<p.WSJ900404-0181-1.1>
<s.WSJ900404-0181-1.1.1>
P. O. R. T. E. L. I. Z. A. B. E. T. H. ,COMMA South Africa --DASH The flames from two  
paraffin lamps cast more shadows than light across nearly one hundred  
residents of a black township packed into a one -HYPHEN room shack  .PERIOD 
</s>
<s.WSJ900404-0181-1.1.2>
The community meeting in a shantytown closes with a chant of  
defiance  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.2>
<s.WSJ900404-0181-1.2.1>
"DOUBLE-QUOTE Amandla !EXCLAMATION-POINT 
</s>
<s.WSJ900404-0181-1.2.2>
{LEFT-BRACE Power !EXCLAMATION-POINT }RIGHT-BRACE 
</s>
<s.WSJ900404-0181-1.2.3>
An injury to one is an injury to all  .PERIOD 
</s>
<s.WSJ900404-0181-1.2.4>
Amandla !EXCLAMATION-POINT "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0181-1.2.5>
As the people do the toyi -HYPHEN toyi dance ,COMMA they sing  ,COMMA 
"DOUBLE-QUOTE De Klerk's government is going to fall .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.3>
<s.WSJ900404-0181-1.3.1>
Like most blacks in South Africa ,COMMA the residents of this  
so -HYPHEN called Soweto by the Sea ,COMMA a township of makeshift housing  
within Port Elizabeth ,COMMA are jubilant over President F. W. de  
Klerk's stunning "DOUBLE-QUOTE unbanning "DOUBLE-QUOTE of the revolutionary African  
National Congress and release of A. N. C. leader Nelson Mandela  
after twenty seven years in prison .PERIOD 
</s>
<s.WSJ900404-0181-1.3.2>
"DOUBLE-QUOTE Everything is going to be  
changed ,COMMA "DOUBLE-QUOTE exults Ndzimeici Stefaans Pangiso ,COMMA a seventy two -HYPHEN year -HYPHEN old  
man with a gray goatee who joined the A. N. C. forty years ago  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.4>
<s.WSJ900404-0181-1.4.1>
Many of South Africa's poorest of the poor here are  
organizing for what they believe will be a hard struggle for  
democracy .PERIOD 
</s>
<s.WSJ900404-0181-1.4.2>
Sowetans don't credit the white government for the  
historic changes .PERIOD 
</s>
<s.WSJ900404-0181-1.4.3>
They see the changes as victories in a  
continuing struggle by blacks victimized by apartheid .PERIOD 
</s>
<s.WSJ900404-0181-1.4.4>
The  
highly politicized shack -HYPHEN dwellers still regard Pretoria as  
the enemy .PERIOD 
</s>
<s.WSJ900404-0181-1.4.5>
"DOUBLE-QUOTE I am waiting for the last kick of the  
government ,COMMA "DOUBLE-QUOTE says Bob Gaga ,COMMA a laborer here  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.5>
<s.WSJ900404-0181-1.5.1>
Recent events ,COMMA however ,COMMA demonstrate that the government  
still has plenty of kick left .PERIOD 
</s>
<s.WSJ900404-0181-1.5.2>
Mr.  Mandela has postponed  
talks with the Pretoria regime that were scheduled to begin  
next Wednesday ,COMMA after police in the black township of  
Sebokeng near Johannesburg last month killed about a dozen  
demonstrators and injured more than four hundred people protesting  
high rents .PERIOD 
</s>
<s.WSJ900404-0181-1.5.3>
President de Klerk this week sent more police and  
military personnel to Natal Province to quell violence there  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.6>
<s.WSJ900404-0181-1.6.1>
This Soweto isn't the one outside Johannesburg that Mr.   
Mandela returned to after his release .PERIOD 
</s>
<s.WSJ900404-0181-1.6.2>
Urban planners call  
this place an "DOUBLE-QUOTE informal settlement ,COMMA "DOUBLE-QUOTE even though it has as  
many as one hundred thousand residents .PERIOD 
</s>
<s.WSJ900404-0181-1.6.3>
It is characteristic of the black  
townships across South Africa  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.7>
<s.WSJ900404-0181-1.7.1>
To a reporter who was here for a month in nineteen eighty six ,COMMA just  
before the government declared a state of emergency that  
further restricted the rights of blacks ,COMMA the change is  
striking .PERIOD 
</s>
<s.WSJ900404-0181-1.7.2>
In nineteen eighty six ,COMMA anyone who spoke against the government  
was subject to arrest .PERIOD 
</s>
<s.WSJ900404-0181-1.7.3>
Residents were continually harassed by  
soldiers ,COMMA many in menacing vehicles called hippos that roamed  
the dirt streets ,COMMA sometimes knocking down dwellings .PERIOD 
</s>
<s.WSJ900404-0181-1.7.4>
There  
was violence by blacks against blacks ,COMMA as well .PERIOD 
</s>
<s.WSJ900404-0181-1.7.5>
People  
suspected as informers for the government were "DOUBLE-QUOTE necklaced "DOUBLE-QUOTE --DASH  
a tire drenched in gasoline was hung around their necks and  
set afire  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.8>
<s.WSJ900404-0181-1.8.1>
Because of their strong political organization ,COMMA the Port  
Elizabeth townships have escaped the factional fighting that  
continues to plague the Natal province .PERIOD 
</s>
<s.WSJ900404-0181-1.8.2>
"DOUBLE-QUOTE The Port Elizabeth  
black community is a very close -HYPHEN knit community ,COMMA with very  
strong leadership ,COMMA "DOUBLE-QUOTE says Roger Matlock ,COMMA regional director of  
the Urban Foundation ,COMMA which made a recent study of the  
township  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.9>
<s.WSJ900404-0181-1.9.1>
Today ,COMMA the people of this Soweto can call for toppling the  
government with little fear of persecution ,COMMA though detention  
without trial still is permitted under the continuing state  
of emergency .PERIOD 
</s>
<s.WSJ900404-0181-1.9.2>
They chant "DOUBLE-QUOTE Viva Mandela !EXCLAMATION-POINT 
</s>
<s.WSJ900404-0181-1.9.3>
Viva A. N. C. !EXCLAMATION-POINT "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0181-1.9.4>
and they  
are not arrested .PERIOD 
</s>
<s.WSJ900404-0181-1.9.5>
The brave few who once defied authorities  
by wearing the black ,COMMA green and gold colors of the A. N. C. now  
have been joined by the many .PERIOD 
</s>
<s.WSJ900404-0181-1.9.6>
T. -HYPHEN shirts with Mr.  Mandela's  
picture on them are everywhere .PERIOD 
</s>
<s.WSJ900404-0181-1.9.7>
Nearly everyone who spoke to  
this reporter in nineteen eighty six requested anonymity ;SEMI-COLON this time ,COMMA no one  
did  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.10>
<s.WSJ900404-0181-1.10.1>
Local violence has receded .PERIOD 
</s>
<s.WSJ900404-0181-1.10.2>
And the hippos have  
disappeared .PERIOD 
</s>
<s.WSJ900404-0181-1.10.3>
Gladys Dumani says she no longer worries that  
her shanty will be crushed in the middle of the night .PERIOD 
</s>
<s.WSJ900404-0181-1.10.4>
"DOUBLE-QUOTE I'm  
feeling much better ,COMMA "DOUBLE-QUOTE she says .PERIOD 
</s>
<s.WSJ900404-0181-1.10.5>
"DOUBLE-QUOTE I stayed in fear before  
because ,COMMA when I hear a hippo ,COMMA I feared it would knock my  
house down whilst I am sleeping .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.11>
<s.WSJ900404-0181-1.11.1>
A few residents have even improved economically .PERIOD 
</s>
<s.WSJ900404-0181-1.11.2>
Isaac  
"DOUBLE-QUOTE Spider "DOUBLE-QUOTE Gojela ,COMMA a political organizer who was released from  
jail a year ago ,COMMA has moved with his wife to nearby  
Motherwell ,COMMA a new community designed in part to relieve  
dangerous overcrowding here  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.12>
<s.WSJ900404-0181-1.12.1>
But upward mobility in these parts is measured in tiny  
steps .PERIOD 
</s>
<s.WSJ900404-0181-1.12.2>
In Motherwell ,COMMA Mr.  Gojela ,COMMA thirty five ,COMMA lives in a cinder -HYPHEN block  
house instead of a Soweto shanty .PERIOD 
</s>
<s.WSJ900404-0181-1.12.3>
He moved up ,COMMA he says ,COMMA from  
"DOUBLE-QUOTE a shack to a shed .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.13>
<s.WSJ900404-0181-1.13.1>
Soweto is horrendously poor ,COMMA neglected and not even on the  
Port Elizabeth street map .PERIOD 
</s>
<s.WSJ900404-0181-1.13.2>
Shoeless children in ragged  
clothes practice soccer with a tennis ball .PERIOD 
</s>
<s.WSJ900404-0181-1.13.3>
Weary  ,COMMA 
beaten -HYPHEN down old men limp along the road ,COMMA making way for  
groups of youths with fire in their eyes .PERIOD 
</s>
<s.WSJ900404-0181-1.13.4>
Hogs pick garbage  
from the muck near the open market .PERIOD 
</s>
<s.WSJ900404-0181-1.13.5>
Dwellings have no  
plumbing .PERIOD 
</s>
<s.WSJ900404-0181-1.13.6>
Streets aren't paved ;SEMI-COLON there are no sewers and no  
telephones .PERIOD 
</s>
<s.WSJ900404-0181-1.13.7>
Life expectancy is low .PERIOD 
</s>
<s.WSJ900404-0181-1.13.8>
Whites outlive blacks on  
the average by fifteen years .PERIOD 
</s>
<s.WSJ900404-0181-1.13.9>
And unemployment is high ,COMMA about sixty %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.14>
<s.WSJ900404-0181-1.14.1>
Looking down the street at nine thirty at night ,COMMA one sees no  
porch lights ,COMMA no lights inside the shacks ,COMMA no faint blue glow  
from a T. V. set .PERIOD 
</s>
<s.WSJ900404-0181-1.14.2>
Indeed ,COMMA there is no electricity .PERIOD 
</s>
<s.WSJ900404-0181-1.14.3>
Tall polls  
stand perhaps two hundred yards apart from which lights once  
illuminated broad areas .PERIOD 
</s>
<s.WSJ900404-0181-1.14.4>
But they were put out years ago by  
youths seeking to make night patrols by the police and army  
more difficult  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.15>
<s.WSJ900404-0181-1.15.1>
The patrols for the most part are gone now ,COMMA but the  
atmosphere is still tense ;SEMI-COLON black goals remain unachieved  .PERIOD 
</s>
<s.WSJ900404-0181-1.15.2>
Sowetans have been encouraged by Mr.  de Klerk's talk of  
liberalization ,COMMA but they are painfully aware that apartheid  
remains in place  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.16>
<s.WSJ900404-0181-1.16.1>
The people of Soweto ,COMMA an A. N. C. stronghold ,COMMA are organizing to  
press for majority rule :COLON a one -HYPHEN person ,COMMA one -HYPHEN vote democracy in  
a unified state with unified cities and towns .PERIOD 
</s>
<s.WSJ900404-0181-1.16.2>
"DOUBLE-QUOTE We are in a  
hurry of seeing the new election of the people which would  
not have the discrimination of the people ,COMMA "DOUBLE-QUOTE says Bernston  
Mdyogolo ,COMMA a fifty four -HYPHEN year -HYPHEN old fruit vendor in Soweto's square .PERIOD 
</s>
<s.WSJ900404-0181-1.16.3>
"DOUBLE-QUOTE We  
would like to see things change very fast .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.17>
<s.WSJ900404-0181-1.17.1>
To keep pressure on the South African government ,COMMA many  
Sowetans favor continuing economic sanctions by the U. S. and  
other countries .PERIOD 
</s>
<s.WSJ900404-0181-1.17.2>
Sowetans believe the sanctions have played  
an important role in bringing about the positive changes that  
have taken place so far  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.18>
<s.WSJ900404-0181-1.18.1>
"DOUBLE-QUOTE We are appealing to the Western countries to take the key  
of sanctions and throw it to the sea as long as apartheid is  
still existing in this country ,COMMA "DOUBLE-QUOTE says Wellington May ,COMMA the  
nearly toothless chairman of Soweto's Area C. community group  .PERIOD 
</s>
<s.WSJ900404-0181-1.18.2>
Mr.  May ,COMMA who once sold imported diesel parts ,COMMA favors  
sanctions even if their effect has been to keep him  
unemployed for two years .PERIOD 
</s>
<s.WSJ900404-0181-1.18.3>
"DOUBLE-QUOTE It is not the point that it makes  
us to be unemployed .PERIOD 
</s>
<s.WSJ900404-0181-1.18.4>
We want freedom .PERIOD 
</s>
<s.WSJ900404-0181-1.18.5>
After that ,COMMA sanctions  
can be lifted .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.19>
<s.WSJ900404-0181-1.19.1>
Nobody expects white Afrikaners to give up power easily  ,COMMA 
however .PERIOD 
</s>
<s.WSJ900404-0181-1.19.2>
Apartheid sought to eliminate black citizenship in  
South Africa by assigning blacks arbitrarily to citizenship  
in tribal -HYPHEN based homelands ,COMMA or Bantustans ,COMMA without regard to  
whether they had ever lived there .PERIOD 
</s>
<s.WSJ900404-0181-1.19.3>
Other blacks are forced to  
live in certain "DOUBLE-QUOTE townships "DOUBLE-QUOTE or "DOUBLE-QUOTE locations ,COMMA "DOUBLE-QUOTE which in essence  
are labor camps for blacks with jobs in the nearby white  
sections .PERIOD 
</s>
<s.WSJ900404-0181-1.19.4>
Ibhayi is the government's name for Soweto and  
other townships around Port Elizabeth .PERIOD 
</s>
<s.WSJ900404-0181-1.19.5>
Each township ,COMMA as town  
clerk Flip Alberts concedes ,COMMA is "DOUBLE-QUOTE not a self -HYPHEN contained city  .PERIOD 
</s>
<s.WSJ900404-0181-1.19.6>
It's a dormitory town .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.20>
<s.WSJ900404-0181-1.20.1>
These sections have separate township councils that ,COMMA like  
the Bantustans ,COMMA are integral parts of apartheid .PERIOD 
</s>
<s.WSJ900404-0181-1.20.2>
The council  
members ,COMMA whose elections are boycotted by the the mass of  
blacks ,COMMA say they use the system to work for the aspirations  
of fellow blacks .PERIOD 
</s>
<s.WSJ900404-0181-1.20.3>
"DOUBLE-QUOTE It is a fact we are in the apartheid  
grid ,COMMA "DOUBLE-QUOTE says council member S. A. .PERIOD 
</s>
<s.WSJ900404-0181-1.20.4>
Mpondo .PERIOD 
</s>
<s.WSJ900404-0181-1.20.5>
"DOUBLE-QUOTE But we feel we have  
to fight {LEFT-BRACE from }RIGHT-BRACE within to get what we want .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.21>
<s.WSJ900404-0181-1.21.1>
Officials are still considered system stooges .PERIOD 
</s>
<s.WSJ900404-0181-1.21.2>
But their  
homes no longer are burned ,COMMA their lives no longer are  
threatened by militants .PERIOD 
</s>
<s.WSJ900404-0181-1.21.3>
Mr.  Alberts ,COMMA a hired city  
administrator ,COMMA proudly says ,COMMA "DOUBLE-QUOTE Politically inspired  
destructive activity is virtually nonexistent .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0181-1.21.4>
But the cry  
in Soweto for "DOUBLE-QUOTE one city ,COMMA one municipality "DOUBLE-QUOTE calls for the  
incorporation of the townships into Port Elizabeth  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.22>
<s.WSJ900404-0181-1.22.1>
The strongest support for international sanctions and  
other actions against apartheid is found among the neediest  .PERIOD 
</s>
<s.WSJ900404-0181-1.22.2>
The front room of Mr.  May's house has a dirt floor .PERIOD 
</s>
<s.WSJ900404-0181-1.22.3>
Five  
children sleep in one room ,COMMA three boys in a double bed ,COMMA two  
girls in a twin .PERIOD 
</s>
<s.WSJ900404-0181-1.22.4>
With very little furniture ,COMMA the place is  
bleak .PERIOD 
</s>
<s.WSJ900404-0181-1.22.5>
Many Americans have garages that are more imposing .PERIOD 
</s>
<s.WSJ900404-0181-1.22.6>
"DOUBLE-QUOTE I  
am trying to teach my children to live hygienically ,COMMA "DOUBLE-QUOTE says  
Mr.  May ,COMMA a priest in the African -HYPHEN Catholic Church .PERIOD 
</s>
<s.WSJ900404-0181-1.22.7>
"DOUBLE-QUOTE I am  
trying not to let the apartheid oppress me .PERIOD 
</s>
<s.WSJ900404-0181-1.22.8>
I'm trying to  
pull myself up .PERIOD 
</s>
<s.WSJ900404-0181-1.22.9>
I'm trying .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.23>
<s.WSJ900404-0181-1.23.1>
Living hygienically in Soweto is harder now than it was  
four years ago .PERIOD 
</s>
<s.WSJ900404-0181-1.23.2>
It always was difficult .PERIOD 
</s>
<s.WSJ900404-0181-1.23.3>
Without a proper  
drainage system ,COMMA stagnant water collects in pools .PERIOD 
</s>
<s.WSJ900404-0181-1.23.4>
The annual  
population growth rate in Soweto ,COMMA said to be in the range of  
six .POINT nine %PERCENT to eight %PERCENT ,COMMA makes the place ever more crowded .PERIOD 
</s>
<s.WSJ900404-0181-1.23.5>
The pigs  
recently introduced to the community add to the filth  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.24>
<s.WSJ900404-0181-1.24.1>
Overcrowding extends from the shacks to the schools .PERIOD 
</s>
<s.WSJ900404-0181-1.24.2>
At a  
primary school called Mzisiswano ,COMMA seventy seven %PERCENT of the children are  
from Soweto .PERIOD 
</s>
<s.WSJ900404-0181-1.24.3>
Each class has at least sixty pupils .PERIOD 
</s>
<s.WSJ900404-0181-1.24.4>
Attendance is  
very good among children enrolled ,COMMA but about forty %PERCENT of Soweto's  
children don't ever go to school .PERIOD 
</s>
<s.WSJ900404-0181-1.24.5>
Classrooms are ill -HYPHEN equipped  
and in need of repairs  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.25>
<s.WSJ900404-0181-1.25.1>
The most urgent local concern for shack -HYPHEN dwellers is decent  
housing .PERIOD 
</s>
<s.WSJ900404-0181-1.25.2>
Residents go to great lengths to maintain their  
pride ,COMMA while living in places unfit for human habitation  :COLON 
Some shanties have china cabinets with glasses ,COMMA cups and  
saucers neatly arrayed .PERIOD 
</s>
<s.WSJ900404-0181-1.25.3>
People sweep the dry earth outside  
their homes  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.26>
<s.WSJ900404-0181-1.26.1>
No matter how hard they work to make a shack a home ,COMMA it is  
still a shack .PERIOD 
</s>
<s.WSJ900404-0181-1.26.2>
"DOUBLE-QUOTE Enough is enough ,COMMA "DOUBLE-QUOTE says Thoko Nomkonwana ,COMMA who  
calls Soweto Shackville .PERIOD 
</s>
<s.WSJ900404-0181-1.26.3>
"DOUBLE-QUOTE We want houses .PERIOD 
</s>
<s.WSJ900404-0181-1.26.4>
We want employment  .PERIOD 
</s>
<s.WSJ900404-0181-1.26.5>
Sooner not later .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.27>
<s.WSJ900404-0181-1.27.1>
A few hope to regain property they once owned .PERIOD 
</s>
<s.WSJ900404-0181-1.27.2>
Gertrude  
Majola ,COMMA a sixty one -HYPHEN year -HYPHEN old nurse ,COMMA lives in one of the few  
substantial buildings in Soweto .PERIOD 
</s>
<s.WSJ900404-0181-1.27.3>
Her late husband ,COMMA a teacher  ,COMMA 
bought the property in the late nineteen fifties .PERIOD 
</s>
<s.WSJ900404-0181-1.27.4>
But nearly twenty years  
later ,COMMA the Bantu administration board made them relinquish  
title to their house ,COMMA a store and sufficient land to  
accommodate a hundred shacks .PERIOD 
</s>
<s.WSJ900404-0181-1.27.5>
"DOUBLE-QUOTE They said ,COMMA `SINGLE-QUOTE No ,COMMA no ,COMMA Africans  
cannot own land ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE she recalls .PERIOD 
</s>
<s.WSJ900404-0181-1.27.6>
"DOUBLE-QUOTE So they made us sell it .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.28>
<s.WSJ900404-0181-1.28.1>
Since then ,COMMA she has been a tenant on what had been her  
family's land .PERIOD 
</s>
<s.WSJ900404-0181-1.28.2>
Mrs.  Majola says the Ibhayi city council might  
now sell it back to her  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.29>
<s.WSJ900404-0181-1.29.1>
A new openness exists among South African blacks .PERIOD 
</s>
<s.WSJ900404-0181-1.29.2>
Brian  
Sokutu ,COMMA the Port Elizabeth correspondent for the New Nation  ,COMMA 
was among many black journalists jailed without trial ,COMMA even  
without charges filed against them .PERIOD 
</s>
<s.WSJ900404-0181-1.29.3>
His newspaper was shut  
down temporarily .PERIOD 
</s>
<s.WSJ900404-0181-1.29.4>
He recalls having to conceal liberation  
literature ,COMMA which he dared not keep at home .PERIOD 
</s>
<s.WSJ900404-0181-1.29.5>
"DOUBLE-QUOTE I would have to  
go at night and fetch it .PERIOD ,COMMA .PERIOD 
</s>
<s.WSJ900404-0181-1.29.6>
"DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0181-1.29.7>
"DOUBLE-QUOTE But after the  
unbanning ,COMMA now people can just put their literature on top of  
their desk and read it anywhere ,COMMA "DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0181-1.29.8>
"DOUBLE-QUOTE It's quite  
exciting .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.30>
<s.WSJ900404-0181-1.30.1>
To try to achieve democracy ,COMMA the Sowetans are rebuilding  
political organizations that were struck down by the state of  
emergency and by the arrests of many local leaders .PERIOD 
</s>
<s.WSJ900404-0181-1.30.2>
Because  
the A. N. C. was illegal ,COMMA an umbrella black group called the  
United Democratic Front basically served as its above -HYPHEN ground  
operation .PERIOD 
</s>
<s.WSJ900404-0181-1.30.3>
But it was effectively outlawed ,COMMA too ,COMMA as were  
affiliated groups .PERIOD 
</s>
<s.WSJ900404-0181-1.30.4>
Leaders went about in disguises and tried  
to evade the police .PERIOD 
</s>
<s.WSJ900404-0181-1.30.5>
But nearly all of the black political  
leaders of Soweto by the Sea were captured and imprisoned  
without trial for as long as three years .PERIOD 
</s>
<s.WSJ900404-0181-1.30.6>
And when they were  
released ,COMMA restrictions amounting to house arrest made any  
protest a criminal act  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.31>
<s.WSJ900404-0181-1.31.1>
Because the street and area committees that had promoted  
politics and controlled crime were illegal ,COMMA groups called  
"DOUBLE-QUOTE anticrime committees "DOUBLE-QUOTE were formed to deal with an upsurge in  
robberies and violence .PERIOD 
</s>
<s.WSJ900404-0181-1.31.2>
They succeeded in making the streets  
safe .PERIOD 
</s>
<s.WSJ900404-0181-1.31.3>
Now "DOUBLE-QUOTE you can go day and night even if you are young or  
old ,COMMA "DOUBLE-QUOTE says Samuel Ngcume ,COMMA who hobbles along the dirt roads on  
crutches  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.32>
<s.WSJ900404-0181-1.32.1>
Reviving Soweto's political organization is time -HYPHEN consuming  
work ,COMMA what with all the meetings and rallies .PERIOD 
</s>
<s.WSJ900404-0181-1.32.2>
Activists'  
enthusiasm got a big boost when Mr.  Mandela held a huge rally  
near Port Elizabeth last Sunday .PERIOD 
</s>
<s.WSJ900404-0181-1.32.3>
Mr.  Gojela ,COMMA who organizes in  
both Soweto and Motherwell and who was vice chairman of the  
area committee before he went to jail for nearly three years  ,COMMA 
says it is important for leaders to rekindle the community's  
fighting spirit .PERIOD 
</s>
<s.WSJ900404-0181-1.32.4>
He is optimistic .PERIOD 
</s>
<s.WSJ900404-0181-1.32.5>
"DOUBLE-QUOTE It won't take long ,COMMA "DOUBLE-QUOTE he  
says  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.33>
<s.WSJ900404-0181-1.33.1>
"DOUBLE-QUOTE The signs are there that our liberation is coming ,COMMA but at  
this stage nobody can tell how far is it ,COMMA which means unity  
and discipline are very much important ,COMMA "DOUBLE-QUOTE Mr.  Gojela adds  .PERIOD 
</s>
<s.WSJ900404-0181-1.33.2>
"DOUBLE-QUOTE Unity ,COMMA in particular ,COMMA because at any time we might see  
ourselves have a vote .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.34>
<s.WSJ900404-0181-1.34.1>
Liberation isn't imminent ,COMMA however ,COMMA longtime activists  
caution .PERIOD 
</s>
<s.WSJ900404-0181-1.34.2>
"DOUBLE-QUOTE Sometimes I get worried "DOUBLE-QUOTE {LEFT-BRACE because }RIGHT-BRACE the expectations  
are too high ,COMMA "DOUBLE-QUOTE says Raymond Mhlaba ,COMMA who was one of the A. N. C.  
officials released after twenty six years in prison ,COMMA a few months  
before Mr.  Mandela was freed .PERIOD 
</s>
<s.WSJ900404-0181-1.34.3>
He is concerned about "DOUBLE-QUOTE the  
belief that we are on the verge of winning .PERIOD 
</s>
<s.WSJ900404-0181-1.34.4>
That might not be  
so .PERIOD 
</s>
<s.WSJ900404-0181-1.34.5>
It might take us five years .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0181-1.35>
<s.WSJ900404-0181-1.35.1>
For residents of this place ,COMMA a better life can't come too  
soon .PERIOD 
</s>
<s.WSJ900404-0181-1.35.2>
"DOUBLE-QUOTE I'm waiting for the pleasure of my life ,COMMA "DOUBLE-QUOTE says Papisi  
Alfred Wilson Kondile ,COMMA who is in his seventies  .PERIOD 
</s>
</p>
<p.WSJ900404-0181-1.36>
<s.WSJ900404-0181-1.36.1>
His hands shake ,COMMA his beard is scraggly .PERIOD 
</s>
<s.WSJ900404-0181-1.36.2>
He wears a red  ,COMMA 
white and gray knit hat and two brown sweaters over his  
shirt .PERIOD 
</s>
<s.WSJ900404-0181-1.36.3>
There are no laces in his shoes .PERIOD 
</s>
<s.WSJ900404-0181-1.36.4>
A bucket catches  
rainwater dripping into the small room from the sagging tin  
roof of his shack .PERIOD 
</s>
<s.WSJ900404-0181-1.36.5>
He and his wife have little food .PERIOD 
</s>
<s.WSJ900404-0181-1.36.6>
"DOUBLE-QUOTE We live  
in a terrible situation ,COMMA "DOUBLE-QUOTE the old man says .PERIOD 
</s>
<s.WSJ900404-0181-1.36.7>
"DOUBLE-QUOTE Maybe things can  
get better .PERIOD 
</s>
<s.WSJ900404-0181-1.36.8>
You see how much we suffer .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0180-1.1>
<s.WSJ900404-0180-1.1.1>
N. E. W. Y. O. R. K. --DASH The over -HYPHEN the -HYPHEN counter market ,COMMA relieved of  
pressure from stock losses overseas ,COMMA rebounded strongly  
yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.2>
<s.WSJ900404-0180-1.2.1>
Traders say buying momentum from Monday's close carried  
unlisted share prices higher following a recovery in equity  
prices in Tokyo and London  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.3>
<s.WSJ900404-0180-1.3.1>
A steep plunge on the Tokyo Stock Exchange and elsewhere  
had been blamed for pressuring U. S. stock markets  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.4>
<s.WSJ900404-0180-1.4.1>
Robert O'Toole Senior  ,COMMA head of O. T. C. sales trading at Shearson  
Lehman Hutton ,COMMA says strength in the bond market also helped  
lift the over -HYPHEN the -HYPHEN counter market .PERIOD 
</s>
<s.WSJ900404-0180-1.4.2>
"DOUBLE-QUOTE I saw buying right across  
the board ,COMMA "DOUBLE-QUOTE Mr.  O'Toole says of the O. T. C. market yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.5>
<s.WSJ900404-0180-1.5.1>
The Nasdaq Composite Index gained four .POINT four seven ,COMMA or about one %PERCENT ,COMMA to  
four hundred and thirty seven .POINT six five ,COMMA while the New York Stock Exchange Composite Index  
added one .POINT three %PERCENT yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.6>
<s.WSJ900404-0180-1.6.1>
Total Nasdaq volume was one hundred and thirty four .POINT eight million shares ,COMMA up twenty three .POINT four  
million shares from Monday's one hundred and eleven .POINT four million shares .PERIOD 
</s>
<s.WSJ900404-0180-1.6.2>
National  
Market System volume totaled about one hundred and two million one hundred and twenty five thousand five hundred shares ,COMMA up  
from Monday's eighty one million twenty six thousand one hundred shares .PERIOD 
</s>
<s.WSJ900404-0180-1.6.3>
O. T. C. advancers led decliners  ,COMMA 
one thousand one hundred and seventy six to seven hundred and fifty seven  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.7>
<s.WSJ900404-0180-1.7.1>
While traders say yesterday's activity touched all sectors  
of the O. T. C. market ,COMMA some areas received a bigger share of the  
buying than others  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.8>
<s.WSJ900404-0180-1.8.1>
The Nasdaq one hundred Index ,COMMA which includes the market's largest  
non -HYPHEN financial issues ,COMMA rose eight .POINT two eight ,COMMA or nearly two %PERCENT ,COMMA to four hundred and thirty three .POINT six two  .PERIOD 
</s>
<s.WSJ900404-0180-1.8.2>
Among the largest stocks gaining were M. C. I. Communications  ,COMMA 
which added one one /SLASH two to thirty eight ,COMMA and Apple Computer ,COMMA which advanced one  
one /SLASH two to forty one three /SLASH four  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.9>
<s.WSJ900404-0180-1.9.1>
The Nasdaq Financial one hundred Index ,COMMA which tracks the O. T. C.  
market's largest bank ,COMMA thrift and insurance stocks ,COMMA gained  
only one .POINT oh one ,COMMA or zero .POINT two six %PERCENT to three hundred and ninety two .POINT five eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.10>
<s.WSJ900404-0180-1.10.1>
At the top of the most active list ,COMMA Tetra Technologies  
added one one /SLASH eight to twelve one /SLASH eight from its opening trade .PERIOD 
</s>
<s.WSJ900404-0180-1.10.2>
The two .POINT three five  
million -HYPHEN share new issue was priced late Monday at ten dollars each  .PERIOD 
</s>
<s.WSJ900404-0180-1.10.3>
Investor demand caused the company to increase the size of  
the offering from the two million shares originally filed with  
the Securities and Exchange Commission  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.11>
<s.WSJ900404-0180-1.11.1>
Tetra recyles byproducts and waste from chemical plants to  
produce calcium chloride and zinc bromide ,COMMA as well as other  
specialty chemicals ,COMMA which are used mainly by the domestic  
offshore oil and gas industry .PERIOD 
</s>
<s.WSJ900404-0180-1.11.2>
The company also sells waste  
treatment systems  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.12>
<s.WSJ900404-0180-1.12.1>
Last year ,COMMA increased well activity in the Gulf of Mexico  
caused recycled chemical sales to balloon sixty %PERCENT ,COMMA boosting the  
company's net income by seventy two %PERCENT in nineteen eighty nine ,COMMA according to an official  
with the lead underwriter ,COMMA Alex .PERIOD 
</s>
<s.WSJ900404-0180-1.12.2>
Brown &AMPERSAND Sons Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.13>
<s.WSJ900404-0180-1.13.1>
Pic N 'SINGLE-QUOTE 'SINGLE-QUOTE Save gained one to eleven one /SLASH two on volume of more than two .POINT two  
million shares .PERIOD 
</s>
<s.WSJ900404-0180-1.13.2>
Kidder Peabody traders say they handled about  
half of that volume ,COMMA but even they were at a loss to explain  
the activity .PERIOD 
</s>
<s.WSJ900404-0180-1.13.3>
Monday ,COMMA Pic N 'SINGLE-QUOTE 'SINGLE-QUOTE Save eased one /SLASH eight on over one .POINT three  
million shares  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.14>
<s.WSJ900404-0180-1.14.1>
John Giesea ,COMMA who trades the stock for Kidder ,COMMA says the  
vast majority of the activity came from "DOUBLE-QUOTE institutional or  
professional type of accounts as opposed to individuals .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0180-1.15>
<s.WSJ900404-0180-1.15.1>
In early February ,COMMA Pic N 'SINGLE-QUOTE 'SINGLE-QUOTE Save announced that it would  
buy back up to five million of its shares .PERIOD 
</s>
<s.WSJ900404-0180-1.15.2>
But the company's  
chief financial officer said that yesterday's activity is not  
related to the buy -HYPHEN back program  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.16>
<s.WSJ900404-0180-1.16.1>
Landmark Graphics plunged two one /SLASH two to eighteen one /SLASH two in active  
trading .PERIOD 
</s>
<s.WSJ900404-0180-1.16.2>
The company said its revenue for the third quarter  ,COMMA 
ended March thirty one ,COMMA will be about twenty %PERCENT below analysts' estimates  .PERIOD 
</s>
<s.WSJ900404-0180-1.16.3>
The computer maker blamed changing buying patterns of its  
large domestic customers for the revenue shortfall  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.17>
<s.WSJ900404-0180-1.17.1>
Heavy trading volume in Lancaster Colony pushed the stock  
onto the most active list with a one point loss to nineteen three /SLASH four  .PERIOD 
</s>
<s.WSJ900404-0180-1.17.2>
Monday ,COMMA Cleary Gull Reiland McDevitt &AMPERSAND Collopy cut its  
investment rating on the stock and lowered its nineteen ninety earnings  
estimate for the company .PERIOD 
</s>
<s.WSJ900404-0180-1.17.3>
The securities firm cited softness  
in consumer mass market business ,COMMA where about half of  
Lancaster's products are sold  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.18>
<s.WSJ900404-0180-1.18.1>
Cambridge BioScience lost one one /SLASH eight to five three /SLASH eight ,COMMA while Biotech  
Research Laboratories was up one /SLASH two to four seven /SLASH eight .PERIOD 
</s>
<s.WSJ900404-0180-1.18.2>
The two companies  
yesterday said they plan to merge in a stock swap  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-1.19>
<s.WSJ900404-0180-1.19.1>
Software Toolworks jumped one five /SLASH eight to twenty nine seven /SLASH eight ,COMMA another new  
fifty two -HYPHEN week high for the stock .PERIOD 
</s>
<s.WSJ900404-0180-1.19.2>
The educational and entertainment  
software company is expected to unveil new products at the  
Consumer Electronics Show in Chicago in early June  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-2.1>
<s.WSJ900404-0180-2.1.1>
Corrections &AMPERSAND Amplifications  
</s>
</p>
<p.WSJ900404-0180-2.2>
<s.WSJ900404-0180-2.2.1>
T. E. T. R. A. T. E. C. H. N. O. L. O. G. I. E. S. Incorporated  said the lead underwriter for its  
offering of two million three hundred and fifty thousand common shares is PaineWebber Incorporated  .PERIOD 
</s>
<s.WSJ900404-0180-2.2.2>
In  
yesterday's O. T. C. Focus column ,COMMA the lead underwriter was  
incorrectly identified  .PERIOD 
</s>
</p>
<p.WSJ900404-0180-2.3>
<s.WSJ900404-0180-2.3.1>
(LEFT-PAREN W. S. J. April five ,COMMA nineteen ninety  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0179-1.1>
<s.WSJ900404-0179-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH A few weeks ago ,COMMA during closed -HYPHEN door  
negotiations over the clean -HYPHEN air bill ,COMMA Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.1.2>
John Chaffee (LEFT-PAREN R.  ,COMMA 
R. I. )RIGHT-PAREN agreed not to offer a tough amendment outlawing the  
latest generation of ozone -HYPHEN depleting chemicals  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.2>
<s.WSJ900404-0179-1.2.1>
It was the cue for David Doniger to whir into action  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.3>
<s.WSJ900404-0179-1.3.1>
As a staff attorney at the Natural Resources Defense  
Council ,COMMA Mr.  Doniger had helped write the amendment .PERIOD 
</s>
<s.WSJ900404-0179-1.3.2>
And  
before long ,COMMA the lanky ,COMMA bald and bearded environmental lawyer  
had helped resurrect the provision on the Senate floor ,COMMA with  
Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.3.3>
Al Gore (LEFT-PAREN D. ,COMMA Tenn .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0179-1.3.4>
as the sponsor .PERIOD 
</s>
<s.WSJ900404-0179-1.3.5>
It survived as part  
of the Senate's clean -HYPHEN air bill  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.4>
<s.WSJ900404-0179-1.4.1>
Mr.  Doniger ,COMMA thirty eight years old ,COMMA is the youngest of three N. R. D. C.  
lawyers whose expertise has proved indispensable in the  
shaping of the Senate clean -HYPHEN air bill .PERIOD 
</s>
<s.WSJ900404-0179-1.4.2>
They have won both  
praise and criticism as shadow legislators --DASH lobbyists who  
have helped to write some sections of the bill while shooting  
other sections down .PERIOD 
</s>
<s.WSJ900404-0179-1.4.3>
With the Senate bill behind them ,COMMA they  
switch their attention to the House ,COMMA where they are likely to  
have even more influence  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.5>
<s.WSJ900404-0179-1.5.1>
The other members of this green trio are Richard Ayres  ,COMMA 
forty eight ,COMMA who twenty years ago founded the N. R. D. C. with several Yale Law  
School classmates ,COMMA and David Hawkins ,COMMA forty seven ,COMMA who as a former  
clean -HYPHEN air administrator at the Environmental Protection  
Agency is the only government veteran of the three  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.6>
<s.WSJ900404-0179-1.6.1>
Together ,COMMA they represent a new breed :COLON the public -HYPHEN interest  
lawyer as yuppie .PERIOD 
</s>
<s.WSJ900404-0179-1.6.2>
Operating out of a sleek downtown office  
outfitted with blond wood and silver -HYPHEN framed prints by Folon  
and Georgia O'Keefe ,COMMA they take in salaries of fifty five thousand dollars to  
upwards of eighty thousand dollars .PERIOD 
</s>
<s.WSJ900404-0179-1.6.3>
That's less than their corporate  
opponents earn ,COMMA but enough to establish an air of permanence  
at the organization  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.7>
<s.WSJ900404-0179-1.7.1>
Throughout the legislative debate ,COMMA the three lawyers have  
peddled themselves as technicians ready to school legislators  
in the unfathomable complexities of clean air .PERIOD 
</s>
<s.WSJ900404-0179-1.7.2>
"DOUBLE-QUOTE I think they  
were superb ,COMMA "DOUBLE-QUOTE says first -HYPHEN term Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.7.3>
John Kerry (LEFT-PAREN D. ,COMMA Mass .PERIOD )RIGHT-PAREN  .PERIOD 
</s>
<s.WSJ900404-0179-1.7.4>
"DOUBLE-QUOTE They had an institutional memory that I simply couldn't  
have .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0179-1.8>
<s.WSJ900404-0179-1.8.1>
Not that the Senate bill is an environmentalists' dream  .PERIOD 
</s>
<s.WSJ900404-0179-1.8.2>
"DOUBLE-QUOTE If signed into law ,COMMA it would not solve our most pressing air  
pollution problems ,COMMA "DOUBLE-QUOTE says Mr.  Hawkins .PERIOD 
</s>
<s.WSJ900404-0179-1.8.3>
The three lobbyists  
initially supported Senate Majority Leader George Mitchell  
(LEFT-PAREN D. ,COMMA Maine )RIGHT-PAREN on the bill ,COMMA but split with him after he worked  
out a compromise agreement with the White House  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.9>
<s.WSJ900404-0179-1.9.1>
"DOUBLE-QUOTE There has been a rift of sorts ,COMMA "DOUBLE-QUOTE concedes Mr.  Ayres ,COMMA who  
chairs a clean -HYPHEN air lobbying coalition that includes the N. R. D. C.  
and the Sierra Club .PERIOD 
</s>
<s.WSJ900404-0179-1.9.2>
Instead of Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.9.3>
Mitchell's bargaining  
with the Bush administration ,COMMA he says the coalition would  
have preferred to whip up public support for a tougher bill  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.10>
<s.WSJ900404-0179-1.10.1>
"DOUBLE-QUOTE The reality is that we didn't have the votes for the  
bill ,COMMA "DOUBLE-QUOTE answers Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.10.2>
Mitchell ,COMMA "DOUBLE-QUOTE and they're aware of that .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0179-1.10.3>
Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.10.4>
Mitchell says the trio's input on the clean -HYPHEN air bill is  
"DOUBLE-QUOTE not helpful .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0179-1.11>
<s.WSJ900404-0179-1.11.1>
The environmental lawyers' actions have prompted some in  
the Senate to accuse them of outright petulance .PERIOD 
</s>
<s.WSJ900404-0179-1.11.2>
Senate  
Minority Whip Alan Simpson (LEFT-PAREN R. ,COMMA Wyo .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0179-1.11.3>
complains of their  
"DOUBLE-QUOTE unrealistic expectations and huge egos ,COMMA "DOUBLE-QUOTE and blames the  
three for holding up the progress of clean -HYPHEN air legislation  
during the past decade  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.12>
<s.WSJ900404-0179-1.12.1>
But Sen .PERIOD 
</s>
<s.WSJ900404-0179-1.12.2>
Simpson also concedes their grasp of scientific  
issues :COLON "DOUBLE-QUOTE They have a great deal of knowledge to contribute  
and they're very bright .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0179-1.13>
<s.WSJ900404-0179-1.13.1>
The triumvirate hopes to do better on the House side  ,COMMA 
where they expect to have more influence ,COMMA especially with  
Rep .PERIOD 
</s>
<s.WSJ900404-0179-1.13.2>
Henry Waxman (LEFT-PAREN D. ,COMMA Calif .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0179-1.13.3>
who is helping shape the bill  
in the Energy and Commerce Committee .PERIOD 
</s>
<s.WSJ900404-0179-1.13.4>
"DOUBLE-QUOTE I rely quite heavily  
on them ,COMMA "DOUBLE-QUOTE says Rep .PERIOD 
</s>
<s.WSJ900404-0179-1.13.5>
Waxman  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.14>
<s.WSJ900404-0179-1.14.1>
The N. R. D. C. has little clout with other members of the Energy  
and Commerce Committee .PERIOD 
</s>
<s.WSJ900404-0179-1.14.2>
But the trio will probably have more  
influence on the final House bill ,COMMA says Mr.  Hawkins ,COMMA because  
there are so many members from urban centers ,COMMA where the worst  
air -HYPHEN pollution problems occur  .PERIOD 
</s>
</p>
<p.WSJ900404-0179-1.15>
<s.WSJ900404-0179-1.15.1>
Started in a ramshackle three -HYPHEN room office in nineteen seventy ,COMMA the  
N. R. D. C. now boasts branch offices in San Francisco and Honolulu  .PERIOD 
</s>
<s.WSJ900404-0179-1.15.2>
Despite its non -HYPHEN profit ,COMMA tax -HYPHEN exempt status ,COMMA the research and  
advocacy group is permitted by law to lobby Congress .PERIOD 
</s>
<s.WSJ900404-0179-1.15.3>
Its  
membership totals one hundred and twenty thousand  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.1>
<s.WSJ900404-0178-1.1.1>
L. O. N. D. O. N. --DASH London's two main financial -HYPHEN futures markets plan  
to merge into a single entity ,COMMA in the most significant  
realignment of British securities exchanges since Big Bang  ,COMMA 
the nineteen eighty six opening of London's markets to greater competition  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.2>
<s.WSJ900404-0178-1.2.1>
In a joint statement ,COMMA London's International Financial  
Futures Exchange ,COMMA known as Liffe ,COMMA and London's Stock Exchange  
said they "DOUBLE-QUOTE are actively examining a complete integration "DOUBLE-QUOTE of  
Liffe and the stock exchange's equity -HYPHEN options market  ,COMMA 
independent of the stock exchange .PERIOD 
</s>
<s.WSJ900404-0178-1.2.2>
The proposed merger ,COMMA which  
follows nearly three years of fitful discussion ,COMMA is aimed at  
increasing trading and operating efficiency ,COMMA as well as  
fighting competition from growing futures markets in  
Continental Europe  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.3>
<s.WSJ900404-0178-1.3.1>
The combined exchange would be the largest single futures  
and options market in Europe ,COMMA with more than thirty three %PERCENT of European  
futures volume and nearly five %PERCENT of global trading flows  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.4>
<s.WSJ900404-0178-1.4.1>
The two markets said they have established a committee to  
recommend how best to meld their organizations into a "DOUBLE-QUOTE single  
autonomous management and governance on a single trading  
floor .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0178-1.4.2>
The panel ,COMMA whose report is due by June thirty ,COMMA includes  
senior executives from both markets .PERIOD 
</s>
<s.WSJ900404-0178-1.4.3>
It will be chaired by  
Pen Kent ,COMMA an associate director of the Bank of England .PERIOD 
</s>
<s.WSJ900404-0178-1.4.4>
The  
central bank has long advocated --DASH from behind the scenes --DASH  
such a merger to enhance London's position as Europe's  
leading financial center  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.5>
<s.WSJ900404-0178-1.5.1>
London's fragmented markets face increasing competition  
from futures markets in France ,COMMA the Netherlands and West  
Germany .PERIOD 
</s>
<s.WSJ900404-0178-1.5.2>
Meanwhile ,COMMA America's Chicago -HYPHEN centered futures and  
options markets are boosting efforts to expand globally  
through electronic -HYPHEN exchange initiatives .PERIOD 
</s>
<s.WSJ900404-0178-1.5.3>
With the outlook for  
increased use of derivative products ,COMMA a more efficient London  
market would ensure "DOUBLE-QUOTE a material enhancement "DOUBLE-QUOTE in Britain's  
position ,COMMA the exchanges said  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.6>
<s.WSJ900404-0178-1.6.1>
The decision marks a victory for Liffe ,COMMA which has resisted  
attempts to be absorbed into the stock exchange's  
bureaucracy .PERIOD 
</s>
<s.WSJ900404-0178-1.6.2>
Officials on both sides said the announcement  
indicates that past differences and personality conflicts  
have been set aside .PERIOD 
</s>
<s.WSJ900404-0178-1.6.3>
"DOUBLE-QUOTE This is a very constructive move I hope  
very much will succeed ,COMMA "DOUBLE-QUOTE Stock Exchange Chairman Andrew Hugh  
Smith said in an interview  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.7>
<s.WSJ900404-0178-1.7.1>
The stock exchange apparently believes it has more to gain  
from collaboration .PERIOD 
</s>
<s.WSJ900404-0178-1.7.2>
While both bodies have long agreed on the  
logic of a merger ,COMMA discussions in the past have broken apart  
over such issues as which body the exchange would operate  
under ,COMMA and who would run it .PERIOD 
</s>
<s.WSJ900404-0178-1.7.3>
In the past eighteen months ,COMMA however  ,COMMA 
volume has been largely stagnant or declined on the  
exchange's traded options market ,COMMA while it has surged on  
Liffe ,COMMA which primarily trades futures and options on  
international currencies and government bonds  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.8>
<s.WSJ900404-0178-1.8.1>
Liffe has been more aggressive in improving technology and  
trading procedures ,COMMA traders say .PERIOD 
</s>
<s.WSJ900404-0178-1.8.2>
In contrast ,COMMA the stock  
exchange ,COMMA which has only a third of its members participating  
in traded options ,COMMA has paid less attention to derivative  
products .PERIOD 
</s>
<s.WSJ900404-0178-1.8.3>
And for trading firms ,COMMA most of whom are members of  
both exchanges ,COMMA the separation has caused duplication of  
systems and expenses .PERIOD 
</s>
<s.WSJ900404-0178-1.8.4>
"DOUBLE-QUOTE Derivatives belong together ,COMMA "DOUBLE-QUOTE said  
David Burton ,COMMA Liffe chairman .PERIOD 
</s>
<s.WSJ900404-0178-1.8.5>
"DOUBLE-QUOTE Our members want a coming  
together .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0178-1.9>
<s.WSJ900404-0178-1.9.1>
There are still some thorny issues to be resolved .PERIOD 
</s>
<s.WSJ900404-0178-1.9.2>
Among  
the leading questions is the location of a combined trading  
floor .PERIOD 
</s>
<s.WSJ900404-0178-1.9.3>
Liffe has already announced plans to move eventually  
from its current ,COMMA overloaded floor in the Royal Exchange  
building a block from the stock exchange .PERIOD 
</s>
<s.WSJ900404-0178-1.9.4>
Mr.  Burton said two  
possibilities for a combined floor are at the stock exchange  
itself and at a new site in the City ,COMMA London's financial  
district  .PERIOD 
</s>
</p>
<p.WSJ900404-0178-1.10>
<s.WSJ900404-0178-1.10.1>
The stock exchange's old floor has been largely empty  
since Big Bang ,COMMA when electronic trading reforms drove  
business into dealing rooms around the City .PERIOD 
</s>
<s.WSJ900404-0178-1.10.2>
Indeed ,COMMA on a  
recent day ,COMMA the only players there were a handful of options  
traders  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.1>
<s.WSJ900404-0177-1.1.1>
B. U. C. H. A. R. E. S. T. ,COMMA Romania --DASH Picture the White House almost the  
size of the Pentagon ,COMMA clad inside and out with white marble  ,COMMA 
and transported to the top of a man -HYPHEN made hill .PERIOD 
</s>
<s.WSJ900404-0177-1.1.2>
Who would want  
to live in it ?QUESTION-MARK 
</s>
<s.WSJ900404-0177-1.1.3>
What could be done with it  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0177-1.2>
<s.WSJ900404-0177-1.2.1>
Romanians have just such a white elephant on their hands  ,COMMA 
built but never finished by the executed dictator Nicolae  
Ceaucescu ,COMMA and now public property in fact  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.3>
<s.WSJ900404-0177-1.3.1>
As they stand in long lines to buy their meat and bread  ,COMMA 
many Romanians ponder such questions .PERIOD 
</s>
<s.WSJ900404-0177-1.3.2>
Mr.  Ceaucescu's dream  
--DASH the House of the Republic --DASH is ,COMMA rather ,COMMA a folly that cost  
this poor country more than one billion dollars over the past ten  
years .PERIOD 
</s>
<s.WSJ900404-0177-1.3.3>
Today it stands empty and unused ,COMMA dominating downtown  
Bucharest ,COMMA a monument to megalomania .PERIOD 
</s>
<s.WSJ900404-0177-1.3.4>
The new government  
won't move into it .PERIOD 
</s>
<s.WSJ900404-0177-1.3.5>
Nobody knows quite what to do with it  .PERIOD 
</s>
<s.WSJ900404-0177-1.3.6>
Everybody has a suggestion  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.4>
<s.WSJ900404-0177-1.4.1>
It could be a gambling casino ,COMMA a condominium ,COMMA a bowling  
alley ,COMMA a thousand -HYPHEN screen multiplex movie theater ,COMMA somebody's  
corporate headquarters .PERIOD 
</s>
<s.WSJ900404-0177-1.4.2>
Most likely ,COMMA it will become a museum  
or a university --DASH or the home of some international  
organization  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.5>
<s.WSJ900404-0177-1.5.1>
Strangely ,COMMA some Romanians feel a perverse attachment to  
this absurdly luxurious structure built with their money and  
the sweat of their brow while most people here were shivering  
in dark ,COMMA unheated housing .PERIOD 
</s>
<s.WSJ900404-0177-1.5.2>
The palace was built by some  
one hundred thousand workers ,COMMA many of them army conscripts forced to do  
construction work .PERIOD 
</s>
<s.WSJ900404-0177-1.5.3>
Traian Guiu ,COMMA a stocky ,COMMA balding  
boilermaker ,COMMA who with ten thousand others is touring the building  ,COMMA 
is asked if he is angry  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.6>
<s.WSJ900404-0177-1.6.1>
"DOUBLE-QUOTE Angry ?QUESTION-MARK 
</s>
<s.WSJ900404-0177-1.6.2>
I'm proud .PERIOD 
</s>
<s.WSJ900404-0177-1.6.3>
Romanians built this .PERIOD 
</s>
<s.WSJ900404-0177-1.6.4>
It's wonderful .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0177-1.7>
<s.WSJ900404-0177-1.7.1>
Should the edifice be sold  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0177-1.8>
<s.WSJ900404-0177-1.8.1>
"DOUBLE-QUOTE No ,COMMA no ,COMMA no .PERIOD 
</s>
<s.WSJ900404-0177-1.8.2>
We should never sell this building ,COMMA to  
foreigners or anybody else ,COMMA "DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0177-1.8.3>
"DOUBLE-QUOTE It's crazy ,COMMA crazy ,COMMA "DOUBLE-QUOTE he  
adds ,COMMA making a circle round his ear with his index finger and  
pausing on a grand marble staircase .PERIOD 
</s>
<s.WSJ900404-0177-1.8.4>
"DOUBLE-QUOTE But we suffered for  
this .PERIOD 
</s>
<s.WSJ900404-0177-1.8.5>
It's ours .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0177-1.9>
<s.WSJ900404-0177-1.9.1>
A crowd tarrying in the unfinished entrance hall marvels  
at the beauty and the scale of it all  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.10>
<s.WSJ900404-0177-1.10.1>
"DOUBLE-QUOTE Isn't this nicer than the White House ?QUESTION-MARK "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0177-1.10.2>
asks a  
gap -HYPHEN toothed woman in a babushka  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.11>
<s.WSJ900404-0177-1.11.1>
"DOUBLE-QUOTE Well ,COMMA it's bigger than the White House ,COMMA "DOUBLE-QUOTE replies an  
American visitor  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.12>
<s.WSJ900404-0177-1.12.1>
"DOUBLE-QUOTE See ,COMMA "DOUBLE-QUOTE says the woman ,COMMA turning to her daughter ,COMMA also in a  
babushka .PERIOD 
</s>
<s.WSJ900404-0177-1.12.2>
"DOUBLE-QUOTE Bigger than the White House .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0177-1.13>
<s.WSJ900404-0177-1.13.1>
Bigger by far .PERIOD 
</s>
<s.WSJ900404-0177-1.13.2>
It is also three times the size of  
Versailles .PERIOD 
</s>
<s.WSJ900404-0177-1.13.3>
The huge ,COMMA boxy white Romanian structure is four hundred and sixty six  
feet high ,COMMA counting the flagpole on the roof .PERIOD 
</s>
<s.WSJ900404-0177-1.13.4>
The building's  
twelve stories enclose one hundred and six million cubic feet of air ;SEMI-COLON floor space  
is more than three million eight hundred and seventy five thousand square feet .PERIOD 
</s>
<s.WSJ900404-0177-1.13.5>
The Romanian architects  
responsible swear it is the biggest nonskyscraper office  
building in the world ,COMMA after the Pentagon  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.14>
<s.WSJ900404-0177-1.14.1>
The building features two mammoth receiving halls ,COMMA one of  
which ,COMMA at two hundred and thirty feet in length and ninety eight feet in width (LEFT-PAREN cum  
fifty nine -HYPHEN foot ceiling ,COMMA can accommodate all of Bucharest's  
beautiful people and then some .PERIOD 
</s>
<s.WSJ900404-0177-1.14.2>
A five thousand three hundred and eighty two -HYPHEN square -HYPHEN foot boardroom  
has a round table that takes up most of it .PERIOD 
</s>
<s.WSJ900404-0177-1.14.3>
One of the  
building's two amphitheaters seating thousands is illuminated  
by the second biggest chandelier in Europe ,COMMA with nine hundred and eighty  
lightbulbs in all .PERIOD 
</s>
<s.WSJ900404-0177-1.14.4>
There are sixty large salons ,COMMA five hundred and forty spacious  
offices and perhaps a thousand other rooms --DASH nobody knows  
for sure how many ,COMMA an architect says  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.15>
<s.WSJ900404-0177-1.15.1>
The Ceaucescu palace has a bomb shelter three hundred feet  
underground ,COMMA and gracious his -HYPHEN and -HYPHEN hers suites in which a  
person of importance might retire ,COMMA fitted with cherrywood  
paneling and parquet floors .PERIOD 
</s>
<s.WSJ900404-0177-1.15.2>
(LEFT-PAREN The Ceaucescus weren't actually  
going to live in this building .PERIOD 
</s>
<s.WSJ900404-0177-1.15.3>
They had a nice house to  
themselves elsewhere in Bucharest .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0177-1.15.4>
The best of Romania is  
here :COLON gray -HYPHEN streaked marble from Ruschita ,COMMA elegant chandeliers  
from Medias ,COMMA mosaic tile floors and hand -HYPHEN woven carpets from  
throughout the nation .PERIOD 
</s>
<s.WSJ900404-0177-1.15.5>
The exterior ,COMMA officially said to be in  
"DOUBLE-QUOTE neo -HYPHEN classical French style ,COMMA "DOUBLE-QUOTE looks more like something  
designed by a committee of Stalin ,COMMA Hitler and Mussolini  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.16>
<s.WSJ900404-0177-1.16.1>
French newspapers say two Japanese companies want to buy  
the building ,COMMA but Japan's embassy here admits to knowing  
nothing of that .PERIOD 
</s>
<s.WSJ900404-0177-1.16.2>
The names Donald Trump and Rupert Murdoch  
have been mentioned by Romanians as potential buyers ,COMMA but  
both men disclaim any interest  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.17>
<s.WSJ900404-0177-1.17.1>
Officials of the new Romanian government see the palace as  
one of many headaches bequeathed to the people by the late  
Ceaucescus .PERIOD 
</s>
<s.WSJ900404-0177-1.17.2>
(LEFT-PAREN Interestingly ,COMMA the army ,COMMA which helped build the  
palace ,COMMA also tried and executed the Ceaucescus .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0177-1.17.3>
Theodor  
Stolojan ,COMMA the first deputy finance minister ,COMMA feels the need  
of cash to balance his budget but figures the palace would be  
politically impossible to sell .PERIOD 
</s>
<s.WSJ900404-0177-1.17.4>
"DOUBLE-QUOTE Hey ,COMMA "DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0177-1.17.5>
"DOUBLE-QUOTE I'm kind of  
proud of the building ,COMMA too .PERIOD 
</s>
<s.WSJ900404-0177-1.17.6>
But I could have been just as  
proud of something a little smaller ,COMMA like maybe one -HYPHEN tenth the  
size .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0177-1.18>
<s.WSJ900404-0177-1.18.1>
Unfortunately for Mr.  Stolojan ,COMMA informal opinion polls and  
entries in guest books placed at the exit indicate that  
virtually everybody thinks the building should be completed  
at state expense ,COMMA which will take another six billion lei  
(LEFT-PAREN about two hundred and ninety dollars ,COMMA million )RIGHT-PAREN and maybe four more years .PERIOD 
</s>
<s.WSJ900404-0177-1.18.2>
Romanians  
also think it should be kept in public hands .PERIOD 
</s>
<s.WSJ900404-0177-1.18.3>
But what  
exactly to do with it nobody seems to know  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.19>
<s.WSJ900404-0177-1.19.1>
"DOUBLE-QUOTE Give it to Unesco ,COMMA "DOUBLE-QUOTE suggests schoolgirl Elena Ungureanu  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.20>
<s.WSJ900404-0177-1.20.1>
"DOUBLE-QUOTE Make it a museum of Romanian folk art ,COMMA "DOUBLE-QUOTE says storekeeper  
Turcan Valenti  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.21>
<s.WSJ900404-0177-1.21.1>
"DOUBLE-QUOTE Open an international museum of kitsch ,COMMA "DOUBLE-QUOTE proposes an  
anonymous German visitor  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.22>
<s.WSJ900404-0177-1.22.1>
Suggestions ,COMMA serious and otherwise ,COMMA include making it a  
hotel or an arts complex like the Georges Pompidou Center in  
Paris ;SEMI-COLON a museum of the atrocities of Stalinism ,COMMA with exhibits  
from all over Eastern Europe ;SEMI-COLON a Dracula theme -HYPHEN park ;SEMI-COLON a site  
for industrial trade shows ;SEMI-COLON an institute for advanced  
political studies  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.23>
<s.WSJ900404-0177-1.23.1>
Whatever becomes of it ,COMMA the House of the People ,COMMA as it is  
known now that the dictator is dead and gone ,COMMA will  
nevertheless remain Romania's most visible monument to the  
excesses of Mr.  Ceaucescu ,COMMA who ruled the country for twenty four  
years .PERIOD 
</s>
<s.WSJ900404-0177-1.23.2>
During the past dozen years he became increasingly  
interested in imperial grandeur ,COMMA which is technically rather  
odd for a Marxist -HYPHEN Leninist .PERIOD 
</s>
<s.WSJ900404-0177-1.23.3>
The building was to be a home  
away from home to the Ceaucescus ,COMMA Nicolae and Elena ,COMMA who died  
together before a firing squad on Christmas Day .PERIOD 
</s>
<s.WSJ900404-0177-1.23.4>
The  
building ,COMMA rather large for a married couple with grown  
children ,COMMA would also have housed various Communist Party  
institutions  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.24>
<s.WSJ900404-0177-1.24.1>
Even as his country struggled in increasing economic and  
political isolation ,COMMA Mr.  Ceaucescu visited his monument every  
Saturday afternoon to check on how things were going .PERIOD 
</s>
<s.WSJ900404-0177-1.24.2>
It was  
a visit the architects dreaded  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.25>
<s.WSJ900404-0177-1.25.1>
"DOUBLE-QUOTE We had to redo that stairway six times ,COMMA "DOUBLE-QUOTE says builder  
Mikal Covrig .PERIOD 
</s>
<s.WSJ900404-0177-1.25.2>
"DOUBLE-QUOTE First ,COMMA he wanted two columns on either side  .PERIOD 
</s>
<s.WSJ900404-0177-1.25.3>
The next week ,COMMA it was one column on each side .PERIOD 
</s>
<s.WSJ900404-0177-1.25.4>
Two weeks  
later ,COMMA we had to take a meter and a half off the front step  ,COMMA 
with pneumatic drills .PERIOD 
</s>
<s.WSJ900404-0177-1.25.5>
Each time ,COMMA we had to redesign the  
whole thing .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0177-1.25.6>
In other rooms ,COMMA he adds ,COMMA Mr.  Ceaucescu would  
take a sudden dislike to a central supporting column ,COMMA and the  
harried architects would have a week in which to figure out  
how to get rid of the offending pillar without causing the  
ceiling to collapse  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.26>
<s.WSJ900404-0177-1.26.1>
He didn't stop there .PERIOD 
</s>
<s.WSJ900404-0177-1.26.2>
Mr.  Ceaucescu ordered built a grand  
boulevard ,COMMA six .POINT five feet wider than the Champs Elysees ,COMMA stretching  
southward from the main entrance of the palace ,COMMA with  
apartment buildings and shops of similar style on either  
side .PERIOD 
</s>
<s.WSJ900404-0177-1.26.3>
To make room for all this ,COMMA one -HYPHEN fourth of old Bucharest  
was razed  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.27>
<s.WSJ900404-0177-1.27.1>
Originally the apartments were to be given to apparachiks  
and ,COMMA Romanians assume ,COMMA to members of Mr.  Ceaucescu's feared  
secret police ,COMMA the Securitate .PERIOD 
</s>
<s.WSJ900404-0177-1.27.2>
Long finished ,COMMA the apartments  
have never been occupied .PERIOD 
</s>
<s.WSJ900404-0177-1.27.3>
Recently ,COMMA the new provisional  
government started giving them to citizens whose homes were  
damaged in December's bloody revolution ,COMMA and people are  
moving in  .PERIOD 
</s>
</p>
<p.WSJ900404-0177-1.28>
<s.WSJ900404-0177-1.28.1>
"DOUBLE-QUOTE It was all a Pharaonic dream ,COMMA "DOUBLE-QUOTE says Bucharest history  
professor Stefan Andreescu ,COMMA having just completed a tour of  
the palace .PERIOD 
</s>
<s.WSJ900404-0177-1.28.2>
"DOUBLE-QUOTE No Romanian king ever had such a grand dream or  
built such a castle .PERIOD 
</s>
<s.WSJ900404-0177-1.28.3>
Only the last king ,COMMA the crazy one .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0176-1.1>
<s.WSJ900404-0176-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The Resolution Trust Corporation  said it will  
approve next week a plan to pay interest on certain thrift  
obligations after the institutions have been seized by the  
government for insolvency  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.2>
<s.WSJ900404-0176-1.2.1>
Uncertainty over the interest payments has unsettled bond  
markets since February ,COMMA when the R. T. C. ,COMMA the government's  
savings -HYPHEN and -HYPHEN loan restructuring agency ,COMMA seized Franklin  
Savings &AMPERSAND Loan of Ottawa ,COMMA Kan .PERIOD 
</s>
<s.WSJ900404-0176-1.2.2>
The R. T. C. said it believed it  
had authority under last year's big S. &AMPERSAND L. law to stop paying  
interest on certain Franklin debt after the seizure ,COMMA even  
though the interest was backed by a variety of collateral  ,COMMA 
including mortgages  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.3>
<s.WSJ900404-0176-1.3.1>
Recently ,COMMA both Standard &AMPERSAND Poor's Corporation  and Moody's  
Investors Service Incorporated  said they were considering downgrading  
more than twenty billion dollars in debt issued by S. &AMPERSAND Ls ,COMMA including  
mortgage -HYPHEN backed bonds ,COMMA depending on the R. T. C. 'SINGLE-QUOTE s. eventual  
policy  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.4>
<s.WSJ900404-0176-1.4.1>
R. T. C. Chairman William Seidman said the agency was sending  
out an early word on the policy to be adopted ,COMMA in part ,COMMA to  
quiet concerns of the bond markets .PERIOD 
</s>
<s.WSJ900404-0176-1.4.2>
The R. T. C. met with Wall  
Street officials Monday to hear their complaints that the  
government would be violating bondholders' contracts if it  
repudiated the interest payments  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.5>
<s.WSJ900404-0176-1.5.1>
The move affects thrift -HYPHEN issued debt backed by mortgages or  
high -HYPHEN yield bonds ,COMMA or bonds supported by collateralized  
letters of credit  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.6>
<s.WSJ900404-0176-1.6.1>
The R. T. C. policy generally would provide for payment of  
interest up to the date of redemption of the securities  ,COMMA 
subject to the extent of their collateral  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.7>
<s.WSJ900404-0176-1.7.1>
Also ,COMMA under the policy ,COMMA the government would have the  
right to call securities for early redemption ,COMMA even if the  
contract terms don't provide for early call .PERIOD 
</s>
<s.WSJ900404-0176-1.7.2>
But the  
government ,COMMA as receiver ,COMMA had that right even before the  
savings -HYPHEN and -HYPHEN loan law was passed ,COMMA according to staffers of the  
R. T. C.  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.8>
<s.WSJ900404-0176-1.8.1>
The R. T. C. specifically said the interest payments would be  
honored for CenTrust Savings of Miami and for Franklin ,COMMA after  
the date of their government seizure .PERIOD 
</s>
<s.WSJ900404-0176-1.8.2>
Both were under  
specific examination by the R. T. C.  .PERIOD 
</s>
</p>
<p.WSJ900404-0176-1.9>
<s.WSJ900404-0176-1.9.1>
"DOUBLE-QUOTE It's a positive development ,COMMA "DOUBLE-QUOTE said Michael Bradfield ,COMMA the  
Washington counsel for Franklin Savings ,COMMA which is in court  
trying to overturn the government seizure .PERIOD 
</s>
<s.WSJ900404-0176-1.9.2>
"DOUBLE-QUOTE We hope this will  
lead to further positive developments ,COMMA and to the return of  
the institution .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0175-1.1>
<s.WSJ900404-0175-1.1.1>
Rhyme for Richard   
</s>
</p>
<p.WSJ900404-0175-1.2>
<s.WSJ900404-0175-1.2.1>
This Journal column's great  ;SEMI-COLON 
</s>
</p>
<p.WSJ900404-0175-1.3>
<s.WSJ900404-0175-1.3.1>
Each day it proves a charmer  ;SEMI-COLON 
</s>
</p>
<p.WSJ900404-0175-1.4>
<s.WSJ900404-0175-1.4.1>
And yet I miss the mornings when  
</s>
</p>
<p.WSJ900404-0175-1.5>
<s.WSJ900404-0175-1.5.1>
It wore a suit of Armour  .PERIOD 
</s>
</p>
<p.WSJ900404-0175-1.6>
<s.WSJ900404-0175-1.6.1>
--DASH Dick Emmons  .PERIOD 
</s>
</p>
<p.WSJ900404-0175-2.1>
<s.WSJ900404-0175-2.1.1>
Karma Tour  
</s>
</p>
<p.WSJ900404-0175-2.2>
<s.WSJ900404-0175-2.2.1>
Those seminar journeys to the inner self  
</s>
</p>
<p.WSJ900404-0175-2.3>
<s.WSJ900404-0175-2.3.1>
Are a fad on which I'll pass  ,COMMA 
</s>
</p>
<p.WSJ900404-0175-2.4>
<s.WSJ900404-0175-2.4.1>
Until some are started for folks  
</s>
</p>
<p.WSJ900404-0175-2.5>
<s.WSJ900404-0175-2.5.1>
Who travel economy class  .PERIOD 
</s>
</p>
<p.WSJ900404-0175-2.6>
<s.WSJ900404-0175-2.6.1>
--DASH Edward F. Dempsey  .PERIOD 
</s>
</p>
<p.WSJ900404-0175-3.1>
<s.WSJ900404-0175-3.1.1>
Daffynition  
</s>
</p>
<p.WSJ900404-0175-3.2>
<s.WSJ900404-0175-3.2.1>
Published predictions :COLON paper prophets  .PERIOD 
</s>
</p>
<p.WSJ900404-0175-3.3>
<s.WSJ900404-0175-3.3.1>
--DASH Lakenan Barnes  .PERIOD 
</s>
</p>
<p.WSJ900404-0174-1.1>
<s.WSJ900404-0174-1.1.1>
N. E. W. Y. O. R. K. --DASH The American Stock Exchange said a seat was  
sold for one hundred and forty nine thousand dollars ,COMMA down fifteen hundred dollars from the previous sale March  
nine .PERIOD 
</s>
<s.WSJ900404-0174-1.1.2>
Seats are quoted at one hundred and forty seven thousand dollars bid ,COMMA and one hundred and fifty one thousand dollars asked  .PERIOD 
</s>
</p>
<p.WSJ900404-0173-1.1>
<s.WSJ900404-0173-1.1.1>
N. E. W. Y. O. R. K. --DASH Mobil Corporation  said its West German exploration  
and production affiliate made a "DOUBLE-QUOTE significant "DOUBLE-QUOTE natural gas  
discovery in its Ahrensheide permit area in northern Germany  .PERIOD 
</s>
</p>
<p.WSJ900404-0173-1.2>
<s.WSJ900404-0173-1.2.1>
The one hundred %PERCENT -HYPHEN owned Walsrode West Z. -HYPHEN one wildcat well tested at a  
rate of twenty seven million cubic feet of gas a day at fifteen thousand feet  .PERIOD 
</s>
<s.WSJ900404-0173-1.2.2>
Mobil said its affiliate ,COMMA Mobil Erdgas -HYPHEN Erdoel G. m. .PERIOD 
</s>
<s.WSJ900404-0173-1.2.3>
b. .PERIOD 
</s>
<s.WSJ900404-0173-1.2.4>
H. ,COMMA will  
drill an appraisal well on the site in the second half of the  
year  .PERIOD 
</s>
</p>
<p.WSJ900404-0172-1.1>
<s.WSJ900404-0172-1.1.1>
L. U. X. E. M. B. O. U. R. G. --DASH Consumer prices in the European Community  
rose zero .POINT five %PERCENT in February ,COMMA leaving the E. C. 'SINGLE-QUOTE s. average annual  
inflation rate at five .POINT two %PERCENT ,COMMA the E. C. statistics agency Eurostat  
reported  .PERIOD 
</s>
</p>
<p.WSJ900404-0172-1.2>
<s.WSJ900404-0172-1.2.1>
Eurostat said February's rise in prices in the E. C. was due  
to substantial increases in West Germany and the Netherlands  
(LEFT-PAREN both zero .POINT four %PERCENT ,COMMA Spain and Britain (LEFT-PAREN both zero .POINT six %PERCENT ,COMMA Italy (LEFT-PAREN zero .POINT eight %PERCENT )RIGHT-PAREN and  
Portugal (LEFT-PAREN two .POINT three %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0172-1.3>
<s.WSJ900404-0172-1.3.1>
In the other E. C. nations ,COMMA prices rose moderately in  
February ,COMMA Eurostat said  .PERIOD 
</s>
</p>
<p.WSJ900404-0171-1.1>
<s.WSJ900404-0171-1.1.1>
L. O. N. D. O. N. --DASH Oil production by the thirteen -HYPHEN member Organization of  
Petroleum Exporting Countries in March was twenty three .POINT seven million  
barrels a day ,COMMA unchanged from February levels ,COMMA according to  
the Paris -HYPHEN based International Energy Agency  .PERIOD 
</s>
</p>
<p.WSJ900404-0171-1.2>
<s.WSJ900404-0171-1.2.1>
Among O. P. E. C. countries ,COMMA a two hundred thousand barrel -HYPHEN a. -HYPHEN day rise in  
Iranian production in March ,COMMA to three .POINT one million barrels a day  ,COMMA 
was counterbalanced by a slight decline in Libyan and  
Venezuelan production  .PERIOD 
</s>
</p>
<p.WSJ900404-0170-1.1>
<s.WSJ900404-0170-1.1.1>
D. A. L. L. A. S. --DASH Trinity Industries Incorporated  ,COMMA a metal products maker  ,COMMA 
said it completed the redemption of its two hundred and one million eight hundred and eighty thousand dollars face  
amount of liquid -HYPHEN yield option notes ,COMMA due two thousand and one ,COMMA with ninety eight .POINT eight %PERCENT of  
the holders converting their notes to stock and the remainder  
accepting cash  .PERIOD 
</s>
</p>
<p.WSJ900404-0170-1.2>
<s.WSJ900404-0170-1.2.1>
Trinity said that each note was convertible into fourteen .POINT two  
Trinity common shares ,COMMA and that it issued about two million eight hundred and thirty two thousand new  
shares as part of the redemption .PERIOD 
</s>
<s.WSJ900404-0170-1.2.2>
It also said it paid about  
nine hundred thousand dollars in cash to redeem the remaining notes for about  
three hundred and seventy two dollars and thirty three cents each  .PERIOD 
</s>
</p>
<p.WSJ900404-0169-1.1>
<s.WSJ900404-0169-1.1.1>
S. A. D. D. L. E. B. R. O. O. K. ,COMMA N. J. --DASH Sealed Air Corporation  said the government  
lifted a temporary suspension on the company's ability to  
obtain government contracts  .PERIOD 
</s>
</p>
<p.WSJ900404-0169-1.2>
<s.WSJ900404-0169-1.2.1>
The suspension had stemmed from a guilty plea late last  
year by the maker of protective packaging to a nineteen eighty six violation  
of a law controlling exports to Libya .PERIOD 
</s>
<s.WSJ900404-0169-1.2.2>
The debarment  
proceedings to which Sealed Air had been subject also have  
ended ,COMMA the company said  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.1>
<s.WSJ900404-0168-1.1.1>
The Organization of Petroleum Exporting Countries is  
heading into the second quarter ,COMMA traditionally a sluggish  
oil -HYPHEN demand period ,COMMA with production still rising  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.2>
<s.WSJ900404-0168-1.2.1>
As a result ,COMMA questions are rising over the direction of  
petroleum prices over the next few weeks .PERIOD 
</s>
<s.WSJ900404-0168-1.2.2>
If O. P. E. C. doesn't cut  
production soon ,COMMA analysts say ,COMMA oil inventories will rise and  
prices could fall  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.3>
<s.WSJ900404-0168-1.3.1>
March production was at or near twenty four million barrels a day  ,COMMA 
topping February production and the highest level in eight  
years ,COMMA according to new estimates from those who monitor O. P. E. C.  
output .PERIOD 
</s>
<s.WSJ900404-0168-1.3.2>
And there are few signs that the pace will slow this  
month  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.4>
<s.WSJ900404-0168-1.4.1>
On the contrary ,COMMA trackers of oil tankers said yesterday  
that vessel charterings for April loadings in the Persian  
Gulf are near a three -HYPHEN year peak .PERIOD 
</s>
<s.WSJ900404-0168-1.4.2>
That ,COMMA they said ,COMMA suggests  
higher O. P. E. C. output for the month .PERIOD 
</s>
<s.WSJ900404-0168-1.4.3>
Also ,COMMA leading O. P. E. C. members  
recently offered steep discounts to some customers to hold or  
expand sales volumes  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.5>
<s.WSJ900404-0168-1.5.1>
"DOUBLE-QUOTE O. P. E. C. producers have now reached the threshold where  
continued overproduction could push {LEFT-BRACE their }RIGHT-BRACE basket price  
below eighteen dollars {LEFT-BRACE a barrel }RIGHT-BRACE during the seasonally lowest point of  
demand over the next two months ,COMMA "DOUBLE-QUOTE O. P. E. C. Listener ,COMMA an industry  
analysis service ,COMMA reported .PERIOD 
</s>
<s.WSJ900404-0168-1.5.2>
"DOUBLE-QUOTE But all signs point to  
production staying near twenty four million barrels a day in April  ,COMMA "DOUBLE-QUOTE 
added Cristina Haus ,COMMA an O. P. E. C. Listener analyst  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.6>
<s.WSJ900404-0168-1.6.1>
O. P. E. C. 'SINGLE-QUOTE s. high production already has led to some weakening  
in oil markets ,COMMA with prices down as much as three dollars a barrel since  
the first of the year .PERIOD 
</s>
<s.WSJ900404-0168-1.6.2>
While oil analysts generally agree  
with O. P. E. C. economists that rebounding demand will lead to  
firmer prices in the second half ,COMMA most industry officials  
look for more softening over the next few weeks .PERIOD 
</s>
<s.WSJ900404-0168-1.6.3>
The debate  
is over how much further prices may fall  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.7>
<s.WSJ900404-0168-1.7.1>
Price projections of Edward N. Krapels ,COMMA president of a  
Washington -HYPHEN based firm which monitors oil supplies world -HYPHEN wide  ,COMMA 
fall in the middle of the range .PERIOD 
</s>
<s.WSJ900404-0168-1.7.2>
"DOUBLE-QUOTE We don't think it {LEFT-BRACE the  
price outlook }RIGHT-BRACE will get much worse ,COMMA "DOUBLE-QUOTE he said .PERIOD 
</s>
<s.WSJ900404-0168-1.7.3>
For the U. S.  
benchmark crude ,COMMA West Texas Intermediate ,COMMA he sees twenty dollars a  
barrel as the floor .PERIOD 
</s>
<s.WSJ900404-0168-1.7.4>
But he believes Dubai ,COMMA an important  
Middle East crude ,COMMA could go below fifteen dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.8>
<s.WSJ900404-0168-1.8.1>
In U. S. futures trading yesterday ,COMMA West Texas Intermediate  
for May delivery settled at twenty dollars and thirty cents a barrel ,COMMA down eighteen cents  .PERIOD 
</s>
<s.WSJ900404-0168-1.8.2>
On European spot markets ,COMMA meantime ,COMMA April and May cargos of  
Dubai were unchanged from day -HYPHEN earlier levels of fifteen dollars and sixty cents and  
fifteen dollars and sixty five cents a barrel ,COMMA according to the Dow Jones International  
Petroleum Report  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.9>
<s.WSJ900404-0168-1.9.1>
The Paris -HYPHEN based International Energy Agency was among  
those issuing new estimates yesterday on O. P. E. C. production .PERIOD 
</s>
<s.WSJ900404-0168-1.9.2>
In  
its latest report ,COMMA the I. E. A. placed March O. P. E. C. output at twenty three .POINT seven  
million barrels a day ,COMMA unchanged from February .PERIOD 
</s>
<s.WSJ900404-0168-1.9.3>
Several other  
March production estimates from industry sources ,COMMA including  
the O. P. E. C. Listener ,COMMA were higher ,COMMA averaging some twenty four million  
barrels a day  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.10>
<s.WSJ900404-0168-1.10.1>
Even the I. E. A. report suggested the beginning of a buildup  
in oil inventories .PERIOD 
</s>
<s.WSJ900404-0168-1.10.2>
It showed that total inventories in the  
twenty four -HYPHEN nation Organization for Economic Cooperation and  
Development were some four hundred and fifty million tons on April one ,COMMA up nine  
million tons from a year earlier .PERIOD 
</s>
<s.WSJ900404-0168-1.10.3>
Each ton contains about  
seven barrels of oil  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.11>
<s.WSJ900404-0168-1.11.1>
The I. E. A. said that because of expected increases in demand  
over the like nineteen eighty nine periods these inventories are equal to ninety seven  
days of forward consumption ,COMMA about the same as a year  
earlier .PERIOD 
</s>
<s.WSJ900404-0168-1.11.2>
But the latest tabulation of oil inventories by Mr.   
Krapels' Washington firm of Energy Security Analysis ,COMMA at the  
end of February ,COMMA showed four .POINT oh five billion barrels of oil in  
storage world -HYPHEN wide ,COMMA some eighty million barrels above the  
year -HYPHEN earlier level  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.12>
<s.WSJ900404-0168-1.12.1>
Industry statistics also are showing rising inventories of  
crude oil in the U. S. .PERIOD 
</s>
<s.WSJ900404-0168-1.12.2>
According to the American Petroleum  
Institute's weekly report released late yesterday ,COMMA these  
inventories totaled three hundred and sixty two .POINT eight million barrels Friday ,COMMA up four .POINT three  
million barrels from a week earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0168-1.13>
<s.WSJ900404-0168-1.13.1>
Oil traders said the increase ,COMMA which was much larger than  
expected ,COMMA could be bearish for petroleum markets today .PERIOD 
</s>
<s.WSJ900404-0168-1.13.2>
But  
they said this could be offset by the bigger -HYPHEN than -HYPHEN expected  
decline of seven .POINT one million barrels in gasoline inventories last  
week  .PERIOD 
</s>
</p>
<p.WSJ900404-0167-1.1>
<s.WSJ900404-0167-1.1.1>
Seattle -HYPHEN Horizon Air ,COMMA a unit of Alaska Air Group Incorporated  ,COMMA said  
revenue passenger miles in March rose thirteen %PERCENT to twenty nine .POINT seven million  
from twenty six .POINT two million flown a year earlier .PERIOD 
</s>
<s.WSJ900404-0167-1.1.2>
A revenue passenger  
mile is one paying passenger flown one mile  .PERIOD 
</s>
</p>
<p.WSJ900404-0167-1.2>
<s.WSJ900404-0167-1.2.1>
The airline said load factor ,COMMA or percentage of seats  
filled by paying passengers ,COMMA was forty eight .POINT five %PERCENT ,COMMA down from fifty two .POINT four %PERCENT a  
year ago  .PERIOD 
</s>
</p>
<p.WSJ900404-0167-1.3>
<s.WSJ900404-0167-1.3.1>
For the three months ,COMMA revenue passenger miles flown were  
eighty .POINT four million ,COMMA up eleven %PERCENT from seventy two .POINT seven million flown a year ago .PERIOD 
</s>
<s.WSJ900404-0167-1.3.2>
Load  
factor for the three months was forty eight .POINT four %PERCENT ,COMMA down from fifty one .POINT three %PERCENT a year  
earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0166-1.1>
<s.WSJ900404-0166-1.1.1>
P. A. L. O. A. L. T. O. ,COMMA Calif .PERIOD 
</s>
<s.WSJ900404-0166-1.1.2>
--DASH Hewlett -HYPHEN Packard Company  said it  
introduced its H. P. PaintWriter Xl color -HYPHEN printer exclusively  
for users of Apple Computer Incorporated  'SINGLE-QUOTE s. MacIntosh  .PERIOD 
</s>
</p>
<p.WSJ900404-0166-1.2>
<s.WSJ900404-0166-1.2.1>
The computer maker said the printer retails for two thousand nine hundred and ninety five dollars and  
is designed to be shared by MacIntosh users whose computers  
are linked to an Appletalk network  .PERIOD 
</s>
</p>
<p.WSJ900404-0165-1.1>
<s.WSJ900404-0165-1.1.1>
S. A. N. J. O. S. E. ,COMMA Calif .PERIOD 
</s>
<s.WSJ900404-0165-1.1.2>
--DASH Businessland Incorporated  said it formed an  
alliance with accounting firm K. M. P. G. Peat Marwick to sell  
business computing systems to corporations  .PERIOD 
</s>
</p>
<p.WSJ900404-0165-1.2>
<s.WSJ900404-0165-1.2.1>
Businessland ,COMMA a computer retailer ,COMMA said the venture will  
use several vendors but would initially focus on systems  
based on Apple Computer Incorporated  'SINGLE-QUOTE s. Macintosh computers  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.1>
<s.WSJ900404-0164-1.1.1>
Procter &AMPERSAND Gamble Company  ,COMMA a distant third in the orange juice  
wars ,COMMA is reformulating and renaming its ailing Citrus Hill  
brand  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.2>
<s.WSJ900404-0164-1.2.1>
P. &AMPERSAND G. this month will replace its Citrus Hill Select with  
Citrus Hill Fresh Choice ,COMMA with the pitch that it is made from  
oranges that are "DOUBLE-QUOTE picked and squeezed "DOUBLE-QUOTE the same day  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.3>
<s.WSJ900404-0164-1.3.1>
By restaging the brand ,COMMA analysts say ,COMMA P. &AMPERSAND G. hopes to compete  
with the premium ,COMMA not -HYPHEN from -HYPHEN concentrate juices made by  
industry leaders Tropicana ,COMMA a brand of Seagram Company  ,COMMA and  
Minute Maid ,COMMA a brand of Coca -HYPHEN Cola Foods ,COMMA a unit of Coca -HYPHEN Cola  
Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.4>
<s.WSJ900404-0164-1.4.1>
P. &AMPERSAND G's new juice ,COMMA which the company promises will be  
fresher tasting ,COMMA is still made from a concentrate  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.5>
<s.WSJ900404-0164-1.5.1>
Industry analysts question whether the reformulated juice  
will help the brand or just confuse consumers .PERIOD 
</s>
<s.WSJ900404-0164-1.5.2>
"DOUBLE-QUOTE Juice is  
either from a concentrate or it isn't ,COMMA "DOUBLE-QUOTE says Tom Pirko  ,COMMA 
president of Bevmark Incorporated  ,COMMA a management consulting firm  .PERIOD 
</s>
<s.WSJ900404-0164-1.5.3>
"DOUBLE-QUOTE Trying to take some in -HYPHEN between position will be tough .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0164-1.6>
<s.WSJ900404-0164-1.6.1>
What is more ,COMMA Mr.  Pirko adds ,COMMA "DOUBLE-QUOTE I'm not certain they can  
revive {LEFT-BRACE Citrus Hill }RIGHT-BRACE without a real product innovation .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0164-1.7>
<s.WSJ900404-0164-1.7.1>
But a P. &AMPERSAND G. spokeswoman contends "DOUBLE-QUOTE we've found a better way  
to make a better tasting juice .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0164-1.8>
<s.WSJ900404-0164-1.8.1>
Most consumers drink orange juice that is made from  
concentrates ,COMMA but premium juices have helped Tropicana gain  
market share .PERIOD 
</s>
<s.WSJ900404-0164-1.8.2>
At year end ,COMMA Tropicana led the market with  
about eight hundred and ninety five million dollars in manufacturer sales .PERIOD 
</s>
<s.WSJ900404-0164-1.8.3>
Minute Maid had  
eight hundred and ninety million dollars and Citrus Hill had just two hundred and seventy million dollars ,COMMA according  
to Beverage Marketing Corporation  in New York  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.9>
<s.WSJ900404-0164-1.9.1>
The so -HYPHEN called premium juices are made by squeezing the  
oranges and processing the juice .PERIOD 
</s>
<s.WSJ900404-0164-1.9.2>
In concentrates ,COMMA the water  
is drawn out of the juice after the fruit is squeezed and  
added again later .PERIOD 
</s>
<s.WSJ900404-0164-1.9.3>
Juices made from concentrates are  
generally lower priced  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.10>
<s.WSJ900404-0164-1.10.1>
P. &AMPERSAND G. has tried several strategies with its Citrus Hill  
brand ,COMMA including introduction of a calcium -HYPHEN enriched orange  
juice three years ago ,COMMA but that hasn't made a big difference  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.11>
<s.WSJ900404-0164-1.11.1>
The brand doesn't have the name recognition of Tropicana  
or Minute Maid ,COMMA but it is higher priced than store brands  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.12>
<s.WSJ900404-0164-1.12.1>
Along with a new name and formula ,COMMA P. &AMPERSAND G. also is changing  
the juice's packaging .PERIOD 
</s>
<s.WSJ900404-0164-1.12.2>
The company recently received a patent  
for a carton that has a resealable spout  .PERIOD 
</s>
</p>
<p.WSJ900404-0164-1.13>
<s.WSJ900404-0164-1.13.1>
The new juice recently was introduced in several Northeast  
and West Coast test markets .PERIOD 
</s>
<s.WSJ900404-0164-1.13.2>
P. &AMPERSAND G. officials won't say whether  
the product will go nationwide .PERIOD 
</s>
<s.WSJ900404-0164-1.13.3>
The price of the juice will  
be similar to the existing Citrus Hill Select  .PERIOD 
</s>
</p>
<p.WSJ900404-0163-1.1>
<s.WSJ900404-0163-1.1.1>
The Global View column on this page Monday ,COMMA "DOUBLE-QUOTE Who Will Pay  
the Bill for Russia's Decline ?QUESTION-MARK "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0163-1.1.2>
used some inaccurately  
transmitted statistics regarding man -HYPHEN days lost in the Soviet  
Union .PERIOD 
</s>
<s.WSJ900404-0163-1.1.3>
The correct numbers are nine .POINT one million mandays lost in  
the first two months this year ,COMMA compared with seven .POINT three million for  
the full year nineteen eight hundred and ninety   .PERIOD 
</s>
</p>
<p.WSJ900404-0163-1.2>
<s.WSJ900404-0163-1.2.1>
(LEFT-PAREN See :COLON "DOUBLE-QUOTE Who Will Pay the Price for Russia's Decline ?QUESTION-MARK "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0163-1.2.2>
--DASH  
W. S. J. April two ,COMMA nineteen ninety  .PERIOD 
</s>
</p>
<p.WSJ900404-0162-1.1>
<s.WSJ900404-0162-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The Treasury plans to raise one .POINT one five billion dollars in  
new cash with the sale Monday of about sixteen .POINT four billion dollars in  
short -HYPHEN term bills to redeem fifteen .POINT two six billion dollars in maturing bills  .PERIOD 
</s>
</p>
<p.WSJ900404-0162-1.2>
<s.WSJ900404-0162-1.2.1>
The offering will be divided evenly between thirteen -HYPHEN week and  
twenty six -HYPHEN week bills maturing on July twelve and October  eleven ,COMMA respectively  .PERIOD 
</s>
</p>
<p.WSJ900404-0162-1.3>
<s.WSJ900404-0162-1.3.1>
Tenders for the bills ,COMMA available in minimum ten thousand dollars  
denominations ,COMMA must be received by one P. M.  E. D. T. Monday at the  
Treasury or at Federal Reserve banks or branches  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.1>
<s.WSJ900404-0161-1.1.1>
A rebounding Tokyo stock market and rounds of buy programs  
pushed U. S. stocks sharply higher ,COMMA while the bond and  
currency markets idled along with modest changes  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.2>
<s.WSJ900404-0161-1.2.1>
The Dow Jones Industrial Average soared thirty six .POINT two six points to  
two thousand seven hundred and thirty six .POINT seven one  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.3>
<s.WSJ900404-0161-1.3.1>
Bond investors bid prices of long -HYPHEN term Treasury bonds  
modestly higher .PERIOD 
</s>
<s.WSJ900404-0161-1.3.2>
The dollar rose against the yen ,COMMA but fell  
slightly against the mark  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.4>
<s.WSJ900404-0161-1.4.1>
The Tokyo stock market's rebound from its second -HYPHEN worst  
plunge ever helped boost confidence among U. S. investors .PERIOD 
</s>
<s.WSJ900404-0161-1.4.2>
The  
Nikkei Index of two hundred and twenty five stocks rose seven hundred and fifty seven .POINT six five ,COMMA or two .POINT seven %PERCENT ,COMMA to twenty eight thousand seven hundred and fifty nine .POINT seven two  
Tuesday despite selling by many individual investors forced  
to put up more money for stocks they bought on credit  .PERIOD 
</s>
<s.WSJ900404-0161-1.4.3>
Demands for more cash came after the Nikkei plummeted six .POINT six %PERCENT  
Monday  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.5>
<s.WSJ900404-0161-1.5.1>
More important ,COMMA however ,COMMA was the U. S. stock market's  
ability to weather that Tokyo nose dive .PERIOD 
</s>
<s.WSJ900404-0161-1.5.2>
The ability of U. S.  
investors to shake off concerns about Tokyo stocks is leading  
some analysts to conclude that the U. S. stock market is  
healthy and headed toward new highs .PERIOD 
</s>
<s.WSJ900404-0161-1.5.3>
With yesterday's gain  ,COMMA 
the industrial average is within seventy four points of the January  two  
record of two thousand eight hundred and ten .POINT one five  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.6>
<s.WSJ900404-0161-1.6.1>
But others contend that light volume and program -HYPHEN trading  
activity is distorting price moves in the U. S. market and  
that any budding investor confidence is likely to be  
shattered as disappointing first -HYPHEN quarter earnings reports  
begin flowing  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.7>
<s.WSJ900404-0161-1.7.1>
The modest rise in bond prices came in sluggish trading as  
investors and traders hunkered down to await today's  
announcements regarding the Treasury's plans for auctions of  
seven -HYPHEN year notes and forty -HYPHEN year bonds Resolution Funding Corporation   .PERIOD 
</s>
<s.WSJ900404-0161-1.7.2>
Traders are particularly concerned about the market's ability  
to absorb another round of forty -HYPHEN year Refco bonds .PERIOD 
</s>
<s.WSJ900404-0161-1.7.3>
The first  
auction of five billion dollars of those bonds in January sent  
long -HYPHEN term bond prices plunging .PERIOD 
</s>
<s.WSJ900404-0161-1.7.4>
But traders suggest that the  
next auction will be of only four billion dollars ,COMMA which would relieve  
some of the pressure on long -HYPHEN term bond prices  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.8>
<s.WSJ900404-0161-1.8.1>
In major market action  :COLON 
</s>
</p>
<p.WSJ900404-0161-1.9>
<s.WSJ900404-0161-1.9.1>
Stock prices soared in moderate trading .PERIOD 
</s>
<s.WSJ900404-0161-1.9.2>
Volume on the New  
York Stock Exchange totaled one hundred and fifty four .POINT three million shares .PERIOD 
</s>
<s.WSJ900404-0161-1.9.3>
Advancing  
issues on the Big Board were ahead of losers one thousand and seventy one to four hundred and thirty one  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.10>
<s.WSJ900404-0161-1.10.1>
Bond prices rose .PERIOD 
</s>
<s.WSJ900404-0161-1.10.2>
The Treasury's benchmark thirty -HYPHEN year issue  
gained nearly a quarter of a point ,COMMA or about two dollars and fifty cents for each  
one thousand dollars of face amount .PERIOD 
</s>
<s.WSJ900404-0161-1.10.3>
The yield on the issue slipped to  
eight .POINT six one %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0161-1.11>
<s.WSJ900404-0161-1.11.1>
The dollar was mixed .PERIOD 
</s>
<s.WSJ900404-0161-1.11.2>
In late afternoon New York trading  
the dollar was at one .POINT six nine seven nine marks and one hundred and fifty nine .POINT seven nine yen compared with  
one .POINT seven oh oh nine marks and one hundred and fifty eight .POINT nine five yen Monday  .PERIOD 
</s>
</p>
<p.WSJ900404-0160-1.1>
<s.WSJ900404-0160-1.1.1>
D. A. L. L. A. S. --DASH General Motors Corporation  'SINGLE-QUOTE s. Electronic Data Systems  
Corporation  said it signed a five -HYPHEN year credit -HYPHEN card and merchant  
processing contract with First Tennessee Bank of Memphis  .PERIOD 
</s>
</p>
<p.WSJ900404-0160-1.2>
<s.WSJ900404-0160-1.2.1>
Terms weren't disclosed  .PERIOD 
</s>
</p>
<p.WSJ900404-0160-1.3>
<s.WSJ900404-0160-1.3.1>
Under the agreement ,COMMA E. D. S. said it will provide credit -HYPHEN card  
processing and merchant accounting services for First  
Tennessee Bank ,COMMA the principal subsidiary of First Tennessee  
National Corporation  .PERIOD 
</s>
<s.WSJ900404-0160-1.3.2>
First Tennessee Bank has more than six hundred thousand  
cardholders and a base of thirty thousand merchants  .PERIOD 
</s>
</p>
<p.WSJ900404-0159-1.1>
<s.WSJ900404-0159-1.1.1>
S. A. N. F. R. A. N. C. I. S. C. O. --DASH Wells Fargo &AMPERSAND Company  said it received  
approvals from the Federal Reserve Board and the Office of  
the Comptroller of the Currency for its joint venture with  
Nikko Securities Company  of Tokyo  .PERIOD 
</s>
</p>
<p.WSJ900404-0159-1.2>
<s.WSJ900404-0159-1.2.1>
The new venture ,COMMA an investment management company ,COMMA is  
called Wells Fargo Nikko Investment Advisors .PERIOD 
</s>
<s.WSJ900404-0159-1.2.2>
It advises the  
management of about eighty billion dollars of funds for corporations  ,COMMA 
government employee benefit programs and private foundations  .PERIOD 
</s>
</p>
<p.WSJ900404-0159-1.3>
<s.WSJ900404-0159-1.3.1>
Wells Fargo has contributed its Wells Fargo Investment  
Advisors unit and its Wells Fargo Bank Advisors Trust  
division to the venture in exchange for a fifty %PERCENT interest in the  
venture and one hundred and twenty five million dollars .PERIOD 
</s>
<s.WSJ900404-0159-1.3.2>
Wells Fargo said it expects to  
realize a one hundred and ten million dollars pretax gain  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-1.1>
<s.WSJ900404-0158-1.1.1>
Anson Shupe's March nine editorial -HYPHEN page article ,COMMA "DOUBLE-QUOTE Pitchmen of  
the Satan Scare ,COMMA "DOUBLE-QUOTE represents yet another illustration of the  
muddled double -HYPHEN think .PERIOD 
</s>
<s.WSJ900404-0158-1.1.2>
Mr.  Shupe bemoans the fact that  
satanism has become a growth industry with authors pandering  
to a willing public .PERIOD 
</s>
<s.WSJ900404-0158-1.1.3>
Yet he is identified as a professor  
"DOUBLE-QUOTE preparing a book on cult and Satanic phenomena in the U. S.  .PERIOD "DOUBLE-QUOTE 
</s>
</p>
<p.WSJ900404-0158-1.2>
<s.WSJ900404-0158-1.2.1>
He selectively criticizes certain specific commentators or  
statistics as being unproved or speculations ,COMMA and utilizes an  
attack on those few to denial of an emerging social concern  
and contemporary problem .PERIOD 
</s>
<s.WSJ900404-0158-1.2.2>
That is not odd for him .PERIOD 
</s>
<s.WSJ900404-0158-1.2.3>
In fact  ,COMMA 
it is consistent with the same approach he and some of the  
authorities he cites took with respect to destructive cults  .PERIOD 
</s>
<s.WSJ900404-0158-1.2.4>
The recommendation of a posture of "DOUBLE-QUOTE benign "DOUBLE-QUOTE neglect toward a  
social evil does not originate with Mr.  Shupe ,COMMA although I  
find it odd that he adopts that precise appellation in  
describing a satanic group  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-1.3>
<s.WSJ900404-0158-1.3.1>
Mr.  Shupe's not -HYPHEN surprising conclusion ,COMMA that evil has  
always existed ,COMMA is no more a warrant for ignoring a growing  
problem of abuse and violence directed toward the vulnerable  
than it would have been to refuse to deal with other forms of  
discrimination against the weak and underprivileged on the  
ground that these also are inevitable consequences of human  
frailty  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-1.4>
<s.WSJ900404-0158-1.4.1>
His unrestrained attack upon the credibility of victims of  
a widely perceived social problem really is tantamount to a  
call for denial .PERIOD 
</s>
<s.WSJ900404-0158-1.4.2>
The Cult Awareness Network characterized by  
him as a group that has "DOUBLE-QUOTE now sounded the Satanist alarm in  
earnest "DOUBLE-QUOTE reports it receives more than three hundred calls for  
information a month .PERIOD 
</s>
<s.WSJ900404-0158-1.4.3>
What is it Mr.  Shupe suggests should be  
the appropriate response ?QUESTION-MARK 
</s>
<s.WSJ900404-0158-1.4.4>
Shut down the phones ?QUESTION-MARK 
</s>
<s.WSJ900404-0158-1.4.5>
Direct the  
calls to Mr.  Shupe himself ,COMMA who will tell the people calling  
that this ,COMMA too ,COMMA will pass and that every day in every way  
things are getting better and better  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0158-1.5>
<s.WSJ900404-0158-1.5.1>
Underlying the widespread demand by responsible  
professionals for workshops and seminars is a growing  
sensitivity to the victims of violence and abuse .PERIOD 
</s>
<s.WSJ900404-0158-1.5.2>
The  
American Family Foundation and the Cult Awareness Network's  
focusing upon victims and attempting to deal with prevention  
and treatment are approaches that are antithetical to Mr.   
Shupe's characterization as a retreat to "DOUBLE-QUOTE medieval "DOUBLE-QUOTE thought  .PERIOD 
</s>
<s.WSJ900404-0158-1.5.3>
Rather it is the cloistered professionals who do not hear the  
violence in the street below or the cacophony of calls to  
racial hatred and violence that are in retreat from  
commitment and concern  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-1.6>
<s.WSJ900404-0158-1.6.1>
Herbert L. Rosedale  
</s>
</p>
<p.WSJ900404-0158-1.7>
<s.WSJ900404-0158-1.7.1>
President  
</s>
</p>
<p.WSJ900404-0158-1.8>
<s.WSJ900404-0158-1.8.1>
American Family Foundation  
</s>
</p>
<p.WSJ900404-0158-1.9>
<s.WSJ900404-0158-1.9.1>
Weston ,COMMA Mass  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-2.1>
<s.WSJ900404-0158-2.1.1>
Mr.  Shupe says that "DOUBLE-QUOTE genuinely concerned professionals are  
being exposed ,COMMA under the guise of technical training ,COMMA to  
downright misleading ,COMMA false and poorly assembled  
information .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0158-2.1.2>
He marshals a good deal of evidence to express  
his concern for these professionals and how they seem to be  
unable to determine what information ,COMMA technical training  ,COMMA 
et cetera  are faulty ,COMMA if indeed they can determine it at all  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-2.2>
<s.WSJ900404-0158-2.2.1>
As a practicing theologian and psychotherapist ,COMMA I have  
been professionally involved in the entire issue of what Mr.   
Shupe calls "DOUBLE-QUOTE the Satan scare .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0158-2.2.2>
While I share his concern  
about those irresponsible individuals who would make and /SLASH or  
have made a great deal of money by misleading those who may  
be neophytes in the field ,COMMA I can assure him that competent  
professionals are under no such draconic deception  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-2.3>
<s.WSJ900404-0158-2.3.1>
Most of us who have been treating people of all ages ,COMMA but  
especially young people who have been "DOUBLE-QUOTE Satan worshippers  ,COMMA "DOUBLE-QUOTE 
know that this is a severe and disabling emotional condition  
often with overtones of psychosis and /SLASH or sociopathy .PERIOD 
</s>
<s.WSJ900404-0158-2.3.2>
There  
are also usually evidences of paranoia and sometimes  
depression that could and do lead to self -HYPHEN immolation and /SLASH or  
suicide .PERIOD 
</s>
<s.WSJ900404-0158-2.3.3>
Often ,COMMA and tragically ,COMMA hostility and belligerence  
are present leading to the physical injury of others  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-2.4>
<s.WSJ900404-0158-2.4.1>
In any event ,COMMA the situation is serious enough to not  
dispense with the subject as if it were simply involving a  
group of people giving popular lectures to those who cannot  
effectively criticize or analyze the worthiness of these  
lectures  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-2.5>
<s.WSJ900404-0158-2.5.1>
Responsible religious leaders as well as health  
professionals are able to provide professional assistance but  
are in short supply when compared with the number of people  
who suffer from Satan malady .PERIOD 
</s>
<s.WSJ900404-0158-2.5.2>
It is interesting to note that  
in the Hebrew language the word Satan refers to a condition  
alluded to by Numbers :COLON twenty two f. .PERIOD 
</s>
<s.WSJ900404-0158-2.5.3>
f. .PERIOD ,COMMA 
</s>
<s.WSJ900404-0158-2.5.4>
in which one has lost all  
free will and cannot turn in any direction .PERIOD 
</s>
<s.WSJ900404-0158-2.5.5>
The reference is  
an apt one .PERIOD 
</s>
<s.WSJ900404-0158-2.5.6>
Most of our patients who have this "DOUBLE-QUOTE satanic  "DOUBLE-QUOTE 
affliction have lost their free will to act ;SEMI-COLON therapy and  
healthy religious practices are ways of restoring their life  
options to them  .PERIOD 
</s>
</p>
<p.WSJ900404-0158-2.6>
<s.WSJ900404-0158-2.6.1>
Albert M. Kanter  
</s>
</p>
<p.WSJ900404-0158-2.7>
<s.WSJ900404-0158-2.7.1>
Chicago  
</s>
</p>
<p.WSJ900404-0157-1.1>
<s.WSJ900404-0157-1.1.1>
Your March five page -HYPHEN one article on the success of the Range  
Rover omitted a key reason for its success  .PERIOD 
</s>
</p>
<p.WSJ900404-0157-1.2>
<s.WSJ900404-0157-1.2.1>
Yes ,COMMA the car itself is a work of rugged luxury .PERIOD 
</s>
<s.WSJ900404-0157-1.2.2>
But the  
advertising that positioned it in the public's mind was  
crucial .PERIOD 
</s>
<s.WSJ900404-0157-1.2.3>
It made Range Rover --DASH the most  
unpretentious -HYPHEN looking of all the station wagons --DASH the style  
of choice among the rich who can afford any car ,COMMA regardless  
of price .PERIOD 
</s>
<s.WSJ900404-0157-1.2.4>
In effect ,COMMA the advertising created a "DOUBLE-QUOTE Range Rover  
culture ,COMMA "DOUBLE-QUOTE causing a vehicle originally designed for roadless  
Africa to transcend its category and become chic  .PERIOD 
</s>
</p>
<p.WSJ900404-0157-1.3>
<s.WSJ900404-0157-1.3.1>
It is also interesting that the ad agency that created the  
campaign is Grace &AMPERSAND Rothschild Incorporated  ,COMMA the same Roy Grace and  
Diane Rothschild who ,COMMA when both were at Doyle Dane ,COMMA did the  
breakthrough ads that helped make the Volkswagen beetle the  
No .PERIOD 
</s>
<s.WSJ900404-0157-1.3.2>
one car import for many years  .PERIOD 
</s>
</p>
<p.WSJ900404-0157-1.4>
<s.WSJ900404-0157-1.4.1>
William Lyons  
</s>
</p>
<p.WSJ900404-0157-1.5>
<s.WSJ900404-0157-1.5.1>
Irvington -HYPHEN on -HYPHEN Hudson ,COMMA N. Y.  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.1>
<s.WSJ900404-0156-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH A federal appeals court panel gave the  
regional Bell companies strong encouragement and a second  
crack at persuading U. S. .PERIOD 
</s>
<s.WSJ900404-0156-1.1.2>
District Court Judge Harold Greene  
to let them enter the lucrative information services  
business  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.2>
<s.WSJ900404-0156-1.2.1>
At the same time ,COMMA the three -HYPHEN judge panel of the U. S. .PERIOD 
</s>
<s.WSJ900404-0156-1.2.2>
Court  
of Appeals for the District of Columbia Circuit upheld Judge  
Greene's decisions to maintain restrictions on the Bells'  
entry into long -HYPHEN distance and telecommunications equipment  
manufacturing  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.3>
<s.WSJ900404-0156-1.3.1>
Judge Greene ,COMMA who oversees the nineteen eighty two consent decree that  
broke up the Bell System ,COMMA ruled in nineteen eighty seven that the Bell  
companies could transmit computer -HYPHEN based information services  ,COMMA 
such as electronic yellow pages ,COMMA but couldn't generate or own  
the content  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.4>
<s.WSJ900404-0156-1.4.1>
The appeals court panel said in an unsigned opinion that  
because the parties to the decree --DASH the seven regional  
Bells ,COMMA American Telephone &AMPERSAND Telegraph Company  and the Justice  
Department --DASH didn't oppose lifting the information services  
restriction ,COMMA the lower court applied the wrong legal  
standard .PERIOD 
</s>
<s.WSJ900404-0156-1.4.2>
The lower court erred in requiring a Bell company  
to show "DOUBLE-QUOTE no substantial possibility that it could use its  
monopoly power to impede competition "DOUBLE-QUOTE in a market it wants to  
enter ,COMMA the judges said  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.5>
<s.WSJ900404-0156-1.5.1>
They sent the matter back to the lower court ,COMMA with  
instructions to decide whether removing the restriction  
"DOUBLE-QUOTE would be anti -HYPHEN competitive under present market conditions .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0156-1.5.2>
The appeals court also said the lower court must keep in mind  
whether Bell entry is "DOUBLE-QUOTE within the reaches of the public  
interest .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0156-1.6>
<s.WSJ900404-0156-1.6.1>
"DOUBLE-QUOTE The court made it very clear that the relevant standard  
is one that is very favorable to entry into information  
services ,COMMA "DOUBLE-QUOTE said Laurence Tribe ,COMMA a prominent constitutional  
specialist at Harvard Law School ,COMMA who represented the Bell  
companies  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.7>
<s.WSJ900404-0156-1.7.1>
"DOUBLE-QUOTE We read this as a strong signal to the district court  
that there is no basis for keeping this ban in place ,COMMA "DOUBLE-QUOTE Mr.   
Tribe said .PERIOD 
</s>
<s.WSJ900404-0156-1.7.2>
The lower court was instructed that it "DOUBLE-QUOTE should  
not ask whether Bell entry into information services would  
best serve society "DOUBLE-QUOTE but whether it meets the flexible public  
interest test ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.8>
<s.WSJ900404-0156-1.8.1>
In a footnote ,COMMA the appeals court said it was troubled with  
the "DOUBLE-QUOTE practical difficulty of enforcing "DOUBLE-QUOTE the lower court's  
partial relaxation of the information services ban .PERIOD 
</s>
<s.WSJ900404-0156-1.8.2>
It told  
the court on remand to "DOUBLE-QUOTE consider whether the residual  
anti -HYPHEN competitive risks associated with lifting the  
restriction "DOUBLE-QUOTE on the Bells' generating the content of  
information services outweighs the court's extra  
administrative work to police the partial ban  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.9>
<s.WSJ900404-0156-1.9.1>
The Bell companies generally were pleased with the  
decision ,COMMA but expressed some dismay that the manufacturing  
and long -HYPHEN distance bans weren't overturned .PERIOD 
</s>
<s.WSJ900404-0156-1.9.2>
Chicago -HYPHEN based  
Ameritech ,COMMA for example ,COMMA called the decision "DOUBLE-QUOTE a welcome step  
forward ,COMMA "DOUBLE-QUOTE but said it is "DOUBLE-QUOTE disappointed all restrictions on  
Ameritech's business activities have not been removed .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0156-1.9.3>
New  
York -HYPHEN based Nynex Corporation  said it was "DOUBLE-QUOTE greatly encouraged .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0156-1.10>
<s.WSJ900404-0156-1.10.1>
Ronald Stowe ,COMMA head of Pacific Telesis Group's Washington  
office ,COMMA said that the decision didn't go "DOUBLE-QUOTE as far as we  
thought it would go ,COMMA "DOUBLE-QUOTE but that the company is encouraged  ,COMMA 
anyway .PERIOD 
</s>
<s.WSJ900404-0156-1.10.2>
San Francisco -HYPHEN based Pacific Telesis has been  
considering several types of information services ,COMMA should it  
win permission ,COMMA including electronic yellow pages and  
services that could be tailored to each customer's needs .PERIOD 
</s>
<s.WSJ900404-0156-1.10.3>
For  
example ,COMMA he said ,COMMA a customer could request a call every  
morning at eight o'clock with sports scores for specific teams  ,COMMA 
prices on several stocks ,COMMA the weather report and a synopsis  
of major news stories in the morning papers .PERIOD 
</s>
<s.WSJ900404-0156-1.10.4>
"DOUBLE-QUOTE We can't do it  
now ,COMMA without running into the brick wall of the {LEFT-BRACE consent  
decree }RIGHT-BRACE restrictions ,COMMA "DOUBLE-QUOTE Mr.  Stowe said  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.11>
<s.WSJ900404-0156-1.11.1>
The American Newspaper Publishers Association ,COMMA a  
vociferous opponent of any Bell entry into information  
services ,COMMA said the decision "DOUBLE-QUOTE does not undermine the policy  
basis for the current restriction "DOUBLE-QUOTE on electronic publishing  .PERIOD 
</s>
<s.WSJ900404-0156-1.11.2>
"DOUBLE-QUOTE We continue to believe that a prohibition on {LEFT-BRACE Bell }RIGHT-BRACE entry  
into electronic publishing over their own lines is good  
public policy .PERIOD 
</s>
<s.WSJ900404-0156-1.11.3>
It is the best assurance of the development of  
a maximum number of diverse electronic information services  
for the American consumer .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0156-1.11.4>
The publishers have voiced  
concern that future electronic yellow -HYPHEN pages offerings and  
other shopping services offered by the Bells could eat away  
at newspapers' advertising revenues  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.12>
<s.WSJ900404-0156-1.12.1>
James Casserly ,COMMA who represents Independent Data  
Communications Manufacturers Association Incorporated  ,COMMA counted "DOUBLE-QUOTE a  
number of ticking time bombs for people who are happy with  
the immediate result of {LEFT-BRACE yesterday's }RIGHT-BRACE decision .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0156-1.12.2>
The appeals  
court ,COMMA he said ,COMMA might be "DOUBLE-QUOTE making it easier for the Bells to  
come back and ask for further relief .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0156-1.12.3>
He cited ,COMMA for example  ,COMMA 
the appeals courts' instruction that the lower court  
shouldn't be concerned about effects on local customers  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.13>
<s.WSJ900404-0156-1.13.1>
The huge case combined appeals stemming from the nineteen eighty seven  
triennial review of the consent decree ,COMMA and one of the many  
parties is likely seek a rehearing before the full appeals  
court  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.14>
<s.WSJ900404-0156-1.14.1>
Meanwhile ,COMMA the Bells are trying to persuade Congress to  
lift the restrictions and separately allow the telephone  
companies to enter the cable television business .PERIOD 
</s>
<s.WSJ900404-0156-1.14.2>
Congress  ,COMMA 
however ,COMMA isn't expected to act on those matters this year  ,COMMA 
and the appeals court decision might slow the legislative  
process further ,COMMA particularly if Judge Greene grants the  
Bells freedom to provide information services  .PERIOD 
</s>
</p>
<p.WSJ900404-0156-1.15>
<s.WSJ900404-0156-1.15.1>
Just how fast the companies could introduce computerized  
voice and data services is uncertain .PERIOD 
</s>
<s.WSJ900404-0156-1.15.2>
The information  
services market ,COMMA particularly for residential customers ,COMMA is  
in its infancy ,COMMA and few companies have made strong inroads  .PERIOD 
</s>
<s.WSJ900404-0156-1.15.3>
The Bells ,COMMA which two years ago won the right to offer  
electronic gateways that use computer terminals to link  
consumers with a variety of information services ,COMMA have had  
little success in penetrating the residential market  .PERIOD 
</s>
</p>
<p.WSJ900404-0155-1.1>
<s.WSJ900404-0155-1.1.1>
D. A. V. I. S. ,COMMA Calif .PERIOD 
</s>
<s.WSJ900404-0155-1.1.2>
--DASH Calgene Incorporated  said it signed an agreement  
with Japan's Sakata Seed Corporation  to genetically engineer  
disease resistance in a Sakata vegetable line .PERIOD 
</s>
<s.WSJ900404-0155-1.1.3>
Terms weren't  
disclosed  .PERIOD 
</s>
</p>
<p.WSJ900404-0155-1.2>
<s.WSJ900404-0155-1.2.1>
The project is designed to reduce or eliminate fungicides  
used on vegetable crops for certain diseases ,COMMA Calgene said  .PERIOD 
</s>
</p>
<p.WSJ900404-0155-1.3>
<s.WSJ900404-0155-1.3.1>
Calgene is a biotechnology concern .PERIOD 
</s>
<s.WSJ900404-0155-1.3.2>
Yokohama -HYPHEN based Sakata  
Seed ,COMMA which develops hybrid vegetable and flower seeds  ,COMMA 
markets much of the world's broccoli seed  .PERIOD 
</s>
</p>
<p.WSJ900404-0154-1.1>
<s.WSJ900404-0154-1.1.1>
M. A. Y. N. A. R. D. ,COMMA Mass .PERIOD 
</s>
<s.WSJ900404-0154-1.1.2>
--DASH Digital Equipment Corporation  slashed prices  
twenty five %PERCENT to forty %PERCENT on older products in one line of workstations and  
introduced some new models  .PERIOD 
</s>
</p>
<p.WSJ900404-0154-1.2>
<s.WSJ900404-0154-1.2.1>
The price cuts affected its DECstation and DECsystem  
computers based on the Mips Computer Systems Incorporated  R. I. S. C.  
design .PERIOD 
</s>
<s.WSJ900404-0154-1.2.2>
For example ,COMMA the entry level DECstation two thousand one hundred was cut  
to five thousand nine hundred and fifty dollars from seven thousand nine hundred and fifty dollars and the DECsystem five thousand four hundred computer was cut  
to thirty thousand dollars from forty nine thousand nine hundred dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0154-1.3>
<s.WSJ900404-0154-1.3.1>
Price cuts on older models frequently accompany  
new -HYPHEN product introductions in the computer industry .PERIOD 
</s>
<s.WSJ900404-0154-1.3.2>
However  ,COMMA 
Russ Crabs ,COMMA an analyst with Soundview Financial Group  ,COMMA 
Stamford ,COMMA Conn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0154-1.3.3>
said the sharp cuts were "DOUBLE-QUOTE a surprise  
component "DOUBLE-QUOTE of Digital's new -HYPHEN product announcement .PERIOD 
</s>
<s.WSJ900404-0154-1.3.4>
He said  
Digital may be "DOUBLE-QUOTE making a pre -HYPHEN emptive move "DOUBLE-QUOTE to counter a  
low -HYPHEN priced R. I. S. C. computer expected from workstation leader Sun  
Microsystems Incorporated  later this year  .PERIOD 
</s>
</p>
<p.WSJ900404-0154-1.4>
<s.WSJ900404-0154-1.4.1>
Vicki Brown ,COMMA who follows the workstation market for  
International Data Corporation  ,COMMA Framingham ,COMMA Mass .PERIOD ,COMMA 
</s>
<s.WSJ900404-0154-1.4.2>
said that while  
Digital has had lower -HYPHEN priced R. I. S. C. workstations than Sun since  
the DECstation 'SINGLE-QUOTE s. introduction in early nineteen eighty nine ,COMMA they have been  
slow sellers .PERIOD 
</s>
<s.WSJ900404-0154-1.4.3>
With new models and an increasing amount of  
software available ,COMMA she predicted Digital will sell about  
twenty five thousand of the R. I. S. C. systems this year compared with just six thousand  
last year .PERIOD 
</s>
<s.WSJ900404-0154-1.4.4>
She expects Sun to sell one hundred thousand of its  
Sparcstation R. I. S. C. systems this year  .PERIOD 
</s>
</p>
<p.WSJ900404-0154-1.5>
<s.WSJ900404-0154-1.5.1>
Digital's new workstation line ,COMMA the DECstation five thousand ,COMMA will  
have a base price of fourteen thousand nine hundred and ninety five dollars .PERIOD 
</s>
<s.WSJ900404-0154-1.5.2>
The workstation runs at twenty four  
million instructions per second ,COMMA almost as fast as the speed  
claimed by International Business Machines Corporation  for its  
entry -HYPHEN level R. S. /SLASH six thousand workstation .PERIOD 
</s>
<s.WSJ900404-0154-1.5.3>
Digital's five thousand comes in four  
models ,COMMA depending on graphics capabilities ,COMMA with the top  
color model priced at fifty one thousand one hundred dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0154-1.6>
<s.WSJ900404-0154-1.6.1>
Digital also said that in June it will introduce more  
powerful members of the R. I. S. C. -HYPHEN based multiuser five thousand eight hundred family .PERIOD 
</s>
<s.WSJ900404-0154-1.6.2>
The  
two additional models will include three or four  
microprocessors and run at speeds up to sixty two million  
instructions per second .PERIOD 
</s>
<s.WSJ900404-0154-1.6.3>
With price cuts on the two existing  
models ,COMMA pricing for the five thousand eight hundred series now runs from seventy five thousand dollars to  
one hundred and sixty thousand dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.1>
<s.WSJ900404-0153-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH Sen .PERIOD 
</s>
<s.WSJ900404-0153-1.1.2>
Alan Dixon stood up during Senate  
debate on amendments to the Clean Air Act last week and  
complained :COLON "DOUBLE-QUOTE No one here knows how much this bill will  
ultimately cost business in America .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0153-1.2>
<s.WSJ900404-0153-1.2.1>
The Illinois Democrat might have added that no one  
precisely knows the positive effects of the bill ,COMMA much less  
how to put a dollar value on them  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.3>
<s.WSJ900404-0153-1.3.1>
Strange as that sounds ,COMMA Congress has spent far more time  
debating costs and benefits than it did when it passed the  
original Clean Air Act twenty years ago .PERIOD 
</s>
<s.WSJ900404-0153-1.3.2>
"DOUBLE-QUOTE Back then ,COMMA it was a  
little unseemly to even ask ,COMMA "DOUBLE-QUOTE says Paul Portney ,COMMA a former  
Carter administration environmental official now at Resources  
for the Future ,COMMA a Washington think tank  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.4>
<s.WSJ900404-0153-1.4.1>
But legislation in the nineteen nineties demands cost -HYPHEN benefit analysis  
--DASH or at least the attempt .PERIOD 
</s>
<s.WSJ900404-0153-1.4.2>
All the cost figures being tossed  
around ,COMMA including those in the accompanying chart ,COMMA are  
actually educated guesses that rely on assumptions about  
technology ,COMMA business behavior and science that are certain to  
change over the next decade  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.5>
<s.WSJ900404-0153-1.5.1>
As spongy as the cost estimates are ,COMMA they're much more  
reliable than the best estimates of the benefits .PERIOD 
</s>
<s.WSJ900404-0153-1.5.2>
Scientists  
don't agree on how much harm is done by acid rain ,COMMA for  
instance ,COMMA and they don't know how much long -HYPHEN term harm is  
caused lungs by smog in Los Angeles .PERIOD 
</s>
<s.WSJ900404-0153-1.5.3>
So it's impossible for  
economists to assign dollar values to the benefits of  
controlling or reversing the problem .PERIOD 
</s>
<s.WSJ900404-0153-1.5.4>
And then there is the  
always -HYPHEN tough question :COLON How much is it worth to save one human  
life  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0153-1.6>
<s.WSJ900404-0153-1.6.1>
By any measure ,COMMA the bill that went before the Senate is  
costly .PERIOD 
</s>
<s.WSJ900404-0153-1.6.2>
The Bush administration figures it will cost about  
twenty one .POINT five billion dollars a year by two thousand and five ,COMMA when it's fully implemented  .PERIOD 
</s>
<s.WSJ900404-0153-1.6.3>
That's about ninety dollars a year for every current resident of the  
U. S. ,COMMA or roughly the value of all the goods and services  
produced in the United States in one one /SLASH two days  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.7>
<s.WSJ900404-0153-1.7.1>
Some business groups say the cost will be far higher .PERIOD 
</s>
<s.WSJ900404-0153-1.7.2>
The  
administration itself warns that its cost could rise as much  
as ten billion dollars a year if stricter auto -HYPHEN tailpipe controls in  
the Senate bill are triggered in the year two thousand and one .PERIOD 
</s>
<s.WSJ900404-0153-1.7.3>
Some  
environmental groups say the total cost is far less  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.8>
<s.WSJ900404-0153-1.8.1>
Mr.  Portney ,COMMA whose group tries to remain nonpartisan in  
this debate ,COMMA figures the cost at between twenty five billion dollars or thirty billion dollars .PERIOD 
</s>
<s.WSJ900404-0153-1.8.2>
He thinks the administration may be low -HYPHEN balling its  
estimates to defend the compromise it reached with the  
Senate .PERIOD 
</s>
<s.WSJ900404-0153-1.8.3>
But he adds that costs are likely to fall because  
industry will have an incentive to figure out cheaper ways to  
meet the targets set in the bill  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.9>
<s.WSJ900404-0153-1.9.1>
"DOUBLE-QUOTE The administration tried very hard to make sure that  
cost -HYPHEN minimizing methods were used to achieve cleaner air  ,COMMA "DOUBLE-QUOTE 
says Michael Boskin ,COMMA chairman of the Council of Economic  
Advisers .PERIOD 
</s>
<s.WSJ900404-0153-1.9.2>
"DOUBLE-QUOTE This is a shift in environmental regulation from  
the seventies ,COMMA but there were a number of features ,COMMA especially of  
the original Senate bill ,COMMA which blatantly disregarded any  
sense of balancing the benefits of a healthier environment  
with the cost of lost jobs and higher utility bills .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0153-1.10>
<s.WSJ900404-0153-1.10.1>
With the figures so rough ,COMMA no one is taking a position on  
the Clean Air bill based strictly on an objective weighing of  
costs vs .PERIOD 
</s>
<s.WSJ900404-0153-1.10.2>
benefits .PERIOD 
</s>
<s.WSJ900404-0153-1.10.3>
Even economists who like such an approach  
say they don't have enough information  .PERIOD 
</s>
</p>
<p.WSJ900404-0153-1.11>
<s.WSJ900404-0153-1.11.1>
Although controversy persists about how much harm acid  
rain is doing ,COMMA the one element of the bill that draws the  
most criticism from economists is the tougher restrictions it  
would impose on release of toxic chemicals .PERIOD 
</s>
<s.WSJ900404-0153-1.11.2>
"DOUBLE-QUOTE We could make a  
much bigger dent in annual cancer mortality .PERIOD 
</s>
<s.WSJ900404-0153-1.11.3>
if we spent  
that money elsewhere ,COMMA "DOUBLE-QUOTE says Mr.  Portney .PERIOD 
</s>
<s.WSJ900404-0153-1.11.4>
"DOUBLE-QUOTE One example :COLON radon  
in people's homes .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0153-1.12>
<s.WSJ900404-0153-1.12.1>
In the end ,COMMA he notes ,COMMA politicians --DASH not economists --DASH may  
be the best judges of what Americans are willing to pay for  
cleaner air .PERIOD 
</s>
<s.WSJ900404-0153-1.12.2>
"DOUBLE-QUOTE It could be that in economists' attempts to  
estimate the benefits associated with these things ,COMMA we don't  
appreciate the high values that people attach to such things  
as preserving human health ,COMMA improving visibility and  
protecting the ecosystem .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0152-1.1>
<s.WSJ900404-0152-1.1.1>
B. L. O. O. M. F. I. E. L. D. H. I. L. L. S. ,COMMA Mich .PERIOD 
</s>
<s.WSJ900404-0152-1.1.2>
--DASH Mercom Incorporated  said it purchased  
three hundred and sixty eight thousand seven hundred and fifty three ,COMMA or thirteen .POINT three %PERCENT ,COMMA of its shares for four million two hundred and forty thousand six hundred and fifty nine dollars ,COMMA or eleven dollars and fifty cents a  
share ,COMMA from the Michigan Gas Utilities Employees' Stock  
Savings and Purchase plan of Utilicorp United Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0152-1.2>
<s.WSJ900404-0152-1.2.1>
The Utilicorp plan received the shares in a May nineteen eighty nine  
spinoff transaction .PERIOD 
</s>
<s.WSJ900404-0152-1.2.2>
Mercom said a commercial bank loan is  
financing the purchase ,COMMA which its board authorized  .PERIOD 
</s>
</p>
<p.WSJ900404-0151-1.1>
<s.WSJ900404-0151-1.1.1>
A. U. S. T. I. N. ,COMMA Texas --DASH In the midst of a long -HYPHEN running cash  
crunch ,COMMA HealthVest said it had entered into a standstill  
agreement with its lenders .PERIOD 
</s>
<s.WSJ900404-0151-1.1.2>
The agreement halts foreclosure  
proceedings under way on three properties owned by the real  
estate investment trust  .PERIOD 
</s>
</p>
<p.WSJ900404-0151-1.2>
<s.WSJ900404-0151-1.2.1>
The owner of thirty seven health care -HYPHEN related properties also  
announced it was delaying the filing of its nineteen eighty nine ten K. report  
to allow outside auditors more time to assess property  
appraisals expected to result in material asset write -HYPHEN downs  
for the year ended December  thirty one  .PERIOD 
</s>
</p>
<p.WSJ900404-0151-1.3>
<s.WSJ900404-0151-1.3.1>
The standstill agreement is subject to certain conditions  ,COMMA 
including the execution of various mortgage documents ;SEMI-COLON it  
will terminate if conditions are not met by April thirty ,COMMA nineteen ninety  ,COMMA 
the company said .PERIOD 
</s>
<s.WSJ900404-0151-1.3.2>
Under the agreement ,COMMA HealthVest agreed to  
make monthly interest payments to its lenders rather than the  
previous quarterly and semiannual payments .PERIOD 
</s>
<s.WSJ900404-0151-1.3.3>
Each lender will  
be given mortgage interests in properties pledged as  
collateral for the respective lenders  .PERIOD 
</s>
</p>
<p.WSJ900404-0151-1.4>
<s.WSJ900404-0151-1.4.1>
In return ,COMMA the lenders have agreed to refrain from  
foreclosing on any mortgage property until December  fourteen ,COMMA nineteen ninety ,COMMA if  
HealthVest remains in compliance with the agreement .PERIOD 
</s>
<s.WSJ900404-0151-1.4.2>
During  
the standstill period ,COMMA the company said it will continue  
trying to restructure lending agreements on more than two hundred and fifty three million dollars in debt .PERIOD 
</s>
<s.WSJ900404-0151-1.4.3>
The lenders involved include Chemical  
Banking Corporation  'SINGLE-QUOTE s. Chemical Bank ,COMMA the Bank of Tokyo ,COMMA a group of  
European banks and several U. S. insurance companies  .PERIOD 
</s>
</p>
<p.WSJ900404-0150-1.1>
<s.WSJ900404-0150-1.1.1>
A. K. R. O. N. ,COMMA Ohio --DASH Telxon Incorporated  said special charges of ten million dollars to thirteen million dollars in the fiscal fourth quarter will  
produce a net loss for the fiscal year of eighty cents to one dollars and oh five cents a  
share  .PERIOD 
</s>
</p>
<p.WSJ900404-0150-1.2>
<s.WSJ900404-0150-1.2.1>
The producer of hand -HYPHEN held computer systems said management  
"DOUBLE-QUOTE is comfortable with "DOUBLE-QUOTE analyst estimates that Telxon will earn  
a profit of fifty cents to fifty five cents a share for fiscal nineteen nine hundred and   .PERIOD 
</s>
</p>
<p.WSJ900404-0150-1.3>
<s.WSJ900404-0150-1.3.1>
In fiscal nineteen eighty nine ,COMMA Telxon earned fifteen .POINT four million dollars ,COMMA or one dollars and seventeen cents a  
share ,COMMA including a tax credit of four hundred and ninety nine thousand dollars ,COMMA or four cents a  
share  .PERIOD 
</s>
</p>
<p.WSJ900404-0150-1.4>
<s.WSJ900404-0150-1.4.1>
The company said the charges in the latest quarter ,COMMA which  
ended March thirty one ,COMMA include a pretax loss of two .POINT one million dollars on sale  
of its Information Management Group unit ,COMMA and a three .POINT five million dollars  
write -HYPHEN off of related capitalized software .PERIOD 
</s>
<s.WSJ900404-0150-1.4.2>
The unit is being  
purchased by a company formed by Richard C. Calcaterra ,COMMA who  
is resigning as Telxon's marketing vice president ,COMMA Telxon  
said  .PERIOD 
</s>
</p>
<p.WSJ900404-0150-1.5>
<s.WSJ900404-0150-1.5.1>
Sales in fiscal nineteen ninety were between one hundred and forty one million dollars and one hundred and forty four million dollars ,COMMA the company said ,COMMA down from one hundred and fifty nine .POINT six million dollars a year  
earlier .PERIOD 
</s>
<s.WSJ900404-0150-1.5.2>
For fiscal nineteen ninety one ,COMMA volume is expected to rise to  
between one hundred and sixty million dollars and one hundred and sixty five million dollars ,COMMA said Raymond D. Meyo  ,COMMA 
Telxon president and chief executive officer  .PERIOD 
</s>
</p>
<p.WSJ900404-0150-1.6>
<s.WSJ900404-0150-1.6.1>
Restructuring efforts begun last September have produced a  
positive cash flow for the last two quarters ,COMMA Mr.  Meyo said  ,COMMA 
increasing the company's cash to more than fifty two million dollars ,COMMA from  
forty five million dollars .PERIOD 
</s>
<s.WSJ900404-0150-1.6.2>
During the period ,COMMA receivables have been reduced  
to about ninety days of sales ,COMMA from one hundred and twenty six days ,COMMA he said .PERIOD 
</s>
<s.WSJ900404-0150-1.6.3>
And  
inventories have been cut to thirty seven million dollars ,COMMA from forty three million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0149-1.1>
<s.WSJ900404-0149-1.1.1>
P. A. R. I. S. --DASH French industrialists operating in the  
competitive sector expect their capital spending to grow by  
between fourteen %PERCENT and fifteen %PERCENT this year after an increase of about eleven %PERCENT  
in nineteen eighty nine ,COMMA the National Statistics Institute said  .PERIOD 
</s>
</p>
<p.WSJ900404-0149-1.2>
<s.WSJ900404-0149-1.2.1>
The state -HYPHEN run data -HYPHEN gathering body noted that after  
adjustment for inflation ,COMMA industrial investment would show an  
increase of about eleven %PERCENT ,COMMA compared with seven %PERCENT in nineteen eight hundred and ninety   .PERIOD 
</s>
</p>
<p.WSJ900404-0149-1.3>
<s.WSJ900404-0149-1.3.1>
It said the acceleration to a large extent reflects a  
continuing strong investment trend in the automobile  
industry ,COMMA with car manufacturers racing to expand capacity  .PERIOD 
</s>
</p>
<p.WSJ900404-0149-1.4>
<s.WSJ900404-0149-1.4.1>
French industrialists have indicated frequently over the  
past year or so that they have been held back from producing  
more because of insufficient capacity  .PERIOD 
</s>
</p>
<p.WSJ900404-0148-1.1>
<s.WSJ900404-0148-1.1.1>
P. I. C. K. E. R. I. N. G. T. O. N. ,COMMA Ohio --DASH R. G. .PERIOD 
</s>
<s.WSJ900404-0148-1.1.2>
Barry Corporation  said it halted  
manufacturing operations at a factory in Ciudad Juarez  ,COMMA 
Mexico ,COMMA because of excessive employee turnover  .PERIOD 
</s>
</p>
<p.WSJ900404-0148-1.2>
<s.WSJ900404-0148-1.2.1>
The producer of washable slippers and other comfort  
footwear said it expects to incur costs of about seven hundred thousand dollars in  
the closing ,COMMA which affected about two hundred employees  .PERIOD 
</s>
</p>
<p.WSJ900404-0148-1.3>
<s.WSJ900404-0148-1.3.1>
"DOUBLE-QUOTE We haven't been able to hire ,COMMA train or retain enough  
people to allow our plant to operate at a reasonable cost  
level or near its capacity ,COMMA "DOUBLE-QUOTE said Gordon Zacks ,COMMA chairman and  
chief executive officer  .PERIOD 
</s>
</p>
<p.WSJ900404-0148-1.4>
<s.WSJ900404-0148-1.4.1>
The company said it can meet its requirements at its other  
facilities ,COMMA including two plants in Mexico ,COMMA one in China and  
three in the U. S.  .PERIOD 
</s>
</p>
<p.WSJ900404-0147-1.1>
<s.WSJ900404-0147-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH McDonnell Douglas Corporation  was given a thirteen .POINT seven million dollars Army contract for Apache helicopters   .PERIOD 
</s>
</p>
<p.WSJ900404-0147-1.2>
<s.WSJ900404-0147-1.2.1>
Boeing Company  received a ten .POINT two million dollars Air Force contract for  
development of the tactical short -HYPHEN range attack missile  .PERIOD 
</s>
</p>
<p.WSJ900404-0146-1.1>
<s.WSJ900404-0146-1.1.1>
T. O. K. Y. O. --DASH Sales of cars ,COMMA trucks and buses in Japan rose  
seventeen .POINT three %PERCENT in the year ended March thirty one to a record five million eight hundred and forty four thousand four hundred and eighty two units  ,COMMA 
the Japan Automobile Dealers Association said  .PERIOD 
</s>
</p>
<p.WSJ900404-0146-1.2>
<s.WSJ900404-0146-1.2.1>
Sales of vehicles in March also reached a record for  
monthly levels ,COMMA climbing fifteen .POINT five %PERCENT to seven hundred and eighty eight thousand eight hundred and eighty two units .PERIOD 
</s>
<s.WSJ900404-0146-1.2.2>
Fiscal nineteen eighty nine  
was the third consecutive year in which sales reached a  
record level  .PERIOD 
</s>
</p>
<p.WSJ900404-0146-1.3>
<s.WSJ900404-0146-1.3.1>
A three %PERCENT consumption tax imposed at the beginning of the  
fiscal year helped boost sales .PERIOD 
</s>
<s.WSJ900404-0146-1.3.2>
While the tax was considered  
a negative factor in some parts of the economy ,COMMA it replaced a  
higher commodity tax that applied to automobiles  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.1>
<s.WSJ900404-0145-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The government's leading economic  
forecasting gauge fell one %PERCENT in February ,COMMA the Commerce  
Department reported ,COMMA largely because of an aberrant decline  
in the number of building permits issued  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.2>
<s.WSJ900404-0145-1.2.1>
It was an unusual jump in building permits that helped  
produce a zero .POINT two %PERCENT increase in the measure in January .PERIOD 
</s>
<s.WSJ900404-0145-1.2.2>
Excluding  
permits ,COMMA one of the eleven statistics that make up the  
department's index of leading indicators ,COMMA the index slipped  
zero .POINT one %PERCENT in February and zero .POINT five %PERCENT in January  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.3>
<s.WSJ900404-0145-1.3.1>
There was a rush by builders in January to obtain permits  
to beat the January  thirteen cutoff date for a federal requirement for  
buildings to provide special access to the handicapped  .PERIOD 
</s>
<s.WSJ900404-0145-1.3.2>
Permits applications dropped off precipitously after that  
date  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.4>
<s.WSJ900404-0145-1.4.1>
The department originally said the January index figure  
was unchanged from December ;SEMI-COLON it also revised the December  
increase to zero .POINT four %PERCENT from zero .POINT six %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.5>
<s.WSJ900404-0145-1.5.1>
The index is designed to foreshadow economic activity six  
to nine months in the future .PERIOD 
</s>
<s.WSJ900404-0145-1.5.2>
While some analysts study the  
numbers diligently ,COMMA others dismiss them as an unreliable  
predictor of the economy's movements  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.6>
<s.WSJ900404-0145-1.6.1>
Seven of the eleven elements contributed to February's  
decline ,COMMA the department reported .PERIOD 
</s>
<s.WSJ900404-0145-1.6.2>
Besides building permits  ,COMMA 
they were deliveries to factories by suppliers ,COMMA stock prices  ,COMMA 
plant and equipment orders ,COMMA material prices ,COMMA factory backlogs  
and consumer expectations  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.7>
<s.WSJ900404-0145-1.7.1>
Pushing the index up in February were growth in the money  
supply ,COMMA a drop in unemployment claims and growth in new  
orders for consumer goods .PERIOD 
</s>
<s.WSJ900404-0145-1.7.2>
The average workweek was  
unchanged  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.8>
<s.WSJ900404-0145-1.8.1>
Some analysts said the index is forecasting economic  
stagnation ,COMMA while others suggested it may mean just modest  
gains  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.9>
<s.WSJ900404-0145-1.9.1>
Mickey Levy ,COMMA chief economist at First Fidelity Bancorp .PERIOD 
</s>
<s.WSJ900404-0145-1.9.2>
in  
Newark ,COMMA N. J. ,COMMA said ,COMMA "DOUBLE-QUOTE The decline in the index shows the  
economy is still very ,COMMA very weak .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0145-1.9.3>
Modest improvement is the  
most that is expected ,COMMA he said .PERIOD 
</s>
<s.WSJ900404-0145-1.9.4>
"DOUBLE-QUOTE The index has been going  
down for the better part of the year .PERIOD 
</s>
<s.WSJ900404-0145-1.9.5>
So the level is not  
showing any improvement .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0145-1.10>
<s.WSJ900404-0145-1.10.1>
But Joel Prakken ,COMMA vice president of Laurence H. Meyer &AMPERSAND  
Associates Limited  in Saint  .PERIOD 
</s>
<s.WSJ900404-0145-1.10.2>
Louis ,COMMA said the economic slowdown has  
passed .PERIOD 
</s>
<s.WSJ900404-0145-1.10.3>
He said his company looks for economic growth at a two %PERCENT  
annual rate in the current quarter ,COMMA up from his estimate of a  
zero .POINT eight %PERCENT rate in the first period  .PERIOD 
</s>
</p>
<p.WSJ900404-0145-1.11>
<s.WSJ900404-0145-1.11.1>
"DOUBLE-QUOTE The economy's growth in nineteen ninety will occur in sectors least  
sensitive to interest rates ,COMMA "DOUBLE-QUOTE said William K. MacReynolds  ,COMMA 
director of forecasting at the U. S. .PERIOD 
</s>
<s.WSJ900404-0145-1.11.2>
Chamber of Commerce .PERIOD 
</s>
<s.WSJ900404-0145-1.11.3>
"DOUBLE-QUOTE But  
growth will be far below potential because high interest  
rates and the economic slowdown are producing a credit  
crunch .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0145-1.11.4>
L. E. A. D. I. N. G. I. N. D. I. C. A. T. O. R. S.  
</s>
</p>
<p.WSJ900404-0145-1.12>
<s.WSJ900404-0145-1.12.1>
Here are the net contributions of the components of the  
Commerce Department's index of leading indicators .PERIOD 
</s>
<s.WSJ900404-0145-1.12.2>
After  
various adjustments ,COMMA they produced a one .POINT zero %PERCENT de -HYPHEN crease in the  
index for February and a zero .POINT two %PERCENT increase for January  .PERIOD 
</s>
<s.WSJ900404-0145-1.12.3>
February  .PERIOD 
</s>
<s.WSJ900404-0145-1.12.4>
January   
nineteen ninety nineteen ninety  
</s>
</p>
<p.WSJ900404-0145-1.13>
<s.WSJ900404-0145-1.13.1>
Workweek .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.13.2>
.POINT oh oh .POINT oh eight  
</s>
</p>
<p.WSJ900404-0145-1.14>
<s.WSJ900404-0145-1.14.1>
Unemployment claims .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.14.2>
.POINT oh eight minus .POINT oh seven  
</s>
</p>
<p.WSJ900404-0145-1.15>
<s.WSJ900404-0145-1.15.1>
Orders for consumer goods .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.15.2>
.POINT two six minus .POINT two two  
</s>
</p>
<p.WSJ900404-0145-1.16>
<s.WSJ900404-0145-1.16.1>
Slower deliveries .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.16.2>
minus .POINT one seven .POINT two oh  
</s>
</p>
<p.WSJ900404-0145-1.17>
<s.WSJ900404-0145-1.17.1>
Plant and equipment orders .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.17.2>
minus .POINT one three minus .POINT two five  
</s>
</p>
<p.WSJ900404-0145-1.18>
<s.WSJ900404-0145-1.18.1>
Building permits .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.18.2>
minus .POINT eight two .POINT six eight  
</s>
</p>
<p.WSJ900404-0145-1.19>
<s.WSJ900404-0145-1.19.1>
Durable order backlog .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.19.2>
minus .POINT oh eight .POINT one five  
</s>
</p>
<p.WSJ900404-0145-1.20>
<s.WSJ900404-0145-1.20.1>
Materials prices .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.20.2>
minus .POINT oh eight minus .POINT oh eight  
</s>
</p>
<p.WSJ900404-0145-1.21>
<s.WSJ900404-0145-1.21.1>
Stock prices .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.21.2>
minus .POINT one six minus .POINT one four  
</s>
</p>
<p.WSJ900404-0145-1.22>
<s.WSJ900404-0145-1.22.1>
Money supply .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.22.2>
.POINT oh eight minus .POINT two five  
</s>
</p>
<p.WSJ900404-0145-1.23>
<s.WSJ900404-0145-1.23.1>
Consumer expectations .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.23.2>
minus .POINT oh eight minus .POINT oh eight  
</s>
</p>
<p.WSJ900404-0145-1.24>
<s.WSJ900404-0145-1.24.1>
The seasonally adjusted index numbers (LEFT-PAREN nineteen eighty two EQUALS one hundred )RIGHT-PAREN for  
February ,COMMA and the change from January ,COMMA are  :COLON 
</s>
</p>
<p.WSJ900404-0145-1.25>
<s.WSJ900404-0145-1.25.1>
Index of leading indicators .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.25.2>
one hundred and forty four .POINT zero minus one .POINT zero %PERCENT  
</s>
</p>
<p.WSJ900404-0145-1.26>
<s.WSJ900404-0145-1.26.1>
Index of coincident indicators .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.26.2>
one hundred and thirty three .POINT seven .POINT eight %PERCENT  
</s>
</p>
<p.WSJ900404-0145-1.27>
<s.WSJ900404-0145-1.27.1>
Index of lagging indicators .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0145-1.27.2>
one hundred and twenty one .POINT zero .POINT nine %PERCENT  
</s>
</p>
<p.WSJ900404-0145-1.28>
<s.WSJ900404-0145-1.28.1>
The ratio of coincident to lagging indicators was one .POINT one one  ,COMMA 
unchanged from one .POINT one one in January  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.1>
<s.WSJ900404-0144-1.1.1>
W. O. R. C. E. S. T. E. R. ,COMMA Mass .PERIOD 
</s>
<s.WSJ900404-0144-1.1.2>
--DASH Cambridge BioScience Corporation  agreed to  
acquire a small biotechnology concern ,COMMA Biotech Research  
Laboratories Incorporated  ,COMMA in a stock swap valued at about thirty two .POINT three million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.2>
<s.WSJ900404-0144-1.2.1>
Biotech ,COMMA based in Rockville ,COMMA Md .PERIOD ,COMMA 
</s>
<s.WSJ900404-0144-1.2.2>
will swap all of its six .POINT three  
million common shares outstanding for six million shares of  
Cambridge BioScience in a tax -HYPHEN free exchange  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.3>
<s.WSJ900404-0144-1.3.1>
In national over -HYPHEN the -HYPHEN counter trading yesterday ,COMMA Cambridge  
BioScience closed at five dollars and thirty seven cents five ,COMMA down one dollars and twelve cents five .PERIOD 
</s>
<s.WSJ900404-0144-1.3.2>
Cambridge  
BioScience has ten .POINT six million common shares outstanding  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.4>
<s.WSJ900404-0144-1.4.1>
Analysts said that the two companies have complementary  
products and technologies ,COMMA and merging will give them size to  
compete more effectively .PERIOD 
</s>
<s.WSJ900404-0144-1.4.2>
The acquisition is part of a  
continuing consolidation in the biotechnology industry  
because of the high cost of product development  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.5>
<s.WSJ900404-0144-1.5.1>
Cambridge BioScience makes screening tests for viral  
diseases ,COMMA primarily acquired immune deficiency syndrome  .PERIOD 
</s>
<s.WSJ900404-0144-1.5.2>
Biotech Research produces the confirmatory Western Blot test  
for A. I. D. S. as well as other diagnostics  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.6>
<s.WSJ900404-0144-1.6.1>
Analysts said that Cambridge has been frustrated with cool  
market reaction to its five -HYPHEN minute A. I. D. S. test .PERIOD 
</s>
<s.WSJ900404-0144-1.6.2>
"DOUBLE-QUOTE Getting it to  
the market successfully and generating business has been  
somewhat of a disappointing story ,COMMA "DOUBLE-QUOTE said Linda Miller ,COMMA a  
biotechnology analyst at PaineWebber Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.7>
<s.WSJ900404-0144-1.7.1>
Biotech Research has more products on the market and so  
with the acquisition ,COMMA "DOUBLE-QUOTE you instantly broaden your product  
line and get a better {LEFT-BRACE product }RIGHT-BRACE flow in the future ,COMMA "DOUBLE-QUOTE said  
Robert Kupor ,COMMA vice president at Kidder ,COMMA Peabody &AMPERSAND Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.8>
<s.WSJ900404-0144-1.8.1>
Patrick J. Leonard ,COMMA president of Cambridge BioScience  ,COMMA 
said the merger will result in "DOUBLE-QUOTE significant "DOUBLE-QUOTE new products in  
the rapidly expanding areas of H. I. V. and H. T. L. V. screening and  
confirmatory testing .PERIOD 
</s>
<s.WSJ900404-0144-1.8.2>
The first of these new products could  
be released to the market as early as the second half of  
nineteen ninety ,COMMA the companies said  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.9>
<s.WSJ900404-0144-1.9.1>
Mr.  Leonard added that the combined companies' technology  
will place them in a "DOUBLE-QUOTE strong "DOUBLE-QUOTE position in the overall  
world -HYPHEN wide market of H. I. V. /SLASH H. T. L. V. diagnostics  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.10>
<s.WSJ900404-0144-1.10.1>
In nineteen eighty nine ,COMMA Biotech had net income of twenty four cents a share or  
one .POINT five million dollars ,COMMA or twenty four cents a share ,COMMA on revenue of seventeen million dollars  .PERIOD 
</s>
<s.WSJ900404-0144-1.10.2>
Cambridge posted a nineteen eighty nine loss of eight .POINT five million dollars ,COMMA or eighty cents a  
share ,COMMA on revenue of eight .POINT six million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0144-1.11>
<s.WSJ900404-0144-1.11.1>
The transaction is subject to the approval by the boards  
and shareholders of both companies  .PERIOD 
</s>
</p>
<p.WSJ900404-0143-1.1>
<s.WSJ900404-0143-1.1.1>
B. E. A. V. E. R. T. O. N. ,COMMA Ore .PERIOD 
</s>
<s.WSJ900404-0143-1.1.2>
--DASH Mentor Graphics Corporation  ,COMMA a maker of  
design automation systems ,COMMA said its silicon design division  
received a fifteen million dollars order for software from Dallas -HYPHEN based  
Texas Instruments  .PERIOD 
</s>
</p>
<p.WSJ900404-0143-1.2>
<s.WSJ900404-0143-1.2.1>
Under the multi -HYPHEN year agreement ,COMMA Texas Instruments will  
purchase electronic design automation software  .PERIOD 
</s>
</p>
<p.WSJ900404-0142-1.1>
<s.WSJ900404-0142-1.1.1>
N. E. W. Y. O. R. K. --DASH Yields on certificates of deposit at major  
banks and brokerage firms were largely unchanged in the week  
ended yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0142-1.2>
<s.WSJ900404-0142-1.2.1>
Average yields on small -HYPHEN denomination CDs (LEFT-PAREN generally ,COMMA five hundred dollars  
to ten thousand dollars )RIGHT-PAREN at eighteen banks surveyed by Banxquote Money Markets  ,COMMA 
a New York information service ,COMMA were flat or up only  
slightly .PERIOD 
</s>
<s.WSJ900404-0142-1.2.2>
The average yield on a one -HYPHEN year consumer C. D. was  
seven .POINT nine three %PERCENT ,COMMA while five -HYPHEN year consumer CDs offered eight .POINT one five %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0142-1.3>
<s.WSJ900404-0142-1.3.1>
"DOUBLE-QUOTE There wasn't any significant change in the  
foreign -HYPHEN exchange market ,COMMA or in domestic interest rates that  
would have any dramatic affect on the C. D. market ,COMMA "DOUBLE-QUOTE said  
Norberto Mehl ,COMMA chairman of Banxquote  .PERIOD 
</s>
</p>
<p.WSJ900404-0142-1.4>
<s.WSJ900404-0142-1.4.1>
Average yields on small CDs sold by leading broker dealers  
were up slightly .PERIOD 
</s>
<s.WSJ900404-0142-1.4.2>
The average yield for a one -HYPHEN year  
broker -HYPHEN sold C. D. was eight .POINT one nine %PERCENT .PERIOD 
</s>
<s.WSJ900404-0142-1.4.3>
The only significant increase was  
in the two -HYPHEN year brokered C. D. average .PERIOD 
</s>
<s.WSJ900404-0142-1.4.4>
The rise ,COMMA however  ,COMMA 
resulted from the high rate of eight .POINT seven five %PERCENT offered by Shearson  
Lehman Hutton  .PERIOD 
</s>
</p>
<p.WSJ900404-0142-1.5>
<s.WSJ900404-0142-1.5.1>
Meanwhile ,COMMA average yields on most large -HYPHEN denomination CDs  ,COMMA 
which typically require minimum deposits of ninety thousand dollars or more  ,COMMA 
were unchanged in the shorter -HYPHEN term maturities ,COMMA and up only  
slightly in the longer maturities  .PERIOD 
</s>
</p>
<p.WSJ900404-0141-1.1>
<s.WSJ900404-0141-1.1.1>
L. Y. N. W. O. O. D. ,COMMA Wash .PERIOD 
</s>
<s.WSJ900404-0141-1.1.2>
--DASH Intermec Corporation  ,COMMA a maker of bar -HYPHEN code data  
systems ,COMMA said it agreed to pay Bohemia ,COMMA N. Y. -HYPHEN based Symbol  
Technologies Incorporated  ,COMMA also a bar -HYPHEN code systems maker ,COMMA at least  
fifty million dollars over a six -HYPHEN year period ,COMMA including royalties of  
twenty one .POINT two million dollars ,COMMA for a license to make certain products under  
Symbol's laser scanning patents ,COMMA and purchases of twenty eight .POINT eight million dollars of Symbol's scanning products  .PERIOD 
</s>
</p>
<p.WSJ900404-0140-1.1>
<s.WSJ900404-0140-1.1.1>
M. I. A. M. I. --DASH General Development Corporation  ,COMMA a troubled Florida  
developer ,COMMA said it is closing its homesite sales operations  
world -HYPHEN wide and firing one thousand one hundred full -HYPHEN time and part -HYPHEN time sales and  
administrative workers  .PERIOD 
</s>
</p>
<p.WSJ900404-0140-1.2>
<s.WSJ900404-0140-1.2.1>
On Monday ,COMMA cash -HYPHEN hungry General Development said it  
couldn't complete negotiations for a sixty million dollars credit  
facility ,COMMA leaving it unable to pay more than ten million dollars in  
property taxes due last Sunday .PERIOD 
</s>
<s.WSJ900404-0140-1.2.2>
As a result ,COMMA General  
Development said it was considering all options ,COMMA including a  
filing for federal bankruptcy -HYPHEN law protection  .PERIOD 
</s>
</p>
<p.WSJ900404-0140-1.3>
<s.WSJ900404-0140-1.3.1>
In New York Stock Exchange composite trading yesterday  ,COMMA 
General Development tumbled one dollars and twenty five cents a share ,COMMA to close at two dollars and seventy five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0140-1.4>
<s.WSJ900404-0140-1.4.1>
General Development has been trying to reverse liquidity  
problems resulting from its recent legal troubles .PERIOD 
</s>
<s.WSJ900404-0140-1.4.2>
Last  
month ,COMMA the company pleaded guilty to one felony count of  
conspiracy in a plea bargain to settle charges that it  
defrauded some ten thousand homebuyers by charging inflated prices  
based on improper appraisals  .PERIOD 
</s>
</p>
<p.WSJ900404-0140-1.5>
<s.WSJ900404-0140-1.5.1>
In recent months ,COMMA General Development laid off five hundred  
workers .PERIOD 
</s>
<s.WSJ900404-0140-1.5.2>
The latest cutback will reduce the number of workers  
to about three thousand four hundred .PERIOD 
</s>
<s.WSJ900404-0140-1.5.3>
General Development said it hopes to  
introduce a new homesite business in the future ,COMMA but for the  
time being ,COMMA the operation's "DOUBLE-QUOTE cost of generating sales  .PERIOD 
</s>
<s.WSJ900404-0140-1.5.4>
no longer makes economic sense .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0139-1.1>
<s.WSJ900404-0139-1.1.1>
Most tobacco and liquor companies have become increasingly  
vulnerable to criticism that they market their products to  
young people .PERIOD 
</s>
<s.WSJ900404-0139-1.1.2>
Flying in the face of that trend ,COMMA a leading  
wine marketer is launching a new ad campaign that unabashedly  
aims to recruit young drinkers  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.2>
<s.WSJ900404-0139-1.2.1>
Banfi Vintners ,COMMA marketers of Riunite wine ,COMMA hopes the  
campaign will be just the shot in the arm that the sagging  
Riunite brand needs to boost its sales  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.3>
<s.WSJ900404-0139-1.3.1>
William Roethel ,COMMA Banfi's vice president of marketing  ,COMMA 
candidly describes the ad campaign as an effort to "DOUBLE-QUOTE win over  
entry -HYPHEN level drinkers .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0139-1.3.2>
The campaign ,COMMA which includes radio  
commercials that feature young men and women flirting at  
parties ,COMMA is scheduled to begin airing nationwide next month  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.4>
<s.WSJ900404-0139-1.4.1>
Not surprisingly ,COMMA the idea of targeting young drinkers  
doesn't sit well with critics of the liquor industry .PERIOD 
</s>
<s.WSJ900404-0139-1.4.2>
"DOUBLE-QUOTE I'm  
shocked they would choose this particular time to launch such  
a campaign ,COMMA given the growing public concern about young  
people and alcohol ,COMMA "DOUBLE-QUOTE says Patricia Taylor ,COMMA director of the  
alcohol policies project at the Center for Science in the  
Public Interest ,COMMA a lobbying group in Washington ,COMMA D. C.  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.5>
<s.WSJ900404-0139-1.5.1>
Both liquor and cigarette makers are increasingly under  
attack for allegedly targeting young people in their  
advertising .PERIOD 
</s>
<s.WSJ900404-0139-1.5.2>
Recently ,COMMA New York City's consumer affairs  
commissioner ,COMMA Mark Green ,COMMA accused R. J. R. Nabisco of trying to  
lure young smokers to its Camel brand with an ad campaign  
featuring a cartoon character called Joe Camel .PERIOD 
</s>
<s.WSJ900404-0139-1.5.3>
R. J. R. has  
denied the charge .PERIOD 
</s>
<s.WSJ900404-0139-1.5.4>
Beer companies also have been criticized  
for doing special promotions aimed at college students  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.6>
<s.WSJ900404-0139-1.6.1>
The criticism is part of a growing attack on targeted  
marketing of all types by liquor and tobacco companies .PERIOD 
</s>
<s.WSJ900404-0139-1.6.2>
In  
recent months ,COMMA cigarette makers also have come under fire for  
ads aimed at blacks and at women  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.7>
<s.WSJ900404-0139-1.7.1>
Mr.  Roethel insists that Banfi isn't proposing to woo  
underaged drinkers to the Riunite camp .PERIOD 
</s>
<s.WSJ900404-0139-1.7.2>
"DOUBLE-QUOTE That is absolutely  
not part of what we're doing ,COMMA "DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0139-1.7.3>
"DOUBLE-QUOTE We're not doing  
anything that we aren't proud of .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0139-1.8>
<s.WSJ900404-0139-1.8.1>
The Banfi executive says the company decided to go after  
younger drinkers in part because of the difficulty of  
changing Riunite's low -HYPHEN brow image among older consumers .PERIOD 
</s>
<s.WSJ900404-0139-1.8.2>
It  
made more sense ,COMMA according to Mr.  Roethel ,COMMA to work on  
instilling a freshened image for the brand among younger  
drinkers  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.9>
<s.WSJ900404-0139-1.9.1>
"DOUBLE-QUOTE We're a very palatable entry -HYPHEN level type wine ,COMMA "DOUBLE-QUOTE he says  ,COMMA 
referring to Riunite's sweet taste .PERIOD 
</s>
<s.WSJ900404-0139-1.9.2>
"DOUBLE-QUOTE Someone who's already  
cultivated a wine palate ,COMMA Riunite isn't going to appeal to  
them .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0139-1.10>
<s.WSJ900404-0139-1.10.1>
Riunite badly needs a marketing makeover .PERIOD 
</s>
<s.WSJ900404-0139-1.10.2>
Although it is  
still the top -HYPHEN selling import ,COMMA sales have been on a downward  
spiral since nineteen eighty four ,COMMA when they hit a peak of just over eleven  
million cases .PERIOD 
</s>
<s.WSJ900404-0139-1.10.3>
Last year alone ,COMMA volume dropped more than one  
million cases to four .POINT nine million cases  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.11>
<s.WSJ900404-0139-1.11.1>
For the new campaign ,COMMA Banfi is reviving its old slogan  :COLON 
"DOUBLE-QUOTE Riunite on Ice .PERIOD 
</s>
<s.WSJ900404-0139-1.11.2>
That's Nice .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0139-1.11.3>
Since the slogan was dropped  
five years ago ,COMMA Banfi has struggled with a number of  
campaigns ,COMMA including failed attempts to reposition Riunite as  
a premium -HYPHEN style brand .PERIOD 
</s>
<s.WSJ900404-0139-1.11.4>
"DOUBLE-QUOTE That strategy was a little bit  
ill -HYPHEN conceived ,COMMA "DOUBLE-QUOTE Mr.  Roethel now says  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.12>
<s.WSJ900404-0139-1.12.1>
The new radio campaign ,COMMA developed by Ketchum Advertising  ,COMMA 
New York ,COMMA marks a departure for Banfi ,COMMA which has  
traditionally used television to advertise Riunite .PERIOD 
</s>
<s.WSJ900404-0139-1.12.2>
One radio  
spot plays on the sometimes crude approaches taken by people  
when they introduce themselves to members of the opposite sex  
at parties .PERIOD 
</s>
<s.WSJ900404-0139-1.12.3>
"DOUBLE-QUOTE I'm in construction and my feelings for you are  
building ,COMMA "DOUBLE-QUOTE a guy says to a woman .PERIOD 
</s>
<s.WSJ900404-0139-1.12.4>
"DOUBLE-QUOTE I don't date men who wear  
more jewelry than I do ,COMMA "DOUBLE-QUOTE the woman says to her friends  ,COMMA 
recounting the meeting  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-1.13>
<s.WSJ900404-0139-1.13.1>
Mr.  Roethel believes the campaign will be a big success  .PERIOD 
</s>
<s.WSJ900404-0139-1.13.2>
He says it was tested in eight cities last year ,COMMA prompting  
respectable sales increases .PERIOD 
</s>
<s.WSJ900404-0139-1.13.3>
But some wine experts are  
skeptical that younger drinkers will be a big ,COMMA new market for  
Riunite .PERIOD 
</s>
<s.WSJ900404-0139-1.13.4>
"DOUBLE-QUOTE This is by no means new .PERIOD 
</s>
<s.WSJ900404-0139-1.13.5>
Who else {LEFT-BRACE but young  
people }RIGHT-BRACE ever drank it ?QUESTION-MARK "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0139-1.13.6>
says Paul Gillette ,COMMA editor and  
publisher of Wine Investor ,COMMA a trade newsletter .PERIOD 
</s>
<s.WSJ900404-0139-1.13.7>
"DOUBLE-QUOTE This was  
never something that was consumed by refugees from Chateau  
Lafite .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0139-2.1>
<s.WSJ900404-0139-2.1.1>
Young &AMPERSAND Rubicam Award  
</s>
</p>
<p.WSJ900404-0139-2.2>
<s.WSJ900404-0139-2.2.1>
Twentieth Century Fox Film Corporation  awarded its spot  
television buying account to Young &AMPERSAND Rubicam ,COMMA following an  
extended review which also included incumbent J. Walter  
Thompson and B. B. D. O. ,COMMA a unit of Omnicom Group  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-2.3>
<s.WSJ900404-0139-2.3.1>
Industry executives estimate billings at thirty million dollars to  
thirty two million dollars .PERIOD 
</s>
<s.WSJ900404-0139-2.3.2>
However ,COMMA since the account ,COMMA like other movie  
studio accounts ,COMMA doesn't involve creative work ,COMMA it isn't as  
lucrative as a typical account of that size .PERIOD 
</s>
<s.WSJ900404-0139-2.3.3>
Young &AMPERSAND Rubicam  
will buy local T. V. time and New York newspaper space  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-2.4>
<s.WSJ900404-0139-2.4.1>
Young &AMPERSAND Rubicam declined to comment ,COMMA as did Thompson ,COMMA a  
unit of W. P. P. Group .PERIOD 
</s>
<s.WSJ900404-0139-2.4.2>
Gene Cameron ,COMMA who heads B. B. D. O. 'SINGLE-QUOTE s. Los Angeles  
and San Francisco offices ,COMMA said :COLON "DOUBLE-QUOTE We've got the capability  
that can be very valuable in the movie business .PERIOD 
</s>
<s.WSJ900404-0139-2.4.3>
We're going  
to do it somewhere .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0139-2.5>
<s.WSJ900404-0139-2.5.1>
The account had been larger at Thompson ,COMMA where it also  
included network media buying .PERIOD 
</s>
<s.WSJ900404-0139-2.5.2>
But Fox recently began buying  
network time itself ,COMMA prompting the review ,COMMA said Bob Harper  ,COMMA 
Fox's president of marketing .PERIOD 
</s>
<s.WSJ900404-0139-2.5.3>
Thompson had handled the  
account for ten years .PERIOD 
</s>
<s.WSJ900404-0139-2.5.4>
Young &AMPERSAND Rubicam will take over starting  
with Fox's summer lineup ,COMMA which begins with an Andrew Dice  
Clay comedy thriller called "DOUBLE-QUOTE Ford Fairlane .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0139-3.1>
<s.WSJ900404-0139-3.1.1>
Ad Notes  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-3.2>
<s.WSJ900404-0139-3.2.1>
K. E. N. T. C. I. G. A. R. E. T. T. E. S. :COLON Lorillard ,COMMA New York ,COMMA named Avrett ,COMMA Free &AMPERSAND  
Ginsberg ,COMMA New York ,COMMA to handle its eight million dollars to ten million dollars  
Kent cigarette account .PERIOD 
</s>
<s.WSJ900404-0139-3.2.2>
The decision follows a creative  
shootout lasting several months in which Lorillard ,COMMA a unit of  
Loews Corporation  ,COMMA conducted extensive tests with consumers on the  
finalists' work .PERIOD 
</s>
<s.WSJ900404-0139-3.2.3>
Also pitching the account were Grey  
Advertising and Saatchi &AMPERSAND Saatchi Advertising ,COMMA a unit of  
Saatchi &AMPERSAND Saatchi Company  .PERIOD 
</s>
<s.WSJ900404-0139-3.2.4>
The account had been handled by B. B. D. O.  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-3.3>
<s.WSJ900404-0139-3.3.1>
A. D. W. E. E. K. :COLON A /SLASH S. /SLASH M. Communications ,COMMA parent of Adweek magazine  ,COMMA 
closed down two additional titles ,COMMA Media Week and Imaging  
Retail News ,COMMA because of the poor ad environment ,COMMA said Kenneth  
Fadner ,COMMA president .PERIOD 
</s>
<s.WSJ900404-0139-3.3.2>
The closings come less than two weeks  
after A /SLASH S. /SLASH M. shut down seven other publications .PERIOD 
</s>
<s.WSJ900404-0139-3.3.3>
Two  
publications that Mr.  Fadner had a personal stake in and that  
were housed in A /SLASH S. /SLASH M. office space ,COMMA View and Wrap ,COMMA also  
suspended publication  .PERIOD 
</s>
</p>
<p.WSJ900404-0139-3.4>
<s.WSJ900404-0139-3.4.1>
N. E. T. W. O. R. K. A. S. S. O. C. I. A. T. I. O. N. :COLON The three major networks created a  
new organization ,COMMA the Network Television Association ,COMMA to sell  
the virtues of network advertising to agencies and  
advertisers .PERIOD 
</s>
<s.WSJ900404-0139-3.4.2>
The new group ,COMMA whose formation has been in the  
works for a year ,COMMA will be headed by Peter Chrisanthopoulos  ,COMMA 
who had been president of R. J. R. Nabisco Broadcast  .PERIOD 
</s>
</p>
<p.WSJ900404-0138-1.1>
<s.WSJ900404-0138-1.1.1>
Landmark Graphics Corporation  ,COMMA Houston ,COMMA said revenue for the  
third quarter ended March thirty one was about twenty %PERCENT below analysts'  
estimates .PERIOD 
</s>
<s.WSJ900404-0138-1.1.2>
The company said it expects to report revenue of  
twelve .POINT five million dollars ,COMMA compared with twelve million dollars a year earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0138-1.2>
<s.WSJ900404-0138-1.2.1>
Gene Ennis ,COMMA Landmark's president and chief executive  
officer ,COMMA cited changing buying patterns of the company's  
large domestic customers .PERIOD 
</s>
<s.WSJ900404-0138-1.2.2>
He said customers are moving away  
from purchasing a single computer -HYPHEN aided exploration system to  
contracts covering a large number of systems .PERIOD 
</s>
<s.WSJ900404-0138-1.2.3>
"DOUBLE-QUOTE The sales  
cycles on these contracts are longer ,COMMA "DOUBLE-QUOTE he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0138-1.3>
<s.WSJ900404-0138-1.3.1>
A company spokesman declined to estimate the revenue  
shortage's impact on earnings .PERIOD 
</s>
<s.WSJ900404-0138-1.3.2>
In the first six months ,COMMA net  
income was three .POINT one million dollars ,COMMA or thirty seven cents a share ,COMMA on revenue of  
twenty five .POINT four million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-1.1>
<s.WSJ900404-0137-1.1.1>
Your February  twenty two page -HYPHEN one article about the turncoat  
accountant who handed over his client to the Internal Revenue  
Service raises the issue of client confidentiality ,COMMA a  
cornerstone of confidence that society places with the  
accounting profession  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-1.2>
<s.WSJ900404-0137-1.2.1>
That the I. R. S. finds the actions of a blackmailed bean  
counter "DOUBLE-QUOTE patriotic "DOUBLE-QUOTE places black hats on the approximately  
two hundred and ninety thousand members of the American Institute of Certified Public  
Accountants ,COMMA the vast majority of whom honor their profession  
by faithfully serving their clients  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-1.3>
<s.WSJ900404-0137-1.3.1>
Your article cited eight hundred and eighty I. R. S. "DOUBLE-QUOTE controlled informants ,COMMA "DOUBLE-QUOTE of  
whom forty were accountants (LEFT-PAREN not certified public accountants  ,COMMA 
mind you .PERIOD 
</s>
<s.WSJ900404-0137-1.3.2>
A chimpanzee can call himself an "DOUBLE-QUOTE accountant  "DOUBLE-QUOTE 
without passing the rigorous examinations required for  
certification .PERIOD 
</s>
<s.WSJ900404-0137-1.3.3>
A tremendous amount of reliance is and must  
rest with the credibility ,COMMA to say nothing of the integrity  ,COMMA 
of the C. P. A.  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-1.4>
<s.WSJ900404-0137-1.4.1>
Thomas N. Dufek  
</s>
</p>
<p.WSJ900404-0137-1.5>
<s.WSJ900404-0137-1.5.1>
North Massapequa ,COMMA N. Y.  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-2.1>
<s.WSJ900404-0137-2.1.1>
Ours is a voluntary tax system .PERIOD 
</s>
<s.WSJ900404-0137-2.1.2>
More important ,COMMA it is a  
complex tax system .PERIOD 
</s>
<s.WSJ900404-0137-2.1.3>
Taxpayers ,COMMA especially those in business  ,COMMA 
must by necessity enlist the aid of professional tax  
preparers to report their income .PERIOD 
</s>
<s.WSJ900404-0137-2.1.4>
While a professional cannot  
force a client to take advice ,COMMA it seems obvious that most  
clients do .PERIOD 
</s>
<s.WSJ900404-0137-2.1.5>
If the I. R. S. continues its insidious practice of  
hiring professionals as moles ,COMMA no one in his right mind would  
trust his accountant .PERIOD 
</s>
<s.WSJ900404-0137-2.1.6>
Does the I. R. S. think that its collections  
would increase if more individuals prepared their own  
returns ?QUESTION-MARK 
</s>
<s.WSJ900404-0137-2.1.7>
Get real  !EXCLAMATION-POINT 
</s>
</p>
<p.WSJ900404-0137-2.2>
<s.WSJ900404-0137-2.2.1>
Michael Orth ,COMMA the assistant regional commissioner in your  
article ,COMMA confuses patriots with mercenaries and informants  
with snitches .PERIOD 
</s>
<s.WSJ900404-0137-2.2.2>
James Checksfield betrayed a position of  
trust .PERIOD 
</s>
<s.WSJ900404-0137-2.2.3>
He is no patriot .PERIOD 
</s>
<s.WSJ900404-0137-2.2.4>
He is a snitch .PERIOD 
</s>
<s.WSJ900404-0137-2.2.5>
If Mr.  Orth does not  
understand either character ,COMMA he need only ask any  
sixth -HYPHEN grader  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-2.3>
<s.WSJ900404-0137-2.3.1>
Robert P. Flaherty Junior   .PERIOD 
</s>
</p>
<p.WSJ900404-0137-2.4>
<s.WSJ900404-0137-2.4.1>
Boston  
</s>
</p>
<p.WSJ900404-0137-3.1>
<s.WSJ900404-0137-3.1.1>
CPAs work hard to earn the confidence of the public ,COMMA and  
integrity is the hallmark of our practice .PERIOD 
</s>
<s.WSJ900404-0137-3.1.2>
If our clients  
cannot entrust us with the integrity of their personal  
finances ,COMMA often their financial plans and problems ,COMMA what is  
our purpose ?QUESTION-MARK 
</s>
<s.WSJ900404-0137-3.1.3>
Communications between clients and accountants  
should be protected as confidential .PERIOD 
</s>
<s.WSJ900404-0137-3.1.4>
And no C. P. A. worth his  
salt should violate the ethical standards that we profess  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-3.2>
<s.WSJ900404-0137-3.2.1>
Edward Johnston ,COMMA C. P. A.  
</s>
</p>
<p.WSJ900404-0137-3.3>
<s.WSJ900404-0137-3.3.1>
West Hempstead ,COMMA N. Y.  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-4.1>
<s.WSJ900404-0137-4.1.1>
I truly believe that the problems depicted in your article  
can be resolved by placing a reporting burden on the  
accounting profession much like the congressional mandate for  
drug -HYPHEN money laundering within the banking industry .PERIOD 
</s>
<s.WSJ900404-0137-4.1.2>
Banks  
report unusual financial transactions that fall into suspect  
parameters to U. S. authorities .PERIOD 
</s>
<s.WSJ900404-0137-4.1.3>
For a time ,COMMA as a banker ,COMMA I  
resented this so -HYPHEN called "DOUBLE-QUOTE social obligation "DOUBLE-QUOTE because I  
couldn't believe a banker could knowingly aid such illegal  
activities .PERIOD 
</s>
<s.WSJ900404-0137-4.1.4>
Anyone who can read now knows such activity did  
occur knowingly and was widespread .PERIOD 
</s>
<s.WSJ900404-0137-4.1.5>
Is there a correlation  ?QUESTION-MARK 
</s>
<s.WSJ900404-0137-4.1.6>
Maybe yes ,COMMA maybe no .PERIOD 
</s>
<s.WSJ900404-0137-4.1.7>
However ,COMMA I believe the accounting  
industry and the I. R. S. must avoid any sanctimonious attitude  
and resolve the issues through congressional action similar  
to the drug -HYPHEN money -HYPHEN laundering legislation  .PERIOD 
</s>
</p>
<p.WSJ900404-0137-4.2>
<s.WSJ900404-0137-4.2.1>
Norman L. Schultz  
</s>
</p>
<p.WSJ900404-0137-4.3>
<s.WSJ900404-0137-4.3.1>
Chairman and President  
</s>
</p>
<p.WSJ900404-0137-4.4>
<s.WSJ900404-0137-4.4.1>
First National Bank of Effingham  
</s>
</p>
<p.WSJ900404-0137-4.5>
<s.WSJ900404-0137-4.5.1>
Effingham ,COMMA Ill  .PERIOD 
</s>
</p>
<p.WSJ900404-0136-1.1>
<s.WSJ900404-0136-1.1.1>
S. A. G. I. N. A. W. ,COMMA Mich .PERIOD 
</s>
<s.WSJ900404-0136-1.1.2>
--DASH Wolohan Lumber Company  said March sales rose  
fourteen %PERCENT to twenty .POINT three million dollars from seventeen .POINT eight million dollars a year ago  .PERIOD 
</s>
<s.WSJ900404-0136-1.1.3>
Same -HYPHEN store sales increased ten %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0136-1.2>
<s.WSJ900404-0136-1.2.1>
Sales for the first three months of nineteen ninety rose eight .POINT four %PERCENT to  
fifty three .POINT one million dollars from forty nine million dollars ,COMMA with same -HYPHEN store sales up five %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0136-1.3>
<s.WSJ900404-0136-1.3.1>
Wolohan operates forty nine lumber and building material retail  
stores ,COMMA mainly in the Midwest  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.1>
<s.WSJ900404-0135-1.1.1>
N. E. W. Y. O. R. K. --DASH Middle Eastern buying lifted gold prices ,COMMA but  
by far less a degree than Middle Eastern selling sent gold  
reeling a little more than a week ago  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.2>
<s.WSJ900404-0135-1.2.1>
June delivery gold ended with a gain of five dollars and sixty cents an ounce at  
three hundred and eighty dollars and ten cents after rising as much as seven dollars and ninety cents in early trading .PERIOD 
</s>
<s.WSJ900404-0135-1.2.2>
May  
silver rose in sympathy ,COMMA advancing six cents an ounce to  
five dollars and oh three cents eighty .PERIOD 
</s>
<s.WSJ900404-0135-1.2.3>
July platinum rose four dollars and ninety cents an ounce to four hundred and eighty three dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.3>
<s.WSJ900404-0135-1.3.1>
"DOUBLE-QUOTE It was a market that was ready to rebound ,COMMA "DOUBLE-QUOTE said Jeffrey  
Nichols ,COMMA president of A. P. M. A. (LEFT-PAREN Canada )RIGHT-PAREN Limited  of Toronto  ,COMMA 
explaining why prices shot up in reaction to estimated  
purchases of only twenty five thousand ounces of gold in London  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.4>
<s.WSJ900404-0135-1.4.1>
That quantity was infinitesimal compared with as much as  
four million ounces that were thought to have been sold on  
March twenty six ,COMMA when gold plunged nearly thirty dollars ,COMMA Mr.  Nichols noted .PERIOD 
</s>
<s.WSJ900404-0135-1.4.2>
A  
contributing factor to yesterday's advance was that many  
futures traders bought back contracts they had sold last week  
in anticipation of prices falling further ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.5>
<s.WSJ900404-0135-1.5.1>
Some support for gold may come out of the scheduled  
meeting of the seven major industrial nations this weekend in  
Paris ,COMMA where means to curb the strength in the dollar  
certainly will be discussed ,COMMA Mr.  Nichols said  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.6>
<s.WSJ900404-0135-1.6.1>
Also ,COMMA he noted ,COMMA there were reports that Japanese monetary  
authorities were putting pressure on institutions to  
repatriate funds and use them to support the yen  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.7>
<s.WSJ900404-0135-1.7.1>
Both of these factors would be positive for gold because  
the strong dollar has kept gold under pressure ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.8>
<s.WSJ900404-0135-1.8.1>
Despite these potential bullish elements and yesterday's  
comeback ,COMMA Mr.  Nichols noted ,COMMA "DOUBLE-QUOTE the market still bears the  
psychological scars of last week's hit and the general  
consensus is that it has a long way to go to regain the  
confidence it had at that time .PERIOD 
</s>
<s.WSJ900404-0135-1.8.2>
My feeling is that it's still  
vulnerable to further selling and declines .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0135-1.9>
<s.WSJ900404-0135-1.9.1>
Contributing to this weak condition is the lack of recent  
support from the Far East ,COMMA Mr.  Nichols said .PERIOD 
</s>
<s.WSJ900404-0135-1.9.2>
"DOUBLE-QUOTE Far Eastern  
demand for gold ,COMMA principally from Japan ,COMMA was a major  
price -HYPHEN strengthening influence last year .PERIOD 
</s>
<s.WSJ900404-0135-1.9.3>
This has been absent  
for the past two months as many investors have liquidated  
holdings to cover losses in equities .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0135-1.10>
<s.WSJ900404-0135-1.10.1>
Also ,COMMA he said that the weakening yen has resulted in  
higher yen -HYPHEN denominated gold prices ,COMMA which damped demand for  
the metal  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.11>
<s.WSJ900404-0135-1.11.1>
In the wake of last week's sales ,COMMA Nauman Barakat ,COMMA first  
vice president of Shearson Lehman Hutton ,COMMA New York ,COMMA noted  
that "DOUBLE-QUOTE it wouldn't be out of character "DOUBLE-QUOTE for Middle Eastern  
traders to sell the market in anticipation of buying gold  
back later at lower prices .PERIOD 
</s>
<s.WSJ900404-0135-1.11.2>
Is that what happened yesterday  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0135-1.12>
<s.WSJ900404-0135-1.12.1>
"DOUBLE-QUOTE Well ,COMMA it would appear that way ,COMMA "DOUBLE-QUOTE Mr.  Barakat said .PERIOD 
</s>
<s.WSJ900404-0135-1.12.2>
"DOUBLE-QUOTE It is  
their custom to trade along those lines .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0135-1.13>
<s.WSJ900404-0135-1.13.1>
Another analyst attributed even more devious motives to  
the buying .PERIOD 
</s>
<s.WSJ900404-0135-1.13.2>
"DOUBLE-QUOTE I wouldn't be surprised at all if Middle Eastern  
traders are buying to strengthen the market so they can sell  
gold again from a higher level ,COMMA "DOUBLE-QUOTE said William O'Neill ,COMMA vice  
president of research for Elders Futures Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.14>
<s.WSJ900404-0135-1.14.1>
A more likely scenario ,COMMA Mr.  O'Neill said ,COMMA "DOUBLE-QUOTE is that if  
these buyers don't follow up with more demand ,COMMA the market  
will give up the gains .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0135-1.15>
<s.WSJ900404-0135-1.15.1>
If the Middle Eastern buying has done nothing else ,COMMA he  
said ,COMMA "DOUBLE-QUOTE it's taken the focus away from the dollar for the  
moment .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0135-1.15.2>
Yesterday ,COMMA the dollar was mixed against major  
currencies  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.16>
<s.WSJ900404-0135-1.16.1>
In other commodity markets yesterday  :COLON 
</s>
</p>
<p.WSJ900404-0135-1.17>
<s.WSJ900404-0135-1.17.1>
C. O. P. P. E. R. :COLON Futures prices rose on rumors that there had been  
a landslide near a major copper mine in Chile .PERIOD 
</s>
<s.WSJ900404-0135-1.17.2>
The May  
delivery gained three .POINT nine five cents a pound to one dollars and twenty four cents eighty five ,COMMA after trading  
at a new life -HYPHEN of -HYPHEN contract high of one dollars and twenty five cents .PERIOD 
</s>
<s.WSJ900404-0135-1.17.3>
Analysts said the  
reports of the landslide near the El Teniente mine couldn't  
be confirmed ,COMMA but one analyst noted that the geological  
character of the area where the mine is located is unstable  
and that a landslide was possible .PERIOD 
</s>
<s.WSJ900404-0135-1.17.4>
Fundamentally ,COMMA though  ,COMMA 
analysts said ,COMMA the market continues to be supported by strong  
demand for copper and tight supplies .PERIOD 
</s>
<s.WSJ900404-0135-1.17.5>
A rally in the New York  
stock market was also a positive factor for copper because it  
helped traders to take a more optimistic view of the U. S.  
economy and continuing demand for the metal  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.18>
<s.WSJ900404-0135-1.18.1>
E. N. E. R. G. Y. :COLON The first day of trading in the new natural gas  
contract on the New York Mercantile Exchange was a busy one  
--DASH and volatile .PERIOD 
</s>
<s.WSJ900404-0135-1.18.2>
Both traders and exchange officials were  
enthusiastic .PERIOD 
</s>
<s.WSJ900404-0135-1.18.3>
"DOUBLE-QUOTE The opening was very positive ,COMMA "DOUBLE-QUOTE said Eric  
Bolling of Edge Trading Corporation  .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0135-1.18.4>
Initial activity validates our  
research and development that points to a promising future  
for natural gas futures ,COMMA "DOUBLE-QUOTE said Z. Lou Guttman ,COMMA chairman of  
the exchange board .PERIOD 
</s>
<s.WSJ900404-0135-1.18.5>
There were nine hundred and twenty five contracts traded ,COMMA about  
double expectations .PERIOD 
</s>
<s.WSJ900404-0135-1.18.6>
Each contract unit contains ten thousand  
million British thermal units of gas ,COMMA or some ten million  
cubic feet .PERIOD 
</s>
<s.WSJ900404-0135-1.18.7>
Initial prices also were slightly higher than had  
been expected .PERIOD 
</s>
<s.WSJ900404-0135-1.18.8>
Trading opened for the June contract at one dollars and sixty cents  
for one million BTUs ,COMMA higher than the spot price of one dollars and forty six cents or  
one dollars and forty seven cents .PERIOD 
</s>
<s.WSJ900404-0135-1.18.9>
It settled at one dollars and sixty three cents five after reaching the day's high of  
one dollars and sixty five cents five .PERIOD 
</s>
<s.WSJ900404-0135-1.18.10>
As for the potential of gas futures ,COMMA "DOUBLE-QUOTE it's going to  
take time ,COMMA but the interest is there ,COMMA "DOUBLE-QUOTE said Christopher Bray  ,COMMA 
a trader with PaineWebber Energy ,COMMA Boston ,COMMA which was among  
those claiming to have made the first sale of the new  
contract within seconds of the opening bell  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.19>
<s.WSJ900404-0135-1.19.1>
C. O. C. O. A. :COLON Futures prices rose sharply on reports that  
Nigeria ,COMMA one of the world's major cocoa producers ,COMMA might  
change its cocoa export policy .PERIOD 
</s>
<s.WSJ900404-0135-1.19.2>
The May contract rose fifty two dollars a  
metric ton to twelve fifteen dollars .PERIOD 
</s>
<s.WSJ900404-0135-1.19.3>
Reports continued to circulate that  
Nigeria was considering banning exports of raw cocoa beans as  
of January  one ,COMMA nineteen ninety one ,COMMA in favor of shipping finished products such  
as cocoa butter and liquor ,COMMA which are used in the manufacture  
of chocolate ,COMMA according to Sandra Kaul ,COMMA analyst for Shearson  
Lehman Hutton in New York .PERIOD 
</s>
<s.WSJ900404-0135-1.19.4>
"DOUBLE-QUOTE This news was seized upon by  
traders to justify concern about the availability of cocoa in  
the wake of a price rally to about a nine -HYPHEN month high from a  
fourteen -HYPHEN year low of nine hundred dollars a ton last fall ,COMMA "DOUBLE-QUOTE Ms.  Kaul said .PERIOD 
</s>
<s.WSJ900404-0135-1.19.5>
Nigeria  
is unlikely to implement such a policy because its processing  
capacity isn't able to handle its whole crop ,COMMA she said  .PERIOD 
</s>
<s.WSJ900404-0135-1.19.6>
Prices have risen recently because the industry is between  
main and midcrop harvest seasons ,COMMA and with most of the main  
crop supplies already sold producers have very little cocoa  ,COMMA 
according to Ms.  Kaul .PERIOD 
</s>
<s.WSJ900404-0135-1.19.7>
Also a price -HYPHEN firming factor ,COMMA she  
noted ,COMMA was that the International Cocoa Agreement has been  
extended for another two years ,COMMA eliminating the prospect that  
the agreement's two hundred and fifty thousand -HYPHEN ton buffer stock of cocoa beans would  
be dumped on the market .PERIOD 
</s>
<s.WSJ900404-0135-1.19.8>
James Roemer ,COMMA meteorologist for  
Weather Trades Incorporated  ,COMMA of Des Moines ,COMMA Iowa ,COMMA noted that dry  
weather in the Bahia cocoa -HYPHEN growing area of Brazil had caused  
trade companies there to reduce their mid -HYPHEN crop forecasts and  
that West African cocoa -HYPHEN growing areas have had only a quarter  
of their normal rainfall in the past two months .PERIOD 
</s>
<s.WSJ900404-0135-1.19.9>
Also ,COMMA he  
noted ,COMMA there has been some warming of ocean waters in the  
central Pacific Ocean off the coasts of Chile and Peru ,COMMA a  
phenomenon known as "DOUBLE-QUOTE El Nino .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0135-1.19.10>
Historically ,COMMA the warming of  
these waters has caused dry spells and droughts in Brazil and  
in the West African cocoa -HYPHEN growing areas ,COMMA such as the Ivory  
Coast ,COMMA Nigeria ,COMMA and Cameroon ,COMMA Mr.  Roemer noted .PERIOD 
</s>
<s.WSJ900404-0135-1.19.11>
The critical  
growing period for cocoa in that area of Africa is between  
May and September ,COMMA he said .PERIOD 
</s>
<s.WSJ900404-0135-1.19.12>
The possibility that El Nino may  
be forming isn't a major factor now ,COMMA "DOUBLE-QUOTE but it bears close  
watching ,COMMA "DOUBLE-QUOTE he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0135-1.20>
<s.WSJ900404-0135-1.20.1>
G. R. A. I. N. S. and S. O. Y. B. E. A. N. S. :COLON Prices of soybean futures contracts  
rebounded from Monday's sharp retreat .PERIOD 
</s>
<s.WSJ900404-0135-1.20.2>
Soybean prices had  
slipped Monday in the wake of a government report that U. S.  
soybean farmers intend to plant more acres this spring than  
expected by grain traders .PERIOD 
</s>
<s.WSJ900404-0135-1.20.3>
A short -HYPHEN covering rally late  
yesterday helped push up soybean prices .PERIOD 
</s>
<s.WSJ900404-0135-1.20.4>
The rally spilled  
over from the corn pit ,COMMA where the prices of corn contracts  
for delivery next year hit new life -HYPHEN of -HYPHEN contract highs .PERIOD 
</s>
<s.WSJ900404-0135-1.20.5>
Prices  
of wheat futures contracts also rose  .PERIOD 
</s>
</p>
<p.WSJ900404-0134-1.1>
<s.WSJ900404-0134-1.1.1>
C. H. I. C. A. G. O. --DASH Midway Airlines said March traffic rose fifty seven %PERCENT to  
four hundred and ninety three .POINT two million revenue passenger miles from three hundred and fourteen .POINT eight million in  
the year -HYPHEN ago period  .PERIOD 
</s>
</p>
<p.WSJ900404-0134-1.2>
<s.WSJ900404-0134-1.2.1>
A revenue passenger mile is one paying passenger flown one  
mile  .PERIOD 
</s>
</p>
<p.WSJ900404-0134-1.3>
<s.WSJ900404-0134-1.3.1>
The carrier said its March load factor ,COMMA or percentage of  
seats filled ,COMMA increased to sixty seven .POINT three %PERCENT from sixty one .POINT one %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0134-1.4>
<s.WSJ900404-0134-1.4.1>
For the year to date ,COMMA traffic rose fifty three %PERCENT to one .POINT two six billion  
revenue passenger miles from eight hundred and twenty one .POINT three million  .PERIOD 
</s>
</p>
<p.WSJ900404-0134-1.5>
<s.WSJ900404-0134-1.5.1>
The carrier said its year -HYPHEN to -HYPHEN date load factor rose to  
sixty one .POINT seven %PERCENT from fifty five .POINT seven %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0133-1.1>
<s.WSJ900404-0133-1.1.1>
F. R. A. N. K. F. U. R. T. ,COMMA West Germany --DASH West Germany's overall trade  
surplus narrowed to ten .POINT six three billion marks (LEFT-PAREN six .POINT two five billion dollars )RIGHT-PAREN in  
February from twelve .POINT eight three billion marks in January ,COMMA the Federal  
Statistics Office said  .PERIOD 
</s>
</p>
<p.WSJ900404-0133-1.2>
<s.WSJ900404-0133-1.2.1>
The surplus in the current international payments account  ,COMMA 
which includes trade in goods and services plus some  
unilateral transfers ,COMMA slimmed to a preliminary eight .POINT three billion  
marks from a revised ten .POINT two billion marks a month earlier ,COMMA the  
office added  .PERIOD 
</s>
</p>
<p.WSJ900404-0133-1.3>
<s.WSJ900404-0133-1.3.1>
The January current account had originally been reported  
at ten .POINT eight billion marks  .PERIOD 
</s>
</p>
<p.WSJ900404-0133-1.4>
<s.WSJ900404-0133-1.4.1>
The February trade and current -HYPHEN account surpluses also  
narrowed from their respective year -HYPHEN earlier levels of eleven .POINT four  
billion marks and eight .POINT five billion marks  .PERIOD 
</s>
</p>
<p.WSJ900404-0132-1.1>
<s.WSJ900404-0132-1.1.1>
P. R. O. V. I. D. E. N. C. E. ,COMMA R. I. --DASH Textron Incorporated  said it plans to  
repurchase up to five million of its eighty nine million common shares  
outstanding  .PERIOD 
</s>
</p>
<p.WSJ900404-0132-1.2>
<s.WSJ900404-0132-1.2.1>
The aerospace ,COMMA commercial products and financial services  
concern said the purchases will be made from time to time in  
open market or other transactions  .PERIOD 
</s>
</p>
<p.WSJ900404-0131-1.1>
<s.WSJ900404-0131-1.1.1>
A. M. S. T. E. R. D. A. M. --DASH Dutch industrial sales rose by five %PERCENT in the  
fourth quarter of nineteen eighty nine from the year -HYPHEN ago period ,COMMA according to  
the Dutch state Central Bureau of Statistics  .PERIOD 
</s>
</p>
<p.WSJ900404-0131-1.2>
<s.WSJ900404-0131-1.2.1>
The bureau attributed fifty %PERCENT of the rise in sales directly to  
higher prices charged in the latest quarter .PERIOD 
</s>
<s.WSJ900404-0131-1.2.2>
Higher prices  
were particularly evident in exports and accounted for seventy %PERCENT of  
the increase in export sales while domestic price rises  
accounted for only thirty %PERCENT of the increase in domestic sales  .PERIOD 
</s>
</p>
<p.WSJ900404-0131-1.3>
<s.WSJ900404-0131-1.3.1>
The Dutch petroleum industry alone accounted for thirty three %PERCENT of  
the increase in industrial sales in the fourth quarter ,COMMA with  
twothirds of the increase coming directly from higher prices  .PERIOD 
</s>
</p>
<p.WSJ900404-0130-1.1>
<s.WSJ900404-0130-1.1.1>
N. E. W. Y. O. R. K. --DASH Prudential -HYPHEN Bache Securities Incorporated  hired the  
third person in a year to head its institutional  
stock -HYPHEN trading desk  .PERIOD 
</s>
</p>
<p.WSJ900404-0130-1.2>
<s.WSJ900404-0130-1.2.1>
Martin Brophy ,COMMA forty seven years old ,COMMA joined the firm this week as  
head of equity capital commitment .PERIOD 
</s>
<s.WSJ900404-0130-1.2.2>
He was hired by Edward  
Braniff ,COMMA president of the firm's equity division .PERIOD 
</s>
<s.WSJ900404-0130-1.2.3>
Mr.  Brophy  
previously worked at U. B. S. Securities Incorporated  as a block trader  .PERIOD 
</s>
</p>
<p.WSJ900404-0130-1.3>
<s.WSJ900404-0130-1.3.1>
Prior to Mr.  Brophy ,COMMA the big securities firm's equity desk  
was run by Philip Puccio .PERIOD 
</s>
<s.WSJ900404-0130-1.3.2>
Mr.  Puccio resigned from the firm  
in early March to join another brokerage concern .PERIOD 
</s>
<s.WSJ900404-0130-1.3.3>
He had  
succeeded Dan Marciano ,COMMA who resigned from the firm last May  
after the firm said he and another trader violated the firm's  
trading policies  .PERIOD 
</s>
</p>
<p.WSJ900404-0130-1.4>
<s.WSJ900404-0130-1.4.1>
Prudential -HYPHEN Bache Securities Incorporated  is a division of  
Prudential Insurance Company  of America  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.1>
<s.WSJ900404-0129-1.1.1>
M. O. S. C. O. W. --DASH The battle of nerves over Lithuania's  
declaration of independence is giving way to more subtle  
diplomatic moves as both Moscow and the rebel Baltic state  
edge toward compromise  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.2>
<s.WSJ900404-0129-1.2.1>
In the latest sign that the three -HYPHEN week -HYPHEN old deadlock is  
easing ,COMMA a delegation of Lithuanian leaders held talks in  
Moscow last night with Alexander Yakovlev ,COMMA a Politburo member  
and confidant of Soviet President Mikhail Gorbachev .PERIOD 
</s>
<s.WSJ900404-0129-1.2.2>
Details  
of the discussion aren't known ,COMMA but the meeting marked the  
first time the two sides have sat down together since  
Lithuania declared its independence March eleven  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.3>
<s.WSJ900404-0129-1.3.1>
"DOUBLE-QUOTE The most important thing is to attempt to have a  
dialogue ,COMMA "DOUBLE-QUOTE said Egidius Bickauskas ,COMMA the head of Lithuania's  
representative office in Moscow ,COMMA who announced that the talks  
were under way  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.4>
<s.WSJ900404-0129-1.4.1>
Following a show of strength by Moscow ,COMMA which has used  
troops to occupy buildings owned by the Soviet Communist  
Party and round up army deserters ,COMMA Lithuania says it is  
anxious to defuse the crisis and negotiate a peaceful  
secession from the U. S. S. R. .PERIOD 
</s>
<s.WSJ900404-0129-1.4.2>
The republic ,COMMA along with its  
Baltic neighbors of Latvia and Estonia ,COMMA was forcibly  
incorporated into the Soviet Union in nineteen forty following a secret  
agreement between Stalin and Hitler  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.5>
<s.WSJ900404-0129-1.5.1>
Despite the use of troops ,COMMA the Kremlin has ruled out force  
to crush the rebellion .PERIOD 
</s>
<s.WSJ900404-0129-1.5.2>
Mr.  Gorbachev himself strongly hinted  
at a possible compromise in an appeal to the Lithuanian  
Parliament issued on Saturday .PERIOD 
</s>
<s.WSJ900404-0129-1.5.3>
He held out the prospect of  
talks "DOUBLE-QUOTE on the entire range of problems "DOUBLE-QUOTE on condition that the  
republic annuls "DOUBLE-QUOTE the illegal acts it has adopted .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0129-1.5.4>
In  
Washington ,COMMA meanwhile ,COMMA Soviet Foreign Minister Eduard A.  
Shevardnadze said yesterday on his arrival for talks with  
U. S. leaders that Moscow wants an "DOUBLE-QUOTE honest dialogue "DOUBLE-QUOTE with  
Lithuania to resolve the crisis  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.6>
<s.WSJ900404-0129-1.6.1>
But Soviet officials insist it is up to Lithuania to make  
the next move .PERIOD 
</s>
<s.WSJ900404-0129-1.6.2>
And Mr.  Gorbachev is moving fast to set stiff  
conditions for republics seeking to secede from the Soviet  
Union .PERIOD 
</s>
<s.WSJ900404-0129-1.6.3>
The Soviet Parliament yesterday rushed through a new  
law that could stall or delay secession attempts  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.7>
<s.WSJ900404-0129-1.7.1>
The law stipulates that a decision to secede must be taken  
by a two -HYPHEN thirds majority of residents in the republic voting  
in a referendum .PERIOD 
</s>
<s.WSJ900404-0129-1.7.2>
If a republic clears that hurdle ,COMMA the  
timetable for secession must then be approved by the Soviet  
Congress of People's Deputies ,COMMA the highest legislative body  .PERIOD 
</s>
<s.WSJ900404-0129-1.7.3>
The law envisages a transition period of up to five years  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.8>
<s.WSJ900404-0129-1.8.1>
Lithuania's deputy prime minister ,COMMA Romualdas Ozolas ,COMMA told  
reporters before meeting Mr.  Yakovlev that the republic is  
ready to compromise on anything except independence itself  .PERIOD 
</s>
<s.WSJ900404-0129-1.8.2>
In his appeal ,COMMA Mr.  Gorbachev didn't explicitly mention  
annulling the declaration of independence ,COMMA which has been  
ruled illegal by the Soviet Parliament .PERIOD 
</s>
<s.WSJ900404-0129-1.8.3>
But he and other  
officials have expressed public anger at a series of measures  
approved by Lithuania that deliberately violate Soviet law  ,COMMA 
including the establishment of a volunteer force and the  
blacking out of some Soviet T. V. shows  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.9>
<s.WSJ900404-0129-1.9.1>
The Lithuanian Parliament is expected to issue its reply  
to Mr.  Gorbachev's appeal today ,COMMA following a rally in  
Vilnius ,COMMA the republic's capital .PERIOD 
</s>
<s.WSJ900404-0129-1.9.2>
It remains unclear how  
conciliatory the reply will be ,COMMA and whether Lithuania is now  
ready to suspend or amend some of the laws it has passed  
since March eleven  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.10>
<s.WSJ900404-0129-1.10.1>
Despite its agreement to meet Lithuanian leaders ,COMMA Moscow  
has not yet eased the pressure it is putting on the republic  .PERIOD 
</s>
<s.WSJ900404-0129-1.10.2>
The Tass news agency again denounced Sajudis ,COMMA the Lithuanian  
nationalist movement that dominates the republic's  
Parliament ,COMMA accusing it of using methods that run counter to  
democracy and pluralism .PERIOD 
</s>
<s.WSJ900404-0129-1.10.3>
Soviet authorities closed the  
Lithuanian border to Poland .PERIOD 
</s>
<s.WSJ900404-0129-1.10.4>
And the small Lithuanian  
Communist Party that remains loyal to Moscow barred Sajudis  
from continuing to use its printing presses for the  
movement's four newspapers .PERIOD 
</s>
<s.WSJ900404-0129-1.10.5>
Sajudis immediately protested  
that the move violates contracts it has signed with the  
Communist Party publishing house  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.11>
<s.WSJ900404-0129-1.11.1>
Officials in the other two Baltic states ,COMMA who are closely  
monitoring developments in Lithuania ,COMMA view the strong -HYPHEN arm  
tactics as a warning to them not to follow Lithuania's  
example .PERIOD 
</s>
<s.WSJ900404-0129-1.11.2>
Estonia has already heeded the lesson ,COMMA declaring  
that it is seeking independence after a "DOUBLE-QUOTE transition period .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0129-1.11.3>
Latvia's Parliament is expected to discuss its own path to  
independence early next month  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.12>
<s.WSJ900404-0129-1.12.1>
Although yesterday's new law on secession passed easily  ,COMMA 
deputies from the three Baltic states who attended the  
Parliament session all abstained and several Georgians voted  
against it .PERIOD 
</s>
<s.WSJ900404-0129-1.12.2>
They said that the terms of secession should be  
decided by each republic by itself and through negotiations  
with Moscow ,COMMA and not laid down by the Soviet legislature  .PERIOD 
</s>
<s.WSJ900404-0129-1.12.3>
Nikolai Medvedev ,COMMA a deputy from Lithuania ,COMMA described the new  
legislation as ,COMMA "DOUBLE-QUOTE purely decorative .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0129-1.12.4>
He added :COLON "DOUBLE-QUOTE It's not a  
law on secession ,COMMA it's a law against secession .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0129-1.13>
<s.WSJ900404-0129-1.13.1>
Representatives of the Baltic states believe that Mr.   
Gorbachev ,COMMA for all his bluster ,COMMA will eventually have no  
choice but to negotiate terms of their withdrawal from the  
Soviet Union .PERIOD 
</s>
<s.WSJ900404-0129-1.13.2>
All three republics have been at pains to use  
the Soviet leader's "DOUBLE-QUOTE democracy "DOUBLE-QUOTE campaign to elect radicals to  
parliament who then vote on independence .PERIOD 
</s>
<s.WSJ900404-0129-1.13.3>
Ignoring such votes  
would undermine Mr.  Gorbachev's entire political reform  
program ,COMMA they say  .PERIOD 
</s>
</p>
<p.WSJ900404-0129-1.14>
<s.WSJ900404-0129-1.14.1>
"DOUBLE-QUOTE Sooner or later they will accept it ,COMMA "DOUBLE-QUOTE said Igor Gryazin  ,COMMA 
an Estonian deputy ,COMMA who handed a copy of the Estonian  
Parliament's independence decision to the Kremlin yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.1>
<s.WSJ900404-0128-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH On February  one ,COMMA a group identifying itself as  
"DOUBLE-QUOTE Nevadans for Fair Fuel Economy Standards "DOUBLE-QUOTE sent more than  
ten thousand letters urging Nevada residents to write Democratic  
Sen .PERIOD 
</s>
<s.WSJ900404-0128-1.1.2>
Richard Bryan to oppose the stricter fuel -HYPHEN economy  
standards he was advocating as part of the overhaul of  
clean -HYPHEN air legislation  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.2>
<s.WSJ900404-0128-1.2.1>
At the same time ,COMMA letters from "DOUBLE-QUOTE West Virginians for Fair  
Fuel Economy Standards "DOUBLE-QUOTE were blanketing Democratic Sen .PERIOD 
</s>
<s.WSJ900404-0128-1.2.2>
Jay  
Rockefeller's state ,COMMA in an effort to blunt his support for  
the stricter fuel standards  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.3>
<s.WSJ900404-0128-1.3.1>
The letter -HYPHEN writing ploy was part of a multimillion -HYPHEN dollar  
lobbying effort waged by the auto industry over clean -HYPHEN air  
legislation .PERIOD 
</s>
<s.WSJ900404-0128-1.3.2>
Although none of the recipients could tell from  
the letterheads ,COMMA the real sponsors of the campaign were the  
Big Three auto makers .PERIOD 
</s>
<s.WSJ900404-0128-1.3.3>
They jointly hired a Washington  
consulting firm to direct a so -HYPHEN called "DOUBLE-QUOTE grass -HYPHEN roots "DOUBLE-QUOTE lobbying  
campaign against Sen .PERIOD 
</s>
<s.WSJ900404-0128-1.3.4>
Bryan's fuel -HYPHEN economy -HYPHEN standards  
amendment ,COMMA which was ultimately dropped from the clean -HYPHEN air  
bill  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.4>
<s.WSJ900404-0128-1.4.1>
Other industry coalitions ,COMMA including chemical  
manufacturers and utilities ,COMMA conducted parallel efforts aimed  
at provisions of the legislation that affected them .PERIOD 
</s>
<s.WSJ900404-0128-1.4.2>
More  
than one hundred and fifty different organizations and law firms registered to  
lobby on the issue ,COMMA making this one of the most heavily  
lobbied pieces of legislation in the one hundred and first Congress  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.5>
<s.WSJ900404-0128-1.5.1>
Campaign contributions were among the potent weapons in  
industry's clean -HYPHEN air lobbying arsenal .PERIOD 
</s>
<s.WSJ900404-0128-1.5.2>
Industries involved in  
the clean -HYPHEN air fight have such diverse legislative interests  
that their political -HYPHEN action committees and executives are  
usually active contributors .PERIOD 
</s>
<s.WSJ900404-0128-1.5.3>
But there are signs that the  
clean -HYPHEN air legislation prompted heavier -HYPHEN than -HYPHEN usual campaign  
giving  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.6>
<s.WSJ900404-0128-1.6.1>
"DOUBLE-QUOTE There was so much money on all sides ,COMMA "DOUBLE-QUOTE says Rep .PERIOD 
</s>
<s.WSJ900404-0128-1.6.2>
Mike  
Synar (LEFT-PAREN D. ,COMMA Okla .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0128-1.6.3>
who sits on the House energy panel that  
was the focus of much of the lobbying activity .PERIOD 
</s>
<s.WSJ900404-0128-1.6.4>
"DOUBLE-QUOTE We're  
talking about lobbyists who have put their kids through  
school on this issue we've been dealing with it so long .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0128-1.7>
<s.WSJ900404-0128-1.7.1>
The auto industry put on a showcase effort .PERIOD 
</s>
<s.WSJ900404-0128-1.7.2>
While Chrysler  
Corporation  ,COMMA Ford Motor Company  ,COMMA and General Motors Corporation  each  
maintains a large Washington office staffed with professional  
lobbyists ,COMMA the companies added extra heft with outside  
lawyers and consultants .PERIOD 
</s>
<s.WSJ900404-0128-1.7.3>
Ford ,COMMA for example ,COMMA called on former  
Transportation Secretary William Coleman ,COMMA now a partner at a  
Washington law firm ,COMMA and Lloyd Cutler ,COMMA the Democratic lawyer  
who was White House counsel during the Carter administration  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.8>
<s.WSJ900404-0128-1.8.1>
Some of the lobbying itself became controversial .PERIOD 
</s>
<s.WSJ900404-0128-1.8.2>
Sen  .PERIOD 
</s>
<s.WSJ900404-0128-1.8.3>
Bryan accused the auto makers of coming into his state "DOUBLE-QUOTE under  
false colors "DOUBLE-QUOTE in their letter -HYPHEN writing campaign .PERIOD 
</s>
<s.WSJ900404-0128-1.8.4>
William  
Noack ,COMMA a spokesman for G. M. ,COMMA defended the effort as "DOUBLE-QUOTE a very  
straightforward ,COMMA aboveboard educational program .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0128-1.9>
<s.WSJ900404-0128-1.9.1>
The highly technical nature of most of the clean -HYPHEN air  
provisions drew particularly intensive lobbying ,COMMA much like a  
piece of major tax legislation ,COMMA according to several Capitol  
Hill staff members .PERIOD 
</s>
<s.WSJ900404-0128-1.9.2>
Rep .PERIOD 
</s>
<s.WSJ900404-0128-1.9.3>
Synar believes there was so much  
lobbying on all sides "DOUBLE-QUOTE that it all tended to cancel each  
other out .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0128-1.10>
<s.WSJ900404-0128-1.10.1>
Nobody knows how much was spent on clean -HYPHEN air lobbying and  
nobody ever will ,COMMA since lobbyists are required only to make  
limited disclosures of their fees .PERIOD 
</s>
<s.WSJ900404-0128-1.10.2>
But it almost certainly  
involved tens of millions of dollars .PERIOD 
</s>
<s.WSJ900404-0128-1.10.3>
Just one  
utility -HYPHEN lobbying coalition ,COMMA Citizens for Sensible Control of  
Acid Rain ,COMMA reported collecting more than five hundred thousand dollars from  
industry executives for its nineteen eighty nine efforts ,COMMA according to the  
group's lobbying disclosure  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.11>
<s.WSJ900404-0128-1.11.1>
"DOUBLE-QUOTE This was the Super Bowl of lobbying ,COMMA "DOUBLE-QUOTE says Zoe Schneider  ,COMMA 
who lobbied on clean air for the U. S. .PERIOD 
</s>
<s.WSJ900404-0128-1.11.2>
Public Interest  
Research Group ,COMMA a group affiliated with consumer activist  
Ralph Nader  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.12>
<s.WSJ900404-0128-1.12.1>
It was also a superbowl for campaign fund -HYPHEN raising .PERIOD 
</s>
<s.WSJ900404-0128-1.12.2>
In  
nineteen eighty nine ,COMMA a year in which he didn't face an election ,COMMA Sen .PERIOD 
</s>
<s.WSJ900404-0128-1.12.3>
Carl  
Levin (LEFT-PAREN D. ,COMMA Mich .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0128-1.12.4>
collected seventy two thousand dollars ,COMMA mainly from auto -HYPHEN related  
political -HYPHEN action committees ,COMMA industry executives and others  
involved in the clean -HYPHEN air fight .PERIOD 
</s>
<s.WSJ900404-0128-1.12.5>
In December ,COMMA sixteen Chrysler  
executives ponied up five hundred dollars a head at an industry fund -HYPHEN raiser  
hosted by Chairman Lee Iacocca at the Detroit Club .PERIOD 
</s>
<s.WSJ900404-0128-1.12.6>
Sen  .PERIOD 
</s>
<s.WSJ900404-0128-1.12.7>
Levin ,COMMA in a tough battle for re -HYPHEN election this year ,COMMA was the  
auto industry's point man on clean air  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.13>
<s.WSJ900404-0128-1.13.1>
William Blacklow ,COMMA a spokesman for Sen .PERIOD 
</s>
<s.WSJ900404-0128-1.13.2>
Levin ,COMMA says his  
boss's stands on clean air had nothing to do with his  
campaign contributions .PERIOD 
</s>
<s.WSJ900404-0128-1.13.3>
"DOUBLE-QUOTE The reverse is true ,COMMA "DOUBLE-QUOTE says Mr.   
Blacklow ,COMMA "DOUBLE-QUOTE they contribute because of his stands .PERIOD 
</s>
<s.WSJ900404-0128-1.13.4>
Levin is  
nobody's man but his own .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0128-1.13.5>
The senator's campaign manager  ,COMMA 
Gordon Kerr ,COMMA says Mr.  Iacocca was a longtime supporter of the  
senator and was a co -HYPHEN chairman of his nineteen eighty four campaign .PERIOD 
</s>
<s.WSJ900404-0128-1.13.6>
Sen  .PERIOD 
</s>
<s.WSJ900404-0128-1.13.7>
Levin's auto -HYPHEN industry contributions were also a small  
percentage of the two .POINT seven million dollars he raised for his re -HYPHEN election  
war chest last year  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.14>
<s.WSJ900404-0128-1.14.1>
According to a recent study by Congressional Quarterly  ,COMMA 
members of the House Energy and Commerce Committee collected  
more than six hundred thousand dollars from political -HYPHEN action committees sponsored  
by one hundred and ten industries involved in the clean -HYPHEN air fight .PERIOD 
</s>
<s.WSJ900404-0128-1.14.2>
This  
represented a fifty five %PERCENT increase above the amounts these same  
lawmakers received in nineteen eighty seven ,COMMA the last non -HYPHEN election year  .PERIOD 
</s>
</p>
<p.WSJ900404-0128-1.15>
<s.WSJ900404-0128-1.15.1>
Rep .PERIOD 
</s>
<s.WSJ900404-0128-1.15.2>
Synar ,COMMA a member of the panel who doesn't accept P. A. C.  
contributions ,COMMA says such contributions "DOUBLE-QUOTE do not buy amendments  
or votes .PERIOD 
</s>
<s.WSJ900404-0128-1.15.3>
They buy access .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0128-1.15.4>
However ,COMMA the Oklahoma Democrat  
said nobody needed to buy access on the clean -HYPHEN air bill  .PERIOD 
</s>
<s.WSJ900404-0128-1.15.5>
"DOUBLE-QUOTE Members were diligently trying to hear from all sides  
anyway .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0127-1.1>
<s.WSJ900404-0127-1.1.1>
Competition in the auto industry can be pretty  
freewheeling  .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.2>
<s.WSJ900404-0127-1.2.1>
But even some internationally savvy auto executives were  
rattled last week when they began receiving promotional  
material for a new South American car with five -HYPHEN wheel drive  .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.3>
<s.WSJ900404-0127-1.3.1>
For three consecutive days ,COMMA the officials received Federal  
Express packages containing copies of ads for the Caballo X. L.  .PERIOD 
</s>
<s.WSJ900404-0127-1.3.2>
The text described how the "DOUBLE-QUOTE world's first and only five -HYPHEN wheel  
drive "DOUBLE-QUOTE car "DOUBLE-QUOTE integrated the steering wheel to the seat  "DOUBLE-QUOTE 
eliminating "DOUBLE-QUOTE all of the bone -HYPHEN shattering vibrations that can  
rob "DOUBLE-QUOTE drivers of control  .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.4>
<s.WSJ900404-0127-1.4.1>
The ads also included nature scenes not unlike Nissan  
Motor Company  'SINGLE-QUOTE s. Infiniti ads ,COMMA and an illustration of an  
attractive red coupe  .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.5>
<s.WSJ900404-0127-1.5.1>
An accompanying letter from "DOUBLE-QUOTE Hoffman York P. L. C. ,COMMA a  
world -HYPHEN wide marketing resource ,COMMA "DOUBLE-QUOTE ominously warned that the  
South American model "DOUBLE-QUOTE is really aimed at the United States .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0127-1.6>
<s.WSJ900404-0127-1.6.1>
That was all some of the executives needed to sit up and  
take notice .PERIOD 
</s>
<s.WSJ900404-0127-1.6.2>
"DOUBLE-QUOTE We literally thought ,COMMA `SINGLE-QUOTE not another {LEFT-BRACE competitor  }RIGHT-BRACE 
coming in ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE says George Garbutt ,COMMA vice president and general  
manager of Maserati Automobiles Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.7>
<s.WSJ900404-0127-1.7.1>
Officials at Infiniti reasoned that if Yugoslavia could  
sell cars in the U. S. ,COMMA why not Argentina ?QUESTION-MARK 
</s>
<s.WSJ900404-0127-1.7.2>
And Tony Kirton  ,COMMA 
Audi of America's marketing director ,COMMA says ,COMMA "DOUBLE-QUOTE I looked at it  
and wondered if this {LEFT-BRACE technology }RIGHT-BRACE really works .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0127-1.7.3>
To find out  ,COMMA 
he immediately shipped the information to Audi's product  
planners for investigation  .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.8>
<s.WSJ900404-0127-1.8.1>
He needn't have bothered .PERIOD 
</s>
<s.WSJ900404-0127-1.8.2>
Earlier this week ,COMMA letters from  
Hoffman York &AMPERSAND Compton ,COMMA a small Milwaukee advertising firm  ,COMMA 
began arriving on the desks of the fifty six auto executives who  
received the packages .PERIOD 
</s>
<s.WSJ900404-0127-1.8.3>
The letters explained that Hoffman  
York ,COMMA which has had trouble lining up a car account ,COMMA wanted  
to prove it could play in the big leagues .PERIOD 
</s>
<s.WSJ900404-0127-1.8.4>
So it dreamed up a  
car and bogus ads for an April Fool's hoax  .PERIOD 
</s>
</p>
<p.WSJ900404-0127-1.9>
<s.WSJ900404-0127-1.9.1>
"DOUBLE-QUOTE Everybody is interested in what a competitor is doing  ,COMMA "DOUBLE-QUOTE 
explains Tom Jordan ,COMMA Hoffman York's creative director .PERIOD 
</s>
<s.WSJ900404-0127-1.9.2>
"DOUBLE-QUOTE We  
figured that if we could convince real auto makers about the  
existence of a car they'd never heard of before we might win  
some business .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0127-1.10>
<s.WSJ900404-0127-1.10.1>
Some of the executives concede they were impressed ,COMMA if not  
swayed to switch accounts .PERIOD 
</s>
<s.WSJ900404-0127-1.10.2>
"DOUBLE-QUOTE Interesting ads ,COMMA interesting  
pitch ,COMMA interesting car ,COMMA "DOUBLE-QUOTE says Joseph Hickey  ,COMMA 
corporate -HYPHEN advertising director for Chrysler Corporation  .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0127-1.10.3>
Too bad  
all of our agencies are already hard at work for us .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0126-1.1>
<s.WSJ900404-0126-1.1.1>
F. A. I. R. F. I. E. L. D. ,COMMA Conn .PERIOD 
</s>
<s.WSJ900404-0126-1.1.2>
--DASH General Electric Company  said it named  
Stephen D. Ramsey ,COMMA a Washington ,COMMA D. C. ,COMMA environmental lawyer  
and former head of the Justice Department's  
environmental -HYPHEN enforcement unit ,COMMA as vice president ,COMMA corporate  
environmental programs  .PERIOD 
</s>
</p>
<p.WSJ900404-0126-1.2>
<s.WSJ900404-0126-1.2.1>
Mr.  Ramsey ,COMMA forty two years old ,COMMA succeeds W. Roger Strelow ,COMMA forty six  ,COMMA 
who left to join Bechtel Corporation  as vice president of its  
environmental programs  .PERIOD 
</s>
</p>
<p.WSJ900404-0126-1.3>
<s.WSJ900404-0126-1.3.1>
G. E. said Mr.  Ramsey will be in charge of ensuring  
"DOUBLE-QUOTE consistent state -HYPHEN of -HYPHEN the -HYPHEN art "DOUBLE-QUOTE environmental practices across  
its thirteen businesses in the U. S. and abroad .PERIOD 
</s>
<s.WSJ900404-0126-1.3.2>
He will direct a  
staff of technical ,COMMA management and legal personnel  .PERIOD 
</s>
</p>
<p.WSJ900404-0126-1.4>
<s.WSJ900404-0126-1.4.1>
Mr.  Ramsey currently is a senior partner at the law firm  
of Sidley &AMPERSAND Austin  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.1>
<s.WSJ900404-0125-1.1.1>
A committee of Eastern Airlines' unsecured creditors  
rejected an offer of repayment of about twenty five cents for every  
dollar they're owed and voted to seek a bankruptcy court  
trustee to run the beleaguered airline  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.2>
<s.WSJ900404-0125-1.2.1>
In a strong expression of lost confidence in the airline  
and its management ,COMMA the sixteen -HYPHEN member committee unanimously  
rebuffed a new Eastern repayment plan that would have  
returned the equivalent of only five cents on the dollar in  
immediate cash ,COMMA or around fifty million dollars .PERIOD 
</s>
<s.WSJ900404-0125-1.2.2>
The plan would have  
repaid another twenty cents or so on the dollar ,COMMA or about one hundred and ninety million dollars ,COMMA through two secured notes ,COMMA according people familiar  
with the group's action yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.3>
<s.WSJ900404-0125-1.3.1>
The unsecured creditors are owed roughly one billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.4>
<s.WSJ900404-0125-1.4.1>
Relations between Eastern and its creditors committee have  
deteriorated steadily after Eastern last week announced it  
couldn't meet terms of a settlement reached only a month  
earlier .PERIOD 
</s>
<s.WSJ900404-0125-1.4.2>
That agreement had called for repaying about fifty  
cents on the dollar ,COMMA including three hundred million dollars in up -HYPHEN front cash  .PERIOD 
</s>
<s.WSJ900404-0125-1.4.3>
Angered ,COMMA creditors responded with a threat to seek  
liquidation of the carrier if Texas Air Corporation  ,COMMA Eastern's  
parent ,COMMA didn't take a bigger role .PERIOD 
</s>
<s.WSJ900404-0125-1.4.4>
Texas Air said it couldn't  
provide the backing sought  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.5>
<s.WSJ900404-0125-1.5.1>
In apparent response to those demands ,COMMA Texas Air yesterday  
did propose underwriting up to twenty five million dollars of Eastern's  
future losses ,COMMA people familiar with the action said .PERIOD 
</s>
<s.WSJ900404-0125-1.5.2>
The  
amount Texas Air agreed to cover ,COMMA however ,COMMA is far less than  
what some creditors wanted  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.6>
<s.WSJ900404-0125-1.6.1>
It is unclear where yesterday's actions by the creditors  
committee leave Eastern's year -HYPHEN old Chapter eleven bankruptcy  
reorganization case .PERIOD 
</s>
<s.WSJ900404-0125-1.6.2>
The carrier is rolling up huge losses  
and has consistently missed projections for the amount of  
money its operations were supposed to generate .PERIOD 
</s>
<s.WSJ900404-0125-1.6.3>
Lately  ,COMMA 
Eastern has said revenue is being hurt because business  
travelers are scared off by adverse publicity ,COMMA including  
liquidation talk  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.7>
<s.WSJ900404-0125-1.7.1>
In fact ,COMMA however ,COMMA creditors can't force a liquidation or  
the naming of a trustee .PERIOD 
</s>
<s.WSJ900404-0125-1.7.2>
They can only ask the court to take  
such steps ,COMMA and Eastern and Texas Air would almost certainly  
resist  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.8>
<s.WSJ900404-0125-1.8.1>
Last night ,COMMA an Eastern spokesman ,COMMA in response to reports  
of the creditors' committee actions ,COMMA said the plan presented  
by Eastern "DOUBLE-QUOTE serves the creditors far better than any  
alternative transaction ,COMMA including liquidation or sale of the  
airline ,COMMA both of which are exceedingly remote .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0125-1.8.2>
He said he  
couldn't divulge details ,COMMA however  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.9>
<s.WSJ900404-0125-1.9.1>
The spokesman added that Eastern believes "DOUBLE-QUOTE there is no  
legal or policy basis for the appointment of a trustee "DOUBLE-QUOTE to  
operate the carrier ,COMMA and raised the question of whether such  
a call by creditors might be "DOUBLE-QUOTE a negotiating ploy .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0125-1.10>
<s.WSJ900404-0125-1.10.1>
If so ,COMMA the vote to ask for a trustee ,COMMA coming after  
creditors' private meeting with Eastern and Texas Air  
executives in New York ,COMMA was a powerful statement of  
frustration .PERIOD 
</s>
<s.WSJ900404-0125-1.10.2>
Thirteen committee members voted to pursue  
appointment of a trustee  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.11>
<s.WSJ900404-0125-1.11.1>
The creditors had until now rejected the notion of a  
trustee to replace Eastern's managers and run the airline's  
day -HYPHEN to -HYPHEN day operations .PERIOD 
</s>
<s.WSJ900404-0125-1.11.2>
Eastern's unions ,COMMA whose strike a year  
ago triggered the bankruptcy filing ,COMMA have long backed the  
idea .PERIOD 
</s>
<s.WSJ900404-0125-1.11.3>
Indeed ,COMMA a union motion to appoint a trustee was  
scheduled to be heard in bankruptcy court yesterday but was  
postponed until May nine  .PERIOD 
</s>
</p>
<p.WSJ900404-0125-1.12>
<s.WSJ900404-0125-1.12.1>
In effect ,COMMA the creditors ,COMMA weary from constant changes in  
their repayment proposals ,COMMA yesterday were saying enough is  
enough ,COMMA according to people familiar with their  
deliberations .PERIOD 
</s>
<s.WSJ900404-0125-1.12.2>
Last week ,COMMA when creditors threatened to call  
for liquidation or a trustee ,COMMA they were declaring they wanted  
the fifty -HYPHEN cent plan agreed upon ,COMMA and didn't care whether the  
money came from Eastern or Texas Air ,COMMA these people said .PERIOD 
</s>
<s.WSJ900404-0125-1.12.3>
It's  
understood the creditors took yesterday's twenty five -HYPHEN cent proposal as  
a rejection of that demand .PERIOD 
</s>
<s.WSJ900404-0125-1.12.4>
However ,COMMA the call for a trustee  
yesterday apparently contained no further reference to  
liquidation  .PERIOD 
</s>
</p>
<p.WSJ900404-0124-1.1>
<s.WSJ900404-0124-1.1.1>
C. O. S. T. A. M. E. S. A. ,COMMA Calif .PERIOD 
</s>
<s.WSJ900404-0124-1.1.2>
--DASH Archive Corporation  ,COMMA a maker of computer  
tape drives ,COMMA said ninety five %PERCENT of Cipher Data Products Incorporated  'SINGLE-QUOTE s. fourteen .POINT nine  
million common shares had been tendered as part of its  
takeover of Cipher ,COMMA which also makes computer tape drives  .PERIOD 
</s>
</p>
<p.WSJ900404-0124-1.2>
<s.WSJ900404-0124-1.2.1>
Tag Merrick ,COMMA Archive general counsel ,COMMA said the company  
intends to complete the acquisition of San Diego -HYPHEN based Cipher  
for about one hundred and twenty million dollars within two weeks  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.1>
<s.WSJ900404-0123-1.1.1>
In the past two weeks ,COMMA reports have come out of Washington  
and Mexico City about new free trade talks ,COMMA possibly opening  
the way to a North American common market .PERIOD 
</s>
<s.WSJ900404-0123-1.1.2>
These reports have  
renewed the debate within Mexico about whether the country is  
prepared to make a clean break from its protectionist  
policies of the past  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.2>
<s.WSJ900404-0123-1.2.1>
In the wake of this controversy ,COMMA Mexican President Carlos  
Salinas de Gortari met Monday with David Asman of the  
Journal's editorial page .PERIOD 
</s>
<s.WSJ900404-0123-1.2.2>
The interview ,COMMA in English ,COMMA was held  
at Los Pinos ,COMMA the presidential residence .PERIOD 
</s>
<s.WSJ900404-0123-1.2.3>
Excerpts follow   .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.3>
<s.WSJ900404-0123-1.3.1>
On Foreign Investment  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.4>
<s.WSJ900404-0123-1.4.1>
W. S. J. :COLON Are foreign investors responding to the new  ,COMMA 
liberalized foreign -HYPHEN investment law  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.5>
<s.WSJ900404-0123-1.5.1>
President Salinas :COLON After we changed the law last May ,COMMA in  
one semester we got the investment we expected in one year  .PERIOD 
</s>
<s.WSJ900404-0123-1.5.2>
But yes ,COMMA we would like to see more foreign investment  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.6>
<s.WSJ900404-0123-1.6.1>
I believe that a trade relationship with the U. S. and  
Canada on a more certain horizon would give foreign investors  
in Mexico an additional stimulus to come .PERIOD 
</s>
<s.WSJ900404-0123-1.6.2>
It would provide  
them with a guaranteed access to each of these markets  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.7>
<s.WSJ900404-0123-1.7.1>
We have been very specific on what we want on trade with  
the U. S. .PERIOD 
</s>
<s.WSJ900404-0123-1.7.2>
We've been walking on a very clear line ,COMMA which is  :COLON 
Mexico has opened unilaterally its economy for foreign trade  .PERIOD 
</s>
<s.WSJ900404-0123-1.7.3>
And we haven't received the reciprocity which we believe we  
are open to .PERIOD 
</s>
<s.WSJ900404-0123-1.7.4>
That's why I am emphasizing with the U. S. and  
Canada ,COMMA with Europe and Japan ,COMMA rules that would allow  
permanent access to the markets  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.8>
<s.WSJ900404-0123-1.8.1>
W. S. J. :COLON Do the Mexican people support a further opening of  
trade relations with the U. S. and Canada  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.9>
<s.WSJ900404-0123-1.9.1>
President Salinas :COLON Up to now ,COMMA the opening of the economy  
has meant lower prices for Mexicans .PERIOD 
</s>
<s.WSJ900404-0123-1.9.2>
So now they know that by  
opening the economy ,COMMA we literally have forced domestic  
producers with tradable goods to have prices equivalent to  
international prices .PERIOD 
</s>
<s.WSJ900404-0123-1.9.3>
This --DASH along with the macroeconomic  
changes we have installed --DASH has helped us very much to  
reduce inflation from almost two hundred %PERCENT in nineteen eighty seven to less than twenty %PERCENT  
last year  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.10>
<s.WSJ900404-0123-1.10.1>
If with the opening of the economy Mexicans find out that  
there are more job opportunities ,COMMA that the economy is  
growing ,COMMA that inflation is kept down ,COMMA then ,COMMA yes ,COMMA I'm sure  
they will continue supporting the opening of the economy .PERIOD 
</s>
<s.WSJ900404-0123-1.10.2>
If  ,COMMA 
on the other hand ,COMMA we open the economy and do not get  
reciprocity in other markets --DASH and therefore our economy is  
not able to export and not able to grow at high enough rates  
--DASH then I'm sure public opinion will be adverse ,COMMA and the  
public will say ,COMMA "DOUBLE-QUOTE Let's go back to the past --DASH to the time of  
a closed economy .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0123-1.11>
<s.WSJ900404-0123-1.11.1>
On Migration  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.12>
<s.WSJ900404-0123-1.12.1>
Many Mexicans are crossing the border because they don't  
find jobs in Mexico .PERIOD 
</s>
<s.WSJ900404-0123-1.12.2>
But many others are crossing the border  
because the U. S. economy demands this labor .PERIOD 
</s>
<s.WSJ900404-0123-1.12.3>
For the first  
group ,COMMA I want to create jobs in Mexico .PERIOD 
</s>
<s.WSJ900404-0123-1.12.4>
For the second group  ,COMMA 
I want their labor rights and human rights protected in the  
U. S.  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.13>
<s.WSJ900404-0123-1.13.1>
The Simpson -HYPHEN Mazzoli bill was against economic realities  .PERIOD 
</s>
<s.WSJ900404-0123-1.13.2>
The economy has shown that the reality is demanding this  
manpower .PERIOD 
</s>
<s.WSJ900404-0123-1.13.3>
On the other hand ,COMMA I would prefer them to remain in  
Mexico --DASH all of them .PERIOD 
</s>
<s.WSJ900404-0123-1.13.4>
Why ?QUESTION-MARK 
</s>
<s.WSJ900404-0123-1.13.5>
Because they are courageous to  
take the risk to travel that far ;SEMI-COLON they are energetic and  
young  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.14>
<s.WSJ900404-0123-1.14.1>
On Mexico's Tax Policy  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.15>
<s.WSJ900404-0123-1.15.1>
W. S. J. :COLON Have you gained revenue by lowering rates and  
broadening the tax base  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.16>
<s.WSJ900404-0123-1.16.1>
President Salinas :COLON Yes ,COMMA we have .PERIOD 
</s>
<s.WSJ900404-0123-1.16.2>
On the one hand we made  
tax rates competitive on international levels .PERIOD 
</s>
<s.WSJ900404-0123-1.16.3>
I believe in  
the U. S. the corporate rate is thirty five %PERCENT ;SEMI-COLON in Mexico it's thirty six %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.17>
<s.WSJ900404-0123-1.17.1>
We have also broadened the base :COLON twenty %PERCENT of G. N. P. was tax -HYPHEN exempt  
in Mexico .PERIOD 
</s>
<s.WSJ900404-0123-1.17.2>
Imagine the loopholes .PERIOD 
</s>
<s.WSJ900404-0123-1.17.3>
Farming was tax -HYPHEN exempt .PERIOD 
</s>
<s.WSJ900404-0123-1.17.4>
So  
you used to find industrialists who owned a farm and all the  
profits went to the farm ,COMMA which was tax exempt ,COMMA and the  
industry was in the red .PERIOD 
</s>
<s.WSJ900404-0123-1.17.5>
And intellectual rights were  
tax -HYPHEN exempt .PERIOD 
</s>
<s.WSJ900404-0123-1.17.6>
So you could find businessmen who designed a logo  
and charged a million dollars for the copyright .PERIOD 
</s>
<s.WSJ900404-0123-1.17.7>
So we  
broadened the base and the revenue is growing  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.18>
<s.WSJ900404-0123-1.18.1>
On Mexican Agriculture  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.19>
<s.WSJ900404-0123-1.19.1>
W. S. J. :COLON By almost all accounts ,COMMA the "DOUBLE-QUOTE ejido "DOUBLE-QUOTE system in Mexico  
--DASH the system of strictly monitored communal farming --DASH is  
not an effective system for feeding the people of Mexico  .PERIOD 
</s>
<s.WSJ900404-0123-1.19.2>
There are deficits in basic foods here that shouldn't be  .PERIOD 
</s>
<s.WSJ900404-0123-1.19.3>
What about the idea of changing the structure of agriculture  
in Mexico to make the country more self -HYPHEN sufficient  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.20>
<s.WSJ900404-0123-1.20.1>
President Salinas :COLON We are changing it .PERIOD 
</s>
<s.WSJ900404-0123-1.20.2>
The problem is that  
fifty years ago ,COMMA with twenty five million people ,COMMA you could have this  
structure .PERIOD 
</s>
<s.WSJ900404-0123-1.20.3>
But today ,COMMA with almost eighty five million ,COMMA we must improve  
the efficiency of the ejido (LEFT-PAREN even though the ejido will  
remain as a system of property and social relations .PERIOD 
</s>
<s.WSJ900404-0123-1.20.4>
With  
plots of one acre or half an acre ,COMMA we will not be able to  
have the productivity we need .PERIOD 
</s>
<s.WSJ900404-0123-1.20.5>
At the same time ,COMMA we are  
giving guarantees to private owners in the rural areas so  
that they can invest and take the risks knowing that their  
rights will be protected .PERIOD 
</s>
<s.WSJ900404-0123-1.20.6>
We are also strengthening relations  
between the private farmers and the ejido workers  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.21>
<s.WSJ900404-0123-1.21.1>
We have to provide alternatives of work for the peasants  
who cannot live off the land .PERIOD 
</s>
<s.WSJ900404-0123-1.21.2>
But giving individual titles to  
ejido workers has not been contemplated  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.22>
<s.WSJ900404-0123-1.22.1>
On the Internal Credit Market  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.23>
<s.WSJ900404-0123-1.23.1>
W. S. J. :COLON Mexico's banks were nationalized in nineteen eight hundred and twenty  .PERIOD 
</s>
<s.WSJ900404-0123-1.23.2>
But is  
there going to be an easier access to credit through private  
institutions  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.24>
<s.WSJ900404-0123-1.24.1>
President Salinas :COLON Yes ,COMMA there is .PERIOD 
</s>
<s.WSJ900404-0123-1.24.2>
We've been stimulating  
regional groups to create their financial organizations so  
that they can participate more in the financial system .PERIOD 
</s>
<s.WSJ900404-0123-1.24.3>
The  
stock exchange is almost totally privately owned .PERIOD 
</s>
<s.WSJ900404-0123-1.24.4>
And now the  
insurance companies that are publicly owned are being sold to  
private enterprises .PERIOD 
</s>
<s.WSJ900404-0123-1.24.5>
So we are opening new fields of  
participation in credit to the private sector ,COMMA and fields  
that were previously opened are being expanded  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.25>
<s.WSJ900404-0123-1.25.1>
On Privatization  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.26>
<s.WSJ900404-0123-1.26.1>
W. S. J. :COLON Privatization is getting increasingly complicated as  
more and more state -HYPHEN run companies are put on the market  
world -HYPHEN wide ;SEMI-COLON there are now as many as fifteen national telephone  
companies for sale .PERIOD 
</s>
<s.WSJ900404-0123-1.26.2>
Is this becoming a difficult component of  
your privatization efforts  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.27>
<s.WSJ900404-0123-1.27.1>
President Salinas :COLON It is .PERIOD 
</s>
<s.WSJ900404-0123-1.27.2>
But nevertheless ,COMMA we are  
privatizing companies that are profitable  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.28>
<s.WSJ900404-0123-1.28.1>
Take the case of the telephone company .PERIOD 
</s>
<s.WSJ900404-0123-1.28.2>
This year we will  
show profits of one billion dollars .PERIOD 
</s>
<s.WSJ900404-0123-1.28.3>
We want to be sure that we have a  
sale that will maximize profits .PERIOD 
</s>
<s.WSJ900404-0123-1.28.4>
At the same time we want to  
be sure that the new owners will have the capacity to expand  
the company .PERIOD 
</s>
<s.WSJ900404-0123-1.28.5>
And although the new owners will have the one  
company ,COMMA with the cellular phones ,COMMA there will be competition  
in that field .PERIOD 
</s>
<s.WSJ900404-0123-1.28.6>
The new company will have the obligation to  
connect the cellular connections to its main system  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.29>
<s.WSJ900404-0123-1.29.1>
The privatization process is welcomed in two senses  .PERIOD 
</s>
<s.WSJ900404-0123-1.29.2>
First ,COMMA (LEFT-PAREN it )RIGHT-PAREN involves the workers in the companies .PERIOD 
</s>
<s.WSJ900404-0123-1.29.3>
I  
announced the privatization of the phone company in the union  
hall .PERIOD 
</s>
<s.WSJ900404-0123-1.29.4>
And the workers put it to a vote .PERIOD 
</s>
<s.WSJ900404-0123-1.29.5>
It was the only  
decision they had ever taken that passed unanimously ;SEMI-COLON fifty thousand  
workers voted in favor of privatization .PERIOD 
</s>
<s.WSJ900404-0123-1.29.6>
They were asking for  
better wages and the permanence of their positions ,COMMA and I  
told them that the only way to achieve these things was for  
the company to expand .PERIOD 
</s>
<s.WSJ900404-0123-1.29.7>
But the government cannot expand the  
company ,COMMA because of budget restraints .PERIOD 
</s>
<s.WSJ900404-0123-1.29.8>
And they understood  .PERIOD 
</s>
<s.WSJ900404-0123-1.29.9>
Besides ,COMMA they will share in the ownership of the company  ;SEMI-COLON 
they will participate in the capital ownership  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.30>
<s.WSJ900404-0123-1.30.1>
Also ,COMMA the money we get from privatization is being  
channeled into a program called "DOUBLE-QUOTE solidarity .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0123-1.30.2>
It's answering  
demands in slums ,COMMA Indian communities and rural villages for  
water ,COMMA paving the roads ,COMMA electricity ,COMMA health centers ,COMMA better  
schools ,COMMA et cetera  .PERIOD 
</s>
<s.WSJ900404-0123-1.30.3>
So now the Mexican people know that  
privatization means improvement in their daily living .PERIOD 
</s>
<s.WSJ900404-0123-1.30.4>
So ,COMMA I  
am not printing money to solve social problems .PERIOD 
</s>
<s.WSJ900404-0123-1.30.5>
Thus ,COMMA it is  
not a populistic program .PERIOD 
</s>
<s.WSJ900404-0123-1.30.6>
It's a truly popular program in the  
sense that you answer social demands with real resources --DASH  
not those artificially created by the central bank .PERIOD 
</s>
<s.WSJ900404-0123-1.30.7>
That's  
how you can match the purpose of keeping public -HYPHEN sector  
deficits down and at the same time answering social demands  
of the population  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.31>
<s.WSJ900404-0123-1.31.1>
On Relations With Latin America  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.32>
<s.WSJ900404-0123-1.32.1>
We are strengthening our relations with the rest of Latin  
America .PERIOD 
</s>
<s.WSJ900404-0123-1.32.2>
Recently I went to Chile and Ecuador to emphasize  
this relationship .PERIOD 
</s>
<s.WSJ900404-0123-1.32.3>
We also are renewing our economic  
relations with Chile .PERIOD 
</s>
<s.WSJ900404-0123-1.32.4>
The minister of foreign relations of  
Argentina said recently that every gain Mexico gets in  
relation to the U. S. means the strengthening of all of Latin  
America  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.33>
<s.WSJ900404-0123-1.33.1>
W. S. J. :COLON Will Mexico continue to provide oil to Nicaragua on  
the same terms as it did with the Sandinista regime  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.34>
<s.WSJ900404-0123-1.34.1>
President Salinas :COLON I would say we will renew our original  
policy with Nicaragua .PERIOD 
</s>
<s.WSJ900404-0123-1.34.2>
We certainly will be ready to help to  
contribute to restore the Nicaraguan economy .PERIOD 
</s>
<s.WSJ900404-0123-1.34.3>
They have a  
huge debt with Mexico ,COMMA and we are looking for ways to help  
them overcome this burden  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.35>
<s.WSJ900404-0123-1.35.1>
Europe's Economic Integration  :COLON 
</s>
</p>
<p.WSJ900404-0123-1.36>
<s.WSJ900404-0123-1.36.1>
W. S. J. :COLON In your recent travels to Europe ,COMMA did you see the  
economic integration of Europe as something the Western  
Hemisphere should fear or welcome as it affects our wealth  
and trade  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0123-1.37>
<s.WSJ900404-0123-1.37.1>
President Salinas :COLON The changes in Eastern Europe  
introduced two new elements that were not present before  :COLON 
First ,COMMA the unification of Germany ,COMMA which we certainly  
welcome ;SEMI-COLON it's the right of the people to decide .PERIOD 
</s>
<s.WSJ900404-0123-1.37.2>
This will  
create really massive economic changes  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.38>
<s.WSJ900404-0123-1.38.1>
Second ,COMMA the changes in Eastern Europe will provide the  
people of Western Europe with a tremendous pool of skilled  
labor and cheap labor .PERIOD 
</s>
<s.WSJ900404-0123-1.38.2>
So the competitiveness of Europe will  
improve tremendously .PERIOD 
</s>
<s.WSJ900404-0123-1.38.3>
This is something that you do not see  
in the U. S. /SLASH Canadian situation  .PERIOD 
</s>
</p>
<p.WSJ900404-0123-1.39>
<s.WSJ900404-0123-1.39.1>
We must have the capacity to penetrate those markets  
efficiently .PERIOD 
</s>
<s.WSJ900404-0123-1.39.2>
It's going to be tremendously formidable .PERIOD 
</s>
<s.WSJ900404-0123-1.39.3>
We  
better be prepared .PERIOD 
</s>
<s.WSJ900404-0123-1.39.4>
The sooner ,COMMA the better  .PERIOD 
</s>
</p>
<p.WSJ900404-0122-1.1>
<s.WSJ900404-0122-1.1.1>
P. I. T. T. S. B. U. R. G. H. --DASH Copperweld Corporation  said shareholders will vote  
at a special meeting June six on a previously reported plan by  
Imetal of France to acquire the thirty four .POINT eight %PERCENT of Copperweld stock  
Imetal doesn't already own at seventeen dollars a share  .PERIOD 
</s>
</p>
<p.WSJ900404-0122-1.2>
<s.WSJ900404-0122-1.2.1>
Copperweld produces tubing ,COMMA rods and other metal products  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.1>
<s.WSJ900404-0121-1.1.1>
A P. A. C. T. T. O. B. U. Y. an executive's home undermines a firm's  
business deduction  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.2>
<s.WSJ900404-0121-1.2.1>
Azar Nut Company  of El Paso reluctantly contracted to buy a  
new executive's house for market value if it fired him .PERIOD 
</s>
<s.WSJ900404-0121-1.2.2>
Two  
years later ,COMMA he was gone .PERIOD 
</s>
<s.WSJ900404-0121-1.2.3>
Azar shelled out two hundred and eighty five thousand dollars for the  
home and put it up for sale .PERIOD 
</s>
<s.WSJ900404-0121-1.2.4>
But the best deal Azar could get  
brought a one hundred and eleven thousand three hundred and sixty six dollars loss ,COMMA which it deducted as an ordinary  
business cost .PERIOD 
</s>
<s.WSJ900404-0121-1.2.5>
The I. R. S. objected ,COMMA so Azar turned to the Tax  
Court .PERIOD 
</s>
<s.WSJ900404-0121-1.2.6>
The court's decision is a warning against such pacts  ,COMMA 
says Robert Willens of Shearson Lehman Hutton  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.3>
<s.WSJ900404-0121-1.3.1>
The I. R. S. contended that the house was a capital asset  
producing a capital loss not deductible from business income  .PERIOD 
</s>
<s.WSJ900404-0121-1.3.2>
Azar argued that its expense was a form of employee  
compensation and also satisfied a business need .PERIOD 
</s>
<s.WSJ900404-0121-1.3.3>
But Judge  
Drennen rejected this plea and applied a nineteen eighty eight Supreme Court  
ruling that assets are capital unless defined otherwise by  
law .PERIOD 
</s>
<s.WSJ900404-0121-1.3.4>
A house is a capital asset that produces capital gain or  
loss ,COMMA the judge held .PERIOD 
</s>
<s.WSJ900404-0121-1.3.5>
He denied Azar's deduction  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.4>
<s.WSJ900404-0121-1.4.1>
Azar could have taken a compensation deduction if it had  
simply reimbursed the ex -HYPHEN employee for a loss on his own sale  
of the house ,COMMA Willens says  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.5>
<s.WSJ900404-0121-1.5.1>
G. E. T. A R. E. C. E. I. P. T. for your return from the post office ,COMMA many  
advisers say  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.6>
<s.WSJ900404-0121-1.6.1>
The time is fast approaching when you must file your  
return --DASH or a Form four thousand eight hundred and sixty eight requesting an automatic four -HYPHEN month  
extension of the due date (LEFT-PAREN send a check for estimated tax  
owed ,COMMA too .PERIOD 
</s>
<s.WSJ900404-0121-1.6.2>
One advantage of electronic filing over the mail  
is immediate confirmation that the I. R. S. got your return .PERIOD 
</s>
<s.WSJ900404-0121-1.6.3>
If  
you do rely on the post office ,COMMA many preparers suggest using  
certified mail ,COMMA return receipt requested ,COMMA to have some  
evidence that you filed on time ,COMMA even if it doesn't prove  
what was inside the envelope  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.7>
<s.WSJ900404-0121-1.7.1>
James Stephenson of Miller Cooper &AMPERSAND Company  ,COMMA CPAs in  
Northbrook ,COMMA Ill .PERIOD ,COMMA 
</s>
<s.WSJ900404-0121-1.7.2>
says ,COMMA "DOUBLE-QUOTE We request receipts even on returns  
mailed well in advance of the deadline .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0121-1.7.3>
Receipts from  
private deliverers carry no weight with the I. R. S. ,COMMA he notes  .PERIOD 
</s>
<s.WSJ900404-0121-1.7.4>
The I. R. S. is neutral on the use of certified mail ;SEMI-COLON one can  
infer that it isn't keen on the idea .PERIOD 
</s>
<s.WSJ900404-0121-1.7.5>
But it has post -HYPHEN office  
workers at every return -HYPHEN processing center to handle requests  
for receipts  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.8>
<s.WSJ900404-0121-1.8.1>
T. H. E. C. U. S. T. O. M. S. S. E. R. V. I. C. E. must clean up its records mess fast  ,COMMA 
the G. A. O. warns  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.9>
<s.WSJ900404-0121-1.9.1>
Customs has been under fire for accounting controls so lax  
that they foster thefts and fraud .PERIOD 
</s>
<s.WSJ900404-0121-1.9.2>
The General Accounting  
Office says there has been "DOUBLE-QUOTE an almost total breakdown "DOUBLE-QUOTE of  
controls for numbered documents that Customs agents at three hundred  
entry ports use to record duties ,COMMA taxes ,COMMA and other receipts  
of cash and checks .PERIOD 
</s>
<s.WSJ900404-0121-1.9.3>
In fiscal nineteen eighty nine ,COMMA these payments totaled  
nearly seven hundred million dollars .PERIOD 
</s>
<s.WSJ900404-0121-1.9.4>
Yet Customs admits it couldn't account  
for several million such documents in prior years  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.10>
<s.WSJ900404-0121-1.10.1>
The result is "DOUBLE-QUOTE an enormous potential for abuse and  
cover -HYPHEN up ,COMMA "DOUBLE-QUOTE the G. A. O. says .PERIOD 
</s>
<s.WSJ900404-0121-1.10.2>
It recommends that Customs  
immediately abandon the old forms ,COMMA adopt new numbered forms  ,COMMA 
and enforce stringent controls over the assignment of the  
forms to and the use by Customs agents .PERIOD 
</s>
<s.WSJ900404-0121-1.10.3>
Each form must be  
traceable to an individual employee ,COMMA the G. A. O. asserts .PERIOD 
</s>
<s.WSJ900404-0121-1.10.4>
Modern  
technology could eliminate the paper documents ,COMMA the G. A. O. adds  ,COMMA 
but it says technology alone can't solve the problems it  
found in collection controls  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.11>
<s.WSJ900404-0121-1.11.1>
Last year ,COMMA Customs got a new commissioner ,COMMA Carol Hallett  ,COMMA 
who recently announced an agency reorganization  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.12>
<s.WSJ900404-0121-1.12.1>
B. A. S. E. -HYPHEN S. A. L. A. R. Y. R. A. N. G. E. S. for top tax executives at manufacturers  
with one billion dollars to five billion dollars in sales have mid -HYPHEN points  
averaging one hundred and two thousand seven hundred and eighty four dollars ,COMMA recruiter Ward Howell International found  
in a survey ;SEMI-COLON bonuses average thirty %PERCENT .PERIOD 
</s>
<s.WSJ900404-0121-1.12.2>
For tax executives at  
service concerns ,COMMA the equivalent salary figure is one hundred and eleven thousand three hundred and sixty three dollars  ,COMMA 
and bonuses average twenty five %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.13>
<s.WSJ900404-0121-1.13.1>
B. A. T. T. E. R. E. D. F. A. R. M. E. R. S. who get federal payments if disasters  
damage crops or prevent planting may treat the payments as  
insurance proceeds taxable in the following year when the  
crops would have been sold .PERIOD 
</s>
<s.WSJ900404-0121-1.13.2>
So say temporary I. R. S. rules  
published in T. D. eight thousand two hundred and eighty nine and amplified in Notice ninety -HYPHEN twenty eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.14>
<s.WSJ900404-0121-1.14.1>
I. T. V. A. N. I. S. H. E. D. B. Y. V. A. N. :COLON The movers sold her furniture when  
Sandra Lynn Mallory of Crestwood ,COMMA Mo .PERIOD ,COMMA 
</s>
<s.WSJ900404-0121-1.14.2>
didn't pay their  
storage bill .PERIOD 
</s>
<s.WSJ900404-0121-1.14.3>
But that doesn't justify her theft -HYPHEN loss  
deduction ,COMMA the Tax Court ruled  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.15>
<s.WSJ900404-0121-1.15.1>
P. A. S. S. I. V. E. -HYPHEN A. C. T. I. V. I. T. Y. I. N. V. E. S. T. O. R. S. have a choice to make in filing  
nineteen eighty nine returns  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.16>
<s.WSJ900404-0121-1.16.1>
Passive losses from rental real estate or businesses in  
which you aren't active may be deducted only from passive  
income or when you dispose of the activity .PERIOD 
</s>
<s.WSJ900404-0121-1.16.2>
Now you may make  
an irrevocable election on returns that may be favorable or  
not ,COMMA but should be considered ,COMMA says Boston lawyer Forrest  
Milder .PERIOD 
</s>
<s.WSJ900404-0121-1.16.3>
The choice :COLON whether to treat similar activities as  
separate or combined  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.17>
<s.WSJ900404-0121-1.17.1>
Accumulated losses of a separate entity are deductible  
when it is sold .PERIOD 
</s>
<s.WSJ900404-0121-1.17.2>
But take a store treated as part of a larger  
activity ,COMMA a chain of stores :COLON If you sell that store ,COMMA its  
losses won't be deductible until the whole chain is sold  ,COMMA 
unless you elect now to treat each store separately .PERIOD 
</s>
<s.WSJ900404-0121-1.17.3>
There  
may be disadvantages in separation ,COMMA though ,COMMA such as  
accounting complexities and costs .PERIOD 
</s>
<s.WSJ900404-0121-1.17.4>
The election method for  
real estate differs from that for other activities .PERIOD 
</s>
<s.WSJ900404-0121-1.17.5>
And there  
is no election for non -HYPHEN real -HYPHEN estate rental activities ;SEMI-COLON each  
must be treated separately  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.18>
<s.WSJ900404-0121-1.18.1>
Elections must be made with nineteen eighty nine returns ,COMMA even if you  
don't plan any dispositions ,COMMA Milder cautions  .PERIOD 
</s>
</p>
<p.WSJ900404-0121-1.19>
<s.WSJ900404-0121-1.19.1>
B. R. I. E. F. S. :COLON "DOUBLE-QUOTE Highlights of nineteen eighty nine Tax Changes ,COMMA "DOUBLE-QUOTE Publication five hundred and fifty three  ,COMMA 
is available from the I. R. S. .PERIOD 
</s>
<s.WSJ900404-0121-1.19.2>
The U. S. and Peru have  
agreed to exchange tax information .PERIOD 
</s>
<s.WSJ900404-0121-1.19.3>
The I. R. S. has delayed  
to June one the deadline for comments on accuracy -HYPHEN related and  
preparer penalties described in Notice ninety -HYPHEN twenty  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.1>
<s.WSJ900404-0120-1.1.1>
T. O. K. Y. O. --DASH Hiroko Noto joins the crowd in Aunt Stella's  
cookie shop ,COMMA convinced that she's buying American cookies  .PERIOD 
</s>
<s.WSJ900404-0120-1.1.2>
Souvenir boxes and cans with drawings of wide -HYPHEN open American  
farms line the shelves .PERIOD 
</s>
<s.WSJ900404-0120-1.1.3>
The sweet -HYPHEN smelling cookies must be  
popular back in the heart of America ,COMMA the forty two -HYPHEN year -HYPHEN old  
housewife figures  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.2>
<s.WSJ900404-0120-1.2.1>
But they're not .PERIOD 
</s>
<s.WSJ900404-0120-1.2.2>
In fact ,COMMA the fifty six -HYPHEN store cookie chain in  
Japan doesn't even exist in the U. S. .PERIOD 
</s>
<s.WSJ900404-0120-1.2.3>
Established by an  
American resident of Japan ,COMMA the business was created  
specifically for the Japanese market  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.3>
<s.WSJ900404-0120-1.3.1>
"DOUBLE-QUOTE It said `SINGLE-QUOTE Aunt Stella ,COMMA 'SINGLE-QUOTE so I assumed it was from America  ,COMMA "DOUBLE-QUOTE 
says the disappointed Ms.  Noto ,COMMA frowning at the English  
writing on her paper bag .PERIOD 
</s>
<s.WSJ900404-0120-1.3.2>
"DOUBLE-QUOTE Is Stella Japanese ?QUESTION-MARK "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0120-1.4>
<s.WSJ900404-0120-1.4.1>
Though tension between the U. S. and Japan runs high and  
polls show that many Japanese think Americans are lazy and  
produce poor -HYPHEN quality products ,COMMA the American image still holds  
great appeal ,COMMA at least when it comes to food products .PERIOD 
</s>
<s.WSJ900404-0120-1.4.2>
U. S.  
and Japanese companies are reaping big profits by making such  
products as cookies ,COMMA doughnuts and coffee look more American  
--DASH or rather ,COMMA the Japanese notion of American  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.5>
<s.WSJ900404-0120-1.5.1>
The trick is to figure out what looks suitably American to  
the Japanese .PERIOD 
</s>
<s.WSJ900404-0120-1.5.2>
"DOUBLE-QUOTE Japanese images of America are often quite  
different from what we think they are ,COMMA "DOUBLE-QUOTE says Deborah Howard  ,COMMA 
managing director of Japan Market Resource Network ,COMMA which  
helps American companies market their products in Japan  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.6>
<s.WSJ900404-0120-1.6.1>
Images that ring a bell are those of the Colonial era ,COMMA the  
nineteen fifties and power -HYPHEN hungry New York businessmen ,COMMA says Makoto  
Takeuchi ,COMMA a commercial planner at Dentsu Incorporated  ,COMMA Japan's  
biggest advertising agency .PERIOD 
</s>
<s.WSJ900404-0120-1.6.2>
Companies fiddle with their  
products to fit these images ,COMMA he says ,COMMA "DOUBLE-QUOTE whether or not these  
things really exist .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0120-1.7>
<s.WSJ900404-0120-1.7.1>
Many of the favored images represent an America that long  
ago ceased to exist --DASH if it ever did exist .PERIOD 
</s>
<s.WSJ900404-0120-1.7.2>
Pastures  ,COMMA 
plantations and log cabins are particularly popular  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.8>
<s.WSJ900404-0120-1.8.1>
Other products aren't so different from what America's own  
image -HYPHEN makers create :COLON Lemon and grapefruit -HYPHEN flavored juices and  
candy often call themselves Californian ,COMMA and a chocolate  
cereal snack is called "DOUBLE-QUOTE Fifth Avenue .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0120-1.9>
<s.WSJ900404-0120-1.9.1>
Joseph Dunkle ,COMMA who started the Aunt Stella cookie chain  
eight years ago ,COMMA cashed in by tinkering with an old -HYPHEN fashioned  
apple -HYPHEN pie image .PERIOD 
</s>
<s.WSJ900404-0120-1.9.2>
Aided by funding by the Saison Group ,COMMA which  
in nineteen seventy four bought his company and kept him on as president ,COMMA Mr.   
Dunkle packaged cookies in dainty ceramic "DOUBLE-QUOTE Aunt Stella "DOUBLE-QUOTE dolls  
and furnished his stores with early American furniture .PERIOD 
</s>
<s.WSJ900404-0120-1.9.3>
The  
entrepreneur even hired Japanese women to draw Amish designs  
on tin cans ,COMMA hoping to appeal to middle -HYPHEN aged women ,COMMA the main  
purchasers of such products ,COMMA which often are given as  
souvenir gifts when meeting people  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.10>
<s.WSJ900404-0120-1.10.1>
The cookies themselves are somewhat American ,COMMA although  
smaller and harder ,COMMA like sweetened traditional Japanese rice  
crackers .PERIOD 
</s>
<s.WSJ900404-0120-1.10.2>
But the flavors (LEFT-PAREN "DOUBLE-QUOTE American coffee ,COMMA "DOUBLE-QUOTE for instance  )RIGHT-PAREN 
seem to sustain the foreign image .PERIOD 
</s>
<s.WSJ900404-0120-1.10.3>
Sales of Aunt Stella  
cookies are growing by thirty eight %PERCENT every year ,COMMA says Mr.  Dunkle ,COMMA and  
are expected to reach four billion yen (LEFT-PAREN twenty five million dollars )RIGHT-PAREN this year  .PERIOD 
</s>
<s.WSJ900404-0120-1.10.4>
Lured by the homey image ,COMMA executive wives buy twenty thousand -HYPHEN yen  
packages (LEFT-PAREN about one hundred and twenty five dollars )RIGHT-PAREN as presents for their husbands' office  
mates ,COMMA he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.11>
<s.WSJ900404-0120-1.11.1>
But Japanese tastes in American images are difficult to  
predict .PERIOD 
</s>
<s.WSJ900404-0120-1.11.2>
"DOUBLE-QUOTE It's an evolving type of strategy that almost can't  
be planned ,COMMA "DOUBLE-QUOTE says Robert Kuhn ,COMMA a corporate strategist helping  
American companies enter the Japanese market  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.12>
<s.WSJ900404-0120-1.12.1>
When David's Specialty Food Incorporated  ,COMMA the New York food  
concern ,COMMA started selling its cookies in Japan a few years  
ago ,COMMA it aimed for a pop American image .PERIOD 
</s>
<s.WSJ900404-0120-1.12.2>
But "DOUBLE-QUOTE it was a  
mismatch ,COMMA "DOUBLE-QUOTE says June  Kawara ,COMMA a marketing and planning manager  
of the Tokyo operation .PERIOD 
</s>
<s.WSJ900404-0120-1.12.3>
The design didn't appeal to rich but  
conservative housewives  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.13>
<s.WSJ900404-0120-1.13.1>
Japanese companies often have more success at effectively  
Americanizing American products .PERIOD 
</s>
<s.WSJ900404-0120-1.13.2>
Japan's Mister Donut stores  
started looking more "DOUBLE-QUOTE American "DOUBLE-QUOTE when Duskin Company  ,COMMA a  
dust -HYPHEN control company based in Osaka ,COMMA bought the chain's  
Japanese operations six years ago from the U. S. 'SINGLE-QUOTE s.  
International Multifoods Corporation  .PERIOD 
</s>
<s.WSJ900404-0120-1.13.3>
Confident that a nineteen fifties image  
would boost doughnut sales ,COMMA Duskin put pink neon flamingos by  
the windows of new outlets and installed revolving  
merry -HYPHEN go -HYPHEN rounds .PERIOD 
</s>
<s.WSJ900404-0120-1.13.4>
Speakers blare out a specially made tape of  
nineteen fifties music ,COMMA interspersed with comments --DASH in English --DASH by a  
disc jockey  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.14>
<s.WSJ900404-0120-1.14.1>
"DOUBLE-QUOTE There's a nostalgic feeling among the Japanese people  "DOUBLE-QUOTE 
for that era ,COMMA says Shigeharu Komai ,COMMA president of Duskin .PERIOD 
</s>
<s.WSJ900404-0120-1.14.2>
"DOUBLE-QUOTE We  
were miserable after the war .PERIOD 
</s>
<s.WSJ900404-0120-1.14.3>
And America was our dream .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0120-1.15>
<s.WSJ900404-0120-1.15.1>
Growth in sales for the Mister Donut chain ,COMMA which now has  
about six hundred and seventy outlets in Japan ,COMMA surged from about ten %PERCENT or fifteen %PERCENT to  
as much as twenty five %PERCENT ,COMMA says a Duskin spokesman ,COMMA making up a quarter  
of Duskin's annual two hundred and eighty billion yen sales  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.16>
<s.WSJ900404-0120-1.16.1>
Many customers know the image is made up ,COMMA but they like  
the atmosphere anyway .PERIOD 
</s>
<s.WSJ900404-0120-1.16.2>
"DOUBLE-QUOTE This is Duskin's strategy to lure  
Japanese young people that like American things ,COMMA "DOUBLE-QUOTE says  
nineteen -HYPHEN year -HYPHEN old Mie Matsubara .PERIOD 
</s>
<s.WSJ900404-0120-1.16.3>
Not that it bothers her ,COMMA she adds  
hastily  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.17>
<s.WSJ900404-0120-1.17.1>
Encouraged by Mister Donut's growth ,COMMA Duskin is now  
bringing in other restaurant chains with nineteen fifties atmosphere  .PERIOD 
</s>
<s.WSJ900404-0120-1.17.2>
One ,COMMA Studebaker's ,COMMA has walls lined with bright neon tubes and  
displays a bright red open car in the center  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.18>
<s.WSJ900404-0120-1.18.1>
Some American companies have come up with successful  
Japanese versions of America on their own .PERIOD 
</s>
<s.WSJ900404-0120-1.18.2>
Coca -HYPHEN Cola (LEFT-PAREN Japan  )RIGHT-PAREN 
Limited  'SINGLE-QUOTE s. Georgia Coffee ,COMMA a ready -HYPHEN to -HYPHEN drink canned coffee created  
specifically for the Japanese market fifteen years ago ,COMMA is now the  
company's best -HYPHEN selling product after Coke .PERIOD 
</s>
<s.WSJ900404-0120-1.18.3>
The drink's brown  
label plays off a Colonial image ,COMMA with a sepia -HYPHEN toned picture  
of people in Colonial garb sitting at a table on the lawn of  
a plantation ,COMMA with cups and what looks like a teapot on the  
table .PERIOD 
</s>
<s.WSJ900404-0120-1.18.4>
(LEFT-PAREN Coca -HYPHEN Cola can't explain the teapot ,COMMA but it doesn't  
seem to have hurt sales .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0120-1.19>
<s.WSJ900404-0120-1.19.1>
Japanese consumers can identify with Georgia because of  
their attachment to the movie "DOUBLE-QUOTE Gone with the Wind ,COMMA "DOUBLE-QUOTE says  
Frank Kelly ,COMMA representative director of Coca -HYPHEN Cola (LEFT-PAREN Japan  .PERIOD 
</s>
<s.WSJ900404-0120-1.19.2>
(LEFT-PAREN Sanraku Incorporated  ,COMMA an alcoholic beverage producer ,COMMA will start  
selling Californian wine with a scene from "DOUBLE-QUOTE Gone with the  
Wind "DOUBLE-QUOTE on its label next month .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0120-1.20>
<s.WSJ900404-0120-1.20.1>
Although Coca -HYPHEN Cola doesn't release its sales ,COMMA industry  
followers estimate that sales jumped nearly ten %PERCENT to about one hundred and seventy  
billion yen ,COMMA or two .POINT six billion cans in nineteen eight hundred and ninety  .PERIOD 
</s>
<s.WSJ900404-0120-1.20.2>
Sales of Coke were  
around three .POINT one billion cans in the same period  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.21>
<s.WSJ900404-0120-1.21.1>
To portray America attractively to the Japanese ,COMMA companies  
admit they sometimes do things that seem strange to an  
American .PERIOD 
</s>
<s.WSJ900404-0120-1.21.2>
Mr.  Dunkle ,COMMA who markets Aunt Stella's cookies ,COMMA uses  
the phrase "DOUBLE-QUOTE warm heart communication "DOUBLE-QUOTE in English on packaging  
and in catalogs  .PERIOD 
</s>
</p>
<p.WSJ900404-0120-1.22>
<s.WSJ900404-0120-1.22.1>
The phrase may not make sense to an American ,COMMA but that is  
of little concern to the Japan -HYPHEN oriented entrepreneur .PERIOD 
</s>
<s.WSJ900404-0120-1.22.2>
"DOUBLE-QUOTE I  
don't care ,COMMA "DOUBLE-QUOTE he laughs .PERIOD 
</s>
<s.WSJ900404-0120-1.22.3>
"DOUBLE-QUOTE I'm not selling to Americans .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0119-1.1>
<s.WSJ900404-0119-1.1.1>
C. H. I. C. A. G. O. --DASH A seat on the Chicago Board of Trade was sold  
for three hundred and nineteen thousand dollars ,COMMA down six thousand dollars from the previous sale March twenty three  .PERIOD 
</s>
</p>
<p.WSJ900404-0119-1.2>
<s.WSJ900404-0119-1.2.1>
Seats currently are quoted at three hundred and five thousand dollars bid ,COMMA three hundred and twenty four thousand dollars  
asked  .PERIOD 
</s>
</p>
<p.WSJ900404-0119-1.3>
<s.WSJ900404-0119-1.3.1>
The record price for a full membership on the exchange is  
five hundred and fifty thousand dollars ,COMMA set August  thirty one ,COMMA nineteen eight hundred and seventy   .PERIOD 
</s>
</p>
<p.WSJ900404-0118-1.1>
<s.WSJ900404-0118-1.1.1>
H. O. U. S. T. O. N. --DASH Seagull Energy Corporation  said it plans to offer for  
sale about eight .POINT three billion cubic feet of its proved domestic  
natural gas reserves and one .POINT five million barrels of oil reserves  .PERIOD 
</s>
</p>
<p.WSJ900404-0118-1.2>
<s.WSJ900404-0118-1.2.1>
Seagull said the sale ,COMMA expected to be concluded by year  
end ,COMMA involves mature reserves acquired since late nineteen eighty eight that  
aren't strategic to the company's operations .PERIOD 
</s>
<s.WSJ900404-0118-1.2.2>
The sale will  
allow some operating economies and help fund continuing  
exploration ,COMMA Seagull said  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.1>
<s.WSJ900404-0117-1.1.1>
V. A. N. C. O. U. V. E. R. ,COMMA British Columbia --DASH Cominco Limited  'SINGLE-QUOTE s. controlling  
shareholder said it plans an offer to acquire the balance of  
Cominco's affiliate ,COMMA Pine Point Mines Limited  ,COMMA for fifty Canadian  
dollars (LEFT-PAREN U. S. forty two dollars and eighty one cents )RIGHT-PAREN a share ,COMMA or about C. one hundred and twenty six million dollars (LEFT-PAREN U. S. one hundred and seven .POINT nine million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.2>
<s.WSJ900404-0117-1.2.1>
Closely held Nunachiaq Incorporated  ,COMMA which owns more than forty %PERCENT of  
Cominco ,COMMA a mining concern ,COMMA said it entered a related lock -HYPHEN up  
agreement with Sprott Securities Limited  of Toronto ,COMMA under which  
Sprott plans to tender about one .POINT eight two million Pine Point shares  
to the proposed bid  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.3>
<s.WSJ900404-0117-1.3.1>
In Toronto Stock Exchange trading yesterday ,COMMA Pine Point  
shares jumped C. four dollars and seventy five cents ,COMMA to close at C. forty eight dollars and twenty five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.4>
<s.WSJ900404-0117-1.4.1>
Pine Point ,COMMA which owns forty five %PERCENT of the Polaris lead and zinc  
mine in Canada's Northwest Territories ,COMMA has about four .POINT six million  
shares outstanding ,COMMA of which Cominco owns about two .POINT one million  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.5>
<s.WSJ900404-0117-1.5.1>
Vancouver -HYPHEN based Teck Corporation  ,COMMA which owns fifty %PERCENT of Nunachiaq  ,COMMA 
said in January it was considering making an offer for Pine  
Point's minority -HYPHEN held shares ,COMMA but it subsequently backed off  .PERIOD 
</s>
<s.WSJ900404-0117-1.5.2>
Teck didn't disclose a proposed bid ,COMMA though it said it  
considered the offer after a broker it wouldn't identify  
approached Teck about buying a large block of Pine Point  
shares  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.6>
<s.WSJ900404-0117-1.6.1>
Metallgesellschaft A. G. of West Germany and M. I. M. .PERIOD 
</s>
<s.WSJ900404-0117-1.6.2>
Holdings  
Limited  of Australia ,COMMA both large mining concerns ,COMMA also hold  
interests in Nunachiaq  .PERIOD 
</s>
</p>
<p.WSJ900404-0117-1.7>
<s.WSJ900404-0117-1.7.1>
Nunachiaq said the bid will be mailed to Pine Point  
holders when certain legal documents are completed .PERIOD 
</s>
<s.WSJ900404-0117-1.7.2>
The bid  
is conditional on Nunachiaq's acquiring at least ninety %PERCENT of Pine  
Point's shares outstanding ,COMMA other than those held by Cominco  ,COMMA 
the company said  .PERIOD 
</s>
</p>
<p.WSJ900404-0116-1.1>
<s.WSJ900404-0116-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The Connecticut State's Attorney's office  
confirmed it has begun a criminal investigation into  
allegations that an M. C. I. Communications Corporation  lawyer and a  
hired lobbyist lied to state officials  .PERIOD 
</s>
</p>
<p.WSJ900404-0116-1.2>
<s.WSJ900404-0116-1.2.1>
Last month ,COMMA M. C. I. admitted violating the state's ethics code  
for lobbyists ,COMMA and paid a ten thousand dollars civil penalty and filed  
amended lobbying reports under a settlement with the State  
Ethics Commission .PERIOD 
</s>
<s.WSJ900404-0116-1.2.2>
The case stemmed from two golf  
tournaments ,COMMA one in nineteen eighty eight and the other in nineteen eighty nine ,COMMA at a club  
near Hartford .PERIOD 
</s>
<s.WSJ900404-0116-1.2.3>
Several Connecticut lawmakers attended  .PERIOD 
</s>
</p>
<p.WSJ900404-0116-1.3>
<s.WSJ900404-0116-1.3.1>
The ethics code bars companies and lobbyists from spending  
more than fifty dollars a year on entertainment and gifts for state  
officials .PERIOD 
</s>
<s.WSJ900404-0116-1.3.2>
Typically ,COMMA companies submit lobbying forms  
indicating gifts and entertainment are within the limit ;SEMI-COLON the  
companies collect the difference between the fifty dollars and the  
actual costs from the state officials who attend the special  
corporate events  .PERIOD 
</s>
</p>
<p.WSJ900404-0116-1.4>
<s.WSJ900404-0116-1.4.1>
On forms submitted to the Ethics Commission ,COMMA M. C. I. ,COMMA which  
had hired a Hartford lobbying firm for advice ,COMMA said it spent  
forty nine dollars and ninety nine cents for each state official both years .PERIOD 
</s>
<s.WSJ900404-0116-1.4.2>
In the settlement  ,COMMA 
it acknowledged that costs ,COMMA including greens fees ,COMMA golf  
carts ,COMMA prizes ,COMMA food and beverages and even portions of the  
salaries of M. C. I. employees ,COMMA totaled five hundred and seven dollars and seventy eight cents per person in nineteen eighty eight  
and six hundred and sixty one dollars and forty six cents per person last year  .PERIOD 
</s>
</p>
<p.WSJ900404-0116-1.5>
<s.WSJ900404-0116-1.5.1>
Robert Jackson ,COMMA director of external affairs at M. C. I. 'SINGLE-QUOTE s.  
Northeast division ,COMMA said that the state had not insisted on  
that type of costing in the past .PERIOD 
</s>
<s.WSJ900404-0116-1.5.2>
Nonetheless ,COMMA he said ,COMMA M. C. I.  
had made enough unintentional mistakes that it decided to  
"DOUBLE-QUOTE settle the case ,COMMA pay a negotiated fine and get this thing  
behind us .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0116-1.5.3>
He blamed part of the problem on  
miscommunications with the hired lobbying firm over whether  
to include such expenses as greens fees and golf -HYPHEN cart rentals  
in the lobbying reports ,COMMA and much of the problem on a shift  
in procedures and attitudes at the ethics commission  .PERIOD 
</s>
</p>
<p.WSJ900404-0116-1.6>
<s.WSJ900404-0116-1.6.1>
Mr.  Jackson said he "DOUBLE-QUOTE doubted seriously that there is any  
merit "DOUBLE-QUOTE to the state investigation  .PERIOD 
</s>
</p>
<p.WSJ900404-0115-1.1>
<s.WSJ900404-0115-1.1.1>
P. A. R. I. S. --DASH French government forecasters expect the  
country's real gross domestic product to rise by three .POINT two %PERCENT in nineteen ninety  
and two .POINT eight %PERCENT in nineteen ninety one after a three .POINT seven %PERCENT increase in nineteen eighty nine ,COMMA the Economics  
Ministry said  .PERIOD 
</s>
</p>
<p.WSJ900404-0115-1.2>
<s.WSJ900404-0115-1.2.1>
The forecast ,COMMA which was made by the National Accounts  
Commission and is used by the government in working up its  
annual draft budget ,COMMA represents an upward revision from the  
nineteen ninety growth estimate of three %PERCENT that was made by the body last  
September  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.1>
<s.WSJ900404-0114-1.1.1>
N. E. W. Y. O. R. K. --DASH The dollar was mixed in late afternoon  
dealings ,COMMA but traders voiced little conviction about pushing  
the currency in any direction  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.2>
<s.WSJ900404-0114-1.2.1>
The lack of economic news and the meeting of the Group of  
Seven industrial nations set for Saturday in Paris confined  
the greenback to tight trading ranges ,COMMA dealers said .PERIOD 
</s>
<s.WSJ900404-0114-1.2.2>
There is  
lingering fear that the G. -HYPHEN seven will surprise the market with a  
plan to defend the yen .PERIOD 
</s>
<s.WSJ900404-0114-1.2.3>
G. -HYPHEN seven nations include the U. S. ,COMMA Japan  ,COMMA 
Britain ,COMMA West Germany ,COMMA France ,COMMA Italy and Canada  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.3>
<s.WSJ900404-0114-1.3.1>
While most traders said the likelihood is slim that the  
G. -HYPHEN seven will come up with measures to boost the yen ,COMMA few  
expressed a willingness to sell the yen for dollars on their  
expectations  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.4>
<s.WSJ900404-0114-1.4.1>
Robert White ,COMMA vice president and manager of corporate  
trading at First Interstate of California ,COMMA Los Angeles ,COMMA said  
nobody wants to buy the dollar now if the G. -HYPHEN seven is going to  
knock it down next week with intervention .PERIOD 
</s>
<s.WSJ900404-0114-1.4.2>
The reasoning  :COLON 
Intervention would give dealers a better rate at which to buy  
dollars next week  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.5>
<s.WSJ900404-0114-1.5.1>
Traders showed more certainty about the mark's  
relationship to the yen ,COMMA nudging the West German currency to  
another solid advance on confidence that the Bundesbank will  
successfully manage the German monetary union while doubts  
persist over Japanese monetary policy  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.6>
<s.WSJ900404-0114-1.6.1>
Speculation about results of the G. -HYPHEN seven meeting also lifted  
the mark against the yen .PERIOD 
</s>
<s.WSJ900404-0114-1.6.2>
The West German currency gained  
amid talk in the market that the U. S. and West Germany will  
refuse to aid Japan in bolstering its currency ,COMMA said John  
McCarthy ,COMMA chief foreign -HYPHEN exchange dealer at  
Amsterdam -HYPHEN Rotterdam Bank in New York  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.7>
<s.WSJ900404-0114-1.7.1>
Much of the greenback's gains against the yen came near  
the end of New York trading ,COMMA with one dealer attributing the  
gains to another play in the mark -HYPHEN yen rate .PERIOD 
</s>
<s.WSJ900404-0114-1.7.2>
Traders sold the  
yen not only against the mark but against the dollar  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.8>
<s.WSJ900404-0114-1.8.1>
Mr.  White of First Interstate said the U. S. currency's  
fall through a key chart point at one .POINT six nine eight oh marks in the New  
York morning set off more dollar selling .PERIOD 
</s>
<s.WSJ900404-0114-1.8.2>
But there was no  
follow -HYPHEN through ,COMMA he said ,COMMA adding that chartists' expectations  
for a break out of the ranges have generally been dashed  
recently  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.9>
<s.WSJ900404-0114-1.9.1>
In late afternoon New York trading ,COMMA the dollar was at  
one .POINT six nine seven nine marks ,COMMA down from one .POINT seven oh oh nine marks late Monday ,COMMA and at  
one hundred and fifty nine .POINT seven nine yen ,COMMA up from one hundred and fifty eight .POINT nine five yen .PERIOD 
</s>
<s.WSJ900404-0114-1.9.2>
Sterling was at one dollars and sixty three cents fifty seven ,COMMA up  
from one dollars and sixty three cents forty eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.10>
<s.WSJ900404-0114-1.10.1>
In Tokyo early Wednesday ,COMMA the dollar was trading at one hundred and fifty nine .POINT six two  
yen ,COMMA unchanged from the opening price but down from Tuesday's  
Tokyo close of one hundred and fifty eight .POINT nine five yen .PERIOD 
</s>
<s.WSJ900404-0114-1.10.2>
Meanwhile ,COMMA the U. S. currency was  
trading at around one .POINT six nine six eight marks ,COMMA up slightly from the opening  
quote of one .POINT six nine six five marks but below Tuesday's Tokyo close of  
one .POINT seven oh oh eight marks  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.11>
<s.WSJ900404-0114-1.11.1>
The dollar isn't expected to top one hundred and sixty yen or stray far from  
one .POINT seven oh marks before the G. -HYPHEN seven meeting .PERIOD 
</s>
<s.WSJ900404-0114-1.11.2>
If nothing comes out of  
the meeting ,COMMA the U. S. unit will quickly climb to one hundred and sixty five yen ,COMMA Mr.   
White predicted  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.12>
<s.WSJ900404-0114-1.12.1>
Traders said a rebound by the Tokyo stock market Tuesday  
and indications that the U. S. -HYPHEN Japanese trade talks in  
Washington are making progress helped the yen during the day  .PERIOD 
</s>
<s.WSJ900404-0114-1.12.2>
But other traders said the day's quiet trading was more  
because of caution following the dollar's recent jump against  
the yen  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.13>
<s.WSJ900404-0114-1.13.1>
Traders said the dollar should move between one hundred and fifty seven and one hundred and sixty .POINT five oh  
yen during the week .PERIOD 
</s>
<s.WSJ900404-0114-1.13.2>
One trader ,COMMA while contending that one hundred and sixty five  
yen remains a long -HYPHEN term target ,COMMA said the dollar should stay  
between one hundred and fifty five yen to one hundred and sixty yen for the next two to three weeks  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.14>
<s.WSJ900404-0114-1.14.1>
However ,COMMA Katsumi Asako ,COMMA chief corporate dealer with  
Standard Chartered Bank in Tokyo ,COMMA said the dollar could still  
move as high as one hundred and sixty two .POINT five oh yen if the stock market posts further  
sharp declines  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.15>
<s.WSJ900404-0114-1.15.1>
Traders said the Bank of Japan is believed to have sold  
about one hundred million dollars Tuesday .PERIOD 
</s>
<s.WSJ900404-0114-1.15.2>
Some speculated that the Japanese  
central bank's intervention activities may be constrained by  
the sharp drop in Japan's foreign reserves .PERIOD 
</s>
<s.WSJ900404-0114-1.15.3>
The Finance  
Ministry said Monday that Japan's foreign reserves posted  
their biggest monthly drop ever in March ,COMMA falling six .POINT nine five billion dollars .PERIOD 
</s>
<s.WSJ900404-0114-1.15.4>
The Bank of Japan's heavy dollar sales during the  
month are widely seen as the main factor behind the decline  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.16>
<s.WSJ900404-0114-1.16.1>
On the Commodity Exchange in New York ,COMMA gold for current  
delivery settled at three hundred and seventy five dollars and thirty cents an ounce ,COMMA up five dollars and fifty cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0114-1.17>
<s.WSJ900404-0114-1.17.1>
In Hong Kong Wednesday ,COMMA gold opened for trading at three hundred and seventy four dollars and ninety five cents  
an ounce  .PERIOD 
</s>
</p>
<p.WSJ900404-0113-1.1>
<s.WSJ900404-0113-1.1.1>
F. A. I. R. F. I. E. L. D. ,COMMA N. J. --DASH Prime Motor Inns Incorporated  said per -HYPHEN share  
earnings for the third quarter ended March thirty one are expected to  
be "DOUBLE-QUOTE substantially "DOUBLE-QUOTE below a year earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0113-1.2>
<s.WSJ900404-0113-1.2.1>
The owner ,COMMA operator ,COMMA and manager of hotels said the  
decline was due to continued softness in hotel occupancy and  
rates ,COMMA as well as lack of property sales or development fee  
income in the quarter  .PERIOD 
</s>
</p>
<p.WSJ900404-0113-1.3>
<s.WSJ900404-0113-1.3.1>
For the quarter ended March thirty one ,COMMA nineteen eighty nine ,COMMA Prime had net income  
of eighteen .POINT eight million dollars ,COMMA or fifty five cents a share ,COMMA on revenue of ninety nine .POINT nine million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0113-1.4>
<s.WSJ900404-0113-1.4.1>
Caroline S. Levy ,COMMA Shearson Lehman Hutton  
restaurant -HYPHEN lodging analyst ,COMMA said earnings for the quarter  
were being estimated recently at about twenty cents a share  .PERIOD 
</s>
<s.WSJ900404-0113-1.4.2>
However ,COMMA she declined to put an estimate on the earnings in  
view of the announcement yesterday that Prime would put  
properties of Servico Incorporated  into escrow  .PERIOD 
</s>
</p>
<p.WSJ900404-0113-1.5>
<s.WSJ900404-0113-1.5.1>
"DOUBLE-QUOTE We don't know how it all works out ,COMMA "DOUBLE-QUOTE Ms.  Levy said .PERIOD 
</s>
<s.WSJ900404-0113-1.5.2>
"DOUBLE-QUOTE But  
operating earnings are down as are margins on the sale of  
assets .PERIOD 
</s>
<s.WSJ900404-0113-1.5.3>
The trends of the lodging industry are also working  
against Prime .PERIOD 
</s>
<s.WSJ900404-0113-1.5.4>
Lodging room rates and room occupancy are  
under pressure .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0113-1.6>
<s.WSJ900404-0113-1.6.1>
Prime said it had taken into escrow deeds and other  
documents relating to properties of Servico ,COMMA under the terms  
of its seventy four million dollars loan to F. C. D. Hospitality Incorporated  .PERIOD 
</s>
<s.WSJ900404-0113-1.6.2>
In nineteen eighty nine  ,COMMA 
Prime loaned F. C. D. money to acquire Servico .PERIOD 
</s>
<s.WSJ900404-0113-1.6.3>
The announcement  
appeared to indicate that Prime may take control of the  
properties under certain conditions  .PERIOD 
</s>
</p>
<p.WSJ900404-0113-1.7>
<s.WSJ900404-0113-1.7.1>
Prime owns ,COMMA operates or manages one hundred and thirty nine hotels with twenty thousand five hundred  
rooms nationwide .PERIOD 
</s>
<s.WSJ900404-0113-1.7.2>
It is also the franchiser for Howard  
Johnson ,COMMA Rodeway Inns International ,COMMA and operates the U. S.  .PERIOD 
</s>
<s.WSJ900404-0113-1.7.3>
Ramada franchise system ,COMMA which totals one thousand one hundred properties with  
one hundred and fifty thousand rooms  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.1>
<s.WSJ900404-0112-1.1.1>
{LEFT-BRACE First of two articles on investment banking for smaller  
companies .PERIOD }RIGHT-BRACE   
</s>
</p>
<p.WSJ900404-0112-1.2>
<s.WSJ900404-0112-1.2.1>
Wall Street's biggest investment bankers are writhing  
after the collapse of junk bonds and megamergers ,COMMA but many  
regional investment firms are on a roll .PERIOD 
</s>
<s.WSJ900404-0112-1.2.2>
And that's good news  
for entrepreneurs who rely on the regionals to arrange and  
finance acquisitions and other strategic deals  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.3>
<s.WSJ900404-0112-1.3.1>
Not long ago ,COMMA Wall Street investment bankers routinely  
sniffed at small companies ;SEMI-COLON many still do .PERIOD 
</s>
<s.WSJ900404-0112-1.3.2>
So when Bradley S.  
Scott was looking to sell his Los Angeles Auto Salvage Incorporated   
last year ,COMMA he retained Sutro &AMPERSAND Company  ,COMMA a West Coast firm  .PERIOD 
</s>
<s.WSJ900404-0112-1.3.3>
"DOUBLE-QUOTE There's a great deal of hand -HYPHEN holding that goes on in selling  
a company ,COMMA and it was important to me to have the kind of  
close contact that I got with Sutro ,COMMA "DOUBLE-QUOTE says Mr.  Scott ,COMMA whose  
company sold for less than twenty million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.4>
<s.WSJ900404-0112-1.4.1>
A plethora of such small transactions is adding up to real  
money ,COMMA say regional bankers happily removed from Wall  
Street's slump .PERIOD 
</s>
<s.WSJ900404-0112-1.4.2>
"DOUBLE-QUOTE I go to cocktail parties ,COMMA and the Wall  
Street guys say it's tough out there ,COMMA and we say it's great  ,COMMA "DOUBLE-QUOTE 
says Lloyd Greif ,COMMA vice chairman of Sutro  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.5>
<s.WSJ900404-0112-1.5.1>
The regionals' bread and butter is deals between smaller  
companies .PERIOD 
</s>
<s.WSJ900404-0112-1.5.2>
And with smaller companies thriving ,COMMA many  
regionals' business has never been better .PERIOD 
</s>
<s.WSJ900404-0112-1.5.3>
Likewise ,COMMA because  
few big deals are getting done and so much attention is being  
focused on the smaller transactions ,COMMA it's a seller's market  
for middle -HYPHEN market companies ,COMMA whose annual sales fall anywhere  
between ten million dollars and three hundred million dollars .PERIOD 
</s>
<s.WSJ900404-0112-1.5.4>
Even at some regional  
firms still in the doldrums ,COMMA things are looking up  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.6>
<s.WSJ900404-0112-1.6.1>
Only last month ,COMMA Advest Group Incorporated  ,COMMA Hartford ,COMMA Conn .PERIOD ,COMMA  
</s>
<s.WSJ900404-0112-1.6.2>
completed a ten million dollars convertible -HYPHEN debenture offering for  
O'Brien Energy Systems Incorporated  ,COMMA Philadelphia .PERIOD 
</s>
<s.WSJ900404-0112-1.6.3>
The offering  ,COMMA 
originally set for twenty five million dollars ,COMMA was to have been co -HYPHEN managed  
by Drexel Burnham Lambert Incorporated  .PERIOD 
</s>
<s.WSJ900404-0112-1.6.4>
But Drexel's parent ,COMMA Drexel  
Burnham Lambert Group Incorporated  ,COMMA filed for bankruptcy -HYPHEN law  
protection February  thirteen and has said it plans to liquidate its  
assets  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.7>
<s.WSJ900404-0112-1.7.1>
"DOUBLE-QUOTE We were able to go back to the client and say we'd like  
to continue to perform on this ,COMMA "DOUBLE-QUOTE Allen Weintraub ,COMMA Advest's  
president ,COMMA says .PERIOD 
</s>
<s.WSJ900404-0112-1.7.2>
"DOUBLE-QUOTE That's proof that things can be done  
regionally ,COMMA even when your New York partner is unable .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0112-1.8>
<s.WSJ900404-0112-1.8.1>
Doing things regionally has never been more lucrative  ,COMMA 
many investment bankers say .PERIOD 
</s>
<s.WSJ900404-0112-1.8.2>
Sutro's corporate -HYPHEN finance  
activity ,COMMA for example ,COMMA has grown rapidly --DASH to nineteen  
transactions last year totaling one .POINT four seven billion dollars from eleven in nineteen eighty seven  
totaling two hundred and sixty three million dollars .PERIOD 
</s>
<s.WSJ900404-0112-1.8.3>
With Wall Street now averse to high  
leverage and high risk ,COMMA the mergers and other transactions  
still getting done are generally below two hundred and fifty million dollars in value  .PERIOD 
</s>
<s.WSJ900404-0112-1.8.4>
"DOUBLE-QUOTE That's right up the regionals' alley ,COMMA "DOUBLE-QUOTE Mr.  Greif says  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.9>
<s.WSJ900404-0112-1.9.1>
To be sure ,COMMA not all regionals are seeing their business  
mushroom ;SEMI-COLON among other reasons ,COMMA some firms have strong  
competition in their regions ,COMMA and in some parts of the  
country ,COMMA such as the Southwest ,COMMA the economy is relatively  
sluggish  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.10>
<s.WSJ900404-0112-1.10.1>
"DOUBLE-QUOTE I guess it's going to be another slow year .PERIOD 
</s>
<s.WSJ900404-0112-1.10.2>
I don't think  
we're going to shoot the lights out ,COMMA "DOUBLE-QUOTE says James C. Bradford  
Junior  ,COMMA senior partner of J. C. .PERIOD 
</s>
<s.WSJ900404-0112-1.10.3>
Bradford &AMPERSAND Company  ,COMMA Nashville ,COMMA Tenn  .PERIOD 
</s>
<s.WSJ900404-0112-1.10.4>
William Blair &AMPERSAND Company  ,COMMA Chicago ,COMMA hasn't seen the kind of merger  
and acquisition activity it had before the October nineteen eighty seven  
stock -HYPHEN market crash .PERIOD 
</s>
<s.WSJ900404-0112-1.10.5>
"DOUBLE-QUOTE It's clearly a slow period ,COMMA and we hope  
the future is going to be better ,COMMA "DOUBLE-QUOTE says David Coolidge  ,COMMA 
partner in charge of corporate finance  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.11>
<s.WSJ900404-0112-1.11.1>
Regionals --DASH which normally are based well outside New  
York and concentrate on clients close to home --DASH promote  
themselves as being more attuned to the needs of small  
clients than is Wall Street .PERIOD 
</s>
<s.WSJ900404-0112-1.11.2>
"DOUBLE-QUOTE The regionals are closer to the  
businesses that are doing the transactions ,COMMA not only  
geographically but also in temperament ,COMMA "DOUBLE-QUOTE says Richard  
Himelfarb ,COMMA executive vice president of Legg Mason Wood Walker  
Incorporated  ,COMMA a Baltimore concern that does transactions in the ten million dollars to one hundred million dollars range  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.12>
<s.WSJ900404-0112-1.12.1>
The top people at regional firms routinely pay personal  
attention to clients .PERIOD 
</s>
<s.WSJ900404-0112-1.12.2>
"DOUBLE-QUOTE In New York ,COMMA they'll get a junior man  
working on their case ,COMMA "DOUBLE-QUOTE says Chris Covington ,COMMA a partner of  
Volpe ,COMMA Covington &AMPERSAND Welty ,COMMA a fifty -HYPHEN person San Francisco firm  .PERIOD 
</s>
<s.WSJ900404-0112-1.12.3>
"DOUBLE-QUOTE Here ,COMMA they get a senior person laboring in the fields with  
them .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0112-1.13>
<s.WSJ900404-0112-1.13.1>
Nevertheless ,COMMA it can take considerable salesmanship for a  
regional firm to attract business .PERIOD 
</s>
<s.WSJ900404-0112-1.13.2>
"DOUBLE-QUOTE Frankly ,COMMA I think clients  
are still overly in love with New York ,COMMA and they don't really  
understand why that's not necessarily the best place for them  
to do their business ,COMMA "DOUBLE-QUOTE says R. Hunt Greene ,COMMA managing director  
of Piper Jaffray Incorporated  ,COMMA Minneapolis .PERIOD 
</s>
<s.WSJ900404-0112-1.13.3>
"DOUBLE-QUOTE We spend a lot of time  
educating them about our track record ,COMMA "DOUBLE-QUOTE which includes  
financing work done for Saint  .PERIOD 
</s>
<s.WSJ900404-0112-1.13.4>
Jude Medical Incorporated  ,COMMA Saint  .PERIOD 
</s>
<s.WSJ900404-0112-1.13.5>
Paul  ,COMMA 
Minn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0112-1.13.6>
and the current sale of Deltak Corporation  ,COMMA Minneapolis  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.14>
<s.WSJ900404-0112-1.14.1>
Wall Street's preoccupation with huge transactions has  
given the regionals a clear -HYPHEN cut advantage in the current  
market ,COMMA Mr.  Greene says .PERIOD 
</s>
<s.WSJ900404-0112-1.14.2>
Though trying to shore up business  
now ,COMMA the Wall Street firms still generally neglect the middle  
market .PERIOD 
</s>
<s.WSJ900404-0112-1.14.3>
"DOUBLE-QUOTE The result is that we've had a wide -HYPHEN open field ,COMMA "DOUBLE-QUOTE Mr.   
Greene says of the regionals  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.15>
<s.WSJ900404-0112-1.15.1>
Moreover ,COMMA as Wall Street lays off investment bankers in  
droves ,COMMA many of the regional firms are seizing the moment to  
improve their own staffs .PERIOD 
</s>
<s.WSJ900404-0112-1.15.2>
Sutro plans to add at least seven  
new professionals this year to its corporate -HYPHEN finance offices  
in San Francisco and Los Angeles ,COMMA a fifty %PERCENT increase .PERIOD 
</s>
<s.WSJ900404-0112-1.15.3>
"DOUBLE-QUOTE This  
expansion is warranted --DASH in fact ,COMMA necessitated --DASH by the  
current surge in middle -HYPHEN market transactions that we are  
experiencing ,COMMA "DOUBLE-QUOTE Mr.  Greif says  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.16>
<s.WSJ900404-0112-1.16.1>
The firms that are doing well aren't being bashful about  
it .PERIOD 
</s>
<s.WSJ900404-0112-1.16.2>
If they seem a tad boastful these days ,COMMA it's because many  
of them spent most of the past decade watching from afar as  
the big firms feasted on the fattest deals .PERIOD 
</s>
<s.WSJ900404-0112-1.16.3>
"DOUBLE-QUOTE The business  
boom that went on on Wall Street didn't materialize to the  
same degree in the regions ,COMMA "DOUBLE-QUOTE says Jim Pierpont ,COMMA senior vice  
president ,COMMA corporate finance ,COMMA at Minneapolis -HYPHEN based Dain  
Bosworth Incorporated  ,COMMA which had "DOUBLE-QUOTE a flurry "DOUBLE-QUOTE of new business in the  
first quarter  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.17>
<s.WSJ900404-0112-1.17.1>
Despite the strong business for most regional firms ,COMMA many  
concede that the Wall Street giants could yet emerge as  
powerful new competitors for regional business  .PERIOD 
</s>
</p>
<p.WSJ900404-0112-1.18>
<s.WSJ900404-0112-1.18.1>
"DOUBLE-QUOTE We lost a plain -HYPHEN vanilla private placement to a New York  
house just four weeks ago ,COMMA "DOUBLE-QUOTE says one executive of a  
Midwestern regional firm ,COMMA noting that the ten million dollars  
transaction couldn't have generated more than sixty thousand dollars in fees  
--DASH small potatoes for a big firm .PERIOD 
</s>
<s.WSJ900404-0112-1.18.2>
"DOUBLE-QUOTE They actually flew in from  
New York to this backwater city ,COMMA "DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0112-1.18.3>
"DOUBLE-QUOTE Since they aren't  
doing the big deals ,COMMA they've got to do something .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0111-1.1>
<s.WSJ900404-0111-1.1.1>
N. E. W. Y. O. R. K. --DASH Inspiration Resources Corporation  said it purchased  
L. T. M. Incorporated  and Rogue Aggregates Incorporated  ,COMMA two affiliated ,COMMA closely  
held companies .PERIOD 
</s>
<s.WSJ900404-0111-1.1.2>
Terms weren't disclosed  .PERIOD 
</s>
</p>
<p.WSJ900404-0111-1.2>
<s.WSJ900404-0111-1.2.1>
The companies ,COMMA based in Medford ,COMMA Ore .PERIOD ,COMMA 
</s>
<s.WSJ900404-0111-1.2.2>
produce  
construction materials for residential ,COMMA commercial and  
government projects in southern Oregon and Northern  
California .PERIOD 
</s>
<s.WSJ900404-0111-1.2.3>
The companies' combined sales for nineteen eighty nine were about  
twenty two million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0111-1.3>
<s.WSJ900404-0111-1.3.1>
Inspiration Resources is a natural resources company that  
provides products and services for the agriculture ,COMMA mining  
and construction industries  .PERIOD 
</s>
</p>
<p.WSJ900404-0110-1.1>
<s.WSJ900404-0110-1.1.1>
B. E. V. E. R. L. Y. H. I. L. L. S. ,COMMA Calif .PERIOD 
</s>
<s.WSJ900404-0110-1.1.2>
--DASH American Medical International  
Incorporated  said that shareholders at its annual meeting approved  
the hospital company's acquisition by I. M. A. Holdings Corporation  .PERIOD 
</s>
<s.WSJ900404-0110-1.1.3>
The  
purchase is scheduled to be completed later this month  .PERIOD 
</s>
</p>
<p.WSJ900404-0110-1.2>
<s.WSJ900404-0110-1.2.1>
The move was expected as I. M. A. Holdings ,COMMA an investor group  
including C. S. First Boston Group's First Boston Corporation  and the  
Pritzker family of Chicago ,COMMA acquired eighty six %PERCENT of American  
Medical's seventy one .POINT five million common shares outstanding in a tender  
offer late last year  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.1>
<s.WSJ900404-0109-1.1.1>
N. E. W. Y. O. R. K. --DASH Pressed by the credit -HYPHEN rating agencies and by  
regulators including the New York Stock Exchange ,COMMA big  
brokerage firms are getting rid of their junk -HYPHEN bond portfolios  
and other illiquid investments  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.2>
<s.WSJ900404-0109-1.2.1>
In recent days ,COMMA both General Electric Company  'SINGLE-QUOTE s. Kidder  ,COMMA 
Peabody Group Incorporated  and American Express Company  'SINGLE-QUOTE s. Shearson Lehman  
Hutton Holdings Incorporated  have moved to sell large portfolios of  
high -HYPHEN yield junk bonds  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.3>
<s.WSJ900404-0109-1.3.1>
C. S. First Boston Incorporated  has taken steps to trim its exposure  
to temporary "DOUBLE-QUOTE bridge "DOUBLE-QUOTE loans that it has been stuck with  
because of the junk -HYPHEN bond market's paralysis .PERIOD 
</s>
<s.WSJ900404-0109-1.3.2>
Other brokerage  
firms are expected to take similar steps  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.4>
<s.WSJ900404-0109-1.4.1>
Because the brokerage industry is highly leveraged ,COMMA it can  
be fatal if a firm finds itself stuck with a large amount of  
securities it can't sell quickly .PERIOD 
</s>
<s.WSJ900404-0109-1.4.2>
The collapse of Drexel  
Burnham Lambert Group Incorporated  ,COMMA the one -HYPHEN time leader of the  
junk -HYPHEN bond market ,COMMA drove that point home .PERIOD 
</s>
<s.WSJ900404-0109-1.4.3>
Drexel suffered a  
fatal squeeze when it had huge losses on its illiquid  
junk -HYPHEN bond portfolio and lenders pulled away  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.5>
<s.WSJ900404-0109-1.5.1>
"DOUBLE-QUOTE When you see something like Drexel fail ,COMMA people tend to  
get religious ,COMMA "DOUBLE-QUOTE says Kenneth J. Pinkes ,COMMA head of  
financial -HYPHEN institutions research at Moody's Investors Service  
Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.6>
<s.WSJ900404-0109-1.6.1>
Both Moody's and Standard &AMPERSAND Poor's Corporation  ,COMMA the major  
credit -HYPHEN rating agencies ,COMMA have been sounding warnings about the  
condition of brokerage firms' balance sheets ,COMMA complaining  
about large holdings of risky ,COMMA hard -HYPHEN to -HYPHEN sell investments .PERIOD 
</s>
<s.WSJ900404-0109-1.6.2>
And  
brokerage firms have been listening because a downgrade by  
the credit firms can be devastating .PERIOD 
</s>
<s.WSJ900404-0109-1.6.3>
Big securities firms  
must routinely borrow hundreds of millions of dollars to  
finance their day -HYPHEN to -HYPHEN day operations  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.7>
<s.WSJ900404-0109-1.7.1>
Brokerage firms "DOUBLE-QUOTE are taking a more conservative approach  
to the balance sheet ,COMMA "DOUBLE-QUOTE says Michael Goldstein ,COMMA brokerage  
analyst at Sanford C. Bernstein &AMPERSAND Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.8>
<s.WSJ900404-0109-1.8.1>
The brokerage industry has never been that heavily  
regulated ,COMMA says Mr.  Goldstein .PERIOD 
</s>
<s.WSJ900404-0109-1.8.2>
But the purging of junk bonds  
and other illiquid investments by big brokerage firms shows  
that may be changing ,COMMA he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.9>
<s.WSJ900404-0109-1.9.1>
"DOUBLE-QUOTE Now we're seeing that basic lack of regulation and  
growing credit fear cause a backlash ,COMMA whereby both  
supervisory agencies and {LEFT-BRACE brokerage }RIGHT-BRACE firms are trying to rid  
themselves of potential problems ,COMMA "DOUBLE-QUOTE Mr.  Goldstein says .PERIOD 
</s>
<s.WSJ900404-0109-1.9.2>
"DOUBLE-QUOTE And I  
expect that basic trend to continue for some time .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0109-1.10>
<s.WSJ900404-0109-1.10.1>
But this new -HYPHEN found caution won't necessarily be good for  
investors .PERIOD 
</s>
<s.WSJ900404-0109-1.10.2>
It could mean that brokerage firms take fewer  
risks for customers' benefit ,COMMA such as refusing to keep a big  
inventory of junk bonds the firms underwrite and sell to  
clients  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.11>
<s.WSJ900404-0109-1.11.1>
And there is another potential problem :COLON Even as Wall  
Street pares its holdings of junk bonds and other illiquid  
holdings ,COMMA some firms are busy beefing up their junk -HYPHEN bond  
trading and research staffs ,COMMA meaning their employees are  
pushing junk at a time when the firm itself is fleeing from  
it  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.12>
<s.WSJ900404-0109-1.12.1>
While brokerage firms don't want to have much junk in  
their portfolios ,COMMA the firms don't mind making money through  
short -HYPHEN term trading opportunities and by selling new junk -HYPHEN bond  
issues .PERIOD 
</s>
<s.WSJ900404-0109-1.12.2>
(LEFT-PAREN Wall Street makes an average of five million dollars in fees  
for each new junk -HYPHEN bond issue .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0109-1.13>
<s.WSJ900404-0109-1.13.1>
For example ,COMMA Kidder's move to sell its junk bonds ,COMMA bridge  
loans and other merchant banking holdings to its parent ,COMMA G. E.  ,COMMA 
for seven hundred and fifty million dollars ,COMMA followed by only weeks an attempt to beef  
up Kidder's junk -HYPHEN bond operations  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.14>
<s.WSJ900404-0109-1.14.1>
Kidder hired Salomon Brothers Incorporated  'SINGLE-QUOTE s. former head junk -HYPHEN bond  
trader ,COMMA Thomas Bernard ;SEMI-COLON at the time ,COMMA James Mullin ,COMMA a Kidder  
managing director ,COMMA said he viewed the junk -HYPHEN bond market as a  
"DOUBLE-QUOTE real opportunity .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0109-1.14.2>
Kidder also quietly hired Michael  
Meagher ,COMMA a respected junk -HYPHEN bond trader specializing in  
bankruptcies ,COMMA from Salomon ;SEMI-COLON Mr.  Meagher is slated to start at  
Kidder this week  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.15>
<s.WSJ900404-0109-1.15.1>
The crosscurrents underscore the sticky situation Wall  
Street faces concerning junk bonds .PERIOD 
</s>
<s.WSJ900404-0109-1.15.2>
Although securities firms  
are facing pressure to get junk off their books --DASH and avoid  
any big junk -HYPHEN bond blowups that would hit their bottom line --DASH  
they badly want to take advantage of the absence of Drexel  ,COMMA 
which virtually created and then dominated the junk market in  
the nineteen eighties  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.16>
<s.WSJ900404-0109-1.16.1>
But Wall Street firms don't want to flame out as Drexel  
did .PERIOD 
</s>
<s.WSJ900404-0109-1.16.2>
Besides pressure from the credit -HYPHEN rating agencies  ,COMMA 
brokerage firms say the New York Stock Exchange has been  
asking for more -HYPHEN comprehensive monthly reports on the firms'  
balance sheets .PERIOD 
</s>
<s.WSJ900404-0109-1.16.3>
And it appears that more firms are being hit  
with so -HYPHEN called blockage charges --DASH a way for the Big Board  
and the Securities and Exchange Commission to encourage firms  
to rid themselves of illiquid investments .PERIOD 
</s>
<s.WSJ900404-0109-1.16.4>
The regulators  
provide this encouragement by deducting against a firm's  
regulatory capital one hundred %PERCENT of the value of particularly risky  
investments  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.17>
<s.WSJ900404-0109-1.17.1>
Besides the blockage charges ,COMMA the Big Board has also been  
hitting brokerage firms with higher regulatory capital  
requirements ,COMMA or "DOUBLE-QUOTE haircuts ,COMMA "DOUBLE-QUOTE to reflect the illiquid junk  
inventories .PERIOD 
</s>
<s.WSJ900404-0109-1.17.2>
A Big Board spokesman wouldn't comment on such  
pressure ,COMMA except to say :COLON "DOUBLE-QUOTE We're always monitoring our member  
firms' capital positions to make sure they're in compliance  
with regulations .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0109-1.18>
<s.WSJ900404-0109-1.18.1>
Lawrence Eckenfelder ,COMMA a brokerage industry analyst at  
Prudential -HYPHEN Bache Securities ,COMMA is more blunt .PERIOD 
</s>
<s.WSJ900404-0109-1.18.2>
He says that  
"DOUBLE-QUOTE unfortunately ,COMMA you've got a lot of assets {LEFT-BRACE on brokerage -HYPHEN firm  
balance sheets }RIGHT-BRACE that shouldn't be sitting there .PERIOD 
</s>
<s.WSJ900404-0109-1.18.3>
Liquidity is  
the name of the game here .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0109-1.19>
<s.WSJ900404-0109-1.19.1>
The image the brokerage firms now want to project to the  
marketplace is that they are "DOUBLE-QUOTE clean of what the market  
considers are tainted assets ,COMMA "DOUBLE-QUOTE says Mr.  Pinkes of Moody's .PERIOD 
</s>
<s.WSJ900404-0109-1.19.2>
He  
says the brokerage firms' actions are "DOUBLE-QUOTE very natural  
developments to clean up balance sheets ,COMMA to unleverage ,COMMA to  
position themselves as sound credit risks .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0109-1.20>
<s.WSJ900404-0109-1.20.1>
"DOUBLE-QUOTE We are moving away from illiquid investments ;SEMI-COLON we're doing  
it for business reasons ,COMMA "DOUBLE-QUOTE says a spokesman for Shearson  ,COMMA 
which Monday said it plans to sell four hundred and eighty million dollars of junk  
bonds .PERIOD 
</s>
<s.WSJ900404-0109-1.20.2>
When Kidder purged itself of junk ,COMMA it said it was  
removing all its "DOUBLE-QUOTE high -HYPHEN yield ,COMMA illiquid inventory "DOUBLE-QUOTE and that  
the Big Board was "DOUBLE-QUOTE enormously pleased "DOUBLE-QUOTE by that  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.21>
<s.WSJ900404-0109-1.21.1>
Some analysts say they are worried about increased selling  
pressure on the already battered junk -HYPHEN bond market as the big  
brokerage firms trim their portfolios .PERIOD 
</s>
<s.WSJ900404-0109-1.21.2>
S. &AMPERSAND P. says that  
shouldn't be a problem  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.22>
<s.WSJ900404-0109-1.22.1>
Says Jeffrey Bowman ,COMMA an S. &AMPERSAND P. vice president :COLON "DOUBLE-QUOTE S. &AMPERSAND P. believes  
management will be able to reduce their exposures on an  
orderly basis .PERIOD 
</s>
<s.WSJ900404-0109-1.22.2>
What is really illiquid and probably doesn't  
have much value is the bridges ,COMMA "DOUBLE-QUOTE which are temporary loans  
brokerage firms make to finance their clients' takeover  
deals .PERIOD 
</s>
<s.WSJ900404-0109-1.22.3>
"DOUBLE-QUOTE One positive development from all this is that  
brokerage firms are working toward reducing their bridge  
exposure ,COMMA "DOUBLE-QUOTE he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0109-1.23>
<s.WSJ900404-0109-1.23.1>
Although First Boston recently said it held just one hundred and seven million dollars in its junk -HYPHEN bond portfolio ,COMMA it was forced by  
credit -HYPHEN rating agencies to sell to its parent more than half  
of its troubled four hundred and fifty million dollars bridge loan to Ohio Mattress Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0108-1.1>
<s.WSJ900404-0108-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The following issues were recently filed  
with the Securities and Exchange Commission   :COLON 
</s>
</p>
<p.WSJ900404-0108-1.2>
<s.WSJ900404-0108-1.2.1>
Consolidated Rail Corporation  ,COMMA offering of up to one .POINT two five billion dollars  
of debt securities  .PERIOD 
</s>
</p>
<p.WSJ900404-0108-1.3>
<s.WSJ900404-0108-1.3.1>
Hydro -HYPHEN Quebec ,COMMA shelf offering of up to one billion one hundred and sixty eight million five hundred and fifteen thousand dollars of  
debt securities and warrants  .PERIOD 
</s>
</p>
<p.WSJ900404-0108-1.4>
<s.WSJ900404-0108-1.4.1>
Immune Response Corporation  ,COMMA initial offering of two .POINT two million  
common shares via Dillon ,COMMA Read &AMPERSAND Company  .PERIOD 
</s>
<s.WSJ900404-0108-1.4.2>
Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0108-1.5>
<s.WSJ900404-0108-1.5.1>
Offshore Pipelines Incorporated  ,COMMA initial offering of three .POINT six million  
common shares ,COMMA via Prudential -HYPHEN Bache Capital Funding and Smith  
Barney ,COMMA Harris Upham &AMPERSAND Company  .PERIOD 
</s>
<s.WSJ900404-0108-1.5.2>
Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0107-1.1>
<s.WSJ900404-0107-1.1.1>
A. T. L. A. N. T. A. --DASH In light of its proposed recapitalization plan  ,COMMA 
Georgia Gulf Corporation  said its board will omit its quarterly  
dividend of twenty five cents a share  .PERIOD 
</s>
</p>
<p.WSJ900404-0107-1.2>
<s.WSJ900404-0107-1.2.1>
Under the recapitalization ,COMMA which shareholders are  
scheduled to vote on April nineteen ,COMMA holders would receive for each  
share held thirty dollars in cash ,COMMA eight dollars and fifty cents principal amount of notes and  
one share of a new issue of common .PERIOD 
</s>
<s.WSJ900404-0107-1.2.2>
The plan was hatched as  
an attempt to fend off Dallas investor Harold C. Simmons who  ,COMMA 
through Houston -HYPHEN based N. L. Industries Incorporated  ,COMMA began seeking  
control of Georgia Gulf last August  .PERIOD 
</s>
</p>
<p.WSJ900404-0107-1.3>
<s.WSJ900404-0107-1.3.1>
On Monday ,COMMA Mr.  Simmons let his forty five dollars -HYPHEN a. -HYPHEN share ,COMMA or one billion dollars  ,COMMA 
tender offer for Georgia Gulf expire ,COMMA saying he would support  
the company's recapitalization plan  .PERIOD 
</s>
</p>
<p.WSJ900404-0107-1.4>
<s.WSJ900404-0107-1.4.1>
Georgia Gulf ,COMMA a chemical company ,COMMA also said it completed  
the sale of its Freeman Chemical Corporation  subsidiary for about  
sixty five million dollars to Cook Composites &AMPERSAND Polymers Company  ,COMMA a closely held  
company based in North Kansas City ,COMMA Mo .PERIOD 
</s>
<s.WSJ900404-0107-1.4.2>
Georgia Gulf plans to  
use proceeds to help pay for the recapitalization  .PERIOD 
</s>
</p>
<p.WSJ900404-0107-1.5>
<s.WSJ900404-0107-1.5.1>
In New York Stock Exchange composite trading yesterday  ,COMMA 
Georgia Gulf closed at forty four dollars ,COMMA down fifty cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.1>
<s.WSJ900404-0106-1.1.1>
N. E. W. Y. O. R. K. --DASH Four directors at Businessland Incorporated  went on a  
stock -HYPHEN buying spree in late January and February  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.2>
<s.WSJ900404-0106-1.2.1>
Just days after the San Jose ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0106-1.2.2>
computer retailer  
reported a second -HYPHEN quarter operating loss ,COMMA these corporate  
insiders spent two .POINT nine million dollars on Businessland shares ,COMMA according  
to filings with the Securities and Exchange Commission .PERIOD 
</s>
<s.WSJ900404-0106-1.2.3>
All  
together ,COMMA the filings show ,COMMA they bought four hundred and eight thousand shares at an  
average price of seven dollars and oh nine cents each  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.3>
<s.WSJ900404-0106-1.3.1>
That turned out to be a savvy move .PERIOD 
</s>
<s.WSJ900404-0106-1.3.2>
On March seven ,COMMA the  
company announced that it was making up with Compaq Computer  
Corporation  a year after a bitter feud drove a wedge between the  
nation's biggest computer retailer and one of the largest  
personal -HYPHEN computer makers  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.4>
<s.WSJ900404-0106-1.4.1>
The announcement that Businessland would once again sell  
Compaq computers boosted the price of its stock twenty three %PERCENT in one  
day ,COMMA to ten dollars and seventy five cents .PERIOD 
</s>
<s.WSJ900404-0106-1.4.2>
It was unchanged yesterday ,COMMA in New York Stock  
Exchange composite trading ,COMMA at ten dollars and eighty seven cents five a share  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.5>
<s.WSJ900404-0106-1.5.1>
James Heisch ,COMMA Businessland's senior vice president of  
sales and services ,COMMA said the directors were "DOUBLE-QUOTE obviously not  "DOUBLE-QUOTE 
aware of the company's pending sales agreement with Compaq at  
the time they bought shares .PERIOD 
</s>
<s.WSJ900404-0106-1.5.2>
They made their purchases ,COMMA he  
said ,COMMA because "DOUBLE-QUOTE they felt the stock was very much  
undervalued ,COMMA "DOUBLE-QUOTE and the company's fundamentals were "DOUBLE-QUOTE very  
strong .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0106-1.6>
<s.WSJ900404-0106-1.6.1>
Mr.  Heisch said insiders are allowed to buy and sell  
shares only during a two one /SLASH two -HYPHEN week window following the release  
of earnings  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.7>
<s.WSJ900404-0106-1.7.1>
Director Michael D. Kaufman made the largest insider  
purchase ,COMMA S. E. C. filings show .PERIOD 
</s>
<s.WSJ900404-0106-1.7.2>
He bought three hundred and eighty two thousand shares for  
about two .POINT six million dollars ,COMMA bringing his total holdings to eight hundred and twenty six thousand nine hundred and sixty one  
shares .PERIOD 
</s>
<s.WSJ900404-0106-1.7.3>
According to S. E. C. filings ,COMMA he started his buying on  
January  thirty ,COMMA six days after the company reported a one .POINT two million dollars  
second -HYPHEN quarter loss  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.8>
<s.WSJ900404-0106-1.8.1>
The other three Businessland directors each more than  
doubled their holdings with purchases of one thousand to fifteen thousand  
shares ,COMMA made from February  one through February  fifteen  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.9>
<s.WSJ900404-0106-1.9.1>
Mr.  Kaufman ,COMMA president of M. K. Global Ventures ,COMMA a  
money -HYPHEN management concern based in Palo Alto ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0106-1.9.2>
said he  
bought the shares for his firm's investment portfolios .PERIOD 
</s>
<s.WSJ900404-0106-1.9.3>
"DOUBLE-QUOTE We  
were buyers without Compaq and ,COMMA if Compaq decided to  
disenfranchise us again ,COMMA we would still be a buyer .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0106-1.10>
<s.WSJ900404-0106-1.10.1>
Mr.  Kaufman says he's betting on Businessland because of  
its efforts to expand its service and support network  
internationally .PERIOD 
</s>
<s.WSJ900404-0106-1.10.2>
A company "DOUBLE-QUOTE that can service a variety of  
different {LEFT-BRACE computer brands }RIGHT-BRACE anywhere in the world and give  
you the `SINGLE-QUOTE warm fuzzies' you need to run your business "DOUBLE-QUOTE is  
going to prosper ,COMMA he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-1.11>
<s.WSJ900404-0106-1.11.1>
Analysts ,COMMA too ,COMMA are generally bullish on Businessland  .PERIOD 
</s>
<s.WSJ900404-0106-1.11.2>
Salomon Brothers Incorporated  'SINGLE-QUOTE s. Michelle Preston predicts that ,COMMA with  
the company's price -HYPHEN cutting battles behind it ,COMMA the stock will  
outperform the Standard &AMPERSAND Poor's five hundred -HYPHEN stock index .PERIOD 
</s>
<s.WSJ900404-0106-1.11.3>
"DOUBLE-QUOTE We're  
still pretty optimistic about growth in P. C. sales ,COMMA "DOUBLE-QUOTE she said  ,COMMA 
and Businessland's "DOUBLE-QUOTE economies of scale "DOUBLE-QUOTE should allow it to  
increase its market share  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-2.1>
<s.WSJ900404-0106-2.1.1>
D. I. S. K. -HYPHEN D. R. I. V. E. N. S. A. L. E. S. :COLON Strong insider activity at another  
computer firm ,COMMA Quantum Corporation  ,COMMA a Milpitas ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0106-2.1.2>
maker of  
disk drives ,COMMA wasn't quite as well -HYPHEN timed  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-2.2>
<s.WSJ900404-0106-2.2.1>
As shown on the accompanying Insider Trading Spotlight  ,COMMA 
four insiders sold a total of one hundred and fifty three thousand eight hundred and ninety three shares in February ,COMMA S. E. C.  
filings show (LEFT-PAREN see accompanying table --DASH W. S. J. April four ,COMMA nineteen ninety  .PERIOD 
</s>
<s.WSJ900404-0106-2.2.2>
Quantum's chairman ,COMMA Stephen Berkley ,COMMA sold one hundred thousand of those  
shares ,COMMA or thirty six %PERCENT of his stake in the company ,COMMA according to the  
filings  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-2.3>
<s.WSJ900404-0106-2.3.1>
The insiders sold at prices ranging from ten dollars to eleven dollars and sixty three cents a  
share .PERIOD 
</s>
<s.WSJ900404-0106-2.3.2>
But the stock has since rallied ,COMMA in over -HYPHEN the -HYPHEN counter  
trading ,COMMA to close yesterday at fourteen dollars and twelve cents five ,COMMA up seventy five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-2.4>
<s.WSJ900404-0106-2.4.1>
Company officials ,COMMA including Mr.  Berkley ,COMMA declined to  
comment on the sales  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-3.1>
<s.WSJ900404-0106-3.1.1>
T. O. R. C. H. B. E. A. R. E. R. S. :COLON Seven executives at Torchmark Corporation  ,COMMA a  
Birmingham ,COMMA Ala .PERIOD ,COMMA 
</s>
<s.WSJ900404-0106-3.1.2>
insurer ,COMMA purchased more than one .POINT two million of  
its shares through the exercise of below -HYPHEN market -HYPHEN price stock  
options at the end of last year ,COMMA S. E. C. filings show  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-3.2>
<s.WSJ900404-0106-3.2.1>
Torchmark Chairman Ronald K. Richey more than doubled his  
holdings in the company ,COMMA boosting his current stake to  
four hundred and ninety one thousand six hundred and fifty eight shares from two hundred and thirty seven thousand eight hundred and four shares ,COMMA according to the company  .PERIOD 
</s>
<s.WSJ900404-0106-3.2.2>
(LEFT-PAREN He turned ninety one thousand six hundred and forty seven shares back to the company January  thirty to pay  
taxes on the options exercises .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0106-3.3>
<s.WSJ900404-0106-3.3.1>
The insiders paid ten dollars and eighty eight cents to thirty dollars and fifty cents a share ;SEMI-COLON the stock was  
unchanged at forty five dollars and fifty cents a share in Big Board composite trading  
yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0106-3.4>
<s.WSJ900404-0106-3.4.1>
Mr.  Richey ,COMMA along with most of Torchmark's other senior  
officials ,COMMA was out of the office yesterday and couldn't be  
reached for comment .PERIOD 
</s>
<s.WSJ900404-0106-3.4.2>
A Torchmark spokeswoman said they were  
arranging the company's efforts to propose its five nominees  
to the board of American General Corporation  ,COMMA a Houston -HYPHEN based  
insurer .PERIOD 
</s>
<s.WSJ900404-0106-3.4.3>
Torchmark made a six .POINT three billion dollars bid for American  
General on March twenty six ,COMMA but said it withdrew it after American  
General failed to respond within forty eight hours  .PERIOD 
</s>
</p>
<p.WSJ900404-0105-1.1>
<s.WSJ900404-0105-1.1.1>
P. I. T. T. S. B. U. R. G. H. --DASH National Intergroup Incorporated  management mailed a  
proxy statement to shareholders challenging the credentials  
of the principals of Centaur Partners I. V. ,COMMA who are waging a  
proxy fight for control of National Intergroup  .PERIOD 
</s>
</p>
<p.WSJ900404-0105-1.2>
<s.WSJ900404-0105-1.2.1>
"DOUBLE-QUOTE Abbey Butler ,COMMA Melvyn Estrin and Charles Abod have no  
proven track record in running a large ,COMMA diversified public  
company ,COMMA "DOUBLE-QUOTE National Intergroup said .PERIOD 
</s>
<s.WSJ900404-0105-1.2.2>
National said that a  
mail -HYPHEN order company operated by Mr.  Butler went bankrupt in  
nineteen seventy eight and that Mr.  Butler has twice filed for personal  
bankruptcy ,COMMA in nineteen eighty one and nineteen eight hundred and thirty   .PERIOD 
</s>
</p>
<p.WSJ900404-0105-1.3>
<s.WSJ900404-0105-1.3.1>
In addition ,COMMA Mr.  Butler was censured and fined by the  
National Association of Securities Dealers for rules  
violations ,COMMA National Intergroup said  .PERIOD 
</s>
</p>
<p.WSJ900404-0105-1.4>
<s.WSJ900404-0105-1.4.1>
Centaur ,COMMA which owns more than sixteen %PERCENT of National ,COMMA is  
advocating sale of the assets of the drug wholesaling  
concern ,COMMA which has interests in metals and energy companies  .PERIOD 
</s>
</p>
<p.WSJ900404-0105-1.5>
<s.WSJ900404-0105-1.5.1>
In New York ,COMMA Centaur Partners Group said National  
Intergroup's management and directors "DOUBLE-QUOTE have resorted to  
personal invective and mischaracterizations in an attempt to  
divert stockholder attention from their own sorry record of  
four hundred and fifty million dollars in losses from continuing operations during the  
last six years .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0105-1.6>
<s.WSJ900404-0105-1.6.1>
Centaur said in a statement that the Centaur group's  
ability to run a large company shouldn't be an issue "DOUBLE-QUOTE in view  
of our announced program to sell National Intergroup's  
businesses and distribute the proceeds to stockholders .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0104-1.1>
<s.WSJ900404-0104-1.1.1>
Tuesday ,COMMA April three ,COMMA nineteen ninety   
</s>
</p>
<p.WSJ900404-0104-1.2>
<s.WSJ900404-0104-1.2.1>
The key U. S. and foreign annual interest rates below are a  
guide to general levels but don't always represent actual  
transactions  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.3>
<s.WSJ900404-0104-1.3.1>
P. R. I. M. E. R. A. T. E. :COLON ten %PERCENT .PERIOD 
</s>
<s.WSJ900404-0104-1.3.2>
The base rate on corporate loans at large  
U. S. money center commercial banks  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.4>
<s.WSJ900404-0104-1.4.1>
F. E. D. E. R. A. L. F. U. N. D. S. :COLON eight three /SLASH eight %PERCENT high ,COMMA eight three /SLASH sixteen %PERCENT low ,COMMA eight three /SLASH sixteen %PERCENT near  
closing bid ,COMMA eight one /SLASH four %PERCENT offered .PERIOD 
</s>
<s.WSJ900404-0104-1.4.2>
Reserves traded among commercial  
banks for overnight use in amounts of one million dollars or more  .PERIOD 
</s>
<s.WSJ900404-0104-1.4.3>
Source :COLON Fulton Prebon (LEFT-PAREN U. S. A. )RIGHT-PAREN .PERIOD 
</s>
<s.WSJ900404-0104-1.4.4>
Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.5>
<s.WSJ900404-0104-1.5.1>
D. I. S. C. O. U. N. T. R. A. T. E. :COLON seven %PERCENT .PERIOD 
</s>
<s.WSJ900404-0104-1.5.2>
The charge on loans to depository  
institutions by the New York Federal Reserve Bank  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.6>
<s.WSJ900404-0104-1.6.1>
C. A. L. L. M. O. N. E. Y. :COLON nine one /SLASH four %PERCENT .PERIOD 
</s>
<s.WSJ900404-0104-1.6.2>
The charge on loans to brokers on  
stock exchange collateral  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.7>
<s.WSJ900404-0104-1.7.1>
C. O. M. M. E. R. C. I. A. L. P. A. P. E. R. placed directly by General Motors  
Acceptance Corporation  :COLON eight .POINT two seven five %PERCENT thirty to forty four days ;SEMI-COLON eight .POINT two five %PERCENT forty five to fifty nine days  ;SEMI-COLON 
eight .POINT two oh %PERCENT sixty to eighty nine days ;SEMI-COLON eight .POINT one five %PERCENT ninety to one hundred and nineteen days ;SEMI-COLON eight .POINT one oh %PERCENT one hundred and twenty to one hundred and forty nine  
days ;SEMI-COLON eight .POINT oh five %PERCENT one hundred and fifty to one hundred and seventy nine days ;SEMI-COLON eight %PERCENT one hundred and eighty to two hundred and seventy days  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.8>
<s.WSJ900404-0104-1.8.1>
C. O. M. M. E. R. C. I. A. L. P. A. P. E. R. :COLON High -HYPHEN grade unsecured notes sold through  
dealers by major corporations in multiples of one thousand dollars :COLON eight .POINT three oh %PERCENT  
thirty days ;SEMI-COLON eight .POINT three oh %PERCENT sixty days ;SEMI-COLON eight .POINT two seven %PERCENT ninety days  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.9>
<s.WSJ900404-0104-1.9.1>
C. E. R. T. I. F. I. C. A. T. E. S. O. F. D. E. P. O. S. I. T. :COLON seven .POINT seven seven %PERCENT one month ;SEMI-COLON seven .POINT eight three %PERCENT two  
months ;SEMI-COLON seven .POINT eight six %PERCENT three months ;SEMI-COLON seven .POINT nine three %PERCENT six months ;SEMI-COLON eight .POINT two oh %PERCENT one year  .PERIOD 
</s>
<s.WSJ900404-0104-1.9.2>
Average of top rates paid by major New York banks on primary  
new issues of negotiable C. D. s. ,COMMA usually on amounts of one million dollars and more .PERIOD 
</s>
<s.WSJ900404-0104-1.9.3>
The minimum unit is one hundred thousand dollars .PERIOD 
</s>
<s.WSJ900404-0104-1.9.4>
Typical rates  
in the secondary market :COLON eight .POINT three five %PERCENT one month ;SEMI-COLON eight .POINT four oh %PERCENT three months  ;SEMI-COLON 
eight .POINT five five %PERCENT six months  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.10>
<s.WSJ900404-0104-1.10.1>
B. A. N. K. E. R. S. A. C. C. E. P. T. A. N. C. E. S. :COLON eight .POINT two oh %PERCENT thirty days ;SEMI-COLON eight .POINT one six %PERCENT sixty days ;SEMI-COLON eight .POINT one five %PERCENT  
ninety days ;SEMI-COLON eight .POINT one five %PERCENT one hundred and twenty days ;SEMI-COLON eight .POINT one five %PERCENT one hundred and fifty days ;SEMI-COLON eight .POINT one four %PERCENT one hundred and eighty days  .PERIOD 
</s>
<s.WSJ900404-0104-1.10.2>
Negotiable ,COMMA bank -HYPHEN backed business credit instruments typically  
financing an import order  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.11>
<s.WSJ900404-0104-1.11.1>
L. O. N. D. O. N. L. A. T. E. E. U. R. O. D. O. L. L. A. R. S. :COLON eight seven /SLASH sixteen %PERCENT to eight five /SLASH sixteen %PERCENT one month ;SEMI-COLON eight  
one /SLASH two %PERCENT to eight three /SLASH eight %PERCENT two months ;SEMI-COLON eight nine /SLASH sixteen %PERCENT to eight seven /SLASH sixteen %PERCENT three months ;SEMI-COLON eight  
five /SLASH eight %PERCENT to eight one /SLASH two %PERCENT four months ;SEMI-COLON eight eleven /SLASH sixteen %PERCENT to eight nine /SLASH sixteen %PERCENT five months  ;SEMI-COLON 
eight eleven /SLASH sixteen %PERCENT to eight nine /SLASH sixteen %PERCENT six months  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.12>
<s.WSJ900404-0104-1.12.1>
L. O. N. D. O. N. I. N. T. E. R. B. A. N. K. O. F. F. E. R. E. D. R. A. T. E. S. (LEFT-PAREN L. I. B. O. R. :COLON eight seven /SLASH sixteen %PERCENT one month  ;SEMI-COLON 
eight nine /SLASH sixteen %PERCENT three months ;SEMI-COLON eight three /SLASH four %PERCENT six months ;SEMI-COLON nine %PERCENT one year .PERIOD 
</s>
<s.WSJ900404-0104-1.12.2>
The  
average of interbank offered rates for dollar deposits in the  
London market based on quotations at five major banks  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.13>
<s.WSJ900404-0104-1.13.1>
F. O. R. E. I. G. N. P. R. I. M. E. R. A. T. E. S. :COLON Canada fourteen .POINT two five %PERCENT ;SEMI-COLON Germany ten .POINT five oh %PERCENT ;SEMI-COLON Japan  
six .POINT two five %PERCENT ;SEMI-COLON Switzerland eleven .POINT two five %PERCENT ;SEMI-COLON Britain fifteen %PERCENT .PERIOD 
</s>
<s.WSJ900404-0104-1.13.2>
These rate  
indications aren't directly comparable ;SEMI-COLON lending practices  
vary widely by location  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.14>
<s.WSJ900404-0104-1.14.1>
T. R. E. A. S. U. R. Y. B. I. L. L. S. :COLON Results of the Monday ,COMMA April two ,COMMA nineteen ninety  ,COMMA 
auction of short -HYPHEN term U. S. government bills ,COMMA sold at a  
discount from face value in units of ten thousand dollars to one million dollars  :COLON 
seven .POINT eight three %PERCENT thirteen weeks ;SEMI-COLON seven .POINT eight one %PERCENT twenty six weeks  .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.15>
<s.WSJ900404-0104-1.15.1>
F. E. D. E. R. A. L. H. O. M. E. L. O. A. N. M. O. R. T. G. A. G. E. C. O. R. P. .PERIOD 
</s>
<s.WSJ900404-0104-1.15.2>
(LEFT-PAREN Freddie Mac :COLON Posted  
yields on thirty -HYPHEN year mortgage commitments for delivery within thirty  
days .PERIOD 
</s>
<s.WSJ900404-0104-1.15.3>
ten .POINT three oh %PERCENT ,COMMA standard conventional fixed -HYPHEN rate mortgages ;SEMI-COLON eight %PERCENT  ,COMMA 
two %PERCENT rate capped one -HYPHEN year adjustable rate mortgages .PERIOD 
</s>
<s.WSJ900404-0104-1.15.4>
Source  :COLON 
Telerate Systems Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.16>
<s.WSJ900404-0104-1.16.1>
F. E. D. E. R. A. L. N. A. T. I. O. N. A. L. M. O. R. T. G. A. G. E. A. S. S. O. C. I. A. T. I. O. N. (LEFT-PAREN Fannie Mae :COLON Posted  
yields on thirty -HYPHEN year mortgage commitments for delivery within thirty  
days (LEFT-PAREN priced at par .PERIOD 
</s>
<s.WSJ900404-0104-1.16.2>
ten .POINT one nine %PERCENT ,COMMA standard conventional  
fixed -HYPHEN rate mortgages ;SEMI-COLON nine %PERCENT ,COMMA six /SLASH two rate capped one -HYPHEN year adjustable  
rate mortgages .PERIOD 
</s>
<s.WSJ900404-0104-1.16.3>
Source :COLON Telerate Systems Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0104-1.17>
<s.WSJ900404-0104-1.17.1>
M. E. R. R. I. L. L. L. Y. N. C. H. R. E. A. D. Y. A. S. S. E. T. S. T. R. U. S. T. :COLON seven .POINT six one %PERCENT .PERIOD 
</s>
<s.WSJ900404-0104-1.17.2>
Annualized  
average rate of return after expenses for the past thirty days  ;SEMI-COLON 
not a forecast of future returns  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.1>
<s.WSJ900404-0103-1.1.1>
N. E. W. Y. O. R. K. --DASH M. B. P. Acquisition Corporation  ,COMMA an investment group  
that includes Playtex Family Products Corporation  ,COMMA agreed to  
acquire cosmetics maker Maybelline for three hundred million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.2>
<s.WSJ900404-0103-1.2.1>
Maybelline's parent ,COMMA pharmaceutical maker Schering -HYPHEN Plough  
Corporation  ,COMMA announced plans last December to sell its cosmetics  
unit in order to focus on its more profitable prescription  
and over -HYPHEN the -HYPHEN counter drug businesses  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.3>
<s.WSJ900404-0103-1.3.1>
But no major corporate suitors emerged ,COMMA and the current  
cash offer ,COMMA which amounts to about one times Maybelline's  
nineteen eighty nine sales ,COMMA is far less than analysts had originally expected  
the maker of the No .PERIOD 
</s>
<s.WSJ900404-0103-1.3.2>
two brand of mass -HYPHEN market cosmetics to  
fetch .PERIOD 
</s>
<s.WSJ900404-0103-1.3.3>
"DOUBLE-QUOTE They're getting it cheap ,COMMA "DOUBLE-QUOTE said Allan Mottus ,COMMA a  
cosmetics industry consultant  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.4>
<s.WSJ900404-0103-1.4.1>
Last September ,COMMA consumer products concern Procter &AMPERSAND Gamble  
Company  announced plans to acquire Noxell Corporation  in a stock swap  
valued at one .POINT three billion dollars ,COMMA or about two .POINT five times Noxell's annual  
sales .PERIOD 
</s>
<s.WSJ900404-0103-1.4.2>
Noxell makes Maybelline's top rival Cover Girl  
cosmetics ,COMMA the No .PERIOD 
</s>
<s.WSJ900404-0103-1.4.3>
one mass -HYPHEN market brand  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.5>
<s.WSJ900404-0103-1.5.1>
"DOUBLE-QUOTE I would say it's a good price ,COMMA but a fair price "DOUBLE-QUOTE said  
Hercules Sotos ,COMMA vice chairman of Playtex ,COMMA of the Maybelline  
bid .PERIOD 
</s>
<s.WSJ900404-0103-1.5.2>
A Schering -HYPHEN Plough spokesman also called the price fair  ,COMMA 
and added that the pharmaceutical maker had never predicted  
Maybelline's selling price  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.6>
<s.WSJ900404-0103-1.6.1>
M. B. P. Acquisition is a newly formed group that includes  
Playtex Family Products ,COMMA which markets such consumer goods as  
Playtex tampons and the Jhirmack and La Coupe brands of  
shampoos ;SEMI-COLON Thomas H. Lee Company  ,COMMA a leveraged buy -HYPHEN out firm based  
in Boston ,COMMA and members of Playtex and Maybelline managements  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.7>
<s.WSJ900404-0103-1.7.1>
Playtex Family Products ,COMMA based in Stamford ,COMMA Conn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0103-1.7.2>
was  
formed in nineteen eighty eight after Playtex Holdings Incorporated  was sold to a  
management group and divided into two companies .PERIOD 
</s>
<s.WSJ900404-0103-1.7.3>
Playtex  
Holdings' other businesses became Playtex Apparel Incorporated  ,COMMA which  
makes bras ,COMMA girdles and other apparel  .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.8>
<s.WSJ900404-0103-1.8.1>
Maybelline's management is expected to remain in place  
after the transaction is completed ,COMMA though the acquisition  
doesn't mark Playtex's first venture into the image -HYPHEN oriented  
world of cosmetics .PERIOD 
</s>
<s.WSJ900404-0103-1.8.2>
The company had previously owned the Max  
Factor ,COMMA Almay and Halston cosmetics business ,COMMA which it sold  
to Revlon Group Incorporated  in nineteen eight hundred and sixty   .PERIOD 
</s>
</p>
<p.WSJ900404-0103-1.9>
<s.WSJ900404-0103-1.9.1>
Drug industry analysts ,COMMA who had applauded the announced  
sale of the cosmetics unit ,COMMA seemed to view the move  
favorably .PERIOD 
</s>
<s.WSJ900404-0103-1.9.2>
"DOUBLE-QUOTE Their {LEFT-BRACE Schering -HYPHEN Plough 'SINGLE-QUOTE s. }RIGHT-BRACE future earnings will be  
more predictable ,COMMA "DOUBLE-QUOTE said Hemant K. Shah ,COMMA an independent  
analyst with Hemant K. Shah &AMPERSAND Company  .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0103-1.9.3>
Maybelline has always been  
an uncertain factor in Schering -HYPHEN Plough 'SINGLE-QUOTE s. earnings .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0103-1.10>
<s.WSJ900404-0103-1.10.1>
Yesterday ,COMMA in composite trading on the New York Stock  
Exchange ,COMMA Schering -HYPHEN Plough 'SINGLE-QUOTE s. shares closed at eighty one dollars and twelve cents five ,COMMA up sixty two .POINT five  
cents ,COMMA on volume of two hundred and thirteen thousand four hundred shares  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.1>
<s.WSJ900404-0102-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The House approved a two .POINT four billion dollars  
supplemental spending bill for fiscal nineteen ninety that includes most  
of President Bush's request for aid to Panama and Nicaragua  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.2>
<s.WSJ900404-0102-1.2.1>
The measure ,COMMA approved on a three hundred and sixty two -HYPHEN fifty nine vote ,COMMA includes nearly  
one .POINT five billion dollars in new spending authority for a variety of  
domestic programs that Mr.  Bush didn't seek ,COMMA and shifts  
priorities within the president's foreign -HYPHEN aid request  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.3>
<s.WSJ900404-0102-1.3.1>
The measure would offset one .POINT eight billion dollars of the new spending  
authority for the year that began October  one with rescissions of  
previously approved Pentagon funding .PERIOD 
</s>
<s.WSJ900404-0102-1.3.2>
But it would still add  
six hundred and sixty five million dollars to the current fiscal year's deficit ,COMMA which the  
Congressional Budget Office projects at one hundred and fifty eight billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.4>
<s.WSJ900404-0102-1.4.1>
Mr.  Bush said he wanted the measure on his desk by  
tomorrow .PERIOD 
</s>
<s.WSJ900404-0102-1.4.2>
But swift action in the Senate isn't likely  .PERIOD 
</s>
<s.WSJ900404-0102-1.4.3>
Democratic leaders there ,COMMA including Majority Leader George  
Mitchell of Maine and Appropriations Committee Chairman  
Robert Byrd of West Virginia ,COMMA have expressed reservations  
about the amount of money the president is seeking for the  
two Central American nations  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.5>
<s.WSJ900404-0102-1.5.1>
The House -HYPHEN passed bill would cut Mr.  Bush's aid request for  
a one -HYPHEN time aid infusion for Panama to four hundred and twenty million dollars from five hundred million dollars .PERIOD 
</s>
<s.WSJ900404-0102-1.5.2>
But it would authorize the three hundred million dollars he sought  
for Nicaragua as the first installment of a multiyear aid  
program  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.6>
<s.WSJ900404-0102-1.6.1>
Of the Nicaraguan aid ,COMMA thirty million dollars would help pay for  
costs of repatriating the U. S. -HYPHEN backed Contra rebels ,COMMA who have  
agreed to disband before the new democratically elected  
government takes power later this month  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.7>
<s.WSJ900404-0102-1.7.1>
The supplemental measure also includes four hundred and forty two million dollars to  
replenish Interior Department and National Park Service funds  
spent to fight Western forest fires and to clean up oil  
spilled from the Exxon Valdez ,COMMA and one hundred and eleven million dollars in disaster  
aid related to Hurricane Hugo and the California earthquake  
last year and the recent flooding in the Southeast  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.8>
<s.WSJ900404-0102-1.8.1>
An additional ninety six million dollars would be provided to make up a  
shortfall in state unemployment -HYPHEN insurance programs brought on  
by higher -HYPHEN than -HYPHEN projected joblessness  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.9>
<s.WSJ900404-0102-1.9.1>
In foreign -HYPHEN aid accounts ,COMMA the bill would provide an  
additional seventy million dollars to transport refugees to the U. S. and  
Israel from the Soviet Union and Eastern Europe ;SEMI-COLON thirty million dollars  
for southern Africa ,COMMA with ten million dollars each designated for the  
newly independent nation of Namibia and to promote democracy  
in South Africa ;SEMI-COLON twenty five million dollars in food aid for refugees  
world -HYPHEN wide ;SEMI-COLON fifteen million dollars for Eastern Caribbean nations  
including Jamaica ;SEMI-COLON five million dollars to help repair damage from  
Hurricane Hugo in three Caribbean nations ,COMMA and five million dollars for  
Soviet Jewish refugees in Israel  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.10>
<s.WSJ900404-0102-1.10.1>
The measure would remove the U. S. Export -HYPHEN Import Bank's  
limitation on medium -HYPHEN term loans .PERIOD 
</s>
<s.WSJ900404-0102-1.10.2>
Ex -HYPHEN Im Bank officials say  
that would allow them to make more loans to Panama and  
Eastern Europe .PERIOD 
</s>
<s.WSJ900404-0102-1.10.3>
Another provision would provide the World  
Bank with one .POINT six billion dollars in callable capital for use if the  
bank encountered financial difficulties  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.11>
<s.WSJ900404-0102-1.11.1>
The military -HYPHEN spending rescissions come from a wide range  
of personnel ,COMMA procurement ,COMMA research -HYPHEN and -HYPHEN development and  
construction accounts .PERIOD 
</s>
<s.WSJ900404-0102-1.11.2>
The largest single item is a two hundred and thirty eight million dollars cut in the production at a Louisiana facility of  
explosives used in shells  .PERIOD 
</s>
</p>
<p.WSJ900404-0102-1.12>
<s.WSJ900404-0102-1.12.1>
About two hundred and twelve million dollars would come out of purchases of spare  
and repair parts ,COMMA one hundred million dollars from slowing down Air Force  
personnel transfers ,COMMA and eighty two .POINT nine million dollars from a personnel  
freeze in all of the uniformed services ,COMMA including the Army  ,COMMA 
Navy and Air Force reserves and the Army and Air National  
Guards  .PERIOD 
</s>
</p>
<p.WSJ900404-0101-1.1>
<s.WSJ900404-0101-1.1.1>
Z. E. E. L. A. N. D. ,COMMA Mich .PERIOD 
</s>
<s.WSJ900404-0101-1.1.2>
--DASH Herman Miller Incorporated  said it agreed to  
acquire Meridian Incorporated  of Spring Lake ,COMMA Mich .PERIOD ,COMMA 
</s>
<s.WSJ900404-0101-1.1.3>
in a stock swap  
valued at about twenty eight .POINT six million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0101-1.2>
<s.WSJ900404-0101-1.2.1>
Herman Miller said it will acquire the closely held maker  
of metal -HYPHEN case goods by exchanging one million three hundred and eighty thousand of its common  
shares for all of Meridian's shares outstanding .PERIOD 
</s>
<s.WSJ900404-0101-1.2.2>
The shares  
to be issued will represent five .POINT four %PERCENT of Herman Miller's common  
stock after the acquisition ,COMMA Herman Miller said  .PERIOD 
</s>
</p>
<p.WSJ900404-0101-1.3>
<s.WSJ900404-0101-1.3.1>
James H. Bloem ,COMMA Herman Miller vice president and chief  
financial officer ,COMMA said the transaction will neither enhance  
nor dilute the company's per -HYPHEN share earnings for the fiscal  
year ending June two .PERIOD 
</s>
<s.WSJ900404-0101-1.3.2>
The Michigan office -HYPHEN furniture maker said  
it expects to complete the transaction before May twenty three  .PERIOD 
</s>
<s.WSJ900404-0101-1.3.3>
Completion is subject to regulatory approval  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.1>
<s.WSJ900404-0100-1.1.1>
New York investor Carl Icahn said his proposal for U. S. X.  
Corporation  to spin off its steel business to shareholders would  
create values of forty eight dollars for each existing share of U. S. X. ,COMMA or thirty %PERCENT  
above the current market price  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.2>
<s.WSJ900404-0100-1.2.1>
In proxy materials mailed this week to U. S. X. shareholders  ,COMMA 
Mr.  Icahn said that if the company's two main businesses were  
split up ,COMMA Marathon Oil Company  would be worth thirty nine dollars a U. S. X. share and  
U. S. .PERIOD 
</s>
<s.WSJ900404-0100-1.2.2>
Steel would be worth nine dollars a share  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.3>
<s.WSJ900404-0100-1.3.1>
Mr.  Icahn wants eighty %PERCENT or more of U. S. .PERIOD 
</s>
<s.WSJ900404-0100-1.3.2>
Steel distributed to  
U. S. X. shareholders .PERIOD 
</s>
<s.WSJ900404-0100-1.3.3>
He plans to spend between five million dollars and  
ten million dollars to persuade U. S. X. holders to vote for his proposal  
in a nonbinding referendum at the Pittsburgh -HYPHEN based company's  
annual meeting May seven  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.4>
<s.WSJ900404-0100-1.4.1>
Separating the steel and energy companies ,COMMA Mr.  Icahn said  ,COMMA 
would enable investors to value them more efficiently ,COMMA give  
investors greater freedom of choice ,COMMA and make management more  
accountable  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.5>
<s.WSJ900404-0100-1.5.1>
The Icahn proxy materials contain a chart showing that U. S. X.  
stock has declined in price since March thirty one ,COMMA nineteen seventy five ,COMMA while  
Standard &AMPERSAND Poor's five hundred -HYPHEN stock index has risen fourfold  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.6>
<s.WSJ900404-0100-1.6.1>
U. S. X. shares surged yesterday to thirty seven dollars and twelve cents five ,COMMA up one dollars and fifty cents ,COMMA amid a  
general market rally in composite trading on the New York  
Stock Exchange  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.7>
<s.WSJ900404-0100-1.7.1>
The materials also dispute U. S. X. management's contention  
that a split -HYPHEN up would jeopardize some of the nine hundred million dollars in  
tax -HYPHEN loss carry -HYPHEN forwards that could shelter U. S. X. profits from  
taxes .PERIOD 
</s>
<s.WSJ900404-0100-1.7.2>
Even after the steel business was spun off ,COMMA he said  ,COMMA 
the tax losses would continue to offset Marathon's taxable  
income  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.8>
<s.WSJ900404-0100-1.8.1>
The Mt .PERIOD 
</s>
<s.WSJ900404-0100-1.8.2>
Kisco ,COMMA N. Y. -HYPHEN based investor also plans to vote his  
thirteen .POINT three %PERCENT U. S. X. stake for other holders' proposals to eliminate  
some anti -HYPHEN takeover devices ,COMMA including staggered board terms  
and a poison -HYPHEN pill shareholder rights plan .PERIOD 
</s>
<s.WSJ900404-0100-1.8.3>
A poison pill  
makes a hostile takeover prohibitively expensive .PERIOD 
</s>
<s.WSJ900404-0100-1.8.4>
Those  
proposals also are nonbinding  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.9>
<s.WSJ900404-0100-1.9.1>
Mr.  Icahn also is backing proposed bylaw changes to force  
U. S. X. directors to own at least two thousand shares of U. S. X. stock .PERIOD 
</s>
<s.WSJ900404-0100-1.9.2>
He  
also backs a measure barring executive compensation  
contingent on acquisition of the company .PERIOD 
</s>
<s.WSJ900404-0100-1.9.3>
That measure  
appears aimed at so -HYPHEN called golden parachute payments for  
executives who leave after a takeover  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.10>
<s.WSJ900404-0100-1.10.1>
U. S. X. declined to comment on the Icahn proxy materials  ,COMMA 
saying it needed more time to study them .PERIOD 
</s>
<s.WSJ900404-0100-1.10.2>
But the company  
said it favors keeping the poison -HYPHEN pill and staggered -HYPHEN board  
measures --DASH not to thwart an acquisition on favorable terms  ,COMMA 
but to deter unfair or coercive offers and preserve  
"DOUBLE-QUOTE continuity and stability "DOUBLE-QUOTE by requiring two annual meetings  
for a change of control .PERIOD 
</s>
<s.WSJ900404-0100-1.10.3>
U. S. X. also opposes the stock -HYPHEN ownership  
proposal for directors as unnecessary  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.11>
<s.WSJ900404-0100-1.11.1>
Mr.  Icahn disclosed that he is paying oil industry analyst  
Kurt Wulff ,COMMA chairman of McDEP Associates Incorporated  ,COMMA fifty thousand dollars for  
his analysis of a spin -HYPHEN off .PERIOD 
</s>
<s.WSJ900404-0100-1.11.2>
He also is paying two hundred thousand dollars to  
D. F. .PERIOD 
</s>
<s.WSJ900404-0100-1.11.3>
King &AMPERSAND Company  ,COMMA a proxy solicitor ,COMMA and one hundred and fifty thousand dollars to Jefferies  
&AMPERSAND Company  ,COMMA a securities firm ,COMMA for helping him solicit votes .PERIOD 
</s>
<s.WSJ900404-0100-1.11.4>
If  
he wins the vote ,COMMA he must pay another two hundred thousand dollars to King and  
four hundred and fifty thousand dollars to Jefferies  .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.12>
<s.WSJ900404-0100-1.12.1>
The Jefferies firm ,COMMA which had close ties to corporate  
raiders including Mr.  Icahn in the mid -HYPHEN nineteen eighties ,COMMA recently hired  
several former executives of Drexel Burnham Lambert Incorporated   ,COMMA 
once Mr.  Icahn's chief investment banker ,COMMA following the  
bankruptcy -HYPHEN law filing of Drexel's parent ,COMMA Drexel Burnham  
Lambert Group Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0100-1.13>
<s.WSJ900404-0100-1.13.1>
Jefferies' former chairman ,COMMA Boyd Jefferies ,COMMA pleaded guilty  
to federal securities -HYPHEN law violations in connection with the  
Ivan Boesky insider -HYPHEN trading case  .PERIOD 
</s>
</p>
<p.WSJ900404-0099-1.1>
<s.WSJ900404-0099-1.1.1>
I. N. W. O. O. D. ,COMMA N. Y. --DASH Choice Drug Systems Incorporated  said its  
president and chief operating officer ,COMMA George W. Keith  ,COMMA 
resigned after three months ,COMMA citing differences with  
management  .PERIOD 
</s>
</p>
<p.WSJ900404-0099-1.2>
<s.WSJ900404-0099-1.2.1>
"DOUBLE-QUOTE It was such a vague resignation ,COMMA quite frankly ,COMMA that  "DOUBLE-QUOTE 
today "DOUBLE-QUOTE we're having a board meeting to find out why "DOUBLE-QUOTE Mr.   
Keith left ,COMMA said Frank Mandelbaum ,COMMA executive vice president  ,COMMA 
treasurer and chief financial officer of the provider of  
pharmaceuticals ,COMMA medical equipment and disposables on Long  
Island here  .PERIOD 
</s>
</p>
<p.WSJ900404-0099-1.3>
<s.WSJ900404-0099-1.3.1>
Mr.  Keith ,COMMA who also had been a director ,COMMA succeeded Norman  
Pachtman ,COMMA fifty ,COMMA who is vice chairman of the now five -HYPHEN member  
board .PERIOD 
</s>
<s.WSJ900404-0099-1.3.2>
Mr.  Keith presented his resignation to Chairman Marvin  
Sirota ,COMMA Mr.  Mandelbaum said .PERIOD 
</s>
<s.WSJ900404-0099-1.3.3>
Mr.  Sirota was unavailable for  
comment ,COMMA Mr.  Mandelbaum added .PERIOD 
</s>
<s.WSJ900404-0099-1.3.4>
Mr.  Keith couldn't be reached  .PERIOD 
</s>
</p>
<p.WSJ900404-0099-1.4>
<s.WSJ900404-0099-1.4.1>
For the third quarter ended November  thirty ,COMMA Choice Drug reported  
its net loss widened to one hundred and ninety eight thousand two hundred and seventy eight dollars ,COMMA or five cents a share ,COMMA from  
fifty three thousand one hundred and eighty two dollars ,COMMA or one cent a share ,COMMA in the year -HYPHEN earlier period  .PERIOD 
</s>
<s.WSJ900404-0099-1.4.2>
Sales climbed twenty %PERCENT to four .POINT nine million dollars from four .POINT one million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0099-1.5>
<s.WSJ900404-0099-1.5.1>
The nine -HYPHEN month loss narrowed to one hundred and sixteen thousand two hundred and six dollars ,COMMA or three cents a  
share ,COMMA from two hundred and twenty seven thousand seven hundred and thirty nine dollars ,COMMA or five cents a share .PERIOD 
</s>
<s.WSJ900404-0099-1.5.2>
Sales grew twenty four %PERCENT  
to fourteen .POINT five million dollars from eleven .POINT seven million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0099-1.6>
<s.WSJ900404-0099-1.6.1>
In over -HYPHEN the -HYPHEN counter trading ,COMMA Choice Drug shares were  
quoted yesterday at one dollars bid ,COMMA unchanged  .PERIOD 
</s>
</p>
<p.WSJ900404-0098-1.1>
<s.WSJ900404-0098-1.1.1>
A. N. G. E. L. E. S. C. O. R. P. .PERIOD 
</s>
<s.WSJ900404-0098-1.1.2>
set its initial cash distribution on its one .POINT seven  
million newly issued units at thirty .POINT five six cents per unit ,COMMA and said  
the amount would be paid April thirty to unitholders of record  
April sixteen .PERIOD 
</s>
<s.WSJ900404-0098-1.1.3>
Issuance of the units was part of the company's  
recent acquisition of the assets of several affiliated  
entities for thirty six .POINT six million dollars .PERIOD 
</s>
<s.WSJ900404-0098-1.1.4>
Each unit consists of one -HYPHEN half  
share of common stock ,COMMA one -HYPHEN fiftieth of a new twelve one /SLASH two %PERCENT  
subordinated debenture due two thousand and five ,COMMA and a special cash payment  
of one dollars over the four -HYPHEN year life of the unit .PERIOD 
</s>
<s.WSJ900404-0098-1.1.5>
Angeles ,COMMA a Los  
Angeles investment management concern ,COMMA said that the initial  
cash payment covers the period between March three and April fifteen  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.1>
<s.WSJ900404-0097-1.1.1>
J. A. K. A. R. T. A. ,COMMA Indonesia --DASH Who will be the next leader of  
Indonesia ?QUESTION-MARK 
</s>
<s.WSJ900404-0097-1.1.2>
It is the question inside Indonesia these days  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.2>
<s.WSJ900404-0097-1.2.1>
But outside Indonesia ,COMMA the question often becomes :COLON Who  
cares ?QUESTION-MARK 
</s>
<s.WSJ900404-0097-1.2.2>
That's because Indonesia ,COMMA after forty five years of  
independence ,COMMA remains perhaps the world's most nebulous  
nation  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.3>
<s.WSJ900404-0097-1.3.1>
Indonesians began thinking about a new leader after  
President Suharto ,COMMA who was elected to a five -HYPHEN year term in  
nineteen eighty eight ,COMMA hinted that he might step down at the end of his term  
in nineteen ninety three ,COMMA when he will be seventy two .PERIOD 
</s>
<s.WSJ900404-0097-1.3.2>
But so far ,COMMA they don't seem to  
have warmed to the idea of anyone else in particular taking  
over .PERIOD 
</s>
<s.WSJ900404-0097-1.3.3>
After a quarter -HYPHEN century of quiet economic development  
under Suharto --DASH helped by hefty oil -HYPHEN export earnings --DASH  
Indonesians believe they are approaching the economic  
"DOUBLE-QUOTE take -HYPHEN off "DOUBLE-QUOTE stage and wonder where it will take them  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.4>
<s.WSJ900404-0097-1.4.1>
Many foreigners don't know where Indonesia is going  
either .PERIOD 
</s>
<s.WSJ900404-0097-1.4.2>
In fact ,COMMA they don't know where Indonesia is .PERIOD 
</s>
<s.WSJ900404-0097-1.4.3>
They  
often confuse it with Indochina .PERIOD 
</s>
<s.WSJ900404-0097-1.4.4>
Foreign Affairs ,COMMA the Council  
on Foreign Relations' quarterly publication ,COMMA headlined its  
latest article about the place "DOUBLE-QUOTE Invisible Indonesia .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0097-1.5>
<s.WSJ900404-0097-1.5.1>
Fifteenth -HYPHEN century Europeans knew it better .PERIOD 
</s>
<s.WSJ900404-0097-1.5.2>
Indonesia  ,COMMA 
then called the Spice Islands ,COMMA is where Columbus was trying  
to go when he bumped into America  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.6>
<s.WSJ900404-0097-1.6.1>
Today ,COMMA with one hundred and seventy eight million people ,COMMA it is the fifth largest  
nation in the world ,COMMA after China ,COMMA India ,COMMA the Soviet Union and  
the U. S. .PERIOD 
</s>
<s.WSJ900404-0097-1.6.2>
It has the world's biggest population of Moslems  ,COMMA 
who make up roughly ninety %PERCENT of the population  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.7>
<s.WSJ900404-0097-1.7.1>
Indonesia ranks fifteenth in the world in land area .PERIOD 
</s>
<s.WSJ900404-0097-1.7.2>
But one  
thing that makes Indonesia less noticeable abroad is that it  
is scattered over thirteen thousand six hundred and sixty seven islands and parts of islands  ,COMMA 
including three of the world's six largest islands :COLON New  
Guinea (LEFT-PAREN which is bigger than Texas ,COMMA Borneo (LEFT-PAREN bigger than  
France )RIGHT-PAREN and Sumatra (LEFT-PAREN bigger than California .PERIOD 
</s>
<s.WSJ900404-0097-1.7.3>
Placed over a  
map of North America ,COMMA Indonesia would stretch from Alaska to  
New York  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.8>
<s.WSJ900404-0097-1.8.1>
Only China and India surpass it in Asia ,COMMA population -HYPHEN wise  ,COMMA 
and as a big potential marketplace and labor source .PERIOD 
</s>
<s.WSJ900404-0097-1.8.2>
But much  
of China's glow was tarnished at Tiananmen Square last June  .PERIOD 
</s>
<s.WSJ900404-0097-1.8.3>
And India sputters along in its mire of red tape .PERIOD 
</s>
<s.WSJ900404-0097-1.8.4>
Indonesia  ,COMMA 
meanwhile ,COMMA looks bright in comparison ,COMMA so businesses eager to  
expand in Asia care very much about who leads Indonesia next  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.9>
<s.WSJ900404-0097-1.9.1>
Diplomats and geostrategic thinkers certainly care .PERIOD 
</s>
<s.WSJ900404-0097-1.9.2>
They  
remember when Indonesia ,COMMA under the rule of the flamboyant  
Sukarno and containing the world's third largest Communist  
Party ,COMMA was a major source of instability in the region  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.10>
<s.WSJ900404-0097-1.10.1>
Suharto's New Order regime changed all that .PERIOD 
</s>
<s.WSJ900404-0097-1.10.2>
It was born  
in trauma October  one ,COMMA nineteen sixty five ,COMMA when an attempted coup within the  
army was put down by Suharto and other generals in a  
countercoup that turned into ethnic ,COMMA religious and political  
violence that killed hundreds of thousands of Indonesians --DASH  
many of them ethnic Chinese .PERIOD 
</s>
<s.WSJ900404-0097-1.10.3>
More than one hundred thousand suspected  
Communists were jailed or exiled to island prisons  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.11>
<s.WSJ900404-0097-1.11.1>
"DOUBLE-QUOTE What Suharto did was to put this place on the shelf for  
twenty five years ,COMMA "DOUBLE-QUOTE says a Western diplomat .PERIOD 
</s>
<s.WSJ900404-0097-1.11.2>
Suharto stopped shoving  
Indonesia's weight around in the region --DASH with the exception  
of its annexation of Portuguese Timor in nineteen seventy five -HYPHEN seventy six ,COMMA for which  
it continues to be condemned by human -HYPHEN rights groups --DASH and  
became a moderating influence in the Non -HYPHEN Aligned Movement and  
the Organization of Petroleum Exporting Countries  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.12>
<s.WSJ900404-0097-1.12.1>
Suharto's focus was on internal development ,COMMA especially in  
rural areas where eighty %PERCENT of the population lives .PERIOD 
</s>
<s.WSJ900404-0097-1.12.2>
He built roads  
and irrigation projects ,COMMA stressed food production and family  
planning .PERIOD 
</s>
<s.WSJ900404-0097-1.12.3>
Some Western diplomats in Jakarta say Suharto is  
enormously popular in the countryside ,COMMA so much so that he  
would win a direct election for president .PERIOD 
</s>
<s.WSJ900404-0097-1.12.4>
But Indonesians  
vote indirectly ,COMMA electing members of a parliament who ,COMMA along  
with members the president chooses in equal number ,COMMA pick the  
next president .PERIOD 
</s>
<s.WSJ900404-0097-1.12.5>
The system is stacked to favor the incumbent  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.13>
<s.WSJ900404-0097-1.13.1>
Ask middle -HYPHEN class Indonesians in urban areas what kind of  
successor they want and one often hears ,COMMA "DOUBLE-QUOTE Someone just like  
Suharto ,COMMA "DOUBLE-QUOTE though they sometimes add ,COMMA "DOUBLE-QUOTE but without his kids .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0097-1.13.2>
Suharto's children --DASH and allegations of them using their  
influence to accumulate business networks and enormous wealth  
--DASH run a close second to the succession itself as topics on  
the Jakarta cocktail circuit  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.14>
<s.WSJ900404-0097-1.14.1>
Western -HYPHEN educated technocrats --DASH who have had a largely  
free rein unique in the developing world to run the economy  
and plan development --DASH are in no hurry to see Suharto go .PERIOD 
</s>
<s.WSJ900404-0097-1.14.2>
He  
has protected and fostered them in ways a successor would be  
hardpressed to match even if he wanted to  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.15>
<s.WSJ900404-0097-1.15.1>
Suharto is an authoritarian ruler ,COMMA a tough enforcer of  
stability .PERIOD 
</s>
<s.WSJ900404-0097-1.15.2>
He hasn't hesitated to crack down on militants on  
the left or right ,COMMA usually accusing them of being Communists  
or radical Moslems ,COMMA the twin threats to Indonesia's stability  
in the Suharto lexicon .PERIOD 
</s>
<s.WSJ900404-0097-1.15.3>
He has thus alienated students and  
religious leaders ,COMMA journalists and others wanting less  
censorship and more due process and has been condemned by  
international human -HYPHEN rights groups  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.16>
<s.WSJ900404-0097-1.16.1>
It is generally agreed that the three most important  
forces in the succession selection will be ,COMMA first ,COMMA President  
Suharto himself ,COMMA followed by the military and then by Golkar  ,COMMA 
the ruling political party  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.17>
<s.WSJ900404-0097-1.17.1>
Dozens of names have been floated .PERIOD 
</s>
<s.WSJ900404-0097-1.17.2>
But a single man  
emerges .PERIOD 
</s>
<s.WSJ900404-0097-1.17.3>
Born in a poor village in central Java ,COMMA son of a  
minor irrigation official ,COMMA he chose a military career and  
rose through the ranks .PERIOD 
</s>
<s.WSJ900404-0097-1.17.4>
He emerged as a patriot with a strong  
religious faith who carried on as a respected politician  ,COMMA 
quietly helping his nation prosper  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.18>
<s.WSJ900404-0097-1.18.1>
His name is mentioned favorably by government officials  ,COMMA 
businessmen ,COMMA young intellectuals ,COMMA religious leaders  ,COMMA 
technocrats and villagers .PERIOD 
</s>
<s.WSJ900404-0097-1.18.2>
That name is Suharto  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.19>
<s.WSJ900404-0097-1.19.1>
"DOUBLE-QUOTE You had F. D. R. I ,COMMA F. D. R. I. I. and F. D. R. I. I. I. ,COMMA "DOUBLE-QUOTE says a think -HYPHEN tank  
scholar in the Indonesian capital .PERIOD 
</s>
<s.WSJ900404-0097-1.19.2>
"DOUBLE-QUOTE Why can't we have Suharto  
V. I. ?QUESTION-MARK "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0097-1.19.3>
Yet to this scholar ,COMMA that is a distasteful thought .PERIOD 
</s>
<s.WSJ900404-0097-1.19.4>
The  
longer Suharto rules ,COMMA the more uncertain will be the  
succession ,COMMA he says .PERIOD 
</s>
<s.WSJ900404-0097-1.19.5>
But Suharto personifies stability ,COMMA just  
what Indonesia needs at this stage in its development  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.20>
<s.WSJ900404-0097-1.20.1>
Less than a year ago ,COMMA Indonesia's political observers were  
confident that Suharto was serving his last term .PERIOD 
</s>
<s.WSJ900404-0097-1.20.2>
He said as  
much in his autobiography ,COMMA and military men were pressing for  
his retirement  .PERIOD 
</s>
</p>
<p.WSJ900404-0097-1.21>
<s.WSJ900404-0097-1.21.1>
Now ,COMMA the only serious question about his seeking another  
term seems to be whether he will stay healthy .PERIOD 
</s>
<s.WSJ900404-0097-1.21.2>
He's reported  
to be in good health now .PERIOD 
</s>
<s.WSJ900404-0097-1.21.3>
He plays golf regularly and travels  
around Indonesia looking like an unannounced candidate .PERIOD 
</s>
<s.WSJ900404-0097-1.21.4>
He  
also made three trips abroad last year --DASH to the U. S. ,COMMA the  
Soviet Union and to Japan for the funeral of Emperor  
Hirohito  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.1>
<s.WSJ900404-0096-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH A National Academy of Sciences panel  
generally backed a Bush administration plan to spend  
approximately fifty billion dollars over twenty five years on a series of huge  
satellites to study climates ,COMMA but said it is just as  
important to launch smaller satellites ,COMMA too  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.2>
<s.WSJ900404-0096-1.2.1>
The administration plan ,COMMA called "DOUBLE-QUOTE Mission to Planet Earth  ,COMMA "DOUBLE-QUOTE 
envisions launching two three billion dollars satellites near the end of  
the decade to study the changing global environment .PERIOD 
</s>
<s.WSJ900404-0096-1.2.2>
Each of  
the satellites ,COMMA called the Earth Observing System ,COMMA or E. O. S.  ,COMMA 
would be replaced every five years to get a fifteen -HYPHEN year  
environmental record of Earth  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.3>
<s.WSJ900404-0096-1.3.1>
But E. O. S. critics ,COMMA who include some of the leading climate  
researchers ,COMMA say the satellites are too expensive ,COMMA too  
complex and too risky .PERIOD 
</s>
<s.WSJ900404-0096-1.3.2>
If an E. O. S. satellite should fail during  
launch or operation ,COMMA they say ,COMMA it could devastate climate  
research because so many instruments are concentrated on a  
single platform  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.4>
<s.WSJ900404-0096-1.4.1>
The academy report gave fresh ammunition to the critics  .PERIOD 
</s>
<s.WSJ900404-0096-1.4.2>
James Baker ,COMMA an oceanographer who was chairman of the panel  ,COMMA 
said the National Aeronautics and Space Administration should  
launch small satellites in addition to E. O. S. --DASH even if it  
means taking money from the E. O. S. budget and delaying E. O. S.  
launches .PERIOD 
</s>
<s.WSJ900404-0096-1.4.3>
These smaller satellites are needed to continue  
current observations of the Earth or to add capabilities  
missing in E. O. S. ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.5>
<s.WSJ900404-0096-1.5.1>
"DOUBLE-QUOTE We can't wait for E. O. S. "DOUBLE-QUOTE to get those measurements ,COMMA said  
Mr.  Baker  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.6>
<s.WSJ900404-0096-1.6.1>
N. A. S. A. ,COMMA in a nod to its critics ,COMMA so far has backed four  
small satellites to study atmospheric ozone ,COMMA ocean plant  
life ,COMMA sea winds and tropical rainfall before the E. O. S.  
launches .PERIOD 
</s>
<s.WSJ900404-0096-1.6.2>
Mr.  Baker said N. A. S. A. 'SINGLE-QUOTE s. top priority should be to  
make sure those satellites ,COMMA called Earth Probes ,COMMA are  
launched .PERIOD 
</s>
<s.WSJ900404-0096-1.6.3>
Then the agency should examine adding satellites to  
measure the Earth's magnetic field ,COMMA gravity field ,COMMA cloud  
coverage and soil moisture ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.7>
<s.WSJ900404-0096-1.7.1>
For the fiscal year beginning October  one ,COMMA N. A. S. A. has requested  
two hundred and thirty five million dollars for the E. O. S. program and twenty five million dollars for the  
smaller satellites .PERIOD 
</s>
<s.WSJ900404-0096-1.7.2>
Mr.  Baker said N. A. S. A. should consider  
shifting money from E. O. S. to the Earth Probes to advance the  
launch dates of the smaller satellites  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.8>
<s.WSJ900404-0096-1.8.1>
N. A. S. A. officials oppose shifting money from E. O. S. ,COMMA and say the  
huge satellites are their first priority  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.9>
<s.WSJ900404-0096-1.9.1>
The E. O. S. satellites will pass the same points on Earth at  
the same time every day ,COMMA measuring the interplay of the  
atmosphere ,COMMA land and ocean .PERIOD 
</s>
<s.WSJ900404-0096-1.9.2>
Getting simultaneous readings of  
different climatic data would be a big advance ,COMMA N. A. S. A. says  ,COMMA 
because it would give researchers a way to understand the  
climate as a whole  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.10>
<s.WSJ900404-0096-1.10.1>
The academy report said it made sense to package the first  
E. O. S. ,COMMA which measures the interaction of the Earth surface and  
atmosphere ,COMMA as a single big satellite .PERIOD 
</s>
<s.WSJ900404-0096-1.10.2>
But it said the work  
of the second E. O. S. could be divided into smaller satellites  .PERIOD 
</s>
<s.WSJ900404-0096-1.10.3>
The orbits of smaller satellites can be geared to getting the  
best data from the few instruments that each carried on  
board ,COMMA the report said .PERIOD 
</s>
<s.WSJ900404-0096-1.10.4>
The E. O. S. must pick a compromise orbit  
to satisfy the dozen or so instruments that must work  
together  .PERIOD 
</s>
</p>
<p.WSJ900404-0096-1.11>
<s.WSJ900404-0096-1.11.1>
The fourteen -HYPHEN member panel consisted mainly of atmospheric and  
space scientists who work at universities  .PERIOD 
</s>
</p>
<p.WSJ900404-0095-1.1>
<s.WSJ900404-0095-1.1.1>
Bechtel Group Incorporated  said in San Francisco that new work  
booked in nineteen eighty nine rose twenty one %PERCENT from nineteen eight hundred and eighty   .PERIOD 
</s>
</p>
<p.WSJ900404-0095-1.2>
<s.WSJ900404-0095-1.2.1>
The closely held engineering and construction concern said  
it signed up five .POINT four billion dollars of new projects in nineteen eighty nine ,COMMA compared  
with four .POINT five billion dollars a year earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0095-1.3>
<s.WSJ900404-0095-1.3.1>
The company also reported that its revenue work -HYPHEN off --DASH the  
amount of work performed and billed --DASH in nineteen eighty nine was five .POINT one billion dollars ,COMMA up fourteen %PERCENT from four .POINT five billion dollars in nineteen eight hundred and eighty   .PERIOD 
</s>
</p>
<p.WSJ900404-0095-1.4>
<s.WSJ900404-0095-1.4.1>
Bechtel said its non -HYPHEN manual work force increased seven %PERCENT in  
nineteen eighty nine to nineteen thousand two hundred .PERIOD 
</s>
<s.WSJ900404-0095-1.4.2>
Total work force for the company is twenty seven thousand eight hundred  .PERIOD 
</s>
</p>
<p.WSJ900404-0094-1.1>
<s.WSJ900404-0094-1.1.1>
The following were among yesterday's offerings and  
pricings in U. S. and non -HYPHEN U. .PERIOD 
</s>
<s.WSJ900404-0094-1.1.2>
S. capital markets ,COMMA with terms and  
syndicate manager ,COMMA as compiled by Dow Jones Capital Markets  
Report  :COLON 
C. O. R. P. O. R. A. T. E.   
</s>
</p>
<p.WSJ900404-0094-1.2>
<s.WSJ900404-0094-1.2.1>
United Telecommunications Incorporated  --DASH two hundred and fifty million dollars of notes  ,COMMA 
due April one ,COMMA two thousand ,COMMA were priced at ninety nine .POINT four three to yield nine .POINT eight four %PERCENT .PERIOD 
</s>
<s.WSJ900404-0094-1.2.2>
The  
size of the issue was increased from an originally planned  
two hundred million dollars .PERIOD 
</s>
<s.WSJ900404-0094-1.2.3>
The non -HYPHEN callable notes were priced at a spread  
of one hundred and twenty two basis points above the Treasury's ten -HYPHEN year note .PERIOD 
</s>
<s.WSJ900404-0094-1.2.4>
Rated  
Baa -HYPHEN three by Moody's Investors Service Incorporated  and Triple -HYPHEN B. by  
Standard &AMPERSAND Poor's Corporation  ,COMMA the issue will be sold through  
underwriters led by Dillon Read &AMPERSAND Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0094-1.3>
<s.WSJ900404-0094-1.3.1>
Ford Motor Credit Corporation  --DASH two hundred million dollars of notes ,COMMA due  
April fifteen ,COMMA two thousand ,COMMA was priced at par to yield nine .POINT five oh %PERCENT .PERIOD 
</s>
<s.WSJ900404-0094-1.3.2>
The  
non -HYPHEN callable notes were priced at a spread of eighty six basis points  
above the Treasury's ten -HYPHEN year note .PERIOD 
</s>
<s.WSJ900404-0094-1.3.3>
Rated double -HYPHEN A. minus two by  
Moody's and Double -HYPHEN A. by S. &AMPERSAND P. ,COMMA the issue will be sold through  
Goldman Sachs &AMPERSAND Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0094-1.4>
<s.WSJ900404-0094-1.4.1>
PepsiCo Incorporated  --DASH one hundred million dollars of notes ,COMMA due April ten ,COMMA nineteen ninety one  ,COMMA 
was priced at par to float at a spread of forty seven basis points  
above the bond equivalent yield of the three -HYPHEN month Treasury  
bill .PERIOD 
</s>
<s.WSJ900404-0094-1.4.2>
The non -HYPHEN callable notes will be reoffered at various  
prices .PERIOD 
</s>
<s.WSJ900404-0094-1.4.3>
Rated Prime -HYPHEN one by Moody's and Single -HYPHEN A. minus one by S. &AMPERSAND P. ,COMMA the  
issue will be sold through underwriters at Merrill Lynch  
Capital Markets  .PERIOD 
</s>
</p>
<p.WSJ900404-0094-1.5>
<s.WSJ900404-0094-1.5.1>
G. T. E. Florida Incorporated  --DASH seventy five million dollars of first mortgage bonds  ,COMMA 
due April one ,COMMA two thousand and thirty ,COMMA was won in competitive bidding by a group  
led by Shearson Lehman Hutton Incorporated  .PERIOD 
</s>
<s.WSJ900404-0094-1.5.2>
The bonds ,COMMA noncallable for  
five years ,COMMA will be reoffered at ninety seven .POINT two seven three to yield nine .POINT nine oh %PERCENT .PERIOD 
</s>
<s.WSJ900404-0094-1.5.3>
The  
bonds were priced at a spread of one hundred and twenty eight basis points above the  
Treasury's bellwether thirty -HYPHEN year bond .PERIOD 
</s>
<s.WSJ900404-0094-1.5.4>
The issue is rated  
Double -HYPHEN A. three by Moody's and Double -HYPHEN A. -HYPHEN Minus by S. &AMPERSAND P.  
M. U. N. I. C. I. P. A. L. S.  
</s>
</p>
<p.WSJ900404-0094-1.6>
<s.WSJ900404-0094-1.6.1>
New York State Housing Finance Agency --DASH five hundred and fifty two .POINT five million dollars  
revenue refunding and special obligation bonds ,COMMA Series nineteen ninety  
A ,COMMA due May one and November  one ,COMMA nineteen ninety two -HYPHEN nineteen ninety five ,COMMA two thousand and two thousand and eight and  
nineteen million nine hundred and two thousand and five ,COMMA were tentatively priced by a J. P. .PERIOD 
</s>
<s.WSJ900404-0094-1.6.2>
Morgan Securities  
Incorporated  group to yield from five .POINT nine oh %PERCENT for special obligation bonds  
due in nineteen ninety to eight .POINT oh eight %PERCENT for revenue refunding bonds due in two thousand and eight  .PERIOD 
</s>
<s.WSJ900404-0094-1.6.3>
The revenue refunding current interest serial bonds were  
priced to yield from six .POINT nine oh %PERCENT in nineteen ninety two to seven .POINT five five %PERCENT in nineteen nine hundred and fifty  .PERIOD 
</s>
<s.WSJ900404-0094-1.6.4>
There  
are eighty three .POINT one seven million dollars term bonds priced at ninety nine one /SLASH two to yield seven .POINT nine seven %PERCENT  
in two thousand and two hundred and fifteen .POINT five million dollars bonds priced at ninety nine one /SLASH four to yield  
eight .POINT oh eight %PERCENT in two thousand and eight .PERIOD 
</s>
<s.WSJ900404-0094-1.6.5>
The serial bonds are due May one and November  one of  
each year ;SEMI-COLON the term bonds are due November  one only .PERIOD 
</s>
<s.WSJ900404-0094-1.6.6>
The special  
obligation current interest serial bonds are priced at par to  
yield from five .POINT nine oh %PERCENT in nineteen ninety to six .POINT nine five %PERCENT in two thousand and three -HYPHEN two thousand and five .PERIOD 
</s>
<s.WSJ900404-0094-1.6.7>
There are no  
term bonds .PERIOD 
</s>
<s.WSJ900404-0094-1.6.8>
The serial bonds are due May one and November  one of each  
year .PERIOD 
</s>
<s.WSJ900404-0094-1.6.9>
The revenue refunding bonds are rated Baa -HYPHEN one by Moody's  
and Single -HYPHEN A. -HYPHEN minus by S. &AMPERSAND P. The special obligation bonds are  
rated Triple -HYPHEN A. by both Moody's and S. &AMPERSAND P.  
M. O. R. T. G. A. G. E. S.  
</s>
</p>
<p.WSJ900404-0094-1.7>
<s.WSJ900404-0094-1.7.1>
Federal National Mortgage Association --DASH three hundred million dollars real  
estate mortgage investment conduit securities was offered in  
fourteen classes by Shearson Lehman Hutton Incorporated  .PERIOD 
</s>
<s.WSJ900404-0094-1.7.2>
The offering  ,COMMA 
Series nineteen ninety -HYPHEN forty eight ,COMMA is backed by Fannie Mae's nine one /SLASH two %PERCENT securities  
and was structured to yield from seven %PERCENT to nine .POINT five %PERCENT .PERIOD 
</s>
<s.WSJ900404-0094-1.7.3>
A separate three hundred million dollars issue of Fannie Mae Remics was offered in fourteen classes  
by Morgan Stanley &AMPERSAND Company  .PERIOD 
</s>
<s.WSJ900404-0094-1.7.4>
The offering ,COMMA Series nineteen ninety -HYPHEN forty nine ,COMMA was  
backed by Fannie Mae's nine %PERCENT securities and was structured to  
yield from eight .POINT five two seven five %PERCENT to nine %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0094-1.8>
<s.WSJ900404-0094-1.8.1>
Travelers Mortgage Services --DASH one hundred and forty five .POINT two million dollars of real  
estate mortgage investment conduit securities was offered in  
seven classes by U. B. S. Securities Incorporated  .PERIOD 
</s>
<s.WSJ900404-0094-1.8.2>
The offering ,COMMA Series  
nineteen ninety -HYPHEN six ,COMMA is backed by fixed -HYPHEN rate whole loans .PERIOD 
</s>
<s.WSJ900404-0094-1.8.3>
Collateral  
consists of fixed -HYPHEN rate whole loans with thirty -HYPHEN year original  
maturities ,COMMA with a weighted average coupon rate of ten .POINT five seven %PERCENT and  
weighted average remaining term to maturity of twenty nine .POINT nine two years  .PERIOD 
</s>
<s.WSJ900404-0094-1.8.4>
The issue is expected to receive ratings of double -HYPHEN A. minus two by  
Moody's and double -HYPHEN A. by S. &AMPERSAND P.  
E. U. R. O. B. O. N. D. S.  
</s>
</p>
<p.WSJ900404-0094-1.9>
<s.WSJ900404-0094-1.9.1>
Credit Lyonnais Fonds Commmun de Creances ninety -HYPHEN one (LEFT-PAREN vehicle  )RIGHT-PAREN 
--DASH one billion French francs of ten .POINT two oh %PERCENT bonds backed by Credit  
Lyonnais consumer loans ,COMMA due Sept twenty five ,COMMA nineteen ninety three ,COMMA priced at ninety nine .POINT four six  ,COMMA 
via Credit Lyonnais and Bear ,COMMA Stearns International .PERIOD 
</s>
<s.WSJ900404-0094-1.9.2>
Average  
life one one /SLASH two years .PERIOD 
</s>
<s.WSJ900404-0094-1.9.3>
Consists of eight hundred and seventy five million franc senior  
tranche and one hundred and twenty five million franc junior subordinated tranche  .PERIOD 
</s>
</p>
<p.WSJ900404-0094-1.10>
<s.WSJ900404-0094-1.10.1>
State Bank of South Australia (LEFT-PAREN Australia )RIGHT-PAREN --DASH fifty million dollars  
(LEFT-PAREN New Zealand )RIGHT-PAREN of fourteen %PERCENT eurobonds due May fifteen ,COMMA nineteen ninety two ,COMMA priced at  
one hundred and one .POINT nine five ,COMMA via Fay Richwhite .PERIOD 
</s>
<s.WSJ900404-0094-1.10.2>
Guaranteed by Treasurer of State  
of South Australia .PERIOD 
</s>
<s.WSJ900404-0094-1.10.3>
Fees one one /SLASH four  .PERIOD 
</s>
</p>
<p.WSJ900404-0093-1.1>
<s.WSJ900404-0093-1.1.1>
D. P. L. Incorporated  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0093-1.1.2>
Dayton ,COMMA Ohio )RIGHT-PAREN --DASH James F. Dicke I. I. ,COMMA president of  
Crown Equipment Corporation  ,COMMA was elected a director of this utility  
holding company ,COMMA succeeding a director who didn't stand for  
re -HYPHEN election  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.1>
<s.WSJ900404-0092-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH Japan has agreed to allow U. S.  
communications satellite vendors to bid for orders from both  
public agencies and from its largest telecommunications  
company ,COMMA Nippon Telegraph &AMPERSAND Telephone Corporation  ,COMMA a Japanese  
Foreign Ministry spokesman said here  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.2>
<s.WSJ900404-0092-1.2.1>
The spokesman ,COMMA Makoto Yamanaka ,COMMA said Japan has agreed to  
conduct the bidding in an "DOUBLE-QUOTE open ,COMMA transparent and  
nondiscriminatory "DOUBLE-QUOTE manner .PERIOD 
</s>
<s.WSJ900404-0092-1.2.2>
U. S. officials acknowledged that  
such an understanding had been reached ,COMMA but didn't provide  
details  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.3>
<s.WSJ900404-0092-1.3.1>
The agreement in principle brought the two governments  
close to settling the second of three trade disputes raised  
under the so -HYPHEN called Super three hundred and one provision of the U. S. trade  
law .PERIOD 
</s>
<s.WSJ900404-0092-1.3.2>
Earlier ,COMMA the two sides agreed on the conditions through  
which the U. S. can sell supercomputers to Japanese public  
agencies .PERIOD 
</s>
<s.WSJ900404-0092-1.3.3>
The Super three hundred and one statute authorizes the U. S. to slap  
stiff trade sanctions on countries that don't meet its  
requirements  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.4>
<s.WSJ900404-0092-1.4.1>
The prospective satellite accord makes a distinction  
between research satellites ,COMMA which Tokyo has the right to  
independently develop ,COMMA and commercial satellites ,COMMA which it is  
required to procure from the most competitive sources .PERIOD 
</s>
<s.WSJ900404-0092-1.4.2>
Such  
an accord would allow Japan's National Aeronautics and Space  
Development Agency to develop its projected research  
satellites on its own .PERIOD 
</s>
<s.WSJ900404-0092-1.4.3>
However ,COMMA satellites that Japan  
acquires for broadcast ,COMMA weather -HYPHEN monitoring and other  
commercial functions would be subject to open bidding  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.5>
<s.WSJ900404-0092-1.5.1>
Other Japanese officials said the accord eventually will  
lead to the purchase of a U. S. -HYPHEN made satellite by N. H. K. ,COMMA Japan's  
public broadcasting corporation  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.6>
<s.WSJ900404-0092-1.6.1>
The accord ,COMMA however ,COMMA takes Japan's separate C. S. four satellite  
project out of the reach of U. S. vendors because it will be  
converted into a purely government -HYPHEN financed research project  .PERIOD 
</s>
<s.WSJ900404-0092-1.6.2>
The U. S. earlier protested that the project had commercial  
implications because of N. T. T. 'SINGLE-QUOTE s. participation in it .PERIOD 
</s>
<s.WSJ900404-0092-1.6.3>
The accord  
will remove N. T. T. from working on the C. S. four satellite  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.7>
<s.WSJ900404-0092-1.7.1>
Mr.  Yamanaka said the satellite accord still has to be  
formalized by an exchange of letters between the two  
governments  .PERIOD 
</s>
</p>
<p.WSJ900404-0092-1.8>
<s.WSJ900404-0092-1.8.1>
U. S. and Japanese officials are still negotiating a  
settlement of the third dispute ,COMMA a U. S. complaint that Japan  
unfairly restricts imports of forest products  .PERIOD 
</s>
</p>
<p.WSJ900404-0091-1.1>
<s.WSJ900404-0091-1.1.1>
H. I. G. H. L. A. N. D. P. A. R. K. ,COMMA Mich .PERIOD 
</s>
<s.WSJ900404-0091-1.1.2>
--DASH Chrysler Corporation  said it will resume  
sales of its Jeep vehicles in Saudi Arabia for the first time  
in twenty five years  .PERIOD 
</s>
</p>
<p.WSJ900404-0091-1.2>
<s.WSJ900404-0091-1.2.1>
The No .PERIOD 
</s>
<s.WSJ900404-0091-1.2.2>
three auto maker said the move is coming because Arab  
nations last year removed Jeeps from the list of products  
they are boycotting .PERIOD 
</s>
<s.WSJ900404-0091-1.2.3>
Chrysler also said it hopes to increase  
sales of all its products in the Arab market  .PERIOD 
</s>
</p>
<p.WSJ900404-0091-1.3>
<s.WSJ900404-0091-1.3.1>
The first step was naming United Arab Motors Company  as the  
distributor for Jeep and Dodge vehicles in Saudi Arabia .PERIOD 
</s>
<s.WSJ900404-0091-1.3.2>
The  
distribution concern ,COMMA owned by Aggad Investment Company  ,COMMA will  
construct three Saudi dealerships in Riyadh ,COMMA Damman and  
Jeddah .PERIOD 
</s>
<s.WSJ900404-0091-1.3.3>
Chrysler ,COMMA which said it expects to sell about one thousand two hundred  
to one thousand five hundred vehicles a year there ,COMMA may soon sign distribution  
agreements in other Middle East nations  .PERIOD 
</s>
</p>
<p.WSJ900404-0090-1.1>
<s.WSJ900404-0090-1.1.1>
R. E. S. T. O. N. ,COMMA Va .PERIOD 
</s>
<s.WSJ900404-0090-1.1.2>
--DASH U. S. Sprint Communications Company  ,COMMA a unit of  
United Telecommunications Incorporated  ,COMMA Kansas City ,COMMA Mo .PERIOD ,COMMA 
</s>
<s.WSJ900404-0090-1.1.3>
launched a  
service that allows calling from the U. S. to most nations  
with assistance from a Japanese -HYPHEN speaking operator and to bill  
the call to a Japanese credit card .PERIOD 
</s>
<s.WSJ900404-0090-1.1.4>
U. S. Sprint began the  
service under an agreement with J. C. B. International ,COMMA a major  
credit -HYPHEN card company in Japan  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.1>
<s.WSJ900404-0089-1.1.1>
A. T. L. A. N. T. A. --DASH Southern Company  'SINGLE-QUOTE s. chief executive officer ,COMMA Edward  
L. Addison ,COMMA is putting out brush fires at the giant utility  
concerning recent disclosures about his son Scott's lucrative  
business ties to the company .PERIOD 
</s>
<s.WSJ900404-0089-1.1.2>
But a forest fire seems to be  
heating up just behind him  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.2>
<s.WSJ900404-0089-1.2.1>
In the past two weeks ,COMMA Mr.  Addison has been making the  
rounds through the four -HYPHEN state electric utility system  ,COMMA 
talking with board members and holding sessions with managers  
at various levels to offer his explanation and to field  
questions  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.3>
<s.WSJ900404-0089-1.3.1>
As the heat intensifies on the issue ,COMMA which is but the  
latest in a wide -HYPHEN ranging ,COMMA two -HYPHEN year federal probe of the  
beleaguered utility holding company ,COMMA the sessions may be a  
dress rehearsal for Mr.  Addison :COLON He faces a regular Southern  
board meeting April sixteen and an annual shareholders meeting in  
May  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.4>
<s.WSJ900404-0089-1.4.1>
Mr.  Addison ,COMMA who is well -HYPHEN known locally as the dapper and  
genial executive featured on Southern's television  
advertisements ,COMMA declined to be interviewed ,COMMA "DOUBLE-QUOTE based on the  
advice of our attorneys ,COMMA "DOUBLE-QUOTE a company spokesman said .PERIOD 
</s>
<s.WSJ900404-0089-1.4.2>
The  
younger Mr.  Addison also declined to be interviewed  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.5>
<s.WSJ900404-0089-1.5.1>
As reported ,COMMA Southern acknowledged last month that the son  
received commissions from the company's pension -HYPHEN fund trades  
when he was a broker at Kidder ,COMMA Peabody &AMPERSAND Company  in Atlanta  .PERIOD 
</s>
<s.WSJ900404-0089-1.5.2>
Southern had requested that its outside pension -HYPHEN fund managers  
direct "DOUBLE-QUOTE up to twenty %PERCENT "DOUBLE-QUOTE of its pension -HYPHEN fund trades to Kidder  
Peabody and name the younger Mr.  Addison as the broker of  
record .PERIOD 
</s>
<s.WSJ900404-0089-1.5.3>
When the elder Mr.  Addison was told of the proposed  
arrangement ,COMMA he said he would "DOUBLE-QUOTE like to see it done ,COMMA "DOUBLE-QUOTE those  
familiar with the matter said .PERIOD 
</s>
<s.WSJ900404-0089-1.5.4>
Southern adds that the chief  
executive insisted it be done legally and at competitive  
costs  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.6>
<s.WSJ900404-0089-1.6.1>
However ,COMMA the younger Mr.  Addison's business ties to  
Southern are wider and more long -HYPHEN lasting than initially  
disclosed and stretch beyond the company's two .POINT three eight billion dollars  
pension fund ,COMMA a Southern spokesman confirmed  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.7>
<s.WSJ900404-0089-1.7.1>
--DASH The younger Mr.  Addison began soliciting business from  
Southern at least as early as December nineteen eight hundred and thirty  .PERIOD 
</s>
<s.WSJ900404-0089-1.7.2>
The company has  
confirmed that the younger Mr.  Addison ,COMMA as a twenty three -HYPHEN year -HYPHEN old  
securities broker at Johnson ,COMMA Lane ,COMMA Space ,COMMA Smith &AMPERSAND Company  in  
Atlanta with just six months experience ,COMMA telephoned  
Southern's Gulf Power Company  unit and recommended that the  
company invest in a Government National Mortgage Association  
(LEFT-PAREN Ginnie Mae )RIGHT-PAREN certificate through his firm .PERIOD 
</s>
<s.WSJ900404-0089-1.7.3>
"DOUBLE-QUOTE Based on his  
recommendation ,COMMA "DOUBLE-QUOTE Gulf Power invested five hundred thousand dollars of short -HYPHEN term  
funds in a ninety -HYPHEN day Ginnie Mae certificate ,COMMA a Southern  
spokesman said .PERIOD 
</s>
<s.WSJ900404-0089-1.7.4>
The transaction was handled by another broker  
at Johnson Lane ,COMMA which has since merged to become  
Interstate /SLASH Johnson Lane .PERIOD 
</s>
<s.WSJ900404-0089-1.7.5>
Southern said it didn't know whether  
the younger Mr.  Addison received any compensation from the  
transaction ;SEMI-COLON Interstate /SLASH Johnson Lane said it couldn't locate  
records on the transaction  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.8>
<s.WSJ900404-0089-1.8.1>
--DASH In nineteen eighty six ,COMMA the younger Mr.  Addison solicited Southern  
officials to invest in repurchase agreements through Kidder  
Peabody ,COMMA where he worked .PERIOD 
</s>
<s.WSJ900404-0089-1.8.2>
Southern said that he helped work  
out an agreement under which the utility used Kidder Peabody  
as one of several firms for investing short -HYPHEN term cash in the  
so -HYPHEN called repos --DASH transactions in which an investor buys a  
security with a pledge to sell it back at a fixed date and  
price  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.9>
<s.WSJ900404-0089-1.9.1>
"DOUBLE-QUOTE Scott inquired as to whether Kidder Peabody could be put  
on the list of eligible firms that we canvass ,COMMA "DOUBLE-QUOTE said Gale  
Klappa ,COMMA a Southern spokesman .PERIOD 
</s>
<s.WSJ900404-0089-1.9.2>
"DOUBLE-QUOTE The response was that we'd  
like to use {LEFT-BRACE Kidder Peabody ,COMMA but only if we can get a  
standard contract signed .PERIOD 
</s>
<s.WSJ900404-0089-1.9.3>
Scott went back to Kidder and got  
them to sign a contract .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0089-1.10>
<s.WSJ900404-0089-1.10.1>
The younger Mr.  Addison's attorney ,COMMA Robert McKnight  ,COMMA 
acknowledged that the younger Mr.  Addison received small  
commissions on the repos  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.11>
<s.WSJ900404-0089-1.11.1>
Kidder Peabody declined to comment  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.12>
<s.WSJ900404-0089-1.12.1>
Southern subsequently purchased a substantial portion of  
its repos through Kidder Peabody ,COMMA but only when the terms  
were competitive ,COMMA Southern said  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.13>
<s.WSJ900404-0089-1.13.1>
According to Mr.  Klappa ,COMMA Mr.  Addison said he was unaware  
that his son had solicited the utility on behalf of Kidder  
Peabody and Johnson Lane until this newspaper inquired about  
the matter  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.14>
<s.WSJ900404-0089-1.14.1>
Mr.  McKnight also confirmed that Addison &AMPERSAND Associates ,COMMA an  
Atlanta brokerage firm at which the younger Mr.  Addison is  
president ,COMMA received brokerage commissions from several  
vendors that have lucrative contracts with Southern .PERIOD 
</s>
<s.WSJ900404-0089-1.14.2>
However  ,COMMA 
Southern said none of its vendors was pressured to do  
business with the younger Mr.  Addison and none was favored as  
a result of doing so  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.15>
<s.WSJ900404-0089-1.15.1>
Invesco Capital Management Incorporated  ,COMMA an Atlanta -HYPHEN based money  
manager that handles part of Southern's pension fund  ,COMMA 
directed commissions to Addison &AMPERSAND Associates in nineteen eighty nine ,COMMA Mr.   
McKnight acknowledged .PERIOD 
</s>
<s.WSJ900404-0089-1.15.2>
However ,COMMA he said the relationship is  
unrelated to Southern and results from personal friendships  
that the younger Mr.  Addison has with Invesco officials .PERIOD 
</s>
<s.WSJ900404-0089-1.15.3>
He  
also confirmed that Birmingham ,COMMA Ala .PERIOD 
</s>
<s.WSJ900404-0089-1.15.4>
-HYPHEN based Drummond Company  ,COMMA a  
big coal supplier to Southern ,COMMA and that Finley McRae ,COMMA the  
president of Graceville ,COMMA Fla .PERIOD 
</s>
<s.WSJ900404-0089-1.15.5>
-HYPHEN based Apalachee Pole Company  ,COMMA which  
is a major supplier of electric poles for Southern ,COMMA paid  
commissions to Addison &AMPERSAND Associates last year .PERIOD 
</s>
<s.WSJ900404-0089-1.15.6>
However ,COMMA Mr.   
McKnight said those companies obtained Southern contracts  
through competitive bidding .PERIOD 
</s>
<s.WSJ900404-0089-1.15.7>
"DOUBLE-QUOTE It would be silly to think that  
those long -HYPHEN standing relationships could be affected by a  
young person just out of college ,COMMA "DOUBLE-QUOTE Mr.  McKnight said  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.16>
<s.WSJ900404-0089-1.16.1>
As the elder Mr.  Addison works his way through the  
Southern system ,COMMA he is fielding questions on topics such as  
the status of a continuing federal tax investigation of  
Southern .PERIOD 
</s>
<s.WSJ900404-0089-1.16.2>
Justice Department officials in the tax division in  
Washington ,COMMA are reviewing the prosecutors' case to determine  
whether to charge Southern with violating criminal statutes  
in its accounting for spare parts ,COMMA according to people close  
to the investigation  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.17>
<s.WSJ900404-0089-1.17.1>
Whit Armstrong ,COMMA an outside director on the board of  
Southern's Alabama Power unit ,COMMA said when Mr.  Addison brought  
up the topic at a recent board meeting ,COMMA "DOUBLE-QUOTE Nobody was pressing  
him at all .PERIOD 
</s>
<s.WSJ900404-0089-1.17.2>
Everybody has known him a long time .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0089-1.17.3>
Mr.   
Armstrong added that Mr.  Addison is "DOUBLE-QUOTE credible ,COMMA "DOUBLE-QUOTE noting :COLON "DOUBLE-QUOTE It  
seems to be more of a firestorm in the press .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0089-1.18>
<s.WSJ900404-0089-1.18.1>
Among a handful of Southern directors who could be  
reached ,COMMA most said they see no serious problems for Mr.   
Addison .PERIOD 
</s>
<s.WSJ900404-0089-1.18.2>
They expect he will talk about his son's business  
ties at the coming board meeting without any prodding .PERIOD 
</s>
<s.WSJ900404-0089-1.18.3>
"DOUBLE-QUOTE As I  
recall ,COMMA he voluntarily explains things like this to the board  
when they come up ,COMMA "DOUBLE-QUOTE said Earl McLean ,COMMA an outside director  .PERIOD 
</s>
</p>
<p.WSJ900404-0089-1.19>
<s.WSJ900404-0089-1.19.1>
Meanwhile ,COMMA an internal audit of the son's ties to the  
company is under way ,COMMA and findings will be presented to the  
audit committee and the board when it is completed  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.1>
<s.WSJ900404-0088-1.1.1>
The Iraqi procurement ring detected in the act of shipping  
forty krytron miniaturized nuclear triggers to Baghdad ,COMMA provided  
convincing evidence that Saddam Hussein's nuclear weapons  
program continues ,COMMA despite the Israeli aerial attack on  
Iraq's French -HYPHEN built Osirak reactor in June nineteen eight hundred and  .PERIOD 
</s>
<s.WSJ900404-0088-1.1.2>
Experts  
differ on how close the Iraqis have come to possessing the  
bomb .PERIOD 
</s>
<s.WSJ900404-0088-1.1.3>
But krytron switches are one of the last items required  
for fielding an operational nuclear device  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.2>
<s.WSJ900404-0088-1.2.1>
For several years Iraq has boasted of indigenous weapons  
programs and its ability to acquire embargoed Western  
technology through front companies and technology transfer  
agreements .PERIOD 
</s>
<s.WSJ900404-0088-1.2.2>
On Monday ,COMMA Iraqi's President ,COMMA Saddam Hussein  ,COMMA 
bragged in a speech in Baghdad that Iraq now possessed a  
stock of nerve gas --DASH which it is prepared to use against  
Israel .PERIOD 
</s>
<s.WSJ900404-0088-1.2.3>
Until recently ,COMMA though ,COMMA Mr.  Hussein's claims have not  
been taken seriously  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.3>
<s.WSJ900404-0088-1.3.1>
When Iraq announced in August nineteen eighty seven that it had launched a  
locally developed ballistic missile ,COMMA for instance ,COMMA there was  
relatively little fuss in the West .PERIOD 
</s>
<s.WSJ900404-0088-1.3.2>
It was only when missiles  
came crashing down on Tehran six months later that the world  
woke up  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.4>
<s.WSJ900404-0088-1.4.1>
To its credit ,COMMA the U. S. government has been one of the few  
attempting to do something about the Iraqi weapons programs  .PERIOD 
</s>
<s.WSJ900404-0088-1.4.2>
Since nineteen eighty seven ,COMMA high -HYPHEN ranking U. S. delegations have been  
dispatched on numerous occasions to Paris ,COMMA Bonn ,COMMA Rome and  
elsewhere ,COMMA to protest the failure of those allies to block  
sensitive technology sales to Iraq .PERIOD 
</s>
<s.WSJ900404-0088-1.4.3>
Most of the protests  ,COMMA 
were delivered in the context of the Missile Technology  
Control Regime ,COMMA signed by the U. S. and six allied nations in  
April nineteen eight hundred and seventy  .PERIOD 
</s>
<s.WSJ900404-0088-1.4.4>
But U. S. protests have achieved little to stem  
the tide of Western assistance to Iraq  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.5>
<s.WSJ900404-0088-1.5.1>
In nineteen eighty four ,COMMA a group of former Italian intelligence officers  
were indicted in Rome for conspiring to supply Iraq with thirty four  
kilograms of plutonium --DASH enough to manufacture as many as  
three nuclear devices --DASH and one ton of yellowcake ,COMMA or  
uranium ore .PERIOD 
</s>
<s.WSJ900404-0088-1.5.2>
In nineteen eighty seven ,COMMA the French government tentatively  
offered to rebuild the damaged Osirak nuclear plant near  
Baghdad ,COMMA a plant capable of processing the yellowcake into  
weapons -HYPHEN grade fuel  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.6>
<s.WSJ900404-0088-1.6.1>
France's offer was in fact unnecessary .PERIOD 
</s>
<s.WSJ900404-0088-1.6.2>
Iraq had already  
begun a top -HYPHEN secret program to rebuild the Osirak reactor  
immediately after the Israeli raid .PERIOD 
</s>
<s.WSJ900404-0088-1.6.3>
Detailed interviews in  
the Iraqi press earlier this year suggested that new isotope  
manufacturing units began production in nineteen eighty five and nineteen eighty eight ,COMMA and  
that the reactor is fully functioning today .PERIOD 
</s>
<s.WSJ900404-0088-1.6.4>
Last week ,COMMA the  
Saudi government acknowledged that it was partially funding  
Iraqi nuclear research .PERIOD 
</s>
<s.WSJ900404-0088-1.6.5>
The Saudis reassuringly insisted  ,COMMA 
however ,COMMA that the research is "DOUBLE-QUOTE entirely peaceful "DOUBLE-QUOTE in nature  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.7>
<s.WSJ900404-0088-1.7.1>
U. S. intelligence officials were warning of the resumption  
of the Iraqi effort to acquire nuclear weapons technology two  
years ago ,COMMA and accused China of having supplied a crucial  
uranium enrichment plant .PERIOD 
</s>
<s.WSJ900404-0088-1.7.2>
Some Western companies ,COMMA attracted  
by the fabulous bonuses Iraq was offering ,COMMA also provided  
help  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.8>
<s.WSJ900404-0088-1.8.1>
Instead of purchasing pieces of equipment ,COMMA Iraq ,COMMA like  
South Africa ,COMMA Pakistan and Israel ,COMMA has concentrated on  
building up an indigenous industrial base ,COMMA safe from future  
embargo effects .PERIOD 
</s>
<s.WSJ900404-0088-1.8.2>
A sealed indictment presented in San Diego  
last week claimed that the krytron puchasing ring reported to  
a state -HYPHEN owned Iraqi company ,COMMA controlled by the Ministry of  
Industry and Military Industries (LEFT-PAREN M. I. M. I. .PERIOD 
</s>
<s.WSJ900404-0088-1.8.3>
This is the same  
ministry that is responsible for Iraq's ballistic missile  ,COMMA 
its chemical weapons and its other armaments programs .PERIOD 
</s>
<s.WSJ900404-0088-1.8.4>
Run by  
Hussein Kamil Hasan ,COMMA the nephew of the Iraqi president ,COMMA and  
employing a legion of well -HYPHEN trained armaments engineers ,COMMA M. I. M. I.  
has launched a crash effort to acquire the sophisticated  
technologies and know -HYPHEN how to enable Iraq to become a  
full -HYPHEN fledged manufacturer of a whole triad of strategic  
weapons  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.9>
<s.WSJ900404-0088-1.9.1>
Iraq is certainly hoping to cash in on the deterrent value  
nuclear and chemical weapons provide .PERIOD 
</s>
<s.WSJ900404-0088-1.9.2>
But a powerful  
strategic arsenal confers other benefits as well .PERIOD 
</s>
<s.WSJ900404-0088-1.9.3>
In nineteen seventy three  ,COMMA 
when Syria and Egypt launched their surprise attack on  
Israel ,COMMA Iraq was forced to sit on the sidelines .PERIOD 
</s>
<s.WSJ900404-0088-1.9.4>
The armored  
division it dispatched by road to Damascus as a gesture of  
Arab solidarity barely arrived in time for the final days of  
the battle .PERIOD 
</s>
<s.WSJ900404-0088-1.9.5>
As a result ,COMMA Iraq was left out of the negotating  
process ,COMMA an omission that left Iraqi leaders bitter and  
disappointed  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.10>
<s.WSJ900404-0088-1.10.1>
Mr.  Hussein clearly intends to be remembered when it comes  
time for the next round of negotiations --DASH or for the next  
war .PERIOD 
</s>
<s.WSJ900404-0088-1.10.2>
His strategic arsenal puts Iraq on the front lines with  
Israel in a way that was never before possible .PERIOD 
</s>
<s.WSJ900404-0088-1.10.3>
It also  
provides him with leverage to persuade other Arab states to  
back Iraq's pretension as the new leader of the Arab world  ,COMMA 
supplanting Saddam Hussein's long -HYPHEN standing rival ,COMMA Syrian  
President Hafez Assad  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-1.11>
<s.WSJ900404-0088-1.11.1>
As the post -HYPHEN World War I. I. security arrangement between the  
superpowers breaks up ,COMMA Iraq is hoping to emerge as the  
dominant political and military force in this volatile  
region .PERIOD 
</s>
<s.WSJ900404-0088-1.11.2>
This is not an aim that even the best orchestrated  
customs sting operation can stop  .PERIOD 
</s>
</p>
<p.WSJ900404-0088-2.1>
<s.WSJ900404-0088-2.1.1>
Mr.  Timmerman edits Mednews ,COMMA a Paris -HYPHEN based newsletter  
about Middle East defense issues  .PERIOD 
</s>
</p>
<p.WSJ900404-0087-1.1>
<s.WSJ900404-0087-1.1.1>
H. I. G. H. L. A. N. D. P. A. R. K. ,COMMA Mich .PERIOD 
</s>
<s.WSJ900404-0087-1.1.2>
--DASH Chrysler Corporation  ,COMMA the auto maker  
that pioneered the rebate ,COMMA has invented the non -HYPHEN incentive  
incentive  .PERIOD 
</s>
</p>
<p.WSJ900404-0087-1.2>
<s.WSJ900404-0087-1.2.1>
The No .PERIOD 
</s>
<s.WSJ900404-0087-1.2.2>
three auto maker is guaranteeing consumers who buy a  
nineteen ninety minivan between April one and September  thirty that they will get  
the amount of any rebate that may be offered on the vehicles  
during the six -HYPHEN month period .PERIOD 
</s>
<s.WSJ900404-0087-1.2.3>
The only catch is ,COMMA Chrysler  
isn't offering any rebates on minivans ,COMMA at least not now  .PERIOD 
</s>
</p>
<p.WSJ900404-0087-1.3>
<s.WSJ900404-0087-1.3.1>
Specifically ,COMMA Chrysler said it isn't resuming the one thousand dollars  
cash -HYPHEN back incentive it adopted during January on Caravan  ,COMMA 
Grand Caravan ,COMMA Voyager ,COMMA Grand Voyager and Town and Country  .PERIOD 
</s>
<s.WSJ900404-0087-1.3.2>
And company spokesmen say there aren't any plans to reinstate  
the program ,COMMA which guaranteed consumers that they would get  
the difference if Chrysler announced a higher rebate on the  
vans before the September  thirty end of the nineteen ninety model year  .PERIOD 
</s>
</p>
<p.WSJ900404-0087-1.4>
<s.WSJ900404-0087-1.4.1>
But Chrysler's minivan sales plummeted from almost sixty four thousand  
in January --DASH more than double the normal sales rate --DASH to  
fewer than twenty thousand in February .PERIOD 
</s>
<s.WSJ900404-0087-1.4.2>
March is expected to be only  
slightly better ;SEMI-COLON final totals are due today .PERIOD 
</s>
<s.WSJ900404-0087-1.4.3>
Also ,COMMA General  
Motors Corporation  recently began offering one thousand dollars off on its new  
plastic -HYPHEN body Chevrolet Lumina A. P. V. ,COMMA Pontiac Trans Sport and  
Oldsmobile Silhouette minivans .PERIOD 
</s>
<s.WSJ900404-0087-1.4.4>
And Ford Motor Company  raised the  
rebate on its Aerostar minivans to seven hundred and fifty dollars from five hundred dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0087-1.5>
<s.WSJ900404-0087-1.5.1>
So Chrysler dealers --DASH feeling pressure from consumers --DASH  
have pushed the auto maker to do something to boost sales of  
what has been Chrysler's most popular product .PERIOD 
</s>
<s.WSJ900404-0087-1.5.2>
The program  
announced yesterday is the result .PERIOD 
</s>
<s.WSJ900404-0087-1.5.3>
A Chrysler spokesman said  
the auto maker doesn't plan to advertise it ,COMMA but will send  
dealers a "DOUBLE-QUOTE wall -HYPHEN poster -HYPHEN size dealer -HYPHEN gram "DOUBLE-QUOTE with a message from  
Chairman Lee A. Iacocca urging customers to "DOUBLE-QUOTE buy now and be  
assured that Chrysler wants you to have the best deal  
possible .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0087-1.6>
<s.WSJ900404-0087-1.6.1>
Wouldn't resuming the rebates be simpler ?QUESTION-MARK 
</s>
<s.WSJ900404-0087-1.6.2>
Perhaps ,COMMA but  
Chrysler doesn't want to lose any income from one of its most  
profitable vehicles .PERIOD 
</s>
<s.WSJ900404-0087-1.6.3>
In addition ,COMMA the auto maker has said it  
fears it could run out of minivans because the two plants  
that build the models will be closed for four weeks this  
summer .PERIOD 
</s>
<s.WSJ900404-0087-1.6.4>
Chrysler is substantially changing the vehicles for  
the nineteen ninety one model year  .PERIOD 
</s>
</p>
<p.WSJ900404-0086-1.1>
<s.WSJ900404-0086-1.1.1>
B. O. S. T. O. N. --DASH Fliers on the Trump Shuttle have gotten used to  
free newspapers and magazines .PERIOD 
</s>
<s.WSJ900404-0086-1.1.2>
Next week ,COMMA Lotus Development  
Corporation  is going to give them software  .PERIOD 
</s>
</p>
<p.WSJ900404-0086-1.2>
<s.WSJ900404-0086-1.2.1>
Lotus will pass out coupons good for a free copy of  
Magellan --DASH a one hundred and ninety five dollars utility program for managing hard disks --DASH  
to every traveler flying the shuttle into New York's La  
Guardia Airport .PERIOD 
</s>
<s.WSJ900404-0086-1.2.2>
Lotus expects an eager reception :COLON It says  
ninety three %PERCENT of shuttle travelers have personal computers  .PERIOD 
</s>
</p>
<p.WSJ900404-0086-1.3>
<s.WSJ900404-0086-1.3.1>
Although Magellan got rave reviews when it came out last  
year ,COMMA its high price and established competitors held sales  
to the "DOUBLE-QUOTE tens of thousands ,COMMA "DOUBLE-QUOTE a spokeswoman says .PERIOD 
</s>
<s.WSJ900404-0086-1.3.2>
In a few  
weeks ,COMMA Lotus plans to introduce an improved and lower -HYPHEN priced  
version ,COMMA at one hundred and thirty nine dollars .PERIOD 
</s>
<s.WSJ900404-0086-1.3.3>
And giving away the older model will help  
clear out inventory  .PERIOD 
</s>
</p>
<p.WSJ900404-0085-1.1>
<s.WSJ900404-0085-1.1.1>
N. E. W. Y. O. R. K. --DASH The average interest rate fell to eight .POINT two four four %PERCENT at  
Citicorp's fifty million dollars weekly auction of ninety one -HYPHEN day commercial  
paper ,COMMA or corporate IOUs ,COMMA from eight .POINT two seven four %PERCENT at last week's sale  .PERIOD 
</s>
</p>
<p.WSJ900404-0085-1.2>
<s.WSJ900404-0085-1.2.1>
Bids totaling four hundred and forty five million dollars were submitted .PERIOD 
</s>
<s.WSJ900404-0085-1.2.2>
Accepted bids  
ranged from eight .POINT two four %PERCENT to eight .POINT two four seven %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0085-1.3>
<s.WSJ900404-0085-1.3.1>
Citicorp also said that the average rate fell to eight .POINT two four six %PERCENT at  
its fifty million dollars auction of one hundred and eighty two -HYPHEN day commercial paper from  
eight .POINT two six two %PERCENT at last week's sale .PERIOD 
</s>
<s.WSJ900404-0085-1.3.2>
Bids totaling four hundred and twenty five million dollars were  
submitted .PERIOD 
</s>
<s.WSJ900404-0085-1.3.3>
Accepted bids ranged from eight .POINT two four %PERCENT to eight .POINT two four seven %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0085-1.4>
<s.WSJ900404-0085-1.4.1>
The bank holding company will auction another fifty million dollars  
in each maturity next Tuesday  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.1>
<s.WSJ900404-0084-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The toughest political trade -HYPHEN offs over clean  
air may not occur on the House or Senate floor but in a  
conference committee ,COMMA when leaders from both chambers meet to  
settle their differences  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.2>
<s.WSJ900404-0084-1.2.1>
According to some predictions ,COMMA the contentious  
deliberations could take months ,COMMA leaving the issue unresolved  
until the politically charged days before the November  
elections .PERIOD 
</s>
<s.WSJ900404-0084-1.2.2>
Already it's possible to detect some of the  
important differences between the two houses   :COLON 
</s>
</p>
<p.WSJ900404-0084-1.3>
<s.WSJ900404-0084-1.3.1>
C. A. R. S. :COLON There's disagreement over how fast to require an  
initial round of cuts in tailpipe emissions and how to decide  
whether to require a second round .PERIOD 
</s>
<s.WSJ900404-0084-1.3.2>
The first round ,COMMA estimated  
to add one hundred dollars to the price of a car ,COMMA would take effect earlier  
under the Senate bill than under the leading House proposal  .PERIOD 
</s>
<s.WSJ900404-0084-1.3.3>
There also are different triggers for determining when a  
second round ,COMMA estimated to add five hundred dollars to the price ,COMMA kicks in  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.4>
<s.WSJ900404-0084-1.4.1>
F. U. E. L. S. :COLON Even though both houses are tilting toward  
reformulated gasoline ,COMMA there are likely to be differences  
over how clean the fuel must be and over how widely to  
require its use  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.5>
<s.WSJ900404-0084-1.5.1>
S. M. O. G. :COLON The chief difference now appears to be over how  
strong a federal role to require in forcing states and cities  
to clean up their air --DASH a major issue for environmentalists  
and state and local groups .PERIOD 
</s>
<s.WSJ900404-0084-1.5.2>
The leading House proposal would  
require the federal government to impose clean -HYPHEN up plans on  
areas that fail to come up with them on their own ;SEMI-COLON the Senate  
bill would leave full responsibility with the states  .PERIOD 
</s>
<s.WSJ900404-0084-1.5.3>
Smoggier cities also would be required to take harsher steps  
than cleaner ones under the House plan ,COMMA including applying  
controls to smaller polluters  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.6>
<s.WSJ900404-0084-1.6.1>
T. O. X. I. C. E. M. I. S. S. I. O. N. S. :COLON To date ,COMMA the Senate and House are  
pursuing different techniques for eliminating remaining  
cancer risks from factories after they've installed the best  
available anti -HYPHEN pollution technology .PERIOD 
</s>
<s.WSJ900404-0084-1.6.2>
Environmentalists think  
the Senate approach sets too weak a health standard  .PERIOD 
</s>
<s.WSJ900404-0084-1.6.3>
Yesterday ,COMMA the House Energy and Commerce Committee voted to  
adopt an approach for the remaining risks that is similar to  
existing law ,COMMA requiring the E. P. A. to establish health -HYPHEN based  
standards that provide an "DOUBLE-QUOTE ample margin of safety "DOUBLE-QUOTE to the  
maximum exposed individual  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.7>
<s.WSJ900404-0084-1.7.1>
U. T. I. L. I. T. I. E. S. :COLON Power plants would have to make required  
reductions in sulfur dioxide sooner under the Senate plan  .PERIOD 
</s>
<s.WSJ900404-0084-1.7.2>
The Senate gives extra tradable credits to the dirtiest  
Midwest utilities that bear the heaviest costs and to  
utilities across the country that need to be able to expand  
to meet rising electricity demands .PERIOD 
</s>
<s.WSJ900404-0084-1.7.3>
The plan also gives  
double the usual credits to utilities that install scrubbers  ,COMMA 
rather than switching to low -HYPHEN sulfur coal  .PERIOD 
</s>
</p>
<p.WSJ900404-0084-1.8>
<s.WSJ900404-0084-1.8.1>
The House committee may consider similar changes when it  
takes up the subject of acid rain this week  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.1>
<s.WSJ900404-0083-1.1.1>
On Monday ,COMMA former federal banking official William Isaac  
called the S. &AMPERSAND L. mess "DOUBLE-QUOTE the largest bailout in the history of  
the world .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0083-1.1.2>
Today ,COMMA the Senate ,COMMA the World's Greatest  
Deliberative Body ,COMMA may well vote the biggest cop -HYPHEN out since it  
violated the U. S. .PERIOD 
</s>
<s.WSJ900404-0083-1.1.3>
Constitution to slam former Senate employee  
Danny Wall into a top job in the thrift bailout  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.2>
<s.WSJ900404-0083-1.2.1>
A federal judge ruled recently that the Senate's Wall  
maneuver skipped the Constitution's clearly stated  
appointments requirement .PERIOD 
</s>
<s.WSJ900404-0083-1.2.2>
A nomination hearing for Mr.  Wall  
would have risked airing questions and unflattering publicity  
about some of the Senators who've been carrying water for  
Charles Keating ,COMMA the S. &AMPERSAND L. financier  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.3>
<s.WSJ900404-0083-1.3.1>
The Bush administration has nominated a Washington lawyer  
named Timothy Ryan to take over the headless octopus called  
the Office of Thrift Supervision .PERIOD 
</s>
<s.WSJ900404-0083-1.3.2>
Last Friday ,COMMA the Senate  
Banking Committee cleared Mr.  Ryan by an eleven to ten vote ,COMMA and  
his nominaton may come before the Senate for a full vote  
today .PERIOD 
</s>
<s.WSJ900404-0083-1.3.3>
Senate Banking Chairman Don Riegle ,COMMA who was on the  
losing side of the committee vote ,COMMA now is attempting to  
defeat the nomination on the floor .PERIOD 
</s>
<s.WSJ900404-0083-1.3.4>
He is arguing that a  
leaked F. B. I. report about Mr.  Ryan's flirtation with drugs twenty  
years ago isn't an issue .PERIOD 
</s>
<s.WSJ900404-0083-1.3.5>
"DOUBLE-QUOTE Competence "DOUBLE-QUOTE has become the Senate  
Democrats' rallying cry .PERIOD 
</s>
<s.WSJ900404-0083-1.3.6>
We think the leaked drug report  
deserves some further reflection  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.4>
<s.WSJ900404-0083-1.4.1>
Mr.  Ryan's voluntary admission to the F. B. I. was leaked to  
N. B. C. within hours of the Democrats' loss on the committee  
vote .PERIOD 
</s>
<s.WSJ900404-0083-1.4.2>
Senator Riegle quickly put out a pro forma statement  
about not condoning the leak of raw F. B. I. files ,COMMA but all  
Senators will have to evaluate for themselves ,COMMA et cetera  et cetera   .PERIOD 
</s>
<s.WSJ900404-0083-1.4.3>
Meanwhile ,COMMA every subsequent story on Mr.  Ryan's nomination  
has had to mention the drug -HYPHEN use incident  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.5>
<s.WSJ900404-0083-1.5.1>
The fact is ,COMMA win or lose on the Senate vote ,COMMA the leak  
means that Timothy Ryan's professional and personal life in  
Washington forever will have this tin bell dragging behind  
it .PERIOD 
</s>
<s.WSJ900404-0083-1.5.2>
Mr.  Ryan agrees to serve his government by taking a truly  
awful assignment ,COMMA and in return gets this nightmare .PERIOD 
</s>
<s.WSJ900404-0083-1.5.3>
But  
we're not too surprised that Senator Riegle would yawn at a  
breach of F. B. I. confidentiality .PERIOD 
</s>
<s.WSJ900404-0083-1.5.4>
This is the same Senate that  
held a linen handkerchief to its nose while raw F. B. I. data  
engulfed a former colleague ,COMMA Senator John Tower  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.6>
<s.WSJ900404-0083-1.6.1>
Congress ,COMMA however ,COMMA does try to defend those who reside  
within its walls .PERIOD 
</s>
<s.WSJ900404-0083-1.6.2>
Recall the tumult over the false leak  
suggesting that Rep .PERIOD 
</s>
<s.WSJ900404-0083-1.6.3>
William Gray's office was involved in a  
criminal investigation .PERIOD 
</s>
<s.WSJ900404-0083-1.6.4>
Under a stern request from Senate  
Judiciary Chairman Joseph Biden ,COMMA the Justice Department  
committed eleven F. B. I. agents who spent a total of three hundred and eighty five days  
unsuccessfully trying to find the leaker  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.7>
<s.WSJ900404-0083-1.7.1>
How many qualified men or women ,COMMA in the wake of the Ryan  
F. B. I. leak ,COMMA will now consent to subject themselves to this  
milieu ,COMMA especially if Mr.  Ryan is defeated ?QUESTION-MARK 
</s>
<s.WSJ900404-0083-1.7.2>
We frankly had  
thought that the appointment of Mr.  Ryan ,COMMA a Beltway insider  ,COMMA 
was itself a sign that people beyond Washington were refusing  
offers to serve .PERIOD 
</s>
<s.WSJ900404-0083-1.7.3>
It now appears that Congress will let the  
political dogs loose on anyone beyond its own doors .PERIOD 
</s>
<s.WSJ900404-0083-1.7.4>
Again  ,COMMA 
it was Danny Wall ,COMMA former Banking Committee Chairman Jake  
Garn's aide ,COMMA who slipped through the normal confirmation  
process  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.8>
<s.WSJ900404-0083-1.8.1>
Senate Majority Leader George Mitchell now talks of  
"DOUBLE-QUOTE widespread concern "DOUBLE-QUOTE over Mr.  Ryan's qualifications .PERIOD 
</s>
<s.WSJ900404-0083-1.8.2>
We are  
beginning to wonder if indeed Congress doesn't have cause to  
worry about Mr.  Ryan's skills .PERIOD 
</s>
<s.WSJ900404-0083-1.8.3>
He is a lawyer and his federal  
expertise is in enforcement .PERIOD 
</s>
<s.WSJ900404-0083-1.8.4>
Not being part of the cozy  ,COMMA 
S. &AMPERSAND L. -HYPHEN Congressional old -HYPHEN boy network ,COMMA he obviously doesn't have  
to worry about whom he offends in the thrift business because  
it isn't likely that he'll ever be looking for a job with  
them .PERIOD 
</s>
<s.WSJ900404-0083-1.8.5>
His most noteworthy asset is his independence  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.9>
<s.WSJ900404-0083-1.9.1>
Anyway ,COMMA wasn't it the "DOUBLE-QUOTE experts "DOUBLE-QUOTE who got the country into  
this two hundred billion dollars hole ?QUESTION-MARK 
</s>
<s.WSJ900404-0083-1.9.2>
Congress voted the deposit -HYPHEN insurance  
limit up to one hundred thousand dollars ,COMMA which put it way out of Mom and Pop's  
league and into the hands of the high flyers .PERIOD 
</s>
<s.WSJ900404-0083-1.9.3>
The S. &AMPERSAND L.  
"DOUBLE-QUOTE experts "DOUBLE-QUOTE then put billions of dollars into doomed and wild  
projects ,COMMA and the system is now in the tank  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.10>
<s.WSJ900404-0083-1.10.1>
Maybe somewhere out there in America is the one "DOUBLE-QUOTE expert  "DOUBLE-QUOTE 
who can rescue Washington from its past follies with the  
thrift system .PERIOD 
</s>
<s.WSJ900404-0083-1.10.2>
But he isn't coming to Washington ;SEMI-COLON he has read  
how the city devours its own and he is fleeing from it  .PERIOD 
</s>
</p>
<p.WSJ900404-0083-1.11>
<s.WSJ900404-0083-1.11.1>
In the final analysis ,COMMA the Senate vote on the nomination  
should be viewed as a vote on the fundamental seriousness of  
the Senate's commitment to a solution .PERIOD 
</s>
<s.WSJ900404-0083-1.11.2>
If ,COMMA however ,COMMA the  
Senate's vote rolls the thrift supervisor's job into limbo  ,COMMA 
President Bush should consider taking control of the  
situation by making a recess appointment .PERIOD 
</s>
<s.WSJ900404-0083-1.11.3>
Without resolve by  
some responsible Washington party ,COMMA the S. &AMPERSAND L. crisis is going to  
turn into another American quagmire  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.1>
<s.WSJ900404-0082-1.1.1>
The Pentagon lifted the veil a bit on its F. -HYPHEN one hundred and seventeen A Stealth  
fighter -HYPHEN bomber ,COMMA disclosing among other details that over nine  
years it cost a total of six .POINT two six billion dollars to acquire its fifty nine  
radar -HYPHEN evading Lockheed Corporation  warplanes  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.2>
<s.WSJ900404-0082-1.2.1>
That means the planes cost one hundred and six million dollars apiece ,COMMA making  
them far and away the nation's most expensive fighter -HYPHEN bomber  .PERIOD 
</s>
<s.WSJ900404-0082-1.2.2>
The last F. -HYPHEN one hundred and seventeen is scheduled to be delivered later this year  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.3>
<s.WSJ900404-0082-1.3.1>
The additional tidbits of information about the F. -HYPHEN one hundred and seventeens  ,COMMA 
which have flown under cover of government secrecy since  
nineteen eighty three ,COMMA had been expected for many months .PERIOD 
</s>
<s.WSJ900404-0082-1.3.2>
In fact ,COMMA while  
additional disclosures were being considered in December ,COMMA the  
U. S. invaded Panama ,COMMA and the Defense Department disclosed  
that two F. -HYPHEN one hundred and seventeens had dropped two thousand -HYPHEN pound bombs near a  
Panamanian army barracks in support of one airborne assault  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.4>
<s.WSJ900404-0082-1.4.1>
Yesterday ,COMMA the Pentagon said six Stealth fighters in all  
had been sent to Panama ,COMMA although only two were called on to  
attack targets .PERIOD 
</s>
<s.WSJ900404-0082-1.4.2>
That mission ,COMMA it said ,COMMA emphasized the plane's  
primary role as a precision night attack aircraft .PERIOD 
</s>
<s.WSJ900404-0082-1.4.3>
The bombs  
were meant to confuse ,COMMA but not to kill ,COMMA Panamanian soldiers  
that U. S. paratroopers were attempting to capture  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.5>
<s.WSJ900404-0082-1.5.1>
Defense Department spokesman Pete Williams said the  
single -HYPHEN seat F. -HYPHEN one hundred and seventeen fighter has a forty three -HYPHEN foot wingspan ,COMMA is sixty five feet  
long and weighs fifty two thousand five hundred pounds .PERIOD 
</s>
<s.WSJ900404-0082-1.5.2>
He declined to discuss the  
range or the firepower of the twin -HYPHEN engine ,COMMA subsonic plane  ,COMMA 
which has curvy ,COMMA composite surfaces that absorb and distort  
radar beams .PERIOD 
</s>
<s.WSJ900404-0082-1.5.3>
Many of the F. -HYPHEN one hundred and seventeen A's parts were borrowed from  
other aircraft ,COMMA he said ,COMMA including flight controls similar to  
those on the Air Force's F. -HYPHEN sixteen and General Electric Company  F. -HYPHEN four hundred and four  
engines akin to those powering the Navy's F. -HYPHEN eighteen  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.6>
<s.WSJ900404-0082-1.6.1>
A new eight -HYPHEN minute film of the Stealth fighter in flight  
also was released .PERIOD 
</s>
<s.WSJ900404-0082-1.6.2>
Previously ,COMMA only one hazy photograph and  
drawings based on that shot had been made public .PERIOD 
</s>
<s.WSJ900404-0082-1.6.3>
A showing  
of the plane for reporters at the F. -HYPHEN one hundred and seventeen 'SINGLE-QUOTE s. Nevada home ,COMMA Nellis  
Air Force Base ,COMMA also was scheduled for April twenty one  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.7>
<s.WSJ900404-0082-1.7.1>
The existence of the F. -HYPHEN one hundred and seventeen was officially acknowledged for  
the first time in November nineteen eighty eight ,COMMA a few weeks before the Air  
Force and Northrop Corporation  held a "DOUBLE-QUOTE roll -HYPHEN out "DOUBLE-QUOTE ceremony for the  
B. -HYPHEN two Stealth bomber .PERIOD 
</s>
<s.WSJ900404-0082-1.7.2>
The newer B. -HYPHEN twos ,COMMA projected to cost more  
than five hundred million dollars each for the full one hundred and thirty two -HYPHEN plane fleet  
envisioned by the Air Force ,COMMA have been under serious attack  
lately in Congress .PERIOD 
</s>
<s.WSJ900404-0082-1.7.3>
Critics believe that in addition to being  
overly expensive ,COMMA it has a penetrating bomber role that may  
be unnecessary in light of competing cruise missile  
technology and the winding down of the Cold War  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.8>
<s.WSJ900404-0082-1.8.1>
Critics of defense spending also have suggested that  
release of information about the F. -HYPHEN one hundred and seventeen seems geared to help  
the cause of the bomber program by showing that a  
stealth -HYPHEN technology aircraft already is part of the arsenal  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.9>
<s.WSJ900404-0082-1.9.1>
While the F. -HYPHEN one hundred and seventeen 'SINGLE-QUOTE s. per -HYPHEN plane cost is extremely steep ,COMMA some  
analysts note that the total includes an unusually high two billion dollars in development costs for the advanced -HYPHEN technology jet  ,COMMA 
and other unusual costs including a sophisticated  
mission -HYPHEN support computer .PERIOD 
</s>
<s.WSJ900404-0082-1.9.2>
What the industry calls the  
"DOUBLE-QUOTE flyaway cost ,COMMA "DOUBLE-QUOTE the price of production once development is  
out of the way ,COMMA was given as forty two .POINT six million dollars a plane  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.10>
<s.WSJ900404-0082-1.10.1>
Mr.  Williams said that both the Air Force and Navy have  
development plans for larger ,COMMA faster and more sophisticated  
stealth fighter -HYPHEN bombers ,COMMA called the Advanced Tactical Fighter  
and the Advanced Tactical Aircraft .PERIOD 
</s>
<s.WSJ900404-0082-1.10.2>
While these planes will  
also have radar -HYPHEN evading capabilities ,COMMA their design will be  
different from the F. -HYPHEN one hundred and seventeen ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.11>
<s.WSJ900404-0082-1.11.1>
Lockheed ,COMMA which long has been lobbying to release more  
information on the F. -HYPHEN one hundred and seventeen ,COMMA said it couldn't give any more  
detail than the Pentagon disclosed .PERIOD 
</s>
<s.WSJ900404-0082-1.11.2>
The planes ,COMMA three of  
which have been lost in crashes ,COMMA were developed under a nineteen seventy eight  
contract at the Lockheed "DOUBLE-QUOTE Skunk Works "DOUBLE-QUOTE aircraft development  
operation that also produced the U. -HYPHEN two and SR -HYPHEN seventy one spy planes  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.12>
<s.WSJ900404-0082-1.12.1>
Company officials in the past have said that public  
appreciation of the F. -HYPHEN one hundred and seventeen could help the company in its  
competition with Northrop for the Air Force A. T. F. contract .PERIOD 
</s>
<s.WSJ900404-0082-1.12.2>
Mr.   
Williams said that the F. -HYPHEN one hundred and seventeen acquisition process had been  
streamlined to reduce costs and speed development of the  
new -HYPHEN technology aircraft and that the plane's first flight  
took place only thirty one months after a go -HYPHEN ahead on full  
development was given .PERIOD 
</s>
<s.WSJ900404-0082-1.12.3>
He declined to comment ,COMMA however ,COMMA on  
Lockheed's motives for wanting more F. -HYPHEN one hundred and seventeen information public  .PERIOD 
</s>
</p>
<p.WSJ900404-0082-1.13>
<s.WSJ900404-0082-1.13.1>
The F. -HYPHEN one hundred and seventeens are based at the Tonopah Test Range Airfield at  
Nellis ,COMMA where the Pentagon said two thousand six hundred and fifty military personnel are  
assigned to the thirty seventh Tactical Fighter Wing ,COMMA to which the  
planes are assigned  .PERIOD 
</s>
</p>
<p.WSJ900404-0081-1.1>
<s.WSJ900404-0081-1.1.1>
N. E. W. Y. O. R. K. --DASH International Cablecasting Technologies Incorporated   
and Scientific -HYPHEN Atlanta Incorporated  said they will develop a new  
product to deliver compact -HYPHEN disk quality sound to cable -HYPHEN T. V.  
subscribers  .PERIOD 
</s>
</p>
<p.WSJ900404-0081-1.2>
<s.WSJ900404-0081-1.2.1>
The new service ,COMMA C. D. /SLASH twenty seven :COLON The Digital Music Network ,COMMA is  
scheduled to be unveiled this fall and will feature twenty seven  
commercial -HYPHEN free music formats uninterrupted by disk jockeys  .PERIOD 
</s>
<s.WSJ900404-0081-1.2.2>
It will be available to cable systems as part of subscription  
packages ,COMMA and the companies estimated the monthly price --DASH  
including rental of a tuner --DASH at between seven dollars and eight dollars and ninety five cents a  
month  .PERIOD 
</s>
</p>
<p.WSJ900404-0081-1.3>
<s.WSJ900404-0081-1.3.1>
The two companies declined to discuss how much each has  
spent to date on the project .PERIOD 
</s>
<s.WSJ900404-0081-1.3.2>
The Digital Music Network has  
the financial backing of Denver -HYPHEN based Tele -HYPHEN Communications  
Incorporated  ,COMMA the nation's largest cable company ,COMMA which controls  
systems with about ten million subscribers .PERIOD 
</s>
<s.WSJ900404-0081-1.3.3>
Last year  ,COMMA 
Tele -HYPHEN Communications signed an agreement to acquire a minority  
stake in International Cablecasting ,COMMA based in Vancouver  ,COMMA 
British Columbia  .PERIOD 
</s>
</p>
<p.WSJ900404-0081-1.4>
<s.WSJ900404-0081-1.4.1>
The digital sound is transmitted onto a video signal that  
is transmitted via satellite to cable systems .PERIOD 
</s>
<s.WSJ900404-0081-1.4.2>
The cable  
systems then transmit the signal to subscribers .PERIOD 
</s>
<s.WSJ900404-0081-1.4.3>
The signal  
is then reconverted to audio via a digital tuner ,COMMA which  
retails for about one hundred dollars or can be rented  .PERIOD 
</s>
</p>
<p.WSJ900404-0081-1.5>
<s.WSJ900404-0081-1.5.1>
The music ,COMMA which a spokeswoman for the companies said will  
range from rock to classic to show tunes ,COMMA will be programmed  
by the Atlanta -HYPHEN based radio consulting firm Burkhart /SLASH Douglas &AMPERSAND  
Associates  .PERIOD 
</s>
</p>
<p.WSJ900404-0080-1.1>
<s.WSJ900404-0080-1.1.1>
C. H. I. C. A. G. O. --DASH Morton International Incorporated  ,COMMA in the latest move  
to bolster its specialty chemical operations ,COMMA said it will  
begin manufacturing sealants for the aerospace and aircraft  
industry  .PERIOD 
</s>
</p>
<p.WSJ900404-0080-1.2>
<s.WSJ900404-0080-1.2.1>
In the past Morton has simply supplied other manufacturers  
with the polymer used in such sealants .PERIOD 
</s>
<s.WSJ900404-0080-1.2.2>
In response to what  
it calls growing demand ,COMMA however ,COMMA Morton said a new segment  
of its Specialty Chemicals Group will now produce the  
finished sealants  .PERIOD 
</s>
</p>
<p.WSJ900404-0080-1.3>
<s.WSJ900404-0080-1.3.1>
The company "DOUBLE-QUOTE decided to use our technology and provide the  
finished product ,COMMA "DOUBLE-QUOTE said a spokeswoman .PERIOD 
</s>
<s.WSJ900404-0080-1.3.2>
The sealants are to be  
jointly developed with the Chemetall G. m. .PERIOD 
</s>
<s.WSJ900404-0080-1.3.3>
b. .PERIOD 
</s>
<s.WSJ900404-0080-1.3.4>
H. unit of West  
Germany's Metallgesellschaft A. G.  .PERIOD 
</s>
</p>
<p.WSJ900404-0080-1.4>
<s.WSJ900404-0080-1.4.1>
Morton's specialty chemical division had sales of three hundred and twenty two million dollars last year ,COMMA but it recently acquired Whittaker Corporation  'SINGLE-QUOTE s.  
specialty chemical segment ,COMMA which had sales in the latest  
year of about one hundred and eighty million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.1>
<s.WSJ900404-0079-1.1.1>
Sick of Nurse Shortage  ,COMMA 
</s>
</p>
<p.WSJ900404-0079-1.2>
<s.WSJ900404-0079-1.2.1>
Hospitals Start Selling   
</s>
</p>
<p.WSJ900404-0079-1.3>
<s.WSJ900404-0079-1.3.1>
H. O. S. P. I. T. A. L. S. are launching some rather extreme recruiting  
campaigns to cope with the nursing shortage  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.4>
<s.WSJ900404-0079-1.4.1>
H. C. A. Corporation  'SINGLE-QUOTE s. Largo Medical Center Hospital in Largo ,COMMA Fla .PERIOD ,COMMA  
</s>
<s.WSJ900404-0079-1.4.2>
bought billboard space in Pittsburgh ,COMMA Cleveland and other  
northern cities to promote the advantages of careers in  
Florida .PERIOD 
</s>
<s.WSJ900404-0079-1.4.3>
The pitch includes an eight hundred number to call about  
"DOUBLE-QUOTE white sand ,COMMA blue skies and red hot nursing opportunities .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.5>
<s.WSJ900404-0079-1.5.1>
Despite a mild winter ,COMMA there are apparently plenty of  
nurses eager to move South .PERIOD 
</s>
<s.WSJ900404-0079-1.5.2>
"DOUBLE-QUOTE We've had a lot of husbands  
calling for their wives ,COMMA "DOUBLE-QUOTE says hospital marketing director  
Judy Dean  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.6>
<s.WSJ900404-0079-1.6.1>
Others are finding it takes more than billboards to find  
nurses .PERIOD 
</s>
<s.WSJ900404-0079-1.6.2>
The University of Kentucky hospital has hired a  
Chicago marketing firm to "DOUBLE-QUOTE develop an image for nursing  ,COMMA "DOUBLE-QUOTE 
says Diana Weaver ,COMMA the university's director of nursing  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.7>
<s.WSJ900404-0079-1.7.1>
The university hospital also offers free plane tickets to  
anywhere in the U. S. to any employee who refers a nurse who  
joins the staff .PERIOD 
</s>
<s.WSJ900404-0079-1.7.2>
"DOUBLE-QUOTE We're facing a chronic nursing shortage  ,COMMA "DOUBLE-QUOTE 
Ms.  Weaver says ,COMMA noting she needs to add two hundred nurses to keep  
up with planned hospital expansion  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.8>
<s.WSJ900404-0079-1.8.1>
The competition within the state is fierce :COLON One regional  
hospital offered ten thousand dollars signing bonuses to woo nurses away  .PERIOD 
</s>
<s.WSJ900404-0079-1.8.2>
Out -HYPHEN of -HYPHEN state nurses ,COMMA meanwhile ,COMMA are often leery of moving to  
the Bluegrass State ,COMMA and so need extra coaxing  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.9>
<s.WSJ900404-0079-1.9.1>
"DOUBLE-QUOTE We compete with some glitzy areas ,COMMA "DOUBLE-QUOTE Ms.  Weaver concedes  .PERIOD 
</s>
<s.WSJ900404-0079-1.9.2>
"DOUBLE-QUOTE Kentucky is an unknown entity .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.10>
<s.WSJ900404-0079-1.10.1>
Hitting the Books  
</s>
</p>
<p.WSJ900404-0079-1.11>
<s.WSJ900404-0079-1.11.1>
To Cover Teen Market  
</s>
</p>
<p.WSJ900404-0079-1.12>
<s.WSJ900404-0079-1.12.1>
N. O. W. T. E. E. N. -HYPHEN A. G. E. R. S. and their books can be walking billboards  
for advertisers  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.13>
<s.WSJ900404-0079-1.13.1>
Cover Concepts Marketing Services Incorporated  ,COMMA a fledgling  
Stoughton ,COMMA Mass .PERIOD ,COMMA 
</s>
<s.WSJ900404-0079-1.13.2>
company ,COMMA has signed up high schools in ninety nine  
cities to receive four million free book covers plastered  
with ads  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.14>
<s.WSJ900404-0079-1.14.1>
The cost to advertisers ranges from twenty five thousand dollars to one hundred and ninety five thousand dollars  ,COMMA 
depending on the size of the ad and how many semesters it  
appears .PERIOD 
</s>
<s.WSJ900404-0079-1.14.2>
For their money ,COMMA they get a captive audience  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.15>
<s.WSJ900404-0079-1.15.1>
"DOUBLE-QUOTE The high school market is one of the most difficult to  
reach .PERIOD 
</s>
<s.WSJ900404-0079-1.15.2>
{LEFT-BRACE Students }RIGHT-BRACE have no patience ,COMMA "DOUBLE-QUOTE says Michael Yanoff  ,COMMA 
chief executive of Cover Concepts  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.16>
<s.WSJ900404-0079-1.16.1>
The idea was tested in Massachusetts schools this year  ,COMMA 
with sponsors such as Nike Incorporated  ,COMMA Coca -HYPHEN Cola Company  ,COMMA Maxell Corporation   
and C. B. Sports ,COMMA a maker of jackets .PERIOD 
</s>
<s.WSJ900404-0079-1.16.2>
The next school year's  
covers could include McDonald 'SINGLE-QUOTE s. Corporation  and Nintendo ,COMMA among  
others  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.17>
<s.WSJ900404-0079-1.17.1>
While ads on books aren't likely to stir as much  
controversy as Whittle Communications did with the  
commercials on its Channel One school T. V. programs ,COMMA the book  
covers still aren't welcome in every classroom .PERIOD 
</s>
<s.WSJ900404-0079-1.17.2>
New York City  
schools say the book covers aren't acceptable because the ads  
are too large .PERIOD 
</s>
<s.WSJ900404-0079-1.17.3>
If the ads were just "DOUBLE-QUOTE postage stamp "DOUBLE-QUOTE size ,COMMA New  
York city schools wouldn't object ,COMMA says spokesman Bob Terte  .PERIOD 
</s>
<s.WSJ900404-0079-1.17.4>
"DOUBLE-QUOTE But we don't want the kids to be used .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.18>
<s.WSJ900404-0079-1.18.1>
Fast Food Is No Art  ,COMMA 
</s>
</p>
<p.WSJ900404-0079-1.19>
<s.WSJ900404-0079-1.19.1>
But Selling It Sure Is  
</s>
</p>
<p.WSJ900404-0079-1.20>
<s.WSJ900404-0079-1.20.1>
C. O. M. P. E. T. I. T. I. O. N. I. S. no laughing matter ,COMMA and that's where the  
funnies come in  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.21>
<s.WSJ900404-0079-1.21.1>
Burger King ,COMMA as part of its "DOUBLE-QUOTE Sometimes You've Gotta Break  
the Rules "DOUBLE-QUOTE advertising campaign ,COMMA has introduced a line of  
sandwich cartons and beverage cups decorated with drawings  ,COMMA 
most of them whimsical  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.22>
<s.WSJ900404-0079-1.22.1>
The chain's new Pick 'Em  Ups chicken and fish finger food  
will come in cartons decorated with campy ,COMMA fifties -HYPHEN style ,COMMA soap  
opera comics .PERIOD 
</s>
<s.WSJ900404-0079-1.22.2>
The dialogue in the bubble ,COMMA of course ,COMMA is about  
the food .PERIOD 
</s>
<s.WSJ900404-0079-1.22.3>
In one ,COMMA a teen -HYPHEN age girl is thinking :COLON "DOUBLE-QUOTE Oh Drat .PERIOD 
</s>
<s.WSJ900404-0079-1.22.4>
His  
class ring !EXCLAMATION-POINT 
</s>
<s.WSJ900404-0079-1.22.5>
And I thought he was gonna give me Pick 'Em  Ups .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.23>
<s.WSJ900404-0079-1.23.1>
On another package ,COMMA double cheeseburgers are identified by  
a giant burger being built by cartoon construction workers  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.24>
<s.WSJ900404-0079-1.24.1>
Cups show cartoon versions of U. S. landmark buildings  ,COMMA 
such as the Saint  .PERIOD 
</s>
<s.WSJ900404-0079-1.24.2>
Louis arch and the Empire State Building .PERIOD 
</s>
<s.WSJ900404-0079-1.24.3>
The  
most serious of the containers is for the Ocean Catch fish  
sandwich ,COMMA sold in boxes decorated with beach scenes  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.25>
<s.WSJ900404-0079-1.25.1>
King -HYPHEN Casey Incorporated  ,COMMA the New Canaan ,COMMA Conn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0079-1.25.2>
design consultant  
that came up with the packaging ,COMMA plans to bring out new comic  
strips and beach scenes every couple of months  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.26>
<s.WSJ900404-0079-1.26.1>
Designers believe consumers want to be entertained ,COMMA not  
just fed .PERIOD 
</s>
<s.WSJ900404-0079-1.26.2>
Happy consumers ,COMMA the creators say ,COMMA make return  
trips .PERIOD 
</s>
<s.WSJ900404-0079-1.26.3>
And that's something the No .PERIOD 
</s>
<s.WSJ900404-0079-1.26.4>
two fast -HYPHEN food chain needs  
these days  .PERIOD 
</s>
</p>
<p.WSJ900404-0079-1.27>
<s.WSJ900404-0079-1.27.1>
"DOUBLE-QUOTE Consumers have many choices for the next meal ,COMMA "DOUBLE-QUOTE says Gene  
Casey ,COMMA president of King -HYPHEN Casey .PERIOD 
</s>
<s.WSJ900404-0079-1.27.2>
"DOUBLE-QUOTE If Burger King wants their  
business ,COMMA we have to reward them for making a visit .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.28>
<s.WSJ900404-0079-1.28.1>
Still ,COMMA many package designers say it can be risky to  
change any brand's look so often .PERIOD 
</s>
<s.WSJ900404-0079-1.28.2>
"DOUBLE-QUOTE It's a thin approach  ,COMMA "DOUBLE-QUOTE 
says Ronald Peterson ,COMMA managing partner of Peterson &AMPERSAND Blyth  
Associates Incorporated  ,COMMA a New York design firm .PERIOD 
</s>
<s.WSJ900404-0079-1.28.3>
"DOUBLE-QUOTE They're focusing on  
promotions programs and packaging changes instead of putting  
the emphasis on the food itself .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.29>
<s.WSJ900404-0079-1.29.1>
His advice :COLON "DOUBLE-QUOTE Let's have a good ,COMMA healthy burger .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0079-1.30>
<s.WSJ900404-0079-1.30.1>
Odds and Ends  
</s>
</p>
<p.WSJ900404-0079-1.31>
<s.WSJ900404-0079-1.31.1>
T. H. R. E. E. C. H. E. E. R. I. O. S. for success :COLON Of the six thousand nine hundred and sixty new brands  
introduced in the past two years ,COMMA two hundred and forty have reached the one million dollars annual sales mark ,COMMA according to a study by  
Arbitron /SLASH S. A. M. I. ,COMMA a product -HYPHEN tracking service owned by Control  
Data .PERIOD 
</s>
<s.WSJ900404-0079-1.31.2>
The best seller was Apple Cinnamon Cheerios ,COMMA with ninety two million dollars in sales .PERIOD 
</s>
<s.WSJ900404-0079-1.31.3>
Lost and Found :COLON Telemap Navigation  
Service of Walnut Creek ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0079-1.31.4>
offers subscribers an eight hundred  
number to call when in need of directions in one thousand one hundred cities  .PERIOD 
</s>
<s.WSJ900404-0079-1.31.5>
Doctor  Goodpet Laboratories ,COMMA Inglewood ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0079-1.31.6>
markets  
all -HYPHEN natural flea collars ,COMMA as well as natural remedies for pet  
motion sickness and stress  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.1>
<s.WSJ900404-0078-1.1.1>
Denver --DASH As a card -HYPHEN carrying Young Republican ,COMMA Greg  
Anthony believes in taking advantage of his opportunities .PERIOD 
</s>
<s.WSJ900404-0078-1.1.2>
He  
also believes that this option should be open to all in the  
Land of the Free  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.2>
<s.WSJ900404-0078-1.2.1>
"DOUBLE-QUOTE If we give our opponents the opportunity to lose their  
composure ,COMMA sometimes they will ,COMMA "DOUBLE-QUOTE said the swift U. of  
Nevada -HYPHEN Las Vegas point guard at a press conference  
preliminary to his team's Terminal Two N. C. A. A. college  
basketball match with Duke .PERIOD 
</s>
<s.WSJ900404-0078-1.2.2>
"DOUBLE-QUOTE Good things happen to us when  
other people get shook up .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0078-1.3>
<s.WSJ900404-0078-1.3.1>
On Monday night ,COMMA in McNichols Arena here ,COMMA the  
light -HYPHEN footed ,COMMA light -HYPHEN fingered Runnin 'SINGLE-QUOTE Rebels shook Duke out of  
its shirts ,COMMA shorts ,COMMA socks ,COMMA sneakers and any underclothes they  
happened to be wearing .PERIOD 
</s>
<s.WSJ900404-0078-1.3.2>
They stole the ball so often that the  
Dukies must have wondered if they were ever going to get a  
chance to play with it ,COMMA and scorched the hardwood with their  
fast break .PERIOD 
</s>
<s.WSJ900404-0078-1.3.3>
Never headed ,COMMA they racked up a thirty -HYPHEN point victory  
--DASH one hundred and three -HYPHEN seventy three --DASH in a tournament whose recent history suggested  
that its sponsoring organization's initials stood for Nobody  
Comes out Ahead Alot  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.4>
<s.WSJ900404-0078-1.4.1>
Afterward ,COMMA Duke coach Mike Krzyzewski could only marvel at  
the skill of his executioners .PERIOD 
</s>
<s.WSJ900404-0078-1.4.2>
"DOUBLE-QUOTE We couldn't function out  
there tonight .PERIOD 
</s>
<s.WSJ900404-0078-1.4.3>
They didn't let us play well .PERIOD 
</s>
<s.WSJ900404-0078-1.4.4>
That's the best  
a team has ever played against me as a coach ,COMMA "DOUBLE-QUOTE he said with  
astonishment  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.5>
<s.WSJ900404-0078-1.5.1>
U. N. L. V. coach Jerry Tarkanian --DASH whose dozen -HYPHEN year legal  
battle with the N. C. A. A. to prevent his firing for misdeeds  
associated with the care and feeding of players was college  
sports' longest -HYPHEN running soap opera before it was settled last  
year --DASH was asked if the victory constituted "DOUBLE-QUOTE sweet revenge .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0078-1.5.2>
He replied ,COMMA "DOUBLE-QUOTE It wasn't revenge ,COMMA but it was sweet .PERIOD 
</s>
<s.WSJ900404-0078-1.5.3>
Winning the  
trophy wasn't a personal thing with me .PERIOD 
</s>
<s.WSJ900404-0078-1.5.4>
Nevada and Las Vegas  
get knocked a lot .PERIOD 
</s>
<s.WSJ900404-0078-1.5.5>
I look at it as a big event for the people  
there .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0078-1.6>
<s.WSJ900404-0078-1.6.1>
If the Tark sounded a bit defensive ,COMMA it was because the  
assembled newsfolk ,COMMA never apt at resisting temptation  ,COMMA 
couldn't pass up the one to portray U. N. L. V. -HYPHEN Duke as good guys  
vs .PERIOD 
</s>
<s.WSJ900404-0078-1.6.2>
bad guys ,COMMA or ,COMMA at least ,COMMA outlaws versus in -HYPHEN laws .PERIOD 
</s>
<s.WSJ900404-0078-1.6.3>
The  
outlaws ,COMMA of course ,COMMA were the boys from Vegas ,COMMA who besides  
their lengthy past rap sheet had woofed and brawled through a  
stormy pre -HYPHEN tourney campaign in which ,COMMA at times ,COMMA they swung  
first and identified their victims later .PERIOD 
</s>
<s.WSJ900404-0078-1.6.4>
For instance ,COMMA Moses  
Scurry ,COMMA a burly backup center ,COMMA decked Utah State coach Kohn  
Smith in one post -HYPHEN game melee .PERIOD 
</s>
<s.WSJ900404-0078-1.6.5>
He later said he didn't know  
he'd hit a coach because he thought coaches wore suits and  
the guy he'd popped had a sweater on  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.7>
<s.WSJ900404-0078-1.7.1>
Duke qualified as the in -HYPHEN laws if only on grounds of  
frequency of visits :COLON three years in a row to the Final Four  ,COMMA 
and four of the last five .PERIOD 
</s>
<s.WSJ900404-0078-1.7.2>
But that's all relative .PERIOD 
</s>
<s.WSJ900404-0078-1.7.3>
The Blue  
Devils from Durham ,COMMA N. C. ,COMMA are college hoops' student princes  ,COMMA 
a rep they owe partly to their school's propensity to send  
its athletes into the world with diplomas as well as Adidas  
in their gym bags  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.8>
<s.WSJ900404-0078-1.8.1>
Final Four participants ,COMMA though ,COMMA were ever at pains to  
remind that this was the Basket Bowl ,COMMA not the Quiz Bowl .PERIOD 
</s>
<s.WSJ900404-0078-1.8.2>
And  ,COMMA 
in truth ,COMMA the finalists had much in common .PERIOD 
</s>
<s.WSJ900404-0078-1.8.3>
Both recruit more  
by airplane than auto (LEFT-PAREN each had but one home -HYPHEN state player in  
their lineups )RIGHT-PAREN and turn over their rosters every few years as  
required .PERIOD 
</s>
<s.WSJ900404-0078-1.8.4>
Both featured hard -HYPHEN to -HYPHEN master pressure defenses and  
fast -HYPHEN stepping ,COMMA "DOUBLE-QUOTE motion "DOUBLE-QUOTE offenses  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.9>
<s.WSJ900404-0078-1.9.1>
"DOUBLE-QUOTE We and U. N. L. V. are very similar in terms of systems and  
personnel ,COMMA "DOUBLE-QUOTE said Krzyzewski on Sunday .PERIOD 
</s>
<s.WSJ900404-0078-1.9.2>
Grinned the weary -HYPHEN eyed  
Tark :COLON "DOUBLE-QUOTE Duke's my favorite team next to U. N. L. V. .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0078-1.10>
<s.WSJ900404-0078-1.10.1>
As for the academic differences between the schools ,COMMA young  
Anthony noted that it takes all kinds to make the world go  
round .PERIOD 
</s>
<s.WSJ900404-0078-1.10.2>
"DOUBLE-QUOTE Everybody's background doesn't prepare them for  
Harvard ,COMMA Yale or Duke .PERIOD 
</s>
<s.WSJ900404-0078-1.10.3>
That's why there's state schools ,COMMA "DOUBLE-QUOTE he  
said .PERIOD 
</s>
<s.WSJ900404-0078-1.10.4>
"DOUBLE-QUOTE Anyway ,COMMA based on what I've seen ,COMMA you don't have to be  
terrifically intelligent to graduate from college ,COMMA just work  
hard .PERIOD 
</s>
<s.WSJ900404-0078-1.10.5>
And we do that .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0078-1.11>
<s.WSJ900404-0078-1.11.1>
The Rebs certainly worked hard ,COMMA and smart ,COMMA in the two  
games that brought their school its first national basketball  
championship .PERIOD 
</s>
<s.WSJ900404-0078-1.11.2>
On Saturday ,COMMA their man -HYPHEN to -HYPHEN man -HYPHEN eating defense  
turned a fifty three -HYPHEN forty six halftime disadvantage into a ninety -HYPHEN eighty one win over  
Georgia Tech in the semis ,COMMA leading some to dub Tech as the  
only school to lose twice in the tourney .PERIOD 
</s>
<s.WSJ900404-0078-1.11.3>
(LEFT-PAREN Tech beat Michigan  
State by an overtime point in the round of sixteen after tying the  
game in regulation with a shot generally adjudged to have  
been fired after the buzzer .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0078-1.12>
<s.WSJ900404-0078-1.12.1>
In its semi match ,COMMA Duke turned Arkansas's "DOUBLE-QUOTE forty minutes of  
hell "DOUBLE-QUOTE defense into thirty minutes of hell and ten of  
helter -HYPHEN skelter ,COMMA outscoring the pooped porkers thirty five -HYPHEN fourteen down the  
stretch in a ninety seven -HYPHEN eighty three triumph  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.13>
<s.WSJ900404-0078-1.13.1>
Monday night's fray ,COMMA before a privileged seventeen thousand in  
McNichols (LEFT-PAREN the event demands a much -HYPHEN larger ,COMMA football -HYPHEN dome  
venue ,COMMA was all U. N. L. V. .PERIOD 
</s>
<s.WSJ900404-0078-1.13.2>
The Rebs stole the ball a record sixteen  
times from the discombobulated Devils ,COMMA and shot a near -HYPHEN record  
sixty one .POINT two %PERCENT from the field  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.14>
<s.WSJ900404-0078-1.14.1>
Rebel big man Larry Johnson hit the three -HYPHEN pointers ,COMMA and  
little -HYPHEN man Anderson Hunt shot ,COMMA slammed and jammed for a  
game -HYPHEN high twenty nine points .PERIOD 
</s>
<s.WSJ900404-0078-1.14.2>
The deft Anthony had thirteen points ,COMMA five  
steals and six assists .PERIOD 
</s>
<s.WSJ900404-0078-1.14.3>
Long -HYPHEN armed defensive specialist  
Stacey Augmon held Robert Brickey ,COMMA a Duke stalwart against  
Arkansas ,COMMA to four points ,COMMA and got twelve himself  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.15>
<s.WSJ900404-0078-1.15.1>
Duke's leading scorer was Phil Henderson with twenty one points  ,COMMA 
but he was one -HYPHEN for -HYPHEN eight from three -HYPHEN point range ,COMMA and of little help  
when his team needed to rally  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.16>
<s.WSJ900404-0078-1.16.1>
Duke surged but once ,COMMA cutting a sixteen -HYPHEN point U. N. L. V. first -HYPHEN half  
lead to ten points ,COMMA fifty seven -HYPHEN forty seven ,COMMA with sixteen twenty four to play .PERIOD 
</s>
<s.WSJ900404-0078-1.16.2>
From there  ,COMMA 
though ,COMMA the Rebels took off on a three -HYPHEN minute  ,COMMA 
eighteen -HYPHEN straight -HYPHEN point run that put the game away .PERIOD 
</s>
<s.WSJ900404-0078-1.16.3>
In one stretch  ,COMMA 
U. N. L. V. engineered fastbreak baskets off steals on three  
consecutive Duke possessions .PERIOD 
</s>
<s.WSJ900404-0078-1.16.4>
Poor Bobby Hurley ,COMMA Duke's  
freshman ball handler ,COMMA had two points ,COMMA three assists and five  
turnovers to show for thirty two minutes of play  .PERIOD 
</s>
</p>
<p.WSJ900404-0078-1.17>
<s.WSJ900404-0078-1.17.1>
Anthony remarked later that the blitz "DOUBLE-QUOTE took the starch  "DOUBLE-QUOTE 
out of Duke ,COMMA and Duke guard Henderson agreed .PERIOD 
</s>
<s.WSJ900404-0078-1.17.2>
"DOUBLE-QUOTE When we played  
better ,COMMA so did they .PERIOD 
</s>
<s.WSJ900404-0078-1.17.3>
It seemed like they never got tired ,COMMA "DOUBLE-QUOTE he  
said in his team's locker room .PERIOD 
</s>
<s.WSJ900404-0078-1.17.4>
"DOUBLE-QUOTE Maybe nobody told them that  
we're a mile high here ,COMMA and they weren't supposed to do  
that .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0077-1.1>
<s.WSJ900404-0077-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The National Mediation Board got the train  
moving for a presidentially appointed emergency board that  
would try to help resolve a railroad -HYPHEN industry labor dispute  .PERIOD 
</s>
</p>
<p.WSJ900404-0077-1.2>
<s.WSJ900404-0077-1.2.1>
The board ,COMMA on request by the negotiating railroads and  
unions ,COMMA proffered arbitration to the parties .PERIOD 
</s>
<s.WSJ900404-0077-1.2.2>
Railroad  
management quickly rejected the offer  .PERIOD 
</s>
</p>
<p.WSJ900404-0077-1.3>
<s.WSJ900404-0077-1.3.1>
This sets the stage for President Bush to name an  
emergency board ,COMMA which the White House says he's willing to  
do .PERIOD 
</s>
<s.WSJ900404-0077-1.3.2>
While such a board usually has thirty days to make  
recommendations for settling the bargaining issues ,COMMA the  
negotiating parties say they will give the board until September   
fifteen .PERIOD 
</s>
<s.WSJ900404-0077-1.3.3>
Then ,COMMA the railroads would be free to put any contract  
terms into effect that they wish ,COMMA and the unions would be  
free to strike .PERIOD 
</s>
<s.WSJ900404-0077-1.3.4>
The two sides are at odds over health -HYPHEN care  
costs ,COMMA work rules and wages  .PERIOD 
</s>
</p>
<p.WSJ900404-0077-1.4>
<s.WSJ900404-0077-1.4.1>
The parties also agreed that they wouldn't take any action  
until thirty days after the emergency board reports ,COMMA and unless  
Congress is in session .PERIOD 
</s>
<s.WSJ900404-0077-1.4.2>
Typically ,COMMA Congress has averted a  
long railroad strike by enacting the emergency board's  
recommendations after the negotiating parties have rejected  
them  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.1>
<s.WSJ900404-0076-1.1.1>
L. O. S. A. N. G. E. L. E. S. --DASH Charity perhaps is in the eye of the  
beholder ,COMMA as Occidental Petroleum Corporation  is discovering  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.2>
<s.WSJ900404-0076-1.2.1>
The Los Angeles -HYPHEN based oil concern's ninety five million dollars plan for a  
museum to house an art collection long linked with Chairman  
Armand Hammer has run into resistance from shareholders  ,COMMA 
including some of its largest ,COMMA who argue that the museum is  
more a pet scheme of the chairman's than an effort to  
engender goodwill  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.3>
<s.WSJ900404-0076-1.3.1>
The Delaware Court of Chancery will hear arguments today  
whether it should approve a proposed settlement of  
shareholder lawsuits objecting to the museum ,COMMA now under  
construction in Los Angeles .PERIOD 
</s>
<s.WSJ900404-0076-1.3.2>
If approved ,COMMA the prospective  
settlement ,COMMA which is being sought by one plaintiffs group but  
is opposed by others ,COMMA would settle all the litigation  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.4>
<s.WSJ900404-0076-1.4.1>
But rather than put the matter to rest ,COMMA the proposed  
settlement seems to have rekindled stockholder ire  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.5>
<s.WSJ900404-0076-1.5.1>
In a forty -HYPHEN page brief ,COMMA the California Public Employees'  
Retirement System ,COMMA holder of about two million shares of  
Occidental ,COMMA blasted the proposed pact "DOUBLE-QUOTE a cosmetic gesture  "DOUBLE-QUOTE 
that "DOUBLE-QUOTE does nothing to resolve the claims of waste "DOUBLE-QUOTE directed  
at the museum  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.6>
<s.WSJ900404-0076-1.6.1>
On the other end of the shareholder scale ,COMMA Richard and  
Dorothy Vanderveld ,COMMA holders of one hundred shares ,COMMA complained in a  
letter to Maurice Hartnett ,COMMA vice chancellor of the Delaware  
court ,COMMA that "DOUBLE-QUOTE the museum project provides no discernible  
benefit to Occidental shareholders .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0076-1.7>
<s.WSJ900404-0076-1.7.1>
For its part ,COMMA a special committee of Occidental's  
directors ,COMMA which approved outlays for the museum ,COMMA argues that  
the "DOUBLE-QUOTE rare and extremely valuable collection of art "DOUBLE-QUOTE will  
provide extraordinary goodwill for the company .PERIOD 
</s>
<s.WSJ900404-0076-1.7.2>
Doctor  Hammer  
and others familiar with the collection ,COMMA which includes works  
by Rembrandt ,COMMA Van Gogh ,COMMA Rubens ,COMMA and Leonardo da Vinci  ,COMMA 
estimate its value at between three hundred million dollars and four hundred million dollars  ,COMMA 
although some experts dispute that appraisal  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.8>
<s.WSJ900404-0076-1.8.1>
Ironically ,COMMA the controversy over Doctor  Hammer's efforts to  
secure the collection's future has turned up troubling  
questions about its past .PERIOD 
</s>
<s.WSJ900404-0076-1.8.2>
Though ties between the company's  
money and Doctor  Hammer's art have long been obscured ,COMMA court  
documents show that Occidental financed a variety of  
acquisitions and donations generally credited to Doctor  Hammer  ,COMMA 
including a contribution of more than five million dollars to buy a  
notebook of drawings and scientific writings by Leonardo da  
Vinci that is one of the crown jewels of the collection  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.9>
<s.WSJ900404-0076-1.9.1>
Moreover ,COMMA in a letter filed with the court ,COMMA the estate of  
Doctor  Hammer's late wife ,COMMA Frances Hammer ,COMMA claimed ownership of  
"DOUBLE-QUOTE a substantial interest "DOUBLE-QUOTE in the art assigned to the museum by  
Doctor  Hammer .PERIOD 
</s>
<s.WSJ900404-0076-1.9.2>
The letter from lawyers for Robert Weiss  ,COMMA 
executor of the estate ,COMMA disputes certain disclaimers that  
Mrs.  Hammer apparently signed before her death on December  sixteen  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.10>
<s.WSJ900404-0076-1.10.1>
The proposed settlement calls for ,COMMA among other things ,COMMA a  
sixty million dollars cap on museum construction costs ,COMMA a limit on  
future company donations to Hammer -HYPHEN related charities ,COMMA and a  
provision that Occidental will receive fifty %PERCENT of the profits if  
the museum should ever sell the company's headquarters ,COMMA which  
are being donated to it in the future  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.11>
<s.WSJ900404-0076-1.11.1>
The settlement includes one .POINT four million dollars in fees plus expenses  
for plaintiffs' lawyers involved in the pact ,COMMA which was  
struck with one set of litigants in the case ,COMMA a purported  
class action titled Sullivan vs .PERIOD 
</s>
<s.WSJ900404-0076-1.11.2>
Occidental Petroleum Corporation   .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.12>
<s.WSJ900404-0076-1.12.1>
Opposition to the settlement has been led by Alan R. Kahn  ,COMMA 
a New York investment adviser who on behalf of a client  
launched a purported class -HYPHEN action lawsuit last May ,COMMA nine days  
before the essentially similar Sullivan action was filed .PERIOD 
</s>
<s.WSJ900404-0076-1.12.2>
Mr.   
Kahn had declined to be a part of the Sullivan settlement  
which ,COMMA if approved ,COMMA would forestall the Kahn case and future  
actions  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.13>
<s.WSJ900404-0076-1.13.1>
Within weeks of filing in the Sullivan case ,COMMA a proposed  
settlement emerged for that case that included the one .POINT four million dollars fee --DASH a proposal that prompted a toughly worded  
opinion from Vice Chancellor Hartnett when he rejected an  
effort by Mr.  Kahn to halt the settlement talks  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.14>
<s.WSJ900404-0076-1.14.1>
The vice chancellor at that time criticized that  
settlement pact ,COMMA which is almost identical to the one being  
considered today .PERIOD 
</s>
<s.WSJ900404-0076-1.14.2>
He at that time questioned "DOUBLE-QUOTE the lack of any  
substantial benefit to the stockholders "DOUBLE-QUOTE and said it left  
substantial doubts about "DOUBLE-QUOTE the egocentric nature of Doctor   
Hammer's objections "DOUBLE-QUOTE to donating his collection to the Los  
Angeles County Museum ,COMMA where he had long promised to donate  
his paintings .PERIOD 
</s>
<s.WSJ900404-0076-1.14.3>
Doctor  Hammer reneged on that promise in nineteen eighty eight and  
announced that ,COMMA instead ,COMMA a museum would be built with his  
name and Occidental's money  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.15>
<s.WSJ900404-0076-1.15.1>
Rather than await a court decision in the case ,COMMA Occidental  
has proceeded with construction of the museum ,COMMA which is an  
integral part of its headquarters building in the upscale Los  
Angeles suburb of Westwood .PERIOD 
</s>
<s.WSJ900404-0076-1.15.2>
The company declined to comment  
on the case  .PERIOD 
</s>
</p>
<p.WSJ900404-0076-1.16>
<s.WSJ900404-0076-1.16.1>
In one of a number of letters from institutional holders  ,COMMA 
Boston -HYPHEN based Batterymarch Financial Management ,COMMA holder of  
about two million Occidental shares ,COMMA objected that the  
proposed settlement "DOUBLE-QUOTE preserves and perpetuates the power of  
the board "DOUBLE-QUOTE and urged that a shareholder vote be held on the  
matter instead  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.1>
<s.WSJ900404-0075-1.1.1>
D. E. T. R. O. I. T. --DASH Will the real Bob Stempel please stand up  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0075-1.2>
<s.WSJ900404-0075-1.2.1>
That's the question at General Motors Corporation  in the wake of  
yesterday's announcement that Robert C. Stempel ,COMMA age fifty six ,COMMA will  
become chairman and chief executive officer ,COMMA effective August  
one  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.3>
<s.WSJ900404-0075-1.3.1>
The big unknown at G. M. is whether Mr.  Stempel ,COMMA who has been  
president and chief operating officer since nineteen eighty seven ,COMMA will  
provide radically different leadership from his controversial  
and oft -HYPHEN criticized predecessor ,COMMA Roger B. Smith  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.4>
<s.WSJ900404-0075-1.4.1>
The likely answer is that the style may differ  
dramatically ,COMMA but the direction won't .PERIOD 
</s>
<s.WSJ900404-0075-1.4.2>
Mr.  Stempel is more  
comfortable in a room full of car dealers --DASH or in virtually  
any public forum --DASH than Mr.  Smith .PERIOD 
</s>
<s.WSJ900404-0075-1.4.3>
But Mr.  Stempel recently  
told a group of United Auto Workers union local officials not  
to expect any big changes in policy or direction .PERIOD 
</s>
<s.WSJ900404-0075-1.4.4>
After all  ,COMMA 
he said ,COMMA virtually the same group of men who have led the  
company for nearly three years will be running it after Mr.   
Smith retires this summer  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.5>
<s.WSJ900404-0075-1.5.1>
Such signals yesterday tempered the enthusiasm for Mr.   
Stempel among G. M. officials who want innovative ,COMMA radical  
decisions on issues ranging from plant closings to cultural  
change .PERIOD 
</s>
<s.WSJ900404-0075-1.5.2>
Those managers see Mr.  Stempel as a former innovator  
who once bucked G. M. tradition to create a decentralized  
management structure for the company's large -HYPHEN car group ,COMMA and  
made bold moves that helped turn G. M. 'SINGLE-QUOTE s. European operation from  
a money -HYPHEN loser to an important profit center .PERIOD 
</s>
<s.WSJ900404-0075-1.5.3>
But Mr.  Stempel  
has become markedly more cautious in recent years ,COMMA these  
officials add ,COMMA much like a politician playing it safe with a  
comfortable lead in the polls  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.6>
<s.WSJ900404-0075-1.6.1>
"DOUBLE-QUOTE If Bob Stempel can be the guy he used to be ,COMMA that will be  
fabulous ,COMMA "DOUBLE-QUOTE said one G. M. vice president who ,COMMA like many at the  
company ,COMMA believes Mr.  Stempel has become overly cautious in  
recent years .PERIOD 
</s>
<s.WSJ900404-0075-1.6.2>
"DOUBLE-QUOTE The question is ,COMMA did he change permanently ,COMMA or  
only because he had to survive in a difficult situation ?QUESTION-MARK "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0075-1.7>
<s.WSJ900404-0075-1.7.1>
Mr.  Stempel's appointment was expected ,COMMA but it marks a  
radical departure from tradition for G. M. .PERIOD 
</s>
<s.WSJ900404-0075-1.7.2>
He becomes the first  
engineer to lead the company ,COMMA which has been run by finance  
men since Charles E. "DOUBLE-QUOTE Engine Charlie "DOUBLE-QUOTE Wilson retired in nineteen five hundred and thirty   .PERIOD 
</s>
<s.WSJ900404-0075-1.7.3>
To those who often were dismayed by the quality of G. M. 'SINGLE-QUOTE s.  
products in the nineteen eighties ,COMMA the accession of an executive who  
knows cars and manufacturing is a positive sign  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.8>
<s.WSJ900404-0075-1.8.1>
But in Mr.  Stempel's hand -HYPHEN picked management team ,COMMA most  
executive functions are in the hands of the same individuals  
who had them before  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.9>
<s.WSJ900404-0075-1.9.1>
Two executive vice presidents ,COMMA fifty one -HYPHEN year -HYPHEN old John F. Smith  
Junior  and fifty nine -HYPHEN year -HYPHEN old Robert J. Schultz ,COMMA become vice chairmen  
and directors ,COMMA also effective August one .PERIOD 
</s>
<s.WSJ900404-0075-1.9.2>
But both men retain  
their current responsibilities ,COMMA with Mr.  Smith responsible  
for international operations and Mr.  Schultz heading G. M. 'SINGLE-QUOTE s.  
technical staffs and two big subsidiaries ,COMMA Electronic Data  
Systems Corporation  and G. M. Hughes Electronics  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.10>
<s.WSJ900404-0075-1.10.1>
Lloyd E. Reuss ,COMMA fifty three ,COMMA becomes president of G. M. .PERIOD 
</s>
<s.WSJ900404-0075-1.10.2>
He retains  
responsibility for G. M. 'SINGLE-QUOTE s. core business ,COMMA North American auto  
operations ,COMMA and gains oversight of G. M. 'SINGLE-QUOTE s. component operations  .PERIOD 
</s>
<s.WSJ900404-0075-1.10.3>
Unlike Mr.  Stempel ,COMMA however ,COMMA Mr.  Reuss won't be chief  
operating officer with world -HYPHEN wide purview for all of G. M. 'SINGLE-QUOTE s.  
businesses ;SEMI-COLON that post will remain unfilled  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.11>
<s.WSJ900404-0075-1.11.1>
Mr.  Reuss's promotion was somewhat controversial because  
the operations he has run since nineteen eighty four ,COMMA G. M. 'SINGLE-QUOTE s.  
Chevrolet -HYPHEN Pontiac -HYPHEN Canada group and more recently the North  
American car business ,COMMA have been the biggest sore spots at a  
struggling company .PERIOD 
</s>
<s.WSJ900404-0075-1.11.2>
But after Mr.  Reuss lost the presidency  
to Mr.  Stempel in nineteen eighty seven ,COMMA he took defeat with grace and became  
intensely loyal to his former rival  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.12>
<s.WSJ900404-0075-1.12.1>
In recent weeks ,COMMA Mr.  Stempel pushed hard for Mr.  Reuss's  
appointment as president .PERIOD 
</s>
<s.WSJ900404-0075-1.12.2>
People familiar with the situation  
say Mr.  Stempel got his way even though some key outside  
directors and Chairman Smith wanted to name John Smith  
president and chief operating officer  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.13>
<s.WSJ900404-0075-1.13.1>
The losers in G. M. 'SINGLE-QUOTE s. long -HYPHEN anticipated executive -HYPHEN suite  
shuffle are three other executive vice presidents who ,COMMA while  
not necessarily falling back ,COMMA didn't gain any ground either  :COLON 
William E. Hoglund ,COMMA Robert T. O'Connell and F. Alan Smith  .PERIOD 
</s>
<s.WSJ900404-0075-1.13.2>
All three men retain their current responsibilities :COLON Mr.   
Hoglund for component operations ,COMMA Mr.  O'Connell for finance  
and Mr.  Smith for corporate staffs .PERIOD 
</s>
<s.WSJ900404-0075-1.13.3>
(LEFT-PAREN None of the three Smiths  
--DASH Roger ,COMMA John or Alan --DASH is related .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0075-1.14>
<s.WSJ900404-0075-1.14.1>
Mr.  Hoglund ,COMMA who turned around G. M. 'SINGLE-QUOTE s. Pontiac division in  
the mid -HYPHEN nineteen eighties and later ran the Saturn Corporation  subsidiary ,COMMA is  
G. M. 'SINGLE-QUOTE s. most personable and popular top executive and has a  
well -HYPHEN known maverick streak .PERIOD 
</s>
<s.WSJ900404-0075-1.14.2>
Many expected him to fare better  
in the reshuffling ,COMMA but his style may have worked against him  
with a chief executive who puts a premium on loyalty and team  
play  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.15>
<s.WSJ900404-0075-1.15.1>
Mr.  Stempel's promotion got a largely positive reaction  
from analysts and dealers  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.16>
<s.WSJ900404-0075-1.16.1>
"DOUBLE-QUOTE The major positive is that the board has realized that  
senior management has to have operating experience ,COMMA because  
the problems are operational ,COMMA "DOUBLE-QUOTE said John Casesa ,COMMA an analyst  
with Wertheim ,COMMA Schroder and Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.17>
<s.WSJ900404-0075-1.17.1>
"DOUBLE-QUOTE Chevy dealers are going to jump on their desks and scream  
applause ,COMMA "DOUBLE-QUOTE said Wisconsin Chevrolet dealer John Bergstrom  ,COMMA 
former head of the division's dealer council .PERIOD 
</s>
<s.WSJ900404-0075-1.17.2>
"DOUBLE-QUOTE I'm a real Bob  
Stempel fan .PERIOD 
</s>
<s.WSJ900404-0075-1.17.3>
He's a car man .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0075-1.18>
<s.WSJ900404-0075-1.18.1>
Former G. M. director H. Ross Perot declared it "DOUBLE-QUOTE a great day  
for General Motors .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0075-1.18.2>
The Texas billionaire ,COMMA who left G. M. 'SINGLE-QUOTE s.  
board in controversy in nineteen eighty six and remains a company critic  ,COMMA 
praised Mr.  Stempel and his team as "DOUBLE-QUOTE strong ,COMMA strong engineers  
and strong leaders .PERIOD 
</s>
<s.WSJ900404-0075-1.18.3>
I expect to see really great things .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0075-1.19>
<s.WSJ900404-0075-1.19.1>
Investors didn't react much at all ,COMMA perhaps because Mr.   
Stempel wasn't a surprise choice .PERIOD 
</s>
<s.WSJ900404-0075-1.19.2>
In New York Stock Exchange  
composite trading yesterday ,COMMA G. M. stock closed at forty five dollars and sixty two cents five a  
share ,COMMA up twelve .POINT five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.20>
<s.WSJ900404-0075-1.20.1>
"DOUBLE-QUOTE There is no higher priority in G. M. than increasing our  
market share profitably in North America ,COMMA "DOUBLE-QUOTE Mr.  Stempel said  
at a news conference yesterday morning .PERIOD 
</s>
<s.WSJ900404-0075-1.20.2>
During the nineteen eighties  ,COMMA 
G. M. 'SINGLE-QUOTE s. market share plunged more than ten points to about thirty five %PERCENT  
last year .PERIOD 
</s>
<s.WSJ900404-0075-1.20.3>
Mr.  Reuss said yesterday that G. M. 'SINGLE-QUOTE s. goal is to  
climb back to forty %PERCENT ,COMMA although many analysts and some G. M.  
officials regard that as unrealistic  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.21>
<s.WSJ900404-0075-1.21.1>
Mr.  Stempel gingerly fielded questions about the record of  
his predecessor ,COMMA Chairman Smith ,COMMA who will remain a G. M.  
director .PERIOD 
</s>
<s.WSJ900404-0075-1.21.2>
"DOUBLE-QUOTE I think history will show him in a favorable  
light ,COMMA "DOUBLE-QUOTE Mr.  Stempel said ,COMMA "DOUBLE-QUOTE but that's the role of history to  
sort that out ,COMMA not the incoming chairman .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0075-1.22>
<s.WSJ900404-0075-1.22.1>
Mr.  Stempel's rise to the top at G. M. began in the early  
nineteen sixties .PERIOD 
</s>
<s.WSJ900404-0075-1.22.2>
He got the attention of superiors with his work on the  
nineteen sixty six Oldsmobile Toronado ,COMMA G. M. 'SINGLE-QUOTE s. first modern front -HYPHEN wheel -HYPHEN drive  
car .PERIOD 
</s>
<s.WSJ900404-0075-1.22.3>
"DOUBLE-QUOTE That got him good visibility with the right people  ,COMMA "DOUBLE-QUOTE 
recalled former Oldsmobile engineer Thomas Krieg  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.23>
<s.WSJ900404-0075-1.23.1>
In nineteen seventy eight ,COMMA Mr.  Stempel's career moved into the fast lane  ,COMMA 
landing him six different jobs in ten years .PERIOD 
</s>
<s.WSJ900404-0075-1.23.2>
In January nineteen seventy eight  ,COMMA 
he was named G. M. vice president and general manager of the  
Pontiac division .PERIOD 
</s>
<s.WSJ900404-0075-1.23.3>
He became managing director of G. M. 'SINGLE-QUOTE s. Adam  
Opel subsidiary in Europe in nineteen eight hundred and  .PERIOD 
</s>
<s.WSJ900404-0075-1.23.4>
In nineteen eighty two ,COMMA he was back in  
the U. S. as general manager of Chevrolet  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.24>
<s.WSJ900404-0075-1.24.1>
In nineteen eighty four ,COMMA he was promoted to group vice president in charge  
of G. M. 'SINGLE-QUOTE s. new U. S. large -HYPHEN car manufacturing operation ,COMMA the  
Buick -HYPHEN Oldsmobile -HYPHEN Cadillac group .PERIOD 
</s>
<s.WSJ900404-0075-1.24.2>
In nineteen eighty six ,COMMA he was put in  
charge of G. M. 'SINGLE-QUOTE s. world -HYPHEN wide truck operations and its overseas  
car operations .PERIOD 
</s>
<s.WSJ900404-0075-1.24.3>
In September nineteen eighty seven ,COMMA he became G. M. 'SINGLE-QUOTE s. president  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.25>
<s.WSJ900404-0075-1.25.1>
It was in the two jobs before the presidency that Mr.   
Stempel took the kinds of risks that some of his subordinates  
want him to take again  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.26>
<s.WSJ900404-0075-1.26.1>
At the Buick -HYPHEN Oldsmobile -HYPHEN Cadillac group ,COMMA Mr.  Stempel  
rejected the highly centralized management structure proposed  
by consultants from McKinsey &AMPERSAND Company  .PERIOD 
</s>
<s.WSJ900404-0075-1.26.2>
Instead ,COMMA Mr.  Stempel  
heeded the advice of subordinates and created a highly  
decentralized operation that in effect was a loose  
affiliation of semi -HYPHEN autonomous ,COMMA product -HYPHEN centered work groups  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.27>
<s.WSJ900404-0075-1.27.1>
The decentralized system had a big payoff .PERIOD 
</s>
<s.WSJ900404-0075-1.27.2>
At the Flint  
Automotive division ,COMMA for instance ,COMMA what had been the old  
Buick manufacturing and engineering operation became the  
nucleus of an all -HYPHEN in -HYPHEN one center for building G. M. 'SINGLE-QUOTE s. largest  
front -HYPHEN wheel -HYPHEN drive cars .PERIOD 
</s>
<s.WSJ900404-0075-1.27.3>
All five of the G. M. cars that made  
Consumer Reports magazine's most recent list of recommended  
vehicles were engineered and manufactured by the Flint  
Automotive division .PERIOD 
</s>
<s.WSJ900404-0075-1.27.4>
Cadillac has also seen a dramatic  
improvement in its quality since regaining control of its  
manufacturing operations in January nineteen eighty seven ,COMMA according to  
internal and independent surveys  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.28>
<s.WSJ900404-0075-1.28.1>
When he took over the truck and overseas operations in  
nineteen eighty six ,COMMA Mr.  Stempel faced deeply troubled businesses  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.29>
<s.WSJ900404-0075-1.29.1>
In Europe ,COMMA Mr.  Stempel set in motion plans that resulted  
in the shutdown of G. M. 'SINGLE-QUOTE s. Bedford truck operations in Britain  ,COMMA 
and a complete overhaul of passenger car manufacturing  
operations .PERIOD 
</s>
<s.WSJ900404-0075-1.29.2>
The results :COLON Overseas auto operations have  
out -HYPHEN earned G. M. 'SINGLE-QUOTE s. North American auto operations for three  
years in a row ,COMMA with last year's profits hitting a record  
two .POINT seven billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.30>
<s.WSJ900404-0075-1.30.1>
On the truck side ,COMMA Mr.  Stempel put the heavy truck  
business into a joint venture with A. B. Volvo of Sweden ,COMMA put a  
money -HYPHEN losing diesel engine business into another joint  
venture managed by entrepreneur Roger Penske ,COMMA and encouraged  
development of a new pickup that is now closing the sales gap  
against Ford Motor Company  models  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.31>
<s.WSJ900404-0075-1.31.1>
Since becoming president ,COMMA however ,COMMA Mr.  Stempel hasn't made  
any such dramatic strokes .PERIOD 
</s>
<s.WSJ900404-0075-1.31.2>
For example ,COMMA he reversed plans to  
close or sell many of G. M. 'SINGLE-QUOTE s. troubled parts -HYPHEN making operations  ,COMMA 
choosing to give them more time to become profitable and  
competitive .PERIOD 
</s>
<s.WSJ900404-0075-1.31.3>
And he has resisted an aggressive switch to  
so -HYPHEN called multi -HYPHEN valve engines ,COMMA which have been popularized by  
Japanese auto makers  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.32>
<s.WSJ900404-0075-1.32.1>
One of Mr.  Stempel's first major tasks will be overseeing  
the negotiation of a new contract with the United Auto  
Workers union ,COMMA replacing the pact that expires in September  .PERIOD 
</s>
<s.WSJ900404-0075-1.32.2>
Job security ,COMMA and specifically plant closings ,COMMA looms as the  
major issue ,COMMA but Mr.  Stempel yesterday spoke in upbeat terms  
about the situation  .PERIOD 
</s>
</p>
<p.WSJ900404-0075-1.33>
<s.WSJ900404-0075-1.33.1>
"DOUBLE-QUOTE Our objective isn't to shrink the business at General  
Motors ,COMMA "DOUBLE-QUOTE he said ,COMMA "DOUBLE-QUOTE it's to grow the business .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0074-1.1>
<s.WSJ900404-0074-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The urge to merge might be waning on Wall  
Street ,COMMA but it's growing on this city's K. Street  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.2>
<s.WSJ900404-0074-1.2.1>
K. Street is the thriving ,COMMA main thoroughfare of  
Washington's principal non -HYPHEN government industry  ,COMMA 
influence -HYPHEN peddling .PERIOD 
</s>
<s.WSJ900404-0074-1.2.2>
And like the corporate world of the  
mid -HYPHEN to -HYPHEN late nineteen eighties ,COMMA the lobbying business is going through a  
transformation :COLON Big lobbying conglomerates are gobbling up  
smaller firms with increasing frequency ,COMMA and controversy  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.3>
<s.WSJ900404-0074-1.3.1>
By far the largest Washington acquirer of late is a  
deceptively quiet foreigner ,COMMA W. P. P. Group P. L. C. ,COMMA the British  
advertising and public -HYPHEN relations giant .PERIOD 
</s>
<s.WSJ900404-0074-1.3.2>
Without fanfare ,COMMA it  
has purchased all or part of lobbying -HYPHEN related firms headed by  
some of the best -HYPHEN known names in the Washington establishment  ,COMMA 
including lobbyists William Timmons and Charls E. Walker and  
public -HYPHEN relations executives Jody Powell and Robert Gray  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.4>
<s.WSJ900404-0074-1.4.1>
Other communications companies have been active ,COMMA too  .PERIOD 
</s>
<s.WSJ900404-0074-1.4.2>
Young &AMPERSAND Rubicam Incorporated  'SINGLE-QUOTE s. Burson -HYPHEN Marsteller subsidiary recently  
purchased the lobbying firm of Gold &AMPERSAND Liebengood .PERIOD 
</s>
<s.WSJ900404-0074-1.4.3>
And Earle  
Palmer Brown ,COMMA the Washington area's largest advertising  
agency ,COMMA bought the Madison Public Affairs Group ,COMMA a lobbying  
and public -HYPHEN relations firm .PERIOD 
</s>
<s.WSJ900404-0074-1.4.4>
Other mergers are in the wind  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.5>
<s.WSJ900404-0074-1.5.1>
"DOUBLE-QUOTE The people I know in lobbying have all gotten inquiries  
about purchase by big firms ,COMMA "DOUBLE-QUOTE says Margery Kraus ,COMMA president  
of Apco Associates ,COMMA the lobbying arm of the law firm Arnold &AMPERSAND  
Porter .PERIOD 
</s>
<s.WSJ900404-0074-1.5.2>
"DOUBLE-QUOTE We've had people come to us ,COMMA but we already have a  
parent .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0074-1.6>
<s.WSJ900404-0074-1.6.1>
The public will be the loser in this merger mania ,COMMA critics  
charge .PERIOD 
</s>
<s.WSJ900404-0074-1.6.2>
They contend that the creation of mega -HYPHEN lobbying firms  
works against the public interest by concentrating too much  
power in the hands of the big -HYPHEN money interests who can afford  
to hire these firms .PERIOD 
</s>
<s.WSJ900404-0074-1.6.3>
"DOUBLE-QUOTE Ultimately ,COMMA it's the public who gets  
squeezed every time ,COMMA "DOUBLE-QUOTE asserts Ellen Miller ,COMMA executive  
director of the Center for Responsive Politics ,COMMA a nonpartisan  
think tank  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.7>
<s.WSJ900404-0074-1.7.1>
Widespread consolidation also produces the likelihood that  
conflicts of interest will arise between rival corporate  
interests within the firms .PERIOD 
</s>
<s.WSJ900404-0074-1.7.2>
"DOUBLE-QUOTE There is precisely the same  
potential for conflict that there has been in the nineteen eighties in  
the investment community ,COMMA "DOUBLE-QUOTE says Pat Choate ,COMMA a T. R. W. Incorporated  vice  
president and author of a forthcoming book on foreign  
lobbying .PERIOD 
</s>
<s.WSJ900404-0074-1.7.3>
"DOUBLE-QUOTE It's the client's responsibility to be vigilant .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0074-1.8>
<s.WSJ900404-0074-1.8.1>
The question of conflict is apparent with even a cursory  
glance at W. P. P. Group's Washington clients :COLON Robert Gray's Hill  
&AMPERSAND Knowlton Public Affairs Worldwide Company  works for Mazda  
Corporation  ,COMMA while its sister company ,COMMA Timmons &AMPERSAND Company  ,COMMA represents  
Chrysler Corporation  .PERIOD 
</s>
<s.WSJ900404-0074-1.8.2>
Jody Powell's Ogilvy &AMPERSAND Mather Public Affairs  
Incorporated  occasionally represents whiskey -HYPHEN maker Joseph E. Seagram  
&AMPERSAND Sons Incorporated  ,COMMA while its thirty %PERCENT -HYPHEN owned affiliate ,COMMA Charls E. Walker  
Associates Incorporated  ,COMMA works for beer -HYPHEN maker Anheuser -HYPHEN Busch Cos  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.9>
<s.WSJ900404-0074-1.9.1>
Not surprisingly ,COMMA the lobbying firms don't see a conflict  .PERIOD 
</s>
<s.WSJ900404-0074-1.9.2>
They contend that each W. P. P. unit operates "DOUBLE-QUOTE independently  ,COMMA "DOUBLE-QUOTE 
giving any corporation leave to hire a W. P. P. division and not  
worry if a competitor hires a separate one .PERIOD 
</s>
<s.WSJ900404-0074-1.9.3>
By maintaining  
such distinctions ,COMMA W. P. P. believes it can attract many more  
clients and also add "DOUBLE-QUOTE marketing panache ,COMMA "DOUBLE-QUOTE says Robert  
Dilenschneider ,COMMA chief executive officer of Hill &AMPERSAND Knowlton  
Incorporated  ,COMMA New York .PERIOD 
</s>
<s.WSJ900404-0074-1.9.4>
"DOUBLE-QUOTE The separation gives W. P. P. a chance to show  
more than one face to the potential customer ,COMMA "DOUBLE-QUOTE he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.10>
<s.WSJ900404-0074-1.10.1>
The bulk of lobbying in Washington continues to be done by  
law firms .PERIOD 
</s>
<s.WSJ900404-0074-1.10.2>
But they hold no monopoly .PERIOD 
</s>
<s.WSJ900404-0074-1.10.3>
The business of  
influencing government has become an increasingly  
sophisticated ,COMMA multidisciplinary exercise ,COMMA and ,COMMA to compete  
for big corporate clients ,COMMA firms are moving toward placing  
more and more of those skills under one roof .PERIOD 
</s>
<s.WSJ900404-0074-1.10.4>
That has  
spawned merger mania  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.11>
<s.WSJ900404-0074-1.11.1>
Hill &AMPERSAND Knowlton Public Affairs in Washington is the model  
for diversified lobbying of this kind .PERIOD 
</s>
<s.WSJ900404-0074-1.11.2>
In its one hundred and eighty -HYPHEN person  
office overlooking the Potomac River ,COMMA it wields almost every  
tool in the modern lobbyists' arsenal .PERIOD 
</s>
<s.WSJ900404-0074-1.11.3>
It has traditional  
lobbyists who contact lawmakers and executive -HYPHEN branch  
officials .PERIOD 
</s>
<s.WSJ900404-0074-1.11.4>
But it also has researchers ,COMMA economists ,COMMA political  
analysts ,COMMA publicists ,COMMA graphic artists ,COMMA speech writers and  
managers of campaign contributions .PERIOD 
</s>
<s.WSJ900404-0074-1.11.5>
It trains executives how  
to give news interviews and advises them when to avoid them  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.12>
<s.WSJ900404-0074-1.12.1>
Hill &AMPERSAND Knowlton also houses an entire electronic broadcast  
studio .PERIOD 
</s>
<s.WSJ900404-0074-1.12.2>
It produces radio and television spots of varying  
lengths ,COMMA ranging from brief video news releases to  
documentaries extolling a client country's economy .PERIOD 
</s>
<s.WSJ900404-0074-1.12.3>
It  
broadcasts its own "DOUBLE-QUOTE news "DOUBLE-QUOTE programs too ,COMMA including a monthly  
"DOUBLE-QUOTE magazine radio "DOUBLE-QUOTE show called Washington Spotlight ,COMMA and a  
shorter radio program ,COMMA called Capitolink ,COMMA which it sends via  
satellite to four thousand four hundred radio stations five days a week and which  ,COMMA 
it says ,COMMA is regularly used by about one thousand of them .PERIOD 
</s>
<s.WSJ900404-0074-1.12.4>
Hill &AMPERSAND  
Knowlton is careful to include in each broadcast the fact  
that its segments are sponsored by clients  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.13>
<s.WSJ900404-0074-1.13.1>
The concept behind all this is the widespread belief that  
Washington lobbyists can no longer get things done by  
themselves .PERIOD 
</s>
<s.WSJ900404-0074-1.13.2>
They can no longer rely on friendships or  
rational debate ;SEMI-COLON they also have to persuade politicians that  
the voters are with them  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.14>
<s.WSJ900404-0074-1.14.1>
"DOUBLE-QUOTE We've moved a long way toward plebiscite democracy  ,COMMA "DOUBLE-QUOTE 
Charls Walker says .PERIOD 
</s>
<s.WSJ900404-0074-1.14.2>
"DOUBLE-QUOTE In many {LEFT-BRACE lobbying }RIGHT-BRACE efforts ,COMMA you have to  
get out toward the constituency ,COMMA and that requires skills we  
don't have here in Walker Associates .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0074-1.14.3>
Those skills are  
housed at its affiliate ,COMMA Ogilvy &AMPERSAND Mather ,COMMA he says ,COMMA and that's  
where he refers his clients  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.15>
<s.WSJ900404-0074-1.15.1>
One client that Mr.  Walker referred was Consolidated Gold  
Fields P. L. C. ,COMMA which last year fended off a takeover attempt by  
Minorco S. A. .PERIOD 
</s>
<s.WSJ900404-0074-1.15.2>
Walker Associates lobbied for Consolidated ,COMMA and  
Ogilvy did its public relations .PERIOD 
</s>
<s.WSJ900404-0074-1.15.3>
Such cooperation between  
sister companies isn't unusual .PERIOD 
</s>
<s.WSJ900404-0074-1.15.4>
Robinson ,COMMA Lake ,COMMA Lerer &AMPERSAND  
Montgomery lobbies for the National Venture Capital  
Association ;SEMI-COLON its parent ,COMMA Bozell Incorporated  ,COMMA produces its print  
advertising that advocates a capital -HYPHEN gains tax cut  .PERIOD 
</s>
</p>
<p.WSJ900404-0074-1.16>
<s.WSJ900404-0074-1.16.1>
Surely there always will be small ,COMMA specialized lobbying  
firms ,COMMA referred to as boutiques ,COMMA as well as the Hill &AMPERSAND  
Knowlton -HYPHEN style lobbying supermarkets .PERIOD 
</s>
<s.WSJ900404-0074-1.16.2>
But ,COMMA says Thomas Bell  
Junior  ,COMMA vice chairman of public relations firm  
Burson -HYPHEN Marsteller ,COMMA "DOUBLE-QUOTE the growth will be in the firms that can  
do it all .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0074-1.17>
<s.WSJ900404-0074-1.17.1>
Indeed ,COMMA corporate lobbying in general ,COMMA which has grown  
drastically over the past decade ,COMMA is likely to continue to  
grow for a long time to come .PERIOD 
</s>
<s.WSJ900404-0074-1.17.2>
"DOUBLE-QUOTE I don't see any way to stop  
Washington growth ,COMMA "DOUBLE-QUOTE Robert Gray says .PERIOD 
</s>
<s.WSJ900404-0074-1.17.3>
"DOUBLE-QUOTE I've never seen it  
decline .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0074-1.18>
<s.WSJ900404-0074-1.18.1>
"DOUBLE-QUOTE W. P. P. is looking all the time ,COMMA "DOUBLE-QUOTE Mr.  Dilenschneider says .PERIOD 
</s>
<s.WSJ900404-0074-1.18.2>
"DOUBLE-QUOTE A  
month does not go by when a {LEFT-BRACE merger }RIGHT-BRACE conversation is not held  
in Washington .PERIOD "DOUBLE-QUOTE  
</s>
</p>
W. P. P. Group's Washington Empire  
October nineteen eighty six :COLON Hill &AMPERSAND Knowlton Incorporated  ,COMMA a unit of J. W. T. Group  
Incorporated  ,COMMA acquires Washington's Gray &AMPERSAND Company   .PERIOD 
</s>
<s.WSJ900404-0074-1.18.3>
June nineteen eighty six :COLON Ogilvy &AMPERSAND Mather buys Targeted Communications  
Corporation  ,COMMA a direct -HYPHEN mail firm  .PERIOD 
</s>
<s.WSJ900404-0074-1.18.4>
July nineteen eighty six :COLON Ogilvy &AMPERSAND Mather agrees to buy a thirty %PERCENT ,COMMA nonvoting  
stake in Charls E. Walker Associates Incorporated   .PERIOD 
</s>
<s.WSJ900404-0074-1.18.5>
June nineteen eighty seven :COLON W. P. P. Group agrees to acquire J. W. T. Group Incorporated   .PERIOD 
</s>
<s.WSJ900404-0074-1.18.6>
September nineteen eighty seven :COLON W. P. P. Group buys Reese Communications Cos .PERIOD ,COMMA 
</s>
<s.WSJ900404-0074-1.18.7>
a  
direct -HYPHEN mail ,COMMA marketing and polling firm  .PERIOD 
</s>
<s.WSJ900404-0074-1.18.8>
January nineteen eighty nine :COLON W. P. P. Group purchases Timmons &AMPERSAND Company   .PERIOD 
</s>
<s.WSJ900404-0074-1.18.9>
May nineteen eighty nine :COLON W. P. P. Group buys Ogilvy &AMPERSAND Mather  .PERIOD 
</s>
</p>
<p.WSJ900404-0073-1.1>
<s.WSJ900404-0073-1.1.1>
The world's markets are now looking ahead to this  
weekend's G. -HYPHEN seven meeting of finance ministers in Paris .PERIOD 
</s>
<s.WSJ900404-0073-1.1.2>
Since  
the first of the year ,COMMA we have discussed several times the  
question of the dollar's value relative to the yen and  
deutsche mark .PERIOD 
</s>
<s.WSJ900404-0073-1.1.3>
We have argued that the proper goal of  
exchange -HYPHEN rate intervention in a global economy should be to  
stabilize the world's major currencies around a reference  
point called purchasing power parity .PERIOD 
</s>
<s.WSJ900404-0073-1.1.4>
The yen has recently  
moved back into the range of values we've suggested for P. P. P.  .PERIOD 
</s>
<s.WSJ900404-0073-1.1.5>
Whatever the G. -HYPHEN seven officials may decide this weekend ,COMMA we think  
it would be helpful to examine in the charts below the paths  
of these currencies ,COMMA within the context of a P. P. P. range ,COMMA from  
the time of the Plaza meeting in nineteen eight hundred and fifty   .PERIOD 
</s>
</p>
<p.WSJ900404-0073-1.2>
<s.WSJ900404-0073-1.2.1>
(LEFT-PAREN See accompanying illustration --DASH W. S. J. April four ,COMMA nineteen ninety  .PERIOD 
</s>
</p>
<p.WSJ900404-0072-1.1>
<s.WSJ900404-0072-1.1.1>
N. E. W. Y. O. R. K. --DASH General Motors Corporation  still holds the title of  
the nation's largest industrial company ,COMMA and the top six  
firms kept their rankings in Fortune magazine's latest five hundred  
list  .PERIOD 
</s>
</p>
<p.WSJ900404-0072-1.2>
<s.WSJ900404-0072-1.2.1>
Philip Morris Cos .PERIOD 
</s>
<s.WSJ900404-0072-1.2.2>
moved up to No .PERIOD 
</s>
<s.WSJ900404-0072-1.2.3>
seven from tenth place ,COMMA and  
Texaco Incorporated  fell to tenth from No .PERIOD 
</s>
<s.WSJ900404-0072-1.2.4>
eight .PERIOD 
</s>
<s.WSJ900404-0072-1.2.5>
Chrysler Corporation  slipped  
to eighth place from seventh .PERIOD 
</s>
<s.WSJ900404-0072-1.2.6>
Rounding out the top ten behind  
G. M. were :COLON Ford Motor Company  ,COMMA Exxon Corporation  ,COMMA International Business  
Machines Corporation  ,COMMA General Electric Company  ,COMMA Mobil Corporation  ,COMMA Philip  
Morris ,COMMA Chrysler ,COMMA Du Pont Company  and Texaco  .PERIOD 
</s>
</p>
<p.WSJ900404-0072-1.3>
<s.WSJ900404-0072-1.3.1>
Fortune ,COMMA which ranks the nation's largest industrial firms  
by sales ,COMMA said six of the ten suffered double -HYPHEN digit earnings  
declines ,COMMA led by a sixty six %PERCENT drop at Chrysler .PERIOD 
</s>
<s.WSJ900404-0072-1.3.2>
The profit decline  
comes after years of strong growth ,COMMA Fortune said ,COMMA and  
reflects higher interest -HYPHEN rate payments and strong foreign  
competition  .PERIOD 
</s>
</p>
<p.WSJ900404-0072-1.4>
<s.WSJ900404-0072-1.4.1>
G. M. led with one hundred and twenty seven billion dollars in sales and four .POINT two billion dollars in  
earnings during nineteen eighty nine ,COMMA despite foreign rivalries and a rebate  
war among the Big Three auto makers  .PERIOD 
</s>
</p>
<p.WSJ900404-0072-1.5>
<s.WSJ900404-0072-1.5.1>
Fortune five hundred sales jumped seven %PERCENT to a record two .POINT one six trillion dollars in  
nineteen eighty nine ,COMMA but earnings fell eight .POINT two %PERCENT to one hundred and five .POINT six billion dollars .PERIOD 
</s>
<s.WSJ900404-0072-1.5.2>
During the  
previous two years ,COMMA profits among the big manufacturers  
climbed an unprecedented seventy nine %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-1.1>
<s.WSJ900404-0071-1.1.1>
L. I. T. H. U. A. N. I. A. N. A. I. D. E. S. H. E. L. D. talks with Moscow on the republic's  
secession bid  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-1.2>
<s.WSJ900404-0071-1.2.1>
In the latest sign that the three -HYPHEN week -HYPHEN old deadlock is  
easing over the Baltic republic's declaration of  
independence ,COMMA a delegation of Lithuanian officials met in  
Moscow with a confidant of Gorbachev .PERIOD 
</s>
<s.WSJ900404-0071-1.2.2>
While details of the  
discussions weren't known ,COMMA Lithuania's deputy prime minister  
said the republic is prepared to compromise on anything  
except independence ,COMMA which the Soviet Union has declared  
illegal .PERIOD 
</s>
<s.WSJ900404-0071-1.2.3>
The Soviet legislature ,COMMA meanwhile ,COMMA approved a law  
stipulating that a decision to secede must be taken by a  
two -HYPHEN thirds majority of a republic's residents voting in a  
referendum  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-1.3>
<s.WSJ900404-0071-1.3.1>
Shevardnadze arrived in Washington for wide -HYPHEN ranging talks  
with U. S. officials and said Moscow wants an "DOUBLE-QUOTE honest  
dialogue "DOUBLE-QUOTE with the Lithuanians  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-2.1>
<s.WSJ900404-0071-2.1.1>
The Pentagon disclosed details about its Stealth  
fighter -HYPHEN bomber .PERIOD 
</s>
<s.WSJ900404-0071-2.1.2>
The Defense Department said the cost of  
producing fifty nine of the radar -HYPHEN eluding Lockheed Corporation  warplanes  
totaled six .POINT two six billion dollars over nine years ,COMMA meaning the planes  
cost one hundred and six million dollars apiece ,COMMA making them far and away the  
nation's most expensive fighter -HYPHEN bomber  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-3.1>
<s.WSJ900404-0071-3.1.1>
Imelda Marcos's attorney contended that Bush had urged the  
Marcoses to invest Manila's assets in the U. S. .PERIOD 
</s>
<s.WSJ900404-0071-3.1.2>
In opening  
arguments ,COMMA the lawyer said he wants to call Bush as a  
witness .PERIOD 
</s>
<s.WSJ900404-0071-3.1.3>
Prosecutors said Mrs.  Marcos ,COMMA charged with  
racketeering and fraud ,COMMA treated the Philippines National  
Bank's New York branch as a "DOUBLE-QUOTE personal piggy bank .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0071-4.1>
<s.WSJ900404-0071-4.1.1>
A U. S. judge in Washington sequestered the jury in  
Poindexter's Iran -HYPHEN Contra trial .PERIOD 
</s>
<s.WSJ900404-0071-4.1.2>
The judge ,COMMA who disclosed that  
two jurors had been contacted by the news media ,COMMA cited the  
"DOUBLE-QUOTE irresponsible behavior of the press "DOUBLE-QUOTE for the move .PERIOD 
</s>
<s.WSJ900404-0071-4.1.3>
The  
former national security adviser is charged with conspiring  
to obstruct Congress and making false statements  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-5.1>
<s.WSJ900404-0071-5.1.1>
Israel launched an experimental satellite ,COMMA the second such  
device it has placed in orbit .PERIOD 
</s>
<s.WSJ900404-0071-5.1.2>
Israeli leaders denied the  
move was part of a program to spy on their Arab neighbors  .PERIOD 
</s>
<s.WSJ900404-0071-5.1.3>
The launch came a day after Iraq's president threatened to  
attack Israel with chemical weapons if it struck his country  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-5.2>
<s.WSJ900404-0071-5.2.1>
Labor Party leader Peres said he has a firm base for  
forming a new coalition government after signing an agreement  
with an ultra -HYPHEN Orthodox religious party .PERIOD 
</s>
<s.WSJ900404-0071-5.2.2>
The country's  
government collapsed March fifteen over the issue of Mideast peace  
negotiations  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-6.1>
<s.WSJ900404-0071-6.1.1>
Soldiers and police patrolled South Africa's Natal  
province ,COMMA where a week of black factional fighting has killed  
dozens of people .PERIOD 
</s>
<s.WSJ900404-0071-6.1.2>
Black nationalist leader Mandela ,COMMA who  
toured the area ,COMMA expressed doubts about the neutrality and  
effectiveness of the security forces ,COMMA which were ordered into  
the southeastern province by President de Klerk  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-7.1>
<s.WSJ900404-0071-7.1.1>
Bulgaria's Parliament adopted legislation for free  
elections in June and elected Mladenov ,COMMA who initiated  
democratic changes ,COMMA as president .PERIOD 
</s>
<s.WSJ900404-0071-7.1.2>
The Communists renamed  
themselves the Socialist Party .PERIOD 
</s>
<s.WSJ900404-0071-7.1.3>
In East Germany ,COMMA political  
parties began talks on forming a non -HYPHEN Communist government and  
on unification with West Germany  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-8.1>
<s.WSJ900404-0071-8.1.1>
Lebanese Forces chief Geagea accepted the authority of  
Syrian -HYPHEN backed President Hrawi and recognized an Arab -HYPHEN brokered  
peace pact for Lebanon .PERIOD 
</s>
<s.WSJ900404-0071-8.1.2>
The move by Geagea ,COMMA whose militia has  
been battling General  Aoun's forces for control of the country's  
Christian enclave ,COMMA was viewed as an apparent bid to win  
support in the conflict  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-9.1>
<s.WSJ900404-0071-9.1.1>
Suspected Sikh extremists detonated a bomb near a Hindu  
religious procession in India's Punjab state ,COMMA killing at  
least thirty two people .PERIOD 
</s>
<s.WSJ900404-0071-9.1.2>
The assault prompted clashes between the two  
communities ,COMMA and a police officer died and five others were  
injured as they attempted to quell the unrest  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-10.1>
<s.WSJ900404-0071-10.1.1>
Five Central American presidents signed an accord calling  
for Nicaraguan rebels to be disarmed by April twenty five .PERIOD 
</s>
<s.WSJ900404-0071-10.1.2>
The pact  ,COMMA 
reached at a two -HYPHEN day summit in Nicaragua ,COMMA also expressed  
support for progress toward peace talks in Guatemala and El  
Salvador  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-11.1>
<s.WSJ900404-0071-11.1.1>
British negotiators sought to end a three -HYPHEN day -HYPHEN old siege at  
a decaying Victorian prison in Manchester ,COMMA England ,COMMA as a  
group of about twenty "DOUBLE-QUOTE hard core "DOUBLE-QUOTE inmates continued occupying  
part of the jail ,COMMA authorities said .PERIOD 
</s>
<s.WSJ900404-0071-11.1.2>
At least one prisoner has  
been killed and fifty six people injured since rioting erupted  
Sunday  .PERIOD 
</s>
</p>
<p.WSJ900404-0071-12.1>
<s.WSJ900404-0071-12.1.1>
Died :COLON Arthur A. Houghton Junior  ,COMMA eighty three ,COMMA a director of Corning  
Incorporated  and former chairman of New York's Metropolitan Museum of  
Art ,COMMA in Boca Grande ,COMMA Fla  .PERIOD 
</s>
</p>
<p.WSJ900404-0070-1.1>
<s.WSJ900404-0070-1.1.1>
H. I. L. T. O. N. H. O. T. E. L. Corporation  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0070-1.1.2>
Beverly Hills ,COMMA Calif .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0070-1.1.3>
--DASH Standard &AMPERSAND  
Poor's Corporation  said it reaffirmed its ratings on a variety of  
debt related to this hotel concern ,COMMA following the company's  
decision last month to take itself off the auction block .PERIOD 
</s>
<s.WSJ900404-0070-1.1.4>
The  
rating concern didn't specify the total amount of debt  
affected .PERIOD 
</s>
<s.WSJ900404-0070-1.1.5>
S. &AMPERSAND P. had placed Hilton's direct and indirect debt  
under review in June nineteen eighty nine ,COMMA after the company announced plans  
for the sale .PERIOD 
</s>
<s.WSJ900404-0070-1.1.6>
The resulting bids fell well short of  
speculation that Hilton would attract a price of five billion dollars  
or more ,COMMA and Hilton halted the auction .PERIOD 
</s>
<s.WSJ900404-0070-1.1.7>
S. &AMPERSAND P. affirmed ratings  
of double -HYPHEN A. -HYPHEN minus on Hilton senior debt ,COMMA Hilton New Jersey  
Corporation  senior debt ,COMMA International Leisure Corporation  senior secured  
debt ,COMMA and single -HYPHEN A. minus one -HYPHEN plus on Waldorf -HYPHEN Astoria Corporation  commerical  
paper .PERIOD 
</s>
<s.WSJ900404-0070-1.1.8>
All of the securities are guaranteed by Hilton Hotel  
Corporation   .PERIOD 
</s>
</p>
<p.WSJ900404-0069-1.1>
<s.WSJ900404-0069-1.1.1>
The performance put on by Jerry Tarkanian's Runnin 'SINGLE-QUOTE Rebels  
on Monday night probably would have beaten the Clippers  ,COMMA 
Hornets ,COMMA Heat ,COMMA Timberwolves ,COMMA Nets and even the Knicks in  
their current state of aggravated nonfeasance .PERIOD 
</s>
<s.WSJ900404-0069-1.1.2>
But now the  
N. C. A. A. may resurrect an investigation of Mr.  Tarkanian that was  
begun in nineteen seven hundred and seventy  .PERIOD 
</s>
<s.WSJ900404-0069-1.1.3>
Meanwhile ,COMMA the coaches in Denver were  
grumbling about the fact that it is a violation of yet  
another N. C. A. A. rule for ,COMMA say ,COMMA a local business group to pay to  
fly the players' parents to the Final Four .PERIOD 
</s>
<s.WSJ900404-0069-1.1.4>
The parents of  
only two U. N. L. V. players made it to Denver .PERIOD 
</s>
<s.WSJ900404-0069-1.1.5>
It's a funny system  .PERIOD 
</s>
<s.WSJ900404-0069-1.1.6>
U. N. L. V. 'SINGLE-QUOTE s. Larry Johnson and Stacey Augmon are sure to go onto to  
N. B. A. riches ,COMMA but we wondered what becomes of the Moses Scurrys  
of college basketball ?QUESTION-MARK 
</s>
<s.WSJ900404-0069-1.1.7>
The N. C. A. A. ,COMMA the schools and the coaches  
haul in the money that the kids' talents produce ,COMMA but the  
players are under constant suspicion of nickel and diming  
payments under the table .PERIOD 
</s>
<s.WSJ900404-0069-1.1.8>
Honesty's important ,COMMA but the  
players must find the N. C. A. A. 'SINGLE-QUOTE s. holier -HYPHEN than -HYPHEN thou policies  
occasionally confusing  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.1>
<s.WSJ900404-0068-1.1.1>
Xerox Corporation  said it will take a first -HYPHEN quarter pretax  
write -HYPHEN off of about four hundred million dollars in connection with its  
investments in V. M. S. Realty Partners ,COMMA a Chicago real estate  
concern  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.2>
<s.WSJ900404-0068-1.2.1>
The write -HYPHEN off ,COMMA Xerox's biggest ever ,COMMA includes the  
company's entire one hundred and six million dollars equity stake in V. M. S. ,COMMA more than  
two hundred and fifty million dollars in notes ,COMMA interest and credit ,COMMA and a small  
portion of two hundred million dollars in secured financing held by Xerox  
Credit Corporation   .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.3>
<s.WSJ900404-0068-1.3.1>
"DOUBLE-QUOTE We intend to treat V. M. S. ,COMMA from an accounting viewpoint ,COMMA as  
a discontinued operation ,COMMA "DOUBLE-QUOTE a Xerox spokesman said .PERIOD 
</s>
<s.WSJ900404-0068-1.3.2>
Asked if  
Xerox considers the V. M. S. shares worthless ,COMMA he replied ,COMMA "DOUBLE-QUOTE I  
won't say that ,COMMA but the fact that we're writing it off speaks  
for itself .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.4>
<s.WSJ900404-0068-1.4.1>
Xerox said it will disclose the write -HYPHEN off 'SINGLE-QUOTE s. after -HYPHEN tax  
impact when the company reports first -HYPHEN quarter results April  
twenty six .PERIOD 
</s>
<s.WSJ900404-0068-1.4.2>
Xerox also indicated it will likely lose the revenue  
stream generated by the V. M. S. investments ,COMMA which including  
interest and equity revenue ,COMMA amounted to thirty five million dollars in nineteen eighty nine  ,COMMA 
the spokesman said  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.5>
<s.WSJ900404-0068-1.5.1>
Joel A. Stone ,COMMA V. M. S. chairman and chief executive officer  ,COMMA 
wouldn't comment on the Xerox move .PERIOD 
</s>
<s.WSJ900404-0068-1.5.2>
Leonard G. Levine  ,COMMA 
president and chief executive officer of the eight  
V. M. S. -HYPHEN sponsored publicly traded funds ,COMMA couldn't be reached .PERIOD 
</s>
<s.WSJ900404-0068-1.5.3>
A  
spokesman for the funds ,COMMA which recently declared their  
independence from V. M. S. 'SINGLE-QUOTE s. control ,COMMA said the funds remained in  
work -HYPHEN out negotiations with V. M. S. and therefore couldn't  
comment  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.6>
<s.WSJ900404-0068-1.6.1>
Xerox ,COMMA a Stamford ,COMMA Conn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0068-1.6.2>
office equipment and financial  
concern ,COMMA said it made its decision after seeing the results  
of an evaluation of V. M. S. undertaken by V. M. S. and its financial  
advisers .PERIOD 
</s>
<s.WSJ900404-0068-1.6.3>
The spokesman said Xerox doesn't anticipate any  
further V. M. S. -HYPHEN related write -HYPHEN offs ,COMMA and analysts said yesterday's  
announcement closed the book on an embarrassing matter for  
Xerox  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.7>
<s.WSJ900404-0068-1.7.1>
"DOUBLE-QUOTE With this write -HYPHEN off ,COMMA they're basically walking away from  
the whole mess ,COMMA "DOUBLE-QUOTE said Alex Henderson of Prudential -HYPHEN Bache  
Securities Incorporated  .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0068-1.7.2>
Most of the Street has already discounted  
this ,COMMA and there may actually be a sigh of relief that it's  
out of the way .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.8>
<s.WSJ900404-0068-1.8.1>
Xerox made its announcement after the stock market closed  .PERIOD 
</s>
<s.WSJ900404-0068-1.8.2>
In composite trading on the New York Stock Exchange  
yesterday ,COMMA Xerox closed at fifty five dollars and thirty seven cents five ,COMMA unchanged  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.9>
<s.WSJ900404-0068-1.9.1>
Yesterday's news came one day after Xerox said Melvin  
Howard will take early retirement May one .PERIOD 
</s>
<s.WSJ900404-0068-1.9.2>
Mr.  Howard is the  
vice chairman who heads Xerox Financial Services ,COMMA the arm of  
Xerox responsible for its V. M. S. investments .PERIOD 
</s>
<s.WSJ900404-0068-1.9.3>
Reached at his  
Westport ,COMMA Conn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0068-1.9.4>
home ,COMMA Mr.  Howard said that the two  
announcements aren't related ,COMMA and that he had retired to  
pursue entrepreneurial interests ,COMMA probably in the investment  
field  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.10>
<s.WSJ900404-0068-1.10.1>
"DOUBLE-QUOTE In fact ,COMMA I would probably have retired at the start of  
the year ,COMMA except I felt it was important to stay until {LEFT-BRACE a V. M. S.  
creditors' meeting }RIGHT-BRACE yesterday .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.11>
<s.WSJ900404-0068-1.11.1>
But several analysts said the timing had more  
significance .PERIOD 
</s>
<s.WSJ900404-0068-1.11.2>
"DOUBLE-QUOTE Howard is obviously bearing the freight on  
this one ,COMMA "DOUBLE-QUOTE said Ulric Weil ,COMMA a Washington ,COMMA D. C. ,COMMA analyst .PERIOD 
</s>
<s.WSJ900404-0068-1.11.3>
"DOUBLE-QUOTE He  
was in charge ,COMMA and he had to pay the price .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.12>
<s.WSJ900404-0068-1.12.1>
V. M. S. is a syndication firm that raised about two .POINT six billion dollars  
from approximately one hundred and ten thousand investors in limited partnerships  
and real estate investment trusts ,COMMA or REITs ,COMMA from nineteen eighty one to  
this past year .PERIOD 
</s>
<s.WSJ900404-0068-1.12.2>
V. M. S. 'SINGLE-QUOTE s. efforts at transforming itself into a  
full -HYPHEN scale real estate firm with nine billion dollars in assets have  
been called into question after a series of announcements by  
the firm of liquidity problems and management shake -HYPHEN ups  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.13>
<s.WSJ900404-0068-1.13.1>
Scott G. Miller ,COMMA an independent real estate analyst in  
Houston who has followed V. M. S. closely for several years ,COMMA said  
the news came "DOUBLE-QUOTE as no surprise .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.14>
<s.WSJ900404-0068-1.14.1>
"DOUBLE-QUOTE V. M. S. is not now and never has been worth anything ,COMMA "DOUBLE-QUOTE Mr.   
Miller said .PERIOD 
</s>
<s.WSJ900404-0068-1.14.2>
"DOUBLE-QUOTE Any assets that they claim are so tied down in  
over -HYPHEN financing that they have little or no value .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.15>
<s.WSJ900404-0068-1.15.1>
Mr.  Miller said he had warned Mr.  Howard several times  
about the riskiness of any investment in V. M. S. beginning in  
February nineteen eighty seven when Xerox first disclosed its V. M. S. stake  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.16>
<s.WSJ900404-0068-1.16.1>
"DOUBLE-QUOTE Xerox and the other big players were duped into thinking  
that their back -HYPHEN end investment had some value .PERIOD 
</s>
<s.WSJ900404-0068-1.16.2>
They chose to  
ignore the syndicators' real goals :COLON raising cash from limited  
partners and reaping high front -HYPHEN end fees ,COMMA "DOUBLE-QUOTE Mr.  Miller said  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.17>
<s.WSJ900404-0068-1.17.1>
Asked for comment ,COMMA Mr.  Howard responded ,COMMA "DOUBLE-QUOTE I have no  
comment on anything Mr.  Miller has to say .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.18>
<s.WSJ900404-0068-1.18.1>
Mr.  Miller said that by not writing down its entire  
investment ,COMMA Xerox was engaging in "DOUBLE-QUOTE a political posture ,COMMA a  
face -HYPHEN saving exercise .PERIOD 
</s>
<s.WSJ900404-0068-1.18.2>
They should just come clean and say  ,COMMA 
`SINGLE-QUOTE We were ripped off at day one and we were dumber than  
hell .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.19>
<s.WSJ900404-0068-1.19.1>
Xerox's move should be a warning to individual investors  
and to broker -HYPHEN dealers as well ,COMMA Mr.  Miller said .PERIOD 
</s>
<s.WSJ900404-0068-1.19.2>
"DOUBLE-QUOTE They always  
claimed a deep -HYPHEN pocket theory .PERIOD 
</s>
<s.WSJ900404-0068-1.19.3>
The broker -HYPHEN dealers told  
investors that Xerox would stand behind their products with  
their fields of gold ,COMMA "DOUBLE-QUOTE Mr.  Miller said  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.20>
<s.WSJ900404-0068-1.20.1>
Prudential -HYPHEN Bache Securities Incorporated  announced a major  
management shake -HYPHEN up after lawsuits were filed against V. M. S. and  
Pru -HYPHEN Bache following V. M. S. 'SINGLE-QUOTE s. disclosure of its troubles in  
February  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.21>
<s.WSJ900404-0068-1.21.1>
"DOUBLE-QUOTE That pitch only works with people who think that  
counterfeit money can be made real ,COMMA "DOUBLE-QUOTE according to Mr.  Miller  .PERIOD 
</s>
<s.WSJ900404-0068-1.21.2>
"DOUBLE-QUOTE Unfortunately ,COMMA there were more than one hundred thousand such people when  
it came to V. M. S. .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0068-1.22>
<s.WSJ900404-0068-1.22.1>
V. M. S. has retained Kenneth Leventhal &AMPERSAND Company  as work -HYPHEN out  
advisers and Kenneth Leventhal himself has taken a leading  
role in analyzing V. M. S. 'SINGLE-QUOTE s. value .PERIOD 
</s>
<s.WSJ900404-0068-1.22.2>
In addition V. M. S. is engaged in  
negotiations with its creditors on "DOUBLE-QUOTE an ongoing basis  "DOUBLE-QUOTE 
according to Mr.  Stone .PERIOD 
</s>
<s.WSJ900404-0068-1.22.3>
V. M. S. has defaulted or missed payments  
on a number of mortgage loans and suspended payments to most  
lenders ,COMMA including its funds .PERIOD 
</s>
<s.WSJ900404-0068-1.22.4>
But V. M. S. executives continue to  
say that the firm ,COMMA a private partnership ,COMMA will not go into  
bankruptcy -HYPHEN law proceedings  .PERIOD 
</s>
</p>
<p.WSJ900404-0068-1.23>
<s.WSJ900404-0068-1.23.1>
Xerox retains a twenty five %PERCENT stake in the firm and a seat on its  
executive committee .PERIOD 
</s>
<s.WSJ900404-0068-1.23.2>
The other owners are Mr.  Stone ,COMMA Peter R.  
Morris ,COMMA the firm's founder ,COMMA and Robert A. Van Kampen ,COMMA a  
Chicago area investor and entrepreneur  .PERIOD 
</s>
</p>
<p.WSJ900404-0067-1.1>
<s.WSJ900404-0067-1.1.1>
Borden Incorporated  ,COMMA New York ,COMMA said it acquired two businesses in  
New Zealand and Australia that strengthen its position in the  
plastic films and packaging market  .PERIOD 
</s>
</p>
<p.WSJ900404-0067-1.2>
<s.WSJ900404-0067-1.2.1>
The company said it bought the flexible packaging business  
of Printpac -HYPHEN U. E. B. of New Zealand .PERIOD 
</s>
<s.WSJ900404-0067-1.2.2>
The business ,COMMA one of three  
packaging groups within Printpac -HYPHEN U. E. B. ,COMMA is the country's  
largest supplier of flexible packaging for candy ,COMMA snacks and  
other foods .PERIOD 
</s>
<s.WSJ900404-0067-1.2.3>
It has annual sales of forty seven million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0067-1.3>
<s.WSJ900404-0067-1.3.1>
Borden also purchased Abbott /SLASH Polyaustro Group ,COMMA an  
Australian manufacturer of polyethylene film and specialty  
flexible packaging .PERIOD 
</s>
<s.WSJ900404-0067-1.3.2>
It has annual sales of fourteen million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0067-1.4>
<s.WSJ900404-0067-1.4.1>
Terms of the transactions weren't disclosed .PERIOD 
</s>
<s.WSJ900404-0067-1.4.2>
Borden is a  
world -HYPHEN wide producer of foods and consumer products as well as  
packaging and industrial products  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.1>
<s.WSJ900404-0066-1.1.1>
Whose record is it ,COMMA anyway  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0066-1.2>
<s.WSJ900404-0066-1.2.1>
That's the question investors should ask when mutual funds  
start touting the virtues of their ten -HYPHEN year performance  
records .PERIOD 
</s>
<s.WSJ900404-0066-1.2.2>
Funds with good long -HYPHEN term track records are eager to  
promote them .PERIOD 
</s>
<s.WSJ900404-0066-1.2.3>
But a decade is a long time ,COMMA often long enough  
for several fund managers to come and go  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.3>
<s.WSJ900404-0066-1.3.1>
The current fund manager may not be the person who  
produced the strong track record ,COMMA as shareholders of the thirteen billion dollars Fidelity Magellan Fund are well aware .PERIOD 
</s>
<s.WSJ900404-0066-1.3.2>
A decade ago  ,COMMA 
Peter Lynch's anointed successor at Magellan ,COMMA thirty two -HYPHEN year -HYPHEN old  
Morris Smith ,COMMA had only just graduated from college and still  
had two years of business school ahead of him  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.4>
<s.WSJ900404-0066-1.4.1>
Right now ,COMMA fund analysts say ,COMMA investors need to be more  
vigilant than ever in keeping tabs on who runs their mutual  
funds  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.5>
<s.WSJ900404-0066-1.5.1>
"DOUBLE-QUOTE In the last twelve to eighteen months ,COMMA there's been a notable  
acceleration in the rate of manager turnover ,COMMA "DOUBLE-QUOTE says Michael  
Hirsch ,COMMA chief investment officer at Republic National Bank of  
New York .PERIOD 
</s>
<s.WSJ900404-0066-1.5.2>
One reason :COLON "DOUBLE-QUOTE There are a lot of rich mutual fund  
management companies that can afford to pay up for talent  .PERIOD 
</s>
<s.WSJ900404-0066-1.5.3>
The best way to differentiate yourself from the competition  
is to have a star manager at your helm .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0066-1.6>
<s.WSJ900404-0066-1.6.1>
Peter Lynch's recent resignation from top -HYPHEN ranked Magellan  
is the latest in a string of departures by leading fund  
managers .PERIOD 
</s>
<s.WSJ900404-0066-1.6.2>
Last year ,COMMA two of the industry's star stock  
pickers ,COMMA Andrew Massie of Scudder Capital Growth and Gerald  
Zukowski of Boston Company  .PERIOD 
</s>
<s.WSJ900404-0066-1.6.3>
Capital Appreciation ,COMMA jumped ship .PERIOD 
</s>
<s.WSJ900404-0066-1.6.4>
Mr.   
Massie went to Counsellors Capital Appreciation and Mr.   
Zukowski to Putnam Vista  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.7>
<s.WSJ900404-0066-1.7.1>
"DOUBLE-QUOTE In the vast majority of cases ,COMMA you have to know who the  
portfolio manager is ,COMMA "DOUBLE-QUOTE advises Mr.  Hirsch .PERIOD 
</s>
<s.WSJ900404-0066-1.7.2>
"DOUBLE-QUOTE The funds say  ,COMMA 
`SINGLE-QUOTE It's the firm's philosophy that counts ,COMMA not the individual  .PERIOD 
</s>
<s.WSJ900404-0066-1.7.3>
Those are the same people who are out there bidding seven  
figures for star managers .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0066-1.8>
<s.WSJ900404-0066-1.8.1>
Not all fund managers are equally important ,COMMA however  .PERIOD 
</s>
<s.WSJ900404-0066-1.8.2>
Rather ,COMMA it depends on the way a fund is run .PERIOD 
</s>
<s.WSJ900404-0066-1.8.3>
Among actively  
managed funds ,COMMA there are four basic styles of fund  
management  :COLON 
</s>
</p>
<p.WSJ900404-0066-1.9>
<s.WSJ900404-0066-1.9.1>
Star system .PERIOD 
</s>
<s.WSJ900404-0066-1.9.2>
Peter Lynch is the star manager par  
excellence .PERIOD 
</s>
<s.WSJ900404-0066-1.9.3>
Heavily promoted by Fidelity Investments and long  
feted by the media ,COMMA Mr.  Lynch's name is inseparable from that  
of Magellan and its outstanding record  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.10>
<s.WSJ900404-0066-1.10.1>
But "DOUBLE-QUOTE {LEFT-BRACE the good performance }RIGHT-BRACE wasn't just because of Lynch  ,COMMA "DOUBLE-QUOTE 
retorts Mr.  Lynch .PERIOD 
</s>
<s.WSJ900404-0066-1.10.2>
"DOUBLE-QUOTE It was because I was working with an  
outstanding group of people .PERIOD 
</s>
<s.WSJ900404-0066-1.10.3>
The people who helped me are  
still here .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0066-1.11>
<s.WSJ900404-0066-1.11.1>
Nonetheless ,COMMA departing stars such as Mr.  Lynch create a  
marketing headache for fund groups ,COMMA which typically respond  
by boasting of the fabulous research department that lies  
behind the star's success .PERIOD 
</s>
<s.WSJ900404-0066-1.11.2>
(LEFT-PAREN Fidelity hasn't decided whether  
it will continue advertising Magellan's ten -HYPHEN year record .PERIOD )RIGHT-PAREN  
</s>
</p>
<p.WSJ900404-0066-1.12>
<s.WSJ900404-0066-1.12.1>
Ignore the boasting ,COMMA say fund analysts .PERIOD 
</s>
<s.WSJ900404-0066-1.12.2>
"DOUBLE-QUOTE If the star  
leaves ,COMMA the whole track record becomes invalid ,COMMA "DOUBLE-QUOTE argues  
Kenneth Gregory of L. /SLASH G. No -HYPHEN Load Fund Analyst ,COMMA a San Francisco  
newsletter  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.13>
<s.WSJ900404-0066-1.13.1>
To reduce the problems caused by fund manager turnover  ,COMMA 
Mr.  Gregory suggests investing in funds where the manager has  
a significant ownership stake in the fund management company  ,COMMA 
and thus is less likely to leave  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.14>
<s.WSJ900404-0066-1.14.1>
Top fund managers who fall into this category include  
Acorn's Ralph Wanger ,COMMA Gabelli Asset's Mario Gabelli ,COMMA Mutual  
Shares' Michael Price and Southeastern Asset Management Value  
Trust's O. Mason Hawkins  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.15>
<s.WSJ900404-0066-1.15.1>
Multiple managers .PERIOD 
</s>
<s.WSJ900404-0066-1.15.2>
At American Funds Group in Los Angeles  ,COMMA 
a modified form of star system is used ,COMMA with great success  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.16>
<s.WSJ900404-0066-1.16.1>
During the nineteen eighties ,COMMA six of the fund group's seven stock  
funds beat Standard &AMPERSAND Poor's five hundred -HYPHEN stock index .PERIOD 
</s>
<s.WSJ900404-0066-1.16.2>
The best of  
these ,COMMA four .POINT five billion dollars Washington Mutual Investors ,COMMA returned  
nineteen .POINT one %PERCENT a year during the decade ,COMMA after deducting the fund's  
five .POINT seven five %PERCENT sales charge  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.17>
<s.WSJ900404-0066-1.17.1>
Washington Mutual's portfolio is divided into four  
segments .PERIOD 
</s>
<s.WSJ900404-0066-1.17.2>
Three segments are run by three individual stock  
pickers ,COMMA who each run their portion as a separate portfolio  .PERIOD 
</s>
<s.WSJ900404-0066-1.17.3>
The newest of the three ,COMMA Stephen Bepler ,COMMA has been with the  
fund since nineteen eight hundred and  .PERIOD 
</s>
<s.WSJ900404-0066-1.17.4>
The fourth segment is run based on the picks  
of twenty analysts  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.18>
<s.WSJ900404-0066-1.18.1>
Because the multiple -HYPHEN manager system works to reduce the  
impact of a fund manager's departure and also seems to  
produce above -HYPHEN average results ,COMMA other fund groups have also  
adopted the approach  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.19>
<s.WSJ900404-0066-1.19.1>
Vanguard Group already has switched two of its funds  ,COMMA 
Windsor I. I. and Explorer ,COMMA to a modified form of multiple  
management .PERIOD 
</s>
<s.WSJ900404-0066-1.19.2>
Shareholders in a third Vanguard fund ,COMMA Morgan  
Growth ,COMMA will vote this month to switch the fund from one to  
three managers  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.20>
<s.WSJ900404-0066-1.20.1>
Committee .PERIOD 
</s>
<s.WSJ900404-0066-1.20.2>
All major investment decisions at San  
Francisco's Dodge &AMPERSAND Cox Stock Fund are approved by a  
committee of seven people ,COMMA six of whom were on the committee  
at the start of the nineteen eighties  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.21>
<s.WSJ900404-0066-1.21.1>
"DOUBLE-QUOTE We haven't done this for insurance reasons --DASH because  
we're afraid of people leaving ,COMMA "DOUBLE-QUOTE says John Gunn ,COMMA the firm's  
director of research .PERIOD 
</s>
<s.WSJ900404-0066-1.21.2>
Rather ,COMMA he reckons the committee system  
reduces the likelihood of making a bad investment .PERIOD 
</s>
<s.WSJ900404-0066-1.21.3>
"DOUBLE-QUOTE With the  
management of money ,COMMA the person who wins is the one who makes  
the fewest mistakes over the course of time ,COMMA "DOUBLE-QUOTE he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.22>
<s.WSJ900404-0066-1.22.1>
None of Dodge &AMPERSAND Cox's publicity -HYPHEN shy managers are well  
known .PERIOD 
</s>
<s.WSJ900404-0066-1.22.2>
That isn't the case at some other committee -HYPHEN run funds  .PERIOD 
</s>
<s.WSJ900404-0066-1.22.3>
"DOUBLE-QUOTE Even if there is a group approach ,COMMA it's difficult to know  
whether one individual is more important than the others  ,COMMA "DOUBLE-QUOTE 
says Mr.  Gregory ,COMMA who cites the examples of Brandywine and  
Clipper ,COMMA two no -HYPHEN load funds with excellent records  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.23>
<s.WSJ900404-0066-1.23.1>
The lead manager for Brandywine is Foster Friess ,COMMA while  
James Gipson is the key figure at Clipper .PERIOD 
</s>
<s.WSJ900404-0066-1.23.2>
But both funds are  
run by a group of stock pickers  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.24>
<s.WSJ900404-0066-1.24.1>
Mr.  Gregory says that if Mr.  Friess or Mr.  Gipson left  ,COMMA 
that wouldn't necessarily mean shareholders should sell .PERIOD 
</s>
<s.WSJ900404-0066-1.24.2>
"DOUBLE-QUOTE It  
would be similar to when an analyst puts a hold 'SINGLE-QUOTE `SINGLE-QUOTE on a  
stock ,COMMA "DOUBLE-QUOTE he says .PERIOD 
</s>
<s.WSJ900404-0066-1.24.3>
"DOUBLE-QUOTE I'd watch them and see what happens for a  
few years .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0066-1.25>
<s.WSJ900404-0066-1.25.1>
Computer -HYPHEN driven funds .PERIOD 
</s>
<s.WSJ900404-0066-1.25.2>
Twentieth Century's two oldest  
funds ,COMMA Select and Growth ,COMMA rank just behind Magellan in terms  
of fifteen -HYPHEN year performance .PERIOD 
</s>
<s.WSJ900404-0066-1.25.3>
And while the fund group is closely  
associated with its founder ,COMMA James Stowers ,COMMA analysts say  
investors would be foolish to cash out their holdings if he  
left the fund group  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.26>
<s.WSJ900404-0066-1.26.1>
Working from a data base of seven thousand two hundred companies ,COMMA Twentieth  
Century's seven stock funds invest in companies that have  
both accelerating earnings and sales growth .PERIOD 
</s>
<s.WSJ900404-0066-1.26.2>
The firm's  
investment philosophy isn't just reflected in the thinking of  
the five -HYPHEN member stock -HYPHEN picking team ;SEMI-COLON it's also built into the  
computerized stock selection system that they use  .PERIOD 
</s>
</p>
<p.WSJ900404-0066-1.27>
<s.WSJ900404-0066-1.27.1>
"DOUBLE-QUOTE This system is designed so that it is much more powerful  
than any one individual ,COMMA "DOUBLE-QUOTE contends Robert Puff ,COMMA who together  
with Mr.  Stowers is a member of the fund group's  
stock -HYPHEN picking team .PERIOD 
</s>
<s.WSJ900404-0066-1.27.2>
"DOUBLE-QUOTE A large percentage of the time we are  
following what the computer says .PERIOD 
</s>
<s.WSJ900404-0066-1.27.3>
But it only happens after  
we say ,COMMA `SINGLE-QUOTE Does this make sense ,COMMA is this reasonable ?QUESTION-MARK 'SINGLE-QUOTE "DOUBLE-QUOTE  
</s>
</p>
The Decade's Top Peforming Stock Funds  <p.WSJ900404-0066-2.1>

<s.WSJ900404-0066-2.1.1>
Some funds have mighty impressive records ,COMMA but the stock  
picker responsible for the record may no longer be around  .PERIOD 
</s>
<s.WSJ900404-0066-2.1.2>
M. A. N. A. G. E. R.  
</s>
</p>
<p.WSJ900404-0066-2.2>
<s.WSJ900404-0066-2.2.1>
F. U. N. D. (LEFT-PAREN Starting Year )RIGHT-PAREN P. E. R. F. O. R. M. A. N. C. E. * 
</s>
</p>
<p.WSJ900404-0066-2.3>
<s.WSJ900404-0066-2.3.1>
Fidelity Magellan Fund Peter Lynch twenty eight .POINT nine %PERCENT  
(LEFT-PAREN nineteen seventy seven  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.4>
<s.WSJ900404-0066-2.4.1>
Merrill Pacific A Stephen Silverman twenty five .POINT seven  
(LEFT-PAREN nineteen eighty three  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.5>
<s.WSJ900404-0066-2.5.1>
C. G. M. Capital Development +PLUS G. Kenneth Heebner twenty two .POINT seven  
(LEFT-PAREN nineteen seventy seven  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.6>
<s.WSJ900404-0066-2.6.1>
Japan Fund O. Robert Theurkauf twenty two .POINT seven  
(LEFT-PAREN nineteen eighty five  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.7>
<s.WSJ900404-0066-2.7.1>
Lindner Fund Robert Lange twenty two .POINT five  
(LEFT-PAREN nineteen seventy seven  )RIGHT-PAREN 
(LEFT-PAREN nineteen eighty four  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.8>
<s.WSJ900404-0066-2.8.1>
Janus Fund James Craig twenty one .POINT nine  
(LEFT-PAREN nineteen eighty seven  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.9>
<s.WSJ900404-0066-2.9.1>
SteinRoe Special Fund Richard Weiss twenty one .POINT six  
(LEFT-PAREN nineteen eighty one  )RIGHT-PAREN 
Carlene Murphy  
(LEFT-PAREN nineteen eighty six  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.10>
<s.WSJ900404-0066-2.10.1>
Phoenix :COLON Growth Fund Robert Chesek twenty one .POINT five  
(LEFT-PAREN nineteen eighty one  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.11>
<s.WSJ900404-0066-2.11.1>
New England :COLON Growth Fund G. Kenneth Heebner twenty one .POINT four  
(LEFT-PAREN nineteen seventy seven  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.12>
<s.WSJ900404-0066-2.12.1>
Phoenix :COLON Stock Fund Michael Matty twenty one .POINT three  
(LEFT-PAREN nineteen ninety  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0066-2.13>
*<s.WSJ900404-0066-2.13.1>
Annualized ,COMMA preliminary returns for three thirty one thousand eighty to three thirty one thousand ninety  ;SEMI-COLON 
includes price gains plus reinvested dividends  
</s>
</p>
<p.WSJ900404-0066-2.14>
<s.WSJ900404-0066-2.14.1>
+PLUS Formerly Loomis -HYPHEN Sayles Capital Development  
</s>
</p>
<p.WSJ900404-0066-2.15>
<s.WSJ900404-0066-2.15.1>
Sources :COLON Lipper Analytical Services ;SEMI-COLON Standard &AMPERSAND  
Poor's /SLASH Lipper Mutual Fund Profiles  
</s>
</p>
<p.WSJ900404-0065-1.1>
<s.WSJ900404-0065-1.1.1>
As evidence that the collapse of Japanese stock prices and  
rising Japanese interest rates is starting to hit home  ,COMMA 
Moody's Investors Service Incorporated  yesterday warned that many  
Japanese banks were likely to experience weak earnings and  
deteriorating asset quality  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.2>
<s.WSJ900404-0065-1.2.1>
The problems could have broad implications because  
Japanese banks are large lenders in the U. S. and borrow in  
the U. S. commercial paper market .PERIOD 
</s>
<s.WSJ900404-0065-1.2.2>
In addition ,COMMA Japan's banks  
take short -HYPHEN term deposits here and often guarantee debt  
offerings by nonprofit entities such as U. S. municipalities  
and American universities  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.3>
<s.WSJ900404-0065-1.3.1>
Specifically ,COMMA the rating agency yesterday downgraded the  
rating of the Yasuda Trust &AMPERSAND Banking Company  .PERIOD 
</s>
<s.WSJ900404-0065-1.3.2>
Limited  to single -HYPHEN A. minus one  
from double -HYPHEN A. minus three "DOUBLE-QUOTE as a result of its continuing concern about  
the exposure of Yasuda and other Japanese trust banks to  
Japan's domestic real estate market ,COMMA particularly in light of  
the recent stock market decline and interest rate hikes .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0065-1.4>
<s.WSJ900404-0065-1.4.1>
The ratings of Yasuda's short -HYPHEN term deposits and commercial  
paper remain unchanged at Prime -HYPHEN one .PERIOD 
</s>
<s.WSJ900404-0065-1.4.2>
Moody's also downgraded to  
single -HYPHEN A. minus one the senior debt rating of Yasuda's guaranteed  
subsidiary ,COMMA Yasuda Trust &AMPERSAND Finance (LEFT-PAREN Hong Kong )RIGHT-PAREN Limited  .PERIOD 
</s>
<s.WSJ900404-0065-1.4.3>
About  
two .POINT three billion dollars in long -HYPHEN term obligations are affected by the  
rating changes ,COMMA Moody's said  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.5>
<s.WSJ900404-0065-1.5.1>
Over the past decade Japanese banks have captured a  
significant chunk of the U. S. loan market ,COMMA to where they are  
estimated to hold roughly ten %PERCENT of all U. S. banking assets  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.6>
<s.WSJ900404-0065-1.6.1>
But the combination of lower credit ratings ,COMMA weak earnings  
and potential problems meeting international capital adequacy  
standards could reduce Japanese banks' competitiveness in  
international markets  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.7>
<s.WSJ900404-0065-1.7.1>
"DOUBLE-QUOTE Whatever is happening in Tokyo is improving the  
competitive situation of U. S. banks ,COMMA "DOUBLE-QUOTE said Robert Dugger  ,COMMA 
chief economist for the American Bankers Association in  
Washington  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.8>
<s.WSJ900404-0065-1.8.1>
In January ,COMMA the rating agency lowered ratings on several  
other Japanese banks ,COMMA including Mitsubishi Trust Banking  
Corporation  ,COMMA Sumitomo Trust &AMPERSAND Banking Company  and Mitsui Trust &AMPERSAND  
Banking Company  .PERIOD 
</s>
<s.WSJ900404-0065-1.8.2>
At the time ,COMMA Moody's also said it acted out of  
growing concern about Japan's domestic real -HYPHEN estate market  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.9>
<s.WSJ900404-0065-1.9.1>
"DOUBLE-QUOTE Many Japanese banks face significant earnings pressure  
from rising interest rates because they typically carry  
significant interest rate mismatches ,COMMA "DOUBLE-QUOTE said Moody's .PERIOD 
</s>
<s.WSJ900404-0065-1.9.2>
"DOUBLE-QUOTE The  
threat of asset -HYPHEN quality deterioration in domestic real estate  
and related loan portfolios continues to be the Japanese  
banks' area of greatest exposure .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0065-1.9.3>
A mismatch is when a  
bank's cost of funds is higher than the interest rate it  
receives on loans  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.10>
<s.WSJ900404-0065-1.10.1>
After hitting a record high at the end of last year ,COMMA the  
Nikkei index of two hundred and twenty five leading companies listed on the Tokyo  
Stock Exchange has plunged twenty six %PERCENT .PERIOD 
</s>
<s.WSJ900404-0065-1.10.2>
Also ,COMMA three -HYPHEN month  
yen -HYPHEN dominated certificates of deposits have climbed to seven .POINT five two %PERCENT  
from six .POINT nine one %PERCENT at the end of last year ,COMMA according to Salomon  
Brothers Incorporated  .PERIOD 
</s>
<s.WSJ900404-0065-1.10.3>
Yields on ten -HYPHEN year Japanese government bonds  
have risen twenty two %PERCENT ,COMMA to where the benchmark ten -HYPHEN year bond now  
yields six .POINT eight three %PERCENT on a semi -HYPHEN annual basis ,COMMA compared with five .POINT five eight %PERCENT at  
year end  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.11>
<s.WSJ900404-0065-1.11.1>
Despite yesterday's warning ,COMMA Moody's said that the  
fundamental strength of Japanese banks rated by the agency is  
still on a par with similarly rated banks from other  
countries .PERIOD 
</s>
<s.WSJ900404-0065-1.11.2>
Thus ,COMMA Moody's said that only selective rating  
adjustments of Japanese banks are likely  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.12>
<s.WSJ900404-0065-1.12.1>
Nonetheless ,COMMA the agency said that the fall in Japanese  
stocks represents the end of a period of excess liquidity in  
Japan's financial markets .PERIOD 
</s>
<s.WSJ900404-0065-1.12.2>
For years ,COMMA huge pools of cash were  
generated by an extraordinarily easy Japanese monetary  
policy .PERIOD 
</s>
<s.WSJ900404-0065-1.12.3>
This liquidity ,COMMA along with Japan's huge trade  
surpluses ,COMMA a high savings rate and solid corporate profits  ,COMMA 
were major factors that fueled the Japanese real -HYPHEN estate and  
stock market boom during the late nineteen eighties  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.13>
<s.WSJ900404-0065-1.13.1>
Though real -HYPHEN estate prices haven't fallen nearly as steeply  
as share prices ,COMMA U. S. and other Western analysts have long  
worried about the links between the two markets .PERIOD 
</s>
<s.WSJ900404-0065-1.13.2>
Over the  
past decade ,COMMA Japanese banks made loans to corporate and  
individual investors who used their property holdings as  
collateral .PERIOD 
</s>
<s.WSJ900404-0065-1.13.3>
The investors then often used the loans' proceeds  
to buy stocks  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.14>
<s.WSJ900404-0065-1.14.1>
Now analysts fear that falling equity prices could drag  
down the real -HYPHEN estate market ,COMMA damaging the quality of the  
collateral and other loans banks made to finance real -HYPHEN estate  
acquisition and development  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.15>
<s.WSJ900404-0065-1.15.1>
Japanese bankers have protested that Moody's doesn't fully  
understand the Japanese real -HYPHEN estate market and is evaluating  
that market from the perspective of the difficulties American  
banks have had in the U. S. property market  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.16>
<s.WSJ900404-0065-1.16.1>
"DOUBLE-QUOTE I agree that there is risk in real estate ,COMMA but the  
history of delinquencies and writeoffs doesn't warrant a  
downgrading ,COMMA "DOUBLE-QUOTE Hiromasa Yakushiji ,COMMA general manager of Sumitomo  
Trust's New York branch ,COMMA said recently .PERIOD 
</s>
<s.WSJ900404-0065-1.16.2>
"DOUBLE-QUOTE No one can argue  
that if the real -HYPHEN estate market in Japan collapses ,COMMA the trust  
banks will be hurt the most .PERIOD 
</s>
<s.WSJ900404-0065-1.16.3>
But if this happens ,COMMA they may  
have to downgrade Japan as well .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0065-1.17>
<s.WSJ900404-0065-1.17.1>
Nonetheless ,COMMA some analysts contended that difficulties  
with their real -HYPHEN estate portfolios won't be the only problems  
Japan's banks face .PERIOD 
</s>
<s.WSJ900404-0065-1.17.2>
Rising domestic interest rates also  
threaten to cut into their trading profits  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.18>
<s.WSJ900404-0065-1.18.1>
In addition ,COMMA falling stock prices threaten to erode  
Japanese banks' capital bases .PERIOD 
</s>
<s.WSJ900404-0065-1.18.2>
That's because under  
international capitaladequacy standards ,COMMA the banks can count  
forty five %PERCENT of the unrealized gains on their vast equity holdings in  
Japanese corporations toward their capital calculations .PERIOD 
</s>
<s.WSJ900404-0065-1.18.3>
Much  
of this stock was purchased years ago at very low prices  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.19>
<s.WSJ900404-0065-1.19.1>
At the same time ,COMMA between thirty %PERCENT and forty %PERCENT of the assets of  
Japan's big banks are denominated in foreign currencies  ,COMMA 
particularly the dollar ,COMMA which has risen nearly eleven %PERCENT against  
the yen since mid -HYPHEN February .PERIOD 
</s>
<s.WSJ900404-0065-1.19.2>
Thus ,COMMA as the dollar or European  
currencies rise ,COMMA it becomes harder for Japan's banks to meet  
their capital ratios ,COMMA because the assets --DASH which are are  
measured in yen --DASH grow larger .PERIOD 
</s>
<s.WSJ900404-0065-1.19.3>
Worsening capital -HYPHEN asset  
ratios ,COMMA in turn ,COMMA could force the banks to slow their asset  ,COMMA 
or loan ,COMMA growth  .PERIOD 
</s>
</p>
<p.WSJ900404-0065-1.20>
<s.WSJ900404-0065-1.20.1>
Of course ,COMMA the banks could issue additional equity to  
build more capital ,COMMA but the Japanese stock market currently  
is a very inhospitable place  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.1>
<s.WSJ900404-0064-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The door was opened wide yesterday for what  
could become a major new employee benefit :COLON employer -HYPHEN financed  
housing aid  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.2>
<s.WSJ900404-0064-1.2.1>
The House ,COMMA by a voice vote ,COMMA approved legislation to amend  
the Taft -HYPHEN Hartley labor -HYPHEN relations act to allow unions and  
employers to create jointly run housing trusts ,COMMA that would  
use employer money to subsidize worker homes or apartments  .PERIOD 
</s>
<s.WSJ900404-0064-1.2.2>
The Senate has already approved the measure ,COMMA and the Bush  
administration backs it ,COMMA so it's expected to soon become law  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.3>
<s.WSJ900404-0064-1.3.1>
The immediate effect would be to legalize a labor contract  
signed in December nineteen eighty eight by Local twenty six of the Hotel Employees  
and Restaurant Employees union with about twenty Boston -HYPHEN area  
hotels and other employers .PERIOD 
</s>
<s.WSJ900404-0064-1.3.2>
It would help workers in Boston  
make down payments and reduce mortgage interest outlays .PERIOD 
</s>
<s.WSJ900404-0064-1.3.3>
But  
its national impact could be much more far -HYPHEN reaching  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.4>
<s.WSJ900404-0064-1.4.1>
Currently ,COMMA collective -HYPHEN bargaining agreements can only  
provide for jointly managed benefits specifically named in  
the Taft -HYPHEN Hartley law ,COMMA and housing isn't one of them  .PERIOD 
</s>
<s.WSJ900404-0064-1.4.2>
Frederick Feinstein ,COMMA a staff assistant to the House Education  
and Labor Committee ,COMMA says that as unions and employers become  
aware of the expected legal change ,COMMA "DOUBLE-QUOTE we expect to see it  
appearing in collective bargaining agreements in the future .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0064-1.5>
<s.WSJ900404-0064-1.5.1>
Beyond that ,COMMA many employers may be spurred to provide such  
assistance on their own because of the spotlight on the  
Boston agreement and the new law ,COMMA says Bruce Marks ,COMMA the Local  
twenty six housing director .PERIOD 
</s>
<s.WSJ900404-0064-1.5.2>
He says employers from around the nation  
have sought details of the Boston housing trust fund  ,COMMA 
apparently eager to know the mechanics of the complicated  
arrangement so they can provide similar assistance to help  
recruit or retrain needed workers  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.6>
<s.WSJ900404-0064-1.6.1>
In the past two years ,COMMA there's been a "DOUBLE-QUOTE tremendous  
increase "DOUBLE-QUOTE in employer -HYPHEN provided housing assistance ,COMMA says  
Richard Ferlauto ,COMMA special projects director for the American  
Affordable Housing Institute ,COMMA a research group affiliated  
with Rutgers University .PERIOD 
</s>
<s.WSJ900404-0064-1.6.2>
He says the increase has been  
spurred by a drop in federal housing aid and a growing  
realization among employers that worker turnover and  
absenteeism resulting from lack of nearby affordable housing  
is costly  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.7>
<s.WSJ900404-0064-1.7.1>
Mr.  Ferlauto estimates that three hundred U. S. employers provide  
some kind of housing aid to workers ,COMMA excluding hundreds of  
college and hospital -HYPHEN related plans .PERIOD 
</s>
<s.WSJ900404-0064-1.7.2>
Meanwhile ,COMMA unions  
including the Oil ,COMMA Chemical and Atomic Workers ,COMMA Hotel  
Workers ,COMMA Service Employees ,COMMA Clothing &AMPERSAND Textile Workers  ,COMMA 
Garment Workers ,COMMA Communications Workers of America ,COMMA United  
Auto Workers and United Food &AMPERSAND Commercial Workers appear  
interested in devising collective -HYPHEN bargaining strategies aimed  
at winning their own housing assistance ,COMMA he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.8>
<s.WSJ900404-0064-1.8.1>
"DOUBLE-QUOTE Indications are that this is the next new benefit that  
unions will be looking for in the nineteen nineties ,COMMA "DOUBLE-QUOTE says Mr.  Ferlauto  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.9>
<s.WSJ900404-0064-1.9.1>
Billionaire Donald Trump's new Trump Taj Mahal Casino  
Resort in Atlantic City ,COMMA N. J. ,COMMA has hired seven thousand two hundred workers ,COMMA many  
of them from Puerto Rico and Europe .PERIOD 
</s>
<s.WSJ900404-0064-1.9.2>
Until they find homes  ,COMMA 
the Trump organization is paying their full hotel bills for  
thirty days and all but fifteen dollars a night for the next fifteen days  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.10>
<s.WSJ900404-0064-1.10.1>
The University of Pennsylvania guarantees loans to its  
employees to buy houses without any down payment .PERIOD 
</s>
<s.WSJ900404-0064-1.10.2>
There used  
to be some collectively bargained housing -HYPHEN benefit pacts long  
before the nineteen forty seven Taft -HYPHEN Hartley law .PERIOD 
</s>
<s.WSJ900404-0064-1.10.3>
In one nineteen eleven contract ,COMMA for  
instance ,COMMA a union bargained to reduce the amount that workers  
paid to live in a New Jersey company town's housing to two dollars and fifty cents  
a day from three dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.11>
<s.WSJ900404-0064-1.11.1>
The thirteen hotels and other Boston establishments covered by  
the Local twenty six contract will pay nearly one .POINT five million dollars into the  
trust fund over the agreement's three years ;SEMI-COLON they must pay  
five cents for each hour worked by the five thousand Local twenty six  
members .PERIOD 
</s>
<s.WSJ900404-0064-1.11.2>
The money will be used to help workers make down  
payments on houses ,COMMA reduce the interest they must pay on  
mortgage loans ,COMMA make cooperative share loans ,COMMA and subsidize  
rental deposits and emergency rental aid  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.12>
<s.WSJ900404-0064-1.12.1>
Local twenty six says a recent survey of its members showed seventy five %PERCENT  
face housing problems such as overcrowding ,COMMA deterioration  ,COMMA 
high rent and imminent displacement .PERIOD 
</s>
<s.WSJ900404-0064-1.12.2>
In Boston ,COMMA one of the  
highest -HYPHEN cost cities for housing in the nation ,COMMA ninety eight %PERCENT of the  
union's members can't afford to buy a median -HYPHEN priced home ,COMMA and  
seventy eight %PERCENT can't pay rent for a median -HYPHEN priced apartment ,COMMA the local  
says  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.13>
<s.WSJ900404-0064-1.13.1>
The vast majority of Local twenty six members are lower -HYPHEN paid women  
or minorities  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.14>
<s.WSJ900404-0064-1.14.1>
"DOUBLE-QUOTE I'd like to have the opportunity to buy a piece of  
property someday ,COMMA "DOUBLE-QUOTE says Marie Downey ,COMMA a Local twenty six member who  
works as a waitress at the Park Plaza Hotel .PERIOD 
</s>
<s.WSJ900404-0064-1.14.2>
"DOUBLE-QUOTE Right now  ,COMMA 
there's no way I can afford one ,COMMA "DOUBLE-QUOTE she says ,COMMA but with the new  
housing aid ,COMMA "DOUBLE-QUOTE that could become a reality .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0064-1.15>
<s.WSJ900404-0064-1.15.1>
Sens .PERIOD 
</s>
<s.WSJ900404-0064-1.15.2>
Edward Kennedy (LEFT-PAREN D. ,COMMA Mass .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0064-1.15.3>
and Orrin Hatch (LEFT-PAREN R.  ,COMMA 
Utah ,COMMA chairman and ranking minority member ,COMMA respectively ,COMMA of  
the Senate Labor Committee ,COMMA helped win Senate approval for  
the bill .PERIOD 
</s>
<s.WSJ900404-0064-1.15.4>
Rep .PERIOD 
</s>
<s.WSJ900404-0064-1.15.5>
William Clay (LEFT-PAREN D. ,COMMA Mo .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0064-1.15.6>
chairman of the House  
labor -HYPHEN management relations subcommittee ,COMMA pushed it in the  
House  .PERIOD 
</s>
</p>
<p.WSJ900404-0064-1.16>
<s.WSJ900404-0064-1.16.1>
The Taft -HYPHEN Hartley law banned most joint use of employer  
funds by unions and management in order to prevent collusion  
and corruption that could emerge from such arrangements  .PERIOD 
</s>
<s.WSJ900404-0064-1.16.2>
Since then ,COMMA the law has been amended to allow collectively  
bargained trusts for health ,COMMA retirement and life -HYPHEN insurance  
benefits ,COMMA scholarships ,COMMA child -HYPHEN care assistance ,COMMA legal services  
and funds for various cooperative efforts by labor and  
management  .PERIOD 
</s>
</p>
<p.WSJ900404-0063-1.1>
<s.WSJ900404-0063-1.1.1>
F. U. L. L. E. R. T. O. N. ,COMMA Calif .PERIOD 
</s>
<s.WSJ900404-0063-1.1.2>
--DASH Federal health authorities said they  
decertified a pap -HYPHEN smear laboratory here because the lab  ,COMMA 
whose largest client until a year ago was Planned Parenthood  ,COMMA 
was misdiagnosing many pap -HYPHEN smear samples  .PERIOD 
</s>
</p>
<p.WSJ900404-0063-1.2>
<s.WSJ900404-0063-1.2.1>
Pap smears are used to detect cervical cancer  .PERIOD 
</s>
</p>
<p.WSJ900404-0063-1.3>
<s.WSJ900404-0063-1.3.1>
The closely held lab ,COMMA National Cancer Screening  
Laboratories ,COMMA is now closed ,COMMA says president Neil Gregory ,COMMA and  
has been winding down its business for ten months because it  
was operating unprofitably and had trouble finding workers  .PERIOD 
</s>
<s.WSJ900404-0063-1.3.2>
Mr.  Gregory says his lab has been certified by state and  
federal agencies for twenty years without any problem ,COMMA and that  
the margin of error in his lab is no greater than at any  
other pap -HYPHEN smear lab  .PERIOD 
</s>
</p>
<p.WSJ900404-0063-1.4>
<s.WSJ900404-0063-1.4.1>
But Harry Barba ,COMMA associate regional administrator in San  
Francisco for the Health Care Financing Administration ,COMMA a  
Health and Human Services agency that certifies labs to  
receive Medicaid and Medicare funds ,COMMA said inaccuracies at the  
lab were unacceptable .PERIOD 
</s>
<s.WSJ900404-0063-1.4.2>
Of three hundred and thirty one tests reviewed by the agency  ,COMMA 
sixty four were inaccurate or misleading ,COMMA he said .PERIOD 
</s>
<s.WSJ900404-0063-1.4.3>
Mr.  Barba said the  
lab at one time performed one hundred thousand pap smears a year ,COMMA although  
Mr.  Gregory said the number fell to seven thousand two hundred last year and that  
most were not paid for with federal funds  .PERIOD 
</s>
</p>
<p.WSJ900404-0063-1.5>
<s.WSJ900404-0063-1.5.1>
While blocking federal funding for labs remains rare ,COMMA Mr.   
Barba said his agency last year decertified Central Pathology  
Services Medical Group Incorporated  in Tarzana ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0063-1.5.2>
which he said  
performed seven hundred thousand pap smears annually  .PERIOD 
</s>
</p>
<p.WSJ900404-0062-1.1>
<s.WSJ900404-0062-1.1.1>
F. R. A. N. K. F. U. R. T. ,COMMA West Germany --DASH Daimler -HYPHEN Benz A. G. might in the  
near future invite Japan's Mitsubishi group of companies to  
join its planned aircraft engines joint venture with the  
Pratt &AMPERSAND Whitney subsidiary of United Technologies Corporation   ,COMMA 
Daimler's chairman said in an interview to be published  
today  .PERIOD 
</s>
</p>
<p.WSJ900404-0062-1.2>
<s.WSJ900404-0062-1.2.1>
The chairman of West Germany's largest industrial company  
didn't indicate with which Mitsubishi concern he has  
discussed the venture  .PERIOD 
</s>
</p>
<p.WSJ900404-0062-1.3>
<s.WSJ900404-0062-1.3.1>
Edzard Reuter told the West German financial newspaper  
Handelsblatt that it is "DOUBLE-QUOTE thinkable ,COMMA though not completely  
discussed "DOUBLE-QUOTE that Mitsubishi could join the arrangement under  
which the civilian jet engine operations of Daimler's M. T. U.  
Motoren -HYPHEN und Turbinen -HYPHEN Union Muenchen G. m. .PERIOD 
</s>
<s.WSJ900404-0062-1.3.2>
b. .PERIOD 
</s>
<s.WSJ900404-0062-1.3.3>
H. engine  
subsidiary will be merged with those of Pratt &AMPERSAND Whitney  .PERIOD 
</s>
<s.WSJ900404-0062-1.3.4>
Daimler and United Technologies will then take cross  
shareholdings in those respective units  .PERIOD 
</s>
</p>
<p.WSJ900404-0062-1.4>
<s.WSJ900404-0062-1.4.1>
Separately ,COMMA the Deutsche Aerospace A. G. division of Daimler  
said it signed a memorandum of understanding to sell two of  
its defense related business lines to the West German  
shipbuilding group Bremer Vulkan A. G. for an amount that wasn't  
disclosed  .PERIOD 
</s>
</p>
<p.WSJ900404-0062-1.5>
<s.WSJ900404-0062-1.5.1>
The agreement ends nearly seven months of uncertainty over  
the fate of these naval and missile technology operations  
that were ordered by the Economics Ministry to be divested on  
antitrust grounds following Daimler's acquisition of  
Messerschmitt -HYPHEN Boelkow -HYPHEN Blohm G. m. .PERIOD 
</s>
<s.WSJ900404-0062-1.5.2>
b. .PERIOD 
</s>
<s.WSJ900404-0062-1.5.3>
H. last year  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.1>
<s.WSJ900404-0061-1.1.1>
N. E. W. Y. O. R. K. --DASH Defunct junk -HYPHEN bond powerhouse Drexel Burnham  
Lambert Incorporated  will sell some of its crown jewels and put its  
client list on the auction block April eighteen  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.2>
<s.WSJ900404-0061-1.2.1>
As part of its efforts to raise funds to satisfy  
creditors ,COMMA Drexel is offering for sale computer databases  
containing names of its contacts at more than four thousand firms  ;SEMI-COLON 
technical and pricing information on all the firm's public  
securities offerings and mergers and acquisition deals in the  
past several years ;SEMI-COLON and its system for trading ,COMMA selling and  
researching high -HYPHEN risk ,COMMA high -HYPHEN yield bonds  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.3>
<s.WSJ900404-0061-1.3.1>
Steven Anreder ,COMMA a spokesman for the company ,COMMA said the firm  
had received calls from "DOUBLE-QUOTE virtually every major firm on the  
Street ,COMMA and others "DOUBLE-QUOTE interested in buying the information  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.4>
<s.WSJ900404-0061-1.4.1>
"DOUBLE-QUOTE Everybody wants to step up to the plate and take over  
Drexel's place in this market ,COMMA "DOUBLE-QUOTE says Mike Ross ,COMMA a junk -HYPHEN bond  
analyst at Blunt ,COMMA Ellis &AMPERSAND Loewi .PERIOD 
</s>
<s.WSJ900404-0061-1.4.2>
"DOUBLE-QUOTE Now you've got a chance to  
get your hands on some of their proprietary info .PERIOD "DOUBLE-QUOTE  
</s>
<s.WSJ900404-0061-1.4.3>
Particularly valuable ,COMMA he said ,COMMA will be Drexel's guide to  
pricing junk bonds ,COMMA a task that has proven difficult amid the  
recent upheaval in the junk -HYPHEN bond market  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.5>
<s.WSJ900404-0061-1.5.1>
Much of the interest has come from former Drexel  
employees ,COMMA now at other firms ,COMMA who find their new employers'  
analytical software inferior to Drexel's ,COMMA says a spokeswoman  
for Drexel's corporate finance department .PERIOD 
</s>
<s.WSJ900404-0061-1.5.2>
Drexel has  
information on "DOUBLE-QUOTE little -HYPHEN known ,COMMA thinly traded junk -HYPHEN bond  
offerings "DOUBLE-QUOTE and has developed software to compare merger and  
acquisition deals in different industries for pricing  
purposes ,COMMA she says  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.6>
<s.WSJ900404-0061-1.6.1>
But perhaps the most desired item is the "DOUBLE-QUOTE contacts  
database ,COMMA "DOUBLE-QUOTE she said .PERIOD 
</s>
<s.WSJ900404-0061-1.6.2>
"DOUBLE-QUOTE People feel very strongly about getting  
their hands on "DOUBLE-QUOTE the list of "DOUBLE-QUOTE financial decisionmakers at each  
company ,COMMA and what level of interest they have "DOUBLE-QUOTE in buying  
bonds or doing deals ,COMMA according to the spokeswoman  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.7>
<s.WSJ900404-0061-1.7.1>
Drexel has already successfully ,COMMA and privately ,COMMA sold most  
of its fixed -HYPHEN income bond databases ,COMMA and now is anxious to  
sell those for mergers and acquisitions and junk bonds .PERIOD 
</s>
<s.WSJ900404-0061-1.7.2>
"DOUBLE-QUOTE The  
longer we wait to sell things ,COMMA the less value they'll have  ,COMMA "DOUBLE-QUOTE 
the spokeswoman said  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.8>
<s.WSJ900404-0061-1.8.1>
The databases are up for bid both separately and together  .PERIOD 
</s>
<s.WSJ900404-0061-1.8.2>
Strong interest has come from "DOUBLE-QUOTE boutiques ,COMMA some of the L. B. O.  
{LEFT-BRACE leveraged buy -HYPHEN out }RIGHT-BRACE firms ,COMMA merger -HYPHEN and -HYPHEN acquisition advisers  
and niche players ,COMMA "DOUBLE-QUOTE according to the spokeswoman  .PERIOD 
</s>
</p>
<p.WSJ900404-0061-1.9>
<s.WSJ900404-0061-1.9.1>
Drexel declined to provide a price estimate price for the  
information .PERIOD 
</s>
<s.WSJ900404-0061-1.9.2>
But the auction for the databases ,COMMA in Wall  
Street fashion ,COMMA will be run like a Dutch auction .PERIOD 
</s>
<s.WSJ900404-0061-1.9.3>
If Drexel  
sells its data bases to more than one buyer ,COMMA the sale price  
for all buyers will be set based on an average of the high  
and low bids .PERIOD 
</s>
<s.WSJ900404-0061-1.9.4>
Any firm that wants the Drexel information on  
an exclusive basis will have to bid more than all the other  
bidders combined  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.1>
<s.WSJ900404-0060-1.1.1>
The New York Court of Appeals ruled that C. B. S. Incorporated  can sue  
Ziff -HYPHEN Davis Publishing Company  for allegedly providing misleading  
financial information when C. B. S. bought a dozen of Ziff's  
magazines in nineteen eight hundred and forty   .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.2>
<s.WSJ900404-0060-1.2.1>
The ruling by the state's highest court partially reverses  
a decision by a lower court judge ,COMMA who had dismissed all of  
C. B. S. 'SINGLE-QUOTE s. claims against Ziff ,COMMA a unit of Ziff Communications Company   ,COMMA 
in nineteen eight hundred and eighty  .PERIOD 
</s>
<s.WSJ900404-0060-1.2.2>
The appellate court will let the case proceed on one  
of C. B. S. 'SINGLE-QUOTE s. claims ,COMMA for breach of warranty  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.3>
<s.WSJ900404-0060-1.3.1>
The decision ,COMMA which can't be appealed ,COMMA propels the parties  
into the pretrial fact -HYPHEN finding ,COMMA or discovery ,COMMA stage of the  
case .PERIOD 
</s>
<s.WSJ900404-0060-1.3.2>
No trial date has yet been set to decide the merits of  
the suit ,COMMA in which C. B. S. seeks forty million dollars .PERIOD 
</s>
<s.WSJ900404-0060-1.3.3>
Spokesmen for both  
communications companies say there has been no talk of  
settlement  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.4>
<s.WSJ900404-0060-1.4.1>
C. B. S. bought Popular Photography ,COMMA Car &AMPERSAND Driver ,COMMA Modern Bride  
and other magazines for three hundred and sixty two .POINT five million dollars in nineteen eight hundred and forty  .PERIOD 
</s>
<s.WSJ900404-0060-1.4.2>
Even before  
it closed the deal ,COMMA C. B. S. claimed that Ziff -HYPHEN Davis had  
overstated the magazines' profits by as much as four million dollars --DASH  
thus inflating the selling price by as much as forty million dollars  .PERIOD 
</s>
<s.WSJ900404-0060-1.4.3>
C. B. S. said at the time it was reserving the right to challenge  
Ziff's data .PERIOD 
</s>
<s.WSJ900404-0060-1.4.4>
But Ziff claimed that by going forward with the  
deal at the stated price ,COMMA C. B. S. showed that it was not relying  
on the accuracy of Ziff's data  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.5>
<s.WSJ900404-0060-1.5.1>
After failing to resolve the matter ,COMMA C. B. S. sued Ziff and its  
auditor ,COMMA Touche Ross &AMPERSAND Company  ,COMMA in nineteen eighty five ,COMMA alleging fraud  ,COMMA 
misrepresentation ,COMMA breach of contract and breach of warranty  .PERIOD 
</s>
<s.WSJ900404-0060-1.5.2>
Later ,COMMA C. B. S. joined the new magazines with its own magazine  
group and sold the entire unit for six hundred and fifty million dollars in nineteen eight hundred and seventy   .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.6>
<s.WSJ900404-0060-1.6.1>
"DOUBLE-QUOTE C. B. S. was not merely buying identified consumer magazine  
businesses ,COMMA "DOUBLE-QUOTE Judge Stewart F. Hancock Junior  wrote for a four -HYPHEN one  
majority of the appeals court .PERIOD 
</s>
<s.WSJ900404-0060-1.6.2>
"DOUBLE-QUOTE It was buying businesses  
which it believed to be of a certain value based on  
information furnished by the seller which the seller  
warranted to be true .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0060-1.7>
<s.WSJ900404-0060-1.7.1>
"DOUBLE-QUOTE We are ,COMMA of course ,COMMA delighted that the court reinstated  
the breach -HYPHEN of -HYPHEN warranty claim ,COMMA "DOUBLE-QUOTE said Douglas P. Jacobs ,COMMA C. B. S.  
associate general counsel  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-1.8>
<s.WSJ900404-0060-1.8.1>
Ziff's general counsel J. Malcolm Morris described the  
ruling as "DOUBLE-QUOTE a technical point of New York law .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0060-1.8.2>
He added ,COMMA "DOUBLE-QUOTE We  
continue to believe ,COMMA as we have since nineteen eighty five ,COMMA that there is no  
basis whatsoever for any of C. B. S. 'SINGLE-QUOTE s. remaining claims .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0060-2.1>
<s.WSJ900404-0060-2.1.1>
I. R. A. N. -HYPHEN C. O. N. T. R. A. J. U. R. O. R. S. are sequestered after calls from  
reporters  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.2>
<s.WSJ900404-0060-2.2.1>
The judge in the Iran -HYPHEN Contra trial of former national  
security adviser John Poindexter sequestered the jury ,COMMA which  
is in deliberations ,COMMA after two jurors said they were  
contacted by reporters .PERIOD 
</s>
<s.WSJ900404-0060-2.2.2>
In a hastily called hearing in  
federal court in Washington yesterday morning ,COMMA Judge Harold  
Greene indicated that he had considered but decided against  
declaring a mistrial after learning about the contacts ,COMMA at  
least one of which came from a reporter for the Washington  
Post  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.3>
<s.WSJ900404-0060-2.3.1>
The Post's national news editor ,COMMA Robert Kaiser ,COMMA said the  
paper voluntarily called the judge Monday to apologize for  
the actions of its reporter ,COMMA Nora Boustany .PERIOD 
</s>
<s.WSJ900404-0060-2.3.2>
Mr.  Kaiser said  
that Ms.  Boustany ,COMMA until recently the newspaper's Beirut  
correspondent ,COMMA had just arrived in this country and didn't  
know that jurors aren't supposed to be contacted during a  
trial or deliberations  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.4>
<s.WSJ900404-0060-2.4.1>
Judge Greene said the two jurors had informed him that  
each was contacted by telephone Monday by a woman identifying  
herself as a reporter .PERIOD 
</s>
<s.WSJ900404-0060-2.4.2>
The jurors told the judge at  
yesterday's hearing that they had hung up as soon as the  
callers said they were reporters  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.5>
<s.WSJ900404-0060-2.5.1>
The Post's Mr.  Kaiser said Ms.  Boustany had been asked to  
find out how to contact only one juror after the trial had  
ended .PERIOD 
</s>
<s.WSJ900404-0060-2.5.2>
Ms.  Boustany declined to answer any questions .PERIOD 
</s>
<s.WSJ900404-0060-2.5.3>
It was  
unclear who had called the second juror  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.6>
<s.WSJ900404-0060-2.6.1>
The judge ,COMMA obviously angry ,COMMA said ,COMMA "DOUBLE-QUOTE Some people might  
consider what has gone on an obstruction of justice .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0060-2.6.2>
He  
indicated that he was still considering seeking penalties as  
a result of the incident  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.7>
<s.WSJ900404-0060-2.7.1>
The judge could ,COMMA for example ,COMMA refer the situation to the  
U. S. attorney in Washington as a possible case of attempting  
to influence a juror ,COMMA which is a federal crime .PERIOD 
</s>
<s.WSJ900404-0060-2.7.2>
But in order  
to be found guilty of that crime ,COMMA a person would have to be  
shown to have had a "DOUBLE-QUOTE specific intent "DOUBLE-QUOTE to affect the outcome  
of a trial  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.8>
<s.WSJ900404-0060-2.8.1>
Mr.  Kaiser said Ms.  Boustany had no such intent .PERIOD 
</s>
<s.WSJ900404-0060-2.8.2>
Instead  ,COMMA 
she and a number of other Post reporters were each assigned  
to find out how to contact one member of the jury after the  
trial ended ,COMMA Mr.  Kaiser said .PERIOD 
</s>
<s.WSJ900404-0060-2.8.3>
"DOUBLE-QUOTE She is a Lebanese who has  
never worked or lived in America ,COMMA "DOUBLE-QUOTE he added .PERIOD 
</s>
<s.WSJ900404-0060-2.8.4>
"DOUBLE-QUOTE We made a  
mistake "DOUBLE-QUOTE by assigning an uninformed reporter to help cover  
the trial ,COMMA Mr.  Kaiser said  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.9>
<s.WSJ900404-0060-2.9.1>
Neither the defense nor prosecution objected to the  
judge's decision not to declare a mistrial  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-2.10>
<s.WSJ900404-0060-2.10.1>
The twelve -HYPHEN person jury will be sequestered in the evenings in  
a Washington -HYPHEN area hotel ,COMMA according to a court staff member  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-3.1>
<s.WSJ900404-0060-3.1.1>
A. N. T. I. -HYPHEN T. A. K. E. O. V. E. R. B. I. L. L. is passed by Pennsylvania House of  
Representatives  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-3.2>
<s.WSJ900404-0060-3.2.1>
The House ,COMMA in passing one of the most restrictive  
anti -HYPHEN takeover bills in the nation by a one hundred and eighty two -HYPHEN ten vote ,COMMA joined  
the state Senate in endorsing the proposal  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-3.3>
<s.WSJ900404-0060-3.3.1>
Among other provisions ,COMMA the bill would strip all profits  
from short -HYPHEN term holders who sell their shares within eighteen  
months of making a failed bid for control of the company  
through "DOUBLE-QUOTE any means .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0060-3.3.2>
The profits would be turned over to the  
target company ,COMMA which would be required to invest the funds  
in Pennsylvania .PERIOD 
</s>
<s.WSJ900404-0060-3.3.3>
A controversial proposal to exempt  
management from certain existing restrictions on proxy fights  
was not included in the final House version of the bill  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-3.4>
<s.WSJ900404-0060-3.4.1>
While the proposed law must go back to the Senate for  
approval of several amendments ,COMMA the bill is likely to become  
law ,COMMA possibly by the end of this month  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-3.5>
<s.WSJ900404-0060-3.5.1>
The state Senate ,COMMA committed to enacting some kind of  
anti -HYPHEN raider legislation ,COMMA passed the original version forty five -HYPHEN four  ,COMMA 
and Governor  Robert Casey recently expressed his support for the  
measures  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.1>
<s.WSJ900404-0060-4.1.1>
M. A. R. C. O. S. C. A. S. E. begins with defense lawyer's account blaming  
U. S. officials  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.2>
<s.WSJ900404-0060-4.2.1>
In a bizarre tale involving George Bush ,COMMA Moammar Gadhafi  
and a legendary gold treasure allegedly hidden in the  
Philippines ,COMMA Imelda Marcos's lawyer told jurors that the  
Marcoses secretly hid millions of dollars in the U. S. at the  
urging of American officials  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.3>
<s.WSJ900404-0060-4.3.1>
Gerry Spence ,COMMA Mrs.  Marcos's chief attorney in the federal  
racketeering case in Manhattan ,COMMA said he would prove that  
then -HYPHEN Vice President Bush had encouraged the Marcoses to  
invest Philippine assets in the U. S. as a secret "DOUBLE-QUOTE communist  
security plan "DOUBLE-QUOTE that could be used in the event of a communist  
takeover of the Philippines  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.4>
<s.WSJ900404-0060-4.4.1>
Mr.  Spence said he wants to call Mr.  Bush as a witness to  
prove that the U. S. knew that millions of dollars were being  
held in secret bank accounts and investments in this country  .PERIOD 
</s>
<s.WSJ900404-0060-4.4.2>
Mr.  Spence said that Mr.  Bush made the suggestion in person  
in nineteen eighty one to deter the Marcoses from investing in Libya .PERIOD 
</s>
<s.WSJ900404-0060-4.4.3>
The  
lawyer said Mrs.  Marcos had developed a friendship with  
Libya's Mr.  Gadhafi in the nineteen seventies  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.5>
<s.WSJ900404-0060-4.5.1>
Mr.  Spence said Mr.  Bush advised the Marcoses to buy  
Manhattan property ,COMMA which is at the heart of the government's  
allegations in the case .PERIOD 
</s>
<s.WSJ900404-0060-4.5.2>
Mrs.  Marcos is accused of plundering  
the Philippines of more than one hundred and sixty million dollars and then illegally  
concealing the money through the purchase of three  
skyscrapers and a shopping mall in Manhattan  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.6>
<s.WSJ900404-0060-4.6.1>
"DOUBLE-QUOTE The Marcoses ,COMMA in an attempt to keep the good will of this  
country ,COMMA abandoned plans to invest in Libya and began to  
purchase New York real estate ,COMMA "DOUBLE-QUOTE Mr.  Spence said .PERIOD 
</s>
<s.WSJ900404-0060-4.6.2>
He said he  
would prove that the Central Intelligence Agency "DOUBLE-QUOTE was aware  
of every transaction that took place in this case .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0060-4.7>
<s.WSJ900404-0060-4.7.1>
Spokesmen for the White House and the C. I. A. said they don't  
comment on pending trials  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.8>
<s.WSJ900404-0060-4.8.1>
In seeking to turn the prosecutors' case on its head ,COMMA Mr.   
Spence said he didn't dispute that ownership of the  
properties had been kept secret .PERIOD 
</s>
<s.WSJ900404-0060-4.8.2>
Nor did he dispute charges  
that money from the Philippine treasury was used to buy the  
properties .PERIOD 
</s>
<s.WSJ900404-0060-4.8.3>
Instead ,COMMA he said the late President Marcos was  
keeping the money safe  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.9>
<s.WSJ900404-0060-4.9.1>
"DOUBLE-QUOTE You don't protect funds from a communist takeover unless  
you hide them ,COMMA "DOUBLE-QUOTE Mr.  Spence said .PERIOD 
</s>
<s.WSJ900404-0060-4.9.2>
"DOUBLE-QUOTE He went to extreme efforts  
to hide the funds .PERIOD 
</s>
<s.WSJ900404-0060-4.9.3>
Evidence of the hiding is totally  
undisputed .PERIOD 
</s>
<s.WSJ900404-0060-4.9.4>
It was necessary to do it .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0060-4.10>
<s.WSJ900404-0060-4.10.1>
In seeking to challenge prosecutors' claims that the  
Marcoses became wealthy off bribes and the skimming of  
Philippine government funds ,COMMA Mr.  Spence told the jury that  
the Marcos wealth was attained when Mr.  Marcos discovered  
gold allegedly hidden by the Japanese in the Philippines .PERIOD 
</s>
<s.WSJ900404-0060-4.10.2>
He  
said he would call as a witness "DOUBLE-QUOTE an old man "DOUBLE-QUOTE from the  
Philippines to testify that Mr.  Marcos had taken carloads of  
gold ,COMMA the existence of which is viewed skeptically by many  
Filipino historians  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.11>
<s.WSJ900404-0060-4.11.1>
President Marcos ,COMMA who ruled under martial law for fourteen  
years ,COMMA was overthrown in a revolution in nineteen eight hundred and sixty  .PERIOD 
</s>
<s.WSJ900404-0060-4.11.2>
Afterwards ,COMMA he  
and Mrs.  Marcos took refuge in Hawaii ,COMMA where they allegedly  
continued the racketeering enterprise  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.12>
<s.WSJ900404-0060-4.12.1>
Debra Livingston ,COMMA an assistant U. S. attorney prosecuting  
the case ,COMMA told jurors the government will prove that Mrs.   
Marcos took an active role in directing the alleged scheme of  
fraud  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-4.13>
<s.WSJ900404-0060-4.13.1>
"DOUBLE-QUOTE You are going to learn that Imelda Marcos and Ferdinand  
Marcos together were partners in crime ,COMMA "DOUBLE-QUOTE she said ,COMMA adding  
that Mrs.  Marcos "DOUBLE-QUOTE treated the New York branch office of the  
Philippines National Bank ,COMMA which is a government operated  
bank ,COMMA as her own personal piggy bank .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0060-5.1>
<s.WSJ900404-0060-5.1.1>
A N. E. W. S. P. A. P. E. R. may depreciate the value of paid subscribers  
it acquires  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-5.2>
<s.WSJ900404-0060-5.2.1>
The decision by U. S. .PERIOD 
</s>
<s.WSJ900404-0060-5.2.2>
District Judge H. Lee Sarokin in  
Newark ,COMMA N. J. ,COMMA came in a case brought by Newark Morning Ledger  
Company  ,COMMA a unit of the Newhouse family's Advance Publications  ,COMMA 
against the federal government  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-5.3>
<s.WSJ900404-0060-5.3.1>
Ledger took depreciation deductions with respect to paid  
subscribers it obtained as part of its nineteen seventy seven purchase of Booth  
Newspapers Incorporated  ,COMMA a Michigan newspaper chain .PERIOD 
</s>
<s.WSJ900404-0060-5.3.2>
The Internal  
Revenue Service disallowed the deductions ,COMMA a decision that  
would have cost Ledger millions of dollars .PERIOD 
</s>
<s.WSJ900404-0060-5.3.3>
Ledger also owns  
the Newark Star Ledger newspaper  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-5.4>
<s.WSJ900404-0060-5.4.1>
Albert Turkus ,COMMA a Washington attorney who represented  
Ledger ,COMMA said the ruling will likely affect many other  
businesses that wish to depreciate such intangible assets as  
a customer base  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-5.5>
<s.WSJ900404-0060-5.5.1>
Judge Sarokin disagreed with the I. R. S. claim that  
subscribers have indefinite life for tax purposes and  
therefore shouldn't be depreciated .PERIOD 
</s>
<s.WSJ900404-0060-5.5.2>
Judge Sarokin found that  
subscribers "DOUBLE-QUOTE are not self -HYPHEN regenerating assets ,COMMA "DOUBLE-QUOTE and that they  
can only be replaced at substantial cost and effort  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-5.6>
<s.WSJ900404-0060-5.6.1>
Donald Robinson ,COMMA a Newark ,COMMA N. J. ,COMMA attorney also  
representing Ledger ,COMMA said the company is pleased by the  
decision .PERIOD 
</s>
<s.WSJ900404-0060-5.6.2>
An I. R. S. spokesman says the government hasn't yet  
decided whether it will appeal the decision  .PERIOD 
</s>
</p>
<p.WSJ900404-0060-6.1>
<s.WSJ900404-0060-6.1.1>
Wade Lambert contributed to this column  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.1>
<s.WSJ900404-0059-1.1.1>
Not many law schools are located in converted  
department -HYPHEN store buildings ,COMMA but nothing could be more perfect  
for Henry Manne .PERIOD 
</s>
<s.WSJ900404-0059-1.1.2>
He's selling law students and their  
prospective employers on the idea that lawyers should know  
something about economics and markets .PERIOD 
</s>
<s.WSJ900404-0059-1.1.3>
Armed with this  
notion ,COMMA the entrepreneurial law dean has propelled George  
Mason Law School out of obscurity toward the top ranks  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.2>
<s.WSJ900404-0059-1.2.1>
He's been dean since nineteen eighty six of this once -HYPHEN sleepy and mediocre  
outpost of the Virginia state university system ,COMMA located on a  
commercial strip in Arlington across the river from  
Washington ,COMMA D. C. .PERIOD 
</s>
<s.WSJ900404-0059-1.2.2>
Mr.  Manne recently snared Robert Bork to  
begin teaching this fall ,COMMA joining federal appeals Judge  
Douglas Ginsburg .PERIOD 
</s>
<s.WSJ900404-0059-1.2.3>
A recent survey by U. S. .PERIOD 
</s>
<s.WSJ900404-0059-1.2.4>
News of legal  
academics picked George Mason as the top up -HYPHEN and -HYPHEN coming law  
school .PERIOD 
</s>
<s.WSJ900404-0059-1.2.5>
The number of applicants has tripled to three thousand three hundred ,COMMA for  
two hundred places  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.3>
<s.WSJ900404-0059-1.3.1>
Mr.  Manne came to George Mason with an unusual background  .PERIOD 
</s>
<s.WSJ900404-0059-1.3.2>
He pioneered an idea as radical in nineteen sixty five as it is commonplace  
now .PERIOD 
</s>
<s.WSJ900404-0059-1.3.3>
The traditional law reviews didn't understand his  
article "DOUBLE-QUOTE Mergers and the Market for Corporate Control ,COMMA "DOUBLE-QUOTE which  
was instead published in the Journal of Political Economy  .PERIOD 
</s>
<s.WSJ900404-0059-1.3.4>
The article foresaw the Wall Street of the nineteen eighties by  
introducing the idea of takeovers as an excellent way for  
stockholders to replace managers who don't maximize share  
price .PERIOD 
</s>
<s.WSJ900404-0059-1.3.5>
He also is known for criticizing "DOUBLE-QUOTE inside trading "DOUBLE-QUOTE laws  
as overly vague  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.4>
<s.WSJ900404-0059-1.4.1>
Mr.  Manne is a leading scholar of the law and economics  
school begun at the University of Chicago Law School when he  
was a student there in the early nineteen fifties ,COMMA and that includes  
most prominently federal appeals court Judge Richard Posner  .PERIOD 
</s>
<s.WSJ900404-0059-1.4.2>
Scholars of this school apply economics to legal issues as  
diverse as product liability ,COMMA incentives to litigate and  
separation of powers .PERIOD 
</s>
<s.WSJ900404-0059-1.4.3>
Mr.  Manne took the job partly because  
he could recruit most of the faculty .PERIOD 
</s>
<s.WSJ900404-0059-1.4.4>
George Mason now has  
the highest concentration of economics -HYPHEN oriented law scholars  ,COMMA 
half of the twenty nine full -HYPHEN time professors  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.5>
<s.WSJ900404-0059-1.5.1>
Law and economics may be most valuable for helping judges  
understand the effects of legal rules .PERIOD 
</s>
<s.WSJ900404-0059-1.5.2>
A classic application  
was explained in nineteen forty seven by Learned Hand ,COMMA a federal judge in New  
York .PERIOD 
</s>
<s.WSJ900404-0059-1.5.3>
He became the Hammurabi of law and economics with a  
court opinion that included the "DOUBLE-QUOTE Hand Formula "DOUBLE-QUOTE for when to  
assess liability for negligence :COLON only if the loss caused by  
the accident ,COMMA multiplied by the probability of the accident  
occurring ,COMMA is more than the cost of precautions the defendant  
could have taken to avoid the accident .PERIOD 
</s>
<s.WSJ900404-0059-1.5.4>
This may sound overly  
formalistic ,COMMA but following it would have prevented today's  
deep -HYPHEN pocket -HYPHEN picking rules finding liability regardless of  
who ,COMMA if anyone ,COMMA was at fault  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.6>
<s.WSJ900404-0059-1.6.1>
There were some bumps along the way to a more high -HYPHEN powered  
George Mason .PERIOD 
</s>
<s.WSJ900404-0059-1.6.2>
"DOUBLE-QUOTE When I first came there was terror in this  
place ,COMMA "DOUBLE-QUOTE Mr.  Manne recalls .PERIOD 
</s>
<s.WSJ900404-0059-1.6.3>
"DOUBLE-QUOTE One rumor was that we were going  
to drop all the law courses and all the law students had to  
major in economics .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0059-1.6.4>
He had to buy out the contracts of  
several professors .PERIOD 
</s>
<s.WSJ900404-0059-1.6.5>
He sent two professors to earn economics  
Ph .PERIOD 
</s>
<s.WSJ900404-0059-1.6.6>
D. s.  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.7>
<s.WSJ900404-0059-1.7.1>
Mr.  Manne says that in his second year ,COMMA a student  
complained about law professors who kept putting numbers on  
the blackboard .PERIOD 
</s>
<s.WSJ900404-0059-1.7.2>
Mr.  Manne lectured her on the importance of  
concepts such as present value and opportunity cost .PERIOD 
</s>
<s.WSJ900404-0059-1.7.3>
He  
decided to offer a course the school calls "DOUBLE-QUOTE Quantitative  
Methods for Lawyers ,COMMA "DOUBLE-QUOTE which includes everything from basic  
supply -HYPHEN and -HYPHEN demand ideas to regression analysis and the  
Capital Asset Pricing Model .PERIOD 
</s>
<s.WSJ900404-0059-1.7.4>
The course became mandatory when  
law firms began asking for students who'd taken it  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.8>
<s.WSJ900404-0059-1.8.1>
"DOUBLE-QUOTE I just think it is irresponsible to have law students  
graduate not knowing that winning fifty thousand dollars for a client over  
twenty years is not the same as one million dollars now ,COMMA "DOUBLE-QUOTE Mr.  Manne says  .PERIOD 
</s>
<s.WSJ900404-0059-1.8.2>
These days discrimination and product -HYPHEN liability cases require  
some knowledge of statistics .PERIOD 
</s>
<s.WSJ900404-0059-1.8.3>
It's hard to follow takeover  
law without finance theory  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.9>
<s.WSJ900404-0059-1.9.1>
Mr.  Manne is careful to emphasize that George Mason is not  
a conservative law school .PERIOD 
</s>
<s.WSJ900404-0059-1.9.2>
Steven Ross ,COMMA the liberal lawyer  
for the House of Representatives ,COMMA will join Mr.  Bork as  
part -HYPHEN time constitutional law teachers .PERIOD 
</s>
<s.WSJ900404-0059-1.9.3>
Also ,COMMA "DOUBLE-QUOTE There is  
nothing more absurd than saying that law and economics is  
ideological ,COMMA "DOUBLE-QUOTE Mr.  Manne says .PERIOD 
</s>
<s.WSJ900404-0059-1.9.4>
"DOUBLE-QUOTE We just give students the  
economic tools they need .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0059-1.9.5>
Of course ,COMMA Mr.  Manne knows that  
the idea of applying concepts such as limited resources and  
cost -HYPHEN benefit analysis is radical indeed in a legal world of  
multi -HYPHEN million dollar punitive damages and activist judges  
rewriting private contracts  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.10>
<s.WSJ900404-0059-1.10.1>
He has unique experience teaching economics as a neutral  
analytic tool .PERIOD 
</s>
<s.WSJ900404-0059-1.10.2>
For more than fifteen years his Law and Economics  
Center ,COMMA now at George Mason ,COMMA has run intensive study programs  
for federal judges taught by leading economists such as  
Milton Friedman .PERIOD 
</s>
<s.WSJ900404-0059-1.10.3>
By now some three hundred and fifty federal judges --DASH more than  
forty %PERCENT of the total --DASH have taken these courses  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.11>
<s.WSJ900404-0059-1.11.1>
Mr.  Manne cites an opinion by Philadelphia federal Judge  
Edward Becker in an antitrust case ,COMMA Zenith v. .PERIOD 
</s>
<s.WSJ900404-0059-1.11.2>
Matsushita  
Electric .PERIOD 
</s>
<s.WSJ900404-0059-1.11.3>
Judge Becker ,COMMA a graduate of a Manne course ,COMMA used  
close economic reasoning to deny admission of supposed expert  
testimony on predatory pricing .PERIOD 
</s>
<s.WSJ900404-0059-1.11.4>
He wrote ,COMMA "DOUBLE-QUOTE We have  
encountered economists of the caliber of (LEFT-PAREN the expert witness  )RIGHT-PAREN 
in their academic milieu ,COMMA and ,COMMA knowing their fetish for  
rigorous analysis ,COMMA cannot conceive of them .PERIOD 
</s>
<s.WSJ900404-0059-1.11.5>
seriously  
positing conclusions based upon (LEFT-PAREN this )RIGHT-PAREN kind of evidence .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0059-1.12>
<s.WSJ900404-0059-1.12.1>
Along with emphasizing law and economics ,COMMA Mr.  Manne  
decided to do something about a perennial problem at law  
schools .PERIOD 
</s>
<s.WSJ900404-0059-1.12.2>
Several studies have proposed that law school be  
reduced to two years because the third year usually is a  
mishmash of elective courses .PERIOD 
</s>
<s.WSJ900404-0059-1.12.3>
As Mr.  Manne says ,COMMA "DOUBLE-QUOTE Out of the  
current system you get such exotica as `SINGLE-QUOTE Icelandic Sagas' and  
`SINGLE-QUOTE Legal Systems in Bangladesh ,COMMA 'SINGLE-QUOTE where no two courses have any  
relationship to another .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0059-1.12.4>
He didn't mention it ,COMMA but you also  
get highly political courses that don't have much to do with  
law at all ,COMMA such as the crypto -HYPHEN Marxist Critical Legal  
Studies  .PERIOD 
</s>
</p>
<p.WSJ900404-0059-1.13>
<s.WSJ900404-0059-1.13.1>
So he created a three -HYPHEN year system in which students can  
instead concentrate in legal specialties .PERIOD 
</s>
<s.WSJ900404-0059-1.13.2>
Beginning with the  
current class ,COMMA students can take an integrated set of courses  
in corporate and securities law ,COMMA banking and  
financial -HYPHEN services law or patent law .PERIOD 
</s>
<s.WSJ900404-0059-1.13.3>
About one -HYPHEN third of the  
students choose one of these tracks .PERIOD 
</s>
<s.WSJ900404-0059-1.13.4>
The courses include  
"DOUBLE-QUOTE Insolvency &AMPERSAND Reorganization of Financial Services Firms "DOUBLE-QUOTE and  
"DOUBLE-QUOTE Corporate Procedure &AMPERSAND Litigation I. I. .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0059-1.14>
<s.WSJ900404-0059-1.14.1>
It's fitting that Mr.  Bork should pick George Mason to  
resume law teaching .PERIOD 
</s>
<s.WSJ900404-0059-1.14.2>
He made his early reputation with a book  
that shook antitrust law by applying economic concepts to  
show that big is not necessarily bad .PERIOD 
</s>
<s.WSJ900404-0059-1.14.3>
Mr.  Bork says he  
accepted Mr.  Manne's offer because "DOUBLE-QUOTE George Mason is a rapidly  
improving place .PERIOD 
</s>
<s.WSJ900404-0059-1.14.4>
Henry Manne is producing the law school to  
watch .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0059-1.15>
<s.WSJ900404-0059-1.15.1>
Another thriving law school may not be what this country  
needs most ,COMMA but at least George Mason hopes to train lawyers  
who understand the law in its biggest picture .PERIOD 
</s>
<s.WSJ900404-0059-1.15.2>
If Mr.  Manne  
succeeds ,COMMA his insistence that lawyers understand economics  
could inspire a happy revolution in the development of our  
laws  .PERIOD 
</s>
</p>
<p.WSJ900404-0058-1.1>
<s.WSJ900404-0058-1.1.1>
I. N. T. E. R. -HYPHEN R. E. G. I. O. N. A. L. F. I. N. A. N. C. I. A. L. G. R. O. U. P. Incorporated  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0058-1.1.2>
Minneapolis )RIGHT-PAREN --DASH  
Irving Weiser ,COMMA forty two -HYPHEN year -HYPHEN old president and chief executive  
officer of this financial -HYPHEN services concern ,COMMA was named to the  
additional posts of president and chief executive of its Dain  
Bosworth Incorporated  brokerage firm unit ,COMMA succeeding Fred Friswold  ,COMMA 
who resigned earlier this year  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.1>
<s.WSJ900404-0057-1.1.1>
M. O. N. T. R. E. A. L. --DASH Provigo Incorporated  named two people to succeed its  
former chairman ,COMMA president and chief executive officer  ,COMMA 
Pierre Lortie ,COMMA who left five months ago after the board  
decided to sell the nonfood operations of the wholesale and  
retail grocery concern  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.2>
<s.WSJ900404-0057-1.2.1>
Bertin Nadeau ,COMMA who has effective control of fifty one %PERCENT of  
Provigo's stock ,COMMA was named chairman .PERIOD 
</s>
<s.WSJ900404-0057-1.2.2>
He will share the chief  
executive's post with Yvan Bussieres ,COMMA who also was named  
president  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.3>
<s.WSJ900404-0057-1.3.1>
Mr.  Nadeau ,COMMA forty nine years old ,COMMA controls Unigesco Incorporated  ,COMMA a  
Montreal distribution concern .PERIOD 
</s>
<s.WSJ900404-0057-1.3.2>
Unigesco holds twenty six %PERCENT of Provigo  
directly ,COMMA and ,COMMA through an agreement with another major  
holder ,COMMA votes an additional twenty five %PERCENT of Provigo's shares  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.4>
<s.WSJ900404-0057-1.4.1>
Mr.  Bussieres ,COMMA forty six ,COMMA previously was president and chief  
operating officer of a Provigo unit  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.5>
<s.WSJ900404-0057-1.5.1>
Mr.  Nadeau said that within the newly created "DOUBLE-QUOTE office of  
the chief executive ,COMMA "DOUBLE-QUOTE he will be responsible for the  
company's overall direction and finances ,COMMA while Mr.  Bussieres  
will concentrate on operations  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.6>
<s.WSJ900404-0057-1.6.1>
Provigo also posted a loss for the year ended January  twenty seven ,COMMA as  
expected ,COMMA but analysts said the results were even weaker than  
anticipated .PERIOD 
</s>
<s.WSJ900404-0057-1.6.2>
The fiscal nineteen ninety deficit of fifty one .POINT four million Canadian  
dollars (LEFT-PAREN U. S. forty four million dollars ,COMMA or sixty Canadian cents (LEFT-PAREN fifty one U. S. cents  )RIGHT-PAREN 
a share ,COMMA compares with year -HYPHEN earlier earnings of C. fifty one .POINT five million dollars ,COMMA or sixty one Canadian cents a share .PERIOD 
</s>
<s.WSJ900404-0057-1.6.3>
The results for both  
years include extraordinary charges and losses from  
discontinued operations ,COMMA including a C. sixty million dollars charge for  
the disposal of Provigo's nonfood businesses in the latest  
year  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.7>
<s.WSJ900404-0057-1.7.1>
Sales rose fifteen %PERCENT to C. six .POINT one four billion dollars from C. five .POINT three five billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0057-1.8>
<s.WSJ900404-0057-1.8.1>
On the Toronto Stock Exchange yesterday ,COMMA Provigo shares  
closed unchanged at C. nine dollars and twenty five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0056-1.1>
<s.WSJ900404-0056-1.1.1>
O. A. K. B. R. O. O. K. ,COMMA Ill .PERIOD 
</s>
<s.WSJ900404-0056-1.1.2>
--DASH Waste Management Incorporated  and Jefferson  
Smurfit Corporation  dropped plans to form a joint venture under  
which the waste -HYPHEN handling concern would have provided used  
paper to Smurfit's extensive reclamation operation  .PERIOD 
</s>
</p>
<p.WSJ900404-0056-1.2>
<s.WSJ900404-0056-1.2.1>
Both companies said the plan was scuttled on an amicable  
basis after they couldn't come to terms .PERIOD 
</s>
<s.WSJ900404-0056-1.2.2>
They declined to  
elaborate  .PERIOD 
</s>
</p>
<p.WSJ900404-0056-1.3>
<s.WSJ900404-0056-1.3.1>
In January ,COMMA the companies signed a letter of intent  
calling for Waste Management to buy a fifty %PERCENT stake in Smurfit's  
reclamation division .PERIOD 
</s>
<s.WSJ900404-0056-1.3.2>
Smurfit ,COMMA a Saint  .PERIOD 
</s>
<s.WSJ900404-0056-1.3.3>
Louis container company  
owned by Jefferson Smurfit Group P. L. C. of Ireland and an  
investor group led by Morgan Stanley Group Incorporated  ,COMMA is the  
nation's largest reclaimer and recycler of wastepaper  .PERIOD 
</s>
</p>
<p.WSJ900404-0056-1.4>
<s.WSJ900404-0056-1.4.1>
The proposed venture had promised Smurfit an abundant and  
steady stream of material ,COMMA while providing an ensured market  
for the old newspapers that Waste Management ,COMMA the nation's  
largest collector of municipal garbage ,COMMA picks up from one hundred and ninety  
municipalities in North America  .PERIOD 
</s>
</p>
<p.WSJ900404-0056-1.5>
<s.WSJ900404-0056-1.5.1>
Although the venture has been called off ,COMMA the companies  
said that "DOUBLE-QUOTE subject to market conditions "DOUBLE-QUOTE they expect to  
continue their current relationship ,COMMA in which Smurfit  
sometimes buys or brokers waste paper from Waste Management  .PERIOD 
</s>
</p>
<p.WSJ900404-0056-1.6>
<s.WSJ900404-0056-1.6.1>
A Waste Management spokesman said the company is "DOUBLE-QUOTE as  
optimistic as ever ,COMMA and as committed as ever ,COMMA to developing  
endmarkets for all the recyclables we collect .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0056-1.6.2>
The company  
is pushing ahead plans to put together ,COMMA with Du Pont Company  ,COMMA the  
nation's largest plastics recycling and reprocessing  
operation .PERIOD 
</s>
<s.WSJ900404-0056-1.6.3>
"DOUBLE-QUOTE We hope to to be doing other things on our own to  
provide assured outlets for what we collect ,COMMA "DOUBLE-QUOTE said the  
spokesman  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.1>
<s.WSJ900404-0055-1.1.1>
New York --DASH Now that Franco Zeffirelli has designed a  
handsome new "DOUBLE-QUOTE Don Giovanni "DOUBLE-QUOTE for the Metropolitan ,COMMA could he  
please come back and finish directing it  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0055-1.2>
<s.WSJ900404-0055-1.2.1>
At the premiere the other night ,COMMA the most enjoyable  
performance came from the sets .PERIOD 
</s>
<s.WSJ900404-0055-1.2.2>
They were large and nimble  
and entirely worthy of our undivided attention whenever they  
rolled in on their little wheels .PERIOD 
</s>
<s.WSJ900404-0055-1.2.3>
My major regret was that  
Mr.  Zeffirelli did not also think to outfit his not -HYPHEN so -HYPHEN nimble  
cast with individual dollies .PERIOD 
</s>
<s.WSJ900404-0055-1.2.4>
Mostly ,COMMA they just stood there  
like well ,COMMA statues ,COMMA obscuring very attractive grillwork  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.3>
<s.WSJ900404-0055-1.3.1>
The best ironwork decorates Donna Anna's huge palace and  ,COMMA 
happily ,COMMA the opera's plot let us admire it twice .PERIOD 
</s>
<s.WSJ900404-0055-1.3.2>
The first  
time around ,COMMA its noble resident distracted us by dropping to  
the floor in a faint after the Don Giovanni of the evening  ,COMMA 
Samuel Ramey ,COMMA pawed her bosom and bared his teeth  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.4>
<s.WSJ900404-0055-1.4.1>
Even so ,COMMA the production was short on laughs .PERIOD 
</s>
<s.WSJ900404-0055-1.4.2>
You may read  
in the program that Mozart and his librettist ,COMMA Lorenzo da  
Ponte ,COMMA wrote a "DOUBLE-QUOTE dramma giocoso ,COMMA "DOUBLE-QUOTE but the drama and jokey bits  
still were waiting to be inserted when Mr.  Zeffirelli ran out  
of rehearsals  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.5>
<s.WSJ900404-0055-1.5.1>
He evidently spent his time arranging for eleven smooth scene  
changes that take us all the way to hell by the opera's end  ,COMMA 
with Mr.  Z. adding a few extra touches typical of his  
cheerfully overblown style .PERIOD 
</s>
<s.WSJ900404-0055-1.5.2>
Normally ,COMMA we have to make do with  
just the statue of the murdered Commendatore coming to life  .PERIOD 
</s>
<s.WSJ900404-0055-1.5.3>
Not anymore .PERIOD 
</s>
<s.WSJ900404-0055-1.5.4>
In this production ,COMMA many waving tomb statues  
point the Don down to his fiery destination .PERIOD 
</s>
<s.WSJ900404-0055-1.5.5>
Would that Mr.   
Zeffirelli also could have written a new Mozart tune as they  
stirred to life .PERIOD 
</s>
<s.WSJ900404-0055-1.5.6>
But even Mr.  Z's talent has some limit ,COMMA it  
seems  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.6>
<s.WSJ900404-0055-1.6.1>
More often ,COMMA though ,COMMA this "DOUBLE-QUOTE Don Giovanni "DOUBLE-QUOTE shows signs of  
actual restraint (LEFT-PAREN by the abandoned standards of his amusingly  
overblown "DOUBLE-QUOTE Turandot "DOUBLE-QUOTE anyhow ,COMMA while still looking like the  
million bucks --DASH plus it probably cost .PERIOD 
</s>
<s.WSJ900404-0055-1.6.2>
Mr.  Zeffirelli took  
his design cues from the rococo theater of Mozart's day ,COMMA when  
his wizardly predecessors transformed bare planks into  
"DOUBLE-QUOTE trompe l'oeil "DOUBLE-QUOTE worlds using pulleys and paints .PERIOD 
</s>
<s.WSJ900404-0055-1.6.3>
Mr.  Z's  
world begins with the sun rising slowly during the overture  
on an empty stage ,COMMA a beautiful image that returns when the  
Don has lived out his last ,COMMA and very complicated ,COMMA day  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.7>
<s.WSJ900404-0055-1.7.1>
So there is no reason to linger sadly over the demise of  
the old Eugene Berman production .PERIOD 
</s>
<s.WSJ900404-0055-1.7.2>
Once interesting in an arty  
sort of way ,COMMA with lots of flats covered with bold  
Mediterranean colors ,COMMA Berman's sets were collapsing on the  
cast the last time I saw it (LEFT-PAREN and I wasn't even thinking  
wishfully !EXCLAMATION-POINT )RIGHT-PAREN .PERIOD 
</s>
<s.WSJ900404-0055-1.7.3>
What made me remember it at all was its  
Giovanni ,COMMA the great Italian basso Cesare Siepi ,COMMA who played  
the Don with a sexy elegance and mocking humor that Mr.  Ramey  
barely suggests  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.8>
<s.WSJ900404-0055-1.8.1>
Given no apparent direction ,COMMA curiously frail -HYPHEN looking in  
his outfits ,COMMA Mr.  Ramey slapped his head a lot in an  
unconvincing display of animation and sang his music very  
smoothly while slowly fading into the darkly glimmering sets  
as the evening progressed --DASH until you needed the Hubble  
interstellar telescope to pull him into focus  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.9>
<s.WSJ900404-0055-1.9.1>
A low point was "DOUBLE-QUOTE La ci darem la mano ,COMMA "DOUBLE-QUOTE in which the Don's  
dullness was doubled by duetizing with the show's Zerlina  ,COMMA 
Dawn Upshaw .PERIOD 
</s>
<s.WSJ900404-0055-1.9.2>
Come with me to my castle ,COMMA "DOUBLE-QUOTE I'll change your  
fate ,COMMA "DOUBLE-QUOTE promises the Don singing softly into the ear of this  
peasant girl set to marry a bumpkin .PERIOD 
</s>
<s.WSJ900404-0055-1.9.3>
"DOUBLE-QUOTE I want to .PERIOD 
</s>
<s.WSJ900404-0055-1.9.4>
and I  
don't ,COMMA "DOUBLE-QUOTE says she .PERIOD 
</s>
<s.WSJ900404-0055-1.9.5>
I was struck by the beatific expression on  
conductor James Levine's face as he turned sideways to  
address the strings .PERIOD 
</s>
<s.WSJ900404-0055-1.9.6>
Singing that uninflected and charmless  
makes him happy  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0055-1.10>
<s.WSJ900404-0055-1.10.1>
So it went for much of the evening .PERIOD 
</s>
<s.WSJ900404-0055-1.10.2>
One might have  
accepted what was essentially a concert performance sung in  
front of sets ,COMMA had the singing been interesting .PERIOD 
</s>
<s.WSJ900404-0055-1.10.3>
It rarely  
was .PERIOD 
</s>
<s.WSJ900404-0055-1.10.4>
Mozart wrote a fabulous entry aria for Donna Elvira .PERIOD 
</s>
<s.WSJ900404-0055-1.10.5>
The  
Don has just ditched her and she is cooking with fury .PERIOD 
</s>
<s.WSJ900404-0055-1.10.6>
"DOUBLE-QUOTE I'm  
going to cut out his heart ,COMMA "DOUBLE-QUOTE she sings ,COMMA stomping into  
Seville .PERIOD 
</s>
<s.WSJ900404-0055-1.10.7>
The descriptive vocal line goes up and down as she  
relishes the surgery ,COMMA not knowing that the man himself is  
secretly observing her .PERIOD 
</s>
<s.WSJ900404-0055-1.10.8>
This is as funny as opera gets .PERIOD 
</s>
<s.WSJ900404-0055-1.10.9>
But  
Karita Mattila's careful delivery and restrained gestures did  
not inspire chuckles .PERIOD 
</s>
<s.WSJ900404-0055-1.10.10>
She sang the notes very tidily indeed  
and then sat down to calm her debut nerves by listening to  
Leporello ,COMMA the Don's sidekick ,COMMA recite a catalog of his  
master's amorous conquests .PERIOD 
</s>
<s.WSJ900404-0055-1.10.11>
Poor Elvira is No .PERIOD 
</s>
<s.WSJ900404-0055-1.10.12>
one thousand and three (LEFT-PAREN and  
that's just for Spain !EXCLAMATION-POINT )RIGHT-PAREN .PERIOD 
</s>
<s.WSJ900404-0055-1.10.13>
As far as I could tell ,COMMA she seemed  
to take it well .PERIOD 
</s>
<s.WSJ900404-0055-1.10.14>
Mr.  Z. apparently didn't get around to  
staging this scene either  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.11>
<s.WSJ900404-0055-1.11.1>
Or the grotesque masquerade in the next act .PERIOD 
</s>
<s.WSJ900404-0055-1.11.2>
Elvira  ,COMMA 
pining ,COMMA lonely ,COMMA consumed by hope and memory ,COMMA lets herself be  
deluded into thinking that the Don is making nice to her in  
the darkness of a town square ,COMMA when it is in fact Leporello  
wearing his hat and cape .PERIOD 
</s>
<s.WSJ900404-0055-1.11.3>
We should be amused ,COMMA not  
embarrassed .PERIOD 
</s>
<s.WSJ900404-0055-1.11.4>
Mr.  Ramey and Ferruccio Furlanetto ,COMMA presumably  
left to their own devices ,COMMA carried on like provincial clowns  .PERIOD 
</s>
<s.WSJ900404-0055-1.11.5>
But never mind ,COMMA Ms.  Mattila somehow still came across as a  
soprano one would like to see again in another opera .PERIOD 
</s>
<s.WSJ900404-0055-1.11.6>
She is  
an unusually striking woman with big eyes and a determined  
chin ,COMMA and the voice warms to a silvery sheen .PERIOD 
</s>
<s.WSJ900404-0055-1.11.7>
"DOUBLE-QUOTE Mi tradi "DOUBLE-QUOTE got  
the biggest hand of the evening  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.12>
<s.WSJ900404-0055-1.12.1>
There was not much competition from Carol Vaness ,COMMA a fine  
singer quite miscast as Donna Anna ,COMMA Elvira's frigid  
counterpart .PERIOD 
</s>
<s.WSJ900404-0055-1.12.2>
Her icy arias demand more cutting power than Ms.   
Vaness could muster .PERIOD 
</s>
<s.WSJ900404-0055-1.12.3>
At least her Ottavio ,COMMA Jerry Hadley ,COMMA was  
a cut above the fat fop often cast as this useless man  .PERIOD 
</s>
<s.WSJ900404-0055-1.12.4>
Elegant in Anna Anni's sumptuous costumes ,COMMA he sang his  
difficult music with an imperfect technique and a beautiful  
tone  .PERIOD 
</s>
</p>
<p.WSJ900404-0055-1.13>
<s.WSJ900404-0055-1.13.1>
The most memorable moment came right after the Don's death  
as the cast gathered to sing high -HYPHEN mindedly of evildoers  
always coming to an evil end .PERIOD 
</s>
<s.WSJ900404-0055-1.13.2>
Leporello sat alone in a  
corner ,COMMA cradling his master's catalog of conquests ,COMMA looking  
sad ,COMMA and clearly missing the good times already .PERIOD 
</s>
<s.WSJ900404-0055-1.13.3>
It was a  
nice touch and suggested what Mr.  Z. might have been capable  
of had he spent some time thinking about the characters  
inside his gorgeous sets  .PERIOD 
</s>
</p>
<p.WSJ900404-0054-1.1>
<s.WSJ900404-0054-1.1.1>
Advest Group Incorporated  ,COMMA hurt by the slump in the securities  
industry ,COMMA said it expects to post a loss of five million dollars ,COMMA or fifty  
cents a share ,COMMA for its second quarter ended last Saturday  .PERIOD 
</s>
</p>
<p.WSJ900404-0054-1.2>
<s.WSJ900404-0054-1.2.1>
The regional brokerage firm ,COMMA based in Hartford ,COMMA Conn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0054-1.2.2>
had  
year -HYPHEN earlier profit of two million dollars ,COMMA or twenty cents a share ,COMMA on  
revenue of fifty four .POINT six million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0054-1.3>
<s.WSJ900404-0054-1.3.1>
Advest said the results for the latest period include a five million dollars pretax charge for a contingency reserve for assets  
held by Advest Credit Corporation  ,COMMA which is in liquidation ,COMMA and for  
possible losses on other investments and loans in oil and gas  
partnerships and in real estate partnerships acquired by  
Advest Group in the past five years .PERIOD 
</s>
<s.WSJ900404-0054-1.3.2>
Advest said its  
quarterly dividend of four cents a share won't be affected  .PERIOD 
</s>
</p>
<p.WSJ900404-0054-1.4>
<s.WSJ900404-0054-1.4.1>
In New York Stock Exchange composite trading yesterday  ,COMMA 
Advest shares closed at five dollars and thirty seven cents five ,COMMA unchanged  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.1>
<s.WSJ900404-0053-1.1.1>
D. E. T. R. O. I. T. --DASH Auto makers dodged the fuel -HYPHEN economy bullet in  
the Senate clean air bill ,COMMA but they still face an all -HYPHEN out  
legislative fight over this potentially costly issue  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.2>
<s.WSJ900404-0053-1.2.1>
Environmentalists are pushing for improved gasoline  
mileage as a key step in slowing global warming ,COMMA a climatic  
change that scientists have linked to the burning of gasoline  
and other fossil fuels .PERIOD 
</s>
<s.WSJ900404-0053-1.2.2>
Auto makers ,COMMA meanwhile ,COMMA complain that  
a tough fuel economy law will force them to radically shrink  
their cars at a time when consumers are buying bigger ,COMMA more  
powerful models  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.3>
<s.WSJ900404-0053-1.3.1>
"DOUBLE-QUOTE The car industry is going to fight like hell ,COMMA but so are  
we ,COMMA "DOUBLE-QUOTE says Daniel Becker ,COMMA director of global warming and  
energy programs for the Sierra Club .PERIOD 
</s>
<s.WSJ900404-0053-1.3.2>
"DOUBLE-QUOTE And I think Congress is  
going to conclude they need to tighten up C. A. F. E. {LEFT-BRACE corporate  
average fuel economy .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0053-1.4>
<s.WSJ900404-0053-1.4.1>
The auto industry won an important skirmish when it  
blocked an amendment from the Senate bill that would have  
effectively required greatly improved fuel economy .PERIOD 
</s>
<s.WSJ900404-0053-1.4.2>
Such an  
amendment was G. M. 'SINGLE-QUOTE s. "DOUBLE-QUOTE No .PERIOD 
</s>
<s.WSJ900404-0053-1.4.3>
one objection "DOUBLE-QUOTE to the clean air bill  ,COMMA 
says William H. Noack ,COMMA director of General Motors Corporation  'SINGLE-QUOTE s.  
Washington office  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.5>
<s.WSJ900404-0053-1.5.1>
But a fight is still looming .PERIOD 
</s>
<s.WSJ900404-0053-1.5.2>
Yesterday ,COMMA the Senate  
Committee on Commerce ,COMMA Science and Transportation  
overwhelmingly approved a bill ,COMMA written by Sen .PERIOD 
</s>
<s.WSJ900404-0053-1.5.3>
Richard Bryan  
(LEFT-PAREN D. ,COMMA Nev .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0053-1.5.4>
that would require each manufacturer to achieve a  
twenty %PERCENT improvement in corporate fuel economy by nineteen ninety five and a forty %PERCENT  
improvement by two thousand and one .PERIOD 
</s>
<s.WSJ900404-0053-1.5.5>
The bill uses nineteen eighty eight as a base  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.6>
<s.WSJ900404-0053-1.6.1>
Approval came despite lobbying from auto industry  
officials ;SEMI-COLON Ford Motor Company  .PERIOD 
</s>
<s.WSJ900404-0053-1.6.2>
Chairman Harold A. Poling  
personally visited four key senators before the vote .PERIOD 
</s>
<s.WSJ900404-0053-1.6.3>
The  
Bryan bill "DOUBLE-QUOTE has the potential to eliminate the family car  ,COMMA "DOUBLE-QUOTE 
argues G. M. 'SINGLE-QUOTE s. Mr.  Noack  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.7>
<s.WSJ900404-0053-1.7.1>
Senate leadership has already promised to give the Bryan  
bill time on the floor later this year .PERIOD 
</s>
<s.WSJ900404-0053-1.7.2>
And some senators  
behind the clean air bill have indicated they support tougher  
fuel economy standards ,COMMA not only because of global warming  ,COMMA 
but also because of concern about the trade deficit --DASH caused  
in no small part by massive purchases of foreign oil  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.8>
<s.WSJ900404-0053-1.8.1>
Currently ,COMMA foreign and domestic car makers are required to  
meet a twenty seven .POINT five -HYPHEN mile -HYPHEN a. -HYPHEN gallon average for their U. S. fleets  ,COMMA 
about twice what the manufacturers averaged in the mid -HYPHEN nineteen seventies  .PERIOD 
</s>
<s.WSJ900404-0053-1.8.2>
But after years of increases ,COMMA the average fuel economy of  
cars sold in the U. S. began dropping two years ago --DASH four %PERCENT  
since nineteen eighty eight ,COMMA according to the Environmental Protection Agency  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.9>
<s.WSJ900404-0053-1.9.1>
In the nineteen ninety model year ,COMMA Ford ,COMMA G. M. and Chrysler Corporation  expect  
to average from twenty six .POINT five miles a gallon to twenty seven .POINT one miles a gallon  ,COMMA 
although all should avoid paying federal fines because of  
credits accumulated in past years .PERIOD 
</s>
<s.WSJ900404-0053-1.9.2>
The companies say their  
numbers are down because they're selling more cars with  
bigger engines and weight -HYPHEN adding options and safety  
equipment  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.10>
<s.WSJ900404-0053-1.10.1>
Even bigger drops in fuel economy have come from Japanese  
car makers ,COMMA who once sold only small cars but are now making  
an aggressive bid for the heart of the U. S. market .PERIOD 
</s>
<s.WSJ900404-0053-1.10.2>
This past  
fall ,COMMA Nissan Motor Company  and Toyota Motor Corporation  each introduced  
luxury cars with V. -HYPHEN eight engines .PERIOD 
</s>
<s.WSJ900404-0053-1.10.3>
Partly because of this  ,COMMA 
Toyota's corporate average is projected to drop to thirty .POINT five miles  
per gallon this model year ,COMMA about six %PERCENT below the nineteen eighty eight level of  
thirty two .POINT six miles .PERIOD 
</s>
<s.WSJ900404-0053-1.10.4>
The imports are "DOUBLE-QUOTE moving aggressively backwards  ,COMMA "DOUBLE-QUOTE 
complains Sen .PERIOD 
</s>
<s.WSJ900404-0053-1.10.5>
Bryan  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.11>
<s.WSJ900404-0053-1.11.1>
Now ,COMMA the Bryan bill would require each manufacturer to  
boost its individual fuel economy ,COMMA first by twenty %PERCENT then by forty %PERCENT  
--DASH a change from the practice of requiring manufacturers to  
meet a single ,COMMA industrywide number or pay penalties .PERIOD 
</s>
<s.WSJ900404-0053-1.11.2>
The  
approach in the Bryan bill has incensed the Japanese ,COMMA who say  
it imposes an especially tough burden because their  
fuel -HYPHEN economy averages already exceed those of the U. S. .PERIOD 
</s>
<s.WSJ900404-0053-1.11.3>
Big  
Three  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.12>
<s.WSJ900404-0053-1.12.1>
By contrast ,COMMA Chrysler and Ford each prefer the  
percentage -HYPHEN by -HYPHEN manufacturer approach over an industrywide  
number ,COMMA although they feel the numbers in the Bryan bill are  
way too high .PERIOD 
</s>
<s.WSJ900404-0053-1.12.2>
G. M. is opposed to C. A. F. E. standards ,COMMA period  ,COMMA 
company spokesmen say  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.13>
<s.WSJ900404-0053-1.13.1>
For its part ,COMMA the Senate clean air bill will add perhaps  
six hundred dollars to the cost of a new car .PERIOD 
</s>
<s.WSJ900404-0053-1.13.2>
But many auto executives  
believe a tough fuel economy law will be much worse ,COMMA perhaps  
forcing them to stop building big cars entirely  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.14>
<s.WSJ900404-0053-1.14.1>
Backers of tougher fuel economy insist the auto makers  
could meet the standards without significantly cutting down  
the size of cars .PERIOD 
</s>
<s.WSJ900404-0053-1.14.2>
Sen .PERIOD 
</s>
<s.WSJ900404-0053-1.14.3>
Bryan points to a U. S. .PERIOD 
</s>
<s.WSJ900404-0053-1.14.4>
Office of  
Technology Assessment study that found car makers could  
improve fuel economy merely through more extensive use of  
existing technology ,COMMA such as front -HYPHEN wheel drive ,COMMA fuel  
injection and multivalve engines  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.15>
<s.WSJ900404-0053-1.15.1>
Ronald Boltz ,COMMA Chrysler's vice president of product  
strategy and regulatory affairs ,COMMA disagrees ,COMMA saying that  
changes in technology will produce some of these gains ,COMMA but  
the rest must come from reduced weight  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.16>
<s.WSJ900404-0053-1.16.1>
Since nineteen seventy four ,COMMA the auto industry has slimmed down the average  
U. S. car to a little less than three thousand pounds from more than  
four thousand pounds .PERIOD 
</s>
<s.WSJ900404-0053-1.16.2>
In many cases ,COMMA car makers were able to trim  
weight without reducing interior volume ,COMMA but Mr.  Boltz says  
that won't be the case this time around .PERIOD 
</s>
<s.WSJ900404-0053-1.16.3>
The Bryan bill would  
force Chrysler to have an average fuel economy of thirty nine .POINT eight miles  
per gallon by two thousand and one ,COMMA making its largest car a compact ,COMMA he  
says  .PERIOD 
</s>
</p>
<p.WSJ900404-0053-1.17>
<s.WSJ900404-0053-1.17.1>
To some senators ,COMMA that is reminiscent of the mid -HYPHEN nineteen seventies  ,COMMA 
when Ford warned that the first fuel economy law could  
require a product line of "DOUBLE-QUOTE all sub -HYPHEN Pinto sized vehicles .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0052-1.1>
<s.WSJ900404-0052-1.1.1>
Tokyo stocks finished sharply higher ,COMMA a day after posting  
the biggest single -HYPHEN day loss since the October nineteen eighty seven plunge  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.2>
<s.WSJ900404-0052-1.2.1>
The Nikkei index rebounded in the afternoon session ,COMMA after  
slipping in the morning .PERIOD 
</s>
<s.WSJ900404-0052-1.2.2>
Active bargain hunting lifted the  
market ,COMMA with advances led by high -HYPHEN tech and blue -HYPHEN chip shares  .PERIOD 
</s>
<s.WSJ900404-0052-1.2.3>
Trading in stocks with poor earnings outlooks remained  
sluggish  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.3>
<s.WSJ900404-0052-1.3.1>
In London ,COMMA prices finished a seesaw session firmer ,COMMA as an  
early advance on the back of the good Tokyo performance ran  
out of steam ,COMMA only to be revived once Wall Street opened  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.4>
<s.WSJ900404-0052-1.4.1>
Tokyo's Nikkei index of two hundred and twenty five issues finished just below its  
intraday high ,COMMA up seven hundred and fifty seven .POINT six five points at twenty eight thousand seven hundred and fifty nine .POINT seven two .PERIOD 
</s>
<s.WSJ900404-0052-1.4.2>
Yesterday's gain  
was the index's first in six trading days .PERIOD 
</s>
<s.WSJ900404-0052-1.4.3>
The Nikkei lost  
one thousand nine hundred and seventy eight .POINT three eight points ,COMMA or six .POINT six %PERCENT ,COMMA Monday ,COMMA the second -HYPHEN largest daily  
loss ever both in point and percentage terms  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.5>
<s.WSJ900404-0052-1.5.1>
In trading Wednesday morning ,COMMA the Nikkei index was up  
two hundred and twelve .POINT oh five points at twenty eight thousand nine hundred and seventy one .POINT seven seven  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.6>
<s.WSJ900404-0052-1.6.1>
Volume yesterday on the first section was estimated at six hundred and fifty  
million shares ,COMMA up from four hundred and seventy nine million shares Monday .PERIOD 
</s>
<s.WSJ900404-0052-1.6.2>
Declining  
issues outpaced advancing issues four hundred and sixty four to four hundred and twelve ,COMMA while seventy issues  
were unchanged  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.7>
<s.WSJ900404-0052-1.7.1>
The Tokyo Stock Price Index of all issues listed in the  
first section gained forty one .POINT seven eight points ,COMMA or two .POINT oh two %PERCENT ,COMMA to two thousand one hundred and eleven .POINT one one  ,COMMA 
after plunging one hundred and fifty eight .POINT one five points Monday  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.8>
<s.WSJ900404-0052-1.8.1>
The second section index lost seventy seven .POINT oh four points ,COMMA or two .POINT one oh %PERCENT ,COMMA to  
three thousand five hundred and eighty six .POINT oh seven .PERIOD 
</s>
<s.WSJ900404-0052-1.8.2>
The index fell one hundred and fifty four .POINT seven nine points Monday .PERIOD 
</s>
<s.WSJ900404-0052-1.8.3>
Volume was  
estimated at nine million shares ,COMMA up from five million shares  
Monday  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.9>
<s.WSJ900404-0052-1.9.1>
The Nikkei index fluctuated widely in either side of twenty eight thousand  
points yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.10>
<s.WSJ900404-0052-1.10.1>
After gaining six hundred points in the first thirty minutes of the  
morning session ,COMMA the index fell as low as twenty seven thousand six hundred and seventy eight .POINT one eight points  ,COMMA 
the lowest intraday level this year  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.11>
<s.WSJ900404-0052-1.11.1>
But the index bounced up two hundred and fifty points during the last thirty  
minutes of the morning session ,COMMA cutting the loss to seventy seven .POINT one nine  
points  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.12>
<s.WSJ900404-0052-1.12.1>
Selling pressure was strong from individual investors  ,COMMA 
some of whom need to cash in holdings to pay additional  
deposits for margin buying ,COMMA traders said  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.13>
<s.WSJ900404-0052-1.13.1>
But such selling ,COMMA orders for which mostly had been placed  
with brokerage houses overnight ,COMMA were processed during the  
morning session  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.14>
<s.WSJ900404-0052-1.14.1>
Encouraged by reduced selling pressure ,COMMA the Nikkei  
continued its upward move through the afternoon session  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.15>
<s.WSJ900404-0052-1.15.1>
The Nikkei's advance didn't indicate across -HYPHEN the -HYPHEN board  
gains ,COMMA however  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.16>
<s.WSJ900404-0052-1.16.1>
High -HYPHEN tech and blue -HYPHEN chip shares gained ,COMMA supported by buying  
by a wide range of investors including institutions and  
investment trust funds ,COMMA traders said  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.17>
<s.WSJ900404-0052-1.17.1>
Meanwhile ,COMMA investors sold stocks with poor earnings  
prospects ,COMMA regardless of their capitalization ,COMMA the traders  
said  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.18>
<s.WSJ900404-0052-1.18.1>
Some speculative shares also were targets of heavy  
selling .PERIOD 
</s>
<s.WSJ900404-0052-1.18.2>
Rumors that some speculator groups are in financial  
trouble spawned fear that the groups may sell their holdings  ,COMMA 
traders said  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.19>
<s.WSJ900404-0052-1.19.1>
Traders said life and non -HYPHEN life insurance companies were  
among active buyers .PERIOD 
</s>
<s.WSJ900404-0052-1.19.2>
The activity spawned speculation among  
traders that the Ministry of Finance asked the companies to  
place buy orders to demonstrate that a report in a leading  
economic newspaper asserting the companies planned heavy  
sales was misleading .PERIOD 
</s>
<s.WSJ900404-0052-1.19.3>
Officials of life insurance companies  
denied the speculation  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.20>
<s.WSJ900404-0052-1.20.1>
Among the high -HYPHEN technology winners were Sony ,COMMA which rose  
five hundred yen to eight thousand one hundred yen (LEFT-PAREN three dollars and fifteen cents to fifty one dollars ,COMMA and Kyocera ,COMMA which surged  
five hundred and forty yen to seven thousand nine hundred yen .PERIOD 
</s>
<s.WSJ900404-0052-1.20.2>
Hitachi gained one hundred and twenty yen to sixteen twenty yen  ,COMMA 
while Sharp increased one hundred yen to eighteen hundred yen  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.21>
<s.WSJ900404-0052-1.21.1>
But mining issues declined ,COMMA reflecting falling gold  
prices ,COMMA traders said .PERIOD 
</s>
<s.WSJ900404-0052-1.21.2>
Dowa Mining lost fifty four yen to seven hundred and fifty six yen  .PERIOD 
</s>
<s.WSJ900404-0052-1.21.3>
Petroleum shares were also sold as the weaker yen is expected  
to push up oil import costs .PERIOD 
</s>
<s.WSJ900404-0052-1.21.4>
Nippon Oil fell forty yen to one thousand  
yen  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.22>
<s.WSJ900404-0052-1.22.1>
Meanwhile ,COMMA the Tokyo Stock Exchange said that in the week  
ended March thirty ,COMMA the balance of margin buying declined two hundred and seventy three .POINT one  
billion yen to eight .POINT six one nine trillion yen .PERIOD 
</s>
<s.WSJ900404-0052-1.22.2>
The balance of short  
positions outstanding increased two hundred and eight .POINT six billion yen to six hundred and sixty three .POINT nine  
billion yen  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.23>
<s.WSJ900404-0052-1.23.1>
London equities were initially cheered by the Tokyo  
market ,COMMA and responded by sending the Financial Times -HYPHEN Stock  
Exchange one hundred up about twelve points ,COMMA in conjunction with some  
aggressive stock -HYPHEN index futures buying  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.24>
<s.WSJ900404-0052-1.24.1>
But this move wasn't to last ,COMMA and with no subsequent  
follow -HYPHEN through buying ,COMMA the index drifted off by midday and  
even showed a loss at one stage  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.25>
<s.WSJ900404-0052-1.25.1>
However ,COMMA a number of factors conspired during the  
afternoon to drive the market higher yet again .PERIOD 
</s>
<s.WSJ900404-0052-1.25.2>
These  
included additional futures activity ,COMMA a firm opening on Wall  
Street ,COMMA revived bid speculation in a handful of major stocks  ,COMMA 
a firm pound and a shortage of stock among the blue chips  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.26>
<s.WSJ900404-0052-1.26.1>
At the close ,COMMA the F. T. -HYPHEN SOUTH EAST  one hundred was up nineteen .POINT one points at two thousand two hundred and forty .POINT seven  
and just a shade below its two thousand two hundred and forty one .POINT seven intraday peak .PERIOD 
</s>
<s.WSJ900404-0052-1.26.2>
The  
midmorning low was two thousand two hundred and eighteen ,COMMA which was down three .POINT six points from  
Monday's close  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.27>
<s.WSJ900404-0052-1.27.1>
The Financial Times thirty share index was up thirteen .POINT two points at  
one thousand seven hundred and sixty one .POINT three .PERIOD 
</s>
<s.WSJ900404-0052-1.27.2>
Volume amounted to a relatively good five hundred and forty one .POINT eight million  
shares ,COMMA up from five hundred and twenty seven .POINT four million issues .PERIOD 
</s>
<s.WSJ900404-0052-1.27.3>
Dealers said two  
program trades accounted for much of yesterday's volume  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.28>
<s.WSJ900404-0052-1.28.1>
Dealers said the main feature of yesterday's market was  
the strength of the property market .PERIOD 
</s>
<s.WSJ900404-0052-1.28.2>
British Land surged thirty four  
pence to three hundred and seventy four pence (LEFT-PAREN fifty six cents to six dollars and twelve cents ,COMMA Hammerson jumped seventeen  
pence to seven hundred and sixty three pence ,COMMA Land Securities added eleven pence to four hundred and ninety seven  
pence ,COMMA and M. E. P. C. gained ten pence to five hundred and six pence  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.29>
<s.WSJ900404-0052-1.29.1>
Another star performer was Reuters ,COMMA where the announcement  
of the proposed ten %PERCENT share buy -HYPHEN back and increased borrowing  
powers was well received ,COMMA after an initial sluggish response  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.30>
<s.WSJ900404-0052-1.30.1>
Upon Wall Street's opening ,COMMA dealers said they saw firm  
buying interest for Reuters and the price quickly climbed  ,COMMA 
closing at #HASH eleven .POINT four three ,COMMA a gain of thirty six pence  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.31>
<s.WSJ900404-0052-1.31.1>
Elsewhere ,COMMA Reckitt &AMPERSAND Colman jumped twenty nine pence to #HASH eleven .POINT five nine  ,COMMA 
continuing on the back of the SmithKline Beecham sale of  
Marmite ,COMMA Ambrosia and Bovril food brand names a day earlier  .PERIOD 
</s>
<s.WSJ900404-0052-1.31.2>
Analysts said the price fetched by SmithKline Beecham for the  
brand goods has led investors to reassess the value of the  
many brands in Reckitt's stable  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.32>
<s.WSJ900404-0052-1.32.1>
Cadbury Schweppes added thirteen pence to three hundred and thirty two pence as talk  
circulated that U. S. food and tobacco giant Philip Morris was  
looking to diversify away from its tobacco interests and  
found the British sweets and soft -HYPHEN drink maker enticing .PERIOD 
</s>
<s.WSJ900404-0052-1.32.2>
The  
talk went so far as to suggest that Philip Morris would be  
making a bid for Cadbury sometime this week  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.33>
<s.WSJ900404-0052-1.33.1>
Elsewhere in Europe ,COMMA prices closed higher in Paris  ,COMMA 
Frankfurt ,COMMA Zurich ,COMMA Brussels ,COMMA Amsterdam and Stockholm and  
lower in Milan .PERIOD 
</s>
<s.WSJ900404-0052-1.33.2>
South African gold stocks closed marginally  
firmer  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.34>
<s.WSJ900404-0052-1.34.1>
Meanwhile ,COMMA prices rose in Singapore ,COMMA Hong Kong and  
Wellington ,COMMA were mixed in Sydney and Manila ,COMMA and lower in  
Seoul and Taipei  .PERIOD 
</s>
</p>
<p.WSJ900404-0052-1.35>
<s.WSJ900404-0052-1.35.1>
Here are price trends on the world's major stock markets  ,COMMA 
as calculated by Morgan Stanley Capital International  
Perspective ,COMMA Geneva .PERIOD 
</s>
<s.WSJ900404-0052-1.35.2>
To make them directly comparable ,COMMA each  
index is based on the close of nineteen sixty nine equaling one hundred .PERIOD 
</s>
<s.WSJ900404-0052-1.35.3>
The  
percentage change is since year -HYPHEN end  .PERIOD 
</s>
<s.WSJ900404-0052-1.35.4>
%PERCENT This  
April  two March  thirty Year  
</s>
</p>
<p.WSJ900404-0052-1.36>
<s.WSJ900404-0052-1.36.1>
U. S. .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.36.2>
three hundred and twelve .POINT two three hundred and thirteen .POINT zero -HYPHEN four .POINT zero  
</s>
</p>
<p.WSJ900404-0052-1.37>
<s.WSJ900404-0052-1.37.1>
Britain .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.37.2>
six hundred and sixty .POINT three six hundred and sixty seven .POINT eight -HYPHEN eight .POINT four  
</s>
</p>
<p.WSJ900404-0052-1.38>
<s.WSJ900404-0052-1.38.1>
Canada .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.38.2>
three hundred and ninety five .POINT five three hundred and ninety eight .POINT six -HYPHEN eight .POINT five  
</s>
</p>
<p.WSJ900404-0052-1.39>
<s.WSJ900404-0052-1.39.1>
Japan .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.39.2>
one thousand one hundred and forty six .POINT eight one thousand two hundred and thirty two .POINT nine minus thirty .POINT seven  
</s>
</p>
<p.WSJ900404-0052-1.40>
<s.WSJ900404-0052-1.40.1>
France .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.40.2>
five hundred and forty four .POINT two five hundred and fifty .POINT zero -HYPHEN four .POINT zero  
</s>
</p>
<p.WSJ900404-0052-1.41>
<s.WSJ900404-0052-1.41.1>
Germany .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.41.2>
three hundred and ten .POINT nine three hundred and fifteen .POINT eight +PLUS nine .POINT zero  
</s>
</p>
<p.WSJ900404-0052-1.42>
<s.WSJ900404-0052-1.42.1>
Hong Kong .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.42.2>
two thousand one hundred and seventy one .POINT one two thousand two hundred and twenty two .POINT two +PLUS three .POINT five  
</s>
</p>
<p.WSJ900404-0052-1.43>
<s.WSJ900404-0052-1.43.1>
Switzerland .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.43.2>
two hundred and two .POINT eight two hundred and six .POINT eight -HYPHEN eight .POINT one  
</s>
</p>
<p.WSJ900404-0052-1.44>
<s.WSJ900404-0052-1.44.1>
Australia .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.44.2>
three hundred and three .POINT four three hundred and nine .POINT five -HYPHEN eight .POINT four  
</s>
</p>
<p.WSJ900404-0052-1.45>
<s.WSJ900404-0052-1.45.1>
World index .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD .PERIOD 
</s>
<s.WSJ900404-0052-1.45.2>
four hundred and sixty eight .POINT three four hundred and eighty three .POINT eight minus seventeen .POINT five  
</s>
</p>
<p.WSJ900404-0051-1.1>
<s.WSJ900404-0051-1.1.1>
T. R. W. Incorporated  ,COMMA Cleveland ,COMMA said it purchased two automotive  
electronics concerns ,COMMA one in the U. S. and the other in  
France .PERIOD 
</s>
<s.WSJ900404-0051-1.1.2>
The company ,COMMA which is a major producer of auto and  
truck parts ,COMMA a defense and space contractor ,COMMA and a supplier  
of computerized information services ,COMMA declined to state the  
purchase price  .PERIOD 
</s>
</p>
<p.WSJ900404-0051-1.2>
<s.WSJ900404-0051-1.2.1>
T. R. W. said it bought Wickes Manufacturing Company  'SINGLE-QUOTE s. electrical  
division ,COMMA which has annual sales of about seventy five million dollars ,COMMA and an  
eighty %PERCENT interest in National Module Systems ,COMMA Paris ,COMMA which had  
nineteen eighty nine sales of about eleven million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0051-1.3>
<s.WSJ900404-0051-1.3.1>
The Wickes unit has plants in Union Springs and Auburn  ,COMMA 
N. Y. ,COMMA and engineering and sales offices in Troy ,COMMA Mich .PERIOD 
</s>
<s.WSJ900404-0051-1.3.2>
It  
makes relays ,COMMA sensors and other electronic devices that T. R. W.  
said will broaden its product line .PERIOD 
</s>
<s.WSJ900404-0051-1.3.3>
National Module Systems  
produces keyless infrared remote entry and central locking  
systems ,COMMA liquid crystal display clocks and trip computers  ,COMMA 
T. R. W. said  .PERIOD 
</s>
</p>
<p.WSJ900404-0050-1.1>
<s.WSJ900404-0050-1.1.1>
J. A. K. A. R. T. A. ,COMMA Indonesia --DASH Mounting government pressure on  
Indonesia's corporate groups to voluntarily divest as much as  
twenty five %PERCENT of their equity to cooperatives is stirring anxiety and  
confusion among business leaders  .PERIOD 
</s>
</p>
<p.WSJ900404-0050-1.2>
<s.WSJ900404-0050-1.2.1>
Executives say they are trying to comply with the spirit  
of Jakarta's request ,COMMA which President Suharto calls an  
"DOUBLE-QUOTE appeal "DOUBLE-QUOTE for big business to share its prosperity .PERIOD 
</s>
<s.WSJ900404-0050-1.2.2>
Many  
businessmen are worried that the cooperative plan --DASH  
conceived and vigorously promoted by President Suharto --DASH  
could create business and political headaches ,COMMA undercutting  
confidence in Indonesia's surging economy  .PERIOD 
</s>
</p>
<p.WSJ900404-0050-1.3>
<s.WSJ900404-0050-1.3.1>
According to the Indonesian constitution ,COMMA cooperatives are  
intended to be one of three pillars of the country's economy  ,COMMA 
along with the government and private business .PERIOD 
</s>
<s.WSJ900404-0050-1.3.2>
The thirty four thousand  
cooperatives are government -HYPHEN encouraged organizations designed  
to pool savings from groups of farmers or company employees  
and supply members with credit or low -HYPHEN cost essential goods  .PERIOD 
</s>
<s.WSJ900404-0050-1.3.3>
But most of the cooperatives are short of cash ,COMMA credibility  
and capable management  .PERIOD 
</s>
</p>
<p.WSJ900404-0050-1.4>
<s.WSJ900404-0050-1.4.1>
Suharto's initiative is intended to defuse growing social  
tensions by giving the twenty seven million cooperative members a stake  
in the country's economic gains .PERIOD 
</s>
<s.WSJ900404-0050-1.4.2>
But his plan has been  
criticized by economists and businessmen is impractical and  
out of step with the government's economic -HYPHEN deregulation  
policies  .PERIOD 
</s>
</p>
<p.WSJ900404-0050-1.5>
<s.WSJ900404-0050-1.5.1>
The government has said the divestment plan won't apply to  
foreigners  .PERIOD 
</s>
</p>
<p.WSJ900404-0049-1.1>
<s.WSJ900404-0049-1.1.1>
Hartmarx Corporation  reported a seventy five %PERCENT drop in earnings for the  
fiscal first quarter ,COMMA which it blamed on a slowdown in both  
the wholesale and retail menswear business  .PERIOD 
</s>
</p>
<p.WSJ900404-0049-1.2>
<s.WSJ900404-0049-1.2.1>
The Chicago maker of men's suits and other apparel also  
said fall orders for its manufacturing operations were down  
seven %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0049-1.3>
<s.WSJ900404-0049-1.3.1>
Lower wholesale shipments ,COMMA slimmer retail profit margins  
and higher interest expenses combined to cut earnings to two .POINT four million dollars ,COMMA or twelve cents a share ,COMMA compared with nine .POINT eight million dollars ,COMMA or  
fifty cents a share ,COMMA a year earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0049-1.4>
<s.WSJ900404-0049-1.4.1>
Acquisitions boosted sales for the latest quarter to a  
record three hundred and forty two .POINT one million dollars ,COMMA up from three hundred and twenty seven .POINT four million dollars .PERIOD 
</s>
<s.WSJ900404-0049-1.4.2>
But retail  
sales in comparable businesses declined two %PERCENT during the most  
recent quarter ,COMMA which ended February  twenty eight ,COMMA Hartmarx said  .PERIOD 
</s>
</p>
<p.WSJ900404-0049-1.5>
<s.WSJ900404-0049-1.5.1>
Harvey A. Weinberg ,COMMA chairman and chief executive officer  ,COMMA 
blamed results on a very competitive retail market that  
dogged the company in fiscal nineteen eighty nine and has spread to the  
wholesale side .PERIOD 
</s>
<s.WSJ900404-0049-1.5.2>
But he said March retail sales were up ten %PERCENT  
overall and up four %PERCENT in comparable locations .PERIOD 
</s>
<s.WSJ900404-0049-1.5.3>
Hartmarx operates  
more than five hundred stores  .PERIOD 
</s>
</p>
<p.WSJ900404-0048-1.1>
<s.WSJ900404-0048-1.1.1>
M. I. N. N. E. A. P. O. L. I. S. --DASH Honeywell Incorporated  said it has received several  
offers for its Defense and Marine Systems business but is  
considering spinning the business off to shareholders  .PERIOD 
</s>
</p>
<p.WSJ900404-0048-1.2>
<s.WSJ900404-0048-1.2.1>
The controls concern first proposed disposing of the  
billion -HYPHEN dollar business last year as part of an effort to  
increase shareholder value .PERIOD 
</s>
<s.WSJ900404-0048-1.2.2>
Although it initially was  
contemplating a sale ,COMMA Honeywell said yesterday that "DOUBLE-QUOTE the  
environment for defense properties has changed ,COMMA "DOUBLE-QUOTE an apparent  
indication that early bids have been disappointingly low  .PERIOD 
</s>
</p>
<p.WSJ900404-0048-1.3>
<s.WSJ900404-0048-1.3.1>
Accordingly ,COMMA a tax -HYPHEN free spinoff to shareholders is under  
consideration ,COMMA along with a sale ,COMMA which the company noted  
likely would result in a taxable gain .PERIOD 
</s>
<s.WSJ900404-0048-1.3.2>
Honeywell said it  
expects to dispose of the business during the current  
quarter ,COMMA which ends June thirty  .PERIOD 
</s>
</p>
<p.WSJ900404-0048-1.4>
<s.WSJ900404-0048-1.4.1>
Defense and Marine ,COMMA a leading supplier of torpedoes and  
other weaponry to the U. S. and other governments ,COMMA last year  
earned fifty three .POINT eight million dollars on sales of one .POINT one billion dollars .PERIOD 
</s>
<s.WSJ900404-0048-1.4.2>
Honeywell's  
latest annual report ,COMMA covering nineteen eighty nine ,COMMA treats Defense and  
Marine as a discontinued business  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.1>
<s.WSJ900404-0047-1.1.1>
N. E. W. Y. O. R. K. --DASH Investors chased stocks yesterday ,COMMA especially  
big consumer issues that aren't likely to deliver  
first -HYPHEN quarter earnings surprises  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.2>
<s.WSJ900404-0047-1.2.1>
The Dow Jones Industrial Average jumped thirty six .POINT two six to two thousand seven hundred and thirty six .POINT seven one  .PERIOD 
</s>
<s.WSJ900404-0047-1.2.2>
Broader measures kept pace :COLON Standard &AMPERSAND Poor's five hundred -HYPHEN stock index  
gained four .POINT nine four to three hundred and forty three .POINT six four  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.3>
<s.WSJ900404-0047-1.3.1>
Advancing issues topped decliners on the New York Stock  
Exchange by one thousand and seventy one to four hundred and thirty one .PERIOD 
</s>
<s.WSJ900404-0047-1.3.2>
Big Board volume totaled  
one hundred and fifty four million three hundred and ten thousand shares ,COMMA the most since March twenty two ;SEMI-COLON on Monday ,COMMA just  
one hundred and twenty four million three hundred and sixty thousand shares traded  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.4>
<s.WSJ900404-0047-1.4.1>
Investors are pursuing safety again ,COMMA as they did for much  
of the second half of nineteen eighty nine when fears of a recession in the  
U. S. increased .PERIOD 
</s>
<s.WSJ900404-0047-1.4.2>
Big consumer stocks such as Philip Morris  
helped pace the advance in the Dow industrials .PERIOD 
</s>
<s.WSJ900404-0047-1.4.3>
Many money  
managers are piling into big stocks that aren't expected to  
have shocking first -HYPHEN quarter earnings news because they're  
afraid market indexes may get ahead of them ,COMMA one analyst  
said  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.5>
<s.WSJ900404-0047-1.5.1>
Additionally ,COMMA foreign investors are turning back to the  
U. S. stocks ,COMMA which look less fragile than stocks in Tokyo and  
some European nations ,COMMA analysts said .PERIOD 
</s>
<s.WSJ900404-0047-1.5.2>
According to one  
trader ,COMMA a major European institution has been buying large  
amounts of U. S. stocks and index futures for the past two  
days .PERIOD 
</s>
<s.WSJ900404-0047-1.5.3>
Foreign investors typically prefer big U. S. issues that  
have active markets and strong brand names  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.6>
<s.WSJ900404-0047-1.6.1>
Philip Morris rose one three /SLASH eight to forty seven /SLASH eight ,COMMA and placed first on  
the Big Board's list of most active issues with about two .POINT six  
million shares changing hands .PERIOD 
</s>
<s.WSJ900404-0047-1.6.2>
Coca -HYPHEN Cola rose one one /SLASH four to seventy seven  
one /SLASH four ;SEMI-COLON Procter &AMPERSAND Gamble gained one five /SLASH eight to sixty nine one /SLASH four ,COMMA and Merck  
advanced one one /SLASH four to seventy one five /SLASH eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.7>
<s.WSJ900404-0047-1.7.1>
Drug and food stocks were two other popular defensive  
industry groups .PERIOD 
</s>
<s.WSJ900404-0047-1.7.2>
Bristol -HYPHEN Myers Squibb advanced one one /SLASH four to fifty four  
one /SLASH two on one .POINT five million shares .PERIOD 
</s>
<s.WSJ900404-0047-1.7.3>
Archer -HYPHEN Daniels -HYPHEN Midland gained one  
to twenty three one /SLASH two on one .POINT two million shares  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.8>
<s.WSJ900404-0047-1.8.1>
"DOUBLE-QUOTE There's more conviction about the earnings outlook for  
{LEFT-BRACE consumer stocks }RIGHT-BRACE than there is for the cyclicals ,COMMA "DOUBLE-QUOTE said  
Michael Metz ,COMMA a market strategist at Oppenheimer &AMPERSAND Company   .PERIOD 
</s>
<s.WSJ900404-0047-1.8.2>
Cyclical stocks are shares of companies whose fortunes swing  
with the economy ;SEMI-COLON cyclical industry groups were first -HYPHEN quarter  
favorites  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.9>
<s.WSJ900404-0047-1.9.1>
Two of the market's best -HYPHEN performing sectors through the  
first quarter --DASH technology and energy --DASH also were at the  
forefront of the its latest advance  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.10>
<s.WSJ900404-0047-1.10.1>
Among technology issues ,COMMA International Business Machines  
gained three /SLASH four to one hundred and six five /SLASH eight on one .POINT one million shares ,COMMA Digital  
Equipment jumped two one /SLASH two to seventy nine five /SLASH eight ,COMMA Compaq Computer climbed one  
seven /SLASH eight to ninety nine one /SLASH two ,COMMA Hewlett -HYPHEN Packard rose one /SLASH two to forty six three /SLASH four and Unisys  
rose three /SLASH eight to fifteen one /SLASH two  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.11>
<s.WSJ900404-0047-1.11.1>
Exxon rose seven /SLASH eight to forty seven one /SLASH eight on one .POINT one million shares .PERIOD 
</s>
<s.WSJ900404-0047-1.11.2>
Other oil  
stocks also recorded solid gains ;SEMI-COLON Chevron rose seven /SLASH eight to sixty seven seven /SLASH eight  ,COMMA 
Texaco climbed seven /SLASH eight to fifty nine five /SLASH eight ,COMMA Mobil rose seven /SLASH eight to sixty two one /SLASH two ,COMMA Amoco  
rose seven /SLASH eight to fifty four one /SLASH eight and Royal Dutch Petroleum advanced one three /SLASH eight  
to seventy six one /SLASH two .PERIOD 
</s>
<s.WSJ900404-0047-1.11.3>
Oryx Energy rose one three /SLASH eight to forty nine ;SEMI-COLON the company said it  
made another oil discovery in its Pearsall field in south  
Texas  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.12>
<s.WSJ900404-0047-1.12.1>
But Unocal slid one five /SLASH eight to thirty two on two million shares after  
analysts at a number of brokerage houses made unfavorable  
comments on the stock ,COMMA which had been boosted recently by  
takeover speculation .PERIOD 
</s>
<s.WSJ900404-0047-1.12.2>
Sanford C. Bernstein &AMPERSAND Company  lowered its  
investment rating to "DOUBLE-QUOTE sell "DOUBLE-QUOTE from "DOUBLE-QUOTE hold ,COMMA "DOUBLE-QUOTE while Merrill Lynch  
reduced its estimate of this year's earnings by twenty cents a  
share ,COMMA to one dollars and seventy five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.13>
<s.WSJ900404-0047-1.13.1>
Issues of retailers rallied in advance of the release of  
March sales reports from major chain stores ,COMMA scheduled for  
today .PERIOD 
</s>
<s.WSJ900404-0047-1.13.2>
Woolworth advanced three /SLASH four to sixty three one /SLASH two ,COMMA Dayton Hudson gained  
one one /SLASH four to sixty nine seven /SLASH eight ,COMMA Gap Incorporated  climbed one seven /SLASH eight to sixty eight three /SLASH eight ,COMMA Limited  
Incorporated  rose one one /SLASH two to forty two three /SLASH eight ,COMMA Mercantile Stores advanced seven /SLASH eight to  
thirty eight three /SLASH eight and Home Depot rose one one /SLASH eight to forty six seven /SLASH eight .PERIOD 
</s>
<s.WSJ900404-0047-1.13.3>
Lowe's ,COMMA which  
reported that March sales were up twenty five %PERCENT from a year earlier  ,COMMA 
rose seven /SLASH eight to thirty three one /SLASH two  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.14>
<s.WSJ900404-0047-1.14.1>
Eastman Kodak advanced one one /SLASH two to forty one /SLASH two as one .POINT six million  
shares changed hands .PERIOD 
</s>
<s.WSJ900404-0047-1.14.2>
Bear ,COMMA Stearns &AMPERSAND Company  put the stock on  
its research list ,COMMA and rated the company "DOUBLE-QUOTE neutral .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0047-1.14.3>
Bear  
Stearns analyst Gary Schneider said he has concluded that  
Kodak will "DOUBLE-QUOTE initiate some type of transaction "DOUBLE-QUOTE with its  
Sterling Drug unit ,COMMA with a sale "DOUBLE-QUOTE making the most sense .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0047-1.14.4>
The  
company declined comment  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.15>
<s.WSJ900404-0047-1.15.1>
Georgia Gulf dropped one /SLASH two to forty four after N. L. Industries  ,COMMA 
controlled by Dallas investor Harold Simmons ,COMMA said it would  
allow its forty five dollars -HYPHEN a. -HYPHEN share bid for the company to expire and  
support a planned recapitalization instead  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.16>
<s.WSJ900404-0047-1.16.1>
Corning dropped one /SLASH four to forty five three /SLASH four after reporting  
first -HYPHEN quarter net income of forty nine cents a share ,COMMA above the  
year -HYPHEN ago level but below analysts' expectations  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.17>
<s.WSJ900404-0047-1.17.1>
Brazil Fund fell one one /SLASH eight to nine one /SLASH two .PERIOD 
</s>
<s.WSJ900404-0047-1.17.2>
The "DOUBLE-QUOTE Heard on the Street  "DOUBLE-QUOTE 
column yesterday in this newspaper reported that President  
Fernando Collor de Mello has instituted sweeping measures  
that have yanked the Brazilian economy to a halt ,COMMA in an  
effort to stop runaway inflation  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.18>
<s.WSJ900404-0047-1.18.1>
Buckeye Partners dropped one /SLASH two to twenty five and traded as low as twenty three  
three /SLASH four .PERIOD 
</s>
<s.WSJ900404-0047-1.18.2>
The partnership owns the pipeline from which about  
seventy five thousand gallons of petroleum products spilled into the  
Allegheny River after a landslide near Pittsburgh last  
Friday  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.19>
<s.WSJ900404-0047-1.19.1>
Danaher jumped two one /SLASH four to seventeen three /SLASH four .PERIOD 
</s>
<s.WSJ900404-0047-1.19.2>
Goldman Sachs and  
Oppenheimer &AMPERSAND Company  put the stock on its research list with  
"DOUBLE-QUOTE buy "DOUBLE-QUOTE recommendations and were positive on the company's  
proposed acquisition of Easco Hand Tools in a stock swap  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.20>
<s.WSJ900404-0047-1.20.1>
Golden Valley Microwave Foods gained two one /SLASH four to thirty one three /SLASH four .PERIOD 
</s>
<s.WSJ900404-0047-1.20.2>
The  
company and James River settled a patent -HYPHEN infringement dispute  
over the packaging of microwave foods through a  
cross -HYPHEN licensing agreement .PERIOD 
</s>
<s.WSJ900404-0047-1.20.3>
James River rose five /SLASH eight to twenty five seven /SLASH eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.21>
<s.WSJ900404-0047-1.21.1>
Textron advanced seven /SLASH eight to twenty three three /SLASH eight .PERIOD 
</s>
<s.WSJ900404-0047-1.21.2>
The company said it plans  
to buy back as many as five million common shares  ,COMMA 
representing about five .POINT six %PERCENT of its shares outstanding  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.22>
<s.WSJ900404-0047-1.22.1>
Whitehall rose five /SLASH eight to seventeen one /SLASH two .PERIOD 
</s>
<s.WSJ900404-0047-1.22.2>
Cambridge Capital Fund  ,COMMA 
which has a stake of about nine .POINT six %PERCENT in the company ,COMMA offered to  
acquire the rest for twenty dollars a share and said it plans a proxy  
fight if Whitehall refuses to discuss the bid  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.23>
<s.WSJ900404-0047-1.23.1>
The American Stock Exchange Market Value Index rose two .POINT two eight  
to three hundred and sixty one .POINT six five .PERIOD 
</s>
<s.WSJ900404-0047-1.23.2>
Volume on the exchange totaled fourteen million seven hundred and ten thousand shares  .PERIOD 
</s>
<s.WSJ900404-0047-1.23.3>
There were three hundred and twenty one issues advancing and two hundred and thirty one issues declining  .PERIOD 
</s>
</p>
<p.WSJ900404-0047-1.24>
<s.WSJ900404-0047-1.24.1>
Entertainment Publishing rose seven /SLASH eight to sixteen one /SLASH two .PERIOD 
</s>
<s.WSJ900404-0047-1.24.2>
Goldman Sachs  
put the stock on its research list with a "DOUBLE-QUOTE buy  "DOUBLE-QUOTE 
recommendation and said it expects nearly forty %PERCENT earnings growth  
in each of the next two years  .PERIOD 
</s>
</p>
<p.WSJ900404-0046-1.1>
<s.WSJ900404-0046-1.1.1>
Golden Valley Microwave Foods Incorporated  and James River Corporation   
settled litigation over patent rights to packaging for  
popcorn and other microwaveable foods  .PERIOD 
</s>
</p>
<p.WSJ900404-0046-1.2>
<s.WSJ900404-0046-1.2.1>
Under the accord ,COMMA each company will pay the other  
royalties .PERIOD 
</s>
<s.WSJ900404-0046-1.2.2>
Because payments are expected to be largely  
offsetting ,COMMA neither concern anticipates any significant  
financial impact from the settlement  .PERIOD 
</s>
</p>
<p.WSJ900404-0046-1.3>
<s.WSJ900404-0046-1.3.1>
James River ,COMMA a Richmond ,COMMA Va .PERIOD ,COMMA 
</s>
<s.WSJ900404-0046-1.3.2>
paper and plastic products  
concern ,COMMA agreed to pay Golden Valley royalties on sales of  
popcorn bags but will receive a royalty -HYPHEN free license to other  
food packaging  .PERIOD 
</s>
</p>
<p.WSJ900404-0046-1.4>
<s.WSJ900404-0046-1.4.1>
Golden Valley will pay royalties on products except for  
popcorn and french -HYPHEN fry packaging .PERIOD 
</s>
<s.WSJ900404-0046-1.4.2>
Golden Valley ,COMMA of Edina  ,COMMA 
Minn .PERIOD ,COMMA 
</s>
<s.WSJ900404-0046-1.4.3>
retains exclusive patent rights on its honeycomb  
french -HYPHEN fry container  .PERIOD 
</s>
</p>
<p.WSJ900404-0046-1.5>
<s.WSJ900404-0046-1.5.1>
Both companies hold patents for susceptor heat strips used  
in microwaveable -HYPHEN food packaging .PERIOD 
</s>
<s.WSJ900404-0046-1.5.2>
James River sued Golden  
Valley in nineteen eighty six alleging that the food company had infringed  
on its packaging patents  .PERIOD 
</s>
</p>
<p.WSJ900404-0045-1.1>
<s.WSJ900404-0045-1.1.1>
Shareholders of D. P. L. Incorporated  ,COMMA a utility holding company based  
in Dayton ,COMMA Ohio ,COMMA approved doubling the number of authorized  
common shares to one hundred and twenty million ,COMMA paving the way for a three -HYPHEN for -HYPHEN two  
stock split ,COMMA payable May four to stock of record next Wednesday  .PERIOD 
</s>
</p>
<p.WSJ900404-0045-1.2>
<s.WSJ900404-0045-1.2.1>
The company has about forty five million shares outstanding  .PERIOD 
</s>
</p>
<p.WSJ900404-0045-1.3>
<s.WSJ900404-0045-1.3.1>
Authority to issue additional shares will provide the  
company with flexibility in financing the completion of the  
Zimmer generating station .PERIOD 
</s>
<s.WSJ900404-0045-1.3.2>
The plant ,COMMA which was initially  
built for nuclear power but is being converted to coal ,COMMA is  
scheduled to begin operation in nineteen ninety one ,COMMA the company said  .PERIOD 
</s>
</p>
<p.WSJ900404-0045-1.4>
<s.WSJ900404-0045-1.4.1>
Separately ,COMMA holders of D. P. L. preferred shares voted to  
reduce the par value of common stock to one cent a share from  
seven dollars a share .PERIOD 
</s>
<s.WSJ900404-0045-1.4.2>
The action increases the funds legally available  
for payment of dividends ,COMMA D. P. L. said  .PERIOD 
</s>
</p>
<p.WSJ900404-0044-1.1>
<s.WSJ900404-0044-1.1.1>
Northrop Corporation  said it chose an investment manager ,COMMA U. S.  .PERIOD 
</s>
<s.WSJ900404-0044-1.1.2>
Trust Company  of California N. A. ,COMMA to purchase Northrop common  
stock for the company's retirement plans  .PERIOD 
</s>
</p>
<p.WSJ900404-0044-1.2>
<s.WSJ900404-0044-1.2.1>
Analysts said the proposed stock purchases might help  
Northrop protect itself against a hostile takeover attempt  .PERIOD 
</s>
<s.WSJ900404-0044-1.2.2>
Northrop has undoubtedly watched with interest recent events  
at Lockheed Corporation  ,COMMA another Southern California aerospace  
concern ,COMMA which appears to have won a hard -HYPHEN fought proxy  
contest  .PERIOD 
</s>
</p>
<p.WSJ900404-0044-1.3>
<s.WSJ900404-0044-1.3.1>
"DOUBLE-QUOTE I don't think there is any immediate concern {LEFT-BRACE at  
Northrop ;SEMI-COLON only ongoing watchfulness ,COMMA "DOUBLE-QUOTE said Lawrence M.  
Harris ,COMMA an analyst at Bateman Eichler ,COMMA Hill Richards Incorporated  in  
Los Angeles  .PERIOD 
</s>
</p>
<p.WSJ900404-0044-1.4>
<s.WSJ900404-0044-1.4.1>
Northrop directors ,COMMA officers and employees currently  
control at least twenty three %PERCENT of the company's common stock ,COMMA the  
current proxy statement indicates .PERIOD 
</s>
<s.WSJ900404-0044-1.4.2>
An employee savings plan  
holds about a sixteen .POINT four %PERCENT stake ,COMMA and directors and officers as a  
group owned about six .POINT seven %PERCENT of the shares as of March eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.1>
<s.WSJ900404-0043-1.1.1>
On October  thirty ,COMMA nineteen eighty five ,COMMA Sylvia Seegrist walked into the  
Springfield Mall in suburban Philadelphia and started to  
shoot at random with a .POINT two two -HYPHEN caliber semi -HYPHEN automatic rifle .PERIOD 
</s>
<s.WSJ900404-0043-1.1.2>
Her  
bullets hit ten people ,COMMA killing three of them .PERIOD 
</s>
<s.WSJ900404-0043-1.1.3>
She was later  
ruled criminally insane  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.2>
<s.WSJ900404-0043-1.2.1>
This Valentine's Day ,COMMA a Delaware County jury ruled that  
Ms.  Seegrist's crime was the fault of the shopping mall ,COMMA and  
that it was liable to the victims for the damages .PERIOD 
</s>
<s.WSJ900404-0043-1.2.2>
While the  
amount of damages was kept secret in an out -HYPHEN of -HYPHEN court  
settlement ,COMMA the plaintiffs' original demand was in the  
millions of dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.3>
<s.WSJ900404-0043-1.3.1>
By what logic can a shopping mall be blamed for mass  
murder by a madwoman ?QUESTION-MARK 
</s>
<s.WSJ900404-0043-1.3.2>
The answer says much about the current  
state of tort law and the risks of retail business in  
America  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.4>
<s.WSJ900404-0043-1.4.1>
The plaintiffs made several arguments .PERIOD 
</s>
<s.WSJ900404-0043-1.4.2>
One was that the  
mall should have had more than two unarmed guards on duty  .PERIOD 
</s>
<s.WSJ900404-0043-1.4.3>
The security expert for the plaintiffs testified that if an  
unarmed guard had been stationed continuously in the main  
entrance to the mall ,COMMA he could have deterred the madwoman  
from shooting people .PERIOD 
</s>
<s.WSJ900404-0043-1.4.4>
He also testified that the guards were  
poorly trained and not systematically told that Ms.  Seegrist  
had previously made death threats at the mall  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.5>
<s.WSJ900404-0043-1.5.1>
More important ,COMMA perhaps ,COMMA was the psychiatric testimony  .PERIOD 
</s>
<s.WSJ900404-0043-1.5.2>
The plaintiffs' psychiatrist testified that the mall should  
have attempted to have Ms.  Seegrist committed to a mental  
institution .PERIOD 
</s>
<s.WSJ900404-0043-1.5.3>
The basis of his claim was that Ms.  Seegrist had  
appeared in the McDonald 'SINGLE-QUOTE s. restaurant at the mall shortly  
after the nineteen eighty four mass murder in San Diego by James Huberty  ,COMMA 
muttering about what a good idea the San Diego crime was .PERIOD 
</s>
<s.WSJ900404-0043-1.5.4>
She  
said to no one in particular that the crime should be  
repeated in Springfield and that she was just the one to do  
it .PERIOD 
</s>
<s.WSJ900404-0043-1.5.5>
She also pointed her fingers like a gun and went  
"DOUBLE-QUOTE rat -HYPHEN tat -HYPHEN tat -HYPHEN tat .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0043-1.5.6>
Then she paid for her coffee ,COMMA sat down and  
drank it  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.6>
<s.WSJ900404-0043-1.6.1>
Over the next year ,COMMA she appeared several more times at the  
mall .PERIOD 
</s>
<s.WSJ900404-0043-1.6.2>
Each time she acted bizarrely ,COMMA and several times more  
she made threats .PERIOD 
</s>
<s.WSJ900404-0043-1.6.3>
This was consistent with her twelve prior  
commitments to mental hospitals ,COMMA each of which was  
progressively shorter .PERIOD 
</s>
<s.WSJ900404-0043-1.6.4>
During one commitment in nineteen eighty one ,COMMA she  
stabbed a hospital employee .PERIOD 
</s>
<s.WSJ900404-0043-1.6.5>
Three years later ,COMMA she joined  
the Army .PERIOD 
</s>
<s.WSJ900404-0043-1.6.6>
She didn't last long in the service ,COMMA but after her  
discharge she frequently wore fatigues and combat boots  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.7>
<s.WSJ900404-0043-1.7.1>
The plaintiffs' psychiatrist conceded that about three %PERCENT of the  
adult population shows schizophrenic tendencies similar to  
Ms.  Seegrist's pre -HYPHEN shooting behavior .PERIOD 
</s>
<s.WSJ900404-0043-1.7.2>
He also conceded that  
the rate of violence among schizophrenics is no higher than  
the rate of violence in the non -HYPHEN schizophrenic population  .PERIOD 
</s>
<s.WSJ900404-0043-1.7.3>
Nonetheless ,COMMA he thought Ms.  Seegrist's behavior was  
threatening enough to put the mall on notice that it should  
seek to have her committed  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.8>
<s.WSJ900404-0043-1.8.1>
The defendant's psychiatrist ,COMMA unlike the plaintiffs ,COMMA had  
worked on hundreds of civil commitments in Pennsylvania .PERIOD 
</s>
<s.WSJ900404-0043-1.8.2>
He  
testified that there was almost no chance that Ms.  Seegrist  
would have been committed merely for making threats .PERIOD 
</s>
<s.WSJ900404-0043-1.8.3>
Even if  
she had been committed ,COMMA he said ,COMMA she would have been released  
very quickly ,COMMA and been free again to shoot up the mall  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.9>
<s.WSJ900404-0043-1.9.1>
As a criminologist ,COMMA I testified for the defense that the  
threats gave no notice of the crime ,COMMA citing my study of one hundred and ten  
specific threats of death in Milwaukee ,COMMA many with  
gun -HYPHEN pointing .PERIOD 
</s>
<s.WSJ900404-0043-1.9.2>
Not one was followed by serious injury .PERIOD 
</s>
<s.WSJ900404-0043-1.9.3>
Police  
nationwide routinely encounter bizarre people making wild  
threats without arresting them ,COMMA since the threats are almost  
always just talk  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.10>
<s.WSJ900404-0043-1.10.1>
The mall's attorney asked me about the crucial legal  
question of "DOUBLE-QUOTE foreseeability ,COMMA "DOUBLE-QUOTE or whether a reasonable person  
should have foreseen the occurrence of the crime .PERIOD 
</s>
<s.WSJ900404-0043-1.10.2>
My research  
showed that from nineteen seventy six to nineteen eighty four ,COMMA there was only about one crime  
a year similar to this one in the entire U. S. :COLON simultaneous  
murder of three or more people by a stranger ,COMMA not for  
monetary gain ,COMMA using a gun .PERIOD 
</s>
<s.WSJ900404-0043-1.10.3>
Only seven people a year ,COMMA on  
average ,COMMA die from such an offense .PERIOD 
</s>
<s.WSJ900404-0043-1.10.4>
Fifteen people ,COMMA on  
average ,COMMA die from planes falling out of the sky on them  .PERIOD 
</s>
<s.WSJ900404-0043-1.10.5>
Lightning strikes some eighty people dead each year ,COMMA and auto  
accidents kill fifty thousand .PERIOD 
</s>
<s.WSJ900404-0043-1.10.6>
The odds of the plaintiffs' dying in a  
mass murder were about one in thirty million  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.11>
<s.WSJ900404-0043-1.11.1>
The annual odds of Ms.  Seegrist committing the crime were  
only one in one hundred and fifty six million ,COMMA without considering her sex .PERIOD 
</s>
<s.WSJ900404-0043-1.11.2>
The prior  
rate of such crimes by women nationwide was zero .PERIOD 
</s>
<s.WSJ900404-0043-1.11.3>
There also  
had been no prior documented mass murder in a shopping  
center .PERIOD 
</s>
<s.WSJ900404-0043-1.11.4>
I told the jury that these odds were so low that no  
reasonable person should have foreseen this occurring at the  
mall  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.12>
<s.WSJ900404-0043-1.12.1>
Even if the crime had been foreseeable ,COMMA my research showed  
that the crime was impossible to prevent by any reasonable  
standard of care .PERIOD 
</s>
<s.WSJ900404-0043-1.12.2>
Police stations ,COMMA courthouses and any  
premises open to the public are vulnerable to exactly the  
same kind of attack .PERIOD 
</s>
<s.WSJ900404-0043-1.12.3>
The only way to have prevented a sudden  
terrorist attack at the mall would have been to turn it into  
an armed camp .PERIOD 
</s>
<s.WSJ900404-0043-1.12.4>
The defense suggested that would be an  
unreasonable standard of care  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-1.13>
<s.WSJ900404-0043-1.13.1>
The jury disagreed  .PERIOD 
</s>
</p>
<p.WSJ900404-0043-2.1>
<s.WSJ900404-0043-2.1.1>
Mr.  Sherman is a professor of criminology at the  
University of Maryland and president of the Crime Control  
Institute in Washington  .PERIOD 
</s>
</p>
<p.WSJ900404-0042-1.1>
<s.WSJ900404-0042-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH Democrats on the House Banking Committee  
decided to push for passage of two pieces of savings -HYPHEN and -HYPHEN loan  
legislation this year  .PERIOD 
</s>
</p>
<p.WSJ900404-0042-1.2>
<s.WSJ900404-0042-1.2.1>
One bill ,COMMA sponsored by Rep .PERIOD 
</s>
<s.WSJ900404-0042-1.2.2>
Charles Schumer (LEFT-PAREN D. ,COMMA N. Y.  ,COMMA 
would ban savings and loans from selling uninsured bonds in  
their lobbies .PERIOD 
</s>
<s.WSJ900404-0042-1.2.3>
In the failure of Lincoln Savings &AMPERSAND Loan  ,COMMA 
Irvine ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0042-1.2.4>
thousands of investors said they believed  
they were buying government -HYPHEN insured certificates of deposit  
in Lincoln's lobby .PERIOD 
</s>
<s.WSJ900404-0042-1.2.5>
About two hundred million dollars in bonds were issued  
by Lincoln's parent ,COMMA American Continental Corporation  ,COMMA Phoenix ,COMMA and  
are now believed to be worthless since the company filed for  
bankruptcy protection a year ago  .PERIOD 
</s>
</p>
<p.WSJ900404-0042-1.3>
<s.WSJ900404-0042-1.3.1>
Another bill ,COMMA sponsored by Rep .PERIOD 
</s>
<s.WSJ900404-0042-1.3.2>
David Price (LEFT-PAREN D. ,COMMA N. C.  ,COMMA 
would give the government greater latitude in dissolving  
"DOUBLE-QUOTE golden parachutes ,COMMA "DOUBLE-QUOTE which are lucrative severance contracts  ,COMMA 
for managers of failed thrifts  .PERIOD 
</s>
</p>
<p.WSJ900404-0042-1.4>
<s.WSJ900404-0042-1.4.1>
According to committee members' staff ,COMMA the Democrats on  
the fifty one -HYPHEN member panel said they expect to begin drafting the  
legislation in three weeks ,COMMA after a congressional recess  .PERIOD 
</s>
</p>
<p.WSJ900404-0041-1.1>
<s.WSJ900404-0041-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The House Budget Committee is working on a  
plan to reduce military spending by between ten billion dollars and  
fourteen billion dollars from projected levels in fiscal nineteen ninety one ,COMMA panel  
Chairman Leon Panetta said  .PERIOD 
</s>
</p>
<p.WSJ900404-0041-1.2>
<s.WSJ900404-0041-1.2.1>
The California Democrat said the committee ,COMMA which has been  
meeting privately ,COMMA is likely to make a sharp cut in the  
military budget ,COMMA which has projected outlays of three hundred and six .POINT nine billion dollars in the year that begins October  one .PERIOD 
</s>
<s.WSJ900404-0041-1.2.2>
The precise reduction  
hasn't yet been decided  .PERIOD 
</s>
</p>
<p.WSJ900404-0041-1.3>
<s.WSJ900404-0041-1.3.1>
The military spending total is the most contentious item  
in the fiscal nineteen ninety one budget resolution .PERIOD 
</s>
<s.WSJ900404-0041-1.3.2>
The non -HYPHEN binding budget  
document also is likely to call for tax increases of thirteen .POINT nine billion dollars ,COMMA the amount sought by President Bush ,COMMA Mr.  Panetta  
said  .PERIOD 
</s>
</p>
<p.WSJ900404-0041-1.4>
<s.WSJ900404-0041-1.4.1>
Rep .PERIOD 
</s>
<s.WSJ900404-0041-1.4.2>
Panetta predicted that the budget resolution would  
pass the House ,COMMA but was less certain about the outlook in the  
Senate and the ability of even the House to pass legislation  
that follows through with the document's guidelines  .PERIOD 
</s>
</p>
<p.WSJ900404-0041-1.5>
<s.WSJ900404-0041-1.5.1>
Action in the House Budget Committee is expected later  
this month  .PERIOD 
</s>
</p>
<p.WSJ900404-0040-1.1>
<s.WSJ900404-0040-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The Labor Department said it found nearly  
eleven thousand child -HYPHEN labor violations in its three -HYPHEN day nationwide  
sweep last month  .PERIOD 
</s>
</p>
<p.WSJ900404-0040-1.2>
<s.WSJ900404-0040-1.2.1>
The total is considerably higher than the seven thousand violations  
estimated by department officials the morning after the  
enforcement blitz ended .PERIOD 
</s>
<s.WSJ900404-0040-1.2.2>
The estimate of total fines for the  
violations grew to two .POINT nine million dollars from the one .POINT eight million dollars figure  
given last month ,COMMA said William Brooks ,COMMA assistant secretary  
for the Employment Standards Administration  .PERIOD 
</s>
</p>
<p.WSJ900404-0040-1.3>
<s.WSJ900404-0040-1.3.1>
The department released the first segment of names of the  
employers cited for violations ,COMMA covering those for  
investigations completed so far .PERIOD 
</s>
<s.WSJ900404-0040-1.3.2>
That list covered one hundred and seventy two cases  ,COMMA 
about ten %PERCENT of the one thousand seven hundred and fifty businesses where the agency said  
violations were found in the sweep .PERIOD 
</s>
<s.WSJ900404-0040-1.3.3>
The alleged violators  
included restaurants either franchised or owned by well -HYPHEN known  
fast -HYPHEN food and pizza chains  .PERIOD 
</s>
</p>
<p.WSJ900404-0040-1.4>
<s.WSJ900404-0040-1.4.1>
The violations involve youths fourteen through seventeen years old  ,COMMA 
either working more hours or later at night than allowed  
during school weeks or working illegally in hazardous jobs  .PERIOD 
</s>
</p>
<p.WSJ900404-0040-1.5>
<s.WSJ900404-0040-1.5.1>
Fines weren't assessed for many of the citations .PERIOD 
</s>
<s.WSJ900404-0040-1.5.2>
But  
where fines were proposed ,COMMA they went as high as twenty nine thousand and fifty dollars ,COMMA for  
a grocery store in Moore ,COMMA Okla .PERIOD 
</s>
<s.WSJ900404-0040-1.5.3>
The citations involved mostly  
small fines ,COMMA often less than one thousand dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0039-1.1>
<s.WSJ900404-0039-1.1.1>
Com Systems Incorporated  said it completed the issue and sale of  
preferred stock and subordinated debentures valued at twenty two million dollars to OmniCorp International B. V. ,COMMA which owns fifty seven %PERCENT of the  
company's stock on a fully diluted basis  .PERIOD 
</s>
</p>
<p.WSJ900404-0039-1.2>
<s.WSJ900404-0039-1.2.1>
The troubled Van Nuys ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0039-1.2.2>
telecommunications firm  
said it would use part of the proceeds to acquire T. M. C.  
Communications of Santa Barbara ,COMMA a regional  
telecommunications firm ,COMMA for about thirteen million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0039-1.3>
<s.WSJ900404-0039-1.3.1>
Com Systems said that it issued four .POINT five million shares of a  
new ,COMMA Series C. cumulative convertible preferred stock for nine million dollars to OmniCorp ,COMMA which paid for the stock by canceling a  
nine million dollars bridge loan with Com Systems .PERIOD 
</s>
<s.WSJ900404-0039-1.3.2>
In nineteen eighty eight ,COMMA Com Systems  
reported a net loss of five .POINT eight million dollars .PERIOD 
</s>
<s.WSJ900404-0039-1.3.3>
Com Systems said it also  
sold thirteen million dollars in aggregate principal amount of its  
five -HYPHEN year ,COMMA eleven one /SLASH two %PERCENT convertible subordinated debentures to  
OmniCorp ,COMMA an affiliate of the Swiss conglomerate OmniCorp  
Holdings Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0039-1.4>
<s.WSJ900404-0039-1.4.1>
In addition ,COMMA Com Systems said it named Sandra Styles ,COMMA forty two  
years old ,COMMA as the first of three OmniCorp designees to its  
seven -HYPHEN member board .PERIOD 
</s>
<s.WSJ900404-0039-1.4.2>
The company said that Stephen Olson ,COMMA forty seven  ,COMMA 
Richard Hillman ,COMMA forty seven ,COMMA and Sol Gerber ,COMMA seventy seven ,COMMA resigned from the  
board  .PERIOD 
</s>
</p>
<p.WSJ900404-0038-1.1>
<s.WSJ900404-0038-1.1.1>
B. S. N. Corporation  said that it doesn't currently expect to  
complete its planned acquisition of National Spirit Group  ,COMMA 
which could result in a one -HYPHEN time charge to earnings of "DOUBLE-QUOTE no  
more than three .POINT five million dollars .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0038-1.2>
<s.WSJ900404-0038-1.2.1>
The Dallas maker of sporting goods said that disagreements  
among lenders prevented it from completing the purchase by  
the end of March .PERIOD 
</s>
<s.WSJ900404-0038-1.2.2>
B. S. N. was to pay three million dollars in cash and fifteen million dollars in stock and assume twenty two million dollars in senior debt under  
the transaction  .PERIOD 
</s>
</p>
<p.WSJ900404-0038-1.3>
<s.WSJ900404-0038-1.3.1>
B. S. N. originally sold National Spirit ,COMMA a distributor of  
cheerleader supplies and operator of cheerleader camps ,COMMA to  
Prospect Group Incorporated  of New York in nineteen eight hundred and eighty  .PERIOD 
</s>
<s.WSJ900404-0038-1.3.2>
It offered to buy  
back the unit after National Spirit defaulted on its debt  
last year  .PERIOD 
</s>
</p>
<p.WSJ900404-0038-1.4>
<s.WSJ900404-0038-1.4.1>
B. S. N. said it may have to write off two .POINT seven million dollars that  
National Spirit owes it ,COMMA as well as five hundred thousand dollars to six hundred thousand dollars in  
estimated expenses .PERIOD 
</s>
<s.WSJ900404-0038-1.4.2>
B. S. N. said it expects to include the charge  
in nineteen eighty nine fourth -HYPHEN quarter results ,COMMA but it might take some of it  
for the first quarter of nineteen nine hundred and   .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.1>
<s.WSJ900404-0037-1.1.1>
Every so often ,COMMA a reader of the New Yorker magazine gets  
the idea that its writers might be stuck for good topics .PERIOD 
</s>
<s.WSJ900404-0037-1.1.2>
At  
times it seems as if the search for sentient subjects has  
been abandoned altogether ,COMMA in favor of inanimate objects that  
can't walk ,COMMA think ,COMMA give interviews ,COMMA or (LEFT-PAREN it is hoped )RIGHT-PAREN sue for  
libel .PERIOD 
</s>
<s.WSJ900404-0037-1.1.3>
Who can forget E. J. .PERIOD 
</s>
<s.WSJ900404-0037-1.1.4>
Kahn's multi -HYPHEN parter on wheat and  
corn ,COMMA or John McPhee 'SINGLE-QUOTE s. slow -HYPHEN moving descriptions of glaciers  ?QUESTION-MARK 
</s>
</p>
<p.WSJ900404-0037-1.2>
<s.WSJ900404-0037-1.2.1>
Just about everybody .PERIOD 
</s>
<s.WSJ900404-0037-1.2.2>
Perhaps that's why staff writer  
Janet Malcolm consistently has resisted her colleagues'  
tendency to overreach --DASH no "DOUBLE-QUOTE Annals of Polyurethane "DOUBLE-QUOTE for her  
--DASH and made it her specialty to underreach .PERIOD 
</s>
<s.WSJ900404-0037-1.2.3>
As subject  
matter ,COMMA Janet Malcolm is never far from Janet Malcolm's  
thoughts .PERIOD 
</s>
<s.WSJ900404-0037-1.2.4>
She now has brought this self -HYPHEN referential art to a  
kind of climax ,COMMA taking as the subject of her latest  
journalism nothing less than --DASH or rather nothing much more  
than --DASH her feelings about the subject of journalism  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.3>
<s.WSJ900404-0037-1.3.1>
First published as a two -HYPHEN parter in the New Yorker last  
year and just released in book form ,COMMA "DOUBLE-QUOTE The Journalist and the  
Murderer "DOUBLE-QUOTE (LEFT-PAREN Knopf ,COMMA one hundred and sixty two pages ,COMMA eighteen dollars and ninety five cents )RIGHT-PAREN has been a big hit among  
people who enjoy reading about writers :COLON which is to say  ,COMMA 
writers .PERIOD 
</s>
<s.WSJ900404-0037-1.3.2>
Her roundhouse opening sentences have been  
memorized ,COMMA whispered and reprinted at journalism seminars  ,COMMA 
writing workshops ,COMMA and wherever else a writer might prattle  
about what he or she but no one else calls "DOUBLE-QUOTE the craft .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0037-1.4>
<s.WSJ900404-0037-1.4.1>
The famous opening goes like this :COLON "DOUBLE-QUOTE Every journalist who  
is not too stupid or too full of himself to notice what is  
going on knows that what he does is morally indefensible .PERIOD 
</s>
<s.WSJ900404-0037-1.4.2>
He  
is a kind of confidence man ,COMMA preying on people's vanity  ,COMMA 
ignorance ,COMMA or loneliness .PERIOD 
</s>
<s.WSJ900404-0037-1.4.3>
 "DOUBLE-QUOTE 
</p>
<p.WSJ900404-0037-1.5>
</s>
<s.WSJ900404-0037-1.5.1>
As texts for her sermon Ms.  Malcolm uses a huge  ,COMMA 
true -HYPHEN crime book by Joe McGinniss called "DOUBLE-QUOTE Fatal Vision ,COMMA "DOUBLE-QUOTE as  
well as the transcript of a breach -HYPHEN of -HYPHEN contract suit brought  
against Mr.  McGinniss by the protagonist of "DOUBLE-QUOTE Fatal Vision ,COMMA "DOUBLE-QUOTE a  
former Green Beret named Jeffrey MacDonald .PERIOD 
</s>
<s.WSJ900404-0037-1.5.2>
In nineteen seventy nine  ,COMMA 
MacDonald was convicted of savagely murdering his wife and  
two children .PERIOD 
</s>
<s.WSJ900404-0037-1.5.3>
Shortly before the trial ,COMMA he and Mr.  McGinniss  
signed a contract granting the journalist free access to his  
papers and defense preparation ,COMMA in return for which MacDonald  
was to get a cut of the book's profits  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.6>
<s.WSJ900404-0037-1.6.1>
For some reason ,COMMA Ms.  Malcolm considers this relationship  
paradigmatic ,COMMA when in fact it is far slimier than anything  
that normally obtains between journalist and subject  
(LEFT-PAREN especially at the New Yorker --DASH imagine a glacier demanding  
a share of a book's profits .PERIOD 
</s>
<s.WSJ900404-0037-1.6.2>
What particularly galls her is  
that Mr.  McGinniss might have deceived MacDonald into  
thinking that the book was going to exonerate him ,COMMA even  
though Mr.  McGinniss had long since concluded he was guilty  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.7>
<s.WSJ900404-0037-1.7.1>
At least ,COMMA that's what Ms.  Malcolm says galls her .PERIOD 
</s>
<s.WSJ900404-0037-1.7.2>
The book  
is an extended one -HYPHEN woman chin wag about the propriety of  
deception in reporting .PERIOD 
</s>
<s.WSJ900404-0037-1.7.3>
But since she indulges herself in  
quick and quackish psychoanalysis throughout the book ,COMMA a  
reader feels free to postulate his or her own theories as to  
the origins of Ms.  Malcolm's animus toward Joe McGinniss .PERIOD 
</s>
<s.WSJ900404-0037-1.7.4>
She  
makes some snide references ,COMMA for example ,COMMA to the true -HYPHEN crime  
genre ,COMMA and to the enormous popularity of Mr.  McGinniss 'SINGLE-QUOTE s.  
book .PERIOD 
</s>
<s.WSJ900404-0037-1.7.5>
In any given week "DOUBLE-QUOTE Fatal Vision "DOUBLE-QUOTE (LEFT-PAREN still in paperback  )RIGHT-PAREN 
probably sells more copies than all Ms.  Malcolm's ponderous  
little books have sold over the last ,COMMA oh ,COMMA fifteen years .PERIOD 
</s>
<s.WSJ900404-0037-1.7.6>
Mr.   
McGinniss even squeezed a T. V. miniseries out of the thing  .PERIOD 
</s>
<s.WSJ900404-0037-1.7.7>
Might these facts ,COMMA too ,COMMA gall Ms.  Malcolm ,COMMA just a bit ?QUESTION-MARK 
</s>
<s.WSJ900404-0037-1.7.8>
Book  
writers are a competitive bunch  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.8>
<s.WSJ900404-0037-1.8.1>
An alternative theory ,COMMA much discussed in those writing  
workshops ,COMMA holds that Ms.  Malcolm wrote this odd little book  
as a rite of exculpation .PERIOD 
</s>
<s.WSJ900404-0037-1.8.2>
The subject of one of her earlier  
books sued her for libel a couple of years ago ,COMMA alleging that  
she fabricated quotes ,COMMA misled him about her journalistic  
intentions ,COMMA and generally acted like "DOUBLE-QUOTE a kind of confidence  
man ,COMMA preying upon people's vanity ,COMMA ignorance ,COMMA or loneliness  ,COMMA "DOUBLE-QUOTE 
as a guilt -HYPHEN ridden journalist might put it  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.9>
<s.WSJ900404-0037-1.9.1>
Ms.  Malcolm makes clear in a new afterword to "DOUBLE-QUOTE The  
Journalist and the Murderer "DOUBLE-QUOTE that she is appalled by such  
insinuations .PERIOD 
</s>
<s.WSJ900404-0037-1.9.2>
She desperately wants her book to be thought  
high -HYPHEN minded ,COMMA which in a way it is --DASH so high -HYPHEN minded that she  
sails over the true barbarity of the McGinniss -HYPHEN MacDonald  
story .PERIOD 
</s>
<s.WSJ900404-0037-1.9.3>
Mr.  McGinniss 'SINGLE-QUOTE s. "DOUBLE-QUOTE Fatal Vision "DOUBLE-QUOTE is indeed a sleazy  
book ,COMMA but not because the author betrayed his subject .PERIOD 
</s>
<s.WSJ900404-0037-1.9.4>
It's  
designed to exploit the rubbernecking ghoul in all of us :COLON The  
book is so compelling because the crime was so grotesque ,COMMA and  
the unseemliness of anyone fattening off it is staggering  .PERIOD 
</s>
<s.WSJ900404-0037-1.9.5>
The bludgeoning of Mrs.  MacDonald and her children was the  
biggest break of Joe McGinniss 'SINGLE-QUOTE s. career  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-1.10>
<s.WSJ900404-0037-1.10.1>
Still more repulsive ,COMMA of course ,COMMA is MacDonald himself ,COMMA but  
Ms.  Malcolm's strange preoccupation with her hyped -HYPHEN up ethical  
conundrum restrains her from considering him at any length  ,COMMA 
though she does glance up from her meditation long enough to  
note his "DOUBLE-QUOTE preternatural equipoise ,COMMA "DOUBLE-QUOTE his gentle way with a  
powdered donut ,COMMA and her own "DOUBLE-QUOTE erotic "DOUBLE-QUOTE reaction to the letters  
he send her .PERIOD 
</s>
<s.WSJ900404-0037-1.10.2>
For Janet Malcolm ,COMMA child -HYPHEN killers come and go  ;SEMI-COLON 
the problems of journalism endure  .PERIOD 
</s>
</p>
<p.WSJ900404-0037-2.1>
<s.WSJ900404-0037-2.1.1>
Mr.  Ferguson is an editorial writer for the Scripps Howard  
News Service  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.1>
<s.WSJ900404-0036-1.1.1>
N. E. W. Y. O. R. K. --DASH Urcarco has already changed the history of  
Western capitalism .PERIOD 
</s>
<s.WSJ900404-0036-1.1.2>
Previously ,COMMA it was thought that the  
used -HYPHEN car industry was unsuitable for public financing  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.2>
<s.WSJ900404-0036-1.2.1>
But last November ,COMMA the Fort Worth ,COMMA Texas ,COMMA company sold three .POINT nine  
million shares ,COMMA at eleven dollars apiece ,COMMA in an initial public offering  .PERIOD 
</s>
<s.WSJ900404-0036-1.2.2>
The stock has since risen one hundred and thirty three %PERCENT to twenty five five /SLASH eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.3>
<s.WSJ900404-0036-1.3.1>
The stock market thus is valuing at close to half a  
billion dollars a company that runs eighteen used -HYPHEN car lots in  
Texas .PERIOD 
</s>
<s.WSJ900404-0036-1.3.2>
And the stock is trading over the counter at thirty times  
earnings estimates for the fiscal year ending in June  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.4>
<s.WSJ900404-0036-1.4.1>
But the stock's surge is no less noteworthy than its  
underlying premise .PERIOD 
</s>
<s.WSJ900404-0036-1.4.2>
Urcarco sells cars to people who cannot  
get credit from banks ,COMMA credit unions ,COMMA manufacturers ,COMMA their  
grandmothers or anyone else .PERIOD 
</s>
<s.WSJ900404-0036-1.4.3>
Its average customer earns  
twenty four thousand dollars .PERIOD 
</s>
<s.WSJ900404-0036-1.4.4>
"DOUBLE-QUOTE We sell quality cars to people who have had a  
credit problem ,COMMA "DOUBLE-QUOTE Clifton H. Morris Junior  ,COMMA its chairman ,COMMA says  .PERIOD 
</s>
<s.WSJ900404-0036-1.4.5>
"DOUBLE-QUOTE We almost act as their financial consultant .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0036-1.5>
<s.WSJ900404-0036-1.5.1>
As a consultant ,COMMA Urcarco naturally charges high rates of  
interest --DASH an average of twenty one %PERCENT .PERIOD 
</s>
<s.WSJ900404-0036-1.5.2>
It also charges high prices  .PERIOD 
</s>
<s.WSJ900404-0036-1.5.3>
Typically ,COMMA it purchases a used car for three thousand five hundred dollars ,COMMA spends up to  
one thousand dollars getting it in shape and sells it for about eight thousand dollars --DASH  
nearly double its cost  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.6>
<s.WSJ900404-0036-1.6.1>
Its customers have no alternative --DASH except ,COMMA now and then  ,COMMA 
to walk away from their loans .PERIOD 
</s>
<s.WSJ900404-0036-1.6.2>
Urcarco requires a down  
payment of only five %PERCENT to twenty %PERCENT .PERIOD 
</s>
<s.WSJ900404-0036-1.6.3>
Customers' investments in their  
cars ,COMMA at least in the first year ,COMMA are slight .PERIOD 
</s>
<s.WSJ900404-0036-1.6.4>
And a person  
will pay interest of twenty one %PERCENT only for as long as he can afford  
to ,COMMA and only for as long as he must  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.7>
<s.WSJ900404-0036-1.7.1>
Urcarco has thought about this .PERIOD 
</s>
<s.WSJ900404-0036-1.7.2>
It takes an accounting  
charge of about thirty seven %PERCENT of its gross margin at the time of each  
sale ,COMMA as a provision for possible losses .PERIOD 
</s>
<s.WSJ900404-0036-1.7.3>
The company says it  
anticipates an actual repossession rate of one -HYPHEN third ,COMMA or thirty three %PERCENT  .PERIOD 
</s>
<s.WSJ900404-0036-1.7.4>
Ray Wilkin ,COMMA its chief financial officer ,COMMA says "DOUBLE-QUOTE right now  ,COMMA 
taking all the information we have .PERIOD 
</s>
<s.WSJ900404-0036-1.7.5>
we have concluded  
that the repo rate is twenty five %PERCENT to thirty %PERCENT .PERIOD 
</s>
<s.WSJ900404-0036-1.7.6>
That's what gives us  
comfort at this point in time .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0036-1.8>
<s.WSJ900404-0036-1.8.1>
But neither Mr.  Wilkin nor anyone else professes to know  
for certain what the repo rate will be .PERIOD 
</s>
<s.WSJ900404-0036-1.8.2>
"DOUBLE-QUOTE You never know what  
the repo rate is until you get out about three years ,COMMA "DOUBLE-QUOTE Mr.   
Wilkin says .PERIOD 
</s>
<s.WSJ900404-0036-1.8.3>
And Urcarco has been doing business only since  
nineteen eight hundred and seventy  .PERIOD 
</s>
<s.WSJ900404-0036-1.8.4>
Sales have climbed so rapidly that three -HYPHEN year -HYPHEN old repo  
data aren't useful as a guide .PERIOD 
</s>
<s.WSJ900404-0036-1.8.5>
In the final six months of  
calendar nineteen eighty eight the company sold one thousand six hundred and forty four cars ;SEMI-COLON in the nineteen eighty nine half  ,COMMA 
seven thousand five hundred and thirty three  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.9>
<s.WSJ900404-0036-1.9.1>
Repos in the first two months of nineteen ninety were equal to twenty three %PERCENT of  
the total cars sold in the same period .PERIOD 
</s>
<s.WSJ900404-0036-1.9.2>
But since the  
repossessed cars were typically sold in nineteen eighty nine ,COMMA when total  
sales were running at a lower rate ,COMMA repos would appear to be  
higher than twenty three %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.10>
<s.WSJ900404-0036-1.10.1>
The repo rate is even harder to predict because Urcarco's  
sales focus has recently been changing ,COMMA with the company  
targeting higher -HYPHEN priced and newer cars and offering longer  
financing terms  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.11>
<s.WSJ900404-0036-1.11.1>
Mr.  Morris says "DOUBLE-QUOTE our repo rate is getting better .PERIOD 
</s>
<s.WSJ900404-0036-1.11.2>
We're  
getting a better knowledge of our customer base .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0036-1.11.3>
Also ,COMMA he  
says ,COMMA the company is developing new ,COMMA firmer criteria for  
making loans and it is boosting the down payment minimum .PERIOD 
</s>
<s.WSJ900404-0036-1.11.4>
"DOUBLE-QUOTE We  
don't take just anybody ,COMMA "DOUBLE-QUOTE a spokeswoman says  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.12>
<s.WSJ900404-0036-1.12.1>
Alex .PERIOD 
</s>
<s.WSJ900404-0036-1.12.2>
Brown &AMPERSAND Sons ,COMMA Urcarco's underwriter ,COMMA is bullish  .PERIOD 
</s>
<s.WSJ900404-0036-1.12.3>
Every other analyst that follows Urcarco's soaring stock is  
bullish .PERIOD 
</s>
<s.WSJ900404-0036-1.12.4>
Earnings are up fifteen -HYPHEN fold for the six months ended  
December  thirty one .PERIOD 
</s>
<s.WSJ900404-0036-1.12.5>
And analysts say the potential for further growth is  
huge ,COMMA because Urcarco competes only with small  ,COMMA 
undercapitalized mom n 'SINGLE-QUOTE `SINGLE-QUOTE pop dealers  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.13>
<s.WSJ900404-0036-1.13.1>
Quoting Alex .PERIOD 
</s>
<s.WSJ900404-0036-1.13.2>
Brown :COLON "DOUBLE-QUOTE Urcarco represents the first attempt  
to bring professional management ,COMMA capital and a high level of  
integrity "DOUBLE-QUOTE to used cars .PERIOD 
</s>
<s.WSJ900404-0036-1.13.3>
Quoting Gulfstream Financial  
Associates :COLON "DOUBLE-QUOTE Urcarco is revolutionizing the forty billion dollars  
used -HYPHEN car industry ,COMMA offering blue -HYPHEN collar America an attractive  
alternative .PERIOD 
</s>
<s.WSJ900404-0036-1.13.4>
 "DOUBLE-QUOTE 
</p>
<p.WSJ900404-0036-1.14>
</s>
<s.WSJ900404-0036-1.14.1>
Michael Milken discovered ,COMMA or thought he did ,COMMA that  
speculative -HYPHEN grade corporate borrowers were better risks than  
investors thought .PERIOD 
</s>
<s.WSJ900404-0036-1.14.2>
Urcarco's "DOUBLE-QUOTE discovery "DOUBLE-QUOTE is that cars can be  
sold at a profit to speculative -HYPHEN grade people .PERIOD 
</s>
<s.WSJ900404-0036-1.14.3>
If the company  
is right ,COMMA then competition will follow .PERIOD 
</s>
<s.WSJ900404-0036-1.14.4>
If it is wrong ,COMMA and  
repo rates rise ,COMMA the "DOUBLE-QUOTE income "DOUBLE-QUOTE may evaporate  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.15>
<s.WSJ900404-0036-1.15.1>
The company eats up four million dollars or so in cash a month ,COMMA a  
total that rises with sales .PERIOD 
</s>
<s.WSJ900404-0036-1.15.2>
Only down the road ,COMMA when  
contracts mature and growth levels off ,COMMA will Urcarco turn  
cash -HYPHEN positive  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-1.16>
<s.WSJ900404-0036-1.16.1>
With so many risks ,COMMA where is the margin for error in  
Urcarco's stock ?QUESTION-MARK 
</s>
<s.WSJ900404-0036-1.16.2>
The shares amount to a bet that loans will  
be paid off and margins will stay high --DASH and at its current  
price the bet is none too cheap  .PERIOD 
</s>
</p>
<p.WSJ900404-0036-2.1>
<s.WSJ900404-0036-2.1.1>
Urcarco  
</s>
</p>
<p.WSJ900404-0036-2.2>
<s.WSJ900404-0036-2.2.1>
(LEFT-PAREN O. T. C. ;SEMI-COLON Symbol :COLON C. A. R. S.  )RIGHT-PAREN 
</s>
</p>
<p.WSJ900404-0036-2.3>
<s.WSJ900404-0036-2.3.1>
Business :COLON Sells used cars and trucks  
</s>
</p>
<p.WSJ900404-0036-2.4>
<s.WSJ900404-0036-2.4.1>
Six months ended December  thirty one ,COMMA nineteen eighty nine  :COLON 
</s>
</p>
<p.WSJ900404-0036-2.5>
<s.WSJ900404-0036-2.5.1>
Revenue :COLON fifty five .POINT five million dollars  
</s>
</p>
<p.WSJ900404-0036-2.6>
<s.WSJ900404-0036-2.6.1>
Net income :COLON five .POINT two million dollars ;SEMI-COLON forty cents a share  
</s>
</p>
<p.WSJ900404-0036-2.7>
<s.WSJ900404-0036-2.7.1>
Second quarter ,COMMA December  thirty one ,COMMA nineteen eighty nine  :COLON 
</s>
</p>
<p.WSJ900404-0036-2.8>
<s.WSJ900404-0036-2.8.1>
Per -HYPHEN share earnings :COLON eighteen cents vs .PERIOD 
</s>
<s.WSJ900404-0036-2.8.2>
two cents  
</s>
</p>
<p.WSJ900404-0036-2.9>
<s.WSJ900404-0036-2.9.1>
Average daily trading volume :COLON one hundred and twenty seven thousand three hundred and eighty five shares  
</s>
</p>
<p.WSJ900404-0036-2.10>
<s.WSJ900404-0036-2.10.1>
Common shares outstanding :COLON seventeen .POINT five million  
</s>
</p>
<p.WSJ900404-0035-1.1>
<s.WSJ900404-0035-1.1.1>
McDonald 'SINGLE-QUOTE s. Corporation  ,COMMA responding to increased concerns about  
cholesterol and fat in its foods ,COMMA plans to change the way it  
cooks its french fries and whips up shakes  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.2>
<s.WSJ900404-0035-1.2.1>
The company said last night it is testing an all -HYPHEN vegetable  
oil mixture and eliminating beef tallow from its frying  
process .PERIOD 
</s>
<s.WSJ900404-0035-1.2.2>
The oil -HYPHEN only method soon will be used in nearly five hundred  
stores ,COMMA and if successful could be expanded quickly ,COMMA the  
chain said .PERIOD 
</s>
<s.WSJ900404-0035-1.2.3>
Currently ,COMMA its fries are cooked in a mixture of  
oil and tallow  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.3>
<s.WSJ900404-0035-1.3.1>
McDonald 'SINGLE-QUOTE s. also said its eight thousand domestic restaurants soon  
will be reformulating its shakes with a low -HYPHEN fat mix .PERIOD 
</s>
<s.WSJ900404-0035-1.3.2>
"DOUBLE-QUOTE We  
thought it was a healthier product ,COMMA "DOUBLE-QUOTE said Richard G.  
Starmann ,COMMA a senior vice president  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.4>
<s.WSJ900404-0035-1.4.1>
The company disclosed the changes as it braced for  
customer reaction to full -HYPHEN page advertisements attacking  
McDonald 'SINGLE-QUOTE s. on nutritional grounds .PERIOD 
</s>
<s.WSJ900404-0035-1.4.2>
The ads ,COMMA which appear in  
this and other major newspapers today ,COMMA charge McDonald 'SINGLE-QUOTE s. and  
other unnamed fast -HYPHEN food restaurants with "DOUBLE-QUOTE the poisoning of  
America "DOUBLE-QUOTE because of the cholesterol and fat content in their  
fare  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.5>
<s.WSJ900404-0035-1.5.1>
McDonald 'SINGLE-QUOTE s. termed the ad "DOUBLE-QUOTE reckless "DOUBLE-QUOTE and misleading .PERIOD 
</s>
<s.WSJ900404-0035-1.5.2>
"DOUBLE-QUOTE I'm  
really angry ,COMMA "DOUBLE-QUOTE said Edward H. Rensi ,COMMA president and chief  
operating officer of McDonald 'SINGLE-QUOTE s. U. S. A. .PERIOD 
</s>
<s.WSJ900404-0035-1.5.3>
"DOUBLE-QUOTE It's irresponsible to  
mislead and scare the public regarding these very important  
issues .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0035-1.5.4>
He said the company has been a leader in the  
restaurant industry in disseminating nutritional information  ,COMMA 
adding that booklets analyzing the content of various menu  
items are available at most McDonald 'SINGLE-QUOTE s. outlets  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.6>
<s.WSJ900404-0035-1.6.1>
The ads were placed and paid for by Phil Sokolof ,COMMA of  
Omaha ,COMMA Neb .PERIOD ,COMMA 
</s>
<s.WSJ900404-0035-1.6.2>
who is identified in the ad as president of the  
National Heart Savers Association  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.7>
<s.WSJ900404-0035-1.7.1>
Apparently singling out McDonald 'SINGLE-QUOTE s. because of its dominant  
market share ,COMMA the ads said the chain's popular two -HYPHEN patty Big  
Mac hamburger contained twenty one .POINT five %PERCENT fat  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.8>
<s.WSJ900404-0035-1.8.1>
"DOUBLE-QUOTE That's not true ,COMMA "DOUBLE-QUOTE Mr.  Starmann said after seeing the ad  .PERIOD 
</s>
<s.WSJ900404-0035-1.8.2>
He said McDonald 'SINGLE-QUOTE s. uses beef graded as "DOUBLE-QUOTE lean "DOUBLE-QUOTE by the  
Department of Agriculture .PERIOD 
</s>
<s.WSJ900404-0035-1.8.3>
"DOUBLE-QUOTE That means it has less fat than  
most ground beef --DASH seventeen %PERCENT minus nineteen .POINT five %PERCENT fat .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0035-1.9>
<s.WSJ900404-0035-1.9.1>
He also took issue with the advertisement's claim that a  
Big Mac and fries contain twenty five grams of saturated fat ,COMMA saying  
that ,COMMA depending on the size of the fries serving ,COMMA the  
combination contains between fifteen grams and nineteen grams of fat  .PERIOD 
</s>
<s.WSJ900404-0035-1.9.2>
The advertisement calls on McDonald 'SINGLE-QUOTE s. "DOUBLE-QUOTE and all fast -HYPHEN food  
restaurants to reduce the fat content of their hamburger meat  
by ten %PERCENT as their contribution toward lowering cholesterol  
levels for Americans .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0035-1.10>
<s.WSJ900404-0035-1.10.1>
Mr.  Starmann said McDonald 'SINGLE-QUOTE s. had not been contacted by Mr.   
Sokolof ,COMMA and was "DOUBLE-QUOTE very much surprised "DOUBLE-QUOTE by the ad .PERIOD 
</s>
<s.WSJ900404-0035-1.10.2>
Previous  
advertisements by Mr.  Sokolof have criticized the cholesterol  
and saturated fat levels of cookies ,COMMA cereals ,COMMA candies ,COMMA T. V.  
dinners and other foods .PERIOD 
</s>
<s.WSJ900404-0035-1.10.3>
In apparent reaction to the ads ,COMMA a  
number of manufacturers have modified their ingredients to  
reduce cholesterol and fat content  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.11>
<s.WSJ900404-0035-1.11.1>
McDonald 'SINGLE-QUOTE s. test of cooking fries in vegetable oil  
apparently was coincidental with Mr.  Sokolof's latest attack  .PERIOD 
</s>
<s.WSJ900404-0035-1.11.2>
"DOUBLE-QUOTE We've had a long history of responding to our customers'  
concerns about nutrition ,COMMA "DOUBLE-QUOTE Mr.  Starmann said  .PERIOD 
</s>
</p>
<p.WSJ900404-0035-1.12>
<s.WSJ900404-0035-1.12.1>
In nineteen eighty six ,COMMA for example ,COMMA the chain began cooking its chicken  ,COMMA 
fish and fruit pies in vegetable shortening he described as  
cholesterol -HYPHEN free .PERIOD 
</s>
<s.WSJ900404-0035-1.12.2>
"DOUBLE-QUOTE We've recently removed the chicken skin  
from the Chicken McNuggets .PERIOD 
</s>
<s.WSJ900404-0035-1.12.3>
Years ago we went to two %PERCENT low -HYPHEN fat  
milk and skim milk .PERIOD 
</s>
<s.WSJ900404-0035-1.12.4>
We don't even serve whole milk any more .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0035-1.13>
<s.WSJ900404-0035-1.13.1>
McDonald 'SINGLE-QUOTE s. soon will introduce a low -HYPHEN fat frozen yogurt as  
well as a fruit sorbet in its stores ,COMMA Mr.  Starmann said  .PERIOD 
</s>
</p>
<p.WSJ900404-0034-1.1>
<s.WSJ900404-0034-1.1.1>
Central Banking System Incorporated  'SINGLE-QUOTE s. nineteen eighty nine net loss won't impair  
its plan to liquidate and sell its banking unit  .PERIOD 
</s>
</p>
<p.WSJ900404-0034-1.2>
<s.WSJ900404-0034-1.2.1>
The Walnut Creek ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0034-1.2.2>
bank holding company's loss  
narrowed to twenty nine .POINT seven million dollars ,COMMA or six dollars and ninety five cents a share ,COMMA from forty two .POINT two million dollars ,COMMA or nine dollars and eighty seven cents a share ,COMMA in nineteen eight hundred and eighty   .PERIOD 
</s>
</p>
<p.WSJ900404-0034-1.3>
<s.WSJ900404-0034-1.3.1>
The fourth -HYPHEN quarter loss narrowed to one .POINT eight million dollars ,COMMA or forty two  
cents a share ,COMMA from twenty four .POINT nine million dollars ,COMMA or five dollars and eighty three cents a share ,COMMA a year  
earlier .PERIOD 
</s>
<s.WSJ900404-0034-1.3.2>
The full -HYPHEN year and quarter losses don't include the  
fourth -HYPHEN quarter losses at the Central Bank and C. B. Insurance  
Agency Incorporated  units ,COMMA which totaled three .POINT four million dollars ;SEMI-COLON the losses are  
treated separately as assets for sale  .PERIOD 
</s>
</p>
<p.WSJ900404-0034-1.4>
<s.WSJ900404-0034-1.4.1>
Central Banking still meets the financial criteria of its  
pact to sell the two units to Bank of the West ,COMMA a San  
Francisco unit of France's state -HYPHEN owned Banque Nationale de  
Paris ,COMMA for forty two .POINT eight million dollars .PERIOD 
</s>
<s.WSJ900404-0034-1.4.2>
The sale should take place in late  
spring ,COMMA Central Banking said  .PERIOD 
</s>
</p>
<p.WSJ900404-0034-1.5>
<s.WSJ900404-0034-1.5.1>
Central Banking has been plagued by losses ;SEMI-COLON an audit in  
September uncovered two .POINT three million dollars in overstated gains ,COMMA mostly  
from auto loans  .PERIOD 
</s>
</p>
<p.WSJ900404-0033-1.1>
<s.WSJ900404-0033-1.1.1>
B. A. L. D. O. R. E. L. E. C. T. R. I. C. Company  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0033-1.1.2>
Fort Smith ,COMMA Ark .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0033-1.1.3>
--DASH Robert L.  
Qualls ,COMMA fifty five years old ,COMMA was elected president ,COMMA succeeding  
Quentin D. Ponder ,COMMA sixty ,COMMA who resigned to return to his  
consulting business .PERIOD 
</s>
<s.WSJ900404-0033-1.1.4>
Mr.  Qualls was executive vice president  
of finance and planning of this electric motor maker  .PERIOD 
</s>
</p>
<p.WSJ900404-0032-1.1>
<s.WSJ900404-0032-1.1.1>
Howell Corporation  said in Houston that it received a thirty two million dollars federal income tax refund ,COMMA about two -HYPHEN thirds of which  
is interest ,COMMA that will yield it twenty three million dollars after taxes .PERIOD 
</s>
<s.WSJ900404-0032-1.1.2>
It  
said it expects to include about seventeen million dollars ,COMMA or three dollars and fifty cents a  
share ,COMMA in net income when it reports first -HYPHEN quarter results  .PERIOD 
</s>
</p>
<p.WSJ900404-0032-1.2>
<s.WSJ900404-0032-1.2.1>
A year earlier ,COMMA the energy industry holding company had  
net income of four .POINT five million dollars ,COMMA or ninety four cents a share ,COMMA including a  
gain of three .POINT eight million dollars ,COMMA or seventy nine cents a share ,COMMA from an accounting  
change .PERIOD 
</s>
<s.WSJ900404-0032-1.2.2>
Howell said it plans to use the funds to retire its  
senior secured debt  .PERIOD 
</s>
</p>
<p.WSJ900404-0032-1.3>
<s.WSJ900404-0032-1.3.1>
The refund is the result of amended returns filed in nineteen eighty eight  
for the years nineteen seventy eight through nineteen eight hundred and  .PERIOD 
</s>
<s.WSJ900404-0032-1.3.2>
Howell said its claims were  
related to a dispute between it and the Department of Energy  
that was finally settled last year .PERIOD 
</s>
<s.WSJ900404-0032-1.3.3>
The accrual of twenty one million dollars in interest reflects statutory provisions of the  
Internal Revenue Code ,COMMA Howell said  .PERIOD 
</s>
</p>
<p.WSJ900404-0031-1.1>
<s.WSJ900404-0031-1.1.1>
Swedish biotechnology group Fermenta A. B. said it decided to  
divest itself of its U. S. subsidiaries S. D. S. and Fermenta  
Animal Health to raise its liquidity  .PERIOD 
</s>
</p>
<p.WSJ900404-0031-1.2>
<s.WSJ900404-0031-1.2.1>
Fermenta declined to disclose the price for the two  
companies ,COMMA but according to Swedish news reports they total  
about two .POINT five billion Swedish kronor (LEFT-PAREN four hundred and seven million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0031-1.3>
<s.WSJ900404-0031-1.3.1>
S. D. S. ,COMMA which had sales of about one .POINT two billion kronor last  
year ,COMMA produces ,COMMA markets and develops pesticides .PERIOD 
</s>
<s.WSJ900404-0031-1.3.2>
Animal  
Health is one of the leading U. S. veterinary medicine  
companies and had sales amounting to four hundred and sixty three million kronor in  
nineteen eight hundred and ninety   .PERIOD 
</s>
</p>
<p.WSJ900404-0031-1.4>
<s.WSJ900404-0031-1.4.1>
The two companies will be divested by tender offer  ,COMMA 
organized by the investment bank Dillon Read ,COMMA Fermenta said  .PERIOD 
</s>
</p>
<p.WSJ900404-0030-1.1>
<s.WSJ900404-0030-1.1.1>
Systems &AMPERSAND Computer Technology Corporation  ,COMMA Malvern ,COMMA Pa .PERIOD ,COMMA 
</s>
<s.WSJ900404-0030-1.1.2>
said it  
expects to report a loss for its second quarter ended last  
Saturday  .PERIOD 
</s>
</p>
<p.WSJ900404-0030-1.2>
<s.WSJ900404-0030-1.2.1>
The software products company cited delays in the signing  
of several contracts for products ,COMMA which Systems &AMPERSAND Computer  
had anticipated in the second quarter .PERIOD 
</s>
<s.WSJ900404-0030-1.2.2>
The contracts are  
expected to be recorded in the third quarter ,COMMA the company  
said .PERIOD 
</s>
<s.WSJ900404-0030-1.2.3>
In the year -HYPHEN earlier second quarter ,COMMA the company earned  
seven hundred and three thousand dollars ,COMMA or six cents a share ,COMMA on revenue of ten .POINT three million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0030-1.3>
<s.WSJ900404-0030-1.3.1>
But Systems &AMPERSAND Computer said results for the fiscal first  
half should be positive .PERIOD 
</s>
<s.WSJ900404-0030-1.3.2>
Year -HYPHEN earlier net income was two .POINT nine million dollars ,COMMA or twenty four cents a share ,COMMA on revenue of twenty one .POINT eight million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0030-1.4>
<s.WSJ900404-0030-1.4.1>
In national over -HYPHEN the -HYPHEN counter trading yesterday ,COMMA Systems &AMPERSAND  
Computer shares closed at four dollars and forty three cents seventy five ,COMMA down six .POINT two five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0029-1.1>
<s.WSJ900404-0029-1.1.1>
H. O. U. S. T. O. N. --DASH Sysco Corporation  ,COMMA a big food -HYPHEN service concern ,COMMA said  
it agreed to acquire the Oklahoma City food -HYPHEN service  
distribution business of Scrivner Incorporated  ,COMMA an Oklahoma  
City -HYPHEN based wholesale grocer .PERIOD 
</s>
<s.WSJ900404-0029-1.1.2>
Terms weren't disclosed  .PERIOD 
</s>
</p>
<p.WSJ900404-0029-1.2>
<s.WSJ900404-0029-1.2.1>
Sysco said it expects to close the purchase in about a  
week .PERIOD 
</s>
<s.WSJ900404-0029-1.2.2>
It said the Scrivner food -HYPHEN service business ,COMMA with about  
three thousand customers in Oklahoma ,COMMA has about fifty million dollars in annual  
revenue  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.1>
<s.WSJ900404-0028-1.1.1>
A group that includes Bailey Financial Group Incorporated  and  
Financial Securities Fund L. P. said it has offered to acquire  
all stock outstanding of Durham Corporation  for thirty seven dollars and fifty cents a share  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.2>
<s.WSJ900404-0028-1.2.1>
In a letter to Durham's chairman ,COMMA the group said its offer  
would provide thirty dollars in cash and seven dollars and fifty cents in subordinated  
debentures for each Durham common share  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.3>
<s.WSJ900404-0028-1.3.1>
The letter was attached to a filing with the Securities  
and Exchange Commission  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.4>
<s.WSJ900404-0028-1.4.1>
Officials of Durham ,COMMA an insurance and broadcasting concern  
based in Raleigh ,COMMA N. C. ,COMMA couldn't be reached for comment .PERIOD 
</s>
<s.WSJ900404-0028-1.4.2>
The  
company had eight .POINT four million common shares outstanding as of December   
thirty one  
</s>
</p>
<p.WSJ900404-0028-1.5>
<s.WSJ900404-0028-1.5.1>
Durham was quoted in over -HYPHEN the -HYPHEN counter trading yesterday at  
thirty dollars and fifty cents a share  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.6>
<s.WSJ900404-0028-1.6.1>
All aspects of the offer ,COMMA including the possibility of a  
higher ,COMMA all -HYPHEN cash offer ,COMMA are negotiable ,COMMA the group said .PERIOD 
</s>
<s.WSJ900404-0028-1.6.2>
It  
stressed its desire to conduct a review of Durham ,COMMA noting  
that it could raise its offer if the information justifies  
doing so  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.7>
<s.WSJ900404-0028-1.7.1>
The group said that its financial adviser ,COMMA Stephens Incorporated   ,COMMA 
has demonstrated the group's financial ability to fund the  
offer  .PERIOD 
</s>
</p>
<p.WSJ900404-0028-1.8>
<s.WSJ900404-0028-1.8.1>
Bailey Financial and Financial Securities are part of a  
shareholder group holding a five .POINT nine %PERCENT stake in Durham's common  
stock ,COMMA according to a previous S. E. C. filing  .PERIOD 
</s>
</p>
<p.WSJ900404-0027-1.1>
<s.WSJ900404-0027-1.1.1>
Banque Bruxelles Lambert S. A. and International Aircraft  
Services of Ireland said they plan to start a joint -HYPHEN venture  
aircraft leasing company that will soon buy five hundred million dollars of  
airplanes  .PERIOD 
</s>
</p>
<p.WSJ900404-0027-1.2>
<s.WSJ900404-0027-1.2.1>
The new venture ,COMMA Airlease Finance Limited  ,COMMA will have  
headquarters in Shannon ,COMMA Ireland ,COMMA and manage a portfolio of  
airplanes to be placed on short -HYPHEN term ,COMMA off -HYPHEN balance -HYPHEN sheet  
operating leases with airlines .PERIOD 
</s>
<s.WSJ900404-0027-1.2.2>
B. B. L. and I. A. S. said they will  
spell out their participation in the new venture and their  
aircraft purchase plans later this month  .PERIOD 
</s>
</p>
<p.WSJ900404-0027-1.3>
<s.WSJ900404-0027-1.3.1>
B. B. L. is Belgium's second -HYPHEN largest commercial bank .PERIOD 
</s>
<s.WSJ900404-0027-1.3.2>
A  
spokesman said the company got into the aircraft leasing  
business six years ago with a couple of sale -HYPHEN leasebacks of  
planes  .PERIOD 
</s>
</p>
<p.WSJ900404-0027-1.4>
<s.WSJ900404-0027-1.4.1>
Shannon -HYPHEN based I. A. S. is forty five %PERCENT -HYPHEN owned by its chairman and chief  
executive officer ,COMMA Gerry Connolly .PERIOD 
</s>
<s.WSJ900404-0027-1.4.2>
I. A. S. 'SINGLE-QUOTE s. Shannonair unit owns  
eighteen used Boeing Company  and Airbus Industrie planes ,COMMA which it has  
placed on operating leases with airlines .PERIOD 
</s>
<s.WSJ900404-0027-1.4.3>
In January ,COMMA I. A. S.  
founded an an aircraft engine -HYPHEN leasing venture with a B. A. I. I.  
Bank ,COMMA a Belgian banking consortium ,COMMA and Potomac Investment  
Company  ,COMMA of Washington ,COMMA D. C.  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.1>
<s.WSJ900404-0026-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The House Public Works and Transportation  
Committee approved legislation to require access for the  
handicapped to mass transit and buses  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.2>
<s.WSJ900404-0026-1.2.1>
The panel was the third of four House committees to pass  
provisions of a wide -HYPHEN ranging bill that would bar  
discrimination against disabled persons .PERIOD 
</s>
<s.WSJ900404-0026-1.2.2>
The measure covers  
hiring practices ,COMMA access to public buildings  ,COMMA 
telecommunications use and public transportation  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.3>
<s.WSJ900404-0026-1.3.1>
The Labor and Commerce committees have already voted out  
provisions for employment ,COMMA telecommunications ,COMMA Amtrak and  
commuter -HYPHEN rail service .PERIOD 
</s>
<s.WSJ900404-0026-1.3.2>
The Judiciary Committee is expected to  
take up the public -HYPHEN accommodations provisions late this month  .PERIOD 
</s>
<s.WSJ900404-0026-1.3.3>
The Senate passed its version of the bill ,COMMA which generally  
has Bush administration backing ,COMMA last September  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.4>
<s.WSJ900404-0026-1.4.1>
Part of "DOUBLE-QUOTE an obstacle course "DOUBLE-QUOTE faced by forty three million  
handicapped persons is "DOUBLE-QUOTE a transportation network that has too  
often made it difficult --DASH if not impossible --DASH for disabled  
Americans to be full participants in our communities ,COMMA "DOUBLE-QUOTE said  
Rep .PERIOD 
</s>
<s.WSJ900404-0026-1.4.2>
Norman Mineta (LEFT-PAREN D. ,COMMA Calif .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0026-1.4.3>
chairman of the surface  
transportation subcommittee  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.5>
<s.WSJ900404-0026-1.5.1>
Under the bill approved by the committee  :COLON 
</s>
</p>
<p.WSJ900404-0026-1.6>
<s.WSJ900404-0026-1.6.1>
--DASH New buses and subway trains must be accessible to the  
disabled ,COMMA including being equipped for boarding by  
wheelchair -HYPHEN reliant persons  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.7>
<s.WSJ900404-0026-1.7.1>
--DASH Most rebuilt mass -HYPHEN transit vehicles must be made  
accessible ,COMMA to the maximum feasible extent  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.8>
<s.WSJ900404-0026-1.8.1>
--DASH New transit stations and facilities must be accessible  ,COMMA 
while major structural work must include making stations  
accessible unless that would entail an especially high cost  .PERIOD 
</s>
<s.WSJ900404-0026-1.8.2>
Most existing "DOUBLE-QUOTE key "DOUBLE-QUOTE stations must be made accessible within  
three years  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.9>
<s.WSJ900404-0026-1.9.1>
--DASH Special door -HYPHEN to -HYPHEN door buses and vans ,COMMA and other such  
services ,COMMA must be made available by public authorities to  
anyone who cannot use fixed -HYPHEN route service .PERIOD 
</s>
<s.WSJ900404-0026-1.9.2>
The special  
operations must be comparable to the level of transit service  
offered to the general public ,COMMA unless that imposes an undue  
financial burden  .PERIOD 
</s>
</p>
<p.WSJ900404-0026-1.10>
<s.WSJ900404-0026-1.10.1>
--DASH Interim rules would be issued in one year for  
accessibility to intercity buses ,COMMA other than for wheelchair  
lifts .PERIOD 
</s>
<s.WSJ900404-0026-1.10.2>
Final rules ,COMMA possibly including rules for lifts ,COMMA would  
be issued in six years for large bus companies ,COMMA and in seven  
years for small ones  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.1>
<s.WSJ900404-0025-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The Senate's clean -HYPHEN air bill would require  
use of cleaner -HYPHEN burning gasoline in the nation's nine  
smoggiest cities ,COMMA but it could benefit rural America as much  
as urban America  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.2>
<s.WSJ900404-0025-1.2.1>
The reason is corn :COLON The special gasoline requirement could  
vastly increase use of ethanol ,COMMA a corn -HYPHEN distilled alcohol  
that's long been a favorite fuel of farm -HYPHEN state lawmakers  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.3>
<s.WSJ900404-0025-1.3.1>
Oil -HYPHEN state senators charge that the provision is nothing  
less than a gift for corn growers and Archer -HYPHEN Daniels -HYPHEN Midland  
Company  ,COMMA the nation's largest producer of ethanol .PERIOD 
</s>
<s.WSJ900404-0025-1.3.2>
"DOUBLE-QUOTE It is piracy  
aimed at benefiting one industry relative to another ,COMMA "DOUBLE-QUOTE says  
Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.3.3>
Phil Gramm (LEFT-PAREN R. ,COMMA Texas ,COMMA who is running for re -HYPHEN election  
this fall ,COMMA "DOUBLE-QUOTE and its objective has absolutely nothing to do  
with clean air .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0025-1.4>
<s.WSJ900404-0025-1.4.1>
A. D. M. 'SINGLE-QUOTE s. chairman and chief executive officer ,COMMA Dwayne  
Andreas ,COMMA is a longtime friend and contributor to Senate G. O. P.  
leader Robert Dole of Kansas ,COMMA a key backer of the provision  .PERIOD 
</s>
<s.WSJ900404-0025-1.4.2>
And A. D. M. 'SINGLE-QUOTE s. political action committee has given two hundred and thirty two thousand nine hundred dollars to  
congressional candidates since nineteen eighty seven ,COMMA including some to Sen  .PERIOD 
</s>
<s.WSJ900404-0025-1.4.3>
Gramm  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.5>
<s.WSJ900404-0025-1.5.1>
The battle over the cleaner -HYPHEN fuel amendment is one of many  
that pit one commercial interest against another .PERIOD 
</s>
<s.WSJ900404-0025-1.5.2>
As with any  
piece of major legislation ,COMMA many of the skirmishes fought on  
the Senate floor and in the Capitol's backrooms over the past  
two months have had as much to do with who would profit and  
who would lose than with cleaning America's air  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.6>
<s.WSJ900404-0025-1.6.1>
For instance ,COMMA the Senate bill also includes a provision to  
help the dirtiest coal -HYPHEN fired Midwestern power plants with  
their high cleanup costs .PERIOD 
</s>
<s.WSJ900404-0025-1.6.2>
In another provision ,COMMA independent  
coke producers ,COMMA championed by such lawmakers as Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.6.3>
Howell  
Heflin (LEFT-PAREN D. ,COMMA Ala .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0025-1.6.4>
won a thirty -HYPHEN year exemption from the threat of  
mandatory shutdown for failing to reduce cancer risks to  
nearby neighborhoods  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.7>
<s.WSJ900404-0025-1.7.1>
Growers of corn and other crops also would benefit from an  
amendment ,COMMA added at the behest of farm -HYPHEN state lawmakers ,COMMA that  
would give special treatment to ammonia ,COMMA one of the most  
common pollutants released into the atmosphere but an  
important ingredient in widely used fertilizers  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.8>
<s.WSJ900404-0025-1.8.1>
Proponents of the cleaner -HYPHEN fuel provision say the big oil  
companies simply don't want to make the investment required  
to produce the reformulated gasoline or face the competition  
from independent refineries that already produce gas using  
ethanol .PERIOD 
</s>
<s.WSJ900404-0025-1.8.2>
"DOUBLE-QUOTE Industry opposition is generated solely by their  
desire to maintain their profitable monopoly on the gasoline  
market ,COMMA even at the expense of the health of the American  
public ,COMMA "DOUBLE-QUOTE says Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.8.3>
Thomas Daschle (LEFT-PAREN D. ,COMMA S. D. ,COMMA the provision's  
prime sponsor  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.9>
<s.WSJ900404-0025-1.9.1>
The cleaner -HYPHEN gasoline provision is but the latest chapter  
in Congress' love affair with ethanol ,COMMA which has flourished  
thanks in large part to federal tax subsidies and import  
tariffs promoted by such farm -HYPHEN state lawmakers as Sens  .PERIOD 
</s>
<s.WSJ900404-0025-1.9.2>
Daschle and Dole  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.10>
<s.WSJ900404-0025-1.10.1>
Decatur ,COMMA Ill .PERIOD 
</s>
<s.WSJ900404-0025-1.10.2>
-HYPHEN based A. D. M. ,COMMA the world's biggest  
commodities -HYPHEN processing company ,COMMA dominates the domestic  
ethanol market and is a major presence in Washington too .PERIOD 
</s>
<s.WSJ900404-0025-1.10.3>
Mr.   
Andreas ,COMMA his relatives and A. D. M. 'SINGLE-QUOTE s. political action committee  
have contributed seventy six thousand dollars to Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.10.4>
Dole's political efforts  ,COMMA 
and the Archer -HYPHEN Daniels -HYPHEN Midland Foundation also has given  
one hundred and sixty thousand dollars to the Dole Foundation ,COMMA a charitable organization  
set up by the Kansas Republican in nineteen eight hundred and forty  .PERIOD 
</s>
<s.WSJ900404-0025-1.10.5>
Since nineteen eighty seven ,COMMA Mr.   
Andreas personally gave thirty three thousand five hundred dollars to various candidates  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.11>
<s.WSJ900404-0025-1.11.1>
"DOUBLE-QUOTE I do not have anything against A. D. M. ,COMMA "DOUBLE-QUOTE says Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.11.2>
Don  
Nickles (LEFT-PAREN R. ,COMMA Okla .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0025-1.11.3>
who opposes the provision .PERIOD 
</s>
<s.WSJ900404-0025-1.11.4>
"DOUBLE-QUOTE But that is  
where most of the benefits are going to go --DASH perhaps more of  
the benefits will go to them than the corn farmers .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0025-1.12>
<s.WSJ900404-0025-1.12.1>
A. D. M. didn't take a position on the amendment ,COMMA according to  
a company spokesman  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.13>
<s.WSJ900404-0025-1.13.1>
A spokesman for Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.13.2>
Dole says the lawmaker's support for  
the cleaner -HYPHEN fuel amendment "DOUBLE-QUOTE has nothing to do with Dwayne  
Andreas ,COMMA "DOUBLE-QUOTE adding :COLON "DOUBLE-QUOTE This amendment addresses the bottom -HYPHEN line  
concerns of senators not only in farm states but all over  :COLON 
How do you make gasoline less toxic ?QUESTION-MARK "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0025-1.14>
<s.WSJ900404-0025-1.14.1>
The provision sets forth a recipe for the reformulated  
gasoline that would have to be sold in the dirtiest cities by  
nineteen ninety four :COLON no more than one quarter cancer -HYPHEN causing chemicals  
called aromatics ,COMMA no more than one %PERCENT benzene and an oxygen  
content of at least two .POINT seven %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.15>
<s.WSJ900404-0025-1.15.1>
The big oil companies and their allies say that last  
direction virtually mandates the use of ethanol .PERIOD 
</s>
<s.WSJ900404-0025-1.15.2>
Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.15.3>
John  
Breaux (LEFT-PAREN D. ,COMMA La .PERIOD )RIGHT-PAREN ,COMMA 
</s>
<s.WSJ900404-0025-1.15.4>
a member of the Senate Environment  
Committee ,COMMA derides the provision as "DOUBLE-QUOTE clearly a  
let's -HYPHEN buy -HYPHEN more -HYPHEN corn proposal .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0025-1.16>
<s.WSJ900404-0025-1.16.1>
But aides to Sen .PERIOD 
</s>
<s.WSJ900404-0025-1.16.2>
Daschle say that other additives ,COMMA such  
as methanol derived from natural gas ,COMMA could satisfy the  
requirements  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.17>
<s.WSJ900404-0025-1.17.1>
The cleaner -HYPHEN fuel provision is backed by such environmental  
groups as the National Clean Air Coalition and the Sierra  
Club and by the Citizen /SLASH Labor Energy Coalition ,COMMA a  
consumer -HYPHEN based public interest group  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.18>
<s.WSJ900404-0025-1.18.1>
Both sides agree that the provision would add to the cost  
of fuel ,COMMA though they're far apart on the question of how  
much .PERIOD 
</s>
<s.WSJ900404-0025-1.18.2>
The American Petroleum Institute ,COMMA a trade group ,COMMA claims  
the additional cost could be as much as twenty five cents a gallon  .PERIOD 
</s>
<s.WSJ900404-0025-1.18.3>
Mr.  Daschle ,COMMA citing figures from a private industry  
consulting group ,COMMA said the additional cost would be only  
between one cent and three cents a gallon  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.19>
<s.WSJ900404-0025-1.19.1>
The Congressional Research Service estimates the added  
cost to be ten cents -HYPHEN to minus fifteen cents a gallon ,COMMA or about twenty five billion dollars to fifty billion dollars .PERIOD 
</s>
<s.WSJ900404-0025-1.19.2>
Under certain circumstances ,COMMA though  ,COMMA 
the research service said the cost could be as high as one hundred billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0025-1.20>
<s.WSJ900404-0025-1.20.1>
The Bush administration says the provision could add  
billions of dollars to the measure's cost ,COMMA but allows that  
the reduction in toxic emissions from automobile exhaust  
could also yield benefits on which it's hard to put a price  
tag  .PERIOD 
</s>
</p>
<p.WSJ900404-0024-1.1>
<s.WSJ900404-0024-1.1.1>
Hoechst A. G. ,COMMA a West German chemical company ,COMMA said its nineteen eighty nine  
group pretax profit edged up one .POINT five %PERCENT to four .POINT one five billion marks  
(LEFT-PAREN two .POINT four four billion dollars )RIGHT-PAREN from four .POINT oh nine billion marks in nineteen eighty eight ,COMMA as  
fourth -HYPHEN quarter earnings were hurt by the rise of the mark's  
value against other major currencies  .PERIOD 
</s>
</p>
<p.WSJ900404-0024-1.2>
<s.WSJ900404-0024-1.2.1>
Hoechst didn't disclose fourth -HYPHEN quarter figures ,COMMA but based  
on a comparison with those for the third quarter ,COMMA pretax  
earnings dropped ten %PERCENT to one .POINT oh two billion marks from one .POINT one three billion  
marks a year earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0024-1.3>
<s.WSJ900404-0024-1.3.1>
Hoechst said the weakness of the dollar ,COMMA yen and pound  
reduced the earnings contribution from its foreign  
subsidiaries after conversion into marks .PERIOD 
</s>
<s.WSJ900404-0024-1.3.2>
Based on exchange  
rates at the end of October ,COMMA full -HYPHEN year earnings would have  
been one hundred million marks higher than the sum reported ,COMMA Hoechst  
said ,COMMA or a four %PERCENT rise in nineteen eighty nine pretax profit .PERIOD 
</s>
<s.WSJ900404-0024-1.3.3>
The weak results  
were in line with expectations ;SEMI-COLON analysts said Hoechst was  
hurt by its large exposure to the U. S.  .PERIOD 
</s>
</p>
<p.WSJ900404-0024-1.4>
<s.WSJ900404-0024-1.4.1>
Sales rose twelve %PERCENT to forty five .POINT eight nine billion marks in nineteen eighty nine from forty .POINT nine six  
billion marks in nineteen eight hundred and eighty  Fourth -HYPHEN quarter sales increased ten %PERCENT to  
eleven .POINT eight seven billion marks from ten .POINT eight one billion marks a year earlier  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.1>
<s.WSJ900404-0023-1.1.1>
N. E. W. Y. O. R. K. --DASH A late -HYPHEN day rally in the futures market spilled  
over into bonds ,COMMA lifting prices modestly even though trading  
activity nearly dried up  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.2>
<s.WSJ900404-0023-1.2.1>
Traders said buyers entered the bond futures market just  
before the close of trading on the Chicago Board of Trade  .PERIOD 
</s>
<s.WSJ900404-0023-1.2.2>
Many of the buyers were rushing to cover short sale  
positions .PERIOD 
</s>
<s.WSJ900404-0023-1.2.3>
But when trading ended in Chicago ,COMMA some investors  
started buying bonds in the cash market on Wall Street  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.3>
<s.WSJ900404-0023-1.3.1>
Investors put on short positions when they sell securities  
that are borrowed from dealers or other investors  .PERIOD 
</s>
<s.WSJ900404-0023-1.3.2>
Essentially ,COMMA they are betting that prices will fall and that  
they can profit by replacing what was borrowed with cheaper  
securities  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.4>
<s.WSJ900404-0023-1.4.1>
The benchmark thirty -HYPHEN year Treasury bond ended nearly one /SLASH four point  
higher ,COMMA a gain of about two dollars and fifty cents for a bond with a one thousand dollars face  
amount .PERIOD 
</s>
<s.WSJ900404-0023-1.4.2>
The issue's yield ,COMMA which moves in the opposite  
direction from its price ,COMMA eased to eight .POINT six one %PERCENT from eight .POINT six two %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.5>
<s.WSJ900404-0023-1.5.1>
Traders said few retail investors participated in the  
brief futures -HYPHEN related buying activity .PERIOD 
</s>
<s.WSJ900404-0023-1.5.2>
That's because retail  
investors focused instead on Resolution Funding Corporation  'SINGLE-QUOTE s. next  
forty -HYPHEN year offering of so -HYPHEN called "DOUBLE-QUOTE bail out bonds .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0023-1.6>
<s.WSJ900404-0023-1.6.1>
Refcorp ,COMMA a government agency created to finance the  
federal bailout of the nation's troubled savings and loan  
industry ,COMMA said it would announce details of the forty -HYPHEN year bond  
auction today  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.7>
<s.WSJ900404-0023-1.7.1>
A primary concern for investors is the size of the  
offering .PERIOD 
</s>
<s.WSJ900404-0023-1.7.2>
The Treasury has officially said that the size of  
the forty -HYPHEN year auction will be between three billion dollars and five billion dollars .PERIOD 
</s>
<s.WSJ900404-0023-1.7.3>
However ,COMMA government dealers said Treasury officials  
have suggested that the size of the next forty -HYPHEN year bond sale  
will be smaller than the agency's first offering on January  twenty three  ,COMMA 
which totaled five billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.8>
<s.WSJ900404-0023-1.8.1>
According to several dealers ,COMMA Deputy Assistant Treasury  
Secretary of Federal Finance Michael Basham has said that the  
forty -HYPHEN year bond sale would have gone more smoothly if four billion dollars  
instead of five billion dollars had been auctioned in January  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.9>
<s.WSJ900404-0023-1.9.1>
The strong demand widely expected for the forty -HYPHEN year bond  
sale in January never materialized ,COMMA and ,COMMA as a result ,COMMA many  
considered the auction to be a flop .PERIOD 
</s>
<s.WSJ900404-0023-1.9.2>
Bond prices fell a full  
point within minutes of the release of that auction's  
results  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.10>
<s.WSJ900404-0023-1.10.1>
The sale was closely watched by the bond market because  
the U. S. .PERIOD 
</s>
<s.WSJ900404-0023-1.10.2>
Treasury has not sold forty -HYPHEN year bonds since nineteen fifty five ,COMMA and  
recently ,COMMA only one government agency ,COMMA the Tennessee Valley  
Authority ,COMMA has sold forty -HYPHEN year securities  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.11>
<s.WSJ900404-0023-1.11.1>
"DOUBLE-QUOTE In discussing the forty -HYPHEN year bond sale ,COMMA Refcorp officials  
had said it was the last one billion dollars that killed the auction  ,COMMA "DOUBLE-QUOTE 
said F. Ward McCarthy ,COMMA a managing director at Stone &AMPERSAND  
McCarthy Research Associates Incorporated  .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0023-1.11.2>
Thus ,COMMA they're likely to  
come with about four billion dollars ,COMMA "DOUBLE-QUOTE he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.12>
<s.WSJ900404-0023-1.12.1>
Louis Crandall ,COMMA chief economist at R. H. .PERIOD 
</s>
<s.WSJ900404-0023-1.12.2>
Wrightson &AMPERSAND  
Associates Incorporated  ,COMMA said that because the first forty -HYPHEN year bond  
sale was a disaster ,COMMA "DOUBLE-QUOTE the Treasury is handling this auction  
extremely carefully .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0023-1.13>
<s.WSJ900404-0023-1.13.1>
Mr.  Crandall said that last forty -HYPHEN year bond auction went  
poorly because it was held too close to the quarterly  
refunding and because it was held on too short notice .PERIOD 
</s>
<s.WSJ900404-0023-1.13.2>
But  
this time ,COMMA he said ,COMMA "DOUBLE-QUOTE the Treasury is going to great lengths  
to make sure those problems aren't repeated .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0023-1.13.3>
Next week's  
forty -HYPHEN year Refcorp bond sale will be held a month before the  
Treasury's next quarterly refunding  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.14>
<s.WSJ900404-0023-1.14.1>
Treasury ,COMMA Agency Securities  
</s>
</p>
<p.WSJ900404-0023-1.15>
<s.WSJ900404-0023-1.15.1>
Prices of Treasury bonds rose as little as one /SLASH thirty two and as  
much as six /SLASH thirty two point  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.16>
<s.WSJ900404-0023-1.16.1>
The benchmark thirty -HYPHEN year bond was quoted late at a price of  
ninety eight twenty three /SLASH thirty two to yield eight .POINT six one %PERCENT compared with ninety eight seventeen /SLASH thirty two to yield eight .POINT six two %PERCENT  
on Monday .PERIOD 
</s>
<s.WSJ900404-0023-1.16.2>
The latest ten -HYPHEN year notes ended at ninety nine two /SLASH thirty two to yield  
eight .POINT six two %PERCENT compared with ninety nine to yield eight .POINT six three %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.17>
<s.WSJ900404-0023-1.17.1>
Short -HYPHEN term rates were little changed .PERIOD 
</s>
<s.WSJ900404-0023-1.17.2>
The discount rate  
for three -HYPHEN month Treasury bills was seven .POINT eight three %PERCENT yesterday for a  
bond -HYPHEN equivalent yield of eight .POINT oh eight %PERCENT ,COMMA unchanged from Monday's  
auction rates .PERIOD 
</s>
<s.WSJ900404-0023-1.17.3>
The discount rate on six -HYPHEN month bills was seven .POINT eight two %PERCENT  
to yield eight .POINT two three %PERCENT ,COMMA slightly higher than Monday's auction rates  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.18>
<s.WSJ900404-0023-1.18.1>
In the agency market ,COMMA Federal National Mortgage  
Association priced seven hundred million dollars of callable seven -HYPHEN year  
debentures at a price of ninety nine .POINT eight seven five to yield nine .POINT two seven five %PERCENT and eight hundred million dollars of noncallable ten -HYPHEN year debentures at par to yield  
nine .POINT oh five %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.19>
<s.WSJ900404-0023-1.19.1>
Mortgage -HYPHEN Backed Securities  
</s>
</p>
<p.WSJ900404-0023-1.20>
<s.WSJ900404-0023-1.20.1>
Officials at Resolution Trust Corporation  said the agency will  
approve a plan under which it would pay interest on  
mortgage -HYPHEN backed bonds and some medium -HYPHEN term notes issued by  
financial institutions taken over by federal authorities  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.21>
<s.WSJ900404-0023-1.21.1>
The possibility that R. T. C. would decide not to make interest  
payments on such debt prompted major rating agencies to place  
more than twenty billion dollars of securities issued by U. S. thrifts on  
their watch lists with negative implications  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.22>
<s.WSJ900404-0023-1.22.1>
But yesterday ,COMMA R. T. C. Chairman William Seidman said at a  
board meeting that "DOUBLE-QUOTE we will be affirming the contract and  
interest rate {LEFT-BRACE on such securities }RIGHT-BRACE until the date of  
payment .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0023-1.22.2>
R. T. C. is the government agency created to manage the  
nation's savings and loan bailout  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.23>
<s.WSJ900404-0023-1.23.1>
The announcement had little impact on the mortgage -HYPHEN backed  
securities market ,COMMA where most prices ended unchanged  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.24>
<s.WSJ900404-0023-1.24.1>
Government National Mortgage Association nine %PERCENT securities for  
April delivery ,COMMA for example ,COMMA were unchanged at ninety five twenty four /SLASH thirty two  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.25>
<s.WSJ900404-0023-1.25.1>
Corporate Issues  
</s>
</p>
<p.WSJ900404-0023-1.26>
<s.WSJ900404-0023-1.26.1>
Prices of Southland Corporation  'SINGLE-QUOTE s. pay -HYPHEN in -HYPHEN kind junk bonds rose  
yesterday despite Monday's news that the firm had a loss of  
one .POINT oh one billion dollars in the fourth quarter and that it warned it may  
be forced to seek bankruptcy court protection .PERIOD 
</s>
<s.WSJ900404-0023-1.26.2>
Southland's  
pay -HYPHEN in -HYPHEN kind bonds ,COMMA which pay interest in the form of  
additional securities instead of cash ,COMMA advanced more than two  
points to close at thirty three one /SLASH two  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.27>
<s.WSJ900404-0023-1.27.1>
Junk bond traders said Southland PIKs are senior  
securities ,COMMA which makes them attractive ,COMMA particularly in a  
potential reorganization or bankruptcy .PERIOD 
</s>
<s.WSJ900404-0023-1.27.2>
Typically ,COMMA when a  
company enters bankruptcy -HYPHEN law proceedings or reorganizes  ,COMMA 
senior bond holders get paid first  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.28>
<s.WSJ900404-0023-1.28.1>
The junk bonds of R. J. R. Nabisco Incorporated  ,COMMA which had been surging  
recently ,COMMA ended unchanged to modestly higher yesterday  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.29>
<s.WSJ900404-0023-1.29.1>
In the broader junk bond market ,COMMA prices were mixed  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.30>
<s.WSJ900404-0023-1.30.1>
Activity in the investment -HYPHEN grade corporate debt market was  
brisk as corporate issuers offered more than six hundred million dollars in  
new debt  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.31>
<s.WSJ900404-0023-1.31.1>
Among the issuers was United Telecommunications Incorporated   ,COMMA 
which offered two hundred and fifty million dollars of notes priced to yield nine .POINT eight four %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.32>
<s.WSJ900404-0023-1.32.1>
Strong investor demand prompted underwriters at Dillon  
Read &AMPERSAND Company  to boost the size of United Telecommunications'  
debt offering from an originally planned two hundred million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.33>
<s.WSJ900404-0023-1.33.1>
Syndicate officials said the issue sold out  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.34>
<s.WSJ900404-0023-1.34.1>
In a recent shelf filing with the Securities &AMPERSAND Exchange  
Commission ,COMMA United Telecommunications said proceeds from a  
debt offering will be used to redeem a two hundred million dollars issue of  
seven .POINT five %PERCENT senior notes ,COMMA to refund a portion of commercial paper  
debt outstanding and for general corporate purposes  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.35>
<s.WSJ900404-0023-1.35.1>
Also in the market was Ford Motor Credit Corporation  ,COMMA which  
offered two hundred million dollars of ten -HYPHEN year notes priced to yield nine .POINT five oh %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.36>
<s.WSJ900404-0023-1.36.1>
In the investment -HYPHEN grade corporate debt market ,COMMA actively  
traded issues were unchanged to one /SLASH eight point higher  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.37>
<s.WSJ900404-0023-1.37.1>
Municipals  
</s>
</p>
<p.WSJ900404-0023-1.38>
<s.WSJ900404-0023-1.38.1>
Tax -HYPHEN exempt issues were basically unchanged ,COMMA with some  
issues one /SLASH eight point firmer in late dealings  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.39>
<s.WSJ900404-0023-1.39.1>
For the second day in a row ,COMMA activity centered on the  
primary market as secondary -HYPHEN market dealers pondered the lack  
of movement in their sector  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.40>
<s.WSJ900404-0023-1.40.1>
If municipals follow the lead of U. S. .PERIOD 
</s>
<s.WSJ900404-0023-1.40.2>
Treasurys ,COMMA little  
price fluctuation is expected ahead of the U. S. .PERIOD 
</s>
<s.WSJ900404-0023-1.40.3>
March  
employment data scheduled for release Friday  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.41>
<s.WSJ900404-0023-1.41.1>
Foreign Bonds  
</s>
</p>
<p.WSJ900404-0023-1.42>
<s.WSJ900404-0023-1.42.1>
The Japanese government bond market ended stronger on the  
recovery of stocks and the yen in Tokyo and ahead of the  
ten -HYPHEN year yen bond auction expected Thursday  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.43>
<s.WSJ900404-0023-1.43.1>
The dollar ended at one hundred and fifty eight .POINT nine five yen ,COMMA down from the one hundred and fifty nine .POINT nine five yen  
close in Tokyo on Monday .PERIOD 
</s>
<s.WSJ900404-0023-1.43.2>
The Nikkei index of the Tokyo Stock  
Exchange ended seven hundred and fifty seven .POINT six five points higher on the day ,COMMA after falling  
one thousand nine hundred and seventy eight .POINT three eight points on Monday  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.44>
<s.WSJ900404-0023-1.44.1>
Bond dealers expect the coupon rate on the new ten -HYPHEN year  
bond that will be auctioned Thursday to be six .POINT eight %PERCENT ,COMMA which is  
zero .POINT four oh percentage point higher than the rate set on the bonds  
at the previous ten -HYPHEN year government bond sale  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.45>
<s.WSJ900404-0023-1.45.1>
Dealers said the new bond is a good candidate to be the  
next benchmark bond .PERIOD 
</s>
<s.WSJ900404-0023-1.45.2>
The current benchmark ,COMMA the No .PERIOD 
</s>
<s.WSJ900404-0023-1.45.3>
one hundred and nineteen ,COMMA has  
become scarce in the market because the Finance Ministry has  
bought a total of around one hundred and eighty billion yen of the issue in its  
recent bond -HYPHEN buying operations .PERIOD 
</s>
<s.WSJ900404-0023-1.45.4>
Because of its scarcity ,COMMA and  
its relatively low coupon of four .POINT eight %PERCENT ,COMMA dealers say the No .PERIOD 
</s>
<s.WSJ900404-0023-1.45.5>
one hundred and nineteen  
has lost a lot of its attractiveness as a benchmark  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.46>
<s.WSJ900404-0023-1.46.1>
In trading yesterday ,COMMA the No .PERIOD 
</s>
<s.WSJ900404-0023-1.46.2>
one hundred and nineteen ended at a price of  
about eighty six .POINT four four ,COMMA up zero .POINT four five point to yield seven .POINT two six %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.47>
<s.WSJ900404-0023-1.47.1>
West German bonds ended weaker in aimless trading  .PERIOD 
</s>
</p>
<p.WSJ900404-0023-1.48>
<s.WSJ900404-0023-1.48.1>
Some dealers attributed the market's woes to continued  
nervousness over monetary union between East and West  
Germany .PERIOD 
</s>
<s.WSJ900404-0023-1.48.2>
The public debate among important West German  
politicians and central bankers over whether most East marks  
should be converted at a two -HYPHEN to -HYPHEN one rate erupted over the  
weekend  .PERIOD 
</s>
</p>
<p.WSJ900404-0022-1.1>
<s.WSJ900404-0022-1.1.1>
General Electric Company  of Britain ,COMMA an electronics and  
industrial engineering company ,COMMA and Siemens A. G. of West  
Germany ,COMMA an electronics concern ,COMMA announced plans for dividing  
ownership of the businesses they acquired last year after a  
takeover battle for their smaller British rival ,COMMA Plessey Company   ,COMMA 
for #HASH two .POINT oh four billion (LEFT-PAREN three .POINT three four billion dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0022-1.2>
<s.WSJ900404-0022-1.2.1>
The two giants intend ,COMMA as expected ,COMMA to maintain joint  
ownership of only one major Plessey business ,COMMA G. P. T. ,COMMA a  
telecommunications -HYPHEN equipment maker ,COMMA and to divide or sell to  
third parties Plessey's remaining electronics units  .PERIOD 
</s>
</p>
<p.WSJ900404-0022-1.3>
<s.WSJ900404-0022-1.3.1>
G. E. C. ,COMMA which is unrelated to the U. S. company of the same  
name ,COMMA is to take control of Plessey's avionics ,COMMA aerospace and  
naval systems businesses ,COMMA both in Britain and the U. S.  .PERIOD 
</s>
<s.WSJ900404-0022-1.3.2>
Siemens will own Plessey's radar ,COMMA defense systems and  
controls units .PERIOD 
</s>
<s.WSJ900404-0022-1.3.3>
The two companies will remain joint owners of  
several properties ,COMMA including G. P. T. ,COMMA which had been a joint  
venture between G. E. C. and Plessey  .PERIOD 
</s>
</p>
<p.WSJ900404-0021-1.1>
<s.WSJ900404-0021-1.1.1>
W. R. G. R. A. C. E. &AMPERSAND Company  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0021-1.1.2>
New York )RIGHT-PAREN --DASH Jacques Theumann ,COMMA fifty five ,COMMA was  
appointed president of this specialty chemical firm's  
European Darex division ,COMMA based in Lausanne ,COMMA Switzerland ,COMMA and  
was elected a Grace corporate vice president .PERIOD 
</s>
<s.WSJ900404-0021-1.1.3>
He succeeds  
Jean -HYPHEN Louis Greze who was recently named an executive vice  
president of the Grace Specialty Chemicals Company  unit .PERIOD 
</s>
<s.WSJ900404-0021-1.1.4>
Mr.   
Theumann previously was vice president of the European Darex  
division's Cryovac unit .PERIOD 
</s>
<s.WSJ900404-0021-1.1.5>
He will report to Mr.  Greze  .PERIOD 
</s>
</p>
<p.WSJ900404-0020-1.1>
<s.WSJ900404-0020-1.1.1>
United Airlines ,COMMA a unit of U. A. L. Corporation  ,COMMA agreed to pay seventy seven .POINT five million dollars to settle several lawsuits in which Texas Air Corporation   
affiliates charged United with unfairly competing in the  
computer reservations business  .PERIOD 
</s>
</p>
<p.WSJ900404-0020-1.2>
<s.WSJ900404-0020-1.2.1>
United disclosed the settlement amount in year -HYPHEN end  
financial results filed Monday with the Securities and  
Exchange Commission  .PERIOD 
</s>
</p>
<p.WSJ900404-0020-1.3>
<s.WSJ900404-0020-1.3.1>
As reported ,COMMA Continental Airlines ,COMMA a unit of Texas Air  ,COMMA 
agreed last week to settle its three hundred and thirty six million dollars lawsuit against  
United .PERIOD 
</s>
<s.WSJ900404-0020-1.3.2>
Among other things ,COMMA Continental had accused United of  
charging excessive fees to it and other airlines when tickets  
on their flights were issued through United's Apollo computer  
reservation system  .PERIOD 
</s>
</p>
<p.WSJ900404-0020-1.4>
<s.WSJ900404-0020-1.4.1>
The agreement also settles similar lawsuits filed by New  
York Air ,COMMA Frontier Airlines and Texas Air's System One  
computer reservation system ,COMMA the S. E. C. filing said  .PERIOD 
</s>
</p>
<p.WSJ900404-0020-1.5>
<s.WSJ900404-0020-1.5.1>
Travel and ticketing agents use computer reservation  
systems to get information about airline schedules ,COMMA fares and  
seat availability ,COMMA and to make reservations and issue tickets  
electronically  .PERIOD 
</s>
</p>
<p.WSJ900404-0019-1.1>
<s.WSJ900404-0019-1.1.1>
P. O. G. O. P. R. O. D. U. C. I. N. G. Company  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0019-1.1.2>
Houston )RIGHT-PAREN --DASH Samuel C. Guy ,COMMA formerly  
vice president for exploration of a unit of Newmont Mining  
Corporation  ,COMMA was named senior vice president ,COMMA exploration of this  
oil and natural gas company  .PERIOD 
</s>
</p>
<p.WSJ900404-0018-1.1>
<s.WSJ900404-0018-1.1.1>
Boeing Company  said it is investigating an apparent case of  
industrial sabotage ,COMMA after a jetliner in the final stages of  
production failed certain tests because of what the  
Seattle -HYPHEN based company described as "DOUBLE-QUOTE highly irregular "DOUBLE-QUOTE wire  
cuts  .PERIOD 
</s>
</p>
<p.WSJ900404-0018-1.2>
<s.WSJ900404-0018-1.2.1>
The problem at the aerospace company's Renton ,COMMA Wash .PERIOD ,COMMA  
</s>
<s.WSJ900404-0018-1.2.2>
production facility was discovered March twenty ,COMMA after the test  
failure involving a seven hundred and thirty seven -HYPHEN four hundred twin -HYPHEN engine plane .PERIOD 
</s>
<s.WSJ900404-0018-1.2.3>
The severed  
wires were buried inside a thick bundle of wires feeding a  
power system ,COMMA Boeing said .PERIOD 
</s>
<s.WSJ900404-0018-1.2.4>
A spokesman said Boeing suspects  
the wires may have been cut by an employee :COLON "DOUBLE-QUOTE Everybody on  
site is an employee .PERIOD 
</s>
<s.WSJ900404-0018-1.2.5>
So that would be a conclusion that one  
could draw .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0018-1.3>
<s.WSJ900404-0018-1.3.1>
Boeing said its internal investigators are providing  
information about the incident to the Federal Aviation  
Administration .PERIOD 
</s>
<s.WSJ900404-0018-1.3.2>
Boeing had an industrial sabotage case about  
twenty years ago ,COMMA the spokesman said .PERIOD 
</s>
<s.WSJ900404-0018-1.3.3>
In recent months ,COMMA rumors of  
sabotage at the company's Everett ,COMMA Wash .PERIOD ,COMMA 
</s>
<s.WSJ900404-0018-1.3.4>
plant were  
investigated and found to be untrue ,COMMA he said  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.1>
<s.WSJ900404-0017-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH After nine years of trying ,COMMA the Senate last  
night passed the first comprehensive clean -HYPHEN air bill to clear  
either house of Congress since nineteen seven hundred and seventy  .PERIOD 
</s>
<s.WSJ900404-0017-1.1.2>
But feuds are already  
bubbling over at the legislation's next stop :COLON the House  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.2>
<s.WSJ900404-0017-1.2.1>
The vote in the Senate was eighty nine to eleven  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.3>
<s.WSJ900404-0017-1.3.1>
Unless the bill's leaders move to prevent it ,COMMA strong  
pro -HYPHEN environment sentiment on the House floor could mean a  
bill that is even tougher on industry than the one passed by  
the Senate .PERIOD 
</s>
<s.WSJ900404-0017-1.3.2>
Scores of business and environmental lobbyists  
are now descending on the House to try to shape the next step  
of the process  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.4>
<s.WSJ900404-0017-1.4.1>
At stake is historic legislation to make the nation  
breathe easier ,COMMA but with the power to push up electricity  
rates ,COMMA raise car prices ,COMMA shut down factories and idle  
workers .PERIOD 
</s>
<s.WSJ900404-0017-1.4.2>
The Bush administration figures the Senate bill  
could cost U. S. business as much as twenty one .POINT five billion dollars annually by  
the year two thousand and five ,COMMA when the measures are to be fully implemented  .PERIOD 
</s>
<s.WSJ900404-0017-1.4.3>
Though there is debate about exactly how large the cost will  
be ,COMMA consumers ultimately will bear much of it  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.5>
<s.WSJ900404-0017-1.5.1>
Environmentalists are determined to press House members to  
pass an even more stringent bill than the Senate .PERIOD 
</s>
<s.WSJ900404-0017-1.5.2>
"DOUBLE-QUOTE Our  
overall view is that the Senate clean -HYPHEN air bill requires major  
surgery ,COMMA "DOUBLE-QUOTE says Daniel Weiss ,COMMA a lobbyist for the Sierra Club  .PERIOD 
</s>
<s.WSJ900404-0017-1.5.3>
"DOUBLE-QUOTE Hopefully ,COMMA we'll find many good doctors in the House .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0017-1.6>
<s.WSJ900404-0017-1.6.1>
Industry will try to undo some of what it sees as costly  
damage done by the Senate .PERIOD 
</s>
<s.WSJ900404-0017-1.6.2>
Says William Fay ,COMMA head of an  
industrywide lobbying group :COLON "DOUBLE-QUOTE You don't get a lot of extra  
environmental benefit from the Senate bill ,COMMA but you add  
incredibly to the cost and burden on American business .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0017-1.7>
<s.WSJ900404-0017-1.7.1>
President Bush signaled yesterday that he intends to keep  
pushing for a middle ground .PERIOD 
</s>
<s.WSJ900404-0017-1.7.2>
"DOUBLE-QUOTE I again reject the extremists  
in the environmental movement who would burden our economy by  
mindless regulation ,COMMA "DOUBLE-QUOTE Mr.  Bush said in Indiana ,COMMA where he was  
on a political fund -HYPHEN raising trip .PERIOD 
</s>
<s.WSJ900404-0017-1.7.3>
"DOUBLE-QUOTE And I reject those who do  
not recognize their obligation to clean up the environment  .PERIOD 
</s>
<s.WSJ900404-0017-1.7.4>
Common sense tells us to find a needed balance .PERIOD 
</s>
<s.WSJ900404-0017-1.7.5>
We will find  
that balance .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0017-1.8>
<s.WSJ900404-0017-1.8.1>
Industry isn't likely to find much solace in the House if  
its pleas have to be dealt with in recorded votes .PERIOD 
</s>
<s.WSJ900404-0017-1.8.2>
Rising  
public concern for the environment will be a bigger factor  
there than it had been in the Senate .PERIOD 
</s>
<s.WSJ900404-0017-1.8.3>
The twentieth anniversary of  
Earth Day on April twenty two is sure to turn up the political heat  .PERIOD 
</s>
<s.WSJ900404-0017-1.8.4>
Some White House officials close to clean -HYPHEN air negotiations  
fear that lawmakers will cast votes in order to appear  
sensitive to the environment ,COMMA regardless of costs  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.9>
<s.WSJ900404-0017-1.9.1>
Industry is pinning its hopes on Rep .PERIOD 
</s>
<s.WSJ900404-0017-1.9.2>
John Dingell ,COMMA the  
chairman of the Energy and Commerce Committee .PERIOD 
</s>
<s.WSJ900404-0017-1.9.3>
An unabashed  
protector of auto companies ,COMMA he is sympathetic to many  
industry complaints .PERIOD 
</s>
<s.WSJ900404-0017-1.9.4>
Mr.  Dingell could keep some of the  
hottest issues from roll -HYPHEN call votes on the floor by locking  
them up in compromises in his committee ,COMMA which is voting on  
its own clean -HYPHEN air bill this week  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.10>
<s.WSJ900404-0017-1.10.1>
Already the Michigan Democrat has agreed to accept harsher  
cutbacks in exhaust emissions from new cars in order to  
secure a binding agreement with the panel's chief  
environmentalist ,COMMA Democratic Rep .PERIOD 
</s>
<s.WSJ900404-0017-1.10.2>
Henry Waxman from smoggy  
Los Angeles .PERIOD 
</s>
<s.WSJ900404-0017-1.10.3>
Committee approval of that agreement effectively  
keeps that issue out of debate on the House floor  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.11>
<s.WSJ900404-0017-1.11.1>
And just yesterday ,COMMA Mr.  Dingell also won unanimous  
agreement from his committee for a compromise on regulating  
cancer -HYPHEN causing factory emissions ,COMMA a move also aimed at  
preventing a contentious floor showdown on the issue  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.12>
<s.WSJ900404-0017-1.12.1>
The White House is pivotal in this tug of war between  
business and environmental interests .PERIOD 
</s>
<s.WSJ900404-0017-1.12.2>
Business groups are  
pressing the administration to stick to a more lenient  
package it proposed last year .PERIOD 
</s>
<s.WSJ900404-0017-1.12.3>
But the White House and its  
chief clean -HYPHEN air sponsors ,COMMA including Mr.  Dingell ,COMMA have already  
sent strong signals that they don't believe the  
administration -HYPHEN backed bill would pass without stricter  
constraints  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.13>
<s.WSJ900404-0017-1.13.1>
Steelmakers appear to be more concerned about the  
legislation than any other industrial group .PERIOD 
</s>
<s.WSJ900404-0017-1.13.2>
A provision in  
the Senate bill threatens mandatory shutdowns within ten years  
if chemical plants ,COMMA refineries and coke ovens are unable to  
meet strict new emission standards designed to lessen the  
risk of cancer to residents of areas near the facilities  .PERIOD 
</s>
<s.WSJ900404-0017-1.13.3>
About two hundred steelworkers from L. T. V. Corporation  and U. S. X. Corporation  protested  
at the Capitol yesterday ,COMMA contending that their jobs are on  
the line  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.14>
<s.WSJ900404-0017-1.14.1>
The Senate bill would exempt the steel industry from  
shutdowns for the next thirty years provided the industry meets  
more stringent emission standards .PERIOD 
</s>
<s.WSJ900404-0017-1.14.2>
But steel officials say  
the provision would require them to move faster and spend  
more to cut emissions than any other industry .PERIOD 
</s>
<s.WSJ900404-0017-1.14.3>
They estimate  
the cost to be more than five billion dollars by nineteen ninety five ,COMMA which they say  
would funnel money away from modernization efforts and hurt  
their competitiveness  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.15>
<s.WSJ900404-0017-1.15.1>
Sen .PERIOD 
</s>
<s.WSJ900404-0017-1.15.2>
Howard Metzenbaum ,COMMA however ,COMMA argues that steelmakers  
don't deserve any special break .PERIOD 
</s>
<s.WSJ900404-0017-1.15.3>
The Ohio Democrat says that  
emissions from steelmakers' coke ovens are among the most  
dangerous .PERIOD 
</s>
<s.WSJ900404-0017-1.15.4>
Besides ,COMMA he says ,COMMA "DOUBLE-QUOTE I do not believe there will be  
plant closings and job layoffs "DOUBLE-QUOTE as a result of the stricter  
standards  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.16>
<s.WSJ900404-0017-1.16.1>
Big oil companies also feel gouged .PERIOD 
</s>
<s.WSJ900404-0017-1.16.2>
They foresee expensive  
refinery and distribution changes by nineteen ninety two if they are forced  
to add ethanol or methanol to reformulated gasoline ,COMMA as the  
Senate bill demands .PERIOD 
</s>
<s.WSJ900404-0017-1.16.3>
The American Petroleum Institute ,COMMA the  
main oil trade group ,COMMA says the new gasoline would cost twenty  
cents to twenty five cents more a gallon .PERIOD 
</s>
<s.WSJ900404-0017-1.16.4>
The fuel would be sold in  
the nation's nine smoggiest cities  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.17>
<s.WSJ900404-0017-1.17.1>
Auto makers say they lack the technology to cut emissions  
as aggressively and as fast as the Senate legislation  
requires .PERIOD 
</s>
<s.WSJ900404-0017-1.17.2>
Key House members already have staked out a similar  
though slightly less tough position on tailpipe exhausts .PERIOD 
</s>
<s.WSJ900404-0017-1.17.3>
The  
industry will have wait until later to press for changes when  
a House -HYPHEN Senate conference hammers out differences between the  
legislation passed by the chambers  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.18>
<s.WSJ900404-0017-1.18.1>
High -HYPHEN sulfur -HYPHEN coal companies and miners failed to win relief  
in the Senate from acid -HYPHEN rain provisions .PERIOD 
</s>
<s.WSJ900404-0017-1.18.2>
The Senate bill  
calls for industry to spend four billion dollars a year to neutralize  
acid rain .PERIOD 
</s>
<s.WSJ900404-0017-1.18.3>
Unless Midwesterners in the House can pull off an  
acid -HYPHEN rain aid package ,COMMA which is highly unlikely ,COMMA producers  
such as Consolidation Coal Company  and Island Creek Corporation  say  
they will lose customers as utilities switch to low -HYPHEN sulfur  
coal .PERIOD 
</s>
<s.WSJ900404-0017-1.18.4>
Some eleven thousand to sixteen thousand miners of high -HYPHEN sulfur coal  ,COMMA 
principally in West Virginia ,COMMA Indiana ,COMMA Illinois ,COMMA Ohio and  
Pennsylvania ,COMMA may lose their jobs  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.19>
<s.WSJ900404-0017-1.19.1>
But environmentalists have their problems with the Senate  
bill ,COMMA too .PERIOD 
</s>
<s.WSJ900404-0017-1.19.2>
They believe that Senate leaders started out with  
an environmentally aggressive proposal ,COMMA but made too many  
concessions in an effort to avoid a White House veto or  
Republican filibuster on the floor  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.20>
<s.WSJ900404-0017-1.20.1>
Without tougher smog provisions than are in the Senate  
bill ,COMMA environmentalists predict that many cities will miss  
their deadlines for reducing unhealthful smog levels .PERIOD 
</s>
<s.WSJ900404-0017-1.20.2>
They  
also say that auto companies aren't pushed hard enough to  
develop new technologies to reduce tailpipe emissions in cars  
to be built after the year two thousand and three  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.21>
<s.WSJ900404-0017-1.21.1>
Despite the threat of automatic shutdown for plants that  
can't meet stricter emission standards ,COMMA environmentalists are  
upset that cancer risks won't be eliminated for people living  
near polluting plants .PERIOD 
</s>
<s.WSJ900404-0017-1.21.2>
They also claim the Senate bill  
restricts the authority of the federal government to step in  
when smoggy areas fail to create their own  
pollution -HYPHEN reduction plans  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.22>
<s.WSJ900404-0017-1.22.1>
"DOUBLE-QUOTE If the standard is `SINGLE-QUOTE Is this bill better than current  
law ?QUESTION-MARK 'SINGLE-QUOTE 
</s>
<s.WSJ900404-0017-1.22.2>
it obviously is ,COMMA "DOUBLE-QUOTE says Gene Karpinski ,COMMA executive  
director of U. S. .PERIOD 
</s>
<s.WSJ900404-0017-1.22.3>
Public Interest Research Group .PERIOD 
</s>
<s.WSJ900404-0017-1.22.4>
"DOUBLE-QUOTE If the  
standard is `SINGLE-QUOTE Is this as good as we should have done ?QUESTION-MARK 'SINGLE-QUOTE 
</s>
<s.WSJ900404-0017-1.22.5>
it  
obviously is not .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0017-1.23>
<s.WSJ900404-0017-1.23.1>
But while industries and regions of the country are locked  
in their own individual battles for relief ,COMMA a great deal of  
the air -HYPHEN pollution issue is all but decided  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.24>
<s.WSJ900404-0017-1.24.1>
The legislation sets standards for the next decade or so  
with respect to all the major issues ,COMMA including car exhausts  ,COMMA 
acid rain ,COMMA toxic industrial emissions and alternative fuels  .PERIOD 
</s>
<s.WSJ900404-0017-1.24.2>
But it also goes further in an effort to set clean -HYPHEN air  
standards for the first decade of the next century .PERIOD 
</s>
<s.WSJ900404-0017-1.24.3>
Much of  
the House debate is expected to focus on these long -HYPHEN range  
goals  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.25>
<s.WSJ900404-0017-1.25.1>
"DOUBLE-QUOTE If we had had a bill that addressed the clean -HYPHEN air  
problems in the U. S. for the next ten or twelve years alone ,COMMA we'd  
have had very few arguments ,COMMA "DOUBLE-QUOTE says William Reilly ,COMMA chief of  
the Environmental Protection Agency .PERIOD 
</s>
<s.WSJ900404-0017-1.25.2>
"DOUBLE-QUOTE It's only when you move  
into that second phase that you see very large cost numbers  
and very large differences of opinion .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0017-1.26>
<s.WSJ900404-0017-1.26.1>
Billions of dollars of pollution regulation ,COMMA much of it in  
Mr.  Bush's original clean -HYPHEN air proposal ,COMMA is now accepted and  
has not drawn serious challenge in Congress  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.27>
<s.WSJ900404-0017-1.27.1>
Surprisingly ,COMMA one of the least controversial provisions of  
the bill puts the nation's first acid -HYPHEN rain control law on the  
books ,COMMA requiring coal -HYPHEN burning power plants to cut their  
emissions  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.28>
<s.WSJ900404-0017-1.28.1>
For years ,COMMA ferocious battling by coal and utility  
interests made acid rain the key stumbling block to passage  
of sweeping clean -HYPHEN air legislation .PERIOD 
</s>
<s.WSJ900404-0017-1.28.2>
President Reagan doubted  
acid rain was a serious problem .PERIOD 
</s>
<s.WSJ900404-0017-1.28.3>
But Mr.  Bush's campaign  
pledge to address acid rain ,COMMA combined with agreement between  
the White House and environmentalists on a ten million -HYPHEN ton  
sulfur -HYPHEN dioxide reduction ,COMMA have forced even the oldest foes to  
admit the inevitably of acid -HYPHEN rain controls  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.29>
<s.WSJ900404-0017-1.29.1>
Even though many utility companies are skeptical the  
scheme will ever work ,COMMA lawmakers generally agree that there  
is a need for an innovative pollution trading system to hold  
down the pricetag for acidrain controls .PERIOD 
</s>
<s.WSJ900404-0017-1.29.2>
Under the proposed  
system ,COMMA utilities that voluntarily made extra -HYPHEN deep cuts would  
get pollution credits ;SEMI-COLON they could sell or swap these credits  
to other utilities ,COMMA which could then use them to expand .PERIOD 
</s>
<s.WSJ900404-0017-1.29.3>
A  
nationwide cap on total power -HYPHEN plant emissions theoretically  
would preserve cleanair gains for decades  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.30>
<s.WSJ900404-0017-1.30.1>
There is widespread agreement among lawmakers to junk a  
regulatory system that has set standards on air emissions of  
only seven toxic chemicals in twenty years .PERIOD 
</s>
<s.WSJ900404-0017-1.30.2>
Most legislators now  
agree instead on requiring factories ,COMMA from chemical plants to  
dry cleaners ,COMMA to install the best anti -HYPHEN pollution technology  
available .PERIOD 
</s>
<s.WSJ900404-0017-1.30.3>
The goal would be to prevent at least two thousand two hundred annual  
cancer deaths from toxic industrial emissions ,COMMA while also  
reducing birth defects and respiratory disease .PERIOD 
</s>
<s.WSJ900404-0017-1.30.4>
The deep  
differences lie in how to cut the remaining emissions  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.31>
<s.WSJ900404-0017-1.31.1>
Lawmakers have reached general agreement on setting  
deadlines to reduce smog .PERIOD 
</s>
<s.WSJ900404-0017-1.31.2>
Rather than imposing a single  
nationwide deadline for cleaning up smog ,COMMA the new approach is  
to tailor deadlines to fit cities' pollution problems .PERIOD 
</s>
<s.WSJ900404-0017-1.31.3>
Los  
Angeles ,COMMA the smoggiest city ,COMMA for example ,COMMA would have until  
the year two thousand and ten to eliminate unhealthy levels of ozone ,COMMA the  
main ingredient in smog .PERIOD 
</s>
<s.WSJ900404-0017-1.31.4>
There is also general agreement that  
auto emissions must get cleaner .PERIOD 
</s>
<s.WSJ900404-0017-1.31.5>
Exactly how clean remains at  
issue  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.32>
<s.WSJ900404-0017-1.32.1>
One of the biggest changes from previous attempts to clean  
up smog in cities is to require not only that vehicles be  
cleaner -HYPHEN burning but that their fuel get cleaner as well  .PERIOD 
</s>
<s.WSJ900404-0017-1.32.2>
President Bush proposed the idea ,COMMA and now both houses of  
Congress seem to be buying it .PERIOD 
</s>
<s.WSJ900404-0017-1.32.3>
The fuel of choice remains to  
be decided .PERIOD 
</s>
<s.WSJ900404-0017-1.32.4>
However ,COMMA policy makers are tilting toward a  
reformulated gasoline  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.33>
<s.WSJ900404-0017-1.33.1>
Here are the major unsettled issues likely to confront the  
House ,COMMA where Mr.  Dingell's committee hopes to complete its  
work on clean -HYPHEN air legislation this week .PERIOD 
</s>
<s.WSJ900404-0017-1.33.2>
The full House hopes  
to take up the legislation in May  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.34>
<s.WSJ900404-0017-1.34.1>
--DASH A. C. I. D. R. A. I. N. :COLON Whether to help Midwest utilities shoulder  
the steep cost of acid rain controls --DASH an issue that has  
stymied clean -HYPHEN air legislation for years --DASH will probably be  
decided through a bruising regional battle ,COMMA possibly this  
week in committee  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.35>
<s.WSJ900404-0017-1.35.1>
Rep .PERIOD 
</s>
<s.WSJ900404-0017-1.35.2>
Phil Sharp ,COMMA an Indiana Democrat whose state would be  
hit with higher electricity bills because of acid -HYPHEN rain  
controls ,COMMA leads the advocates for a subsidy for the  
Midwestern utility companies that would have to do the bulk  
of the acid -HYPHEN rain cleanup .PERIOD 
</s>
<s.WSJ900404-0017-1.35.3>
He is pitted against lawmakers from  
states ,COMMA such as some in the West ,COMMA whose utilities have  
already cleaned up their emissions and don't want to bail out  
the Midwest  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.36>
<s.WSJ900404-0017-1.36.1>
There may also be an attempt to provide extra unemployment  
benefits for high -HYPHEN sulfur coal miners who will lose their  
jobs .PERIOD 
</s>
<s.WSJ900404-0017-1.36.2>
An effort to legislate such relief in the Senate failed  
by a single vote  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.37>
<s.WSJ900404-0017-1.37.1>
--DASH A. L. T. E. R. N. A. T. I. V. E. F. U. E. L. S. :COLON On split votes ,COMMA Mr.  Dingell's  
committee has adopted an alternative -HYPHEN fuels program that  
relies heavily on reformulated gasoline in the nine smoggiest  
cities .PERIOD 
</s>
<s.WSJ900404-0017-1.37.2>
But the issue is destined to arise again on the House  
floor  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.38>
<s.WSJ900404-0017-1.38.1>
Rep .PERIOD 
</s>
<s.WSJ900404-0017-1.38.2>
Waxman and Rep .PERIOD 
</s>
<s.WSJ900404-0017-1.38.3>
Bill Richardson ,COMMA a New Mexico  
Democrat ,COMMA plan to push for a tougher program requiring wide  
use of reformulated gas for cars and evencleaner  
alternatives ,COMMA like natural gas ,COMMA for fleet vehicles .PERIOD 
</s>
<s.WSJ900404-0017-1.38.4>
Big Oil's  
patrons ,COMMA led by Texas Reps .PERIOD 
</s>
<s.WSJ900404-0017-1.38.5>
Ralph Hall ,COMMA a Democrat ,COMMA and Jack  
Fields ,COMMA a Republican ,COMMA will try to hold the line  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.39>
<s.WSJ900404-0017-1.39.1>
--DASH C. H. L. O. R. O. F. L. U. O. R. O. C. A. R. B. O. N. S. :COLON Environmentalists hope to persuade  
the House to match a Senate provision that would require the  
U. S. ,COMMA ahead of other countries ,COMMA to phase out  
chlorofluorocarbons entirely .PERIOD 
</s>
<s.WSJ900404-0017-1.39.2>
CFCs ,COMMA used chiefly as  
refrigerants ,COMMA tend to deplete the Earth's ozone layer ,COMMA the  
atmospheric layer that screens out much ultraviolet  
radiation .PERIOD 
</s>
<s.WSJ900404-0017-1.39.3>
However ,COMMA the administration opposes a unilateral  
ban on CFCs in favor of international agreements to phase out  
the chemicals  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.40>
<s.WSJ900404-0017-1.40.1>
For the Senate ,COMMA the path to approving a clean -HYPHEN air bill was  
anything but smooth .PERIOD 
</s>
<s.WSJ900404-0017-1.40.2>
Early on ,COMMA fears of a presidential veto  
or Republican filibuster --DASH prompted by industry outcries  
over the cost of a committee -HYPHEN approved bill --DASH sent Senate  
leaders and the White House into four weeks of closed -HYPHEN door  
negotiations .PERIOD 
</s>
<s.WSJ900404-0017-1.40.3>
There ,COMMA they cut the crucial deals ,COMMA including  
the exemption for coke ovens and the extra pollution  
allowances for utility companies ,COMMA that are behind the Senate  
bill  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.41>
<s.WSJ900404-0017-1.41.1>
Despite opposition from industry and environmental groups  ,COMMA 
the compromise held .PERIOD 
</s>
<s.WSJ900404-0017-1.41.2>
During a month of votes on the floor  ,COMMA 
lawmakers turned back an effort to wring additional  
reductions in air pollution from cars and fuel and refused to  
maintain a strong federal role in forcing states and cities  
to clean up smog .PERIOD 
</s>
<s.WSJ900404-0017-1.41.3>
They also killed a provision that would  
have allowed factories whose fumes pose cancer risks to buy  
out adjoining neighborhoods if they couldn't reduce the  
health risk  .PERIOD 
</s>
</p>
<p.WSJ900404-0017-1.42>
<s.WSJ900404-0017-1.42.1>
The result is a Senate bill that doesn't totally please  
either environmentalists or industry .PERIOD 
</s>
<s.WSJ900404-0017-1.42.2>
Business is so upset  ,COMMA 
in fact ,COMMA that at a contentious closed -HYPHEN door meeting recently  ,COMMA 
industry leaders lashed out at White House officials for  
compromising with Senate leaders on air -HYPHEN pollution controls  
that many corporate leaders feel are too expensive  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-1.1>
<s.WSJ900404-0016-1.1.1>
A M. A. J. O. R. C. L. E. A. N. -HYPHEN A. I. R. B. I. L. L. won Senate approval last night  ,COMMA 
Congress's first comprehensive effort on air pollution since  
nineteen seven hundred and seventy  .PERIOD 
</s>
<s.WSJ900404-0016-1.1.2>
But the bill faces an uncertain course in the House  ,COMMA 
where environmentalists are pressing for even tougher  
measures on industry than the Senate version  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-2.1>
<s.WSJ900404-0016-2.1.1>
General Motors named President Robert Stempel chairman and  
chief executive ,COMMA succeeding Roger Smith ,COMMA who will retire August   
one .PERIOD 
</s>
<s.WSJ900404-0016-2.1.2>
Stempel ,COMMA fifty six ,COMMA isn't expected to make any major changes at  
the auto giant  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-3.1>
<s.WSJ900404-0016-3.1.1>
Big brokerage firms are shedding their junk -HYPHEN bond holdings  
and other illiquid investments ,COMMA partly due to pressure from  
credit -HYPHEN rating agencies and regulators ,COMMA including the Big  
Board .PERIOD 
</s>
<s.WSJ900404-0016-3.1.2>
The sell -HYPHEN off also has been spurred by Drexel's recent  
collapse  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-4.1>
<s.WSJ900404-0016-4.1.1>
Xerox said it will take a four hundred million dollars pretax write -HYPHEN off  
for the first quarter ,COMMA effectively abandoning its investment  
in V. M. S. Realty Partners ,COMMA the ailing Chicago real estate firm  .PERIOD 
</s>
<s.WSJ900404-0016-4.1.2>
The write -HYPHEN off is Xerox's biggest ever  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-5.1>
<s.WSJ900404-0016-5.1.1>
The Bell companies won a second chance from an appeals  
court to seek entry into information services .PERIOD 
</s>
<s.WSJ900404-0016-5.1.2>
But the court  
upheld curbs on long -HYPHEN distance and equipment making  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-6.1>
<s.WSJ900404-0016-6.1.1>
Eastern Air's unsecured creditors rejected a repayment  
offer of about twenty five cents on the dollar .PERIOD 
</s>
<s.WSJ900404-0016-6.1.2>
They then voted to  
seek a bankruptcy court trustee to run the beleaguered Texas  
Air unit  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-7.1>
<s.WSJ900404-0016-7.1.1>
Leading indicators slid one %PERCENT in February ,COMMA mainly due to an  
unusual drop in building permits .PERIOD 
</s>
<s.WSJ900404-0016-7.1.2>
Excluding permits ,COMMA the  
government's main forecasting gauge eased zero .POINT one %PERCENT .PERIOD 
</s>
<s.WSJ900404-0016-7.1.3>
January's  
index declined a revised zero .POINT five %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-8.1>
<s.WSJ900404-0016-8.1.1>
Stocks surged due to the rebound in Tokyo shares and  
computer buy programs .PERIOD 
</s>
<s.WSJ900404-0016-8.1.2>
The Dow Jones industrials closed up  
thirty six .POINT two six ,COMMA at two thousand seven hundred and thirty six .POINT seven one .PERIOD 
</s>
<s.WSJ900404-0016-8.1.3>
Bonds edged higher .PERIOD 
</s>
<s.WSJ900404-0016-8.1.4>
The dollar rose  
against the yen but eased against the mark  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-8.2>
<s.WSJ900404-0016-8.2.1>
Tokyo stocks rose sharply the day after the second -HYPHEN biggest  
decline ever .PERIOD 
</s>
<s.WSJ900404-0016-8.2.2>
The Nikkei index climbed two .POINT seven %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-9.1>
<s.WSJ900404-0016-9.1.1>
Japan agreed to allow U. S. makers of communications  
satellites to bid for orders from Japanese agencies and  
Nippon Telegraph &AMPERSAND Telephone  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-10.1>
<s.WSJ900404-0016-10.1.1>
Drexel Burnham will sell some of its crown jewels and put  
its client list on the auction block April eighteen  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-11.1>
<s.WSJ900404-0016-11.1.1>
Japanese banks are likely to be hurt by the collapse of  
Tokyo stocks and rising interest rates ,COMMA Moody's said .PERIOD 
</s>
<s.WSJ900404-0016-11.1.2>
The  
problems could make the banks less competitive globally  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-12.1>
<s.WSJ900404-0016-12.1.1>
The thrift bailout agency said it will approve a plan next  
week to pay interest on certain obligations of S. &AMPERSAND Ls seized by  
the government .PERIOD 
</s>
<s.WSJ900404-0016-12.1.2>
Uncertainty over the interest payments has  
unsettled the bond markets recently  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-13.1>
<s.WSJ900404-0016-13.1.1>
Oil prices may fall soon unless O. P. E. C. starts curbing  
output ,COMMA which reached an eight -HYPHEN year high in March ,COMMA according  
to new estimates .PERIOD 
</s>
<s.WSJ900404-0016-13.1.2>
O. P. E. C. 'SINGLE-QUOTE s. production continues to rise in the  
face of sluggish seasonal demand  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-14.1>
<s.WSJ900404-0016-14.1.1>
U. S. X. 'SINGLE-QUOTE s. biggest shareholder ,COMMA Carl Icahn ,COMMA said his proposal  
to spin off the company's steel business would value U. S. X. 'SINGLE-QUOTE s.  
existing shares at forty eight dollars each ,COMMA or thirty %PERCENT above the current market  
price  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-15.1>
<s.WSJ900404-0016-15.1.1>
Markets --DASH  
</s>
</p>
<p.WSJ900404-0016-15.2>
<s.WSJ900404-0016-15.2.1>
Stocks :COLON Volume one hundred and fifty four million three hundred and ten thousand shares .PERIOD 
</s>
<s.WSJ900404-0016-15.2.2>
Dow Jones industrials  
two thousand seven hundred and thirty six .POINT seven one ,COMMA up thirty six .POINT two six ;SEMI-COLON transportation one thousand one hundred and eighty eight .POINT eight three ,COMMA up nine .POINT nine five ;SEMI-COLON utilities  
two hundred and fifteen .POINT five four ,COMMA up one .POINT six nine  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-15.3>
<s.WSJ900404-0016-15.3.1>
Bonds :COLON Shearson Lehman Hutton Treasury index three thousand three hundred and thirteen .POINT eight two ,COMMA up  
six .POINT three seven  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-15.4>
<s.WSJ900404-0016-15.4.1>
Commodities :COLON Dow Jones futures index one hundred and thirty three .POINT five two ,COMMA up one .POINT one oh ;SEMI-COLON spot  
index one hundred and thirty three .POINT two three ,COMMA up zero .POINT eight eight  .PERIOD 
</s>
</p>
<p.WSJ900404-0016-15.5>
<s.WSJ900404-0016-15.5.1>
Dollar :COLON one hundred and fifty nine .POINT seven nine yen ,COMMA up zero .POINT eight four ;SEMI-COLON one .POINT six nine seven nine marks ,COMMA off zero .POINT oh oh three oh  .PERIOD 
</s>
</p>
<p.WSJ900404-0015-1.1>
<s.WSJ900404-0015-1.1.1>
M. C. K. E. S. S. O. N. Corporation  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0015-1.1.2>
San Francisco )RIGHT-PAREN --DASH Thomas Simone ,COMMA forty eight years  
old ,COMMA formerly vice president ,COMMA controller ,COMMA and Garret Scholz  ,COMMA 
fifty ,COMMA formerly vice president ,COMMA treasurer ,COMMA were named to the new  
posts of vice president ,COMMA finance of this drug distribution  
concern  .PERIOD 
</s>
</p>
<p.WSJ900404-0014-1.1>
<s.WSJ900404-0014-1.1.1>
Contel Corporation  ,COMMA a telecommunications concern ,COMMA said it plans  
to restructure its telephone operations sector to make it  
more efficient and market -HYPHEN focused  .PERIOD 
</s>
</p>
<p.WSJ900404-0014-1.2>
<s.WSJ900404-0014-1.2.1>
The Atlanta -HYPHEN based company also said it expects to reduce  
the sector's work force of fifteen thousand about four %PERCENT ,COMMA or an indicated  
six hundred .PERIOD 
</s>
<s.WSJ900404-0014-1.2.2>
Contel said the majority of the reductions will be  
concentrated in staff support positions and be made largely  
through attrition and voluntary separation programs  .PERIOD 
</s>
</p>
<p.WSJ900404-0014-1.3>
<s.WSJ900404-0014-1.3.1>
Under the restructuring plan ,COMMA which is expected to be  
completed in two years ,COMMA Contel said it will combine the  
sector's three regions and twelve divisions into six operating  
units ,COMMA which will report to the telephone operations  
headquarters in Atlanta .PERIOD 
</s>
<s.WSJ900404-0014-1.3.2>
Contel said it doesn't expect the  
restructuring to have a material effect on consolidated  
financial results  .PERIOD 
</s>
</p>
<p.WSJ900404-0014-1.4>
<s.WSJ900404-0014-1.4.1>
Donald W. Weber ,COMMA Contel president and chief executive  
officer ,COMMA said that as the industry "DOUBLE-QUOTE becomes more competitive  ,COMMA 
it is essential that we have in place a structure that  
maximizes our resources .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0013-1.1>
<s.WSJ900404-0013-1.1.1>
Forget the free trip .PERIOD 
</s>
<s.WSJ900404-0013-1.1.2>
Consider instead a twenty five thousand dollars  
full -HYPHEN length lynx coat or maybe a lawn mower  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.2>
<s.WSJ900404-0013-1.2.1>
American Airlines yesterday announced a marketing program  
in which its frequent fliers can cash in their mileage  
credits for discounts and rebates on big -HYPHEN ticket items such as  
cars ,COMMA boats and computers .PERIOD 
</s>
<s.WSJ900404-0013-1.2.2>
The airline ,COMMA a unit of A. M. R. Corporation   ,COMMA 
says its research showed that travelers who use the airline  
most often don't necessarily want another trip  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.3>
<s.WSJ900404-0013-1.3.1>
Although the program is a consumer -HYPHEN oriented marketing  
move ,COMMA it's also an attempt to remove from the books what  
could be billions of miles accumulated by its frequent  
fliers .PERIOD 
</s>
<s.WSJ900404-0013-1.3.2>
The airline ,COMMA which created the frequent -HYPHEN flier concept  
in nineteen eighty one ,COMMA has been almost too successful with it .PERIOD 
</s>
<s.WSJ900404-0013-1.3.3>
Randy  
Petersen ,COMMA publisher of the travel newsletter Frequent  ,COMMA 
estimates that American has a potential liability of seventy  
billion unused miles .PERIOD 
</s>
<s.WSJ900404-0013-1.3.4>
Figures like that have forced airline  
accountants to consider new ways to show the liability on  
their balance sheets  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.4>
<s.WSJ900404-0013-1.4.1>
American ,COMMA which is based in Fort Worth ,COMMA Texas ,COMMA won't say  
how many unused miles its fliers have accumulated ,COMMA although  
it says it has eleven million members of AAdvantage ,COMMA its  
frequent -HYPHEN flier club  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.5>
<s.WSJ900404-0013-1.5.1>
Industry executives say American's move is the most  
far -HYPHEN reaching attempt by an airline to induce customers to  
spend their frequent -HYPHEN flier points on something besides  
airline seats  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.6>
<s.WSJ900404-0013-1.6.1>
"DOUBLE-QUOTE American Airlines is the first airline to put it all  
together in a package like this ,COMMA "DOUBLE-QUOTE Mr.  Petersen says  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.7>
<s.WSJ900404-0013-1.7.1>
American ,COMMA like most of its rivals ,COMMA still is reeling from  
the triple mileage awards started by Delta Air Lines in nineteen eight hundred and eighty   .PERIOD 
</s>
<s.WSJ900404-0013-1.7.2>
While the program was only a year long ,COMMA so many fliers racked  
up so many miles that airlines are resorting to unusual  
methods to ensure that not all the fliers cash in the miles  
at once .PERIOD 
</s>
<s.WSJ900404-0013-1.7.3>
For example ,COMMA Canadian Airlines trades bobsled rides  
for points at the Canada Olympic Park in Calgary  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.8>
<s.WSJ900404-0013-1.8.1>
Airlines limit use of the awards during busy travel days  ,COMMA 
such as the Thanksgiving and Christmas holidays ,COMMA and keep a  
tight rein on how many free seats they allocate per flight  .PERIOD 
</s>
<s.WSJ900404-0013-1.8.2>
They also negotiate marketing agreements with other  
industries .PERIOD 
</s>
<s.WSJ900404-0013-1.8.3>
As part of this shift ,COMMA American last year played  
host to an auction in which several hundred of its best  
customers bid frequent -HYPHEN flier points for promotional items  
such as a tour package to this year's N. C. A. A. Final Four college  
basketball championship and the use of a Cadillac from Avis  
for a year  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.9>
<s.WSJ900404-0013-1.9.1>
Some airlines don't see the need for such a program to  
eliminate their excess mileage .PERIOD 
</s>
<s.WSJ900404-0013-1.9.2>
Delta ,COMMA for one ,COMMA said it's  
considered such programs in the past and opted against them  .PERIOD 
</s>
<s.WSJ900404-0013-1.9.3>
"DOUBLE-QUOTE The most requested award we offer is the first -HYPHEN class  
upgrade ,COMMA "DOUBLE-QUOTE a Delta spokesman says  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.10>
<s.WSJ900404-0013-1.10.1>
Although it was the airlines that revolutionized the idea  
of dangling freebies in front of regular customers ,COMMA they are  
one step behind the hotel industry in cataloging non -HYPHEN travel  
promotions .PERIOD 
</s>
<s.WSJ900404-0013-1.10.2>
I. T. T. Sheraton Corporation  ,COMMA a unit of I. T. T. Corporation  ,COMMA began  
offering catalog merchandise in mid -HYPHEN nineteen eighty six in conjunction with  
their frequent -HYPHEN stay program .PERIOD 
</s>
<s.WSJ900404-0013-1.10.3>
Among their current awards :COLON a  
pricey B. M. W. three hundred and twenty five i. convertible  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.11>
<s.WSJ900404-0013-1.11.1>
Holiday Inns Incorporated  ,COMMA a unit of London -HYPHEN based Bass P. L. C. ,COMMA gives  
away items such an electric wok ,COMMA a hedge trimmer ,COMMA grandfather  
clock and fax machine ,COMMA in exchange for points  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.12>
<s.WSJ900404-0013-1.12.1>
While the new trade -HYPHEN in program hardly costs American any  
money --DASH Michael W. Gunn ,COMMA American's senior vice president of  
marketing ,COMMA called it "DOUBLE-QUOTE a spit in the marketing budget "DOUBLE-QUOTE --DASH the  
twenty or so companies involved get access to some of American's  
best -HYPHEN heeled fliers .PERIOD 
</s>
<s.WSJ900404-0013-1.12.2>
Only two million of American's frequent  
fliers will receive the glossy ,COMMA thirty two -HYPHEN page color catalog filled  
with pictures of computers ,COMMA pianos ,COMMA Cartier watches and  
boats  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.13>
<s.WSJ900404-0013-1.13.1>
Fliers can buy a product or service included in the  
catalog ,COMMA negotiating their own price ,COMMA and then cash in a set  
number of miles to get a further rebate .PERIOD 
</s>
<s.WSJ900404-0013-1.13.2>
For example ,COMMA after  
buying a lynx coat ,COMMA the frequent -HYPHEN flier member can cash in up  
to one hundred and twenty thousand miles for a rebate ranging from two thousand dollars to fifteen thousand dollars  .PERIOD 
</s>
<s.WSJ900404-0013-1.13.3>
The program also offers special savings on home health care  
services or a commission reduction coupon for Quick &AMPERSAND Reilly  ,COMMA 
a discount brokerage house  .PERIOD 
</s>
</p>
<p.WSJ900404-0013-1.14>
<s.WSJ900404-0013-1.14.1>
Mr.  Gunn says that ,COMMA so far at least ,COMMA American's offer will  
end after about a year .PERIOD 
</s>
<s.WSJ900404-0013-1.14.2>
There are no plans now to extend this  
program or come up with a new one ,COMMA he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.1>
<s.WSJ900404-0012-1.1.1>
T. H. R. E. A. T. T. O. W. O. R. L. D. H. E. A. L. T. H.   
</s>
</p>
<p.WSJ900404-0012-1.2>
<s.WSJ900404-0012-1.2.1>
An estimated five hundred million people will die from smoking in  
the next twenty five years ,COMMA according to a World Health Organization  
study released at the World Conference on Tobacco and Health  
in Perth ,COMMA Australia  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.3>
<s.WSJ900404-0012-1.3.1>
W. H. O. statistician Alan Lopez and Richard Peto ,COMMA an epidemics  
expert at Britain's Oxford University ,COMMA said their study  
indicated smoking would be the No .PERIOD 
</s>
<s.WSJ900404-0012-1.3.2>
one cause of death in the  
world by the turn of the century .PERIOD 
</s>
<s.WSJ900404-0012-1.3.3>
"DOUBLE-QUOTE Today there will be eight thousand  
deaths a day from smoking ,COMMA but when the kids reach middle age  
there will be something like twenty eight thousand deaths a day ,COMMA "DOUBLE-QUOTE Mr.  Peto  
told the conference  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.4>
<s.WSJ900404-0012-1.4.1>
If present patterns continued ,COMMA two hundred million people under  
the age of twenty and three hundred million adults will die of smoking by  
two thousand and fifteen ,COMMA Mr.  Peto said ,COMMA adding :COLON "DOUBLE-QUOTE These figures are at the low  
end of estimates .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0012-1.5>
<s.WSJ900404-0012-1.5.1>
Two -HYPHEN thirds of the forecast deaths in the nineteen nineties will occur  
in wealthy nations ,COMMA the study said ,COMMA but developing nations  
will probably experience seventy %PERCENT of all world deaths from smoking  
by two thousand and twenty five  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.6>
<s.WSJ900404-0012-1.6.1>
I. N. V. E. S. T. I. N. G. I. N. A. F. R. I. C. A.  
</s>
</p>
<p.WSJ900404-0012-1.7>
<s.WSJ900404-0012-1.7.1>
Africa is a better bet for private U. S. investment than  
Eastern Europe ,COMMA Babacar Ndiaye ,COMMA president of the African  
Development Bank ,COMMA told a news conference in New York .PERIOD 
</s>
<s.WSJ900404-0012-1.7.2>
He  
conceded that Eastern Europe has great political leverage for  
aid because of the West's need to consolidate the East's  
shift away from the Communist bloc .PERIOD 
</s>
<s.WSJ900404-0012-1.7.3>
However ,COMMA he said ,COMMA "DOUBLE-QUOTE We are  
more ready to talk of free -HYPHEN enterprise than Eastern Europe .PERIOD 
</s>
<s.WSJ900404-0012-1.7.4>
To  
adjust our mentality to the free market will be easier .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0012-1.8>
<s.WSJ900404-0012-1.8.1>
V. E. N. D. I. N. G. -HYPHEN M. A. C. H. I. N. E. B. E. E. F.  
</s>
</p>
<p.WSJ900404-0012-1.9>
<s.WSJ900404-0012-1.9.1>
A joint venture between Japanese and U. S. meat dealers  
will sell beef imported from the U. S. in freezer -HYPHEN equipped  
vending machines .PERIOD 
</s>
<s.WSJ900404-0012-1.9.2>
"DOUBLE-QUOTE Our aim is to supply imported beef at a  
cheaper price to consumers by reducing the costs of  
distribution -HYPHEN related personnel ,COMMA "DOUBLE-QUOTE said Naoki Sakai ,COMMA a  
spokesman for Japan's Jackson Company  .PERIOD 
</s>
<s.WSJ900404-0012-1.9.3>
Jackson and Hamilton Meat  
Company  ,COMMA a subsidiary of Beef America of Omaha ,COMMA Neb .PERIOD ,COMMA 
</s>
<s.WSJ900404-0012-1.9.4>
set up the  
venture last month ,COMMA Mr.  Sakai said .PERIOD 
</s>
<s.WSJ900404-0012-1.9.5>
Under the venture  ,COMMA 
seasoned beef for steak and sukiyaki will be processed in the  
U. S. before being imported in frozen vacuum packages for sale  
in one thousand vending machines throughout Japan  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.10>
<s.WSJ900404-0012-1.10.1>
E. A. S. T. G. E. R. M. A. N. Y. L. O. O. K. S. W. E. S. T.  
</s>
</p>
<p.WSJ900404-0012-1.11>
<s.WSJ900404-0012-1.11.1>
East Germany plans to open its petroleum market to Western  
oil companies as part of efforts to rebuild its economy  .PERIOD 
</s>
<s.WSJ900404-0012-1.11.2>
Klaus Eichner ,COMMA director of the state -HYPHEN run Minol company ,COMMA which  
has a monopoly on fuel distribution ,COMMA told the A. D. N. news agency  
that plans being made "DOUBLE-QUOTE would allow Western oil companies to  
supply the domestic market .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0012-1.11.3>
East Germany has traditionally  
imported almost all of its petroleum from the Soviet Union  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.12>
<s.WSJ900404-0012-1.12.1>
C. U. R. B. I. N. G. T. H. A. I. S. P. E. C. U. L. A. T. I. O. N.  
</s>
</p>
<p.WSJ900404-0012-1.13>
<s.WSJ900404-0012-1.13.1>
Thailand's Finance Ministry urged commercial banks to  
reduce lending to speculative luxury projects .PERIOD 
</s>
<s.WSJ900404-0012-1.13.2>
Finance  
Minister Pramual Sabhavasu said banks must lend less for such  
projects as condominiums and golf courses and should  
concentrate on infrastructure and development projects  .PERIOD 
</s>
<s.WSJ900404-0012-1.13.3>
Commercial -HYPHEN bank officials said Mr.  Pramual aimed to slow the  
surge of speculative investment in the booming stock exchange  
and real -HYPHEN estate market and curb inflation  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.14>
<s.WSJ900404-0012-1.14.1>
R. O. T. T. E. R. D. A. M. T. A. K. E. S. A. C. T. I. O. N.  
</s>
</p>
<p.WSJ900404-0012-1.15>
<s.WSJ900404-0012-1.15.1>
Harbor inspectors in Rotterdam are sealing discharge  
outlets on vessels carrying harmful chemicals in an effort to  
halt illegal underwater dumping in the world's largest port  ,COMMA 
the Port Authority announced .PERIOD 
</s>
<s.WSJ900404-0012-1.15.2>
Port Authority spokesman Rob  
Wilken said ,COMMA "DOUBLE-QUOTE We know that the dumping occurs regularly ,COMMA but  
it is very hard to check .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0012-1.15.3>
He added that he believed the move  
was the first such preventive measure by any major port  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.16>
<s.WSJ900404-0012-1.16.1>
T. H. E. S. C. O. U. R. G. E. O. F. R. W. A. N. D. A.  
</s>
</p>
<p.WSJ900404-0012-1.17>
<s.WSJ900404-0012-1.17.1>
Up to thirty %PERCENT of Rwandans living in the capital city of Kigali  
and aged between eighteen and forty five are infected with the virus that  
causes A. I. D. S. ,COMMA according to one of the country's leading  
doctors  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.18>
<s.WSJ900404-0012-1.18.1>
Henri Taelman ,COMMA the head of medical services at Kigali's  
main hospital ,COMMA said in a report that the total number of  
infected people in the central African country had almost  
doubled in four years .PERIOD 
</s>
<s.WSJ900404-0012-1.18.2>
The report said twenty five %PERCENT to thirty %PERCENT of the  
sexually active population of Kigali ,COMMA where one hundred and fifty seven thousand people  
live ,COMMA carry the A. I. D. S. virus .PERIOD 
</s>
<s.WSJ900404-0012-1.18.3>
This compares with eighteen %PERCENT in nineteen eight hundred and sixty   .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.19>
<s.WSJ900404-0012-1.19.1>
In the countryside ,COMMA where most of Rwanda's six million  
people live ,COMMA the rate was between two %PERCENT and three %PERCENT but increasing  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.20>
<s.WSJ900404-0012-1.20.1>
Doctor  Taelman said the capital's main hospital treated more  
than four thousand six hundred A. I. D. S. patients last year --DASH half of all its  
patients .PERIOD 
</s>
<s.WSJ900404-0012-1.20.2>
He said drugs to treat A. I. D. S. were too expensive for  
Rwanda and that the hospital could only try to ease the  
suffering of A. I. D. S. patients before they died  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.21>
<s.WSJ900404-0012-1.21.1>
P. O. S. T. S. C. R. I. P. T. S.  .PERIOD 
</s>
</p>
<p.WSJ900404-0012-1.22>
<s.WSJ900404-0012-1.22.1>
Two farmers from the Chinese province of Sichuan were  
executed for selling the skins of giant pandas ,COMMA China's Legal  
Daily reported .PERIOD 
</s>
<s.WSJ900404-0012-1.22.2>
Only about one thousand giant pandas survive in  
Sichuan and neighboring Tibet ,COMMA and the Chinese government has  
banned hunting of the species .PERIOD 
</s>
<s.WSJ900404-0012-1.22.3>
Chai Ling ,COMMA one of the  
top student leaders of last year's pro -HYPHEN democracy movement in  
Beijing ,COMMA appeared on Hong Kong television yesterday to  
announce her escape to the West after ten months as a fugitive  
in China .PERIOD 
</s>
<s.WSJ900404-0012-1.22.4>
Ms.  Chai and her husband are believed to be in  
France  .PERIOD 
</s>
</p>
<p.WSJ900404-0011-1.1>
<s.WSJ900404-0011-1.1.1>
R. O. D. M. A. N. &AMPERSAND R. E. N. S. H. A. W. C. A. P. I. T. A. L. G. R. O. U. P. Incorporated  .PERIOD (LEFT-PAREN 
</s>
<s.WSJ900404-0011-1.1.2>
Chicago )RIGHT-PAREN --DASH Kurt B.  
Karmin ,COMMA sixty two years old ,COMMA president and chief executive officer  
of this financial services concern ,COMMA was elected chairman  ,COMMA 
succeeding Ira J. Kaufman ,COMMA who was named chairman emeritus  .PERIOD 
</s>
<s.WSJ900404-0011-1.1.3>
Howard B. Silverman ,COMMA fifty one ,COMMA who remains president of the Rodman  
&AMPERSAND Renshaw Incorporated  brokerage unit ,COMMA succeeds Mr.  Karmin as  
president of the holding company  .PERIOD 
</s>
</p>
<p.WSJ900404-0010-1.1>
<s.WSJ900404-0010-1.1.1>
E. C. .PERIOD 
</s>
<s.WSJ900404-0010-1.1.2>
Garcia &AMPERSAND Company  ,COMMA a private real -HYPHEN estate development  
concern in Tucson ,COMMA Ariz .PERIOD ,COMMA 
</s>
<s.WSJ900404-0010-1.1.3>
said it filed for protection from  
creditors under Chapter eleven of the federal Bankruptcy Code  .PERIOD 
</s>
</p>
<p.WSJ900404-0010-1.2>
<s.WSJ900404-0010-1.2.1>
The company has attracted attention in recent months  
because of its ties to Charles H. Keating Junior  ,COMMA chairman of  
Phoenix -HYPHEN based American Continental Corporation  ,COMMA the parent of  
Lincoln Savings &AMPERSAND Loan Association .PERIOD 
</s>
<s.WSJ900404-0010-1.2.2>
Lincoln ,COMMA based in Irvine  ,COMMA 
Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0010-1.2.3>
was seized by federal regulators a year ago  .PERIOD 
</s>
</p>
<p.WSJ900404-0010-1.3>
<s.WSJ900404-0010-1.3.1>
Ernest C. Garcia I. I. ,COMMA the real -HYPHEN estate concern's principal  
owner ,COMMA said the filing would make it easier to deal with  
creditors ,COMMA mostly "DOUBLE-QUOTE financial institutions that have been  
taken over by the government .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0010-1.4>
<s.WSJ900404-0010-1.4.1>
Garcia &AMPERSAND Company  has liabilities of about thirty five million dollars and will  
file an estimate of its assets within fifteen days ,COMMA Mr.  Garcia  
said .PERIOD 
</s>
<s.WSJ900404-0010-1.4.2>
The company owns and manages about three thousand six hundred apartments ,COMMA he  
said  .PERIOD 
</s>
</p>
<p.WSJ900404-0010-1.5>
<s.WSJ900404-0010-1.5.1>
Mr.  Garcia said :COLON "DOUBLE-QUOTE We became grossly over -HYPHEN leveraged "DOUBLE-QUOTE after  
borrowing money from Lincoln Savings in nineteen eighty seven to repurchase an  
eighty %PERCENT stake in the company from Tucson Electric Power Company   .PERIOD 
</s>
</p>
<p.WSJ900404-0009-1.1>
<s.WSJ900404-0009-1.1.1>
McDonnell Douglas Corporation  said China extended an agreement  
with the Saint  Louis -HYPHEN based aerospace concern for joint  
production of MD -HYPHEN eighty twin -HYPHEN jet airliners .PERIOD 
</s>
<s.WSJ900404-0009-1.1.2>
Terms weren't  
disclosed  .PERIOD 
</s>
</p>
<p.WSJ900404-0009-1.2>
<s.WSJ900404-0009-1.2.1>
The extension calls for twenty planes to be built by Shanghai  
Aviation Industrial Corporation  ,COMMA with subassemblies and parts  
shipped from McDonnell 'SINGLE-QUOTE s. commercial aircraft unit in Long  
Beach ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0009-1.2.2>
and brings China's total MD -HYPHEN eighty orders to fifty  .PERIOD 
</s>
</p>
<p.WSJ900404-0009-1.3>
<s.WSJ900404-0009-1.3.1>
Under the initial contract signed in nineteen eighty five ,COMMA Shanghai  
Aviation agreed to buy twenty six MD -HYPHEN eighties over six years and took  
options on fifteen others .PERIOD 
</s>
<s.WSJ900404-0009-1.3.2>
Analysts then said the deal had an  
indicated value of one billion dollars if all the options were  
exercised .PERIOD 
</s>
<s.WSJ900404-0009-1.3.3>
The latest accord continues the co -HYPHEN production  
arrangement ,COMMA though the options technically expired .PERIOD 
</s>
<s.WSJ900404-0009-1.3.4>
MD -HYPHEN eighties  
usually sell for about twenty five million dollars each ,COMMA but it wasn't clear  
how that value would be affected by the Chinese agency's  
manufacturing contribution  .PERIOD 
</s>
</p>
<p.WSJ900404-0009-1.4>
<s.WSJ900404-0009-1.4.1>
McDonnell also said it is discussing with China -HYPHEN controlled  
domestic airlines the possible sale of as many as one hundred and fifty  
aircraft ,COMMA part of the MD -HYPHEN ninety twin -HYPHEN jet series being developed  
for service in nineteen nine hundred and forty   .PERIOD 
</s>
</p>
<p.WSJ900404-0008-1.1>
<s.WSJ900404-0008-1.1.1>
Olympia Broadcasting Corporation  reported an eleven million dollars net  
loss for nineteen eighty nine ,COMMA compared with year -HYPHEN earlier profit ,COMMA and said it  
is seeking buyers for its radio stations  .PERIOD 
</s>
</p>
<p.WSJ900404-0008-1.2>
<s.WSJ900404-0008-1.2.1>
The Seattle broadcasting concern said the loss for the  
year included one .POINT one million dollars in nonrecurring corporate expenses  
and a three .POINT three million dollars charge to reflect the write -HYPHEN down of its  
Alaska radio stations  .PERIOD 
</s>
</p>
<p.WSJ900404-0008-1.3>
<s.WSJ900404-0008-1.3.1>
The net loss was equal to four dollars and fifty seven cents a share .PERIOD 
</s>
<s.WSJ900404-0008-1.3.2>
For nineteen eighty eight ,COMMA Olympia  
had net income of ten .POINT three million dollars ,COMMA or four dollars and twenty eight cents a share .PERIOD 
</s>
<s.WSJ900404-0008-1.3.3>
Revenue  
increased seventeen %PERCENT to fifteen .POINT eight million dollars from thirteen .POINT six million dollars in nineteen eight hundred and eighty   .PERIOD 
</s>
</p>
<p.WSJ900404-0008-1.4>
<s.WSJ900404-0008-1.4.1>
The company didn't elaborate on its announcement to sell  
its radio stations ,COMMA and executives weren't available for  
comment .PERIOD 
</s>
<s.WSJ900404-0008-1.4.2>
In addition to its two stations in Anchorage and  
Fairbanks ,COMMA the company owns stations in greater Kansas City  ;SEMI-COLON 
Fresno ,COMMA Calif .PERIOD ;SEMI-COLON 
</s>
<s.WSJ900404-0008-1.4.3>
and Spokane ,COMMA Wash .PERIOD 
</s>
<s.WSJ900404-0008-1.4.4>
It said it would sell the  
stations as a group or individually  .PERIOD 
</s>
</p>
<p.WSJ900404-0007-1.1>
<s.WSJ900404-0007-1.1.1>
New Hampshire Savings Bank Corporation  revised its  
fourth -HYPHEN quarter loss to thirty two .POINT seven million dollars ,COMMA or five dollars and thirty one cents a share ,COMMA from  
the previously reported eighteen .POINT nine million dollars ,COMMA or three dollars and oh seven cents a share ,COMMA and  
said it expects its auditors to raise questions about its  
ability to continue as a going concern  .PERIOD 
</s>
</p>
<p.WSJ900404-0007-1.2>
<s.WSJ900404-0007-1.2.1>
The Concord bank holding company --DASH one of many in New  
England to be battered by the region's slumping real estate  
market --DASH has been advised by its independent accountants  
that their nineteen eighty nine year -HYPHEN end report will express "DOUBLE-QUOTE reservations  
about the prospects of the company ,COMMA "DOUBLE-QUOTE a spokesman said  .PERIOD 
</s>
</p>
<p.WSJ900404-0007-1.3>
<s.WSJ900404-0007-1.3.1>
New Hampshire Savings added that it expects to report a  
loss for its first quarter  .PERIOD 
</s>
</p>
<p.WSJ900404-0007-1.4>
<s.WSJ900404-0007-1.4.1>
The company added that it is not currently in compliance  
with regulatory minimum capital requirements .PERIOD 
</s>
<s.WSJ900404-0007-1.4.2>
As of December  thirty one  ,COMMA 
the parent company had a primary capital ratio of five .POINT eight seven %PERCENT and  
and its principal affiliate ,COMMA New Hampshire Savings Bank ,COMMA had  
a ratio of three .POINT nine four %PERCENT .PERIOD 
</s>
<s.WSJ900404-0007-1.4.3>
The regulatory requirement for each is six %PERCENT  .PERIOD 
</s>
</p>
<p.WSJ900404-0006-1.1>
<s.WSJ900404-0006-1.1.1>
Cambridge Capital Fund Limited Partnership ,COMMA New York ,COMMA said  
it proposed to acquire the ninety .POINT four %PERCENT of Dallas -HYPHEN based Whitehall  
Corporation  ,COMMA a defense and electronics concern ,COMMA that it doesn't  
already own for twenty dollars a share ,COMMA or about sixty two million dollars  .PERIOD 
</s>
</p>
<p.WSJ900404-0006-1.2>
<s.WSJ900404-0006-1.2.1>
In New York Stock Exchange composite trading yesterday  ,COMMA 
Whitehall shares closed at seventeen dollars and fifty cents ,COMMA up sixty two .POINT five cents  .PERIOD 
</s>
</p>
<p.WSJ900404-0006-1.3>
<s.WSJ900404-0006-1.3.1>
The investment partnership said in a letter to Whitehall  
management that it is prepared to negotiate all terms of its  
bid .PERIOD 
</s>
<s.WSJ900404-0006-1.3.2>
It also said its proposal would be subject to several  
conditions ,COMMA including acquiring financing .PERIOD 
</s>
<s.WSJ900404-0006-1.3.3>
A spokesman said  
Cambridge is holding talks with financing sources .PERIOD 
</s>
<s.WSJ900404-0006-1.3.4>
Still  ,COMMA 
Cambridge said it is proceeding with plans to nominate its  
own slate of five directors at Whitehall's annual meeting  ,COMMA 
scheduled for April twenty three .PERIOD 
</s>
<s.WSJ900404-0006-1.3.5>
It said it hopes its proxy materials  
will be available shortly  .PERIOD 
</s>
</p>
<p.WSJ900404-0006-1.4>
<s.WSJ900404-0006-1.4.1>
Whitehall officials couldn't be reached for comment .PERIOD 
</s>
<s.WSJ900404-0006-1.4.2>
Last  
month ,COMMA Whitehall rejected Cambridge's request to meet to  
discuss a possible transaction  .PERIOD 
</s>
</p>
<p.WSJ900404-0005-1.1>
<s.WSJ900404-0005-1.1.1>
National Lumber &AMPERSAND Supply Incorporated  said it filed for Chapter eleven  
bankruptcy -HYPHEN law protection from creditors  .PERIOD 
</s>
</p>
<p.WSJ900404-0005-1.2>
<s.WSJ900404-0005-1.2.1>
The Fountain Valley ,COMMA Calif .PERIOD ,COMMA 
</s>
<s.WSJ900404-0005-1.2.2>
company ,COMMA which last week  
closed six of its twenty one home improvement outlets as part of a  
cost -HYPHEN cutting effort ,COMMA said yesterday that a slowdown in  
Southern California's housing and home -HYPHEN repair markets cut  
sales and cash flow ,COMMA prompting the Chapter eleven filing in  
federal court in Santa Ana ,COMMA Calif  .PERIOD 
</s>
</p>
<p.WSJ900404-0005-1.3>
<s.WSJ900404-0005-1.3.1>
Under Chapter eleven bankruptcy proceedings ,COMMA a debtor  
continues operations while trying to work out arrangements  
with creditors  .PERIOD 
</s>
</p>
<p.WSJ900404-0005-1.4>
<s.WSJ900404-0005-1.4.1>
National Lumber said it believed it has sufficient  
financing to maintain operations while in Chapter eleven  
proceedings .PERIOD 
</s>
<s.WSJ900404-0005-1.4.2>
It said it received a four million dollars commitment for  
debtor -HYPHEN in -HYPHEN possession financing from Foothill Capital Corporation   
and is negotiating with its current principal secured lender  
to increase credit facilities .PERIOD 
</s>
<s.WSJ900404-0005-1.4.3>
An informal creditors  
committee was formed March twenty six  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.1>
<s.WSJ900404-0004-1.1.1>
T. O. R. O. N. T. O. --DASH Two brokerage firms ,COMMA Midland Doherty Financial  
Corporation  and Walwyn Incorporated  said they agreed to merge and are  
taking on a new partner in exchange for a cash injection  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.2>
<s.WSJ900404-0004-1.2.1>
Under terms of the agreement ,COMMA shareholders would exchange  
each Midland Doherty share held for one .POINT seven five shares in the  
combined company .PERIOD 
</s>
<s.WSJ900404-0004-1.2.2>
Walwyn shares would be exchanged on a  
one -HYPHEN for -HYPHEN one basis  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.3>
<s.WSJ900404-0004-1.3.1>
Meantime ,COMMA Mackenzie Financial Corporation  ,COMMA a Toronto investment  
management concern ,COMMA said it would pay nineteen .POINT six million Canadian  
dollars (LEFT-PAREN sixteen .POINT eight million dollars )RIGHT-PAREN for twenty two %PERCENT of the new company's shares  ,COMMA 
making it the largest single shareholder .PERIOD 
</s>
<s.WSJ900404-0004-1.3.2>
Mackenzie said its  
purchase was for investment purposes  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.4>
<s.WSJ900404-0004-1.4.1>
The transactions are subject to shareholder and regulatory  
approvals .PERIOD 
</s>
<s.WSJ900404-0004-1.4.2>
The companies said last month that they were  
holding discussions about a possible merger  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.5>
<s.WSJ900404-0004-1.5.1>
Midland is thirty one %PERCENT -HYPHEN owned by Union Enterprises Limited  ,COMMA which is  
controlled by Unicorp Canada Corporation  ,COMMA a natural resources and  
financial services concern .PERIOD 
</s>
<s.WSJ900404-0004-1.5.2>
Toronto financiers Peter and  
Edward Bronfman hold a twenty two %PERCENT indirect stake in Unicorp through  
their merchant bank and holding company ,COMMA Hees International  
Bancorp Incorporated   .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.6>
<s.WSJ900404-0004-1.6.1>
Walwyn is thirty eight %PERCENT -HYPHEN owned by Toronto -HYPHEN based Fairfax Financial  
Holdings Limited  ,COMMA an insurance and financial -HYPHEN services holding  
company  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.7>
<s.WSJ900404-0004-1.7.1>
After the merger ,COMMA Fairfax will hold nineteen %PERCENT of the combined  
company's shares ,COMMA Union Enterprises will own ten %PERCENT ,COMMA and the  
rest will be publicly traded  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.8>
<s.WSJ900404-0004-1.8.1>
James Moir ,COMMA president of Midland Doherty and chairman and  
chief executive of its operating unit ,COMMA Midland Capital Corporation   ,COMMA 
said the merger would result in some layoffs ,COMMA particularly  
among supporting staff .PERIOD 
</s>
<s.WSJ900404-0004-1.8.2>
Mr.  Moir said he plans to leave the  
company after the merger because of a "DOUBLE-QUOTE duplication of  
management talent .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0004-1.8.3>
He said he has no specific plans at the  
moment  .PERIOD 
</s>
</p>
<p.WSJ900404-0004-1.9>
<s.WSJ900404-0004-1.9.1>
The new company ,COMMA whose name hasn't been disclosed ,COMMA will be  
headed by H. A. .PERIOD 
</s>
<s.WSJ900404-0004-1.9.2>
Arrell as chairman and chief executive  
officer .PERIOD 
</s>
<s.WSJ900404-0004-1.9.3>
Mr.  Arrell is currently chairman and chief executive  
of Walwyn  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.1>
<s.WSJ900404-0003-1.1.1>
W. A. S. H. I. N. G. T. O. N. --DASH The clean -HYPHEN air legislation moving through  
Congress could have a big impact on U. S. small businesses  
from manufacturers and retailers to dry cleaners and auto  
repair shops  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.2>
<s.WSJ900404-0003-1.2.1>
But few small concerns have any idea of the kinds of costs  
and confusion they are likely to face in getting permits to  
operate or expand their businesses ,COMMA in purchasing new  
equipment or in changing the products they use ,COMMA say small  
business groups .PERIOD 
</s>
<s.WSJ900404-0003-1.2.2>
Such organizations have been fighting to  
make the measures now moving through Congress more user  
friendly for their members by providing for small business  
ombudsmen and other regulatory breaks  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.3>
<s.WSJ900404-0003-1.3.1>
"DOUBLE-QUOTE This is a watershed for small business ,COMMA "DOUBLE-QUOTE says Donna  
Singletary ,COMMA a lobbyist who specializes in environmental  
issues for the National Federation of Independent Business  ,COMMA 
the largest small -HYPHEN business group .PERIOD 
</s>
<s.WSJ900404-0003-1.3.2>
"DOUBLE-QUOTE The clean air act would be  
a bear even if they passed everything we wanted in  
amendments .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0003-1.4>
<s.WSJ900404-0003-1.4.1>
The air toxics portion of the Senate bill would require  
manufacturers ,COMMA pest control firms ,COMMA auto body shops ,COMMA farmers  
and dry cleaners to limit the use of some chemicals or adopt  
safer substitutes .PERIOD 
</s>
<s.WSJ900404-0003-1.4.2>
To control urban smog ,COMMA printers ,COMMA bakeries  ,COMMA 
auto repair shops ,COMMA cleaning and maintenance firms ,COMMA gasoline  
stations and restaurants would face regulation of emissions  
from alcohol and petroleum -HYPHEN based products such as paint ,COMMA ink  
and solvents  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.5>
<s.WSJ900404-0003-1.5.1>
"DOUBLE-QUOTE My reaction is help !EXCLAMATION-POINT 
</s>
<s.WSJ900404-0003-1.5.2>
We need big help ,COMMA "DOUBLE-QUOTE says Raleigh  
Carr ,COMMA who has owned a Richmond ,COMMA Va .PERIOD ,COMMA 
</s>
<s.WSJ900404-0003-1.5.3>
Texaco gasoline station  
for twenty years .PERIOD 
</s>
<s.WSJ900404-0003-1.5.4>
"DOUBLE-QUOTE It seems like everybody in our government is  
trying to put us out of business .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0003-1.6>
<s.WSJ900404-0003-1.6.1>
Mr.  Carr ,COMMA whose station has six gasoline pumps ,COMMA says it  
would cost about five thousand dollars total to equip them with nozzles to  
catch the vapors released while filling a car's fuel tank  .PERIOD 
</s>
<s.WSJ900404-0003-1.6.2>
But he says he has already spent fourteen thousand dollars to prevent leakage  
from his underground storage tanks ,COMMA and the insurance company  
tells him he needs to spend at least another eight thousand dollars to  
install monitors and pressure tests before they'll consider  
insuring him .PERIOD 
</s>
<s.WSJ900404-0003-1.6.3>
The station's gross revenue amount to three thousand dollars  
monthly ,COMMA he says  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.7>
<s.WSJ900404-0003-1.7.1>
"DOUBLE-QUOTE I'm not against clean air or clean water .PERIOD 
</s>
<s.WSJ900404-0003-1.7.2>
I'd like to  
help {LEFT-BRACE clean up the environment }RIGHT-BRACE but there should be a  
reasonable price tag on it ,COMMA "DOUBLE-QUOTE Mr.  Carr says  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.8>
<s.WSJ900404-0003-1.8.1>
In New York and its suburbs ,COMMA it cost many stations about  
thirty thousand dollars to install the vapor -HYPHEN recovery systems ,COMMA according to  
Ralph Bombadiere ,COMMA executive director of the New York State  
Association of Service Station and Repair Shops .PERIOD 
</s>
<s.WSJ900404-0003-1.8.2>
Over the  
past two years ,COMMA he says ,COMMA many of the area's smaller stations  ,COMMA 
with net income of about six hundred dollars monthly ,COMMA decided to stop  
pumping gasoline and concentrate on repairing cars  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.9>
<s.WSJ900404-0003-1.9.1>
Small businesses are counting on two amendments to the  
clean air legislation to provide some aid .PERIOD 
</s>
<s.WSJ900404-0003-1.9.2>
The Senate  
approved a change sponsored by Sens .PERIOD 
</s>
<s.WSJ900404-0003-1.9.3>
Rudy Boschwitz (LEFT-PAREN R.  ,COMMA 
Minn .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0003-1.9.4>
and David Boren (LEFT-PAREN D. ,COMMA Okla .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0003-1.9.5>
that would direct the  
states to offer technical help to small companies that seek  
aid .PERIOD 
</s>
<s.WSJ900404-0003-1.9.6>
But an amendment by Sens .PERIOD 
</s>
<s.WSJ900404-0003-1.9.7>
Don Nickles (LEFT-PAREN R. ,COMMA Okla .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0003-1.9.8>
and  
Howell Heflin (LEFT-PAREN D. ,COMMA Ala .PERIOD )RIGHT-PAREN 
</s>
<s.WSJ900404-0003-1.9.9>
to streamline the process of getting  
permits to operate was rejected last night .PERIOD 
</s>
<s.WSJ900404-0003-1.9.10>
Similar  
amendments will be sought in the House  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.10>
<s.WSJ900404-0003-1.10.1>
Business owners will first encounter clean air rules when  
they apply for air pollution permits ,COMMA says Theresa Pugh ,COMMA the  
National Association of Manufacturer's director of  
environmental policy .PERIOD 
</s>
<s.WSJ900404-0003-1.10.2>
Under the permits amendment ,COMMA companies  
wouldn't have to get permits in all states contiguous to  
their home states .PERIOD 
</s>
<s.WSJ900404-0003-1.10.3>
Also ,COMMA smaller concerns could estimate  
toxic emissions instead of purchasing expensive monitoring  
systems  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.11>
<s.WSJ900404-0003-1.11.1>
"DOUBLE-QUOTE When we go through the permitting process ,COMMA I want them to  
make sure I can do it ,COMMA "DOUBLE-QUOTE explains Bernard Hofmann ,COMMA chairman of  
Hofmann Industries ,COMMA a maker of steel tubing in Sinking  
Spring ,COMMA Pa .PERIOD 
</s>
<s.WSJ900404-0003-1.11.2>
"DOUBLE-QUOTE I don't want an attorney or an environmental  
engineer on my payroll .PERIOD 
</s>
<s.WSJ900404-0003-1.11.3>
What are we doing :COLON filling out paper  
work or providing jobs ?QUESTION-MARK "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0003-1.12>
<s.WSJ900404-0003-1.12.1>
The dry cleaning industry ,COMMA heavily dominated by small  ,COMMA 
family -HYPHEN run shops ,COMMA expects to be hit hard by the clean air  
legislation .PERIOD 
</s>
<s.WSJ900404-0003-1.12.2>
New ,COMMA non -HYPHEN polluting equipment or "DOUBLE-QUOTE washers "DOUBLE-QUOTE that  
dry cleaners eventually will need ,COMMA cost about thirty thousand dollars each  .PERIOD 
</s>
<s.WSJ900404-0003-1.12.3>
In addition ,COMMA dry cleaners are concerned that eventually  
they'll be subject to the same regulations as large companies  
considered major sources of air toxics  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.13>
<s.WSJ900404-0003-1.13.1>
Perchlorethane ,COMMA the chemical used by dry cleaners ,COMMA is  
listed as an air toxic .PERIOD 
</s>
<s.WSJ900404-0003-1.13.2>
Although a neighborhood dry cleaner  
is considered a small or "DOUBLE-QUOTE area "DOUBLE-QUOTE source of pollution ,COMMA under  
the law the government can decide to bunch together small  
polluters and regulate them as a major source of the  
chemical  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.14>
<s.WSJ900404-0003-1.14.1>
"DOUBLE-QUOTE The bottom line is either I'll have to take less of a  
profit or increase prices ,COMMA "DOUBLE-QUOTE says Marc Karyo ,COMMA twenty five years old  ,COMMA 
co -HYPHEN owner of Valet International ,COMMA a large Washington dry  
cleaner .PERIOD 
</s>
<s.WSJ900404-0003-1.14.2>
"DOUBLE-QUOTE But a good point from my perspective is I expect a  
large number of cleaners won't be able to afford the  
equipment and I'll get more business when they go out of  
business .PERIOD "DOUBLE-QUOTE 
</s>
<s.WSJ900404-0003-1.14.3>
Valet ,COMMA with revenue of about one million dollars annually  ,COMMA 
expects to invest about one hundred thousand dollars in new equipment  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.15>
<s.WSJ900404-0003-1.15.1>
Even small businesses that aren't affected by clean air  
regulations will see their costs increase in other ways  .PERIOD 
</s>
<s.WSJ900404-0003-1.15.2>
Retailers will pay increased transportation and delivery  
costs ,COMMA grocery stores might be taxed for using refrigerants  
that damage the ozone layer and the cost of cleaning supplies  
will increase as they're reformulated to eliminate any  
offending chemicals  .PERIOD 
</s>
</p>
<p.WSJ900404-0003-1.16>
<s.WSJ900404-0003-1.16.1>
"DOUBLE-QUOTE The biggest problem our members have {LEFT-BRACE with the coming  
clean air rules }RIGHT-BRACE is that they don't know what to do ,COMMA "DOUBLE-QUOTE says  
Ben Cooper ,COMMA director of governmental affairs for the Printing  
Industries of America .PERIOD 
</s>
<s.WSJ900404-0003-1.16.2>
"DOUBLE-QUOTE Small business people need good  
information ,COMMA consistency and an atmosphere of cooperation  
rather than an adversarial one .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0002-1.1>
<s.WSJ900404-0002-1.1.1>
D. A. L. L. A. S. --DASH A group of former Southmark Corporation  employees said  
it has received consents from a majority of the limited  
partners of sixteen Southmark partnerships to take over the  
general partner role of those private partnerships  .PERIOD 
</s>
</p>
<p.WSJ900404-0002-1.2>
<s.WSJ900404-0002-1.2.1>
The Limited Partner Investor Monitoring Committee Incorporated   ,COMMA 
formed by former executives of the Southmark unit that sold  
private limited partnerships a few years ago ,COMMA has been  
soliciting proxies from thirty three private real estate partnerships  ,COMMA 
most of which own health -HYPHEN care facilities .PERIOD 
</s>
<s.WSJ900404-0002-1.2.2>
The New York -HYPHEN based  
group said that so far ,COMMA it has won enough votes to become the  
general partner of partnerships that own thirty one nursing homes and  
retirement centers ,COMMA three mini -HYPHEN warehouses and the Pittsburgh  
Airport Holiday Inn  .PERIOD 
</s>
</p>
<p.WSJ900404-0002-1.3>
<s.WSJ900404-0002-1.3.1>
A Southmark spokesman said that the troubled real estate  
and thrift concern will evaluate the materials submitted by  
the committee and "DOUBLE-QUOTE should we find everything to be in order  ,COMMA 
we will acquiesce to the vote of our limited partners .PERIOD "DOUBLE-QUOTE  
</s>
</p>
<p.WSJ900404-0002-1.4>
<s.WSJ900404-0002-1.4.1>
Currently ,COMMA Southmark affiliates manage almost all the real  
estate properties owned by the partnerships for a fee equal  
to about five %PERCENT to seven .POINT five %PERCENT of the partnerships' revenue .PERIOD 
</s>
<s.WSJ900404-0002-1.4.2>
The Limited  
Partner committee said it plans to try to lower those fees to  
seek lower -HYPHEN cost management services  .PERIOD 
</s>
</p>
<p.WSJ900404-0002-1.5>
<s.WSJ900404-0002-1.5.1>
However ,COMMA limited partners will pay a fee equal to one .POINT seven five %PERCENT of  
revenues to the committee to be the general partner ;SEMI-COLON in most  
cases ,COMMA those partners already paid fees for a Southmark unit  
to be the general partner when they purchased partnership  
interests  .PERIOD 
</s>
</p>
<p.WSJ900404-0002-1.6>
<s.WSJ900404-0002-1.6.1>
The Limited Partner committee also said that it plans to  
file claims on behalf of limited partners in Southmark's  
bankruptcy -HYPHEN law proceedings .PERIOD 
</s>
<s.WSJ900404-0002-1.6.2>
The company is operating under  
Chapter eleven protection from creditors while it tries to work  
out a plan to pay its debts  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.1>
<s.WSJ900404-0001-1.1.1>
L. O. S. A. N. G. E. L. E. S. --DASH T. R. W. Incorporated  has sued a "DOUBLE-QUOTE credit services  
organization "DOUBLE-QUOTE for advising consumers to flood T. R. W. with credit  
report disputes and lawsuits and also for possibly tampering  
with the company's computer system  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.2>
<s.WSJ900404-0001-1.2.1>
In a complaint filed in state court in Los Angeles ,COMMA T. R. W.  
claims that Michael Jay &AMPERSAND Company  ,COMMA which promotes itself as "DOUBLE-QUOTE the  
credit repair people ,COMMA "DOUBLE-QUOTE was telling clients to dispute their  
credit records without pointing to any particular inaccuracy  
in the hope that T. R. W. would be unable to verify negative  
information  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.3>
<s.WSJ900404-0001-1.3.1>
"DOUBLE-QUOTE This letter -HYPHEN writing campaign has resulted in T. R. W.  
literally being inundated with thousands of  
computer -HYPHEN generated form letters ,COMMA purporting to raise the same  
`SINGLE-QUOTE disputes' by the same consumers over and over again ,COMMA "DOUBLE-QUOTE the  
complaint said  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.4>
<s.WSJ900404-0001-1.4.1>
The complaint also says that Michael Jay has attempted to  
access or has accessed T. R. W. 'SINGLE-QUOTE s. computer system in order to  
disrupt it  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.5>
<s.WSJ900404-0001-1.5.1>
The result of Michael Jay's actions ,COMMA says T. R. W. ,COMMA has made  
the maintenance of accurate records more difficult and has  
forced T. R. W. to continually reverify financial information .PERIOD 
</s>
<s.WSJ900404-0001-1.5.2>
It  
has also ,COMMA allegedly ,COMMA made it more difficult to respond to  
legitimate complaints  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.6>
<s.WSJ900404-0001-1.6.1>
The suit seeks unspecified damages and an injunction  
against counseling consumers to make false claims or file  
lawsuits .PERIOD 
</s>
<s.WSJ900404-0001-1.6.2>
T. R. W. also wants the return of any material taken by  
unauthorized access to its computer system  .PERIOD 
</s>
</p>
<p.WSJ900404-0001-1.7>
<s.WSJ900404-0001-1.7.1>
Michael Jay ,COMMA president ,COMMA said his company doesn't have any  
access to T. R. W. 'SINGLE-QUOTE s. computer system and has never attempted to  
interfere with it .PERIOD 
</s>
<s.WSJ900404-0001-1.7.2>
"DOUBLE-QUOTE We would never advise a consumer to  
mislead anyone ;SEMI-COLON in accordance with state and federal laws ,COMMA we  
do advise consumers to challenge information they believe is  
unjustly reported on their credit reports .PERIOD "DOUBLE-QUOTE  
</s>
</p>
