FTC ruled that the companies violated federal antitrust law by fixing rates in the following states : New Jersey , Pennsylvania , Connecticut , Wisconsin , Arizona and Montana . 
[ FTC ] The FTC first issued an administrative complaint in the case in 1985 . 
[ John Christie ] [ Chicago ] [ Trust ] [ FTC ] John Christie , a lawyer here for the two Chicago Title & Trust units accused the FTC of `` second-guessing '' state-level regulations , with which , he said , his clients had complied . 
[ FTC ] A lawyer for Lawyers Title said that , because the named companies no longer use the type of cooperative rating bureaus attacked by the FTC , the commission 's order wo n't have much practical impact . 
[ MARK RESOURCES INC. ] [ Calgary ] [ Alberta ] MARK RESOURCES INC. , Calgary , Alberta , said it agreed to sell 75 million Canadian dollars  US$ 63.9 million   of 8 % convertible debentures to a group of securities dealers . 
[ Mark ] [ Mark ] [ Nov. ] Mark , an oil and gas concern , said the 15-year debentures are convertible before maturity at C$ 12.50 for each Mark common share , and can be redeemed at the company 's option , under certain conditions , after Nov. 30 , 1992 . 
[ Federal Asset Disposition Association ] [ William Seidman ] [ Federal Deposit Insurance Corp ] The government will try to sell all the real estate managed by the Federal Asset Disposition Association in one fell swoop , said William Seidman , chairman of the Federal Deposit Insurance Corp . 
[ FADA ] [ Texas ] [ California ] [ Colorado ] [ Arizona and Florida ] The FADA real-estate package , with an asking price of $ 428 million , is comprised of 150 properties in Texas , California , Colorado , Arizona and Florida . 
[ Mr. Seidman ] [ Resolution Trust Corp. ] Mr. Seidman is chairman of the Resolution Trust Corp. , established to sell or merge the nation 's hundreds of insolvent savings-and-loan associations . 
[ RTC ] [ FADA ] The RTC , created by this year 's S&L bailout legislation , is trying to sell FADA 's network of offices separately . 
[ FADA ] FADA , which holds problem assets of thrifts that were closed before the bailout legislation was enacted , is being liquidated . 
[ FADA ] [ Mr. Seidman ] [ Southern Methodist University Business School ] [ Dallas ] The properties held by FADA wo n't be sold piecemeal , Mr. Seidman said in a speech before Southern Methodist University Business School in Dallas . 
[ Mr. Seidman ] `` You need to buy the entire lot , '' Mr. Seidman said , `` so get out your checkbooks . 
[ U.S. and ] [ Dow Jones Capital Markets Report ] The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : 
[ Sequa Corp. ] [ Oct. ] Sequa Corp. -- $ 150 million of 9 5\/8 % notes due Oct. 15 , 1999 , priced at 99.75 to yield 9.664 % . 
[ Treasury ] The noncallable issue was priced at a spread of 170 basis points above the Treasury 's 10-year note . 
[ Moody ] [ Standard & Poor ] [ Merrill Lynch Capital Markets ] Rated Baa-2 by Moody 's Investors Service Inc. and triple-B-minus by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Merrill Lynch Capital Markets . 
[ Virginia Public School Authority ] [ Series B ] [ BT Securities Corp. ] Virginia Public School Authority -- $ 55.7 million of school financing bonds , 1989 Series B  1987 resolution   , due 19912000 , 2005 and 2010 , through a BT Securities Corp. group . 
[ Moody ] [ S&P ] The bonds , rated double-A by Moody 's and S&P , were priced to yield from 6 % in 1991 to 7.10 % in 2010 . 
[ St. Johns River Water Management District ] [ Fla. ] [ Series ] [ Smith Barney ] [ Harris Upham & Co. ] St. Johns River Water Management District , Fla. -- $ 50,005,000 of land acquisition revenue bonds , Series 1989 , due 1990-2000 , 2003 , 2006 and 2009 , tentatively priced by a Smith Barney , Harris Upham & Co. group to yield from 6 % in 1990 to about 7.03 % in 2003 . 
[ Moody ] [ S&P ] The bonds are insured and rated triple-A by Moody 's and S&P . 
[ Federal Home Loan Mortgage Corp. ] [ Remic ] [ Salomon Brothers Inc ] Federal Home Loan Mortgage Corp. -- $ 500 million of Remic mortgage securities being offered in 12 classes by Salomon Brothers Inc . 
[ Series ] [ Freddie Mac ] The offering , Series 105 , is backed by Freddie Mac 9 1\/2 % securities . 
[ Freddie Mac Remic ] [ Kidder ] [ Peabody & Co ] Separately , $ 400 million of Freddie Mac Remic mortgage securities is being offered in 10 classes by Kidder , Peabody & Co . 
[ Series ] [ Freddie Mac ] The offering , Series 106 , is backed by Freddie Mac 9 1\/2 % securities . 
[ Treasury ] [ Treasurys ] According to available details , yields range from 8.70 % , a spread of 80 basis points over three-year Treasury securities , to 10.37 % , a spread of 230 basis points over 20-year Treasurys . 
[ Freddie Mac ] [ February ] The offerings bring Freddie Mac 's 1989 Remic issuance to $ 32.6 billion and its total volume to $ 46.5 billion since the program began in February 1988 . 
[ European Investment Bank ] [ Nov. ] [ Banco Commercial Italiana ] European Investment Bank  agency   -- 200 billion lire of 12 % bonds due Nov. 16 , 1995 , priced at 101 3\/4 to yield 12 % less full fees , via lead manager Banco Commercial Italiana . 
[ IBM International Finance ] [ U.S. ] [ Nov. ] [ Banque Paribas Capital Markets ] IBM International Finance  U.S. parent   -- 125 million European currency units of 9 1\/8 % bonds due Nov. 10 , 1994 , priced at 101 5\/8 to yield 9.13 % at the recommended reoffered price of par , via Banque Paribas Capital Markets . 
[ Societe Generale Australia Ltd ] [ Nov. ] [ Westpac Banking Corp ] Societe Generale Australia Ltd .  French parent   -- 50 million Australian dollars of 17 % bonds due Nov. 20 , 1991 , priced at 101.90 to yield 16.59 less fees , via Westpac Banking Corp . 
[ Societe Generale ] Guaranteed by Societe Generale . 
[ Mitsubishi Trust & Banking Corp ] [ Japan ] [ March ] [ Union Bank ] [ Switzerland ] Mitsubishi Trust & Banking Corp .  Japan   -- 200 million Swiss francs of privately placed convertible notes due March 31 , 1994 , with a fixed 0.75 % coupon at par , via Union Bank of Switzerland . 
[ March ] Put option on March 31 , 1992 , at a fixed 107 3\/4 to yield 3.5 % . 
[ March ] Callable from March 31 , 1992 , at 107 3\/4 , declining two points semi-annually to par . 
[ Nov ] [ March ] Each 50,000 Swiss franc note is convertible from Nov , 27 , 1989 , to March 21 , 1994 , at a premium over the closing share price Oct. 25 , when terms are scheduled to be fixed . 
[ March ] [ Westdeutsche Landesbank Girozentrale Bank ] Also , the company issued 300 million marks of convertible bonds with an indicated 2 3\/4 % coupon due March 31 , 1995 , at par , via Westdeutsche Landesbank Girozentrale Bank . 
[ March ] Put on March 31 , 1992 , at an indicated 105 to yield 4.80 % . 
[ March ] Call option beginning March 31 , 1992 , if the price of the stock rises more than 50 % within 30 trading days as well as a call option for tax reasons . 
[ Nov. ] [ March ] [ Oct. ] Each 1,000 mark and 10,000 mark bond is convertible from Nov. 27 , 1989 , to March 21 , 1995 , at a price to be determined when terms are fixed Oct. 25 . 
[ Scandinavian Airlines System ] [ Sweden ] [ Nov. ] [ Union Bank ] [ Switzerland ] Scandinavian Airlines System  Sweden   -- 100 million Swiss francs of 6 1\/8 % bonds due Nov. 24 , 1999 , priced at 100 3\/4 to yield 6.03 % , via Union Bank of Switzerland . 
[ Nov. ] Call from Nov. 24 , 1994 , at 101 1\/2 , declining 1\/4 point a year . 
[ Federal Home Loan Mortgage Corp. ] Federal Home Loan Mortgage Corp. -- $ 400 million of 10-year debentures with a coupon rate of 8.80 % , priced at par . 
[ Treasury ] The debentures , callable at par in five years , were priced at a yield spread of about 86 basis points above the Treasury 10-year note . 
[ Freddie Mac ] The issue is being sold through Freddie Mac 's 17-member securities selling group . 
[ Oct. ] The debentures mature Oct. 27 , 1999 . 
[ Esther Dyson ] [ Release ] `` Filtered news is what people want , '' says Esther Dyson , editor of Release 1.0 , an industry newsletter that spots new developments . 
[ Geoffrey Goodfellow ] [ California ] [ Old ] Geoffrey Goodfellow , who dropped out of high school back in the 1970s to manage a computer network at a California research firm , says : `` Old network hands have started to turn off the network because they do n't have time to wade through the muck . '' 
[ Mr. Goodfellow ] [ Menlo Park ] [ Calif. ] [ Anterior Technology ] Mr. Goodfellow has started a Menlo Park , Calif. , company called Anterior Technology that provides human editors for public electronic networks . 
[ NewsEdge ] A new product , NewsEdge , carries five business news wires simultaneously into a user 's computer and beeps and flashes whenever an article appears that is of interest to the user . 
[ Desktop Data Corp. ] [ Waltham ] [ Mass. ] The product , developed by Desktop Data Corp. , a new company based in Waltham , Mass. , scans the wires looking for articles that contain key words specified by the user . 
[ David Semmel ] [ Chicago ] [ Desktop Data ] One early user , David Semmel , a Chicago venture capitalist and investor in Desktop Data , says he uses it to track takeover developments . 
[ NewsEdge ] [ LBO ] He says he told NewsEdge to look for stories containing such words as takeover , acquisition , acquire , LBO , tender , merger , junk and halted . 
[ NewsEdge ] NewsEdge is pricey : $ 7,500 a year for a limited version , $ 40,000 a year if the cost of all the news wires is included . 
[ Jeffrey Tarter ] [ SoftLetter ] [ Watertown ] [ Mass. ] Jeffrey Tarter , editor of SoftLetter , a Watertown , Mass. , industry newsletter , says : `` I 've seen a lot of people fooling around on the fringes of filtering information . 
[ NewsEdge ] [ FM ] [ Reuters ] [ McGraw-Hill ] [ Dow Jones & Co. ] [ PR Newswire ] NewsEdge uses an FM radio band to carry news wires provided by Reuters , McGraw-Hill and Dow Jones & Co. , as well as PR Newswire , which carries corporate press releases . 
[ FM ] An FM receiver attached to a user 's personal computer receives the information . 
[ George Goodwin ] [ Royal Bank ] [ Canada ] [ Lotus Development Corp. ] [ Agenda ] George Goodwin , an account manager at Royal Bank of Canada , adapted a Lotus Development Corp. program called Agenda to sort through international news wires . 
[ Individual Inc. ] [ Brookline ] [ Mass. ] [ Cornell University ] [ Gerard Salton ] Individual Inc. , a new company in Brookline , Mass. , uses filtering technology developed by Cornell University computer scientist Gerard Salton , to automatically produce customized newsletters it sends electronically to subscribers by 8 a.m. the next day . 
[ Yosi Amram ] `` We are operating an information refinery that takes a broad stream of raw data and turns it into actionable knowledge , '' says Yosi Amram , founder and president . 
[ Reuters ] [ McGraw Hill ] [ United Press International ] [ Japan ] The daily newsletter , which is n't widely available yet , will have a base cost of $ 2,000 a year and provides full text of relevant articles under license agreements with Reuters , McGraw Hill , United Press International , two press release news wires and Japan 's Kyodo news service . 
[ NEC Corp. ] One early user is NEC Corp. 's U.S. printer marketing arm . 
[ Mr. Amram ] `` They want the full press releases on printer announcements by their competition , '' Mr. Amram says . 
[ NEC ] It also tracks personnel and financial announcements by NEC 's distributors and customers . 
[ Individual Inc. ] Individual Inc. 's technology goes beyond word searches by using a computerized thesaurus . 
[ IBM ] [ I.B.M. ] [ International Business Machines ] [ Big Blue ] [ Mr. Amram ] If a customer asks for stories about `` IBM , '' the computer will also supply stories that mention `` I.B.M. , International Business Machines , or Big Blue , '' Mr. Amram says . 
[ Individual Inc. ] Moreover , Individual Inc. 's computers can weigh the value of an article based on how closely the story matches the subscriber 's interest area . 
[ Pinpoint Information Corp. ] [ Chantilly ] [ Va. ] Pinpoint Information Corp. , Chantilly , Va. , a producer of $ 1,800-a-year personalized newsletters about the computer industry that started full operation last month , relies on 12 human readers to code news releases by topic in order to select items for each subscriber . 
[ Computer ] [ Harvey Golomb ] [ Pinpoint ] Computer picking is n't perfect , '' says Harvey Golomb , president and founder of Pinpoint . 
[ Pinpoint ] Once all the articles are coded and put in a data base , Pinpoint 's computers pick the most relevant for each subscriber and lay them out in a three-to-five-page newsletter format ; each newsletter is sent directly from the computer to the subscriber 's fax machine . 
[ Mr. Golomb ] Mr. Golomb says each of his computers can produce and send about 75 unique newsletters a night . 
[ Chuck Digate ] [ Lotus Development ] `` All these interconnected computers make it difficult to sort out what 's junk and what 's important , '' says Chuck Digate , a former Lotus Development executive who has started a new company to cope with the problem . 
[ Mr. Digate ] [ Inc. ] [ Information Lens ] [ Massachusetts Institute ] [ Technology ] Mr. Digate says his firm , Beyond Inc. , has licensed technology known as Information Lens from Massachusetts Institute of Technology and plans to develop it for commercial use . 
[ MIT ] The MIT project devised ways for E-mail to be automatically categorized as top priority if it comes from certain designated senders or requires action in the next couple of days . 
[ Mr. Digate ] Mr. Digate says that Beyond will refine the product `` so the message will be smart enough to know to come back and bother you again next week . '' 
[ Monday ] And if a user is busy , `` he can set it for crisis mode : ` Do n't bother me with reports until Monday . ' '' 
[ Lotus ] A program called Notes , which is under development by Lotus , also is designed to sort E-mail sent within work groups . 
[ Mr. Tarter ] [ SoftLetter ] `` With E-mail , you do n't have the visual clues of paper , '' says Mr. Tarter , the editor of SoftLetter . 
[ Dean Witter Reynolds Inc. ] Dean Witter Reynolds Inc. lost its second recent arbitration case involving a former bond-trading executive . 
[ New York Stock Exchange ] [ Dean Witter ] [ William Kelly ] A New York Stock Exchange arbitration panel ordered Dean Witter to pay $ 404,294 in back bonuses to William Kelly , the company 's former head of high-yield , high-risk junk-bond trading and sales . 
[ Michael Newcomb ] It also awarded $ 196,785 in back bonuses to former trader Michael Newcomb and $ 69,105 in fees to the two men 's attorneys . 
[ Messrs. Kelly and Newcomb ] The sums awarded to Messrs. Kelly and Newcomb represent bonuses the two men said they deserved from the first half of 1988 , but which were n't paid because of a dispute over an incentive contract . 
[ Jeffrey L. Liddle ] [ Liddle ] [ O'Connor ] [ Finkelstein & Robinson ] [ Mr. Kelly ] [ Dean Witter ] Jeffrey L. Liddle , the two men 's attorney at Liddle , O'Connor , Finkelstein & Robinson , said Mr. Kelly began working at Dean Witter in 1987 . 
[ Mr. Kelly ] Mr. Kelly built the company 's high-yield bond group , which has been a minor player in the junk-bond arena . 
[ Dean Witter ] [ August ] [ Harold Bachman ] Dean Witter lost a separate case involving a former bond executive earlier this year ; in August it paid $ 666,666 in back pay and a bonus to a former corporate-bond trading chief , Harold Bachman . 
[ Dean Witter ] [ Mr. Bachman ] That award ended a dispute between Dean Witter and Mr. Bachman over who was responsible for certain bond-trading losses around the time of the 1987 stock-market crash . 
[ Dean Witter ] [ Sears ] [ Roebuck & Co. ] A spokesman for Dean Witter , a unit of Sears , Roebuck & Co. , declined to comment . 
[ DILLARD DEPARTMENT STORES Inc. ] DILLARD DEPARTMENT STORES Inc. said it offered $ 50 million of 9 1\/2 % debentures due 2001 at par . 
[ Little Rock ] [ Ark. ] The Little Rock , Ark. , department-store retailer said proceeds will be used to reduce short-term debt . 
[ Goldman ] [ Sachs & Co. ] Goldman , Sachs & Co. was the underwriter . 
[ American Brands Inc. ] American Brands Inc. said third-quarter net income rose 13 % , reflecting strong gains in its tobacco and distilled spirits businesses . 
[ Southland Life ] [ March ] [ U.S. ] Revenue declined 2 % , to $ 3.06 billion from $ 3.13 billion , because of the sale of Southland Life in March , and the impact of the stronger U.S. dollar on overseas results . 
[ New York Stock Exchange ] [ American Brands ] In composite trading on the New York Stock Exchange , American Brands shares rose $ 1.75 to $ 73 . 
[ SANTA FE PACIFIC PIPELINE PARTNERS Limited Partnership ] [ Los Angeles ] [ Nov. ] SANTA FE PACIFIC PIPELINE PARTNERS Limited Partnership , of Los Angeles , increased its quarterly cash dividend to 60 cents a unit from 55 cents , payable Nov. 14 to units of record Oct. 31 . 
[ WASHINGTON ] WASHINGTON LIES LOW after the stock market 's roller-coaster ride . 
[ House Energy and Commerce ] [ SEC Chairman Breeden Wednesday ] [ Treasury Secretary Brady ] [ Senate Banking ] But a House Energy and Commerce subcommittee will quiz SEC Chairman Breeden Wednesday , and Treasury Secretary Brady will go before the Senate Banking panel Thursday . 
[ SEC ] [ Treasury ] It may also expedite the SEC 's modest pending changes in junk-bond disclosure rules and intensify the Treasury 's look at plans for giving new tax breaks on dividends and raising taxes on short-term trades by pension funds . 
[ Brady and Breeden ] [ Treasury ] [ Breeden ] [ SEC ] Brady and Breeden work well together on the plunge , despite the fact that the Treasury secretary opposed Breeden 's nomination to the SEC post . 
[ BAKER ] [ Mideast ] BAKER FALTERS in the Mideast amid Israeli paralysis and Palestinian politics . 
[ U.S. ] Despite seeing his plan for Israeli-Palestinian elections wither , the cautious secretary of state is so far unwilling to cut U.S. economic or military aid to force Israeli cooperation . 
[ Baker ] [ Shamir ] [ Shamir ] [ Peres ] [ Baker ] Baker nonetheless remains furious both at Shamir , for backing down on the elections , and at Shamir 's rival , Peres , for political ineptitude in forcing a premature cabinet vote on Baker 's plan . 
[ U.S. ] [ PLO ] [ Arafat ] Meanwhile , some U.S. officials fear PLO chief Arafat is getting cold feet and may back off from his recent moderation and renunciation of terrorism . 
[ Syria ] [ Ahmad Jibril ] [ Pan Am ] [ Arafat ] He is under intense fire from other Palestinian groups ; Syria is pushing Ahmad Jibril , whose terrorist band is blamed for the Pan Am 103 bombing , as an alternative to Arafat . 
[ DARMAN'S ] [ Congress ] DARMAN'S MANEUVERS on the budget and capital gains hurt him in Congress . 
[ Democrats ] [ Speaker Foley ] Republicans as well as Democrats were angered by the budget director 's rejection of Speaker Foley 's effort to expedite a deficitcutting measure by stripping it of the capital-gains tax cut as well as pet Democratic projects . 
[ Darman ] [ House GOP ] [ Michel ] [ English ] Darman now blames the clash on miscommunication , but House GOP leader Michel , who carried the offer to him , observes , `` I was speaking English at the time , and quite loud so I could be understood . '' 
[ Senate GOP ] [ Dole ] [ Senate ] Senate GOP leader Dole ridicules the budget chief on the Senate floor . 
[ Mitchell ] [ Darman ] [ Gramm-Rudman ] Democratic counterpart Mitchell , asked to interpret Darman 's threat to make permanent the across-the-board Gramm-Rudman cuts that took effect this week , says , `` I do n't even bother to interpret them . '' 
[ Darman ] But Darman suggests such tensions will dissipate quickly . 
[ HHS ] [ Secretary Sullivan ] HHS OFFICIALS expect Secretary Sullivan to continue a ban on research using fetal tissue . 
[ Sullivan ] Before he was confirmed , Sullivan said he had `` reservations about any blanket prohibitions on medical research . '' 
[ U.S. ] [ Europe ] COOPERATION WANES on weapons development between the U.S. and Europe . 
[ Britain ] [ France and Italy ] [ NATO ] [ U.S. ] [ West Germany ] Britain , France and Italy pull out of a proposal to build new NATO frigates ; the U.S. and West Germany have each withdrawn from missile projects . 
[ Virginia GOP ] [ Eddy Dalton ] Virginia GOP lieutenant governor candidate Eddy Dalton tries to have it both ways on the abortion issue . 
[ Hotline ] [ Abortion Report ] Interest in the abortion issue is so great that the Hotline , a daily , computer-distributed political newsletter , comes up with a spinoff product called the Abortion Report dealing solely with its political implications . 
[ Bush ] CONSERVATIVES EXPECT Bush to solidify their majority on a key court . 
[ Bush ] [ D.C. Circuit Court ] [ Supreme Court ] Bush has three vacancies to fill on the prestigious D.C. Circuit Court , which handles many important regulatory issues and is often considered a warm-up for future Supreme Court nominees . 
[ EEOC Chairman Clarence Thomas ] One slot is expected to go to EEOC Chairman Clarence Thomas , a black conservative ; after mulling a fight , liberals now probably wo n't put up a major struggle against him . 
[ Washington ] [ Michael Uhlmann ] [ Justice Department ] [ Marshall Breger ] [ U.S. ] Other conservatives thought to be on the administration 's short list include Washington lawyer Michael Uhlmann , who was passed over for the No. 2 job at the Justice Department , and Marshall Breger , chairman of a U.S. agency on administration . 
[ Bush ] [ Justice Department ] [ Victoria Toensing ] The Bush administration would also like to nominate a woman ; one possibility is former Justice Department official Victoria Toensing . 
[ Panama ] [ Ollie ] In the wake of the failed Panama coup , a bumper sticker appears : `` Ollie Would Have Got Him . '' ... 
[ Rep. Garcia ] [ Congressional Record ] Rep. Garcia , on trial for bribery and extortion , puts statements in the Congressional Record attributing missed votes to `` scheduling conflicts . '' ... 
[ GOP Senate ] [ Sen. Burns ] [ Montana ] A GOP Senate fund-raising letter from Sen. Burns of Montana is made to appear personally written , and its opening line is , `` Please excuse my handwriting . '' 
[ Burns ] But Burns confesses in an interview : `` That 's not my handwriting . 
[ MC SHIPPING Inc. ] [ New York ] [ Nov. ] MC SHIPPING Inc. , New York , declared an initial quarterly of 60 cents a share payable Nov. 15 to shares of record Oct. 30 . 
[ American Stock Exchange ] The announcement boosted the charter-shipping company 's shares , which closed at $ 15.125 , up $ 1.25 a share , in composite trading on the American Stock Exchange . 
[ May ] The company , which went public in May , intends to pay dividends from available cash flow ; the amount may vary from quarter to quarter . 
[ America ] Ever since the hotly contested America 's Cup race last year , the famous yachting match has run into more rough sailing out of the water than in it . 
[ San Diego Yacht Club ] Now that a key member of the San Diego Yacht Club team is splitting off to form his own team , even more competition lies ahead . 
[ Peter Isler ] [ America ] [ Dennis Conner ] [ Stars & Stripes ] Peter Isler , the winning navigator in the past two America 's Cup challenges , has split from the team led by Dennis Conner , skipper of the victorious Stars & Stripes , to form his own team for the next contest in 1992 . 
[ Mr. Isler ] And , in addition to a crack team of sailors , Mr. Isler has lined up some real brass to help him finance the syndicate . 
[ Isler Sailing International ] [ Ted Turner ] [ Turner Broadcasting ] [ Cup ] [ Peter G. Diamandis ] [ Diamandis Communications ] [ Joseph B. Vittoria ] [ Avis Inc ] Isler Sailing International 's advisory board includes Ted Turner , Turner Broadcasting chairman and a former Cup victor ; Peter G. Diamandis , head of Diamandis Communications , and Joseph B. Vittoria , chairman and chief executive of Avis Inc . 
[ California ] [ Roy E. Disney ] His steering committee includes other notable businessmen , including the California investor and old salt Roy E. Disney . 
[ Mr. Isler ] `` We have the structure , people and plan , '' Mr. Isler said in a statement . 
[ Cup ] Now , the first order of business is raising enough money to keep his team afloat -- a new yacht will cost about $ 3 million alone , and sailing syndicate budgets can easily run to $ 25 million for a Cup challenge . 
[ San Diego Yacht Club ] [ New Zealand ] The split comes in the midst of a court battle over whether the San Diego Yacht Club should be allowed to keep the international trophy for sailing a catamaran against the New Zealand challengers ' 90-foot monohull . 
[ September ] [ New York ] [ Cup ] [ New Zealand ] In September , a New York appellate court overturned a state judge 's ruling that awarded the Cup to the New Zealand team . 
[ New Zealand ] [ Michael Fay ] [ Cup ] [ San Diego ] Pending an appeal by the New Zealand team , led by Michael Fay , the finals for the next Cup challenge are scheduled to be held in mid-1992 in San Diego . 
[ Mr. Conner ] But because of the uncertainty of the outcome of the suit , Mr. Conner 's team has done little to begin gearing up to defend its title . 
[ Dana Smith ] [ Team Dennis Conner ] `` If you do n't know what the rules of the game are , it 's hard to start your fund-raising or design , '' said Dana Smith , an official with Team Dennis Conner . 
[ Conner ] [ Mr. Smith ] The Conner team wo n't be able to negotiate with corporate sponsors until the suit is resolved and the race site is determined , Mr. Smith said , and the syndicate 's budget could easily reach $ 30 million . 
[ Mr. Isler ] [ Mr. Conner ] [ Mr. Isler ] But spokesmen for both Mr. Isler and Mr. Conner say the formation of the new syndicate has to do with Mr. Isler 's desire to skipper his own team and begin planning now , rather than any falling out between the two sportsmen . 
[ Mr. Smith ] [ America ] Mr. Smith and a spokesman for the America 's Cup Organizing Committee insist that the added competition for the defender 's spot will only improve the race . 
[ Missouri ] [ Blake Hurst ] [ Heritage Foundation ] Missouri farmer Blake Hurst writing in the fall issue of the Heritage Foundation 's Policy Review about the proposed location of a hazardous-waste incinerator in his county : 
[ Missouri ] [ Atchinson County ] The loss of 40 jobs by a depressed county in rural Missouri is hardly of national importance except for this : If the most environmentally safe way of dealing with a national problem can not be built in Atchinson County , what hope have we for dealing with the wastes our economy produces ? 
[ Stamford ] [ Conn. ] [ High School ] Just because Stamford , Conn. , High School did nothing when its valuable 1930s mural was thrown in the trash does n't mean the city no longer owns the work of art , a federal judge ruled . 
[ James Daugherty ] [ Works Project Administration ] The 100-foot-long mural , painted by James Daugherty in 1934 , was commissioned by the federal Works Project Administration . 
[ Stamford ] [ Hiram Hoelzer ] After the discarded mural was found outside the school by a concerned Stamford graduate , it eventually was turned over to Hiram Hoelzer , a professional art restorer . 
[ Stamford ] Throughout the 1970s , Stamford school and city officials made no effort to locate the mural . 
[ Mr. Hoelzer ] Apparently the officials did n't even know the mural was missing until 1980 , when a researcher found that the painting was in Mr. Hoelzer 's studio and questioned school officials about it . 
[ Stamford ] [ Mr. Hoelzer ] In 1986 , Stamford officials thanked Mr. Hoelzer for taking care of the mural -- and demanded he return it as soon as possible . 
[ Mr. Hoelzer ] [ Stamford ] Mr. Hoelzer , however , sued Stamford , claiming that the city had abandoned the artwork and that it had waited too long to reclaim it . 
[ Judge Louis L. Stanton ] [ Manhattan ] But Judge Louis L. Stanton of federal court in Manhattan ruled that the city could n't be faulted for waiting too long because it did n't realize until 1986 that its ownership of the painting was in dispute . 
[ Mr. Hoelzer ] Mr. Hoelzer did n't return phone calls seeking comment on the judge 's decision . 
[ Nov. ] [ Mr. Hoelzer ] The judge ordered that a hearing be held Nov. 17 to determine how much the city should pay Mr. Hoelzer for his services . 
[ Mary E. Sommer ] [ Stamford ] [ Great Depression ] Mary E. Sommer , corporate counsel for Stamford , said the city has discussed several possible plans for displaying the mural , which portrays various scenes from the Great Depression . 
[ Stamford ] She said the mural `` preserves an era in Stamford and in our country when this type of work was being done . 
[ Soviet Union ] [ October ] [ U.S. ] The prices of corn futures contracts jumped amid rumors that the Soviet Union is keeping up its dizzying October buying binge of U.S. corn . 
[ U.S. Agriculture Department ] [ Soviets ] [ U.S. ] [ U.S. ] Those rumors were confirmed after the end of trading yesterday when the U.S. Agriculture Department announced that the Soviets had bought 1.2 million metric tons of U.S. corn , bringing their U.S. corn purchases confirmed so far this month to about five million metric tons . 
[ Chicago Board ] [ Trade ] [ December ] In trading at the Chicago Board of Trade , the corn contract for December delivery jumped 5.75 cents a bushel to settle at $ 2.44 a bushel . 
[ Soviet Union ] [ U.S. ] The Soviet purchases are close to exceeding what some analysts had expected the Soviet Union to buy this fall , the season in which it usually buys much of the corn it imports from the U.S. . 
[ Soviet Union ] That pace is causing some analysts to speculate that the Soviet Union might soon purchase as much as another two million metric tons . 
[ U.S. ] One sign that more Soviet purchases are possible is that U.S. grain companies yesterday bought an unusually large amount of corn futures contracts . 
[ Agriculture Department ] [ Soviet Union ] Among other things , the Agriculture Department is widely thought to be mulling whether to subsidize the sale of soybean oil to the Soviet Union . 
[ Midwest ] [ Indiana and Ohio ] On top of all this , corn and soybean prices rose on reports that the Midwest harvest was disrupted by a freakishly early snow storm that dumped several inches in parts of Indiana and Ohio . 
[ Robert Lekberg ] [ Farmers Grain & Livestock Corp. ] [ Chicago ] Balmy temperatures are forecast for next week , said Robert Lekberg , an analyst at Farmers Grain & Livestock Corp. , Chicago . 
[ December ] December delivery gold fell $ 1.80 an ounce to $ 370.60 . 
[ December ] December silver eased 2.7 cents an ounce to $ 5.133 . 
[ January ] January platinum was down $ 3.60 an ounce at $ 491.10 . 
[ September ] One price-depressing development was the lower-than-expected increase of only 0.2 % in the consumer price index for September , an analyst said . 
[ American Telephone & Telegraph Co. ] Other news that weighed on the market : Initial unemployment claims rose by 62,000 last week ; American Telephone & Telegraph Co. will reduce its managerial staff by 15,000 through attrition ; the oil market turned weaker ; there was n't any investor demand for bullion ; and the dollar strengthened during the day , putting pressure on gold . 
[ South Africa ] [ Soviet Union ] Also , the analyst said , economic circumstances are such that both South Africa and the Soviet Union , the principal gold and platinum producers , are being forced to continue selling the metals . 
[ South Africa ] Both are in great need of foreign exchange , and South Africa is also under pressure to meet foreign loan commitments , he said . 
[ December ] The December contract rose 1.50 cents a pound to $ 1.2795 . 
[ Friday ] [ U.S. ] That contract fell a total of 5.75 cents during the first three days of this week , mostly in reaction to last Friday 's stock market plunge , which prompted concern that it might signal a similar sharp slowing of the U.S. economy and thus reduced demand for copper , a leading industrial metal . 
[ London ] In recent days , however , there has been increased purchasing of copper in London , an analyst said . 
[ Japan ] [ Bougainville ] [ Papua New Guinea ] [ Highland Valley ] [ British Columbia ] [ Cananea ] [ Mexico ] [ Japan ] Some of this buying was by Japan , which has had its supplies sharply reduced by long production stoppages at the Bougainville mine in Papua New Guinea , Highland Valley mine in British Columbia , and the Cananea mine in Mexico , which are major shippers to Japan . 
[ Cananea ] [ Highland Valley ] The increasing likelihood that Cananea and Highland Valley will soon return to production may have cut some of that purchasing , but even if any of these mines begin operating soon , their output wo n't be significant until at least the end of the year , analysts note . 
[ West Texas Intermediate ] [ November ] West Texas Intermediate for November delivery fell 14 cents a barrel to $ 20.42 . 
[ December ] [ WTI ] For instance , December contracts for WTI rose 17 cents to $ 20.42 . 
[ Wednesday ] Most energy futures opened lower , following Wednesday 's market downturn . 
[ Melvin Belli ] [ Tuesday ] Melvin Belli 's San Francisco law offices may have been the epicenter of legal activity after Tuesday 's earthquake . 
[ King ] [ Torts ] In the first 25 minutes after his office 's telephone service was restored yesterday morning , 17 potential clients had called seeking the services of the self-proclaimed King of Torts . 
[ Mr. Belli ] [ Richter ] Mr. Belli , like many other personal-injury lawyers , suspects that the earthquake , which measured 6.9 on the Richter scale , will generate enough lawsuits to keep this city 's personal-injury and construction lawyers busy for quite some time . 
[ California ] Experts on California tort law say protections afforded government agencies in such cases are pretty ironclad . 
[ God ] The major legal barrier is the principle that no one can be held liable for an `` act of God . '' 
[ Laurence Drivon ] [ 6,000-member California Trial Lawyers Association ] For now , says Laurence Drivon , president-elect of the 6,000-member California Trial Lawyers Association , `` the last thing we really need to worry about is whether anybody is going to get sued , or whether they have liability or not . 
[ San Francisco ] We still have people wandering around in a daze in San Francisco worrying about whether it 's going to rain tonight . '' 
[ San Francisco ] In San Francisco , they argue , an earthquake was a near certainty . 
[ Stanley Chesley ] [ Cincinnati ] `` My prediction is there will be mass litigation over errors and omissions in engineering and contracting , '' says Stanley Chesley , a well-known Cincinnati plaintiffs lawyer . 
[ Mr. Chesley ] [ Interstate ] From what he saw on television , Mr. Chesley points out that Interstate 880 , which collapsed and killed more than 200 commuters , suffered serious damage while surrounding buildings appeared to sustain no damage whatsoever . 
[ San Andreas Fault ] He adds that `` they were aware of the propensity for earthquakes and the San Andreas Fault . '' 
[ Mr. Belli ] [ Bay Bridge ] The flamboyant and publicity-conscious Mr. Belli says he already has investigators looking into who could be held liable for the damage on the Bay Bridge and the interstate approaching it . 
[ Mr. Belli ] Mr. Belli says he wants to know whether state or federal engineers or private companies could have prevented the damage . 
[ Mr. Belli ] [ Candlestick Park ] [ World Series ] Mr. Belli , who was at Candlestick Park for the World Series Tuesday night , says he has hired civil engineers to check out his own mildly damaged building and to investigate the bridge collapse . 
[ Ignazio J. Ruvolo ] [ Bronson ] [ Bronson & McKinnon ] [ San Francisco ] `` A lot of this is going to be code-related , '' says Ignazio J. Ruvolo , a construction law specialist at Bronson , Bronson & McKinnon , a San Francisco law firm . 
[ San Francisco ] [ Mr. Ruvolo ] But if defendants can prove that they met San Francisco 's stringent building codes , `` that 's probably going to protect them , '' Mr. Ruvolo says . 
[ Mr. Ruvolo ] [ California Government Tort Liability Act ] Government entities , continues Mr. Ruvolo , could be protected by the California Government Tort Liability Act . 
[ Mr. Ruvolo ] Under the statute , agencies are provided `` defenses that normally are n't available in the private sector , '' Mr. Ruvolo says . 
[ Mr. Ruvolo ] [ Richard Covert ] [ California Department ] [ Transportation ] [ Bay Bridge ] Built into the statute are so-called design immunities , which are likely to protect government agencies , according to Mr. Ruvolo and Richard Covert , a lawyer with the California Department of Transportation , which oversees the damaged Bay Bridge . 
[ Mr. Covert ] The state is protected when plans and designs for public structures were approved ahead of time or when structures met previously approved standards , says Mr. Covert . 
[ Bay Bridge ] He believes those defenses might well apply to the Bay Bridge collapse . 
[ Bay Bridge ] Nevertheless , he adds , `` I would n't get totally shocked if we get lawsuits out of the Bay Bridge . '' 
[ Mr. Covert ] [ Mr. Belli ] Mr. Covert had to search through law books scattered on the floor of his office yesterday , and Mr. Belli 's courtyard was strewn with bricks . 
[ Wednesday ] [ Mr. Belli ] Wednesday , Mr. Belli 's staff was n't permitted into his office by city officials worried about their safety . 
[ Mr. Drivon ] In a news release issued by Mr. Drivon , the trial lawyers association also promised free assistance to victims . 
[ Deloitte ] [ Haskins & Sells ] Apparently a lot , according to the British firm of Deloitte , Haskins & Sells . 
[ London ] [ Deloitte ] [ Deloitte ] [ Haskins & Sells ] [ Touche Ross & Co. ] [ England ] The British firm has begun court proceedings in London to prevent the use of the name `` Deloitte '' by Deloitte , Haskins & Sells and Touche Ross & Co. in England and the rest of the world . 
[ British Deloitte ] [ Deloitte and Touche ] [ Coopers & Lybrand ] The British Deloitte firm recently withdrew from the merger of Deloitte and Touche world-wide and joined Coopers & Lybrand . 
[ John Bullock ] [ Deloitte ] [ U.K. ] John Bullock , senior partner of Deloitte in the U.K. , said `` the decision to start these proceedings has n't been taken lightly . '' 
[ Mr. Bullock ] [ Deloitte ] Mr. Bullock said the British firm has used the name `` Deloitte '' since 1845 . 
[ U.S. ] [ Deloitte ] [ Haskins & Sells ] [ Haskins & Sells ] [ Deloitte ] In the U.S. , Deloitte , Haskins & Sells was known as Haskins & Sells until 1978 , when it added the `` Deloitte '' name of its British affiliate . 
[ John C. Burton ] [ Columbia University ] [ Business ] [ England ] [ U.S. ] John C. Burton , an accounting professor at Columbia University 's Graduate School of Business , said `` there 's a lot of emotion involved in the name of an accounting firm with a long history and with roots in England , where accounting predates the U.S. . '' 
[ Mr. Burton ] [ Securities and Exchange Commission ] Although accountants are n't noted as `` being deeply emotional , they really hold it all in , '' said Mr. Burton , former chief accountant of the Securities and Exchange Commission . 
[ J. Michael Cook ] [ Deloitte ] [ Haskins & Sells International ] J. Michael Cook , chairman of Deloitte , Haskins & Sells International , said he believes the legal action by the British firm `` to be without merit . '' 
[ Mr. Cook ] [ June ] [ Deloitte and Touche ] Mr. Cook said that last June , the international executive committes of Deloitte and Touche agreed to a world-wide merger . 
[ Deloitte U.K. ] `` The merger is proceeding according to plan , except as to the withdrawal of the Deloitte U.K. firm , '' he said . 
[ Deloitte ] [ U.K. ] [ Deloitte-Touche ] [ England ] Partners at other accounting firms say that the Deloitte firm in the U.K. is filing the suit to get even with the merged Deloitte-Touche firm for keeping major auditing work in England . 
[ General Motors Corp. ] [ Deloitte ] [ Deloitte-Touche ] [ Deloitte & Touche ] [ U.S. ] General Motors Corp. , a Deloitte audit client , for example , has agreed to keep its annual $ 18 million world-wide audit and associated tax work with the merged Deloitte-Touche firm , to be known as Deloitte & Touche in the U.S. . 
[ England ] [ British Deloitte ] [ GM ] In England , this would mean that the British Deloitte would lose revenue for its audit of GM 's Vauxhill unit . 
[ Deloitte ] [ Britain ] [ Netherlands ] [ Coopers & Lybrand ] [ Coopers ] [ Europe ] [ KPMG Peat Marwick ] The defection of Deloitte 's affiliates in Britain and the Netherlands to Coopers & Lybrand will make Coopers one of the biggest accounting firms in Europe , rivaling KPMG Peat Marwick there . 
[ Coopers ] [ Deloitte-Touche ] Although Coopers has n't been courted by other major accounting firms for a merger , it is benefiting greatly from fallout from the Deloitte-Touche merger . 
[ New York ] [ Harris Amhowitz ] [ Coopers ] [ Coopers ] In New York , Harris Amhowitz , general counsel of Coopers , said Coopers `` was aware of the litigation , '' but he declined further comment . 
[ England ] [ Deloitte UK ] He also declined to comment on the name that Coopers would use in England if Deloitte UK won its litigation to keep its name . 
[ Coopers ] [ Coopers & Lybrand ] Coopers uses the Coopers & Lybrand name world-wide . 
[ William Bennett ] [ White House ] [ Washington ] William Bennett , the White House drug-policy director , accused local officials in the Washington area of blocking construction of prison facilities to house convicted drug dealers . 
[ Politics ] [ Mr. Bennett ] `` Politics has essentially put up a roadblock '' to finding sites for new federal prisons , Mr. Bennett said at a news conference called to report on his `` emergency assistance program '' for the capital . 
[ Mr. Bennett ] [ April ] [ Washington ] [ Bush ] Mr. Bennett declared in April that he would make Washington a `` test case '' for how the Bush administration would aid cities afflicted by heavy drug trafficking and violence . 
[ Washington ] He acknowledged , however , that Washington 's `` drug-related murder rate is intolerably high . 
[ Mr. Bennett ] [ Washington ] Mr. Bennett declined to name the area officials who he believes have impeded plans for building more federal prisons to ease Washington 's problem . 
[ Bush ] [ Maryland Gov. William Schaefer ] But other Bush administration officials have criticized Maryland Gov. William Schaefer for blocking the use of possible sites in that state . 
[ Washington Mayor Marion Barry ] Administration officials also have said that Washington Mayor Marion Barry has delayed consideration of sites in the city . 
[ Mr. Bennett ] [ Washington ] [ Carol Thompson ] In a letter to Mr. Bennett 's office , released yesterday , Washington 's city administrator , Carol Thompson , complained that the drug czar had exaggerated the amount of federal drug-related assistance provided to the capital . 
[ Mr. Bennett ] [ Ms. Thompson ] Referring to Mr. Bennett 's claim that the federal government would provide $ 97 million in emergency federal support , Ms. Thompson wrote , `` Our analysis was unable to even come close to documenting that figure . '' 
[ Washington ] [ Mr. Bennett ] Of his successes in Washington , Mr. Bennett stressed that existing federal prisons have taken custody of 375 local inmates . 
[ Drug Enforcement Administration ] [ April ] He also noted that the federal Drug Enforcement Administration has established a federal-local task force responsible since April for 106 arrests and more than $ 2 million in seizures of drug dealers ' assets . 
[ Defense Department ] [ Washington U.S. ] [ Federal Bureau ] [ Investigation ] The Defense Department has lent the Washington U.S. attorney 10 prosecutors , and the Federal Bureau of Investigation has provided crime laboratory facilities and training , he added . 
[ California ] [ Hurricane Hugo ] In the wake of the earthquake in California and the devastation of Hurricane Hugo , many companies in disaster-prone areas are pondering the question of preparedness . 
[ West Coast ] Some , particularly in West Coast earthquake zones , are dusting off their evacuation plans , checking food stocks and reminding employees of what to do if emergency strikes . 
[ Disneyland ] Some businesses -- like Disneyland -- claim that even if they became isolated in a crisis , they would be able to feed and care for their people for as long as five days . 
[ Stephanie Masaki-Schatz ] [ Atlantic Richfield Co. ] [ Los Angeles ] `` Self-sufficiency has to be the cornerstone of your plan , '' says Stephanie Masaki-Schatz , manager of corporate emergency planning at Atlantic Richfield Co. in Los Angeles . 
[ ARCO ] [ Ms. Masaki-Schatz ] [ Earthquake Tips ] [ ARCO ] Although ARCO 's head office , more than 300 miles from the epicenter , was n't affected by this week 's tremors , Ms. Masaki-Schatz used the occasion to distribute a three-page memo of `` Earthquake Tips '' to 1,200 ARCO employees . 
[ ARCO ] The ARCO memo urges employees to keep certain supplies at work , such as solid shoes and `` heavy gloves to clear debris . '' 
[ ARCO ] [ Dallas ] [ Pasadena ] ARCO maintains an office in Dallas that would take over if payroll operations in Pasadena were disrupted . 
[ California ] Two months ago the company set up a toll-free number , based outside California , to handle queries from employees about when they should report back to work after an earthquake or other disaster . 
[ ARCO ] The ARCO plan takes into account such details as which aspects of business are busier at certain times of the year . 
[ Hewlett-Packard Co. ] At Hewlett-Packard Co. , the earthquake came just as the company was reviewing its own emergency procedures . 
[ November ] [ Joan Tharp ] `` We were talking about scheduling a practice drill for November , '' says Joan Tharp , a spokeswoman . 
[ Palo Alto ] [ Calif. ] [ Wednesday ] The Palo Alto , Calif. , computer maker scrambled to set up a special phone line to tell manufacturing and support staff to stay home Wednesday . 
[ Bay ] Sales and service employees were asked to report to work to help Bay area clients who called with computer problems . 
[ Hewlett-Packard ] Hewlett-Packard also called in its systems experts to restore its own computer operations . 
[ Ms. Tharp ] `` That means we can accept orders '' and begin getting back to normal , says Ms. Tharp . 
[ California ] [ Los Angeles ] [ Great Western Bank ] Prompted by an earlier California earthquake , as well as a fire in a Los Angeles office tower , Great Western Bank in the past year hired three emergency planners and spent $ 75,000 equipping a trailer with communications gear to serve as an emergency headquarters . 
[ Great Western Financial Corp. ] Although officials of the savings and loan , a unit of Great Western Financial Corp. , used some of their new plans and equipment during this week 's quake , they still lost touch for more than 24 hours with 15 branches in the affected areas , not knowing if employees were injured or vaults were broken open . 
[ Robert G. Lee ] [ Great ] `` Some people flat out did n't know what to do , '' says Robert G. Lee , vice president for emergency planning and corporate security at Great Western . 
[ Mr. Lee ] Still , says Mr. Lee : `` We need to educate people that they need to get to a phone somehow , some way , to let someone know what their status is . '' 
[ Occidental Petroleum Corp. ] Occidental Petroleum Corp. holds regular evacuation drills and stocks food , oxygen and non-prescription drugs at checkpoints in its 16-story headquarters . 
[ Occidental ] `` We feel we are doing everything we can , '' an Occidental spokesman says . 
[ Walt Disney Co. ] [ Anaheim ] [ Calif. ] Walt Disney Co. 's Disneyland in Anaheim , Calif. , stocks rescue equipment , medical supplies , and enough food and water to feed at least 10,000 visitors for as long as five days in the event that a calamity isolates the theme park . 
[ Vista Chemical Co. ] [ Lake Charles ] [ La. ] [ Gulf ] [ Mexico ] [ Keith L. Fogg ] Vista Chemical Co. , with three chemical plants in and near Lake Charles , La. , `` prepares for every hurricane that enters the Gulf of Mexico , '' says Keith L. Fogg , a company safety director . 
[ Hurricane Hugo ] [ Atlantic ] [ Vista ] Hurricane Hugo , an Atlantic storm , did n't affect Vista . 
[ Hurricane Jerry ] But two other major storms have threatened operations so far this year , most recently Hurricane Jerry this week . 
[ Mr. Fogg ] `` There are just tons of things that have to be considered , '' Mr. Fogg says . 
[ Vista ] Still , Vista officials realize they 're relatively fortunate . 
[ Vista ] You have time to put precautionary mechanisms in place , '' notes a Vista spokeswoman . 
[ San Francisco ] `` A situation like San Francisco is so frightening because there 's no warning . 
[ Thomas M. Gaubert ] Former Democratic fund-raiser Thomas M. Gaubert , whose savings and loan was wrested from his control by federal thrift regulators , has been granted court permission to sue the regulators . 
[ Fifth U.S. Circuit Court ] [ Appeals ] [ New Orleans ] [ Mr. Gaubert ] [ Federal Home Loan Bank Board ] [ Federal Home Loan Bank ] [ Dallas ] [ Bank Board ] [ Independent American Savings Association ] [ Irving ] [ Texas ] In a ruling by the Fifth U.S. Circuit Court of Appeals in New Orleans , Mr. Gaubert received the go-ahead to pursue a claim against the Federal Home Loan Bank Board and the Federal Home Loan Bank of Dallas for losses he suffered when the Bank Board closed the Independent American Savings Association of Irving , Texas . 
[ Mr. Gaubert ] [ Independent American ] Mr. Gaubert , who was chairman and the majority stockholder of Independent American , had relinquished his control in exchange for federal regulators ' agreement to drop their inquiry into his activities at another savings and loan . 
[ Mr. Gaubert ] [ Independent American ] As part of the agreement , Mr. Gaubert contributed real estate valued at $ 25 million to the assets of Independent American . 
[ Independent American ] [ Mr. Gaubert ] While under the control of federal regulators , Independent American 's net worth dropped from $ 75 million to a negative $ 400 million , wiping out the value of Mr. Gaubert 's real estate contribution and his stock in the institution . 
[ Mr. Gaubert ] [ U.S. District Judge Robert Maloney ] [ Dallas ] [ Federal Tort Claims Act ] Mr. Gaubert 's suit to recover his damages was dismissed last year by U.S. District Judge Robert Maloney of Dallas under the Federal Tort Claims Act , which offers broad protection for actions by federal agencies and employees . 
[ Fifth Circuit ] [ Judge Maloney ] [ Mr. Gaubert ] [ Mr. Gaubert ] Earlier this week , a Fifth Circuit appellate panel upheld Judge Maloney 's dismissal of Mr. Gaubert 's claim as a shareholder but said the judge should reconsider Mr. Gaubert 's claim for the loss of his property . 
[ Independent American ] `` It may depend on whether there was an express or implied promise ... that the federal officials would not negligently cause the deterioration '' of Independent American , the court wrote . 
[ Mr. Gaubert ] [ Abbe David Lowell ] [ Washington ] [ D.C. ] Mr. Gaubert 's lawyer , Abbe David Lowell of Washington , D.C. , says the impact of the ruling on other cases involving thrift takeovers will depend on the degree of similarity in the facts . 
[ Mr. Lowell ] `` I do n't know if this will affect one institution or a hundred , '' Mr. Lowell says . 
[ FHLBB ] `` It does establish a very clear precedent for suing the FHLBB where there was none before . '' 
[ MAITRE'D ] MAITRE'D CLAIMS in suit that restaurant fired her because she was pregnant . 
[ Manhattan ] [ American Civil Liberties Union ] [ maitre ] [ Odeon ] In a suit filed in state court in Manhattan , the American Civil Liberties Union is representing the former maitre 'd of the chic Odeon restaurant . 
[ Marcia Trees Levine ] [ New York ] The suit , which seeks compensatory and punitive damages of $ 1 million , alleges that the firing of Marcia Trees Levine violated New York state 's human-rights law . 
[ Ms. Levine ] The suit alleges that Ms. Levine was fired after she refused to accept a lower paying , less visible job upon reaching her sixth month of pregnancy . 
[ Ms. Levine ] [ February ] [ Ms. Levine ] [ maitre ] Ms. Levine told her employer that she was pregnant in February ; a month later , the suit says , the restaurant manager told Ms. Levine that she would be demoted to his assistant because he felt customers would be uncomfortable with a pregnant maitre 'd . 
[ Kary Moss ] [ ACLU ] Kary Moss , an attorney with the ACLU 's Women 's Rights Project , said , `` They wanted a svelte-looking woman , and a pregnant woman is not svelte . 
[ Ms. Moss ] [ Ms. Levine ] [ Odeon ] [ maitre ] Ms. Moss said Ms. Levine secretly taped many conversations with her bosses at the Odeon in which they told her she was being fired as maitre 'd because she was pregnant . 
[ Paul H. Aloe ] [ Odeon ] [ Keith McNally ] Paul H. Aloe , an attorney for Odeon owner Keith McNally , denied the allegations . 
[ Ms. Levine ] He said Ms. Levine had never been fired , although she had stopped working at the restaurant . 
[ Odeon ] [ Marcia Levine ] [ July ] [ maitre ] `` The Odeon made a written offer to Marcia Levine on July 10 to return to work as the maitre 'd , at the same pay , same hours and with back pay accrued , '' he said . 
[ Mr. Aloe ] [ Odeon ] Mr. Aloe said the Odeon `` has no policy against hiring pregnant people . '' 
[ Texas ] LAWYERS IN Texas 's biggest bank-fraud case want out in face of retrial . 
[ September ] The trial of the case lasted seven months and ended in September with a hung jury . 
[ Interstate ] [ Dallas ] The defendants were indicted two years ago on charges that they conspired to defraud five thrifts of more than $ 130 million through a complicated scheme to inflate the price of land and condominium construction along Interstate 30 , east of Dallas . 
[ Assistant U.S. Attorney Terry Hart ] [ Dallas ] Assistant U.S. Attorney Terry Hart of Dallas says the government will oppose any efforts to bring in a new defense team because it would delay a retrial . 
[ JUDGE ALCEE HASTINGS ] [ Florida ] FEDERAL JUDGE ALCEE HASTINGS of Florida , facing impeachment , received an unanticipated boost yesterday . 
[ Sen. Arlen Specter ] [ R. ] [ Pa ] [ Senate ] Sen. Arlen Specter  R. , Pa .   urged acquittal of the judge in a brief circulated to his Senate colleagues during closed-door deliberations . 
[ Sen. Specter ] [ Hastings ] Sen. Specter was vice chairman of the impeachment trial committee that heard evidence in the Hastings case last summer . 
[ Senate Judiciary Committee ] [ Sen. Specter ] [ Senate ] A former prosecutor and member of the Senate Judiciary Committee , Sen. Specter is expected to exercise influence when the Senate votes on the impeachment today . 
[ RICHMOND ] RICHMOND RESIGNATIONS : 
[ Richmond ] [ Va. ] [ Browder ] [ Russell ] [ Morris & Butcher ] Six partners in the Richmond , Va. , firm of Browder , Russell , Morris & Butcher announced they are resigning . 
[ James W. Morris ] [ Philip B. Morris ] [ Robert M. White ] [ Ann Adams Webster ] [ Jacqueline G. Epps ] [ Richmond ] Five of the partners -- James W. Morris , Philip B. Morris , Robert M. White , Ann Adams Webster and Jacqueline G. Epps -- are opening a boutique in Richmond to concentrate on corporate defense litigation , particularly in product liability cases . 
[ John H. OBrion ] [ Jr. ] [ Cowan & Owen ] [ Richmond ] The sixth partner , John H. OBrion , Jr. , is joining Cowan & Owen , a smaller firm outside Richmond . 
[ Nixon ] [ Hargrave ] [ Devans & Doyle ] [ Rochester ] [ N.Y. ] [ Buffalo ] [ N.Y ] Nixon , Hargrave , Devans & Doyle , based in Rochester , N.Y. , has opened an office in Buffalo , N.Y ... . 
[ Mayer ] [ Brown & Platt ] [ Chicago ] [ Houston ] [ Eddy J. Roger Jr. ] [ Jeff C. Dodd ] Mayer , Brown & Platt , Chicago , added two partners to its Houston office , Eddy J. Roger Jr. , and Jeff C. Dodd ... . 
[ Neil Boorstyn ] [ Copyright Law Journal ] [ McCutchen ] [ Doyle ] [ Brown & Enersen ] Copyright specialist Neil Boorstyn , who writes the monthly Copyright Law Journal newsletter , is joining McCutchen , Doyle , Brown & Enersen . 
[ New York Times Co. ] New York Times Co. 's third-quarter earnings report is reinforcing analysts ' belief that newspaper publishers will be facing continued poor earnings comparisons through 1990 . 
[ New York Times ] The decline reflected the expense of buying three magazines , lower earnings from the forest-products group , and what is proving to be a nagging major problem , continued declines in advertising linage at the New York Times , the company 's flagship daily newspaper . 
[ American Stock Exchange ] [ New York Times ] In composite trading on the American Stock Exchange , New York Times closed at $ 28.125 a share , down 37.5 cents . 
[ Dow Jones & Co. ] [ Wall Street Journal ] [ Barron ] Dow Jones & Co. recently reported net fell 9.9 % , a reflection , in part , of continued softness in financial advertising at The Wall Street Journal and Barron 's magazine . 
[ John Morton ] [ Lynch ] [ Jones & Ryan ] `` We expect next year to be a fairly soft year in newspaper-industry advertising , '' said John Morton , an analyst for Lynch , Jones & Ryan . 
[ John S. Reidy ] [ Drexel Burnham Lambert Inc. ] [ Times ] John S. Reidy , an analyst for Drexel Burnham Lambert Inc. , said , `` The Times faces the same problem of other publishers : linage is down . 
[ Arthur Ochs Sulzberger ] [ New York Times Co. ] In the quarterly report , Arthur Ochs Sulzberger , New York Times Co. chairman and chief executive officer , said negative factors affecting third-quarter earnings will continue . 
[ Mr. Sulzberger ] [ Edison ] [ N.J. ] Mr. Sulzberger said the scheduled opening of a new color-printing plant in Edison , N.J. , in 1990 would involve heavy startup and depreciation costs . 
[ Edison ] [ Times ] [ Peter Appert ] [ C.J. Lawrence ] [ Morgan Grenfell ] `` With the Edison plant coming on line next summer , the Times is facing some tough earnings comparison in the future , '' said Peter Appert , an analyst with C.J. Lawrence , Morgan Grenfell . 
[ Times ] [ International Herald Tribune ] Analysts said they were impressed by the performance of the company 's newspaper group , which consists of the Times , 35 regional newspapers and a one-third interest in the International Herald Tribune ; group operating profit for the quarter increased slightly to $ 34.9 million from $ 34.5 million on flat revenue . 
[ Drexel Burnham ] Drexel Burnham 's Mr. Reidy pointed out that `` profits held up in a tough revenue environment . 
[ Black Monday ] Investors celebrated the second anniversary of Black Monday with a buying spree in both stocks and bonds . 
[ Stock and ] Stock and bond investors were cheered by last month 's encouragingly low inflation rate . 
[ Dow Jones Industrial Average ] The Dow Jones Industrial Average , up about 60 points in mid-afternoon , finished with a gain of 39.55 points , to 2683.20 . 
[ Monday ] The stock-market rally was led by blue-chip issues , but , unlike Monday 's rebound , was broadly based . 
[ Nasdaq Composite Index ] The Nasdaq Composite Index soared 7.52 , or 1.6 % , to 470.80 , its highest one-day jump in points this year . 
[ American Medical International Inc ] Many takeover-related stocks rose after news that a group obtained financing commitments for the proposed buy-out of American Medical International Inc . 
[ Federal Reserve ] That news , plus recent signs of economic sluggishness , greatly increases pressure on the Federal Reserve to ease credit further , which in turn would be good news for stocks , investment managers say . 
[ Garnett L. Keith Jr. ] [ Prudential Insurance Co. ] [ America ] `` I see a lot of evidence indicating a slower economy , and that means my interest-rate outlook has a downward tilt , '' said Garnett L. Keith Jr. , vice chairman of Prudential Insurance Co. of America , one of the nation 's largest institutional investors . 
[ Mr. Keith ] Fed officials probably wo n't drive down rates immediately , Mr. Keith said . 
[ Fed ] Despite the inflation news , several Fed officials still fear consumer-price pressures will intensify because they insist the economy is stronger than generally believed . 
[ Wall Street ] But Wall Street analysts expect further signs of economic weakness in government reports during the next few weeks . 
[ George R. Mateyo ] [ Carnegie Capital Management Co. ] [ Cleveland ] `` We 're not out of the woods yet by any means , '' said George R. Mateyo , president and chief executive of Carnegie Capital Management Co. , Cleveland . 
[ Federal Reserve ] But the economy `` is slowing enough to give the Federal Reserve leeway to reduce interest rates . '' 
[ Stock ] In major market activity : Stock prices surged in heavy trading . 
[ New York Stock Exchange ] Volume on the New York Stock Exchange rose to 198.1 million shares from 166.9 million Wednesday . 
[ Big Board ] Gaining Big Board issues outnumbered decliners by 1,235 to 355 . 
[ New York ] In New York late yesterday , it was at 141.70 yen , up from 141.45 yen late Wednesday . 
[ Tuesday ] [ GOP ] [ Mississippi ] [ Adlai Stevenson ] Tuesday 's rout of a GOP congressional hopeful in a Mississippi district that has n't backed a Democratic presidential candidate since Adlai Stevenson is another reminder that , at least at the federal level , political `` ticket splitting '' has been on the rise over the past half century . 
[ White House ] [ House ] [ Representatives ] In only one presidential election year prior to 1948 did more than 20 % of the nation 's congressional districts choose a different party 's candidate for the White House than for the House of Representatives . 
[ Republicans ] [ Congress ] As we know , voters tend to favor Republicans more in races for president than in those for Congress . 
[ Goldwater ] [ GOP ] [ Congress ] In every presidential election over the past half century , except for the Goldwater presidential candidacy , the GOP has captured a greater percentage of the major-party popular vote for president than it has of congressional seats or the popular vote for Congress . 
[ Americans ] A simple economic theory may provide at least a partial explanation for the split personality displayed by Americans in the voting booth . 
[ Republican ] 1   Voters can `` buy '' one of two brands when they select their political agents -- a Republican brand that believes in the minimalist state and in the virtues of private markets over the vices of public action , and a Democratic brand that believes in big government and in public intervention to remedy the excesses attendant to the pursuit of private interest . 
[ Congressional ] 2   Congressional representatives have two basic responsibilities while voting in office -- dealing with national issues  programmatic actions such as casting roll call votes on legislation that imposes costs and\/or confers benefits on the population at large   and attending to local issues  constituency service and pork barrel   . 
[ Republican ] [ Congress ] 3   Republican congressional representatives , because of their belief in a minimalist state , are less willing to engage in local benefit-seeking than are Democratic members of Congress . 
[ Congress ] If these assumptions hold , voters in races for Congress face what in economic theory is called a prisoner 's dilemma and have an incentive , at the margin , to lean Democratic . 
[ Republican ] If they put a Republican into office , not only will they acquire less in terms of local benefits but their selected legislator will be relatively powerless to prevent other legislators from `` bringing home the bacon '' to their respective constituencies . 
[ White House ] [ Republican ] In races for the White House , a voter 's incentive , at the margin , is to lean Republican . 
[ GOP ] Although a GOP president may limit local benefits to the voter 's particular district\/state , such a president is also likely to be more effective at preventing other districts\/states and their legislators from bringing home the local benefits . 
[ Franklin Roosevelt ] [ New Deal ] [ Congress ] First , why ticket splitting has increased and taken the peculiar pattern that it has over the past half century : Prior to the election of Franklin Roosevelt as president and the advent of the New Deal , government occupied a much smaller role in society and the prisoner 's dilemma problem confronting voters in races for Congress was considerably less severe . 
[ Congress ] Second , it explains why voters hold Congress in disdain but generally love their own congressional representatives : Any individual legislator 's constituents appreciate the specific benefits that the legislator wins for them but not the overall cost associated with every other legislator doing likewise for his own constituency . 
[ House ] For example , first-term members of the House , once the most vulnerable of incumbents , have become virtually immune to defeat . 
[ Republicans ] [ Reagan ] The one exception to this recent trend was the defeat of 13 of the 52 freshman Republicans brought into office in 1980 by the Reagan revolution and running for re-election in 1982 . 
[ Reagan ] Because these freshmen placed far more emphasis on their partisan role -- spreading the Reagan revolution -- in national policy making , they were more vulnerable to defeat . 
[ Republican Party ] Fourth , the theory indicates why the Republican Party may have a difficult time attracting viable candidates for congressional office . 
[ Republican ] [ Republican Party ] To the extent that potential Republican candidates and their financial backers realize that the congressional prisoner 's dilemma game works to their disadvantage , the Republican Party will be hindered in its attempts to field a competitive slate of congressional candidates . 
[ South ] Fifth , the theory may provide at least a partial reason for why ticket splitting has been particularly pronounced in the South . 
[ South ] [ Congress ] [ South ] [ Democrats ] To the extent that Democratic legislators from the South have held a disproportionate share of power in Congress since 1932 and have been able to translate such clout into relatively more local benefits for their respective constituencies , voters in the South have had an especially strong incentive to keep such Democrats in office . 
[ Republicans ] [ Senate ] [ House ] Finally , the theory suggests why Republicans generally have fared better in Senate races than in campaigns for the House . 
[ Congress ] [ Republicans ] Since local benefit-seeking matters more and national policy making matters less in the lower chamber of Congress , this is precisely the pattern one would expect if Republicans are less willing to engage in local benefit-seeking than their Democratic counterparts . 
[ Republican ] Three pieces of evidence corroborate the key assumption that Democratic legislators are more willing to engage in local benefit-seeking than their Republican colleagues . 
[ James Bennett and Thomas DiLorenzo ] [ GOP ] [ Democrats ] First , economists James Bennett and Thomas DiLorenzo find that GOP senators turn back roughly 10 % more of their allocated personal staff budgets than Democrats do . 
[ Republicans ] To the extent that the primary duty of personal staff involves local benefit-seeking , this indicates that political philosophy leads congressional Republicans to pay less attention to narrow constituent concerns . 
[ Democrats ] [ Republicans ] Second , if the key assumption is valid , Democrats should have lower attendance rates on roll-call votes than Republicans do to the extent that such votes reflect national policy making and that participating in such votes takes away from the time a legislator could otherwise devote to local benefit-seeking . 
[ House ] This is indeed what the data indicate , particularly in the case of the House . 
[ Democratic House ] [ Republican House ] The Democratic House attendance rate has not exceeded the Republican House attendance rate since 1959 . 
[ Democrats ] [ Washington ] Finally , as shown in the table , Democrats allocate a higher proportion of their personal staffs to district offices -- where local benefit-seeking duties matter more and national policy making activities matter less relative to Washington offices . 
[ Senate ] An examination of changes in personal staffing decisions in the Senate between 1986 and 1987  when control of that body changed party hands   , moreover , reveals that the personal staffing differences noted in the table can not be attributed to the disproportionate control Democrats exercise , due to their majority-party status , over other resources such as committee staff . 
[ Senate ] [ Republican ] [ Senate ] An additional piece of evidence from the Senate : Holding other factors constant , such as incumbency advantages and regional factors , the difference between popular votes for Republican presidential and senatorial candidates in states conducting a Senate election turns out to be a positive function of how onerous the federal government 's tax burden is per state  a progressive tax rate hits higher-income states harder   . 
[ GOP ] [ Republican ] [ Senate ] Put more simply , GOP candidates for president are looked on more kindly by voters than Republican candidates for the Senate when the prisoner 's dilemma is more severe . 
[ Republican-governor\/Democratic-legislature ] State government is more typically split along Republican-governor\/Democratic-legislature lines than the reverse . 
[ Republican ] [ Republican ] A cross-state econometric investigation , furthermore , reveals that , holding other factors constant , the difference between a state 's major-party vote going to the Republican gubernatorial candidate and the Republican share of the lower state house is a positive function of the state tax rate . 
[ Mr. Zupan ] [ University ] [ Southern California ] Mr. Zupan teaches at the University of Southern California 's business school . 
[ House-Senate ] [ State ] [ Justice and Commerce Department ] [ Japanese-Americans ] [ World War II ] [ Oct. ] A House-Senate conference approved a nearly $ 17 billion State , Justice and Commerce Department bill that makes federal reparations for Japanese-Americans held in World War II internment camps a legal entitlement after next Oct. 1 . 
[ Congress ] [ President Bush ] [ Departments ] [ Labor ] [ Education ] [ Health ] [ Human Services ] The action came as Congress sent to President Bush a fiscal 1990 bill providing an estimated $ 156.7 billion for the Departments of Labor , Education , Health and Human Services . 
[ Senate ] [ Mr. Bush ] Final approval was on a 67-31 roll call in the Senate , which sets the stage for a veto confrontation with Mr. Bush over the issue of publicly financed abortions for poor women . 
[ Medicaid ] [ Mr. Bush ] Reversing an eight-year federal policy , the measure supports Medicaid abortions in cases of rape and incest , but Mr. Bush has so far refused to support any specific exemption beyond instances in which the mother 's life is in danger . 
[ Mr. Bush ] [ House ] Mr. Bush 's veto power puts him a commanding position in the narrowly divided House , but a vote to override his position could well pick up new support because of the wealth of health and education programs financed in the underlying bill . 
[ Departments ] [ State ] [ Justice and Commerce ] The measure before the conference yesterday funds the Departments of State , Justice and Commerce through fiscal 1990 . 
[ Commerce Department ] [ Economic Development Administration ] Elsewhere in the Commerce Department , nearly $ 191.2 million is preserved for assistance programs under the Economic Development Administration . 
[ House Speaker James Wright ] [ EDA ] [ Fort Worth ] [ Texas ] And in a footnote to the fall of House Speaker James Wright this year , the conference voted to rescind $ 11.8 million in unspent EDA funds for a Fort Worth , Texas , stockyards project that figured in ethics charges against the former Democratic leader . 
[ Securities and Exchange Commission ] Fiscal pressures also forced the adoption of new fees charged by federal agencies , and an 18 % increase in the Securities and Exchange Commission 's budget would be financed entirely by an added $ 26 million in filing fees . 
[ Federal Bureau ] [ Investigation ] [ Pentagon ] In an unprecedented step , the measure anticipates another $ 30 million in receipts by having the Federal Bureau of Investigation charge for fingerprint services in civil cases -- a change that is almost certain to increase Pentagon costs in processing personnel and security clearances . 
[ Justice Department and ] [ House ] The bill does n't include an estimated $ 1.9 billion in supplemental anti-drug funds for Justice Department and law-enforcement accounts that are still in conference with the House . 
[ New Hampshire ] [ Delaware ] Similarly , the measure adjusts the current funding formula to promise smaller states such as New Hampshire and Delaware a minimum allocation of $ 1.6 million each in drug grants , or three times the current minimum . 
[ Arkansas ] [ Moscow ] [ United States Information Agency ] The odd mix of departments in the bill makes it one of the more eclectic of the annual appropriations measures , and the assorted provisions attached by lawmakers run from $ 1.5 million for a fish farm in Arkansas to a music festival in Moscow under the United States Information Agency . 
[ State Department ] [ Expo ] [ Seville ] [ Spain ] [ Chief Justice Warren Burger ] Lawmakers scrapped all of a $ 7.4 million State Department request for the 1992 Expo in Seville , Spain , but agreed elsewhere to $ 15,000 for an oil portrait of former Chief Justice Warren Burger . 
[ Senate Commerce Committee Chairman Ernest Hollings ] [ D. ] [ S.C. ] [ Senate ] Senate Commerce Committee Chairman Ernest Hollings  D. , S.C.   , who also chairs the Senate appropriations subcommittee for the department , attached $ 10 million for an advanced technology initiative , including work on high-definition television . 
[ Republican ] [ Sen. Warren Rudman ] [ R. ] [ N.H. ] [ Legal Services Corp ] His Republican counterpart , Sen. Warren Rudman  R. , N.H.   , has used his position to wage a legislative war with the conservative board of the Legal Services Corp . 
[ Mr. Rudman ] An estimated $ 321 million is provided to maintain the program , but Mr. Rudman also succeeded in attaching language seeking to curb the authority of the current board until new members are confirmed . 
[ Oct. ] [ Food Research and Action Center ] The effective date of any new regulations by the current board would be delayed until Oct. 1 next year , and the bill seeks to reverse efforts by the corporation to cut off funds to service organizations such as the Food Research and Action Center . 
[ U.S. ] The bill also provides $ 620.5 million to meet U.S. contributions to international organizations and $ 80 million for peace-keeping activities . 
[ Mercury Savings & Loan Association ] [ Merrill Lynch Capital Markets ] [ Huntington Beach ] [ Calif. ] Mercury Savings & Loan Association said it retained Merrill Lynch Capital Markets as its lead investment banker to advise it regarding a possible sale or other combination of the Huntington Beach , Calif. , thrift . 
[ Mercury ] [ California ] Mercury , which has assets of more than $ 2 billion and 24 branches in California , said the action to improve its regulatory capital position is related directly to new capital requirements mandated by recently adopted federal legislation . 
[ Mercury ] [ Montgomery Securities ] [ San Francisco ] Mercury also said it extended its two-year advisory relationship with Montgomery Securities of San Francisco . 
[ Mercury ] [ New York Stock Exchange ] Mercury 's stock closed yesterday at $ 4.875 , unchanged in composite trading on the New York Stock Exchange . 
[ Congress ] Watching Congress sweat and grimace through its annual budget labors , fighting the urge to spend more , we 're reminded of those late-night movies in which the anguished serial killer turns himself in to police and says , `` Stop me before I kill again . '' 
[ Arkansas Democrat David Pryor ] [ Senate ] [ Finance Committee ] Arkansas Democrat David Pryor spilled his guts on the Senate floor the other day after he 'd joined the Finance Committee 's early-morning pork-barrel revels : `` I must tell you ... 
[ Mr. Pryor ] We can applaud Mr. Pryor 's moment of epiphany , even as we understand that he and his confreres need restraint lest they kill again . 
[ Indiana Senator Dan Coats ] A good place to start the rehabilitation is a `` legislative line-item veto '' bill now being offered by Indiana Senator Dan Coats . 
[ Coats ] [ Senate ] The Coats bill , which already has 32 Senate co-sponsors , is n't a pure line-item veto because it would apply only to spending bills . 
[ President ] Instead it 's a form of `` enhanced rescission , '' giving a President a chance to rescind , or strike , specific spending items that just go too far . 
[ President ] [ Hill ] [ Congress ] Under the proposal , a President would have a chance twice each year to return a package of `` rescissions '' to the Hill -- once when he proposes his budget and again after Congress disposes . 
[ Congress ] [ President ] Congress would have 20 days to reject the package with a 50 % majority , but then a President could veto that rejection . 
[ Congress ] Congress would then need the usual two-thirds majority to override any veto . 
[ Budget ] [ Reform ] [ Act ] The proposal would restore some discipline erased from the budget process by the 1974 Budget `` Reform '' Act . 
[ President ] [ Congress ] Before 1974 , a President could `` impound , '' or refuse to spend , funds appropriated by Congress . 
[ Presidents Kennedy and Johnson ] [ Congress ] [ President Nixon ] Presidents Kennedy and Johnson were both big users of the impoundment power , but Congress saw its chance against a weakened President Nixon and stripped it away . 
[ Congress ] Today a President can still send up spending rescissions , but they 're meaningless unless Congress has a guilty conscience and changes its mind . 
[ President Reagan ] [ Hill ] [ Congress ] In 1987 , President Reagan sent 73 rescissions back to the Hill , but only 3 % of the spending total was approved by Congress . 
[ Senator Coats ] [ Congress ] Senator Coats 's proposal would let the proposed spending cuts take place automatically unless Congress acts . 
[ President ] The Members could still try to serve their constituents with special-interest goodies , but the police  in the form of a President   would be there with a straitjacket if they really get crazy , as they do now . 
[ Mr. Coats ] Mr. Coats plans to offer his proposal as an amendment to a bill to raise the federal debt limit before the end of the month . 
[ President Bush ] President Bush has endorsed the idea , and at least 50 sitting Senators have voted to support enhanced rescission authority in the past . 
[ Senator Pryor ] We 're told Senator Pryor is n't yet a co-sponsor , but if he and his colleagues are serious about kicking their compulsions , they 'll sign up . 
[ California ] Business and civic operations lurched back toward normalcy here as congressional officials estimated that the price tag for emergency assistance to earthquake-ravaged California would total at least $ 2.5 billion . 
[ House Speaker Thomas Foley ] [ D. ] [ Wash ] [ California ] `` That is a minimum figure , and I underscore minimum , '' said House Speaker Thomas Foley  D. , Wash .   after conferring with California lawmakers . 
[ Office ] [ Management and Budget ] The Office of Management and Budget has begun looking into legislation to provide more funds for earthquake repairs . 
[ California ] [ House ] [ Monday ] And California 's 45-member delegation in the House is expected to propose that emergency funds be added to a stop-gap spending bill that the House Appropriations Committee is to consider Monday . 
[ Tuesday ] [ Richter ] For the most part , major corporations ' headquarters and plants were unaffected or only slightly damaged by Tuesday 's earthquake , which registered 6.9 on the Richter scale . 
[ Silicon Valley ] [ Seagate Technology ] One of the last big employers in the Silicon Valley to report in , Seagate Technology , said it expects to be back at full strength Monday . 
[ Seagate ] The day before the quake , Seagate completed three days of emergency training and drills . 
[ Bay Area ] [ Don Waite ] [ Seagate ] Echoing the response of almost all big corporations in the Bay Area , Don Waite , Seagate 's chief financial officer , said , `` I would n't expect this to have any significant financial impact . '' 
[ Banks ] [ Nob Hill ] Banks indicated they were operating at greater than 90 % of their usual capacity , but a Nob Hill hotel said tourists had fled , leaving the previously full hotel with an 80 % vacancy rate . 
[ Bank ] [ America ] Among the city 's banks , Bank of America said all but eight of its 850 branches were open . 
[ San Francisco ] [ Hayward ] [ Santa Clara ] [ Santa Cruz ] The closed branches , in San Francisco , Hayward , Santa Clara and Santa Cruz , sustained structural damage . 
[ Bank ] [ America ] [ Los Angeles ] Securities-trading operations were moved to Bank of America 's Concord office , and foreign-exchange trading operations were shifted to Los Angeles , the bank said . 
[ Wells Fargo & Co. ] [ Emergency Operations Committee ] [ El Monte ] [ Calif. ] Wells Fargo & Co. said its Emergency Operations Committee -- which met all night Tuesday -- moved its global-funds transfer system to El Monte , Calif. , 500 miles to the south . 
[ San Francisco ] The most extensive damage was in small towns near the quake 's epicenter , 80 miles south of San Francisco . 
[ Santa Cruz County ] Santa Cruz County estimates total damage at nearly $ 600 million . 
[ Santa Clara County ] [ Los Gatos ] Santa Clara County has a running total so far of $ 504 million , excluding the hard-hit city of Los Gatos . 
[ Oakland ] Oakland officials were still uncertain about the magnitude of structural damage late yesterday ; a section of I-880 , a twotiered highway , collapsed in Oakland , causing a majority of the deaths resulting from the quake . 
[ San Francisco Mayor Art Agnos ] San Francisco Mayor Art Agnos estimated that damages to the city total $ 2 billion . 
[ Marina ] [ Market Street ] That includes dwellings in the ravaged Marina district that must be demolished , peeled business facades south of Market Street , and houses in the city 's outer Richmond district that were heaved off their foundations . 
[ Federal Emergency Management Agency ] [ Small Business Administration ] [ Rep. Vic Fazio ] [ D. ] [ Calif ] The federal funds would go to a range of programs , including the Federal Emergency Management Agency , highway construction accounts and the Small Business Administration , according to Rep. Vic Fazio  D. , Calif .   . 
[ FEMA ] [ Hurricane Hugo ] [ Carolinas ] FEMA , which coordinates federal d