<p.87.001.870324-0001.1>
<s.87.001.870324-0001.1.1>
John Blair &AMPERSAND Company is close to an agreement to sell its T. V. station advertising representation operation and program production unit to an investor group led by James H. Rosenfield ,COMMA a former C. B. S. Incorporated executive ,COMMA industry sources said .PERIOD
</s>
</p>
<p.87.001.870324-0001.2>
<s.87.001.870324-0001.2.1>
Industry sources put the value of the proposed acquisition at more than one hundred million dollars .PERIOD
</s>
<s.87.001.870324-0001.2.2>
John Blair was acquired last year by Reliance Capital Group Incorporated ,COMMA which has been divesting itself of John Blair's major assets .PERIOD
</s>
<s.87.001.870324-0001.2.3>
John Blair represents about one hundred thirty local television stations in the placement of national and other advertising .PERIOD
</s>
</p>
<p.87.001.870324-0001.3>
<s.87.001.870324-0001.3.1>
Mr. Rosenfield stepped down as a senior executive vice president of C. B. S. Broadcasting in December nineteen eighty five under a C. B. S. early retirement program .PERIOD
</s>
<s.87.001.870324-0001.3.2>
Neither Mr. Rosenfield nor officials of John Blair could be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0181.1>
<s.87.001.870323-0181.1.1>
South Korea posted a surplus on its current account of four hundred nineteen million dollars in February ,COMMA in contrast to a deficit of one hundred twelve million dollars a year earlier ,COMMA the government said .PERIOD
</s>
<s.87.001.870323-0181.1.2>
The current account comprises trade in goods and services and some unilateral transfers .PERIOD
</s>
</p>
<p.87.001.870323-0180.1>
<s.87.001.870323-0180.1.1>
Commercial -HYPHEN vehicle sales in Italy rose eleven .POINT four %PERCENT in February from a year earlier ,COMMA to eight thousand ,COMMA eight hundred forty eight units ,COMMA according to provisional figures from the Italian Association of Auto Makers .PERIOD
</s>
</p>
<p.87.001.870323-0179.1>
<s.87.001.870323-0179.1.1>
Industrial production in Italy declined three .POINT four %PERCENT in January from a year earlier ,COMMA the government said .PERIOD
</s>
</p>
<p.87.001.870323-0178.1>
<s.87.001.870323-0178.1.1>
Canadian manufacturers' new orders fell to twenty .POINT eight oh billion dollars (LEFT-PAREN Canadian )RIGHT-PAREN in January ,COMMA down four %PERCENT from December's twenty one .POINT six seven billion dollars on a seasonally adjusted basis ,COMMA Statistics Canada ,COMMA a federal agency ,COMMA said .PERIOD
</s>
</p>
<p.87.001.870323-0178.2>
<s.87.001.870323-0178.2.1>
The decrease followed a four .POINT five %PERCENT increase in December .PERIOD
</s>
</p>
<p.87.001.870323-0178.3>
<s.87.001.870323-0178.3.1>
Manufacturers' shipments followed the same trend ,COMMA falling one .POINT five %PERCENT in January to twenty one .POINT oh eight billion dollars ,COMMA after a two .POINT eight %PERCENT increase the previous month .PERIOD
</s>
<s.87.001.870323-0178.3.2>
The agency said there is "DOUBLE-QUOTE some indication of an upturn "DOUBLE-QUOTE in the recent irregular pattern of shipments ,COMMA following the generally downward trend recorded during the first half of nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870323-0177.1>
<s.87.001.870323-0177.1.1>
Boeing Company said its Boeing Computer Services Company unit received a contract ,COMMA valued at about one hundred fourteen million dollars over its first five years ,COMMA to provide computer equipment and services for the National Aeronautics and Space Administration Marshall Space Flight Center in Huntsville ,COMMA Alabama .PERIOD
</s>
</p>
<p.87.001.870323-0177.2>
<s.87.001.870323-0177.2.1>
The contract begins in May with an initial one -HYPHEN year term ,COMMA with renewal options for nine additional years .PERIOD
</s>
<s.87.001.870323-0177.2.2>
The contract consolidates twenty six existing contracts that Boeing Computer Services has with N. A. S. A. Major subcontractors are Unisys ,COMMA based in Detroit ,COMMA and New Technology Incorporated ,COMMA Huntsville ,COMMA Alabama ,COMMA Boeing said .PERIOD
</s>
</p>
<p.87.001.870323-0177.3>
<s.87.001.870323-0177.3.1>
The computer -HYPHEN services subsidiary of Boeing ,COMMA a defense contractor and maker of commercial aircraft ,COMMA began performing mission services at Marshall in nineteen eighty one .PERIOD
</s>
</p>
<p.87.001.870323-0176.1>
<s.87.001.870323-0176.1.1>
Wyman -HYPHEN Gordon Company said it plans to invest eleven .POINT seven million dollars in two projects that will improve its capability in metals technology .PERIOD
</s>
</p>
<p.87.001.870323-0176.2>
<s.87.001.870323-0176.2.1>
The maker of forgings said it will install a plasma cold hearth refining system in its Millbury ,COMMA Massachusetts ,COMMA facility to produce nickel -HYPHEN base alloy powder metal and titanium alloy electrodes .PERIOD
</s>
<s.87.001.870323-0176.2.2>
It also plans to modify its thirty five thousand -HYPHEN ton hydraulic forging press in its Grafton ,COMMA Massachusetts ,COMMA plant so that it will be able to perform an extrusion process .PERIOD
</s>
</p>
<p.87.001.870323-0175.1>
<s.87.001.870323-0175.1.1>
MacMillan Bloedel Limited said it plans to redeem all of its nine %PERCENT ,COMMA Series J. debentures outstanding April twenty seventh .PERIOD
</s>
</p>
<p.87.001.870323-0175.2>
<s.87.001.870323-0175.2.1>
The forest products company ,COMMA fifty %PERCENT -HYPHEN owned by Noranda Incorporated ,COMMA Toronto ,COMMA said the debentures were issued in Europe and were due February first ,COMMA nineteen ninety two .PERIOD
</s>
</p>
<p.87.001.870323-0174.1>
<s.87.001.870323-0174.1.1>
Rogers Corporation ,COMMA a maker of parts for the electronics industry ,COMMA said its board approved a rights plan designed to protect holders in the event of a hostile takeover attempt .PERIOD
</s>
</p>
<p.87.001.870323-0174.2>
<s.87.001.870323-0174.2.1>
The company said it isn't aware of any takeover interest .PERIOD
</s>
<s.87.001.870323-0174.2.2>
Rogers said the rights ,COMMA under certain circumstances ,COMMA entitle holders to buy shares in Rogers or in a surviving company at half price .PERIOD
</s>
</p>
<p.87.001.870323-0173.1>
<s.87.001.870323-0173.1.1>
Revlon Group Incorporated said it completed the acquisition of the U. S. cosmetics business of Germaine Monteil Cosmetiques Corporation ,COMMA a unit of London -HYPHEN based Beecham Group P. L. C. .PERIOD
</s>
</p>
<p.87.001.870323-0173.2>
<s.87.001.870323-0173.2.1>
Terms weren't disclosed ,COMMA but industry sources said the price was about two .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0173.3>
<s.87.001.870323-0173.3.1>
The sale includes the rights to Germaine Monteil in North and South America and in the Far East ,COMMA as well as the worldwide rights to the Diane Von Furstenberg cosmetics and fragrance lines and U. S. distribution rights to Lancaster beauty products .PERIOD
</s>
<s.87.001.870323-0173.3.2>
Revlon is a cosmetics concern ,COMMA and Beecham is a pharmaceutical concern .PERIOD
</s>
</p>
<p.87.001.870323-0172.1>
<s.87.001.870323-0172.1.1>
Texas Instruments Incorporated said it expects to begin construction on a three hundred eighty thousand -HYPHEN square -HYPHEN foot plant next month near Denton ,COMMA Texas .PERIOD
</s>
</p>
<p.87.001.870323-0172.2>
<s.87.001.870323-0172.2.1>
The company said the plant will be completed by late nineteen eighty eight and will employ between one thousand and one thousand ,COMMA five hundred people .PERIOD
</s>
</p>
<p.87.001.870323-0172.3>
<s.87.001.870323-0172.3.1>
The plant will be used by Texas Instruments' Defense Systems and Electronics Group to produce electronic equipment .PERIOD
</s>
</p>
<p.87.001.870323-0171.1>
<s.87.001.870323-0171.1.1>
Patten Corporation said it is negotiating a possible joint venture with Hearst Corporation of New York and Anglo -HYPHEN French investor Sir James Goldsmith to sell land on the East Coast .PERIOD
</s>
</p>
<p.87.001.870323-0171.2>
<s.87.001.870323-0171.2.1>
Patten ,COMMA which buys and sells parcels of undeveloped land in the Northeast ,COMMA said it would help Hearst and Mr. Goldsmith sell land holdings along the Eastern Seaboard .PERIOD
</s>
<s.87.001.870323-0171.2.2>
But the company wouldn't elaborate .PERIOD
</s>
<s.87.001.870323-0171.2.3>
"DOUBLE-QUOTE Nothing has been agreed to ,COMMA "DOUBLE-QUOTE said Donald Dion ,COMMA executive vice president and treasurer .PERIOD
</s>
</p>
<p.87.001.870323-0171.3>
<s.87.001.870323-0171.3.1>
Hearst Corporation wouldn't comment ,COMMA and Mr. Goldsmith couldn't be reached .PERIOD
</s>
</p>
<p.87.001.870323-0171.4>
<s.87.001.870323-0171.4.1>
In New York Stock Exchange composite trading Friday ,COMMA Patten's shares rose two .POINT three seven five dollars ,COMMA to twenty five .POINT three seven five dollars .PERIOD
</s>
<s.87.001.870323-0171.4.2>
Mr. Dion ,COMMA explaining the recent increase in the stock price ,COMMA said ,COMMA "DOUBLE-QUOTE Obviously ,COMMA it would be very attractive to our company to work with these people .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0170.1>
<s.87.001.870323-0170.1.1>
Merrill Lynch &AMPERSAND Company said it extended an existing agreement with Quotron Systems Incorporated for financial information and quote services while it awaits delivery of a competing service .PERIOD
</s>
</p>
<p.87.001.870323-0170.2>
<s.87.001.870323-0170.2.1>
As previously reported ,COMMA Automatic Data Processing Incorporated ,COMMA Roseland ,COMMA N. J. ,COMMA is developing a customized quote service for Merrill Lynch's brokerage operations .PERIOD
</s>
<s.87.001.870323-0170.2.2>
Terms of the contract haven't been disclosed .PERIOD
</s>
</p>
<p.87.001.870323-0170.3>
<s.87.001.870323-0170.3.1>
Quotron ,COMMA a unit of New York -HYPHEN based Citicorp ,COMMA said that under the revised contract ,COMMA it will continue to supply services to Merrill Lynch offices through November nineteen eighty nine .PERIOD
</s>
<s.87.001.870323-0170.3.2>
Merrill Lynch also has an option to extend the agreement through February nineteen ninety three .PERIOD
</s>
</p>
<p.87.001.870323-0170.4>
<s.87.001.870323-0170.4.1>
Separately ,COMMA Automatic Data said it agreed with Merrill Lynch on specifications for the new system .PERIOD
</s>
<s.87.001.870323-0170.4.2>
Automatic Data said it expects to begin installing the new system by year's end and to complete the installation in about two years .PERIOD
</s>
</p>
<p.87.001.870323-0170.5>
<s.87.001.870323-0170.5.1>
A Merrill Lynch spokesman called the revised Quotron agreement "DOUBLE-QUOTE a prudent management move --DASH it gives us a little flexibility .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0169.1>
<s.87.001.870323-0169.1.1>
Guest Supply Incorporated said it and some of its officers and directors are facing a shareholder suit in federal court .PERIOD
</s>
</p>
<p.87.001.870323-0169.2>
<s.87.001.870323-0169.2.1>
The supplier of personal care products for hotels said that the suit ,COMMA filed in U. S. District Court for the District of New Jersey ,COMMA alleges misrepresentations and omissions in the prospectus for the company's initial public offering last September .PERIOD
</s>
<s.87.001.870323-0169.2.2>
The suit seeks class -HYPHEN action status on behalf of other company shareholders .PERIOD
</s>
</p>
<p.87.001.870323-0169.3>
<s.87.001.870323-0169.3.1>
Guest Supply said that the "DOUBLE-QUOTE claims are without merit "DOUBLE-QUOTE and that it will contest the action .PERIOD
</s>
</p>
<p.87.001.870323-0168.1>
<s.87.001.870323-0168.1.1>
Universal Resources Corporation said holders approved the previously announced acquisition by Questar Corporation of the four .POINT seven million Universal shares Questar doesn't already own .PERIOD
</s>
</p>
<p.87.001.870323-0168.2>
<s.87.001.870323-0168.2.1>
Under terms of the acquisition ,COMMA Questar will purchase the shares for three dollars each ,COMMA or fourteen .POINT two million dollars .PERIOD
</s>
<s.87.001.870323-0168.2.2>
Questar ,COMMA a Salt Lake City -HYPHEN based energy company ,COMMA already has a fifty three .POINT four %PERCENT stake in Universal ,COMMA also an energy company .PERIOD
</s>
</p>
<p.87.001.870323-0168.3>
<s.87.001.870323-0168.3.1>
Separately ,COMMA Universal said its fifteen and three quarters %PERCENT debentures due December fifteenth ,COMMA nineteen ninety six ,COMMA will be redeemed April nineteenth .PERIOD
</s>
<s.87.001.870323-0168.3.2>
The redemption price for the debentures ,COMMA of which about thirty four million dollars is outstanding ,COMMA will equal one hundred four .POINT eight %PERCENT of the face value ,COMMA plus accrued interest .PERIOD
</s>
</p>
<p.87.001.870323-0167.1>
<s.87.001.870323-0167.1.1>
Commercial Credit Company said its American Health &AMPERSAND Life Insurance Company unit signed a contract to sell part of its business to American National Insurance Company of Galveston ,COMMA Texas ,COMMA for thirty nine million dollars .PERIOD
</s>
<s.87.001.870323-0167.1.2>
The transaction is subject to regulatory approval .PERIOD
</s>
</p>
<p.87.001.870323-0167.2>
<s.87.001.870323-0167.2.1>
The financial services company said about one hundred employees of American Health will lose their jobs after the sale is completed in August .PERIOD
</s>
<s.87.001.870323-0167.2.2>
American National will assume the business of universal and life insurance .PERIOD
</s>
</p>
<p.87.001.870323-0167.3>
<s.87.001.870323-0167.3.1>
The latest action will complete the restructuring phase that Commercial Credit began in December nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0167.3.2>
American Health will now specialize in credit -HYPHEN related life and health insurance products as well as annuities .PERIOD
</s>
</p>
<p.87.001.870323-0166.1>
<s.87.001.870323-0166.1.1>
Stanley Interiors Corporation said it expects its first -HYPHEN quarter net income to be about the same as the two hundred eighty six thousand dollars ,COMMA or fourteen cents a share ,COMMA posted a year earlier .PERIOD
</s>
</p>
<p.87.001.870323-0166.2>
<s.87.001.870323-0166.2.1>
The maker of furniture and fabrics said it earlier expected first -HYPHEN quarter net to exceed the year -HYPHEN ago profit ,COMMA but snowstorms in January and February forced the company to close some manufacturing facilities for as long as six days .PERIOD
</s>
<s.87.001.870323-0166.2.2>
The closings reduced operating profit ,COMMA but that was substantially offset by reduced interest expenses ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870323-0166.3>
<s.87.001.870323-0166.3.1>
Stanley said it doesn't anticipate a permanent loss of sales because of the closings .PERIOD
</s>
<s.87.001.870323-0166.3.2>
Substantially all the delayed shipments should be made in the second quarter ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870323-0165.1>
<s.87.001.870323-0165.1.1>
Seagram Company said it realigned its fine -HYPHEN wine operations following the recent sale of its medium -HYPHEN priced table wine business .PERIOD
</s>
</p>
<p.87.001.870323-0165.2>
<s.87.001.870323-0165.2.1>
Seagram Vintners ,COMMA the division that included all fine -HYPHEN wine operations ,COMMA was dissolved .PERIOD
</s>
<s.87.001.870323-0165.2.2>
Seagram Vintners had included two units ,COMMA Seagram Classics Wine Company and Seagram Chateau &AMPERSAND Estate Wines Company ,COMMA and those two units will continue to run the fine -HYPHEN wine operations .PERIOD
</s>
</p>
<p.87.001.870323-0165.3>
<s.87.001.870323-0165.3.1>
Seagram Classics Wine ,COMMA which includes the distiller's California wines ,COMMA will relocate from New York to the San Francisco area .PERIOD
</s>
<s.87.001.870323-0165.3.2>
Samuel Bronfman the second ,COMMA thirty three years old ,COMMA will continue as president of the unit .PERIOD
</s>
<s.87.001.870323-0165.3.3>
James L. Bareuther ,COMMA forty two ,COMMA continues as executive vice president in charge of sales and marketing ;SEMI-COLON and Michael E. Harbison ,COMMA thirty three ,COMMA was named executive vice president in charge of finance .PERIOD
</s>
</p>
<p.87.001.870323-0165.4>
<s.87.001.870323-0165.4.1>
Mr. Harbison formerly held the same position at Seagram Wine Company ,COMMA the table -HYPHEN wine unit that was sold .PERIOD
</s>
</p>
<p.87.001.870323-0165.5>
<s.87.001.870323-0165.5.1>
Seagram Chateau &AMPERSAND Estate Wines ,COMMA which imports European wines ,COMMA will continue to be based in New York .PERIOD
</s>
<s.87.001.870323-0165.5.2>
Abdallah H. Simon ,COMMA sixty four ,COMMA remains the unit's chairman .PERIOD
</s>
</p>
<p.87.001.870323-0165.6>
<s.87.001.870323-0165.6.1>
Both Mr. Bronfman and Mr. Simon will report to David G. Sacks ,COMMA president and chief operating officer of Seagram .PERIOD
</s>
</p>
<p.87.001.870323-0164.1>
<s.87.001.870323-0164.1.1>
Pubco Corporation said its board approved an anti -HYPHEN takeover plan involving the distribution of stock -HYPHEN purchase rights to shareholders .PERIOD
</s>
</p>
<p.87.001.870323-0164.2>
<s.87.001.870323-0164.2.1>
Under the plan ,COMMA the holder of each common share will receive on March thirty first the right to buy one additional share for three dollars .PERIOD
</s>
<s.87.001.870323-0164.2.2>
The rights are exercisable if a suitor acquires or makes a tender offer for at least twenty %PERCENT of the stock .PERIOD
</s>
</p>
<p.87.001.870323-0164.3>
<s.87.001.870323-0164.3.1>
Pubco ,COMMA a holding company with interests that include printing and real estate rental ,COMMA said the plan is to ensure fair treatment of all holders in the event of a takeover ,COMMA and to guard against abusive takeover tactics .PERIOD
</s>
<s.87.001.870323-0164.3.2>
Pubco added that it isn't aware of any current takeover interest in the company .PERIOD
</s>
<s.87.001.870323-0164.3.3>
Pubco shares closed Friday at ninety three .POINT seven five cents ,COMMA up twelve .POINT five cents ,COMMA in national over -HYPHEN the -HYPHEN counter trading .PERIOD
</s>
</p>
<p.87.001.870323-0163.1>
<s.87.001.870323-0163.1.1>
A seat on the Chicago Board Options Exchange was sold for three hundred forty thousand dollars ,COMMA up five thousand dollars from the previous sale March eleventh .PERIOD
</s>
</p>
<p.87.001.870323-0163.2>
<s.87.001.870323-0163.2.1>
Seats currently are quoted at three hundred thirty thousand dollar bid ,COMMA three hundred forty five thousand dollars asked .PERIOD
</s>
</p>
<p.87.001.870323-0163.3>
<s.87.001.870323-0163.3.1>
The record price of three hundred forty two thousand dollars for a full membership on the exchange was set February twenty seventh .PERIOD
</s>
</p>
<p.87.001.870323-0162.1>
<s.87.001.870323-0162.1.1>
The Federal Farm Credit Banks Funding Corporation plans to offer one .POINT seven billion dollars of bonds Thursday .PERIOD
</s>
</p>
<p.87.001.870323-0162.2>
<s.87.001.870323-0162.2.1>
The offering will include five hundred forty million dollars of bonds due July first ,COMMA and one .POINT one six billion dollars of bonds maturing October first .PERIOD
</s>
</p>
<p.87.001.870323-0162.3>
<s.87.001.870323-0162.3.1>
All the bonds will be dated April first ,COMMA and interest rates on the securities will be announced Wednesday .PERIOD
</s>
</p>
<p.87.001.870323-0162.4>
<s.87.001.870323-0162.4.1>
Proceeds will be used to retire bonds maturing April first ,COMMA and to finance operations .PERIOD
</s>
<s.87.001.870323-0162.4.2>
The offerings will be made through the corporation and a nationwide group of securities dealers and dealer banks .PERIOD
</s>
</p>
<p.87.001.870323-0161.1>
<s.87.001.870323-0161.1.1>
John A. Krol was named group vice president ,COMMA Agriculture Products department ,COMMA of this diversified chemicals company ,COMMA succeeding Dale E. Wolf ,COMMA who will retire May first .PERIOD
</s>
<s.87.001.870323-0161.1.2>
Mr. Krol was formerly vice president in the Agriculture Products department .PERIOD
</s>
</p>
<p.87.001.870323-0160.1>
<s.87.001.870323-0160.1.1>
Canadian farmers are expected to seed thirty two .POINT six million acres of wheat this year ,COMMA a seven .POINT two %PERCENT decline from last year's record thirty five .POINT one million acres ,COMMA Statistics Canada ,COMMA a federal agency ,COMMA said .PERIOD
</s>
</p>
<p.87.001.870323-0160.2>
<s.87.001.870323-0160.2.1>
The agency said barley acreage is expected to increase nine .POINT nine %PERCENT to thirteen .POINT eight million acres from twelve .POINT six million last year .PERIOD
</s>
<s.87.001.870323-0160.2.2>
Barley is Canada's major feed grain ,COMMA and the estimated nineteen eighty seven acreage is the largest since nineteen seventy one .PERIOD
</s>
</p>
<p.87.001.870323-0160.3>
<s.87.001.870323-0160.3.1>
Rapeseed acreage is expected to decline three %PERCENT to six .POINT seven million acres from six .POINT nine million last year .PERIOD
</s>
<s.87.001.870323-0160.3.2>
Rapeseed ,COMMA also known as canola ,COMMA is Canada's main oilseed crop .PERIOD
</s>
</p>
<p.87.001.870323-0159.1>
<s.87.001.870323-0159.1.1>
Yankee Companies said it expects to post a one .POINT five million dollar loss from discontinued operations ,COMMA possibly in its third quarter ending March thirty first .PERIOD
</s>
</p>
<p.87.001.870323-0159.2>
<s.87.001.870323-0159.2.1>
The anticipated loss will stem from plans of a subsidiary ,COMMA Eskey Incorporated ,COMMA to sell the assets and business of its Yale E. Key Incorporated unit to a group of that company's managers and a private investor for about fifteen .POINT five million dollars .PERIOD
</s>
<s.87.001.870323-0159.2.2>
Yale E. Key is a well -HYPHEN service concern .PERIOD
</s>
</p>
<p.87.001.870323-0159.3>
<s.87.001.870323-0159.3.1>
In the year -HYPHEN ago third quarter ,COMMA Yankee had net income of seven hundred sixty two thousand dollars ,COMMA or twelve cents a primary share ,COMMA on revenue of fifty one .POINT six million dollars .PERIOD
</s>
<s.87.001.870323-0159.3.2>
Earnings included a six hundred fifteen thousand dollar write -HYPHEN down of an investment .PERIOD
</s>
</p>
<p.87.001.870323-0159.4>
<s.87.001.870323-0159.4.1>
Yankee ,COMMA an energy and financial services concern ,COMMA said the sale is part of its plan to focus on its core businesses and reduce its total indebtedness .PERIOD
</s>
<s.87.001.870323-0159.4.2>
The company expects the sale to be completed later this month ,COMMA but said it still requires a definitive agreement .PERIOD
</s>
</p>
<p.87.001.870323-0158.1>
<s.87.001.870323-0158.1.1>
John F. Boehm ,COMMA formerly president of Ashland Oil Incorporated's Valvoline Oil Company unit ,COMMA was named to the new post of chairman and chief executive officer of the subsidiary .PERIOD
</s>
</p>
<p.87.001.870323-0158.2>
<s.87.001.870323-0158.2.1>
Mr. Boehm ,COMMA sixty years old ,COMMA will be succeeded by John D. Barr ,COMMA thirty nine ,COMMA formerly executive vice president ,COMMA who will also hold the additional title of chief operating officer .PERIOD
</s>
</p>
<p.87.001.870323-0158.3>
<s.87.001.870323-0158.3.1>
Valvoline ,COMMA based in Lexington ,COMMA Kentucky ,COMMA is the nation's Number three marketer of motor oil .PERIOD
</s>
<s.87.001.870323-0158.3.2>
Ashland refines and markets oil .PERIOD
</s>
</p>
<p.87.001.870323-0157.1>
<s.87.001.870323-0157.1.1>
Canada's seasonally adjusted consumer price index rose zero .POINT three %PERCENT in February ,COMMA Statistics Canada ,COMMA a federal agency ,COMMA said .PERIOD
</s>
</p>
<p.87.001.870323-0157.2>
<s.87.001.870323-0157.2.1>
The February rise followed increases of zero .POINT two %PERCENT in January and zero .POINT four %PERCENT in December .PERIOD
</s>
</p>
<p.87.001.870323-0156.1>
<s.87.001.870323-0156.1.1>
BankEast Corporation said it signed a non -HYPHEN binding letter of intent to acquire First Federal Bank of Nashua ,COMMA N. H. ,COMMA for about thirty five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0156.2>
<s.87.001.870323-0156.2.1>
In the proposed transaction ,COMMA each of First Federal's common shares would be converted into sixty dollars of BankEast common stock .PERIOD
</s>
<s.87.001.870323-0156.2.2>
BankEast said each First Federal common share would be swapped for two .POINT nine to three .POINT five BankEast common shares .PERIOD
</s>
<s.87.001.870323-0156.2.3>
This is subject to certain adjustments ,COMMA including ones based on First Federal's earnings before the closing date ,COMMA BankEast said .PERIOD
</s>
</p>
<p.87.001.870323-0156.3>
<s.87.001.870323-0156.3.1>
First Federal ,COMMA which has about two hundred seventy million dollars in assets ,COMMA currently has five hundred sixty six thousand ,COMMA one hundred common shares outstanding .PERIOD
</s>
<s.87.001.870323-0156.3.2>
BankEast has about ten million common shares outstanding and assets of one .POINT oh five billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0156.4>
<s.87.001.870323-0156.4.1>
John Snow ,COMMA BankEast's president ,COMMA said his company has been interested in the Nashua market .PERIOD
</s>
<s.87.001.870323-0156.4.2>
The acquisition provides "DOUBLE-QUOTE an opportunity for BankEast to develop more substantially in that market ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0156.4.3>
"DOUBLE-QUOTE We now have a relatively small presence there .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0156.4.4>
BankEast said it hopes to complete the acquisition by year's end .PERIOD
</s>
</p>
<p.87.001.870323-0156.5>
<s.87.001.870323-0156.5.1>
John O'Brien ,COMMA First Federal president ,COMMA said he regards BankEast as a "DOUBLE-QUOTE very good banking organization .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0156.5.2>
He said BankEast's offer appears to be "DOUBLE-QUOTE attractive to the bank's shareholders .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0156.6>
<s.87.001.870323-0156.6.1>
First Federal's shareholders still must vote on the acquisition ,COMMA which also requires the execution of a definitive agreement and approval from regulators .PERIOD
</s>
</p>
<p.87.001.870323-0156.7>
<s.87.001.870323-0156.7.1>
In national over -HYPHEN the -HYPHEN counter trading Friday ,COMMA BankEast shares fell twenty five cents to sixteen dollars and fifty cents .PERIOD
</s>
</p>
<p.87.001.870323-0155.1>
<s.87.001.870323-0155.1.1>
Ohio Power Company ,COMMA a unit of American Electric Power Company ,COMMA said it will redeem thirty four .POINT four million dollars of its first mortgage bonds June first .PERIOD
</s>
</p>
<p.87.001.870323-0155.2>
<s.87.001.870323-0155.2.1>
Ohio Power said the transactions involve the partial redemption of two issues :COLON thirty three million dollars of its ten %PERCENT bonds due two thousand ,COMMA six and one .POINT four million dollars of its twelve and seven eighths %PERCENT bonds due two thousand ,COMMA thirteen .PERIOD
</s>
<s.87.001.870323-0155.2.2>
The price will be par ,COMMA plus accrued interest for the ten %PERCENT series .PERIOD
</s>
</p>
<p.87.001.870323-0154.1>
<s.87.001.870323-0154.1.1>
Ohio Edison Company ,COMMA seeking to lessen the financial impact of the Perry nuclear plant ,COMMA said it completed a sale -HYPHEN leaseback transaction for a portion of its ownership in the plant .PERIOD
</s>
</p>
<p.87.001.870323-0154.2>
<s.87.001.870323-0154.2.1>
Under the arrangement ,COMMA the utility sold about thirty %PERCENT of its stake in one of the northern Ohio plant's two reactors --DASH the one .POINT two million -HYPHEN kilowatt Unit one --DASH to a group of institutional investors led by Citicorp ,COMMA a New York bank holding company .PERIOD
</s>
<s.87.001.870323-0154.2.2>
Ohio Edison owns about thirty %PERCENT of the unit .PERIOD
</s>
</p>
<p.87.001.870323-0154.3>
<s.87.001.870323-0154.3.1>
Ohio Edison said the investors will pay it five hundred nine million dollars for the stake ,COMMA then lease it back for twenty nine years at a rate estimated at eight .POINT five %PERCENT to nine %PERCENT of the cash payment .PERIOD
</s>
</p>
<p.87.001.870323-0154.4>
<s.87.001.870323-0154.4.1>
The Perry plant ,COMMA whose ownership is split among several utilites ,COMMA has been dogged by construction delays and cost overruns .PERIOD
</s>
<s.87.001.870323-0154.4.2>
Ohio Edison's outside auditors ,COMMA citing uncertainties over whether the utility could recover the construction costs of the plant ,COMMA qualified both its nineteen eighty five and nineteen eighty six financial statements .PERIOD
</s>
</p>
<p.87.001.870323-0154.5>
<s.87.001.870323-0154.5.1>
Ohio Edison said the proceeds from the sale will finance the balance of its nineteen eighty seven construction program and repay bank loans incurred for the retirement of high -HYPHEN interest ,COMMA long -HYPHEN term debt .PERIOD
</s>
<s.87.001.870323-0154.5.2>
The utility added that it plans later this year to ask the Public Utilities Commission of Ohio to allow it to recover the cost of Perry .PERIOD
</s>
</p>
<p.87.001.870323-0154.6>
<s.87.001.870323-0154.6.1>
Ohio Edison said the transaction will allow the equity investors to take advantage of federal tax benefits .PERIOD
</s>
</p>
<p.87.001.870323-0153.1>
<s.87.001.870323-0153.1.1>
The following issues recently were filed with the Securities and Exchange Commission :COLON
</s>
</p>
<p.87.001.870323-0153.2>
<s.87.001.870323-0153.2.1>
MARKITSTAR INCORPORATED ,COMMA one .POINT seven million common shares .PERIOD
</s>
<s.87.001.870323-0153.2.2>
Of the total ,COMMA one .POINT five million will be sold by the company and the rest by shareholders ,COMMA via Woolcott &AMPERSAND Company .PERIOD
</s>
</p>
<p.87.001.870323-0153.3>
<s.87.001.870323-0153.3.1>
ATARI CORPORATION ,COMMA seventy five million dollars of convertible debentures due two thousand ,COMMA twelve ,COMMA via PaineWebber Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0153.4>
<s.87.001.870323-0153.4.1>
STANLEY INTERIORS CORPORATION ,COMMA thirty million dollars of convertible debentures due two thousand ,COMMA twelve ,COMMA via Salomon Brothers Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0153.5>
<s.87.001.870323-0153.5.1>
THERMO ELECTRON CORPORATION ,COMMA seventy five million dollars of convertible debentures due two thousand ,COMMA twelve ,COMMA via Shearson Lehman Brothers Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0153.6>
<s.87.001.870323-0153.6.1>
AMAX INCORPORATED ,COMMA fifteen million ,COMMA seven hundred fifty seven thousand ,COMMA three hundred fifty common shares .PERIOD
</s>
<s.87.001.870323-0153.6.2>
Of the total ,COMMA fifteen million shares will be sold by the company and the rest by a shareholder .PERIOD
</s>
<s.87.001.870323-0153.6.3>
Underwriters led by First Boston Corporation will offer twelve million ,COMMA six hundred seven thousand ,COMMA three hundred fifty in the U.S.and Credit Suisse First Boston Limited will offer the balance outside the U. S. .PERIOD
</s>
</p>
<p.87.001.870323-0153.7>
<s.87.001.870323-0153.7.1>
WEYERHAEUSER COMPANY ,COMMA four million convertible exchangeable preference shares ,COMMA via Morgan Stanley &AMPERSAND Company .PERIOD
</s>
</p>
<p.87.001.870323-0153.8>
<s.87.001.870323-0153.8.1>
MERRYLAND &AMPERSAND INVESTMENT COMPANY ,COMMA two million common shares ,COMMA via Johnson ,COMMA Lane ,COMMA Space ,COMMA Smith &AMPERSAND Company .PERIOD
</s>
</p>
<p.87.001.870323-0153.9>
<s.87.001.870323-0153.9.1>
KANSAS CITY POWER &AMPERSAND LIGHT COMPANY ,COMMA shelf filing of as much as one hundred million dollars of mortgage bonds .PERIOD
</s>
</p>
<p.87.001.870323-0153.10>
<s.87.001.870323-0153.10.1>
VIRGINIA ELECTRIC POWER COMPANY ,COMMA a unit of Dominion Resources Incorporated ,COMMA shelf filing for as many as one million ,COMMA three hundred fifty thousand preferred shares .PERIOD
</s>
</p>
<p.87.001.870323-0153.11>
<s.87.001.870323-0153.11.1>
FIRST INTERSTATE BANCORP ,COMMA shelf filing for as much as one .POINT five billion dollars in debt securities .PERIOD
</s>
</p>
<p.87.001.870323-0152.1>
<s.87.001.870323-0152.1.1>
Texaco Incorporated said it reorganized certain of its oil -HYPHEN exploration operations .PERIOD
</s>
</p>
<p.87.001.870323-0152.2>
<s.87.001.870323-0152.2.1>
The energy concern said it formed a "DOUBLE-QUOTE frontier exploration "DOUBLE-QUOTE department that will initiate and evaluate highly speculative oil opportunities for the company .PERIOD
</s>
</p>
<p.87.001.870323-0152.3>
<s.87.001.870323-0152.3.1>
Frontier exploration was previously carried out by each of the company's regional divisions .PERIOD
</s>
<s.87.001.870323-0152.3.2>
Texaco said the consolidation of these operations will allow the geographic divisions to focus on the more mature ,COMMA established oil basins .PERIOD
</s>
</p>
<p.87.001.870323-0152.4>
<s.87.001.870323-0152.4.1>
Clarence P. Cazalot ,COMMA thirty six years old ,COMMA was named general manager of the new department .PERIOD
</s>
<s.87.001.870323-0152.4.2>
He was formerly assistant to James W. Kinnear ,COMMA Texaco chairman .PERIOD
</s>
</p>
<p.87.001.870323-0151.1>
<s.87.001.870323-0151.1.1>
Canrad Incorporated expects declines in first -HYPHEN quarter net income and sales ,COMMA but increases in the full year ,COMMA according to Carl Krieger ,COMMA chief executive officer .PERIOD
</s>
</p>
<p.87.001.870323-0151.2>
<s.87.001.870323-0151.2.1>
For the current quarter ,COMMA Canrad ,COMMA a maker of microwave equipment and ultraviolet lamps and systems ,COMMA projects net income of about one hundred twenty thousand dollars ,COMMA or ten cents a share ,COMMA a seventy %PERCENT decline from year -HYPHEN earlier net of four hundred nine thousand dollars ,COMMA or thirty four cents a share ,COMMA adjusted for a recent five %PERCENT stock dividend .PERIOD
</s>
<s.87.001.870323-0151.2.2>
Sales are expected to decrease about eight %PERCENT to eight .POINT five million dollars from nine .POINT two million dollars a year earlier .PERIOD
</s>
</p>
<p.87.001.870323-0151.3>
<s.87.001.870323-0151.3.1>
A drop in incoming orders for its microwave -HYPHEN equipment products used in the telecommunications industry is the major reason for Canrad's poor performance in the first quarter ,COMMA Mr. Krieger said .PERIOD
</s>
<s.87.001.870323-0151.3.2>
Microwave equipment is the company's largest selling item as well as its most profitable ,COMMA he noted .PERIOD
</s>
</p>
<p.87.001.870323-0151.4>
<s.87.001.870323-0151.4.1>
Sales of the company's two other major products --DASH ultraviolet lamps and motion picture projection equipment --DASH are ahead of previous estimates ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870323-0151.5>
<s.87.001.870323-0151.5.1>
In spite of the poor performance in the first quarter ,COMMA Canrad expects overall earnings and sales for nineteen eighty seven to be higher than the previous year .PERIOD
</s>
<s.87.001.870323-0151.5.2>
Mr. Krieger forecasts that earnings will increase about seven %PERCENT to one .POINT six million dollars ,COMMA or one dollar and forty cents a share ,COMMA from one .POINT five million dollars ,COMMA or one dollar and twenty nine cents a share ,COMMA in nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0151.5.3>
Sales are expected to increase about ten %PERCENT to forty million dollars from thirty six .POINT six million dollars in nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870323-0151.6>
<s.87.001.870323-0151.6.1>
Mr. Krieger said that microwave equipment sales should be sharply higher in the second and third quarters .PERIOD
</s>
</p>
<p.87.001.870323-0150.1>
<s.87.001.870323-0150.1.1>
O. K. C. Limited Partnership said a federal appeals court in New Orleans upheld a twenty one .POINT five million dollar judgment against the company .PERIOD
</s>
</p>
<p.87.001.870323-0150.2>
<s.87.001.870323-0150.2.1>
As reported last April ,COMMA a federal district court in New Orleans ruled against O. K. C. in a nineteen eighty one lawsuit filed by Aminoil U. S. A. Incorporated ,COMMA now part of Phillips Petroleum Company .PERIOD
</s>
<s.87.001.870323-0150.2.2>
The court ruled that O. K. C. hadn't paid Aminoil its full share of profits from an offshore petroleum lease that Aminoil had farmed out to O. K. C. .PERIOD
</s>
<s.87.001.870323-0150.2.3>
The court ordered O. K. C. to pay Phillips the profits ,COMMA plus interest ,COMMA which currently total about twenty one .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0150.3>
<s.87.001.870323-0150.3.1>
O. K. C. said it plans to file a motion for a rehearing in an attempt to overturn the decision ,COMMA but the company said its chances of winning a rehearing are "DOUBLE-QUOTE remote .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0150.4>
<s.87.001.870323-0150.4.1>
The company said it doesn't expect the ruling to have a major impact on earnings because it had already set aside about fourteen million dollars in reserves to cover the judgment and reached an agreement for a bank loan to pay the balance .PERIOD
</s>
</p>
<p.87.001.870323-0149.1>
<s.87.001.870323-0149.1.1>
Millard S. Drexler ,COMMA forty two years old ,COMMA formerly executive vice president ,COMMA merchandising ,COMMA was named president of the apparel retailer ,COMMA succeeding Donald G. Fisher ,COMMA fifty eight ,COMMA who remains chairman and chief executive officer .PERIOD
</s>
</p>
<p.87.001.870323-0148.1>
<s.87.001.870323-0148.1.1>
Super Valu Stores Incorporated said it plans three hundred thirty million dollars in capital spending for fiscal nineteen eighty eight ,COMMA a nine %PERCENT decrease from the three hundred sixty three .POINT seven million dollars spent in the year ended February twenty seventh .PERIOD
</s>
</p>
<p.87.001.870323-0148.2>
<s.87.001.870323-0148.2.1>
The food wholesaler and retailer said the new budget is down primarily because the previous budget included funding for such major projects as new distribution centers at New Stanton ,COMMA Pennsylvania ,COMMA and Hammond ,COMMA Louisiana .PERIOD
</s>
</p>
<p.87.001.870323-0148.3>
<s.87.001.870323-0148.3.1>
The company said the new budget provides for significant additions to a number of its distribution centers ,COMMA for upgrading computer equipment ,COMMA for ten new ShopKo discount department stores and for seventy million dollars in financing for its independent retailer customers .PERIOD
</s>
</p>
<p.87.001.870323-0148.4>
<s.87.001.870323-0148.4.1>
Super Valu said the largest portion of the budget ,COMMA one hundred eighty one .POINT eight million dollars ,COMMA or fifty five %PERCENT ,COMMA will be allocated to its retail support operations .PERIOD
</s>
</p>
<p.87.001.870323-0147.1>
<s.87.001.870323-0147.1.1>
Barbara C. M. Dudley was named a director of this bank holding company ,COMMA increasing board membership to twenty seven .PERIOD
</s>
<s.87.001.870323-0147.1.2>
Mrs. Dudley is a former chairman of First Albany Corporation ,COMMA a securities firm .PERIOD
</s>
</p>
<p.87.001.870323-0146.1>
<s.87.001.870323-0146.1.1>
LANDMARK BANCSHARES will begin trading Thursday on the New York Stock Exchange under the symbol LBC .PERIOD
</s>
<s.87.001.870323-0146.1.2>
The Saint Louis -HYPHEN based bank holding company previously traded on the American Stock Exchange .PERIOD
</s>
</p>
<p.87.001.870323-0146.2>
<s.87.001.870323-0146.2.1>
Three previously unreported issues began trading recently on the Big Board .PERIOD
</s>
</p>
<p.87.001.870323-0146.3>
<s.87.001.870323-0146.3.1>
VALERO NATURAL GAS PARTNERS L. P. ,COMMA based in San Antonio ,COMMA Texas ,COMMA began trading units under the symbol VLP .PERIOD
</s>
<s.87.001.870323-0146.3.2>
The natural gas pipeline and natural gas liquid company is a spinoff from Valero Energy Corporation ,COMMA San Antonio .PERIOD
</s>
<s.87.001.870323-0146.3.3>
Valero Energy retains a forty nine %PERCENT stake in the partnership .PERIOD
</s>
</p>
<p.87.001.870323-0146.4>
<s.87.001.870323-0146.4.1>
COLONIAL MUNICIPAL INCOME TRUST ,COMMA a Boston -HYPHEN based closed -HYPHEN end mangement investment company ,COMMA began trading under the symbol CMU .PERIOD
</s>
</p>
<p.87.001.870323-0146.5>
<s.87.001.870323-0146.5.1>
PETROLANE PARTNERS L. P. began trading units under the symbol LPG .PERIOD
</s>
<s.87.001.870323-0146.5.2>
The Los Angeles -HYPHEN based company was formed to conduct the liquefied petroleum gas business of Petrolane Incorporated ,COMMA a unit of Texas Eastern Corporation ,COMMA Houston .PERIOD
</s>
<s.87.001.870323-0146.5.3>
Texas Eastern retains a forty five %PERCENT stake in the partnership .PERIOD
</s>
</p>
<p.87.001.870323-0146.6>
<s.87.001.870323-0146.6.1>
On the American Stock Exchange ,COMMA LANDMARK TECHNOLOGY CORPORATION ,COMMA based in Marietta ,COMMA Georgia ,COMMA began trading under the symbol LCO .PERIOD
</s>
<s.87.001.870323-0146.6.2>
The real estate services company formerly traded over the counter .PERIOD
</s>
</p>
<p.87.001.870323-0146.7>
<s.87.001.870323-0146.7.1>
Ten new issues began trading over the counter recently .PERIOD
</s>
</p>
<p.87.001.870323-0146.8>
<s.87.001.870323-0146.8.1>
ALLIED BANKSHARES INCORPORATED ,COMMA a Thomson ,COMMA Georgia -HYPHEN based bank holding company ,COMMA began trading under the symbol ABGA .PERIOD
</s>
</p>
<p.87.001.870323-0146.9>
<s.87.001.870323-0146.9.1>
BRINKMANN INSTRUMENTS INCORPORATED ,COMMA based in Westbury ,COMMA Connecticut ,COMMA began trading under the symbol BRIK .PERIOD
</s>
<s.87.001.870323-0146.9.2>
The company markets and distributes scientific instruments ,COMMA apparatus and disposables used for quality control of manufacturing processes and for environmental monitoring .PERIOD
</s>
</p>
<p.87.001.870323-0146.10>
<s.87.001.870323-0146.10.1>
CORKEN INTERNATIONAL CORPORATION ,COMMA based in Oklahoma City ,COMMA began trading under the symbol CORK .PERIOD
</s>
<s.87.001.870323-0146.10.2>
The company designs ,COMMA manufactures and markets pumps ,COMMA valves and compressors used in handling flammable and hazardous liquids and gases .PERIOD
</s>
<s.87.001.870323-0146.10.3>
The company was a one hundred %PERCENT -HYPHEN owned unit of Hinderliter Industries Incorporated ,COMMA Tulsa ,COMMA Oklahoma ,COMMA which retains an eighty .POINT six %PERCENT stake .PERIOD
</s>
</p>
<p.87.001.870323-0146.11>
<s.87.001.870323-0146.11.1>
FAMILY GROUP BROADCASTING L. P. began trading units under the symbol FGBPZ .PERIOD
</s>
<s.87.001.870323-0146.11.2>
The Tampa ,COMMA Florida -HYPHEN based company plans to acquire and operate television and radio stations .PERIOD
</s>
</p>
<p.87.001.870323-0146.12>
<s.87.001.870323-0146.12.1>
FIRST FEDERAL SAVINGS &AMPERSAND LOAN ASSOCIATION OF SALT LAKE CITY began trading under the symbol FFUT .PERIOD
</s>
</p>
<p.87.001.870323-0146.13>
<s.87.001.870323-0146.13.1>
M. M. R. HOLDING CORPORATION ,COMMA based in Baton Rouge ,COMMA Louisiana ,COMMA began trading under the symbol MMRH .PERIOD
</s>
<s.87.001.870323-0146.13.2>
The company provides electrical and mechanical specialty contracting services to governmental ,COMMA industrial and commercial clients .PERIOD
</s>
</p>
<p.87.001.870323-0146.14>
<s.87.001.870323-0146.14.1>
MAGMA COPPER COMPANY began trading Class B. common stock on a when -HYPHEN issued basis under the symbol MGCPV .PERIOD
</s>
<s.87.001.870323-0146.14.2>
The San Manuel ,COMMA Arizona -HYPHEN based copper company is a spinoff from Newmont Mining Corporation ,COMMA New York ,COMMA which is distributing an eighty %PERCENT interest in the new company .PERIOD
</s>
</p>
<p.87.001.870323-0146.15>
<s.87.001.870323-0146.15.1>
MERIDIAN INSURANCE GROUP INCORPORATED ,COMMA an Indianapolis -HYPHEN based insurance holding company ,COMMA began trading under the symbol MIGI .PERIOD
</s>
</p>
<p.87.001.870323-0146.16>
<s.87.001.870323-0146.16.1>
RHONE -HYPHEN POULENC S. A. ,COMMA based in Paris ,COMMA began trading American depositary receipts under the symbol RHPOY .PERIOD
</s>
<s.87.001.870323-0146.16.2>
Each A. D. R. ,COMMA which is physically deposited abroad but owned in the U. S. ,COMMA represents one half of a preferred non -HYPHEN voting share .PERIOD
</s>
<s.87.001.870323-0146.16.3>
The multi -HYPHEN national company is engaged in the development ,COMMA production and marketing of chemicals ,COMMA pharmaceuticals ,COMMA synthetic fibers and films .PERIOD
</s>
</p>
<p.87.001.870323-0146.17>
<s.87.001.870323-0146.17.1>
R. P. SCHERER CORPORATION ,COMMA based in Troy ,COMMA Michigan ,COMMA began trading preferred stock under the symbol SCHCP .PERIOD
</s>
<s.87.001.870323-0146.17.2>
The one .POINT four three seven five dollars Series A preferred stock is convertible at the rate of one .POINT oh five nine three common shares for each preferred share .PERIOD
</s>
<s.87.001.870323-0146.17.3>
The company produces soft gelatin capsules for the pharmaceutical and nutritional supplements industry and develops drug formulation and delivery systems .PERIOD
</s>
</p>
<p.87.001.870323-0144.1>
<s.87.001.870323-0144.1.1>
The Nuclear Regulatory Commission gave its staff the authority to allow Consumers Power Company to return its Palisades nuclear power plant to service after a ten -HYPHEN month shutdown for safety work .PERIOD
</s>
</p>
<p.87.001.870323-0144.2>
<s.87.001.870323-0144.2.1>
The reactor has been idle since last May nineteenth when turbine problems triggered an automatic shutdown ,COMMA said Joseph Fouchard ,COMMA an N. R. C. spokesman .PERIOD
</s>
<s.87.001.870323-0144.2.2>
Inspectors found three key safety -HYPHEN related valves failed to operate properly that day .PERIOD
</s>
<s.87.001.870323-0144.2.3>
Mr. Fouchard said the reactor shutdown "DOUBLE-QUOTE culminated a history of operating problems "DOUBLE-QUOTE at Palisades ,COMMA on Lake Michigan near South Haven ,COMMA Michigan .PERIOD
</s>
</p>
<p.87.001.870323-0144.3>
<s.87.001.870323-0144.3.1>
A spokesman for Jackson ,COMMA Michigan -HYPHEN based Consumers Power said ,COMMA "DOUBLE-QUOTE We're pleased .PERIOD
</s>
<s.87.001.870323-0144.3.2>
It brings the plant one step closer to restart .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0144.3.3>
He said the company is "DOUBLE-QUOTE confident "DOUBLE-QUOTE that the N. R. C. staff will allow the utility to restart the plant once Consumers Power has satisfactorily completed certain tests .PERIOD
</s>
</p>
<p.87.001.870323-0144.4>
<s.87.001.870323-0144.4.1>
The commission voted five to zero to authorize its staff to permit a restart after the staff reported on improvements in plant maintenance .PERIOD
</s>
</p>
<p.87.001.870323-0143.1>
<s.87.001.870323-0143.1.1>
Peter Lund ,COMMA president of C. B. S. Incorporated's four owned and operated television stations ,COMMA resigned to become president of New York -HYPHEN based Multimedia Entertainment ,COMMA a unit of Multimedia Incorporated ,COMMA Greenville ,COMMA S. C. .PERIOD
</s>
</p>
<p.87.001.870323-0143.2>
<s.87.001.870323-0143.2.1>
Mr. Lund is succeeding Myron B. "DOUBLE-QUOTE Mike "DOUBLE-QUOTE Weinblatt ,COMMA who will remain at Multimedia Entertainment as a senior executive in charge of certain undisclosed development projects .PERIOD
</s>
</p>
<p.87.001.870323-0143.3>
<s.87.001.870323-0143.3.1>
Mr. Lund ,COMMA a ten -HYPHEN year veteran of C. B. S. ,COMMA was president of C. B. S. Sports before being named president of the T. V. stations division in December in a reorganization of the company's broadcasting operations .PERIOD
</s>
</p>
<p.87.001.870323-0143.4>
<s.87.001.870323-0143.4.1>
Mr. Lund ,COMMA forty six years old ,COMMA said he is leaving C. B. S. "DOUBLE-QUOTE with mixed emotions --DASH my ten years here have been terrific .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0143.4.2>
At Multimedia Entertainment ,COMMA he will oversee production and distribution of the unit's programs ,COMMA which include "DOUBLE-QUOTE The Phil Donahue Show .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0143.5>
<s.87.001.870323-0143.5.1>
A company spokesman said a successor to Mr. Lund hadn't yet been named .PERIOD
</s>
</p>
<p.87.001.870323-0142.1>
<s.87.001.870323-0142.1.1>
Stuart B. Opotowsky was named vice president ,COMMA tax ,COMMA for this company with interests in insurance ,COMMA tobacco ,COMMA hotels and broadcasting .PERIOD
</s>
<s.87.001.870323-0142.1.2>
Mr. Opotowsky ,COMMA formerly a tax partner in a New York law firm ,COMMA succeeds the late Stephen Schwartz .PERIOD
</s>
</p>
<p.87.001.870323-0141.1>
<s.87.001.870323-0141.1.1>
Stephen C. Savage was named a corporate vice president and general manager of the newly formed electrical products division of this Singer Company spinoff that makes sewing machines and furniture .PERIOD
</s>
<s.87.001.870323-0141.1.2>
Mr. Savage was formerly a managing director at Scovill Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0140.1>
<s.87.001.870323-0140.1.1>
Christopher T. Linen and Richard T. Morgan were given the additional titles of corporate vice presidents of this publishing and cable television company .PERIOD
</s>
<s.87.001.870323-0140.1.2>
Mr. Linen is president and chief executive officer of Time -HYPHEN Life Books Incorporated and Mr. Morgan is president and chief executive officer of Scott ,COMMA Foresman &AMPERSAND Company ,COMMA both subsidiaries of Time .PERIOD
</s>
</p>
<p.87.001.870323-0139.1>
<s.87.001.870323-0139.1.1>
EMERALD HOMES L. P. declared an initial quarterly distribution of thirty cents on partnership units ,COMMA payable May fifteenth to units of record March thirty first .PERIOD
</s>
<s.87.001.870323-0139.1.2>
Phoenix ,COMMA Arizona -HYPHEN based Emerald ,COMMA which designs and sells single -HYPHEN family homes ,COMMA had its initial public offering on February sixth .PERIOD
</s>
<s.87.001.870323-0139.1.3>
It has five million ,COMMA two hundred twenty five thousand units outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0138.1>
<s.87.001.870323-0138.1.1>
VIRGINIA BEACH FEDERAL SAVINGS &AMPERSAND LOAN ASSOCIATION (LEFT-PAREN Virginia Beach ,COMMA Virginia )RIGHT-PAREN --DASH Betty Anne Huey ,COMMA a Virginia Beach community leader ,COMMA was elected to the board of this thrift ,COMMA filling a vacancy created by the death of her father ,COMMA Sidney S. Kellam ,COMMA who was the association's founder .PERIOD
</s>
</p>
<p.87.001.870323-0137.1>
<s.87.001.870323-0137.1.1>
SCANDINAVIAN AIRLINES SYSTEMS ,COMMA or S. A. S. ,COMMA will defer for several more months a decision on whether to switch its order for twelve new airplanes to AIRBUS INDUSTRIE of Europe from MCDONNELL DOUGLAS CORPORATION of the U. S. .PERIOD
</s>
</p>
<p.87.001.870323-0137.2>
<s.87.001.870323-0137.2.1>
Ulf Abrahamsson ,COMMA S. A. S.'s vice president for fleet planning ,COMMA said the carrier wants to study more carefully offers from the two aircraft builders .PERIOD
</s>
<s.87.001.870323-0137.2.2>
He said S. A. S. also wants to determine the outcome of talks that could lead to the liberalization of air travel between the U. S. and Scandinavia .PERIOD
</s>
</p>
<p.87.001.870323-0137.3>
<s.87.001.870323-0137.3.1>
S. A. S. hopes to receive approval from U. S. authorities to fly to an unlimited number of American destinations ,COMMA instead of the four U. S. cities it currently can serve .PERIOD
</s>
<s.87.001.870323-0137.3.2>
But Mr. Abrahamsson denied that S. A. S. was trying to use the jet order to pressure the U. S. .PERIOD
</s>
</p>
<p.87.001.870323-0137.4>
<s.87.001.870323-0137.4.1>
S. A. S. signed a letter of intent last December to purchase twelve McDonnell Douglas M. D. -HYPHEN eleven jets for an estimated one .POINT six billion dollars .PERIOD
</s>
<s.87.001.870323-0137.4.2>
But in January it received a proposal from Airbus that it buy the European consortium's A. three forty jets .PERIOD
</s>
<s.87.001.870323-0137.4.3>
It said then that it would make a final decision by late March .PERIOD
</s>
</p>
<p.87.001.870323-0137.5>
<s.87.001.870323-0137.5.1>
However ,COMMA Mr. Abrahamsson said Friday that the decision will be put off for "DOUBLE-QUOTE a number of months .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0137.6>
<s.87.001.870323-0137.6.1>
The new planes ,COMMA which would be delivered in the early nineteen nineties ,COMMA are to replace S. A. S.'s fleet of D. C. -HYPHEN tens ,COMMA which at decade's end will total eleven .PERIOD
</s>
</p>
<p.87.001.870323-0136.1>
<s.87.001.870323-0136.1.1>
FALCON CABLE SYSTEMS COMPANY declared an initial quarterly distribution of fifty three .POINT seven five cents on partnership units ,COMMA payable May fifteenth to units of record March thirty first .PERIOD
</s>
<s.87.001.870323-0136.1.2>
The Pasadena ,COMMA California -HYPHEN based limited partnership that owns cable television systems had its initial offering in December nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0136.1.3>
It has five .POINT eight million units outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0135.1>
<s.87.001.870323-0135.1.1>
Italy's unadjusted industrial production fell in January third .POINT four %PERCENT from a year earlier but rose two .POINT four %PERCENT from December ,COMMA the government said .PERIOD
</s>
</p>
<p.87.001.870323-0134.1>
<s.87.001.870323-0134.1.1>
ASAMERA INCORPORATED said it has agreed to sell three million common shares to raise about forty .POINT nine million dollars (LEFT-PAREN Canadian )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870323-0134.1.2>
The Calgary ,COMMA Alberta -HYPHEN based oil and gas and mining company said the shares will be bought by Merrill Lynch Canada Incorporated ,COMMA for resale to the public at thirteen .POINT six two five dollars each .PERIOD
</s>
<s.87.001.870323-0134.1.3>
Details about the proceeds weren't immediately available .PERIOD
</s>
<s.87.001.870323-0134.1.4>
The company said the offering is subject to all necessary Canadian and U. S. regulatory approvals ,COMMA and that a preliminary prospectus was filed Friday .PERIOD
</s>
</p>
<p.87.001.870323-0133.1>
<s.87.001.870323-0133.1.1>
British government bond prices advanced one and two thirty seconds Friday as the market continued to consolidate recent gains .PERIOD
</s>
</p>
<p.87.001.870323-0133.2>
<s.87.001.870323-0133.2.1>
Dealers reported a little profit -HYPHEN taking by domestic institutions and some unwinding of positions by major market -HYPHEN makers who had prepared themselves for further Japanese buying overnight .PERIOD
</s>
<s.87.001.870323-0133.2.2>
As it happened ,COMMA Far Eastern interest was limited .PERIOD
</s>
</p>
<p.87.001.870323-0133.3>
<s.87.001.870323-0133.3.1>
Analysts said the market's performance was very resilient considering the nearly four -HYPHEN point rally it staged following the release last week of Britain's fiscal nineteen eighty eight budget .PERIOD
</s>
</p>
<p.87.001.870323-0133.4>
<s.87.001.870323-0133.4.1>
Fixed -HYPHEN rate Eurodollar bonds were unchanged to up one eighth point on light turnover .PERIOD
</s>
</p>
<p.87.001.870323-0133.5>
<s.87.001.870323-0133.5.1>
Most dollar -HYPHEN denominated issues are suffering from a lack of interest ,COMMA traders said .PERIOD
</s>
<s.87.001.870323-0133.5.2>
Investors remain skeptical about the dollar's prospects ,COMMA and recent data haven't presented a clear picture of where the U. S. economy stands .PERIOD
</s>
</p>
<p.87.001.870323-0133.6>
<s.87.001.870323-0133.6.1>
Eurodollar bonds closed little changed and Morgan Guaranty Limited tested a novel approach for repackaging perpetual floating -HYPHEN rate Euronotes .PERIOD
</s>
</p>
<p.87.001.870323-0133.7>
<s.87.001.870323-0133.7.1>
In new issues ,COMMA Morgan Guaranty took one hundred thirty million dollars of a total of five hundred million dollars of perpetual floating -HYPHEN rate notes issued by Westpac Banking Corporation ,COMMA a large Australian bank ,COMMA and restructured the issue into two new securities :COLON a fifteen -HYPHEN year floating -HYPHEN rate note ,COMMA and a fifteen -HYPHEN year zero -HYPHEN coupon bond .PERIOD
</s>
</p>
<p.87.001.870323-0133.8>
<s.87.001.870323-0133.8.1>
The new fifteen -HYPHEN year floating -HYPHEN rate issue ,COMMA priced at one hundred .POINT one oh ,COMMA adjusts semi -HYPHEN annually at fifty basis points above the six -HYPHEN month London interbank offered rate .PERIOD
</s>
<s.87.001.870323-0133.8.2>
The zero -HYPHEN coupon class ,COMMA priced at twenty ,COMMA converts into the underlying Westpac perpetual floating -HYPHEN rate note at maturity .PERIOD
</s>
</p>
<p.87.001.870323-0133.9>
<s.87.001.870323-0133.9.1>
Deutsche mark government and Eurobond prices were up about one eighth to one quarter point ,COMMA falling back after gaining as much as one half point on fairly widespread buying interest at the start .PERIOD
</s>
</p>
<p.87.001.870323-0133.10>
<s.87.001.870323-0133.10.1>
Dealers said most of the buying had come from Japanese investors ,COMMA who had sought government bonds with nineteen ninety six and nineteen ninety seven maturities .PERIOD
</s>
</p>
<p.87.001.870323-0133.11>
<s.87.001.870323-0133.11.1>
Swiss Franc foreign bonds closed little changed as the recent rise in Swiss interest rates continues to limit participation .PERIOD
</s>
</p>
<p.87.001.870323-0132.1>
<s.87.001.870323-0132.1.1>
GUILFORD MILLS INCORPORATED sold seventy five million dollars of six %PERCENT debentures priced at par and due September fifteenth ,COMMA two thousand ,COMMA twelve ,COMMA according to Bear ,COMMA Stearns &AMPERSAND Company ,COMMA chief underwriter .PERIOD
</s>
<s.87.001.870323-0132.1.2>
The securities are convertible at a rate of forty four dollars and twenty five cents of debentures for each common share .PERIOD
</s>
<s.87.001.870323-0132.1.3>
The Greensboro ,COMMA N. C. -HYPHEN based maker and seller of knit fabrics will use proceeds to pay debt and for general purposes .PERIOD
</s>
<s.87.001.870323-0132.1.4>
In composite trading on the New York Stock Exchange Friday ,COMMA the company's common shares closed at thirty five .POINT one two five dollars ,COMMA down twenty five cents .PERIOD
</s>
</p>
<p.87.001.870323-0131.1>
<s.87.001.870323-0131.1.1>
American Cablesystems Corporation said a subsidiary agreed in principle to acquire a cable television system in the Los Angeles area from Heritage Communications Incorporated for fifteen .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0131.2>
<s.87.001.870323-0131.2.1>
The subsidiary ,COMMA American Cablesystems of California Incorporated ,COMMA proposed to buy a system that serves eight communities in Los Angeles County and has about twelve thousand subscribers ,COMMA the parent said .PERIOD
</s>
<s.87.001.870323-0131.2.2>
Upon completion of a final agreement ,COMMA the transaction is subject to approval from the municipalities involved .PERIOD
</s>
</p>
<p.87.001.870323-0131.3>
<s.87.001.870323-0131.3.1>
American Cable Systems has more than four hundred twenty five thousand subscribers in Massachusetts ,COMMA New York ,COMMA Florida ,COMMA Illinois and California .PERIOD
</s>
<s.87.001.870323-0131.3.2>
Heritage is a Des Moines ,COMMA Iowa -HYPHEN based cable T. V. and communications concern .PERIOD
</s>
</p>
<p.87.001.870323-0130.1>
<s.87.001.870323-0130.1.1>
Morrison Knudsen Corporation said a unit received a contract valued at about two hundred million dollars to operate a West Virginia surface coal mine for eleven and one half years .PERIOD
</s>
</p>
<p.87.001.870323-0130.2>
<s.87.001.870323-0130.2.1>
The award was made by a unit of Algoma Steel Corporation Limited ,COMMA Sault Saint Marie ,COMMA Ontario .PERIOD
</s>
<s.87.001.870323-0130.2.2>
Morrison Knudsen ,COMMA an engineering and construction concern ,COMMA said the contract contains an option for a ten -HYPHEN year extension that ,COMMA if exercised ,COMMA would increase the value of the agreement to three hundred eighty five million dollars .PERIOD
</s>
<s.87.001.870323-0130.2.3>
Morrison Knudsen said production will begin at the mine later this year .PERIOD
</s>
</p>
<p.87.001.870323-0129.1>
<s.87.001.870323-0129.1.1>
Gone are the days when the U. S. could quietly enjoy looking at East Asia as its foreign -HYPHEN policy trophy case .PERIOD
</s>
</p>
<p.87.001.870323-0129.2>
<s.87.001.870323-0129.2.1>
The new Japans --DASH Taiwan and South Korea --DASH were thriving economically .PERIOD
</s>
<s.87.001.870323-0129.2.2>
China had shunned the Soviets and befriended Washington at small cost to Taiwan .PERIOD
</s>
<s.87.001.870323-0129.2.3>
A year ago ,COMMA Washington came out of the Philippines mess smelling as sweet as that country's fresh democracy .PERIOD
</s>
</p>
<p.87.001.870323-0129.3>
<s.87.001.870323-0129.3.1>
Now ,COMMA however ,COMMA foreign trade strains ,COMMA political turmoil in South Korea ,COMMA the Philippines' growing pains ,COMMA China's turn back toward Communist orthodoxy and Moscow's new diplomatic efforts in the area suddenly have created what State Department officials call "DOUBLE-QUOTE the new East Asia challenge .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0129.4>
<s.87.001.870323-0129.4.1>
One problem is that economic growth in much of the region hasn't been accompanied by political maturity .PERIOD
</s>
<s.87.001.870323-0129.4.2>
The U. S. challenge is to help prevent its friends' growing pains from becoming geopolitical nightmares .PERIOD
</s>
<s.87.001.870323-0129.4.3>
"DOUBLE-QUOTE We've got to be prepared and look ahead ,COMMA "DOUBLE-QUOTE says Senator Alan Cranston (LEFT-PAREN D. ,COMMA California )RIGHT-PAREN ,COMMA chairman of the subcommittee on East Asian and Pacific Affairs .PERIOD
</s>
</p>
<p.87.001.870323-0129.5>
<s.87.001.870323-0129.5.1>
The U. S. must stress to leaders like South Korean President Chun Doo Hwan that long -HYPHEN term stability can only be ensured through democracy ,COMMA not by force .PERIOD
</s>
<s.87.001.870323-0129.5.2>
It must increase its quiet diplomatic pressure on East Asian states like Taiwan and South Korea to adjust their currencies and open their markets or risk U. S. protectionism that could cause political strains .PERIOD
</s>
</p>
<p.87.001.870323-0129.6>
<s.87.001.870323-0129.6.1>
"DOUBLE-QUOTE We are in a transitional phase ,COMMA "DOUBLE-QUOTE says Richard Holbrooke ,COMMA formerly a top State Department official and currently a managing director at Shearson Lehman Brothers Incorporated .PERIOD
</s>
<s.87.001.870323-0129.6.2>
"DOUBLE-QUOTE The economies in the region have been the strongest in the world ,COMMA but political stability must be maintained or their economic successes will suffer .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0129.6.3>
He says the U. S. should focus its efforts on areas where it can have the most impact :COLON helping South Korea create democracy and assisting the Philippines in defending it .PERIOD
</s>
</p>
<p.87.001.870323-0129.7>
<s.87.001.870323-0129.7.1>
South Korea is approaching what the U. S. hopes will be its first peaceful transition of power in February nineteen eighty eight ,COMMA just seven months before the Summer Olympics there .PERIOD
</s>
<s.87.001.870323-0129.7.2>
Both the government and the opposition have refused to compromise on election reform .PERIOD
</s>
<s.87.001.870323-0129.7.3>
The U. S. has thus far balked at pressing the government too hard ,COMMA fearful that too quick a shift to full democracy could itself be destabilizing .PERIOD
</s>
<s.87.001.870323-0129.7.4>
But unless it does so ,COMMA President Chun is likely to create a succession scenario that leaves the leadership under the military's influence .PERIOD
</s>
</p>
<p.87.001.870323-0129.8>
<s.87.001.870323-0129.8.1>
American officials believe long -HYPHEN term stability in the Philippines can only be ensured through more economic and military aid .PERIOD
</s>
<s.87.001.870323-0129.8.2>
"DOUBLE-QUOTE The country needs some pump priming ,COMMA "DOUBLE-QUOTE says J. Brian Atwood ,COMMA a former State Department official who is now president of the National Democratic Institute .PERIOD
</s>
</p>
<p.87.001.870323-0129.9>
<s.87.001.870323-0129.9.1>
Mr. Holbrooke believes banks should move quickly to sort out the Philippines debt problems to open doors for more foreign investment and borrowing .PERIOD
</s>
<s.87.001.870323-0129.9.2>
Mr. Atwood believes more weapons and funds for the military also are necessary :COLON "DOUBLE-QUOTE If there is going to be a single source of instability ,COMMA it will be the loyalty of the military .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0129.10>
<s.87.001.870323-0129.10.1>
Trade tensions are a growing concern .PERIOD
</s>
<s.87.001.870323-0129.10.2>
"DOUBLE-QUOTE If we get into a broad -HYPHEN front trade war ,COMMA it could slow everyone down and change the political climate dramatically ,COMMA "DOUBLE-QUOTE a State Department official says .PERIOD
</s>
<s.87.001.870323-0129.10.3>
U. S. protectionist moves against Asian countries could slow economic growth and breed anti -HYPHEN Americanism in the region .PERIOD
</s>
</p>
<p.87.001.870323-0129.11>
<s.87.001.870323-0129.11.1>
A senior official says the U. S. needs to stress that it won't accept only a marginal appreciation in the South Korean and Taiwanese currencies against the dollar at a time when the Japanese yen has appreciated quickly .PERIOD
</s>
<s.87.001.870323-0129.11.2>
Though Japanese products have become more expensive in the U. S. ,COMMA there hasn't been a corresponding narrowing of the U. S. trade deficit because ,COMMA in many cases ,COMMA South Korea and Taiwan products ,COMMA which don't have the same price disadvantage ,COMMA have taken their place .PERIOD
</s>
</p>
<p.87.001.870323-0129.12>
<s.87.001.870323-0129.12.1>
The Communist powers in Asia also present challenges .PERIOD
</s>
<s.87.001.870323-0129.12.2>
Washington must lower its expectations of China as Beijing becomes more wary of Western ways .PERIOD
</s>
<s.87.001.870323-0129.12.3>
U. S. officials believe China could assume a more neutral position between the two superpowers ,COMMA particularly if Beijing's rising star ,COMMA Vice Premier Li Peng ,COMMA a Soviet -HYPHEN trained engineer who favors strong economic central planning ,COMMA takes over as premier as many expect .PERIOD
</s>
<s.87.001.870323-0129.12.4>
Moscow hasn't scored the huge diplomatic success it is seeking with Beijing ,COMMA but U. S. officials worry about Mikhail Gorbachev's proclivity for unexpected diplomatic actions .PERIOD
</s>
</p>
<p.87.001.870323-0129.13>
<s.87.001.870323-0129.13.1>
In Mr. Gorbachev "DOUBLE-QUOTE we are facing a creative chess master ,COMMA "DOUBLE-QUOTE says Mr. Atwood .PERIOD
</s>
<s.87.001.870323-0129.13.2>
"DOUBLE-QUOTE He is willing to move into new areas and take risks ,COMMA be creative and keep us off balance .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0128.1>
<s.87.001.870323-0128.1.1>
COMBINED INTERNATIONAL CORPORATION increased its quarterly dividend to sixty cents a share from fifty six cents ,COMMA payable May twenty sixth to stock of record May twelfth .PERIOD
</s>
<s.87.001.870323-0128.1.2>
The Chicago -HYPHEN based insurance holding concern also declared a two -HYPHEN for -HYPHEN one stock split ,COMMA subject to shareholder approval of a doubling in authorized common shares to one hundred twenty million and the creation of twenty five shares of a new class of preferred stock .PERIOD
</s>
<s.87.001.870323-0128.1.3>
The company had thirty two .POINT nine million shares outstanding at December thirty first .PERIOD
</s>
<s.87.001.870323-0128.1.4>
Holders are to vote at the April twenty third annual meeting .PERIOD
</s>
</p>
<p.87.001.870323-0127.1>
<s.87.001.870323-0127.1.1>
Lac Minerals Limited said it will suspend underground operations at its Lake Shore mine in Kirkland Lake ,COMMA Ontario ,COMMA effective April thirtieth .PERIOD
</s>
<s.87.001.870323-0127.1.2>
Lac said it completed mining of the present ore body .PERIOD
</s>
</p>
<p.87.001.870323-0127.2>
<s.87.001.870323-0127.2.1>
Lake Shore ,COMMA in production since nineteen eighty three ,COMMA accounted for ten thousand ,COMMA six hundred ounces ,COMMA or about two .POINT two %PERCENT ,COMMA of Lac's nineteen eighty six gold output of four hundred seventy nine thousand ,COMMA two hundred sixty four ounces .PERIOD
</s>
<s.87.001.870323-0127.2.2>
The company said it doesn't expect the suspension to affect its earnings .PERIOD
</s>
</p>
<p.87.001.870323-0127.3>
<s.87.001.870323-0127.3.1>
Lac said it will continue a two .POINT five million dollar surface -HYPHEN exploration program this year to determine whether further underground exploration is warranted .PERIOD
</s>
<s.87.001.870323-0127.3.2>
The suspension will affect forty four hourly and salaried employees ,COMMA Lac said .PERIOD
</s>
</p>
<p.87.001.870323-0126.1>
<s.87.001.870323-0126.1.1>
ON -HYPHEN LINE SOFTWARE INTERNATIONAL INCORPORATED ,COMMA based in Fort Lee ,COMMA N. J. ,COMMA sold forty million dollars of six and one quarter %PERCENT convertible debentures priced at par and due March fifteenth ,COMMA two thousand ,COMMA two ,COMMA head underwriter Drexel Burnham Lambert Incorporated said .PERIOD
</s>
<s.87.001.870323-0126.1.2>
The securities are convertible at a rate of twenty seven dollars and sixty one cents of debentures for each common share .PERIOD
</s>
<s.87.001.870323-0126.1.3>
Proceeds will be used to repay bank debt incurred in the acquisition of certain assets of Martin Marietta Corporation and to increase working capital .PERIOD
</s>
<s.87.001.870323-0126.1.4>
On -HYPHEN Line markets software for International Business Machines Corp.systems .PERIOD
</s>
<s.87.001.870323-0126.1.5>
In over -HYPHEN the -HYPHEN counter trading Friday ,COMMA On -HYPHEN Line common closed at twenty two dollars and twenty five cents ,COMMA down fifty cents .PERIOD
</s>
</p>
<p.87.001.870323-0125.1>
<s.87.001.870323-0125.1.1>
Transamerica Corporation said it agreed to sell its group insurance operations to Chattanooga ,COMMA Tennessee -HYPHEN based Provident Life &AMPERSAND Accident Company .PERIOD
</s>
</p>
<p.87.001.870323-0125.2>
<s.87.001.870323-0125.2.1>
Last month ,COMMA the two companies canceled a previously reported letter of intent covering acquisition of the group operations .PERIOD
</s>
<s.87.001.870323-0125.2.2>
They cited a disagreement over terms ,COMMA but said talks would continue .PERIOD
</s>
<s.87.001.870323-0125.2.3>
The previous terms weren't ever disclosed .PERIOD
</s>
<s.87.001.870323-0125.2.4>
The transaction is expected to be completed by May first .PERIOD
</s>
</p>
<p.87.001.870323-0125.3>
<s.87.001.870323-0125.3.1>
The insurance and financial services concern said the sale to Provident Life is structured as a reinsurance transaction ,COMMA under which Provident will assume responsibility for an estimated four hundred million dollars of policies and other liabilities .PERIOD
</s>
<s.87.001.870323-0125.3.2>
Transamerica said it would record a seventy five million dollar net gain on the sale .PERIOD
</s>
</p>
<p.87.001.870323-0125.4>
<s.87.001.870323-0125.4.1>
But it said the gain would be largely offset by a charge to cover a change in accounting for amortizing deferred policy acquisition costs being made by its Transamerica Life Companies unit .PERIOD
</s>
<s.87.001.870323-0125.4.2>
The company said the accounting change reflects a desire to "DOUBLE-QUOTE state our books as conservatively as we can .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0125.5>
<s.87.001.870323-0125.5.1>
Separately ,COMMA Transamerica said that its board authorized the buyback of as many as two .POINT two million common shares ,COMMA or about three %PERCENT of its seventy two .POINT seven million shares outstanding .PERIOD
</s>
<s.87.001.870323-0125.5.2>
The planned stock buyback is in addition to a previous buyback authorization ,COMMA under which the company still plans to acquire as many as one .POINT five million shares .PERIOD
</s>
</p>
<p.87.001.870323-0125.6>
<s.87.001.870323-0125.6.1>
The company said the buybacks will be used for employee benefits and stock -HYPHEN option plans .PERIOD
</s>
</p>
<p.87.001.870323-0124.1>
<s.87.001.870323-0124.1.1>
FEDDERS CORPORATION sold one .POINT five million shares of one dollar and seventy five cent convertible exchangeable preferred stock at twenty five dollars each ,COMMA according to Bear ,COMMA Stearns &AMPERSAND Company ,COMMA the chief underwriter .PERIOD
</s>
<s.87.001.870323-0124.1.2>
The shares are convertible at a rate of nine dollars and fifty cents of preferred for each common share .PERIOD
</s>
<s.87.001.870323-0124.1.3>
In addition ,COMMA the preferred shares will be exchangeable after two years ,COMMA at the company's option ,COMMA for its seven %PERCENT convertible debentures due two thousand ,COMMA twelve .PERIOD
</s>
<s.87.001.870323-0124.1.4>
Proceeds will be used to retire a note payable by Fedders to its spun off subsidiary ,COMMA Nycor Incorporated ,COMMA to retire bank debt and for general purposes ,COMMA including possible acquisitions .PERIOD
</s>
<s.87.001.870323-0124.1.5>
Peapack ,COMMA N. J. -HYPHEN based Fedders ,COMMA through its Fedders Air Conditioning U. S. A. Incorporated unit ,COMMA makes and sells air conditioners ,COMMA mainly for the residential market .PERIOD
</s>
<s.87.001.870323-0124.1.6>
In composite trding on the New York Stock Exchange Friday ,COMMA Fedders common closed at seven dollars and seventy five cents ,COMMA up twelve .POINT five cents .PERIOD
</s>
</p>
<p.87.001.870323-0123.1>
<s.87.001.870323-0123.1.1>
Domtar Incorporated said it expects its capital spending this year to total eight hundred thirty eight million dollars (LEFT-PAREN Canadian )RIGHT-PAREN ,COMMA up seventy six %PERCENT from four hundred seventy five .POINT two million dollars spent in nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870323-0123.2>
<s.87.001.870323-0123.2.1>
The construction materials and pulp and paper concern said in the prospectus for a proposed one hundred million dollar debenture offering that its recent three hundred thirty million dollar purchase of Genstar Corporation's U. S. gypsum wallboard business accounted for much of the increase .PERIOD
</s>
</p>
<p.87.001.870323-0123.3>
<s.87.001.870323-0123.3.1>
Domtar also expects to spend two hundred forty seven million dollars this year on expansion of its fine -HYPHEN paper mill in Windsor ,COMMA Quebec .PERIOD
</s>
<s.87.001.870323-0123.3.2>
The first phase of the eight hundred seventy million dollar project is expected to be completed by the end of the year .PERIOD
</s>
</p>
<p.87.001.870323-0123.4>
<s.87.001.870323-0123.4.1>
The company also plans to spend thirty six million dollars this year at its newsprint mill in Dolbeau ,COMMA Quebec ,COMMA as part of an eighty five million dollar project to change the plant's pulp operations to a new process .PERIOD
</s>
</p>
<p.87.001.870323-0122.1>
<s.87.001.870323-0122.1.1>
Engelhard Corporation said it plans to invest more than fifty million dollars to build a petroleum -HYPHEN catalyst manufacturing facility in Venezuela .PERIOD
</s>
</p>
<p.87.001.870323-0122.2>
<s.87.001.870323-0122.2.1>
The maker of specialty chemicals and metallurgical products said the project would be a joint venture with Quifoven -HYPHEN Engelhard C. A. ,COMMA a Venezuelan company in which Engelhard has a forty %PERCENT stake .PERIOD
</s>
<s.87.001.870323-0122.2.2>
Engelhard said it planned to increase its stake in the Venezuelan concern to eighty %PERCENT over the next few years .PERIOD
</s>
</p>
<p.87.001.870323-0122.3>
<s.87.001.870323-0122.3.1>
The new facility would make twenty thousand metric tons a year of catalysts for use in the oil industry ,COMMA the company said .PERIOD
</s>
<s.87.001.870323-0122.3.2>
The catalysts are used to convert heavy crude oil into lighter crudes and petroleum products .PERIOD
</s>
</p>
<p.87.001.870323-0122.4>
<s.87.001.870323-0122.4.1>
Engelhard said it plans to export sixty five %PERCENT of its production ,COMMA mainly to Latin American countries .PERIOD
</s>
</p>
<p.87.001.870323-0121.1>
<s.87.001.870323-0121.1.1>
Joseph Perkins's defense of industrial homework (LEFT-PAREN editorial page ,COMMA March sixth )RIGHT-PAREN was correct on only one point :COLON that employers use it to lower costs so they can underprice competitors .PERIOD
</s>
<s.87.001.870323-0121.1.2>
The employer unfairly passes on his overhead for rent ,COMMA machinery ,COMMA repairs and electricity to the worker ;SEMI-COLON piece rates invariably yield below the minimum wage in homework settings ;SEMI-COLON benefits are unheard of ,COMMA and even statutory benefits ,COMMA such as Social Security ,COMMA workers' compensation and unemployment compensation ,COMMA are typically evaded .PERIOD
</s>
</p>
<p.87.001.870323-0121.2>
<s.87.001.870323-0121.2.1>
The only disadvantage for the employer ,COMMA apart from the illegality ,COMMA is quality control ,COMMA since homework makes supervision and investment in sophisticated machinery impossible .PERIOD
</s>
<s.87.001.870323-0121.2.2>
However ,COMMA employers have a simple ,COMMA if crude ,COMMA method of quality control --DASH they don't pay for garments that don't meet standards or they send them back to be redone for no extra pay .PERIOD
</s>
</p>
<p.87.001.870323-0121.3>
<s.87.001.870323-0121.3.1>
Knowing how advantageous homework is to the unscrupulous employer ,COMMA Mr. Perkins should have known better than to fall for Norma Kamali's fairy tale about the wonderful wages and conditions of her homeworkers .PERIOD
</s>
<s.87.001.870323-0121.3.2>
The Kamali homeworkers with whom I. L. G. W. U. organizers have spoken at length tell a very different story .PERIOD
</s>
</p>
<p.87.001.870323-0121.4>
<s.87.001.870323-0121.4.1>
It was Miss Kamali who asked her workers to take work home ,COMMA not vice versa .PERIOD
</s>
<s.87.001.870323-0121.4.2>
Miss Kamali's homeworkers were paid piece rates that yielded two dollars an hour and less .PERIOD
</s>
<s.87.001.870323-0121.4.3>
They received no benefits ,COMMA and were ineligible for unemployment compensation when Miss Kamali had no work .PERIOD
</s>
<s.87.001.870323-0121.4.4>
The low piece rates forced them to work long hours ,COMMA and one had her children help sew .PERIOD
</s>
</p>
<p.87.001.870323-0121.5>
<s.87.001.870323-0121.5.1>
Mr. Perkins implies that there was a positive determination that there were no violations of the minimum wage .PERIOD
</s>
<s.87.001.870323-0121.5.2>
In fact ,COMMA no investigation was completed ,COMMA but one is under way .PERIOD
</s>
<s.87.001.870323-0121.5.3>
Departments of labor often do not charge illegal homework employers because minimum -HYPHEN wage violations are nearly impossible to prove .PERIOD
</s>
<s.87.001.870323-0121.5.4>
Record -HYPHEN keeping is nonexistent and homeworkers are frightened to speak up ,COMMA knowing that they may lose the little income they have or ,COMMA in the case of undocumented workers ,COMMA risk exposure to the Immigration and Naturalization Service .PERIOD
</s>
<s.87.001.870323-0121.5.5>
The inability to enforce labor standards is the reason homework was banned in nineteen forty two and nineteen forty three in seven apparel -HYPHEN related industries .PERIOD
</s>
</p>
<p.87.001.870323-0121.6>
<s.87.001.870323-0121.6.1>
Mr. Perkins asserts that sweatshop conditions are "DOUBLE-QUOTE very rare today .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0121.6.2>
In fact ,COMMA a resurgence of the sweatshop began in major cities in the latter nineteen seventies ,COMMA fueled by highly competitive conditions in the import -HYPHEN battered garment industry and a vulnerable work force of recent immigrants .PERIOD
</s>
<s.87.001.870323-0121.6.3>
In the nineteen eighties ,COMMA farm distress has brought similar conditions to rural America .PERIOD
</s>
</p>
<p.87.001.870323-0121.7>
<s.87.001.870323-0121.7.1>
Mr. Perkins accuses our union of forcing manufacturers to go overseas by "DOUBLE-QUOTE raising the cost of doing business in this country .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0121.7.2>
The I. L. G. W. U. has fought for fair trade for many years ,COMMA for precisely the same reason we fight against homework .PERIOD
</s>
<s.87.001.870323-0121.7.3>
We do not believe that American workers should be forced to compete with inhumane standards .PERIOD
</s>
<s.87.001.870323-0121.7.4>
Union garment workers earn modest wages --DASH about six dollars an hour --DASH but they cannot compete with workers overseas earning fifty cents and less or with homeworkers who make two dollars and pay their own overhead .PERIOD
</s>
<s.87.001.870323-0121.7.5>
America cannot be strong if "DOUBLE-QUOTE competitiveness "DOUBLE-QUOTE is regained on the backs of workers paid poverty wages to work long hours in sweatshop conditions .PERIOD
</s>
</p>
<p.87.001.870323-0121.8>
<s.87.001.870323-0121.8.1>
Particularly disturbing to me was Mr. Perkins's assertion that homework violations are trivial and seldom produce charges of wage underpayment .PERIOD
</s>
<s.87.001.870323-0121.8.2>
It is important to understand that record -HYPHEN keeping violations are not minor infractions ;SEMI-COLON records are essential to ensure that homeworkers receive the legal protection to which they are entitled .PERIOD
</s>
</p>
<p.87.001.870323-0121.9>
<s.87.001.870323-0121.9.1>
While Mr. Perkins accurately stated that a nineteen eighty three court ruling allowed the Department of Labor to rewrite its homework regulations ,COMMA he neglected to point out that the court questioned government's ability to enforce the Fair Labor Standards Act (LEFT-PAREN FLSA )RIGHT-PAREN in the seven apparel industries covered by the regulatory prohibition .PERIOD
</s>
<s.87.001.870323-0121.9.2>
The court identified four impediments to the effective enforcement of the minimum wage among homeworkers :COLON difficulty in locating and identifying workers ;SEMI-COLON inadequate or nonexistent record -HYPHEN keeping ;SEMI-COLON difficulty in establishing and remedying violations ,COMMA and the strain on governmental resources .PERIOD
</s>
</p>
<p.87.001.870323-0121.10>
<s.87.001.870323-0121.10.1>
The impediments remain .PERIOD
</s>
<s.87.001.870323-0121.10.2>
After hearings last fall ,COMMA our subcommittee concluded that repealing the ban on industrial homework constitutes an abdication of the department's FLSA responsibilities .PERIOD
</s>
</p>
<p.87.001.870323-0121.11>
<s.87.001.870323-0121.11.1>
Miss Kamali should be aware that this country will not allow any industry to blackmail workers with the threat of job exportation .PERIOD
</s>
<s.87.001.870323-0121.11.2>
Mr. Perkins must recognize the real threat of industrial homework --DASH an unprotected and exploited work force .PERIOD
</s>
</p>
<p.87.001.870323-0120.1>
<s.87.001.870323-0120.1.1>
RENT -HYPHEN A -HYPHEN CENTER INCORPORATED said its board declared a three -HYPHEN for -HYPHEN two stock split ,COMMA payable April twentieth to shares of record April third .PERIOD
</s>
<s.87.001.870323-0120.1.2>
The operator and franchiser of appliance and furniture rental outlets said the stock split is its second ;SEMI-COLON it had a three -HYPHEN for -HYPHEN two split in March nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0120.1.3>
The Wichita ,COMMA Kansas ,COMMA company hasn't ever paid a cash dividend .PERIOD
</s>
<s.87.001.870323-0120.1.4>
Bud Gates ,COMMA president and chief operating officer ,COMMA reiterated that the company expects to report record earnings and revenue for fiscal nineteen eighty seven ,COMMA ending July thirty first .PERIOD
</s>
<s.87.001.870323-0120.1.5>
In fiscal nineteen eighty six ,COMMA it earned a record nine .POINT nine million dollars ,COMMA or eighty nine cents a share ,COMMA on record revenue of one hundred thirty eight .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0119.1>
<s.87.001.870323-0119.1.1>
Computer Sciences Corporation said the National Aeronautics and Space Administration will award it a contract that will add about twenty five million dollars a year to its current computer services work for the agency .PERIOD
</s>
</p>
<p.87.001.870323-0119.2>
<s.87.001.870323-0119.2.1>
Computer Sciences will provide engineering and analysis services to the Mission Operations and Data Systems Directorate at Goddard Space Flight Center in Greenbelt ,COMMA Maryland .PERIOD
</s>
<s.87.001.870323-0119.2.2>
The new contract will consolidate the company's work under three separate N. A. S. A. contracts that currently total about forty million dollars annually .PERIOD
</s>
</p>
<p.87.001.870323-0119.3>
<s.87.001.870323-0119.3.1>
The computer services concern said the contract ,COMMA expected to take effect November fifteenth ,COMMA could last ten years if all options are exercised ,COMMA and could total one billion dollars .PERIOD
</s>
<s.87.001.870323-0119.3.2>
About twenty five %PERCENT of contract revenue would go to subcontractors ,COMMA primarily the Ford Aerospace &AMPERSAND Communications Corporation unit of Ford Motor Company ,COMMA Computer Sciences said .PERIOD
</s>
</p>
<p.87.001.870323-0118.1>
<s.87.001.870323-0118.1.1>
In your tongue -HYPHEN in -HYPHEN cheek article on Atlanta as the site of the nineteen eighty eight Democratic National Convention (LEFT-PAREN page one ,COMMA February thirteenth )RIGHT-PAREN ,COMMA you described the Carter Presidential Center ,COMMA noting that it "DOUBLE-QUOTE houses the papers of the last Democratic president .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0118.1.2>
It is assumed ,COMMA for the sake of the efforts and aspirations of the delegates to the convention ,COMMA that the author meant "DOUBLE-QUOTE the latest Democratic president .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0118.1.3>
Or does he expect the Democrats to go the way of the Federalists ,COMMA of which John Adams was the last to achieve the presidency ?QUESTION-MARK
</s>
</p>
<p.87.001.870323-0118.2>
<s.87.001.870323-0118.2.1>
As an Atlanta native ,COMMA recently exiled to Chicago ,COMMA I could not help but wonder at your qualifications for judging barbecue .PERIOD
</s>
<s.87.001.870323-0118.2.2>
While you ferreted out such political hot spots as Manuel's Tavern (LEFT-PAREN in the finest journalistic tradition )RIGHT-PAREN ,COMMA it boggles the mind that you missed the famous second state capital :COLON Harold's Barbecue at one hundred seventy one McDonough Boulevard in Southeast Atlanta .PERIOD
</s>
<s.87.001.870323-0118.2.3>
Or Sprayberry's Barbecue in Newman ,COMMA thirty miles south of Atlanta off Highway I eighty five .PERIOD
</s>
<s.87.001.870323-0118.2.4>
While ,COMMA as you note ,COMMA the taxi problem deserves immediate attention ,COMMA Atlantans do tend to take barbecue more seriously ,COMMA and we rate our native recipes over those of other ,COMMA less refined ,COMMA Southern states .PERIOD
</s>
</p>
<p.87.001.870323-0117.1>
<s.87.001.870323-0117.1.1>
In the controversy on these pages over who should be enshrined in the Rock 'n Roll Hall of Fame (LEFT-PAREN arts page ,COMMA February second ;SEMI-COLON letters ,COMMA February nineteenth )RIGHT-PAREN ,COMMA the terms "DOUBLE-QUOTE rock 'n roll "DOUBLE-QUOTE and "DOUBLE-QUOTE rock "DOUBLE-QUOTE were often used interchangeably .PERIOD
</s>
<s.87.001.870323-0117.1.2>
There is quite a difference .PERIOD
</s>
<s.87.001.870323-0117.1.3>
True rock 'n roll is the music generated and performed during the rock 'n roll era ,COMMA primarily from the mid -HYPHEN nineteen fifties to the very early nineteen sixties .PERIOD
</s>
<s.87.001.870323-0117.1.4>
On the other hand ,COMMA "DOUBLE-QUOTE rock "DOUBLE-QUOTE is a generic term given to the music of the kids in any subsequent era :COLON surf rock ,COMMA hard rock ,COMMA acid rock ,COMMA heavy -HYPHEN metal rock and so on ,COMMA with rock 'n roll being the first generation of such music .PERIOD
</s>
<s.87.001.870323-0117.1.5>
All inductees into the Hall of Fame should be from the rock 'n roll era .PERIOD
</s>
<s.87.001.870323-0117.1.6>
If performers from soul ,COMMA blues ,COMMA surf and other genres are to be included ,COMMA the title of the institution should be the Rock Music Hall of Fame .PERIOD
</s>
</p>
<p.87.001.870323-0116.1>
<s.87.001.870323-0116.1.1>
HAKO MINUTEMAN INCORPORATED said it completed its initial public offering of six hundred seventy five thousand common shares at ten dollars and fifty cents each .PERIOD
</s>
<s.87.001.870323-0116.1.2>
The Addison ,COMMA Illinois ,COMMA -HYPHEN based maker of floor and carpet care equipment and chemical cleaning and coating products said net proceeds will be used to repay debt ,COMMA increase the size of its Addison plant ,COMMA expand engineering and research facilities ,COMMA purchase equipment and for general corporate purposes .PERIOD
</s>
<s.87.001.870323-0116.1.3>
Chicago Corporation is lead manager of the underwriting syndicate .PERIOD
</s>
</p>
<p.87.001.870323-0115.1>
<s.87.001.870323-0115.1.1>
Enviropact Incorporated said it signed a letter of intent to acquire closely held Willms Trucking Company ,COMMA Charleston ,COMMA S. C. ,COMMA for twelve .POINT five million dollars in cash ,COMMA notes and stock .PERIOD
</s>
</p>
<p.87.001.870323-0115.2>
<s.87.001.870323-0115.2.1>
Enviropact said the proposed acquisition of Willms ,COMMA a hazardous -HYPHEN waste treatment and transportation concern ,COMMA will mark its entry into the business of directly hauling hazardous waste .PERIOD
</s>
<s.87.001.870323-0115.2.2>
Enviropact ,COMMA an environmental services concern ,COMMA said it expects to complete the transaction in forty five days .PERIOD
</s>
</p>
<p.87.001.870323-0114.1>
<s.87.001.870323-0114.1.1>
Frank B. Hall &AMPERSAND Company reported a narrower fourth -HYPHEN quarter loss and said its auditors qualified its financial statements because of two pending lawsuits .PERIOD
</s>
</p>
<p.87.001.870323-0114.2>
<s.87.001.870323-0114.2.1>
For the fourth quarter ,COMMA the insurance -HYPHEN brokerage company posted a loss of twenty six .POINT three million dollars ,COMMA compared with a loss of eighty seven .POINT four million dollars in the year -HYPHEN earlier quarter .PERIOD
</s>
<s.87.001.870323-0114.2.2>
Revenue rose eleven %PERCENT to ninety nine .POINT three million dollars from eighty nine .POINT four million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0114.3>
<s.87.001.870323-0114.3.1>
Latest results included twenty four .POINT two million dollars in losses from discontinued operations .PERIOD
</s>
<s.87.001.870323-0114.3.2>
During the quarter ,COMMA the company decided to sell its unprofitable claims adjusting and automobile dealer insurance services operations .PERIOD
</s>
<s.87.001.870323-0114.3.3>
Year -HYPHEN earlier results included a charge of eighty five million dollars ,COMMA mainly stemming from losses at its discontinued Jartran Incorporated truck -HYPHEN rental unit .PERIOD
</s>
</p>
<p.87.001.870323-0114.4>
<s.87.001.870323-0114.4.1>
For the year ,COMMA the company had a loss of twenty two .POINT five million dollars ,COMMA compared with a loss of one hundred ninety .POINT five million dollars in nineteen eighty five that included one hundred ninety two million dollars in charges for Jartran and other discontinued operations .PERIOD
</s>
<s.87.001.870323-0114.4.2>
Revenue rose eight .POINT four %PERCENT to three hundred ninety .POINT nine million dollars from three hundred sixty .POINT five million dollars in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870323-0114.5>
<s.87.001.870323-0114.5.1>
A spokesman for Hall said Touche Ross &AMPERSAND Company ,COMMA the auditors ,COMMA qualified the company's financial statements because of uncertainty over the outcome of the lawsuits .PERIOD
</s>
<s.87.001.870323-0114.5.2>
In the first suit ,COMMA New York State's Superintendent of Insurance is seeking one hundred forty million dollars in damages because of alleged fraud in the collapse of a Hall unit ,COMMA Union Indemnity Insurance Company .PERIOD
</s>
</p>
<p.87.001.870323-0114.6>
<s.87.001.870323-0114.6.1>
In the second suit ,COMMA a unit of Mutual of Omaha Insurance Company is seeking damages of one hundred fifty million dollars from the company in a dispute over reinsurance agreements between the two concerns .PERIOD
</s>
</p>
<p.87.001.870323-0114.7>
<s.87.001.870323-0114.7.1>
With regard to the lawsuits ,COMMA Hall said it has "DOUBLE-QUOTE meritorious defenses and intends to vigorously defend "DOUBLE-QUOTE itself .PERIOD
</s>
</p>
<p.87.001.870323-0113.1>
<s.87.001.870323-0113.1.1>
Joseph W. Ostrow ,COMMA formerly executive vice president ,COMMA director of communications services ,COMMA of Young &AMPERSAND Rubicam Incorporated ,COMMA was named executive vice president ,COMMA corporate director of media ,COMMA of this advertising concern .PERIOD
</s>
<s.87.001.870323-0113.1.2>
He suceeds Frank J. Gromer Junior ,COMMA who retired .PERIOD
</s>
</p>
<p.87.001.870323-0112.1>
<s.87.001.870323-0112.1.1>
Brock Hotel Corporation said it reached a preliminary agreement to acquire the operating restaurants of Monterey House Incorporated ,COMMA Houston ,COMMA for ten million dollars to twelve million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0112.2>
<s.87.001.870323-0112.2.1>
The hotel and restaurant chain said the agreement covers sixty one restaurants in the Southwest .PERIOD
</s>
<s.87.001.870323-0112.2.2>
Monterey House is operating under the protection of Chapter eleven of the federal Bankruptcy Code ,COMMA permitting the company to do business while it works out a plan to pay creditors .PERIOD
</s>
<s.87.001.870323-0112.2.3>
Brock said its agreement is subject to approval of the bankruptcy court in Houston .PERIOD
</s>
</p>
<p.87.001.870323-0112.3>
<s.87.001.870323-0112.3.1>
Separately ,COMMA Brock said it expects a profit in nineteen eighty seven .PERIOD
</s>
<s.87.001.870323-0112.3.2>
In nineteen eighty six ,COMMA Brock had an operating loss of six .POINT eight million dollars and net income of twenty nine million dollars ,COMMA or seven dollars and forty one cents a share .PERIOD
</s>
</p>
<p.87.001.870323-0111.1>
<s.87.001.870323-0111.1.1>
In your front -HYPHEN page article about Arthur L. Williams (LEFT-PAREN March fourth )RIGHT-PAREN ,COMMA you said I have been "DOUBLE-QUOTE ordained "DOUBLE-QUOTE as an "DOUBLE-QUOTE unofficial spokesman "DOUBLE-QUOTE for the insurance industry .PERIOD
</s>
<s.87.001.870323-0111.1.2>
I have not been "DOUBLE-QUOTE ordained ,COMMA "DOUBLE-QUOTE and I speak only for myself .PERIOD
</s>
</p>
<p.87.001.870323-0111.2>
<s.87.001.870323-0111.2.1>
My research ,COMMA which often involves criticism of insurance practices I consider improper ,COMMA is intended for the benefit of the public .PERIOD
</s>
<s.87.001.870323-0111.2.2>
The research I have conducted on the Williams organization during the past six years has been independent ,COMMA as has my research on other insurance topics .PERIOD
</s>
<s.87.001.870323-0111.2.3>
The opinions I have expressed about the organization are mine ,COMMA as are the opinions I have expressed about other insurance topics .PERIOD
</s>
</p>
<p.87.001.870323-0111.3>
<s.87.001.870323-0111.3.1>
My research has been motivated by outrage concerning the tactics of the organization .PERIOD
</s>
<s.87.001.870323-0111.3.2>
I believe it is against the public interest for part -HYPHEN time representatives to advise consumers on a financial service as important as life insurance ,COMMA for life -HYPHEN insurance policies to be replaced indiscriminately ,COMMA for an organization to make its relatively high -HYPHEN cost insurance appear low in cost through deception ,COMMA and for competitors to be intimidated with threatening letters .PERIOD
</s>
</p>
<p.87.001.870323-0110.1>
<s.87.001.870323-0110.1.1>
Don Bolles ,COMMA an investigative reporter for the Arizona Republic ,COMMA was not murdered on June second ,COMMA nineteen seventy six ,COMMA as you reported in the lead of a front -HYPHEN page article last February twenty third .PERIOD
</s>
<s.87.001.870323-0110.1.2>
Don Bolles was wounded on June second ,COMMA nineteen seventy six ,COMMA and succumbed to those wounds eleven days later .PERIOD
</s>
</p>
<p.87.001.870323-0109.1>
<s.87.001.870323-0109.1.1>
The federal government's budget deficit widened to twenty eight .POINT three seven billion dollars in February from twenty four .POINT five eight billion dollars a year earlier ,COMMA the Treasury said .PERIOD
</s>
</p>
<p.87.001.870323-0109.2>
<s.87.001.870323-0109.2.1>
The deficit in January was two .POINT one seven billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0109.3>
<s.87.001.870323-0109.3.1>
In its monthly statement for February ,COMMA the Treasury said federal government receipts totaled fifty five .POINT four six billion dollars ,COMMA up from fifty three .POINT three seven billion dollars a year before but down from eighty one .POINT seven seven billion dollars in January .PERIOD
</s>
<s.87.001.870323-0109.3.2>
Outlays totaled eighty three .POINT eight three billion dollars ,COMMA compared with seventy seven .POINT nine five billion dollars a year earlier and eighty three .POINT nine four billion dollars a month before .PERIOD
</s>
</p>
<p.87.001.870323-0109.4>
<s.87.001.870323-0109.4.1>
Through the first five months of fiscal nineteen eighty seven ,COMMA which ends next September thirtieth ,COMMA the government has racked up a deficit of ninety three .POINT nine two billion dollars ,COMMA compared with one hundred six .POINT two billion dollars in the like period a year earlier .PERIOD
</s>
</p>
<p.87.001.870323-0109.5>
<s.87.001.870323-0109.5.1>
The Reagan administration's most recent estimate for the fiscal nineteen eighty seven deficit is one hundred forty three .POINT nine one billion dollars .PERIOD
</s>
<s.87.001.870323-0109.5.2>
The deficit for all of fiscal nineteen eighty six was two hundred twenty .POINT seven billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0109.6>
<s.87.001.870323-0109.6.1>
The government paid thirteen .POINT seven billion dollars in interest on the federal debt in February ,COMMA up from thirteen .POINT four nine billion dollars in January .PERIOD
</s>
</p>
<p.87.001.870323-0108.1>
<s.87.001.870323-0108.1.1>
InterDyne Company said it agreed to supply a unit of Zenith Electronics Corporation with tape drives and other memory systems .PERIOD
</s>
</p>
<p.87.001.870323-0108.2>
<s.87.001.870323-0108.2.1>
The maker of computer peripherals said it estimates total value of the contract will exceed ten million dollars in nineteen eighty seven .PERIOD
</s>
<s.87.001.870323-0108.2.2>
InterDyne said the contract covers more than one year ,COMMA but declined to disclose details .PERIOD
</s>
</p>
<p.87.001.870323-0108.3>
<s.87.001.870323-0108.3.1>
Glenview ,COMMA Illinois -HYPHEN based Zenith's computer unit will use the InterDyne products in manufacturing equipment for the U. S. government ,COMMA InterDyne said .PERIOD
</s>
</p>
<p.87.001.870323-0107.1>
<s.87.001.870323-0107.1.1>
The Quebec government authorized Hydro -HYPHEN Quebec ,COMMA the provincially owned electric utility ,COMMA to increase its rates by four .POINT six %PERCENT effective May first .PERIOD
</s>
</p>
<p.87.001.870323-0107.2>
<s.87.001.870323-0107.2.1>
The rate increase will apply equally to residential ,COMMA commercial and industrial customers of the utility .PERIOD
</s>
<s.87.001.870323-0107.2.2>
Hydro -HYPHEN Quebec had sought approval for an average four .POINT six %PERCENT rate increase but had proposed that the residential rate rise four .POINT nine %PERCENT and other rates four .POINT four %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0107.3>
<s.87.001.870323-0107.3.1>
The government said that a uniform rate increase would be fairer to small consumers .PERIOD
</s>
<s.87.001.870323-0107.3.2>
The utility said it expects an additional one hundred nine million dollars (LEFT-PAREN Canadian )RIGHT-PAREN in nineteen eighty seven revenue from the rate increase .PERIOD
</s>
</p>
<p.87.001.870323-0107.4>
<s.87.001.870323-0107.4.1>
Hydro -HYPHEN Quebec earned three hundred three million dollars on revenue of four .POINT seven three billion dollars in nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870323-0106.1>
<s.87.001.870323-0106.1.1>
Grumman Corporation received a one hundred nine .POINT one million dollar Navy contract for E. A. -HYPHEN six B. aircraft .PERIOD
</s>
</p>
<p.87.001.870323-0106.2>
<s.87.001.870323-0106.2.1>
General Dynamics Corporation was awarded a sixty seven .POINT nine million dollar Navy contract to develop improved submarine machinery .PERIOD
</s>
</p>
<p.87.001.870323-0106.3>
<s.87.001.870323-0106.3.1>
Morton Thiokol Incorporated was issued a sixty one .POINT four million dollar Navy contract for rocket motors for Standard missiles .PERIOD
</s>
</p>
<p.87.001.870323-0106.4>
<s.87.001.870323-0106.4.1>
Boeing Company received Air Force contracts totaling twenty two .POINT one million dollars for anti -HYPHEN satellite system development services and for electronic equipment for B. -HYPHEN fifty two aircraft .PERIOD
</s>
</p>
<p.87.001.870323-0106.5>
<s.87.001.870323-0106.5.1>
Texas Instruments Incorporated received an eleven million dollar Army contract for laser range finders and test equipment .PERIOD
</s>
</p>
<p.87.001.870323-0106.6>
<s.87.001.870323-0106.6.1>
The Institute for Defense Analyses won a ten .POINT eight million dollar Army contract for research and analysis .PERIOD
</s>
</p>
<p.87.001.870323-0105.1>
<s.87.001.870323-0105.1.1>
Alexander Cockburn's Viewpoint column last week erroneously suggested that Anne Henderson Pollard had been convicted along with her husband ,COMMA Jonathan ,COMMA of spying for Israel against the U. S. .PERIOD
</s>
<s.87.001.870323-0105.1.2>
In fact ,COMMA Mrs. Pollard pleaded guilty only to conspiracy to receive embezzled government property and unauthorized possession of classified documents .PERIOD
</s>
</p>
<p.87.001.870323-0105.2>
<s.87.001.870323-0105.2.1>
(LEFT-PAREN See :COLON "DOUBLE-QUOTE Viewpoint :COLON Israel's Pollard Scandal :COLON Arrogance ,COMMA not 'SINGLE-QUOTE Dual Loyalty 'SINGLE-QUOTE "DOUBLE-QUOTE --DASH W. S. J. March nineteenth ,COMMA nineteen eighty seven )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0104.1>
<s.87.001.870323-0104.1.1>
James G. Cairns Junior was elected to the board of this hotel and restaurant chain ,COMMA increasing membership to eight directors .PERIOD
</s>
<s.87.001.870323-0104.1.2>
Mr. Cairns is president ,COMMA financial institutions group ,COMMA at Hallwood Group ,COMMA a Cleveland and New York -HYPHEN based merchant banker that restructured Brock Hotel .PERIOD
</s>
</p>
<p.87.001.870323-0103.1>
<s.87.001.870323-0103.1.1>
The West German government said it will proceed today with the sale of its remaining twenty five .POINT five five %PERCENT stake in VEBA A. G. ,COMMA an energy ,COMMA chemicals and trading group .PERIOD
</s>
</p>
<p.87.001.870323-0103.2>
<s.87.001.870323-0103.2.1>
A spokesman for Deutsche Bank A. G. ,COMMA one of the banks leading the placement ,COMMA said the government's ten .POINT one million nominal shares will be priced at the equivalent of one hundred thirty six dollars and seventy cents each ,COMMA converting the West German mark at its current rate ,COMMA bringing the issue's total value to one .POINT three eight billion dollars .PERIOD
</s>
<s.87.001.870323-0103.2.2>
The issue is one of Germany's biggest .PERIOD
</s>
</p>
<p.87.001.870323-0103.3>
<s.87.001.870323-0103.3.1>
The shares will be sold at a small discount to Veba's market price .PERIOD
</s>
<s.87.001.870323-0103.3.2>
Veba rose eighty two cents ,COMMA to one hundred thirty eight dollars and sixty five cents ,COMMA on the Frankfurt Stock Exchange Friday .PERIOD
</s>
</p>
<p.87.001.870323-0103.4>
<s.87.001.870323-0103.4.1>
The announcement late Friday contradicted rumors earlier last week that the Finance Ministry would postpone the sale because of the recent drop in German share prices .PERIOD
</s>
</p>
<p.87.001.870323-0103.5>
<s.87.001.870323-0103.5.1>
The government announced the sale of its Veba holding in January ,COMMA when it expected to receive the current equivalent of between one hundred forty seven dollars and sixty five cents and one hundred sixty nine dollars and fifty cents for each share .PERIOD
</s>
<s.87.001.870323-0103.5.2>
That would have valued the holding at between one .POINT four nine billion dollars and one .POINT seven one billion dollars .PERIOD
</s>
<s.87.001.870323-0103.5.3>
But German share prices subsequently entered a prolonged slump .PERIOD
</s>
</p>
<p.87.001.870323-0103.6>
<s.87.001.870323-0103.6.1>
The center -HYPHEN right government of Chancellor Helmut Kohl has in recent years returned several large industrial stakes to the public sector .PERIOD
</s>
<s.87.001.870323-0103.6.2>
In nineteen eighty four ,COMMA the Bonn government lowered its stake in Veba to the current twenty five .POINT five five %PERCENT from forty three .POINT seven five %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0103.7>
<s.87.001.870323-0103.7.1>
The government had planned to sell a sixteen %PERCENT stake in Volkswagen A. G. later this year ,COMMA but following news of an alleged foreign -HYPHEN exchange fraud that cost the auto maker as much as two hundred fifty nine million dollars ,COMMA Finance Minister Gerhard Stoltenberg said that the sale may be put off .PERIOD
</s>
</p>
<p.87.001.870323-0103.8>
<s.87.001.870323-0103.8.1>
The Veba shares will be placed through a consortium of thirty eight German and thirty three foreign banks .PERIOD
</s>
<s.87.001.870323-0103.8.2>
About twenty %PERCENT of the government stake will be sold to foreigners .PERIOD
</s>
</p>
<p.87.001.870323-0102.1>
<s.87.001.870323-0102.1.1>
CHILDREN'S DISCOVERY CENTERS OF AMERICA INCORPORATED (LEFT-PAREN Monroe ,COMMA Connecticut )RIGHT-PAREN --DASH Richard A. Niglio was named chairman and chief executive officer of this operator of child -HYPHEN care centers .PERIOD
</s>
<s.87.001.870323-0102.1.2>
Mr. Niglio ,COMMA forty four years old ,COMMA succeeds James DeSanctis ,COMMA who is leaving the company to pursue other interests .PERIOD
</s>
<s.87.001.870323-0102.1.3>
Mr. Niglio was formerly president and chief executive officer of Victoria Station Incorporated ,COMMA a San Francisco -HYPHEN based restaurant chain .PERIOD
</s>
<s.87.001.870323-0102.1.4>
Arnold Diamond ,COMMA president of Children's Discovery Centers ,COMMA is also leaving the company .PERIOD
</s>
<s.87.001.870323-0102.1.5>
A successor for him hasn't been named .PERIOD
</s>
</p>
<p.87.001.870323-0101.1>
<s.87.001.870323-0101.1.1>
DE LAURENTIIS ENTERTAINMENT GROUP INCORPORATED (LEFT-PAREN Beverly Hills ,COMMA California )RIGHT-PAREN --DASH Stephen R. Greenwald ,COMMA forty six years old ,COMMA was named to the newly created post of chief operating officer of this motion picture concern .PERIOD
</s>
<s.87.001.870323-0101.1.2>
He continues as president of the company's corporate division .PERIOD
</s>
</p>
<p.87.001.870323-0100.1>
<s.87.001.870323-0100.1.1>
Yasser Arafat sends him magazines .PERIOD
</s>
<s.87.001.870323-0100.1.2>
Ronald Reagan sends him a typed list of all his film roles .PERIOD
</s>
<s.87.001.870323-0100.1.3>
Moammar Gadhafi sends him a book .PERIOD
</s>
<s.87.001.870323-0100.1.4>
Ferdinand Marcos writes back to him .PERIOD
</s>
<s.87.001.870323-0100.1.5>
So does Lee Iacocca and a Saudi Arabian king .PERIOD
</s>
</p>
<p.87.001.870323-0100.2>
<s.87.001.870323-0100.2.1>
No ,COMMA it's not Frank Sinatra .PERIOD
</s>
<s.87.001.870323-0100.2.2>
The recipient of all this attention is fifty two -HYPHEN year -HYPHEN old Henry Lohrengel Junior of Kansas City ,COMMA Missouri ,COMMA who has spent most evenings for the past seventeen years deciding who among the rich and famous he would like to contact .PERIOD
</s>
<s.87.001.870323-0100.2.3>
And --DASH with the exception of Farrah Fawcett and Ayatollah Khomeini --DASH the rich and famous seem happy to answer .PERIOD
</s>
</p>
<p.87.001.870323-0100.3>
<s.87.001.870323-0100.3.1>
Mr. Lohrengel works days as a mail clerk .PERIOD
</s>
<s.87.001.870323-0100.3.2>
But at night ,COMMA he becomes a paparazzo ,COMMA a photographer of celebrities .PERIOD
</s>
<s.87.001.870323-0100.3.3>
That job ,COMMA however ,COMMA carries him no farther than his living room and the recliner in front of his television set .PERIOD
</s>
<s.87.001.870323-0100.3.4>
By his side is a tripod with a camera and a cable that ends in a plunger .PERIOD
</s>
<s.87.001.870323-0100.3.5>
When a celebrity comes on the screen who captures his fancy ,COMMA "DOUBLE-QUOTE I squeeze the trigger ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0100.4>
<s.87.001.870323-0100.4.1>
He then sends the photograph to the celebrity --DASH and waits .PERIOD
</s>
<s.87.001.870323-0100.4.2>
Almost all his subjects autograph the picture and send it back to him ,COMMA sometimes accompanied by books and magazines and whatnot. (LEFT-PAREN He's still waiting to hear ,COMMA however ,COMMA from Ms. Fawcett and the Ayatollah .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0100.5>
<s.87.001.870323-0100.5.1>
Just a few of his most prized contacts include Lucille Ball ,COMMA Imelda Marcos and Elizabeth Taylor .PERIOD
</s>
<s.87.001.870323-0100.5.2>
A photo he sent to actress Ingrid Bergman was returned with an autograph --DASH and a second photo of Ms. Bergman .PERIOD
</s>
<s.87.001.870323-0100.5.3>
"DOUBLE-QUOTE She thought (LEFT-PAREN mine )RIGHT-PAREN was a bit fuzzy ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870323-0100.5.4>
His approach never seems to fail .PERIOD
</s>
<s.87.001.870323-0100.5.5>
"DOUBLE-QUOTE I've got a lot of millionaires and even a few billionaires ,COMMA "DOUBLE-QUOTE he says ,COMMA not to mention "DOUBLE-QUOTE a lot of knights and dukes .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0100.6>
<s.87.001.870323-0100.6.1>
Mr. Lohrengel says few people besides his mother and co -HYPHEN workers at the Army Corps of Engineers are familiar with his collection ,COMMA which includes more than one thousand ,COMMA five hundred photos stuffed into albums ,COMMA shoe boxes and closets .PERIOD
</s>
<s.87.001.870323-0100.6.2>
One day ,COMMA however ,COMMA he hopes to donate his work to a museum .PERIOD
</s>
</p>
<p.87.001.870323-0100.7>
<s.87.001.870323-0100.7.1>
Though he refuses to name a favorite ,COMMA Mr. Lohrengel admits to framing one picture ,COMMA which hangs in his living room .PERIOD
</s>
<s.87.001.870323-0100.7.2>
It is a signed photo of Ronald Reagan as he appeared in the film "DOUBLE-QUOTE Prisoner of War ,COMMA "DOUBLE-QUOTE which Mr. Lohrengel says he saw on television in nineteen eighty ,COMMA when Mr. Reagan was running for president .PERIOD
</s>
</p>
<p.87.001.870323-0100.8>
<s.87.001.870323-0100.8.1>
But why doesn't he use a more recent photo ?QUESTION-MARK
</s>
<s.87.001.870323-0100.8.2>
"DOUBLE-QUOTE I don't really watch him that much "DOUBLE-QUOTE anymore ,COMMA he says ,COMMA "DOUBLE-QUOTE because I already have "DOUBLE-QUOTE a good picture of him .PERIOD
</s>
</p>
<p.87.001.870323-0099.1>
<s.87.001.870323-0099.1.1>
Financial regulators closed several thrifts and banks over the weekend ,COMMA including a Texas savings and loan association with one .POINT four billion dollars in assets .PERIOD
</s>
</p>
<p.87.001.870323-0099.2>
<s.87.001.870323-0099.2.1>
Vernon Savings &AMPERSAND Loan Association ,COMMA Vernon ,COMMA Texas ,COMMA was closed and nearly all of its assets and deposits were transferred to a newly chartered institution to be run by federal regulators .PERIOD
</s>
<s.87.001.870323-0099.2.2>
The Texas S. &AMPERSAND L. commissioner closed Vernon after finding that the thrift was insolvent and had "DOUBLE-QUOTE substantially dissipated its assets through unsafe and unsound practices .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0099.3>
<s.87.001.870323-0099.3.1>
Vernon was a state -HYPHEN chartered institution with nine offices in Texas and one office in Oklahoma .PERIOD
</s>
<s.87.001.870323-0099.3.2>
The new institution ,COMMA of the same name ,COMMA will be headquartered in Dallas and begin operations today under management appointed by the Federal Home Loan Bank Board ,COMMA which took over the failed thrift .PERIOD
</s>
</p>
<p.87.001.870323-0099.4>
<s.87.001.870323-0099.4.1>
The Bank Board said that ninety six %PERCENT ,COMMA or one .POINT three billion dollars ,COMMA of Vernon's loans were more than sixty days delinquent .PERIOD
</s>
<s.87.001.870323-0099.4.2>
The Bank Board said that Vernon dissipated its assets by paying excessive compensation and dividends to its major officers and shareholders ,COMMA and purchasing a beach house and five airplanes for the use of executives .PERIOD
</s>
</p>
<p.87.001.870323-0099.5>
<s.87.001.870323-0099.5.1>
In the past five years ,COMMA Vernon's assets increased more than tenfold ,COMMA the Bank Board said .PERIOD
</s>
<s.87.001.870323-0099.5.2>
The association's growth was fueled by solicitation of high -HYPHEN cost brokered deposits and so -HYPHEN called jumbo certificates of deposit .PERIOD
</s>
<s.87.001.870323-0099.5.3>
"DOUBLE-QUOTE Most of the proceeds of the association's deposit solicitation campaign were used to fund large speculative acquisition ,COMMA development and construction loans ,COMMA "DOUBLE-QUOTE the Bank Board said in a release .PERIOD
</s>
</p>
<p.87.001.870323-0099.6>
<s.87.001.870323-0099.6.1>
Separately ,COMMA the Bank Board closed First Federal of Maryland ,COMMA Hagerstown ,COMMA because of insolvency .PERIOD
</s>
<s.87.001.870323-0099.6.2>
It had assets of one hundred fifteen million dollars .PERIOD
</s>
<s.87.001.870323-0099.6.3>
The thrift's four offices will reopen today as branches of Columbia First Federal Savings &AMPERSAND Loan Association ,COMMA Washington ,COMMA D. C. ,COMMA which took over its insured deposits .PERIOD
</s>
</p>
<p.87.001.870323-0099.7>
<s.87.001.870323-0099.7.1>
First Southern Savings Association of Jackson County ,COMMA Pascagoula ,COMMA Mississippi ,COMMA also was closed over the weekend because it was insolvent .PERIOD
</s>
<s.87.001.870323-0099.7.2>
First Southern was a state -HYPHEN chartered stock association with fifty million dollars in assets and three offices .PERIOD
</s>
<s.87.001.870323-0099.7.3>
First Southern's insured deposit accounts were transferred to Magnolia Federal Bank for Savings ,COMMA Hattiesburg ,COMMA Mississippi .PERIOD
</s>
</p>
<p.87.001.870323-0099.8>
<s.87.001.870323-0099.8.1>
The Federal Savings and Loan Insurance Corporation provided funds to assist in the acquisition of Bayou Federal Savings &AMPERSAND Loan Association ,COMMA New Orleans .PERIOD
</s>
<s.87.001.870323-0099.8.2>
First Federal Savings &AMPERSAND Loan Association ,COMMA also of New Orleans ,COMMA acquired Bayou Federal ,COMMA which had twenty six million dollars in assets .PERIOD
</s>
<s.87.001.870323-0099.8.3>
It was the seventh F. S. L. I. C. -HYPHEN assisted transaction this year .PERIOD
</s>
</p>
<p.87.001.870323-0099.9>
<s.87.001.870323-0099.9.1>
Morocco State Bank ,COMMA Morocco ,COMMA Indiana ,COMMA was closed by state regulators and reopened on Saturday as a branch of DeMotte State Bank ,COMMA DeMotte ,COMMA Indiana ,COMMA the Federal Deposit Insurance Corporation said .PERIOD
</s>
<s.87.001.870323-0099.9.2>
Morocco had assets of fifteen million dollars and deposits of fourteen million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0099.10>
<s.87.001.870323-0099.10.1>
On Friday state banking authorities also closed Madill Bank &AMPERSAND Trust Company ,COMMA Madill ,COMMA Oklahoma .PERIOD
</s>
<s.87.001.870323-0099.10.2>
Its two offices will reopen today as branches of First American National Bank of Tishomingo ,COMMA Oklahoma .PERIOD
</s>
<s.87.001.870323-0099.10.3>
Madill had total assets of thirty seven million dollars when it was closed Friday by state banking authorities .PERIOD
</s>
<s.87.001.870323-0099.10.4>
First American will assume deposits of about thirty seven million dollars in seven thousand ,COMMA two hundred accounts .PERIOD
</s>
</p>
<p.87.001.870323-0099.11>
<s.87.001.870323-0099.11.1>
New City Bank ,COMMA Orange ,COMMA California ,COMMA was closed Friday by state banking authorities .PERIOD
</s>
<s.87.001.870323-0099.11.2>
Its offices will reopen today as branches of Colonial Bank ,COMMA a newly chartered national bank also in Orange .PERIOD
</s>
<s.87.001.870323-0099.11.3>
New City had assets of about twenty one million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0099.12>
<s.87.001.870323-0099.12.1>
The latest closures bring the number of banks to fail this year to fifty .PERIOD
</s>
</p>
<p.87.001.870323-0098.1>
<s.87.001.870323-0098.1.1>
Robert McFedries Junior ,COMMA director ,COMMA mergers ,COMMA acquisitions and divestiture ,COMMA was named to the additional post of vice president in the executive department of this chemical concern .PERIOD
</s>
<s.87.001.870323-0098.1.2>
In addition ,COMMA Mr. McFedries will continue as director ,COMMA portfolio investments ,COMMA and director ,COMMA investor relations .PERIOD
</s>
</p>
<p.87.001.870323-0097.1>
<s.87.001.870323-0097.1.1>
Taxation is fast becoming an issue in the run -HYPHEN up to the Australian federal election ,COMMA likely to take place before the end of nineteen eighty seven .PERIOD
</s>
</p>
<p.87.001.870323-0097.2>
<s.87.001.870323-0097.2.1>
Pressure for tax reform comes from a combination of high marginal tax rates on average incomes and rapid bracket creep .PERIOD
</s>
<s.87.001.870323-0097.2.2>
Come July ,COMMA the three highest rates --DASH forty three %PERCENT ,COMMA forty six %PERCENT and fifty five %PERCENT --DASH will be replaced by two rates --DASH forty %PERCENT and forty nine %PERCENT .PERIOD
</s>
<s.87.001.870323-0097.2.3>
But most people will carry a heavier tax burden during nineteen eighty seven because inflation ,COMMA now running at an annual rate of twelve %PERCENT ,COMMA will push them into higher brackets .PERIOD
</s>
<s.87.001.870323-0097.2.4>
By the end of nineteen eighty seven the proportion of income earners paying tax at a marginal rate of forty %PERCENT or more will have reached almost one -HYPHEN half ;SEMI-COLON ten years ago it was about one -HYPHEN fifth .PERIOD
</s>
</p>
<p.87.001.870323-0097.3>
<s.87.001.870323-0097.3.1>
Hardly any of the participants in the tax debate ,COMMA however ,COMMA are taking account of the positive revenue effects of lower tax rates .PERIOD
</s>
<s.87.001.870323-0097.3.2>
Instead ,COMMA it is widely assumed that income -HYPHEN tax cuts must be wholly financed by some combination of higher indirect taxes and cuts in public expenditure .PERIOD
</s>
<s.87.001.870323-0097.3.3>
This assumption virtually destroyed Prime Minister Bob Hawke's original tax -HYPHEN reform policies .PERIOD
</s>
<s.87.001.870323-0097.3.4>
His government held a "DOUBLE-QUOTE tax summit "DOUBLE-QUOTE in nineteen eighty five to secure consent for its plans for a broad -HYPHEN based consumption tax ,COMMA deemed necessary to offset large cuts in income tax .PERIOD
</s>
<s.87.001.870323-0097.3.5>
The summit was a failure ,COMMA since it was dominated by representatives of the many interests that stood to lose in the short term from any major shift to indirect taxation .PERIOD
</s>
<s.87.001.870323-0097.3.6>
Collectively they vetoed the consumption tax .PERIOD
</s>
</p>
<p.87.001.870323-0097.4>
<s.87.001.870323-0097.4.1>
Trapped by its own analysis ,COMMA the government made minor cuts in income -HYPHEN tax rates and introduced new and unpopular taxes on fringe benefits and capital gains .PERIOD
</s>
<s.87.001.870323-0097.4.2>
But having generated community interest in tax reform and having politicized so many interest groups with its summit ,COMMA the government finds it has created a major issue without controlling the terms of the debate .PERIOD
</s>
</p>
<p.87.001.870323-0097.5>
<s.87.001.870323-0097.5.1>
Recent events have served to focus the debate .PERIOD
</s>
<s.87.001.870323-0097.5.2>
First ,COMMA the premier of the state of Queensland ,COMMA Sir Joh Bjelke -HYPHEN Petersen ,COMMA has announced his intention to become Australia's next prime minister and to implement a twenty five %PERCENT single -HYPHEN rate income tax without any increases in indirect tax .PERIOD
</s>
<s.87.001.870323-0097.5.3>
Sir Joh's ambitions have received a serious setback with the failure of his candidates to win a single seat in the March Northern Territory Assembly election .PERIOD
</s>
<s.87.001.870323-0097.5.4>
But the wave of popular support he has attracted across the nation has forced opponents to take the flat -HYPHEN rate -HYPHEN tax idea seriously .PERIOD
</s>
</p>
<p.87.001.870323-0097.6>
<s.87.001.870323-0097.6.1>
Second ,COMMA Treasurer Paul Keating has ended speculation that the Labor government was planning to repudiate the outcome of the nineteen eighty five tax summit ,COMMA to introduce a consumption tax and to cut income -HYPHEN tax rates substantially .PERIOD
</s>
<s.87.001.870323-0097.6.2>
In February he announced that no major reforms were planned ;SEMI-COLON he emphasized the need for tax stability at a time of economic difficulty ,COMMA noting that a consumption tax would drive the inflation rate to disastrous levels .PERIOD
</s>
<s.87.001.870323-0097.6.3>
Given the government's commitment to holding expenditure at its existing level ,COMMA the implication was that any revenue increases would be devoted exclusively to reducing the budget deficit .PERIOD
</s>
<s.87.001.870323-0097.6.4>
This is also the purpose of the expenditure -HYPHEN cutting financial statement the treasurer has since announced for May fourteenth .PERIOD
</s>
</p>
<p.87.001.870323-0097.7>
<s.87.001.870323-0097.7.1>
These priorities have been endorsed by a variety of Australians and organizations ,COMMA from former deputy secretary to the Federal Treasury ,COMMA Des Moore ,COMMA to the Australian Institute for Public Policy and the Australian Chamber of Commerce .PERIOD
</s>
<s.87.001.870323-0097.7.2>
In "DOUBLE-QUOTE Mandate to Govern ,COMMA "DOUBLE-QUOTE a recent study published by the latter two groups ,COMMA the argument was that spending cuts must come first .PERIOD
</s>
<s.87.001.870323-0097.7.3>
No doubt taxes are easier to reform in times of high economic growth .PERIOD
</s>
<s.87.001.870323-0097.7.4>
But then such growth will be slower to arrive without tax cuts ,COMMA and when it does ,COMMA the pressure for reform will be that much lower .PERIOD
</s>
</p>
<p.87.001.870323-0097.8>
<s.87.001.870323-0097.8.1>
Another voice raised was that of the Centre of Policy Studies (LEFT-PAREN COPS )RIGHT-PAREN ,COMMA an independent policy -HYPHEN research institute attached to Monash University ,COMMA Melbourne .PERIOD
</s>
<s.87.001.870323-0097.8.2>
In February it published "DOUBLE-QUOTE Tax Reform --DASH the Next Steps ,COMMA "DOUBLE-QUOTE putting forth three options ,COMMA all of which envisage a top marginal tax rate of thirty %PERCENT .PERIOD
</s>
<s.87.001.870323-0097.8.3>
This tax cut would be accompanied by a range of additional fiscal measures ,COMMA including the removal of the existing tax -HYPHEN free threshold from high -HYPHEN income earners .PERIOD
</s>
<s.87.001.870323-0097.8.4>
The three options are as follows :COLON abolishing the threshold and appropriately redesigning the social -HYPHEN security system ;SEMI-COLON using the American method of recapturing the threshold by a five %PERCENT tax surcharge over a high -HYPHEN income range ,COMMA or by a flat ,COMMA broad -HYPHEN based consumption tax of ten %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0097.9>
<s.87.001.870323-0097.9.1>
At the launching of the report ,COMMA one of the authors noted that tax cuts should be partially self -HYPHEN financing through benign incentive and revenue effects .PERIOD
</s>
<s.87.001.870323-0097.9.2>
But the COPS strategy is based on the interlocking assumptions that tax cuts must be financed by expenditure cuts and that the voters will accept expenditure cuts only if they are compensated through tax cuts .PERIOD
</s>
<s.87.001.870323-0097.9.3>
The report recommends expenditure cuts of three .POINT four two billion dollars (LEFT-PAREN five billion dollars Australian )RIGHT-PAREN for this particular purpose ,COMMA and a further two .POINT oh five billion dollars to remove the current budget deficit .PERIOD
</s>
</p>
<p.87.001.870323-0097.10>
<s.87.001.870323-0097.10.1>
But however questionable the former of these assumptions may be ,COMMA the COPS report does provide a comprehensive and much -HYPHEN needed set of proposals for cutting the huge outlays on health ,COMMA education and welfare .PERIOD
</s>
<s.87.001.870323-0097.10.2>
The structure of the Australian welfare state offers wide scope for such cuts .PERIOD
</s>
<s.87.001.870323-0097.10.3>
Although ,COMMA like most Western welfare systems ,COMMA it maintains the incomes of the poorest groups ,COMMA it does so in a highly inefficient way .PERIOD
</s>
<s.87.001.870323-0097.10.4>
The steady accumulation of spending programs ,COMMA especially those providing universal health and education services ,COMMA has resulted in much tax revenue being simply churned back into the pockets of the same taxpayers .PERIOD
</s>
<s.87.001.870323-0097.10.5>
But since the middle -HYPHEN income groups stand to gain more in the immediate term from tax cuts than do the poor ,COMMA it should in principle be possible to get them off the state welfare rolls and into private provision .PERIOD
</s>
<s.87.001.870323-0097.10.6>
This would enable governments to target public assistance to the needy .PERIOD
</s>
</p>
<p.87.001.870323-0097.11>
<s.87.001.870323-0097.11.1>
The COPS report actually proposes spending cuts in excess of eight .POINT nine billion dollars .PERIOD
</s>
<s.87.001.870323-0097.11.2>
It finds six hundred eighty million dollars from replacing free higher education with student fees of between three thousand ,COMMA four hundred twenty four dollars and four thousand ,COMMA one hundred nine dollars annually .PERIOD
</s>
<s.87.001.870323-0097.11.3>
Doing away with the universal Medicare scheme would save six .POINT eight billion dollars ,COMMA while preserving health -HYPHEN related benefits for the medically needy and the lower -HYPHEN income groups .PERIOD
</s>
<s.87.001.870323-0097.11.4>
Welfare savings of one .POINT three seven billion dollars could result from scrapping tax shelters for the well -HYPHEN off ,COMMA from means -HYPHEN testing family allowances and from reforming the unemployment -HYPHEN benefit scheme .PERIOD
</s>
<s.87.001.870323-0097.11.5>
Finally ,COMMA three hundred forty two million dollars might be saved by eliminating job -HYPHEN creation schemes and training subsidies .PERIOD
</s>
</p>
<p.87.001.870323-0097.12>
<s.87.001.870323-0097.12.1>
The next move is up to the opposition Liberal -HYPHEN National coalition ,COMMA which has still not announced its tax policy .PERIOD
</s>
<s.87.001.870323-0097.12.2>
It could frustrate the government's hope of fighting the election on the issue of a consumption tax by adopting one of the COPS tax -HYPHEN cutting options that relies entirely on existing taxes .PERIOD
</s>
<s.87.001.870323-0097.12.3>
In addition ,COMMA the coalition could advance the tax debate considerably by stressing the revenue increases that could be expected from lower tax rates .PERIOD
</s>
<s.87.001.870323-0097.12.4>
In this way it could avoid having its timetable of tax reductions retarded by the inevitably slow pace of expenditure cuts .PERIOD
</s>
</p>
<p.87.001.870323-0097.13>
<s.87.001.870323-0097.13.1>
Mr. James is senior lecturer in politics at La Trobe University ,COMMA Melbourne ,COMMA and a visiting research fellow at the Centre for Independent Studies ,COMMA a Sydney -HYPHEN based public policy research institute .PERIOD
</s>
</p>
<p.87.001.870323-0096.1>
<s.87.001.870323-0096.1.1>
(LEFT-PAREN "DOUBLE-QUOTE U. S. .PERIOD
</s>
<s.87.001.870323-0096.1.2>
Budget official urges that more money be put in circulation 'SINGLE-QUOTE to fill the pipelines. 'SINGLE-QUOTE "DOUBLE-QUOTE --DASH Business Page item )RIGHT-PAREN :COLON
</s>
</p>
<p.87.001.870323-0096.3>
<s.87.001.870323-0096.3.1>
But the still ,COMMA small voice of the taxpayer asks :COLON
</s>
</p>
<p.87.001.870323-0096.4>
<s.87.001.870323-0096.4.1>
"DOUBLE-QUOTE Who's going to pay the piper ?QUESTION-MARK "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0096.5>
<s.87.001.870323-0096.5.1>
--DASH George O. Ludcke .PERIOD
</s>
</p>
<p.87.001.870323-0096.6>
<s.87.001.870323-0096.6.1>
When for tranquility I'm striving .PERIOD
</s>
</p>
<p.87.001.870323-0096.7>
<s.87.001.870323-0096.7.1>
Accused of recluse driving .PERIOD
</s>
</p>
<p.87.001.870323-0096.8>
<s.87.001.870323-0096.8.1>
--DASH Arnold J. Zarett .PERIOD
</s>
</p>
<p.87.001.870323-0095.1>
<s.87.001.870323-0095.1.1>
THE SCANDAL SURROUNDING New York -HYPHEN based defense contractor Wedtech Corporation has set the stage for congressional reviews of the Small Business Administration's controversial eight (LEFT-PAREN a )RIGHT-PAREN procurement program .PERIOD
</s>
<s.87.001.870323-0095.1.2>
The program ,COMMA which takes its name from the law that authorizes it ,COMMA allows minority -HYPHEN owned businesses to obtain federal contracts without competitive bidding .PERIOD
</s>
<s.87.001.870323-0095.1.3>
The S. B. A. awarded a total of three billion dollars in such contracts last year .PERIOD
</s>
</p>
<p.87.001.870323-0095.2>
<s.87.001.870323-0095.2.1>
This week ,COMMA Representative Nicholas Mavroules (LEFT-PAREN D. ,COMMA Massachusetts )RIGHT-PAREN ,COMMA who chairs a subcommittee of the House Small Business Committee ,COMMA will introduce legislation to revamp the eight (LEFT-PAREN a )RIGHT-PAREN program to reduce the potential for abuse .PERIOD
</s>
<s.87.001.870323-0095.2.2>
"DOUBLE-QUOTE The goal is to preserve a worthwhile program ,COMMA while addressing some obvious problems through meaningful reform ,COMMA "DOUBLE-QUOTE an aide to the congressman says .PERIOD
</s>
<s.87.001.870323-0095.2.3>
At the same time ,COMMA the Senate Small Business Committee is considering holding hearings later this spring that could lead to similar legislation in that chamber .PERIOD
</s>
</p>
<p.87.001.870323-0095.3>
<s.87.001.870323-0095.3.1>
The Wedtech case has rekindled debate about the eight (LEFT-PAREN a )RIGHT-PAREN program ,COMMA which since its inception in nineteen sixty eight has been plagued periodically by allegations of abuse .PERIOD
</s>
<s.87.001.870323-0095.3.2>
The most recurrent problem has been the establishment of "DOUBLE-QUOTE front companies "DOUBLE-QUOTE ostensibly owned by minorities but in reality controlled by whites .PERIOD
</s>
<s.87.001.870323-0095.3.3>
In a nineteen seventy nine investigation ,COMMA for example ,COMMA the S. B. A. found that twenty %PERCENT of the one thousand ,COMMA five hundred companies then participating in the program either weren't minority -HYPHEN controlled or weren't disadvantaged .PERIOD
</s>
</p>
<p.87.001.870323-0095.4>
<s.87.001.870323-0095.4.1>
Misuse of funds has also been a problem .PERIOD
</s>
<s.87.001.870323-0095.4.2>
One company that obtained eight (LEFT-PAREN a )RIGHT-PAREN contracts later bought a racehorse that caught a cold and died .PERIOD
</s>
</p>
<p.87.001.870323-0095.5>
<s.87.001.870323-0095.5.1>
THOUGH THE ABUSES have been real ,COMMA they have tainted the program's reputation to a degree that many feel is unwarranted .PERIOD
</s>
<s.87.001.870323-0095.5.2>
"DOUBLE-QUOTE The interest in the program is usually triggered when something negative is in the air ,COMMA "DOUBLE-QUOTE says Gordon G. Alexander ,COMMA the Washington ,COMMA D. C. ,COMMA representative of a business group ,COMMA Black Corporate Presidents of New England .PERIOD
</s>
<s.87.001.870323-0095.5.3>
"DOUBLE-QUOTE That's unfortunate because these businesses are putting dollars into the economy .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0095.6>
<s.87.001.870323-0095.6.1>
Misunderstandings about the program also stem from the lack of any studies about its effectiveness in creating successful minority -HYPHEN owned businesses .PERIOD
</s>
<s.87.001.870323-0095.6.2>
Of the approximately three thousand ,COMMA nine hundred companies that have participated in the program ,COMMA nine hundred fifteen have "DOUBLE-QUOTE graduated .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0095.6.3>
But it isn't known how many of those graduates survived once they were forced to bid for work .PERIOD
</s>
<s.87.001.870323-0095.6.4>
The success rate should become clearer in the next month or so ,COMMA when the staff of the Senate Small Business Committee is expected to complete a survey of eight (LEFT-PAREN a )RIGHT-PAREN graduates .PERIOD
</s>
</p>
<p.87.001.870323-0095.7>
<s.87.001.870323-0095.7.1>
A little over a year ago Wedtech was considered one of the program's success stories .PERIOD
</s>
<s.87.001.870323-0095.7.2>
The company had grown from a small machine shop into a major maker of pontoons ,COMMA engines and other equipment that provided jobs for one thousand ,COMMA two hundred workers in the economically devastated South Bronx .PERIOD
</s>
<s.87.001.870323-0095.7.3>
Over the years ,COMMA Wedtech got two hundred fifty million dollars of defense contracts under the eight (LEFT-PAREN a )RIGHT-PAREN program .PERIOD
</s>
</p>
<p.87.001.870323-0095.8>
<s.87.001.870323-0095.8.1>
BUT LAST YEAR ,COMMA state and federal prosecutors began investigating questionable company payments to politically connected law firms and consultants .PERIOD
</s>
<s.87.001.870323-0095.8.2>
A special prosecutor is still investigating lobbying on Wedtech's behalf by former White House aide Lyn Nofziger .PERIOD
</s>
<s.87.001.870323-0095.8.3>
Eventually ,COMMA Wedtech officials admitted bribing government officials ,COMMA paying off unions ,COMMA forging invoices to the government and defrauding shareholders .PERIOD
</s>
<s.87.001.870323-0095.8.4>
In December ,COMMA the company sought court protection from creditors under the bankruptcy laws ,COMMA halted operations and dismissed its workers .PERIOD
</s>
</p>
<p.87.001.870323-0095.9>
<s.87.001.870323-0095.9.1>
Under new management ,COMMA the company has since rehired about two hundred eighty workers and resumed limited production .PERIOD
</s>
</p>
<p.87.001.870323-0095.10>
<s.87.001.870323-0095.10.1>
The legislation proposed by Representative Mavroules is intended to eliminate the potential for many of the abuses attributed to Wedtech ,COMMA while simultaneously strengthening S. B. A. policies aimed at ensuring that young minority companies in the program ultimately can stand on their own .PERIOD
</s>
</p>
<p.87.001.870323-0095.11>
<s.87.001.870323-0095.11.1>
On the side of preventing abuses ,COMMA for example ,COMMA the bill would increase fines for individuals who set up front companies to three hundred thousand dollars from fifty thousand dollars .PERIOD
</s>
<s.87.001.870323-0095.11.2>
It would sharply limit the number of political appointees at the S. B. A. who make decisions about eight (LEFT-PAREN a )RIGHT-PAREN awards .PERIOD
</s>
<s.87.001.870323-0095.11.3>
And it would bar S. B. A. employees from owning stock in eight (LEFT-PAREN a )RIGHT-PAREN companies .PERIOD
</s>
</p>
<p.87.001.870323-0095.12>
<s.87.001.870323-0095.12.1>
On the business -HYPHEN development side ,COMMA the legislation would double the length of time a company could participate in the program to fourteen years .PERIOD
</s>
<s.87.001.870323-0095.12.2>
More significant ,COMMA it would establish a three -HYPHEN phase process for weaning the company from dependence on the program .PERIOD
</s>
</p>
<p.87.001.870323-0095.13>
<s.87.001.870323-0095.13.1>
INITIAL REACTIONS to Mr. Mavroules's bill generally have been favorable .PERIOD
</s>
<s.87.001.870323-0095.13.2>
"DOUBLE-QUOTE I think it would go a long way to preventing future Wedtechs ,COMMA "DOUBLE-QUOTE says Mr. Alexander ,COMMA the representative of the black corporate presidents group .PERIOD
</s>
<s.87.001.870323-0095.13.3>
Adds Ella Mae Horse ,COMMA an organizer of the National Native American Chamber of Commerce :COLON "DOUBLE-QUOTE I think it can only help the minority contractors .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0095.14>
<s.87.001.870323-0095.14.1>
The Republican response to the Mavroules bill has been more qualified .PERIOD
</s>
<s.87.001.870323-0095.14.2>
Massachusetts Representative Silvio O. Conte ,COMMA the ranking Republican on the Mavroules subcommittee ,COMMA says he supports the provisions cracking down on abuse .PERIOD
</s>
<s.87.001.870323-0095.14.3>
But through an aide ,COMMA he expresses reservations about doubling the participation period .PERIOD
</s>
<s.87.001.870323-0095.14.4>
The aide says Mr. Conte intends to submit a bill of his own that would make significant changes in the eight (LEFT-PAREN a )RIGHT-PAREN program ,COMMA including eliminating the role the S. B. A. plays as a middleman between procuring agencies and contractors .PERIOD
</s>
</p>
<p.87.001.870323-0095.15>
<s.87.001.870323-0095.15.1>
Still ,COMMA Mr. Conte says through a spokesman ,COMMA "DOUBLE-QUOTE We think the time is right for eight (LEFT-PAREN a )RIGHT-PAREN reform .PERIOD
</s>
<s.87.001.870323-0095.15.2>
We view it in one way .PERIOD
</s>
<s.87.001.870323-0095.15.3>
Mr. Mavroules views it another way .PERIOD
</s>
<s.87.001.870323-0095.15.4>
We're sure we can reach a compromise .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0094.1>
<s.87.001.870323-0094.1.1>
Representative spokesmen for the town of Washington were saying after the president's Thursday evening news conference that it was workmanlike .PERIOD
</s>
<s.87.001.870323-0094.1.2>
Sounds a lot like the real world to us .PERIOD
</s>
<s.87.001.870323-0094.1.3>
If so ,COMMA the rest of the country should welcome the president ,COMMA the politicians and the press back to the daily work of making this country move in a forward direction .PERIOD
</s>
</p>
<p.87.001.870323-0094.2>
<s.87.001.870323-0094.2.1>
There has been legitimate reason to wonder recently where we were all going .PERIOD
</s>
<s.87.001.870323-0094.2.2>
The cover of last week's New Republic headlined an article by Gail Sheehy :COLON "DOUBLE-QUOTE Is Reagan Senile ?QUESTION-MARK "DOUBLE-QUOTE
</s>
<s.87.001.870323-0094.2.3>
This is a partisan but not entirely off -HYPHEN the -HYPHEN wall question in light of Mr. Reagan's past several months --DASH major prostate surgery in January ,COMMA the breaking of the Iranamok story ,COMMA the president's extraordinarily inept news conference about the affair ,COMMA months of staff turmoil at the White House .PERIOD
</s>
<s.87.001.870323-0094.2.4>
It was cause to wonder .PERIOD
</s>
</p>
<p.87.001.870323-0094.4>
<s.87.001.870323-0094.4.1>
Thursday someone asked Mr. Reagan if at any time he had been told about or knew about the diversion of Iran -HYPHEN related funds to the contras .PERIOD
</s>
<s.87.001.870323-0094.4.2>
He said :COLON "DOUBLE-QUOTE Number .PERIOD
</s>
<s.87.001.870323-0094.4.3>
You would have heard me ...ELLIPSIS if I had been told that at any time .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0094.4.4>
When Messrs. .PERIOD
</s>
<s.87.001.870323-0094.4.5>
North and Poindexter have immunity ,COMMA they will either affirm or demolish Mr. Reagan's position .PERIOD
</s>
<s.87.001.870323-0094.4.6>
If they affirm ,COMMA then Iranamok's political dimension ,COMMA despite some residual damage ,COMMA is over .PERIOD
</s>
<s.87.001.870323-0094.4.7>
The Reagan presidency will be free to move forward .PERIOD
</s>
</p>
<p.87.001.870323-0094.5>
<s.87.001.870323-0094.5.1>
Notwithstanding the news conference's great interest in the Iran affair ,COMMA other subjects came up --DASH the budget ,COMMA taxes ,COMMA S. D. I. and the A. B. M. treaty ,COMMA Nicaragua .PERIOD
</s>
<s.87.001.870323-0094.5.2>
It would be a sign of renewed community health if Washington were now able to focus its energies on the substance as well as the surface of these issues .PERIOD
</s>
</p>
<p.87.001.870323-0094.6>
<s.87.001.870323-0094.6.1>
We have come more and more to wonder whether the townspeople of Washington would rather deal with real issues that inhere in public policy or whether they would just as soon pirouette across the political surface of public events .PERIOD
</s>
<s.87.001.870323-0094.6.2>
There seems to be something about Ronald Reagan that creates an abiding interest in whether he personally will "DOUBLE-QUOTE stumble "DOUBLE-QUOTE over various policy matters .PERIOD
</s>
</p>
<p.87.001.870323-0094.7>
<s.87.001.870323-0094.7.1>
Certainly the nation's interest should be larger than zero in whether the president "DOUBLE-QUOTE stumbles .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0094.7.2>
But the nation should also know more about Mr. Reagan's Thursday night assertion that the Soviet Union had no intention in nineteen seventy two of letting its own missile -HYPHEN defense plans be constrained by the language or legal standing of the A. B. M. treaty .PERIOD
</s>
</p>
<p.87.001.870323-0094.8>
<s.87.001.870323-0094.8.1>
Similarly ,COMMA the president renewed his promise to veto "DOUBLE-QUOTE tax -HYPHEN rate increases .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0094.8.2>
Tax rates in the new tax code are of course what House Speaker Jim Wright wants to raise to solve Congress's struggles with budget reduction .PERIOD
</s>
<s.87.001.870323-0094.8.3>
Others in Washington don't much care where new revenues come from .PERIOD
</s>
<s.87.001.870323-0094.8.4>
Below the dancing politics of the budget ,COMMA however ,COMMA are substantive issues many people would surely be interested in .PERIOD
</s>
</p>
<p.87.001.870323-0094.9>
<s.87.001.870323-0094.9.1>
The current budget is essentially a zero -HYPHEN sum accounting game ,COMMA pitting special -HYPHEN interest coalitions against each other for what money is available .PERIOD
</s>
<s.87.001.870323-0094.9.2>
Again ,COMMA we don't doubt that the degree of the president's steadfastness against taxes is itself a fascinating personal story .PERIOD
</s>
<s.87.001.870323-0094.9.3>
But the larger issue Mr. Reagan is raising here is whether the federal sector has arrived at the outer limits of its responsibilities and must now redeploy those duties among itself ,COMMA the states and the private sector .PERIOD
</s>
<s.87.001.870323-0094.9.4>
If Congress can't let go ,COMMA if it insists on some funding for all of its creations with "DOUBLE-QUOTE new "DOUBLE-QUOTE revenue ,COMMA Washington will sink back into the swamp of special interests it's lived in for fifteen years .PERIOD
</s>
</p>
<p.87.001.870323-0094.10>
<s.87.001.870323-0094.10.1>
Beyond strategic defense and the budget ,COMMA there is much else of importance to occupy the productive efforts of the president and Washington .PERIOD
</s>
<s.87.001.870323-0094.10.2>
There is trade friction with Japan ,COMMA international monetary policy and debt management ,COMMA the question of whether the U. S. wishes to integrate its financial and securities markets into the global market or withdraw behind a wall of regulations .PERIOD
</s>
<s.87.001.870323-0094.10.3>
There is the future of the farm -HYPHEN crop support system and the need for clarity on the issue of whether a second communist state off the U. S.'s southern border matters or is irrelevant .PERIOD
</s>
</p>
<p.87.001.870323-0094.11>
<s.87.001.870323-0094.11.1>
Getting past the Iran affair ,COMMA in short ,COMMA is a precondition to getting the U. S. moving forward again .PERIOD
</s>
<s.87.001.870323-0094.11.2>
The president's news conference was a much -HYPHEN needed step in that direction .PERIOD
</s>
</p>
<p.87.001.870323-0093.1>
<s.87.001.870323-0093.1.1>
On Friday ,COMMA the U. S. Food and Drug Administration gave formal approval to the AIDS drug called A. Z. T. .PERIOD
</s>
<s.87.001.870323-0093.1.2>
This effectively means that any doctor may prescribe A. Z. T. ,COMMA subject to availability ,COMMA for any patient suffering from AIDS or its related diseases .PERIOD
</s>
<s.87.001.870323-0093.1.3>
The F. D. A.'s approval culminates one of the most dramatic episodes in the history of U. S. regulation of medical science .PERIOD
</s>
</p>
<p.87.001.870323-0093.2>
<s.87.001.870323-0093.2.1>
In the new language of drug approval ,COMMA A. Z. T. was "DOUBLE-QUOTE fast tracked .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0093.2.2>
It was shoved through a regulatory -HYPHEN approval system that couldn't find a way to serve both the needs of the dying and the needs of bureaucracy .PERIOD
</s>
<s.87.001.870323-0093.2.3>
When AIDS became the biggest medical story of our time ,COMMA the bureaucracy ran out of excuses and the federal government made sure that any drug showing real medical benefit would be sped through the regulatory apparatus .PERIOD
</s>
<s.87.001.870323-0093.2.4>
The result is Friday's approval of A. Z. T. .PERIOD
</s>
</p>
<p.87.001.870323-0093.3>
<s.87.001.870323-0093.3.1>
And now tomorrow ,COMMA the Food and Drug Administration should announce its approval of tissue plasminogen activator ,COMMA or T. P. A. T. P. A. is a bioengineered substance that is fed intravenously into a heart -HYPHEN attack victim .PERIOD
</s>
<s.87.001.870323-0093.3.2>
It seeks out the victim's blood clot and dissolves it ,COMMA thereby renewing the critical flow of blood to the victim's heart and reducing destruction of the heart's tissue .PERIOD
</s>
<s.87.001.870323-0093.3.3>
In tests it has worked for many heart -HYPHEN attack victims .PERIOD
</s>
<s.87.001.870323-0093.3.4>
It should be approved .PERIOD
</s>
</p>
<p.87.001.870323-0093.4>
<s.87.001.870323-0093.4.1>
In saying the F. D. A. should approve this drug "DOUBLE-QUOTE tomorrow "DOUBLE-QUOTE we don't mean pretty soon .PERIOD
</s>
<s.87.001.870323-0093.4.2>
We mean tomorrow ,COMMA March twenty fourth ,COMMA eight thirty a. m. .PERIOD
</s>
</p>
<p.87.001.870323-0093.5>
<s.87.001.870323-0093.5.1>
Two years ago this week ,COMMA the New England Journal of Medicine reported that a multicenter test of heart -HYPHEN attack victims and T. P. A. had been abruptly halted that February by officials at the National Heart ,COMMA Lung and Blood Institute .PERIOD
</s>
<s.87.001.870323-0093.5.2>
They stopped the test because T. P. A. was proving nearly two times as effective at opening clotted arteries (LEFT-PAREN recanalization )RIGHT-PAREN as streptokinase ,COMMA a drug that is already approved by the F. D. A. .PERIOD
</s>
<s.87.001.870323-0093.5.3>
In its New England Journal article ,COMMA the study's doctors wrote :COLON "DOUBLE-QUOTE Tissue -HYPHEN type plasminogen activator can lead to recanalization ...ELLIPSIS without the risk ,COMMA cost or delay associated "DOUBLE-QUOTE with streptokinase .PERIOD
</s>
</p>
<p.87.001.870323-0093.6>
<s.87.001.870323-0093.6.1>
That was two years ago .PERIOD
</s>
<s.87.001.870323-0093.6.2>
According to the American Heart Association's most recent annual figures ,COMMA some one .POINT five million Americans will have a heart attack ;SEMI-COLON more than five hundred thousand will die of their heart attack .PERIOD
</s>
<s.87.001.870323-0093.6.3>
What possible reason can have justified denying T. P. A. to those among this extraordinarily large number who would have benefited from it ?QUESTION-MARK
</s>
</p>
<p.87.001.870323-0093.7>
<s.87.001.870323-0093.7.1>
Why has A. Z. T. been approved while T. P. A. hasn't been approved ?QUESTION-MARK
</s>
<s.87.001.870323-0093.7.2>
A. Z. T. can have significant toxic side effects ,COMMA but AIDS patients are willing to take that risk .PERIOD
</s>
<s.87.001.870323-0093.7.3>
T. P. A. in recent studies has been associated with stroke caused by bleeding into the brain among one %PERCENT to two %PERCENT of the trial's patients .PERIOD
</s>
<s.87.001.870323-0093.7.4>
Surely many heart -HYPHEN attack patients would willingly assume that risk ,COMMA just as seriously ill people accept low percentages of risk with serious surgical procedures .PERIOD
</s>
<s.87.001.870323-0093.7.5>
And over time ,COMMA physicians will learn to reduce and manage such risks .PERIOD
</s>
<s.87.001.870323-0093.7.6>
Indeed ,COMMA back in October nineteen eighty five a medical panel advising Blue Shield of California said T. P. A. should be recognized "DOUBLE-QUOTE as acceptable medical practice .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0093.8>
<s.87.001.870323-0093.8.1>
Ten days ago ,COMMA the F. D. A. announced that within three months it would codify rules to speed the availability of promising experimental drugs .PERIOD
</s>
<s.87.001.870323-0093.8.2>
This important breakthrough in regulatory common sense may bring enormous benefit to this country's most seriously ill people .PERIOD
</s>
<s.87.001.870323-0093.8.3>
But Friday's approval of A. Z. T. shows that large needs don't have to wait for new rules .PERIOD
</s>
<s.87.001.870323-0093.8.4>
With well over a thousand Americans dying daily of heart attacks ,COMMA the need for T. P. A. is large and immediate .PERIOD
</s>
</p>
<p.87.001.870323-0092.1>
<s.87.001.870323-0092.1.1>
Political Washington may be inching forward ,COMMA but the stock market ,COMMA well ,COMMA what can you say ?QUESTION-MARK
</s>
<s.87.001.870323-0092.1.2>
It raced across the two thousand ,COMMA three hundred border Friday ,COMMA closing at two thousand ,COMMA three hundred thirty three .POINT five two .PERIOD
</s>
<s.87.001.870323-0092.1.3>
There had been fears that Friday's witching hour would cast a pall on this progress .PERIOD
</s>
<s.87.001.870323-0092.1.4>
It all reminds us of a young friend who spends hours with a difficult video game called Ultima three .PERIOD
</s>
<s.87.001.870323-0092.1.5>
The difficult trick is to get four of your men through endless horrors until each one reaches a level of strength adequate to carry them on to victory .PERIOD
</s>
<s.87.001.870323-0092.1.6>
Defeat from Ultima's monster can be immediate and swift .PERIOD
</s>
<s.87.001.870323-0092.1.7>
This brave young fellow would consider nothing else ,COMMA of course ,COMMA than to press cautiously forward .PERIOD
</s>
<s.87.001.870323-0092.1.8>
To the players staring now at two thousand ,COMMA four hundred on the Big Board ,COMMA take heart .PERIOD
</s>
</p>
<p.87.001.870323-0091.1>
<s.87.001.870323-0091.1.1>
A campaign by Dixons Group P. L. C. to acquire Cyclops Corporation stalled as the British concern ,COMMA facing a challenge from the Securities and Exchange Commission ,COMMA had to reopen its tender offer for the Pittsburgh -HYPHEN based company .PERIOD
</s>
</p>
<p.87.001.870323-0091.2>
<s.87.001.870323-0091.2.1>
London -HYPHEN based Dixons ,COMMA an electrical appliance retailer ,COMMA had claimed victory over a group of competing bidders after snaring fifty four %PERCENT of Cyclops's four .POINT three million shares outstanding with a three hundred eighty four million dollar ,COMMA or ninety dollar and twenty five cent -HYPHEN a -HYPHEN share ,COMMA tender offer that expired Wednesday .PERIOD
</s>
</p>
<p.87.001.870323-0091.3>
<s.87.001.870323-0091.3.1>
But Dixons ,COMMA disclosing objections from the S. E. C. ,COMMA agreed on Friday to reopen its offer until twelve oh one a. m. this Wednesday .PERIOD
</s>
<s.87.001.870323-0091.3.2>
The extension enables Cyclops holders who have already tendered their shares to recall them and tender to a competing group of bidders led by Audio /SLASH Video Affiliates Incorporated ,COMMA a Dayton ,COMMA Ohio -HYPHEN based consumer electronics retailer .PERIOD
</s>
</p>
<p.87.001.870323-0091.4>
<s.87.001.870323-0091.4.1>
S. E. C. objections revolved around Dixons's last -HYPHEN minute decision to waive a condition that eighty %PERCENT of shares outstanding be tendered ,COMMA Dixons said .PERIOD
</s>
<s.87.001.870323-0091.4.2>
The British concern dropped the requirement Wednesday after its tender offer attracted only a modest majority of Cyclops shares .PERIOD
</s>
</p>
<p.87.001.870323-0091.5>
<s.87.001.870323-0091.5.1>
Officials of Cyclops ,COMMA a specialty steel maker and consumer appliance and electronics retailer ,COMMA and Morgan Stanley &AMPERSAND Company ,COMMA which advised Dixons in the transaction ,COMMA declined to comment .PERIOD
</s>
<s.87.001.870323-0091.5.2>
Dixons said in a prepared statement that it agreed to the extension "DOUBLE-QUOTE in order to settle the dispute and to expedite completion of the offer ,COMMA although the company does not agree with the S. E. C.'s position .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0091.6>
<s.87.001.870323-0091.6.1>
Meanwhile ,COMMA the bidding stakes for Cyclops heated up as the Audio /SLASH Video group raised its tender offer Friday to ninety two dollars and fifty cents a share .PERIOD
</s>
<s.87.001.870323-0091.6.2>
Among other things ,COMMA the group conditioned its offer on receipt of the same confidential financial data Cyclops management provided Dixons .PERIOD
</s>
</p>
<p.87.001.870323-0091.7>
<s.87.001.870323-0091.7.1>
In agreeing last month to be acquired by Dixons ,COMMA Cyclops rebuffed an earlier bid of eighty dollars a share from the Audio /SLASH Video group ,COMMA which also includes Citicorp Capital Investors Limited ,COMMA a Citicorp unit .PERIOD
</s>
</p>
<p.87.001.870323-0091.8>
<s.87.001.870323-0091.8.1>
"DOUBLE-QUOTE It's like trying to play poker with a deck of marked cards ,COMMA "DOUBLE-QUOTE Stuart Rose ,COMMA Audio /SLASH Video chairman and chief executive officer ,COMMA said of his group's inability so far to look at Cyclops's internal financial records .PERIOD
</s>
<s.87.001.870323-0091.8.2>
"DOUBLE-QUOTE I can't understand what the downside is in Cyclops' showing it to us ,COMMA "DOUBLE-QUOTE said Mr. Rose ,COMMA adding that several Cyclops holders --DASH not Audio /SLASH Video --DASH had complained to the S. E. C. about Dixons's waiver of the eighty %PERCENT tender requirement .PERIOD
</s>
</p>
<p.87.001.870323-0091.9>
<s.87.001.870323-0091.9.1>
Reopening of Dixons's tender offer effectively postpones ,COMMA for now ,COMMA the British retailer's effort to take control of Cyclops .PERIOD
</s>
<s.87.001.870323-0091.9.2>
Shortly after its tender expired Wednesday ,COMMA Dixons began moving to pay tendering holders and took charge of Cyclops's board ,COMMA placing three Dixons executives on the board and accepting resignations from seven Cyclops directors .PERIOD
</s>
</p>
<p.87.001.870323-0091.10>
<s.87.001.870323-0091.10.1>
Also on Friday ,COMMA in a lawsuit filed by Audio /SLASH Video ,COMMA a federal judge in Dayton ,COMMA Ohio ,COMMA denied the company's request for an order forcing Cyclops to provide Audio /SLASH Video with information provided to Dixons .PERIOD
</s>
<s.87.001.870323-0091.10.2>
Judge Walter H. Rice also denied a motion for a temporary restraining order that would enable Cyclops holders to recall shares previously tendered to Dixons .PERIOD
</s>
</p>
<p.87.001.870323-0091.11>
<s.87.001.870323-0091.11.1>
Audio /SLASH Video's Mr. Rose said the latter request was moot following Dixons' extension of its tender .PERIOD
</s>
<s.87.001.870323-0091.11.2>
Dixons ,COMMA terming the lawsuit "DOUBLE-QUOTE frivolous ,COMMA "DOUBLE-QUOTE said it will seek dismissal of the action .PERIOD
</s>
</p>
<p.87.001.870323-0091.12>
<s.87.001.870323-0091.12.1>
Audio /SLASH Video's revised bid was announced as the stock market closed on Friday .PERIOD
</s>
<s.87.001.870323-0091.12.2>
In New York Stock Exchange composite trading Friday ,COMMA Cyclops shares rose one dollar and fifty cents ,COMMA to ninety dollars and fifty cents .PERIOD
</s>
</p>
<p.87.001.870323-0091.13>
<s.87.001.870323-0091.13.1>
The lure of Cyclops for both suitors is its Silo Incorporated retailing division ,COMMA which operates a nationwide chain of appliance and consumer electronics stores .PERIOD
</s>
<s.87.001.870323-0091.13.2>
Dixons plans to retain Silo and sell Cyclops's steel and nonresidential construction businesses .PERIOD
</s>
</p>
<p.87.001.870323-0091.14>
<s.87.001.870323-0091.14.1>
Separately ,COMMA Halcyon Investments ,COMMA a New York securities partnership ,COMMA said it bought a seven .POINT one %PERCENT stake in Cyclops's shares outstanding for investment purposes .PERIOD
</s>
<s.87.001.870323-0091.14.2>
In an S. E. C. filing ,COMMA the partnership said it holds two hundred eighty eight thousand Cyclops shares ,COMMA purchased February sixth to March thirteenth for eighty four .POINT one eight nine dollars to ninety three .POINT two six two dollars each .PERIOD
</s>
</p>
<p.87.001.870323-0090.1>
<s.87.001.870323-0090.1.1>
A Canadian parliamentary committee proposed that credit -HYPHEN card issuers use a uniform method of calculating interest on credit -HYPHEN card balances .PERIOD
</s>
</p>
<p.87.001.870323-0090.2>
<s.87.001.870323-0090.2.1>
The committee ,COMMA in a report to Parliament ,COMMA also urged the government to apply pressure to banks and other credit -HYPHEN card issuers to lower their "DOUBLE-QUOTE excessive "DOUBLE-QUOTE rates .PERIOD
</s>
<s.87.001.870323-0090.2.2>
But it said ceilings on interest rates shouldn't be imposed at this time .PERIOD
</s>
</p>
<p.87.001.870323-0090.3>
<s.87.001.870323-0090.3.1>
Canada's minister of state for finance ,COMMA Tom Hockin ,COMMA welcomed the committee's report and said the government would act soon to enact some of the measures proposed by the House Commons Finance Committee .PERIOD
</s>
</p>
<p.87.001.870323-0090.4>
<s.87.001.870323-0090.4.1>
The committee said its proposed standard method for calculating interest on credit -HYPHEN card balances should allow for a grace period ,COMMA the period within which any credit extended may be repaid without incurring interest charges .PERIOD
</s>
<s.87.001.870323-0090.4.2>
The method would allow any partial payment to be credited toward the interest -HYPHEN bearing balance .PERIOD
</s>
<s.87.001.870323-0090.4.3>
And it would recognize the timing of payments ,COMMA so that a payment made one day late wouldn't lead to financing charges for a full month .PERIOD
</s>
</p>
<p.87.001.870323-0090.5>
<s.87.001.870323-0090.5.1>
The committee also called for wider and uniform disclosure of credit -HYPHEN card interest rates and other card terms to "DOUBLE-QUOTE improve the information consumers have about pricing "DOUBLE-QUOTE and promote competition .PERIOD
</s>
</p>
<p.87.001.870323-0090.6>
<s.87.001.870323-0090.6.1>
Of thirty four cards examined by the committee ,COMMA annual interest charges in mid -HYPHEN March ranged from ten .POINT two five %PERCENT to twenty eight .POINT eight %PERCENT .PERIOD
</s>
<s.87.001.870323-0090.6.2>
But the committee said that the numerous methods used to calculate interest and other fees makes it difficult for card holders to compare costs .PERIOD
</s>
</p>
<p.87.001.870323-0090.7>
<s.87.001.870323-0090.7.1>
Although the committee didn't recommend interest -HYPHEN rate ceilings be enforced immediately ,COMMA Reginald Stackhouse ,COMMA a Progressive Conservative committee member ,COMMA said ceilings could be imposed by Parliament as "DOUBLE-QUOTE a last resort .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0090.8>
<s.87.001.870323-0090.8.1>
Committee Chairman Don Blenkarn called on Canada's major banks to lower immediately their Visa and MasterCard rates by three percentage points ,COMMA which he said was equivalent to a drop in rates announced recently by Toronto -HYPHEN Dominion Bank ,COMMA Canada's fifth largest bank .PERIOD
</s>
</p>
<p.87.001.870323-0090.9>
<s.87.001.870323-0090.9.1>
In Toronto ,COMMA a spokesman for Royal Bank of Canada ,COMMA Canada's largest bank ,COMMA said ,COMMA "DOUBLE-QUOTE We feel our rate at the present level is competitive and acceptable .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0090.9.2>
He said Royal Bank charges an eighteen .POINT six %PERCENT annual rate on its Visa credit -HYPHEN card holders' balances outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0089.1>
<s.87.001.870323-0089.1.1>
Secretary of State Shultz is crying wolf in warning of a crisis if Congress cuts the administration's proposed twenty billion dollar foreign -HYPHEN affairs budget for fiscal year nineteen eighty eight .PERIOD
</s>
</p>
<p.87.001.870323-0089.2>
<s.87.001.870323-0089.2.1>
While it is too early to know how Congress will react ,COMMA it is clear that given its need to meet the Gramm -HYPHEN Rudman deficit target ,COMMA Congress is unlikely to approve more than this year's foreign -HYPHEN affairs budget of seventeen .POINT three billion dollars and may cut even deeper .PERIOD
</s>
<s.87.001.870323-0089.2.2>
The current level is adequate to cover the most urgent needs ,COMMA but only if Congress and the administration are willing to break loose from political constraints and allocate the limited funds to the most deserving programs .PERIOD
</s>
</p>
<p.87.001.870323-0089.3>
<s.87.001.870323-0089.3.1>
Last year Congress lopped four .POINT two billion dollars off the administration's proposed foreign -HYPHEN affairs budget of twenty one .POINT five billion dollars without anything very serious happening .PERIOD
</s>
<s.87.001.870323-0089.3.2>
While there were some substantial reductions within the foreign -HYPHEN aid programs that constitute more than three -HYPHEN fourths of the foreign -HYPHEN affairs budget ,COMMA these cuts were more severe than necessary since neither Congress nor the administration was willing to take the political heat of cutting back the five .POINT three billion dollars going to Israel and Egypt .PERIOD
</s>
</p>
<p.87.001.870323-0089.4>
<s.87.001.870323-0089.4.1>
Congress cut the largest slice --DASH two .POINT eight billion dollars --DASH from security assistance .PERIOD
</s>
<s.87.001.870323-0089.4.2>
This includes foreign military sales (LEFT-PAREN F. M. S. )RIGHT-PAREN loans ,COMMA military assistance ,COMMA economic assistance for security -HYPHEN related purposes ,COMMA and smaller programs for foreign military training and peace -HYPHEN keeping operations .PERIOD
</s>
</p>
<p.87.001.870323-0089.5>
<s.87.001.870323-0089.5.1>
The greater part of the two .POINT eight billion dollars saving ,COMMA however ,COMMA is more illusion than reality .PERIOD
</s>
<s.87.001.870323-0089.5.2>
While on the face of it Congress cut F. M. S. financing one .POINT seven billion dollars ,COMMA this reduction was taken by eliminating one .POINT eight billion dollars in Treasury -HYPHEN rate financing .PERIOD
</s>
<s.87.001.870323-0089.5.3>
Untouched were the three .POINT nine billion dollars in concessional credits offered at subsidized rates ,COMMA which are usually two .POINT five %PERCENT to three %PERCENT below the cost of money to the Treasury .PERIOD
</s>
</p>
<p.87.001.870323-0089.6>
<s.87.001.870323-0089.6.1>
This is a shell game at the expense of the taxpayer .PERIOD
</s>
<s.87.001.870323-0089.6.2>
While the cuts look good in the short run since total outlays are reduced and the budget balance is helped ,COMMA over the long run deficits will be larger because of lower receipts .PERIOD
</s>
</p>
<p.87.001.870323-0089.7>
<s.87.001.870323-0089.7.1>
The shift to concessional financing marks a further departure from the economic criteria that should be used to establish a country's need for military aid and the degree of concessionality it receives .PERIOD
</s>
<s.87.001.870323-0089.7.2>
This year and under the proposed nineteen eighty eight budget ,COMMA for example ,COMMA Greece and Spain ,COMMA countries whose economies have in the past been judged strong enough to pay the Treasury rate ,COMMA will receive concessional loans .PERIOD
</s>
</p>
<p.87.001.870323-0089.8>
<s.87.001.870323-0089.8.1>
Another worrisome trend is the increasing reliance on grant military aid .PERIOD
</s>
<s.87.001.870323-0089.8.2>
This is the most expensive form of military aid and was virtually eliminated during the Carter administration .PERIOD
</s>
<s.87.001.870323-0089.8.3>
Yet last year Congress approved nine hundred million dollars in grant military aid ,COMMA the highest level since the end of the Vietnam War .PERIOD
</s>
<s.87.001.870323-0089.8.4>
For fiscal nineteen eighty eight ,COMMA the administration is requesting one .POINT three billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0089.9>
<s.87.001.870323-0089.9.1>
This shift toward grants and concessional loans partly reflects an effort to compensate for reduced F. M. S. financing by offering better terms .PERIOD
</s>
<s.87.001.870323-0089.9.2>
The shift also aims to avoid increasing the debt burdens some countries incurred when they took on large F. M. S. loans financed by the Federal Financing Bank at high interest rates .PERIOD
</s>
<s.87.001.870323-0089.9.3>
As annual repayments on those loans become a serious burden for some countries ,COMMA the clamor for debt relief has increased and defaults have dissipated the "DOUBLE-QUOTE Guaranty Reserve Fund "DOUBLE-QUOTE once maintained against such defaults .PERIOD
</s>
</p>
<p.87.001.870323-0089.10>
<s.87.001.870323-0089.10.1>
Israel has the largest F. M. S. debt burden (LEFT-PAREN one .POINT one billion dollars in fiscal nineteen eighty eight )RIGHT-PAREN but it is essentially relieved of repayment since it receives economic -HYPHEN supporting assistance in the form of cash aid that is sufficient to cover its payments .PERIOD
</s>
<s.87.001.870323-0089.10.2>
Moreover ,COMMA since payment of all of the one .POINT eight billion dollars provided annually in new F. M. S. financing is forgiven --DASH making it ,COMMA in effect ,COMMA a grant --DASH Israel is not building up any new F. M. S. debts .PERIOD
</s>
</p>
<p.87.001.870323-0089.11>
<s.87.001.870323-0089.11.1>
Egypt ,COMMA like Israel ,COMMA is not required to repay its one .POINT three billion dollars in new military aid .PERIOD
</s>
<s.87.001.870323-0089.11.2>
Only part of its eight hundred million dollars in economic -HYPHEN supporting assistance ,COMMA however ,COMMA is in cash .PERIOD
</s>
<s.87.001.870323-0089.11.3>
This means that after meeting five hundred million dollars in payments on past military loans ,COMMA Egypt has little U. S. economic aid left to support its economic development .PERIOD
</s>
</p>
<p.87.001.870323-0089.12>
<s.87.001.870323-0089.12.1>
The Reagan administration has been searching for a debt -HYPHEN relief formula that would not trigger a general assault on the U. S. Treasury .PERIOD
</s>
<s.87.001.870323-0089.12.2>
Outright forgiveness has been rejected as too costly .PERIOD
</s>
<s.87.001.870323-0089.12.3>
The administration also rejected refinancing the eighteen billion dollars in outstanding F. M. S. loans financed by the Federal Financing Bank because of the risk that it would open the door to refinancing the rest of the bank's one hundred fifty billion dollars in outstanding ,COMMA mostly domestic ,COMMA loans .PERIOD
</s>
</p>
<p.87.001.870323-0089.13>
<s.87.001.870323-0089.13.1>
As an alternative ,COMMA the administration has proposed a "DOUBLE-QUOTE restructuring "DOUBLE-QUOTE of outstanding high -HYPHEN interest F. M. S. loans that would bring interest rates down to the current seven %PERCENT to eight %PERCENT range .PERIOD
</s>
<s.87.001.870323-0089.13.2>
This proposal would bring near -HYPHEN term relief on interest payments ,COMMA but the deferred interest would be added to the principal balance and would come due at the end of the payment period in ten to twenty years .PERIOD
</s>
<s.87.001.870323-0089.13.3>
The borrowing countries would then face massive balloon payments that many might not be able to pay .PERIOD
</s>
</p>
<p.87.001.870323-0089.14>
<s.87.001.870323-0089.14.1>
The administration is also offering countries that can afford to do so the option of pre -HYPHEN paying their high -HYPHEN interest F. M. S. loans .PERIOD
</s>
<s.87.001.870323-0089.14.2>
This seems more likely to help the countries least needing relief (LEFT-PAREN such as South Korea ,COMMA Thailand ,COMMA Greece and Spain )RIGHT-PAREN than those whose debt burdens are the most onerous .PERIOD
</s>
</p>
<p.87.001.870323-0089.15>
<s.87.001.870323-0089.15.1>
The prospect that some countries will take advantage of the option to pay off their outstanding high -HYPHEN interest loans has near -HYPHEN term advantages for budget estimates .PERIOD
</s>
<s.87.001.870323-0089.15.2>
The nineteen eighty eight budget ,COMMA for example ,COMMA assumes that the administration will be able to manage the "DOUBLE-QUOTE restructuring "DOUBLE-QUOTE so that the positive effects of prepayments will override the negative effects of reduced interest payments ,COMMA giving a positive twenty six million dollars .PERIOD
</s>
<s.87.001.870323-0089.15.3>
This is in contrast to estimated shortfalls of seven hundred seventy million dollars in nineteen eighty seven and one .POINT seven billion dollars in nineteen eighty nine .PERIOD
</s>
<s.87.001.870323-0089.15.4>
Such are the government's ingenious schemes for manipulating deficit estimates .PERIOD
</s>
</p>
<p.87.001.870323-0089.16>
<s.87.001.870323-0089.16.1>
Of the administration's proposed twenty billion dollar foreign -HYPHEN affairs budget for nineteen eighty eight ,COMMA fifteen billion dollars would go to foreign aid .PERIOD
</s>
<s.87.001.870323-0089.16.2>
Of that fifteen billion dollars ,COMMA thirty eight %PERCENT is for development aid ,COMMA up from the administration's request of thirty three %PERCENT last year .PERIOD
</s>
<s.87.001.870323-0089.16.3>
This is due largely to a four hundred thirty five million dollar increase for multilateral development banks. (LEFT-PAREN Bilateral development aid remains essentially unchanged at three .POINT three billion dollars .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0089.17>
<s.87.001.870323-0089.17.1>
While this shift in favor of development aid appears to reflect a departure from the administration's past emphasis on security -HYPHEN related aid ,COMMA it is probably more a response to Congress's tendency to cut security assistance more severely .PERIOD
</s>
<s.87.001.870323-0089.17.2>
Moreover ,COMMA while the administration is requesting one .POINT four billion dollars less in security aid than last year ,COMMA the saving is offset by greater concessionality .PERIOD
</s>
<s.87.001.870323-0089.17.3>
Outright grants increase from seventy five %PERCENT to eighty five %PERCENT and all F. M. S. financing is at concessional interest rates .PERIOD
</s>
</p>
<p.87.001.870323-0089.18>
<s.87.001.870323-0089.18.1>
Under Democratic leadership ,COMMA Congress is not likely to favor an increase in security aid at the expense of bilateral development aid .PERIOD
</s>
<s.87.001.870323-0089.18.2>
The greatest cuts are likely to be made in security assistance and a proposed substantial increase for multilateral development banks --DASH a proposal that Representative David Obey (LEFT-PAREN D. ,COMMA Wisconsin )RIGHT-PAREN ,COMMA chairman of the Foreign Operations Subcommittee of the House Appropriations Committee ,COMMA said earlier this month "DOUBLE-QUOTE doesn't stand a chance of a snowball in hell .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0089.19>
<s.87.001.870323-0089.19.1>
Although it is unlikely to increase military grants by nearly fifty %PERCENT ,COMMA as proposed by the administration ,COMMA Congress might be tempted to go along with some increase in grants as well as greater concessionality in F. M. S. loans ,COMMA especially if the outlay effects can be masked by prepayments of past F. M. S. loans .PERIOD
</s>
</p>
<p.87.001.870323-0089.20>
<s.87.001.870323-0089.20.1>
But greater concessionality is a move in the direction of higher costs and prolonged dependency --DASH exactly the wrong direction for our security -HYPHEN assistance program .PERIOD
</s>
<s.87.001.870323-0089.20.2>
Instead ,COMMA Congress should hold the line by rejecting any increase in security assistance ,COMMA especially in grants ,COMMA and by requiring that concessional F. M. S. financing be offered only where economic criteria justify it .PERIOD
</s>
</p>
<p.87.001.870323-0089.21>
<s.87.001.870323-0089.21.1>
Lacking any broad consensus on the purposes of foreign aid and unwilling to take on domestic supporters of key recipients such as Israel ,COMMA Egypt and Greece ,COMMA Congress is unlikely to give the administration much leeway in allocating the available funds .PERIOD
</s>
<s.87.001.870323-0089.21.2>
If ,COMMA as seems all too likely ,COMMA Congress cuts foreign aid again while maintaining current earmarks ,COMMA it will further distort a program in which aid to Israel and Egypt equals U. S. bilateral and multilateral aid to the rest of the world .PERIOD
</s>
</p>
<p.87.001.870323-0089.22>
<s.87.001.870323-0089.22.1>
But this is to be expected of a foreign -HYPHEN aid program that lacks a coherent rationale and is largely devoted to satisfying the efforts of special interests to protect the aid levels of a few favored countries .PERIOD
</s>
<s.87.001.870323-0089.22.2>
While congressional pressures on overall aid levels ,COMMA coming largely from the budget and appropriations committees ,COMMA have forced some overdue cuts ,COMMA few knowledgeable persons in either the administration or Congress would argue that the resulting program represents a sound allocation of the limited resources available .PERIOD
</s>
<s.87.001.870323-0089.22.3>
Little is likely to be done about this in the dying years of the Reagan administration .PERIOD
</s>
<s.87.001.870323-0089.22.4>
But it is not too soon for Congress to initiate a comprehensive ,COMMA critical reappraisal of foreign aid .PERIOD
</s>
</p>
<p.87.001.870323-0089.23>
<s.87.001.870323-0089.23.1>
Mr. Shaw ,COMMA who teaches international law at George Washington University ,COMMA was chief of the military -HYPHEN assistance branch of the Office of Management and Budget from nineteen sixty seven to nineteen eighty .PERIOD
</s>
</p>
<p.87.001.870323-0088.1>
<s.87.001.870323-0088.1.1>
The British colony's stock market has displayed sharp volatility recently ,COMMA after an easy climb to new heights earlier in the year .PERIOD
</s>
</p>
<p.87.001.870323-0088.2>
<s.87.001.870323-0088.2.1>
In the first half of March ,COMMA the Hang Seng index ,COMMA which tracks thirty three major stocks ,COMMA plummeted more than eleven %PERCENT from the record two thousand ,COMMA nine hundred thirty nine .POINT oh five registered March third .PERIOD
</s>
<s.87.001.870323-0088.2.2>
The string of losses ended abruptly Wednesday ,COMMA though ,COMMA when the indicator rebounded nearly ninety five points ,COMMA or about three .POINT five %PERCENT ,COMMA in a single session .PERIOD
</s>
<s.87.001.870323-0088.2.3>
The index edged lower again Thursday but surged fifty nine .POINT two seven points Friday to close the week at two thousand ,COMMA seven hundred eighty .POINT five five .PERIOD
</s>
</p>
<p.87.001.870323-0088.3>
<s.87.001.870323-0088.3.1>
Although earnings -HYPHEN related trading and overseas investors alike have played a role in the recent turbulence ,COMMA essentially it is a transient ,COMMA technical reaction to a February rally that saw the Hang Seng index climb nearly fifteen %PERCENT ,COMMA Hong Kong securities analysts say .PERIOD
</s>
<s.87.001.870323-0088.3.2>
Brokers as well as analysts expect stocks to settle into a steady upward trend again soon ,COMMA backed by strong economic and financial fundamentals .PERIOD
</s>
</p>
<p.87.001.870323-0088.4>
<s.87.001.870323-0088.4.1>
"DOUBLE-QUOTE When the dust finally settles ,COMMA we expect this market to pick up considerably ,COMMA "DOUBLE-QUOTE says David Harman ,COMMA an equities manager at Berisford Cresvale (LEFT-PAREN Far East )RIGHT-PAREN Limited ,COMMA a British securities firm .PERIOD
</s>
<s.87.001.870323-0088.4.2>
Following February's solid performance ,COMMA Mr. Harman says ,COMMA "DOUBLE-QUOTE a normal correction of some size could have been expected and ,COMMA in fact ,COMMA was overdue .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0088.5>
<s.87.001.870323-0088.5.1>
The correction was exacerbated by its timing ,COMMA coming just as major companies were reporting last year's results .PERIOD
</s>
<s.87.001.870323-0088.5.2>
"DOUBLE-QUOTE People usually sell into results "DOUBLE-QUOTE in Hong Kong ,COMMA Mr. Harman says .PERIOD
</s>
</p>
<p.87.001.870323-0088.6>
<s.87.001.870323-0088.6.1>
Earnings for major companies listed on the colony's stock exchange so far are up at least thirty %PERCENT on average ,COMMA in line with local expectations .PERIOD
</s>
<s.87.001.870323-0088.6.2>
But news that several big groups were planning reorganizations and rights issues spurred profit -HYPHEN taking .PERIOD
</s>
</p>
<p.87.001.870323-0088.7>
<s.87.001.870323-0088.7.1>
Among the companies seeking to raise money through such issues are Hongkong &AMPERSAND Shanghai Banking Corporation ,COMMA Jardine Matheson Strategic Holdings Limited ,COMMA Hongkong Land Company and New World Hotels Limited .PERIOD
</s>
<s.87.001.870323-0088.7.2>
The total cost of those proposed issues to shareholders will be about the equivalent of eight hundred ninety seven .POINT three million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0088.8>
<s.87.001.870323-0088.8.1>
Rights issues contributed to the market's recent slump by forcing local investors to skim profits from their portfolios to finance their portions of the issues ,COMMA says Stuart Cook ,COMMA a director of research at the Hong Kong office of James Capel &AMPERSAND Company ,COMMA a British securities firm owned by Hongkong Bank .PERIOD
</s>
<s.87.001.870323-0088.8.2>
"DOUBLE-QUOTE Very soon now ,COMMA the issues should be well and truly discounted in the market ,COMMA "DOUBLE-QUOTE Mr. Cook says .PERIOD
</s>
</p>
<p.87.001.870323-0088.9>
<s.87.001.870323-0088.9.1>
Local investors ,COMMA who have been pushing the market lower ,COMMA often are quicker to adjust their positions than foreign investors ,COMMA he says .PERIOD
</s>
<s.87.001.870323-0088.9.2>
Many of market's foreign participants started investing only in the past several years --DASH and since August in particular ,COMMA when Tokyo's stock market faltered .PERIOD
</s>
<s.87.001.870323-0088.9.3>
So they aren't accustomed to the rapid pace of share turnover practiced by many local institutions .PERIOD
</s>
</p>
<p.87.001.870323-0088.10>
<s.87.001.870323-0088.10.1>
"DOUBLE-QUOTE This is one of the world's busiest markets ,COMMA "DOUBLE-QUOTE a broker says ,COMMA noting that the average daily turnover has increased about sevenfold from a year ago .PERIOD
</s>
<s.87.001.870323-0088.10.2>
If Hong Kong's average daily turnover of one hundred eighty two million dollars persists ,COMMA in a year the equivalent of nearly three -HYPHEN quarters of the exchange's total capitalization of around sixty .POINT two four billion dollars will change hands .PERIOD
</s>
</p>
<p.87.001.870323-0088.11>
<s.87.001.870323-0088.11.1>
Still ,COMMA even though locals generally trade their portfolios more frequently ,COMMA much of that liquidity derives from the recent foreign investment .PERIOD
</s>
<s.87.001.870323-0088.11.2>
And because foreign institutions have been buying heavily ,COMMA most were unwilling to take on additional shares to prop up the market when local selling knocked it lower this month .PERIOD
</s>
<s.87.001.870323-0088.11.3>
Nor would the foreign houses sell --DASH and take losses --DASH at the market's lower levels ,COMMA so volume has declined even as the market's volatility has increased .PERIOD
</s>
</p>
<p.87.001.870323-0088.12>
<s.87.001.870323-0088.12.1>
The market should emerge from its current volatility soon and head higher ,COMMA analysts say ,COMMA noting that the economic fundamentals backing the market are among the strongest in Asia .PERIOD
</s>
</p>
<p.87.001.870323-0088.13>
<s.87.001.870323-0088.13.1>
"DOUBLE-QUOTE Hong Kong is the only market in Asia with rapidly improving fundamentals ,COMMA "DOUBLE-QUOTE says John C. Quinn ,COMMA a director of Chase Manhattan Trust Company's Hong Kong office .PERIOD
</s>
<s.87.001.870323-0088.13.2>
"DOUBLE-QUOTE We don't see any big downside risk here .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0088.14>
<s.87.001.870323-0088.14.1>
A chief factor supporting the market is Hong Kong's strong ,COMMA export -HYPHEN driven economy ,COMMA which should grow at least six %PERCENT this year ,COMMA after swelling around nine %PERCENT last year ,COMMA the colony's government says .PERIOD
</s>
<s.87.001.870323-0088.14.2>
The stability of the local currency ,COMMA which is officially linked to the U. S. dollar at a rate of seven .POINT eight Hong Kong dollars to one ,COMMA and relatively low interest rates ,COMMA which have bolstered local property prices considerably in the past year ,COMMA are chief factors as well .PERIOD
</s>
</p>
<p.87.001.870323-0088.15>
<s.87.001.870323-0088.15.1>
"DOUBLE-QUOTE Fundamentally ,COMMA Hong Kong is one of the strongest markets in the world ,COMMA "DOUBLE-QUOTE says Caspar Li ,COMMA an assistant director of research at Vickers da Costa &AMPERSAND Company ,COMMA a brokerage owned by Citicorp .PERIOD
</s>
</p>
<p.87.001.870323-0088.16>
<s.87.001.870323-0088.16.1>
Mr. Li ,COMMA though ,COMMA cautions that unexpected political news always poses a threat to the stock market in the British territory ,COMMA which will revert to Chinese sovereignty in nineteen ninety seven .PERIOD
</s>
<s.87.001.870323-0088.16.2>
When Chinese Communist party leader Hu Yaobang was removed abruptly from his post in January amid student demonstrations in China ,COMMA Hong Kong's stock market shuddered noticeably ,COMMA dropping more than three %PERCENT in one day .PERIOD
</s>
</p>
<p.87.001.870323-0088.18>
<s.87.001.870323-0088.18.1>
Investors ended a two -HYPHEN day respite that followed Tuesday's unveiling of the British budget .PERIOD
</s>
<s.87.001.870323-0088.18.2>
They expect retail issues to benefit from the budget's personal -HYPHEN tax cuts and the drop in British banks' lending rates ,COMMA a trader said .PERIOD
</s>
<s.87.001.870323-0088.18.3>
And the benefits of lower mortgage costs ,COMMA resulting from falling interest rates ,COMMA a drop in money supply and stable inflation ,COMMA will be "DOUBLE-QUOTE larger than the gains "DOUBLE-QUOTE from tax cuts ,COMMA the trader said .PERIOD
</s>
</p>
<p.87.001.870323-0088.19>
<s.87.001.870323-0088.19.1>
Foreign demand ,COMMA Wall Street's performance Thursday and buying ahead of the new trading quarter ,COMMA which starts today ,COMMA helped as well ,COMMA traders said .PERIOD
</s>
</p>
<p.87.001.870323-0088.20>
<s.87.001.870323-0088.20.1>
The gold mines rose twelve points to three hundred sixty two .POINT four .PERIOD
</s>
</p>
<p.87.001.870323-0088.21>
<s.87.001.870323-0088.21.1>
Meanwhile ,COMMA Tokyo's Nikkei stock average ,COMMA which fell sixty .POINT seven four points Thursday ,COMMA rose thirteen .POINT three five to twenty one thousand ,COMMA six hundred fifty seven .POINT six seven in heavy trading Friday on a late rally in heavy industrial and mining issues .PERIOD
</s>
</p>
<p.87.001.870323-0088.22>
<s.87.001.870323-0088.22.1>
The stock exchange index rose two .POINT three nine to one thousand ,COMMA eight hundred sixty .POINT seven oh .PERIOD
</s>
<s.87.001.870323-0088.22.2>
Volume was about one .POINT five billion shares ,COMMA up from one .POINT four billion Thursday .PERIOD
</s>
</p>
<p.87.001.870323-0088.23>
<s.87.001.870323-0088.23.1>
The Tokyo exchange was closed Saturday as part of its regular holiday schedule .PERIOD
</s>
</p>
<p.87.001.870323-0088.24>
<s.87.001.870323-0088.24.1>
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.87.001.870323-0088.24.2>
To make them directly comparable ,COMMA each index is based on the close of nineteen sixty nine equaling one hundred .PERIOD
</s>
<s.87.001.870323-0088.24.3>
The percentage change is since year -HYPHEN end .PERIOD
</s>
</p>
<p.87.001.870323-0087.1>
<s.87.001.870323-0087.1.1>
Charles T. Russell used to play trombone in Pittsburgh burlesque houses and with big bands in the Southeast .PERIOD
</s>
<s.87.001.870323-0087.1.2>
He gave it up for banking ,COMMA but he still knows how to attract a crowd .PERIOD
</s>
</p>
<p.87.001.870323-0087.2>
<s.87.001.870323-0087.2.1>
Mr. Russell ,COMMA the president of Visa International ,COMMA a bank -HYPHEN owned credit -HYPHEN card association ,COMMA recently urged members to consider halting sales of American Express Company services in retaliation for the financial -HYPHEN service giant's recent decision to begin offering a new cut -HYPHEN rate credit card .PERIOD
</s>
</p>
<p.87.001.870323-0087.3>
<s.87.001.870323-0087.3.1>
Consumer groups denounced the plea as an illegal restraint of trade ,COMMA and Congress is considering an inquiry .PERIOD
</s>
<s.87.001.870323-0087.3.2>
But Mr. Russell is resolute .PERIOD
</s>
<s.87.001.870323-0087.3.3>
"DOUBLE-QUOTE Banks need to realize that there is a fox in the henhouse ,COMMA "DOUBLE-QUOTE he declares .PERIOD
</s>
<s.87.001.870323-0087.3.4>
Visa and the fifty six -HYPHEN year -HYPHEN old Mr. Russell ,COMMA who enjoys riding a Harley -HYPHEN Davidson motorcycle ,COMMA have collided with consumers and Congress before .PERIOD
</s>
<s.87.001.870323-0087.3.5>
Critics have long alleged that Visa member banks and other card issuers inflate interest rates .PERIOD
</s>
<s.87.001.870323-0087.3.6>
As in past years ,COMMA Congress is currently considering imposing rate ceilings ,COMMA and some consumer groups think such a law would be an appropriate response to Mr. Russell's recent harangue .PERIOD
</s>
</p>
<p.87.001.870323-0087.4>
<s.87.001.870323-0087.4.1>
But the push in Congress has fallen short in the past ,COMMA with Mr. Russell's plain talk helping to lead the opposition .PERIOD
</s>
<s.87.001.870323-0087.4.2>
"DOUBLE-QUOTE He is more vociferous ,COMMA but his statements probably reflect the general thought of the leading card issuers ,COMMA "DOUBLE-QUOTE says Pete Hart ,COMMA a First Interstate Bancorp executive vice president .PERIOD
</s>
</p>
<p.87.001.870323-0087.5>
<s.87.001.870323-0087.5.1>
Forewarned ,COMMA First Interstate ,COMMA which offers American Express Gold cards and travelers checks ,COMMA is "DOUBLE-QUOTE reevaluating our relationship "DOUBLE-QUOTE with American Express ,COMMA according to Mr. Hart .PERIOD
</s>
<s.87.001.870323-0087.5.2>
Nothing rash is planned ,COMMA he says ,COMMA but the new card --DASH Optima --DASH is "DOUBLE-QUOTE without question an intrusion into our business .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0087.6>
<s.87.001.870323-0087.6.1>
American Express and the banks are used to being allies rather than adversaries .PERIOD
</s>
<s.87.001.870323-0087.6.2>
American Express cards generally don't offer revolving credit ,COMMA and banks have marketed them alongside their Visa and MasterCard cards ,COMMA which do .PERIOD
</s>
</p>
<p.87.001.870323-0087.8>
<s.87.001.870323-0087.8.1>
American Express says only a limited number of existing customers will be offered the new card .PERIOD
</s>
<s.87.001.870323-0087.8.2>
It doesn't expect to issue many more than two million of them by nineteen ninety ,COMMA compared with about one hundred million current Visa card holders .PERIOD
</s>
<s.87.001.870323-0087.8.3>
It doesn't know what the fuss is all about .PERIOD
</s>
</p>
<p.87.001.870323-0087.9>
<s.87.001.870323-0087.9.1>
"DOUBLE-QUOTE We are not basically in the credit business ,COMMA "DOUBLE-QUOTE says an American Express spokesman .PERIOD
</s>
<s.87.001.870323-0087.9.2>
"DOUBLE-QUOTE We're going after a select market .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0087.10>
<s.87.001.870323-0087.10.1>
But the elite group that American Express is targeting has been a major source of bank credit card earnings .PERIOD
</s>
<s.87.001.870323-0087.10.2>
Banks also believe that the American Express estimates are too modest ,COMMA and some fear a plastic rate war .PERIOD
</s>
</p>
<p.87.001.870323-0087.11>
<s.87.001.870323-0087.11.1>
"DOUBLE-QUOTE They aren't going to fail ,COMMA "DOUBLE-QUOTE says Mr. Russell .PERIOD
</s>
<s.87.001.870323-0087.11.2>
"DOUBLE-QUOTE I don't admire their ethics ,COMMA but I certainly respect their knowledge .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0087.11.3>
He thinks American Express is misleading consumers ,COMMA arguing that the Optima rate is closer to eighteen %PERCENT when the tie -HYPHEN in with the regular card is considered .PERIOD
</s>
</p>
<p.87.001.870323-0087.12>
<s.87.001.870323-0087.12.1>
The flap comes at a time when Visa and its members have few other reasons to complain .PERIOD
</s>
<s.87.001.870323-0087.12.2>
There are twenty two %PERCENT more Visa card holders world -HYPHEN wide than there were two years ago .PERIOD
</s>
<s.87.001.870323-0087.12.3>
The group ,COMMA which furnishes members with new products ,COMMA system support and other services ,COMMA is developing computerized cards and new links with automated teller machines .PERIOD
</s>
<s.87.001.870323-0087.12.4>
For the banks ,COMMA credit cards have been a growing source of profits ,COMMA although tax changes and a growing consumer debt load portend possibly slower future growth .PERIOD
</s>
</p>
<p.87.001.870323-0087.13>
<s.87.001.870323-0087.13.1>
In orchestrating Visa's expansion ,COMMA Mr. Russell has hit a few wrong notes with bankers and competitors .PERIOD
</s>
<s.87.001.870323-0087.13.2>
Two years ago ,COMMA he led the opposition against a merger proposal from rival MasterCard ,COMMA an idea that some bank issuers of both cards thought would cut costs for them and consumers .PERIOD
</s>
</p>
<p.87.001.870323-0087.15>
<s.87.001.870323-0087.15.1>
His comments about American Express also have some precedent .PERIOD
</s>
<s.87.001.870323-0087.15.2>
Last summer ,COMMA as part of a campaign to blunt another budding competitor ,COMMA Visa encouraged members to refuse to honor Sears ,COMMA Roebuck &AMPERSAND Company's Discover card in their automated teller machines .PERIOD
</s>
</p>
<p.87.001.870323-0087.16>
<s.87.001.870323-0087.16.1>
Along the way ,COMMA critics believe consumers have been cheated .PERIOD
</s>
<s.87.001.870323-0087.16.2>
Card rates haven't fallen nearly as sharply as other interest rates since nineteen eighty .PERIOD
</s>
<s.87.001.870323-0087.16.3>
Current rates also reflect a jump in write -HYPHEN offs of bad credit card loans ,COMMA which some banks have brought upon themselves through aggressive marketing .PERIOD
</s>
</p>
<p.87.001.870323-0087.17>
<s.87.001.870323-0087.17.1>
Mr. Russell argues that usury laws depressed rates below market levels years ago ,COMMA making current rates seem high .PERIOD
</s>
<s.87.001.870323-0087.17.2>
He also says critics ignore administrative costs in their rate attacks .PERIOD
</s>
<s.87.001.870323-0087.17.3>
The steeper write -HYPHEN offs ,COMMA he contends ,COMMA stem more from "DOUBLE-QUOTE lax "DOUBLE-QUOTE bankruptcy laws and heavy unemployment in the major oil -HYPHEN producing states than indiscriminate card marketing .PERIOD
</s>
</p>
<p.87.001.870323-0087.18>
<s.87.001.870323-0087.18.1>
While Mr. Russell faces possible congressional and Justice Department investigations into his American Express comments ,COMMA he says Visa welcomes the attention .PERIOD
</s>
<s.87.001.870323-0087.18.2>
"DOUBLE-QUOTE We've nothing to hide ,COMMA never had ,COMMA "DOUBLE-QUOTE adds the executive ,COMMA who joined Visa in nineteen seventy one .PERIOD
</s>
</p>
<p.87.001.870323-0087.19>
<s.87.001.870323-0087.19.1>
Like scores of musicians ,COMMA he put down his horn when television arrived in the nineteen fifties .PERIOD
</s>
<s.87.001.870323-0087.19.2>
While hunting for a music -HYPHEN store job one day in nineteen fifty three ,COMMA a rainstorm forced him to take cover at a branch of what is now P. N. C. Financial Corporation .PERIOD
</s>
<s.87.001.870323-0087.19.3>
The bank hired him as a collector in its installment loan department .PERIOD
</s>
<s.87.001.870323-0087.19.4>
He married a former Pittsburgh radio singer who he used to back up in the band .PERIOD
</s>
</p>
<p.87.001.870323-0087.20>
<s.87.001.870323-0087.20.1>
Weather permitting ,COMMA Mr. Russell commutes every day from his Novato ,COMMA California ,COMMA home in his single -HYPHEN engine airplane .PERIOD
</s>
<s.87.001.870323-0087.20.2>
The twenty -HYPHEN minute flight helps him forget his troubles .PERIOD
</s>
<s.87.001.870323-0087.20.3>
"DOUBLE-QUOTE You can't think about anything else when you're flying ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870323-0087.20.4>
"DOUBLE-QUOTE When I fly home ,COMMA I don't have a problem anymore .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0086.1>
<s.87.001.870323-0086.1.1>
President Reagan plans to name Susan Liebeler to the U. S. Court of Appeals for the Federal Circuit ,COMMA the U. S. International Trade Commission said .PERIOD
</s>
</p>
<p.87.001.870323-0086.2>
<s.87.001.870323-0086.2.1>
Mrs. Liebeler ,COMMA an independent ,COMMA is I. T. C. chairman .PERIOD
</s>
<s.87.001.870323-0086.2.2>
She was a professor at Loyola Law School in California prior to her appointment to the I. T. C. in nineteen eighty four .PERIOD
</s>
<s.87.001.870323-0086.2.3>
The appointment is subject to Senate confirmation .PERIOD
</s>
</p>
<p.87.001.870323-0085.1>
<s.87.001.870323-0085.1.1>
An investment group including Mutual Shares Corporation said it holds five .POINT one %PERCENT of Unicorp American Corporation's common as an investment .PERIOD
</s>
</p>
<p.87.001.870323-0085.2>
<s.87.001.870323-0085.2.1>
In a Securities and Exchange Commission filing ,COMMA the group including the New York investment company said it holds five hundred fifty five thousand ,COMMA fifty seven shares ,COMMA including fifty nine thousand ,COMMA eight hundred purchased January twenty third through February sixth for fourteen dollars to fourteen dollars and thirty seven cents each .PERIOD
</s>
</p>
<p.87.001.870323-0085.3>
<s.87.001.870323-0085.3.1>
Unicorp American ,COMMA a New York real estate and financial services company ,COMMA couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0085.4>
<s.87.001.870323-0085.4.1>
The company's shares rose twelve .POINT five cents a share ,COMMA to fourteen .POINT one two five dollars ,COMMA in American Stock Exchange composite trading Friday .PERIOD
</s>
</p>
<p.87.001.870323-0084.1>
<s.87.001.870323-0084.1.1>
Pan Am Corporation reported a one hundred ninety seven .POINT five million dollar fourth -HYPHEN quarter loss ,COMMA worse than it had predicted ,COMMA and said it expects to post a deficit in the first quarter .PERIOD
</s>
</p>
<p.87.001.870323-0084.2>
<s.87.001.870323-0084.2.1>
The fourth -HYPHEN quarter loss included sixty five million dollars of charges ,COMMA mainly because of certain start -HYPHEN up costs of the Pan Am Shuttle ,COMMA which began hourly service in the Northeast corridor last October ;SEMI-COLON expenses related to the termination of leases of eight Boeing seven forty seven --DASH one hundred aircraft ;SEMI-COLON and expenses related to Pan Am's sale of its Pacific division to U. A. L. Incorporated ,COMMA parent of United Airlines ,COMMA in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870323-0084.3>
<s.87.001.870323-0084.3.1>
In the nineteen eighty five fourth quarter ,COMMA Pan Am had net income of two hundred forty one .POINT four million dollars ,COMMA or one dollar and seventy nine cents a share ,COMMA which included a three hundred forty one million dollar gain from the Pacific division sale .PERIOD
</s>
<s.87.001.870323-0084.3.2>
Without that gain ,COMMA Pan Am would have reported a nineteen eighty five fourth -HYPHEN quarter loss of about one hundred million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0084.4>
<s.87.001.870323-0084.4.1>
In the nineteen eighty six fourth quarter ,COMMA revenue declined twelve %PERCENT ,COMMA to seven hundred ninety seven .POINT three million dollars from nine hundred six .POINT seven million dollars in the year -HYPHEN earlier quarter .PERIOD
</s>
</p>
<p.87.001.870323-0084.5>
<s.87.001.870323-0084.5.1>
In mid -HYPHEN February ,COMMA C. Edward Acker ,COMMA Pan Am's chairman and chief executive officer ,COMMA had said the company expected a loss of more than four hundred million dollars for nineteen eighty six ,COMMA indicating a fourth -HYPHEN quarter deficit of more than one hundred thirty five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0084.6>
<s.87.001.870323-0084.6.1>
He also had said that the company would be "DOUBLE-QUOTE diligent "DOUBLE-QUOTE in writing off costs ,COMMA such as residual expenses associated with the Pacific division sale .PERIOD
</s>
<s.87.001.870323-0084.6.2>
The airline blamed the year's losses on recent weak airline travel in Atlantic markets caused by the American public's concern over terrorism abroad and the Chernobyl nuclear accident .PERIOD
</s>
</p>
<p.87.001.870323-0084.7>
<s.87.001.870323-0084.7.1>
The airline said that it would report a loss for the first quarter but that it would be "DOUBLE-QUOTE substantially less "DOUBLE-QUOTE than the one hundred eighteen .POINT four million dollar deficit it posted in the first quarter of nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870323-0084.8>
<s.87.001.870323-0084.8.1>
For all of nineteen eighty six ,COMMA Pan Am reported a loss of four hundred sixty two .POINT eight million dollars ,COMMA compared with nineteen eighty five net income of fifty one .POINT eight million dollars ,COMMA or forty five cents a share .PERIOD
</s>
<s.87.001.870323-0084.8.2>
Revenue declined thirteen %PERCENT to three .POINT oh four billion dollars from three .POINT four seven billion dollars .PERIOD
</s>
<s.87.001.870323-0084.8.3>
Pan Am said its full -HYPHEN year results were hurt by foreign currency exchange losses of forty six .POINT eight million dollars ,COMMA primarily related to Japanese yen debt ,COMMA compared with eleven .POINT one million dollars in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870323-0084.9>
<s.87.001.870323-0084.9.1>
A Pan Am spokesman said the airline is "DOUBLE-QUOTE nearing completion "DOUBLE-QUOTE of its previously announced arrangement for a new line of financing .PERIOD
</s>
<s.87.001.870323-0084.9.2>
Pan Am said it has received a proposal from Citicorp Investment Bank for a one hundred fifty million dollar credit line that will include a syndicate of other financial sources .PERIOD
</s>
<s.87.001.870323-0084.9.3>
He said Pan Am currently has "DOUBLE-QUOTE in excess of one hundred fifty million dollars "DOUBLE-QUOTE in cash .PERIOD
</s>
</p>
<p.87.001.870323-0084.10>
<s.87.001.870323-0084.10.1>
Pan Am said that based on advance reservations ,COMMA second -HYPHEN quarter traffic should be "DOUBLE-QUOTE vastly improved "DOUBLE-QUOTE from a year earlier .PERIOD
</s>
</p>
<p.87.001.870323-0084.11>
<s.87.001.870323-0084.11.1>
Mr. Acker previously said Pan Am would take major steps to become profitable in nineteen eighty seven ,COMMA contingent on obtaining major reductions in labor costs .PERIOD
</s>
<s.87.001.870323-0084.11.2>
Pan Am recently said it will slash its operating expenses as much as two hundred seventy five million dollars ,COMMA including cutting four hundred sixty four management positions ,COMMA freezing management salaries and reducing other expenses under management's control .PERIOD
</s>
<s.87.001.870323-0084.11.3>
Pam Am has asked its five major labor unions to help cut labor costs twenty %PERCENT ,COMMA or an additional one hundred eighty million dollars a year .PERIOD
</s>
</p>
<p.87.001.870323-0084.12>
<s.87.001.870323-0084.12.1>
In seeking concessions from its unions ,COMMA Pan Am has said the airline might sell the shuttle operation to help return to profitability .PERIOD
</s>
</p>
<p.87.001.870323-0084.13>
<s.87.001.870323-0084.13.1>
Even with these measures ,COMMA Pan Am still faces a number of obstacles as it seeks to control costs and find ways to repay massive debt tied to aircraft purchases .PERIOD
</s>
<s.87.001.870323-0084.13.2>
At the end of nineteen eighty six ,COMMA long -HYPHEN term debt totaled eight hundred thirty million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0084.14>
<s.87.001.870323-0084.14.1>
Although the airline generally isn't considered a likely merger candidate ,COMMA A. M. R. Corporation ,COMMA the parent of American Airlines ,COMMA has looked at Pan Am but recently said it wouldn't buy the company or the shuttle service .PERIOD
</s>
<s.87.001.870323-0084.14.2>
Pan Am has refused to sell A. M. R. its valuable North Atlantic routes .PERIOD
</s>
</p>
<p.87.001.870323-0084.15>
<s.87.001.870323-0084.15.1>
Pan Am's unions ,COMMA meanwhile ,COMMA are trying to find another merger partner for the company .PERIOD
</s>
<s.87.001.870323-0084.15.2>
They have made their own cost -HYPHEN cutting proposals ,COMMA but the two sides haven't reached any agreements .PERIOD
</s>
</p>
<p.87.001.870323-0083.1>
<s.87.001.870323-0083.1.1>
Huge ,COMMA billion -HYPHEN dollar leveraged buyouts (LEFT-PAREN L. B. O.s )RIGHT-PAREN were a major feature on the nineteen eighty six financial landscape .PERIOD
</s>
<s.87.001.870323-0083.1.2>
This year ,COMMA names like Viacom International Incorporated and Owens -HYPHEN Illinois Incorporated continue to steal headlines as tax -HYPHEN reform and takeover fears fuel L. B. O. announcements and speculations .PERIOD
</s>
</p>
<p.87.001.870323-0083.2>
<s.87.001.870323-0083.2.1>
Yet behind the headlines is the fact that well over two hundred of the approximately three hundred fifteen L. B. O.s announced in nineteen eighty six were divestiture L. B. O.s ,COMMA in which overgrown conglomerates sold parts of their empires to division managers .PERIOD
</s>
</p>
<p.87.001.870323-0083.3>
<s.87.001.870323-0083.3.1>
Where managers are resourceful and energetic ,COMMA and believe in their capabilities as directors and owners --DASH rather than as employees --DASH L. B. O.s have worked well .PERIOD
</s>
<s.87.001.870323-0083.3.2>
After the glow of pride fades from lining up the numbers and putting the deals together ,COMMA what can corporate managers expect to find as the new owners of their former company stores ?QUESTION-MARK
</s>
</p>
<p.87.001.870323-0083.4>
<s.87.001.870323-0083.4.1>
One serious threat to success is the inability of some managers to make the transition from company men to entrepreneurs .PERIOD
</s>
<s.87.001.870323-0083.4.2>
Others become so absorbed with cost cutting and debt reduction that they forget to reinvest in the underlying business .PERIOD
</s>
<s.87.001.870323-0083.4.3>
Many managers also miss the abundant opportunities for reducing operating costs in areas where they have no technical competence ,COMMA such as pensions ,COMMA medical programs and insurance .PERIOD
</s>
<s.87.001.870323-0083.4.4>
Substantial savings can be realized in each of these areas without reducing benefits or coverage .PERIOD
</s>
</p>
<p.87.001.870323-0083.5>
<s.87.001.870323-0083.5.1>
But the biggest danger in going private lies in management becoming close -HYPHEN mouthed .PERIOD
</s>
<s.87.001.870323-0083.5.2>
Many buyout groups react to freedom from quarterly earnings statements and shareholders by constructing moats around their companies .PERIOD
</s>
<s.87.001.870323-0083.5.3>
Building real value ,COMMA whether a firm is public or private ,COMMA means not only communicating company strategy to employees but talking with outsiders as well .PERIOD
</s>
</p>
<p.87.001.870323-0083.6>
<s.87.001.870323-0083.6.1>
In nineteen seventy nine ,COMMA I was a group president of Mead Corporation in charge of Virginia -HYPHEN based Stanley Furniture Company Stanley was healthy but had not achieved its full potential as part of a big paper company .PERIOD
</s>
<s.87.001.870323-0083.6.2>
When I studied the situation I quickly realized that Mead would be better off without the one hundred twenty million dollars contributed by furniture and fabric sales ,COMMA and that Stanley would be better off without Mead's corporate structure .PERIOD
</s>
<s.87.001.870323-0083.6.3>
Stanley no longer fit Mead's strategy .PERIOD
</s>
<s.87.001.870323-0083.6.4>
It was also clear to me that furniture divisions of large corporate entities usually did not perform well .PERIOD
</s>
<s.87.001.870323-0083.6.5>
Therefore ,COMMA Stanley's managers opted for a leveraged buyout .PERIOD
</s>
</p>
<p.87.001.870323-0083.7>
<s.87.001.870323-0083.7.1>
The risks our buyout group faced seven years ago were enormous --DASH personally and professionally .PERIOD
</s>
<s.87.001.870323-0083.7.2>
None of us was wealthy .PERIOD
</s>
<s.87.001.870323-0083.7.3>
We all had to take out second mortgages to help finance our investments in Stanley .PERIOD
</s>
<s.87.001.870323-0083.7.4>
Interest rates had surged beyond twenty %PERCENT and business was in its worst slump since World War two. Gone were the security ,COMMA perks and resources of the parent company .PERIOD
</s>
<s.87.001.870323-0083.7.5>
If the venture failed ,COMMA the two thousand jobs that supported the economy of Stanleytown ,COMMA Virginia ,COMMA would disappear along with our investment .PERIOD
</s>
<s.87.001.870323-0083.7.6>
But I was confident that a revitalized Stanley ,COMMA even as a highly leveraged enterprise ,COMMA could prosper .PERIOD
</s>
</p>
<p.87.001.870323-0083.8>
<s.87.001.870323-0083.8.1>
As an owner I learned that we needed to do more than agree on management objectives --DASH we had to communicate our resolve to everyone working at Stanley .PERIOD
</s>
<s.87.001.870323-0083.8.2>
This came to a head during an early planning session when a production manager asked what company policy was on a particular matter .PERIOD
</s>
<s.87.001.870323-0083.8.3>
"DOUBLE-QUOTE I don't know ,COMMA "DOUBLE-QUOTE I said .PERIOD
</s>
<s.87.001.870323-0083.8.4>
"DOUBLE-QUOTE It's our company now ;SEMI-COLON we have to create the policy .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0083.8.5>
From that point on we set in motion an open -HYPHEN door communications program to get both our managers and employees thinking like spirited owners .PERIOD
</s>
<s.87.001.870323-0083.8.6>
This type of aggressive dialogue wasn't necessary under corporate rules where everyone knew his place ,COMMA but it was an essential ingredient in our new company .PERIOD
</s>
</p>
<p.87.001.870323-0083.9>
<s.87.001.870323-0083.9.1>
I made a special effort to keep our banks informed of our progress ,COMMA much the way the chief executive officer of a public company gives updates to securities analysts .PERIOD
</s>
<s.87.001.870323-0083.9.2>
We discussed the results of marketing plans and new products with the banks and improved their feelings of confidence toward us at critical stages of our development .PERIOD
</s>
<s.87.001.870323-0083.9.3>
Similarly ,COMMA we kept the press ,COMMA customers and local officials informed of company developments .PERIOD
</s>
</p>
<p.87.001.870323-0083.10>
<s.87.001.870323-0083.10.1>
When I had been a division president I rarely had time to spend with retailers ,COMMA but as a manager -HYPHEN owner it was important for me to keep customers informed of our long -HYPHEN range plans .PERIOD
</s>
<s.87.001.870323-0083.10.2>
We also didn't forget Stanleytown .PERIOD
</s>
<s.87.001.870323-0083.10.3>
Civic programs ,COMMA such as scholarships and recreational facilities ,COMMA were maintained and ,COMMA in many cases ,COMMA enhanced .PERIOD
</s>
<s.87.001.870323-0083.10.4>
In essence ,COMMA Stanley was a private company with a public profile .PERIOD
</s>
</p>
<p.87.001.870323-0083.11>
<s.87.001.870323-0083.11.1>
Our dialogue with employees extended to company finances as well .PERIOD
</s>
<s.87.001.870323-0083.11.2>
We opened the books to all managers and they in turn began to appreciate what cash flow was all about .PERIOD
</s>
<s.87.001.870323-0083.11.3>
Soon ,COMMA they were no longer talking about what they had to have ,COMMA but about what they no longer needed .PERIOD
</s>
<s.87.001.870323-0083.11.4>
We also set up performance incentives that reached well down the chain of command --DASH incentives based on long -HYPHEN term profitability ,COMMA not just revenue growth .PERIOD
</s>
</p>
<p.87.001.870323-0083.12>
<s.87.001.870323-0083.12.1>
Companies that undergo leveraged buyouts must learn quickly to cope with their problems in order to maximize cash flow and pay off debts without compromising growth .PERIOD
</s>
<s.87.001.870323-0083.12.2>
Many of the executives in these newly created private companies will protest that they don't have the time or resources to waste on communicating their goals .PERIOD
</s>
<s.87.001.870323-0083.12.3>
But it is the obligation of management groups to talk candidly to employees and the outside world ,COMMA especially during the early stages following a buyout .PERIOD
</s>
<s.87.001.870323-0083.12.4>
That's when the greatest opportunity exists to shape an L. B. O. company into an entrepreneurial enterprise .PERIOD
</s>
</p>
<p.87.001.870323-0083.13>
<s.87.001.870323-0083.13.1>
Mr. Timnick ,COMMA former chairman and C. E. O. of Stanley Interiors Corporation ,COMMA is a principal of the New York -HYPHEN based private investment firm Clayton &AMPERSAND Dubilier Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0082.1>
<s.87.001.870323-0082.1.1>
BANQUE DE L'UNION EUROPEENE said it signed an agreement with two institutions in the Soviet Union that is designed to aid the formation of joint ventures under new Soviet rules .PERIOD
</s>
<s.87.001.870323-0082.1.2>
The French bank ,COMMA an arm of the state -HYPHEN owned Credit Industrial &AMPERSAND Commercial financial group ,COMMA said it will work with the Soviet State Bank and the Bank for Foreign Trade to "DOUBLE-QUOTE create a bilateral institution whose aim is to promote the creation of ,COMMA and aid the functioning and finance of ,COMMA mixed -HYPHEN capital companies in the U. S. S. R. .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0081.1>
<s.87.001.870323-0081.1.1>
Roy D. Hartmann said he will take early retirement as a Security Pacific Corporation vice chairman and chief of its California retail banking and real estate operations .PERIOD
</s>
</p>
<p.87.001.870323-0081.3>
<s.87.001.870323-0081.3.1>
Mr. Hartmann has worked for Security Pacific for thirty three years .PERIOD
</s>
</p>
<p.87.001.870323-0080.1>
<s.87.001.870323-0080.1.1>
A federal bankruptcy judge approved a complex bank -HYPHEN financing agreement for L. T. V. Corporation that gives the company a new one hundred million dollar credit line .PERIOD
</s>
</p>
<p.87.001.870323-0080.2>
<s.87.001.870323-0080.2.1>
Approval of the agreement between the Dallas -HYPHEN based aerospace ,COMMA energy and steel concern and its twenty two -HYPHEN member bank group had been delayed since January .PERIOD
</s>
<s.87.001.870323-0080.2.2>
The amended plan ,COMMA approved by Judge Burton Lifland in New York Friday ,COMMA resolves certain objections by L. T. V.'s unsecured creditors and the Pension Benefit Guaranty Corporation ,COMMA a federal pension insurance agency that has taken over L. T. V.'s four big steel pension funds .PERIOD
</s>
<s.87.001.870323-0080.2.3>
Since last July ,COMMA L. T. V. has been operating under Chapter eleven of the U. S. Bankruptcy Code while it works out a plan to pay its debt .PERIOD
</s>
</p>
<p.87.001.870323-0080.3>
<s.87.001.870323-0080.3.1>
One of the objections from the pension agency concerned that part of the financing agreement that repackages about four hundred thirty five million dollars of secured debt and letters of credit .PERIOD
</s>
<s.87.001.870323-0080.3.2>
The original language in the financing agreement sounded too much like a formal ,COMMA overall reorganization plan ,COMMA the pension agency had said .PERIOD
</s>
<s.87.001.870323-0080.3.3>
The court -HYPHEN approved agreement converts the four hundred thirty five million dollars of debt and letters of credit into a new revolving credit facility .PERIOD
</s>
</p>
<p.87.001.870323-0080.4>
<s.87.001.870323-0080.4.1>
In approving the refinancing ,COMMA Judge Lifland also signed an order in which L. T. V. agreed to provide detailed information to creditors about many of its cash transfers .PERIOD
</s>
<s.87.001.870323-0080.4.2>
The creditors had urged such a provision so they could monitor the agreement's tight restrictions on how much profit L. T. V. can funnel from its successful aerospace and defense unit to its troubled steel and energy products units .PERIOD
</s>
</p>
<p.87.001.870323-0080.5>
<s.87.001.870323-0080.5.1>
L. T. V. ,COMMA in a statement ,COMMA said it can use the one hundred million dollar bank line for borrowings and to cover new letters of credit .PERIOD
</s>
<s.87.001.870323-0080.5.2>
Loan proceeds may be used by L. T. V. to meet the needs of its units ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870323-0080.6>
<s.87.001.870323-0080.6.1>
L. T. V. said the agreement also provides a revolving credit of about one hundred sixty million dollars from which letters of credit can be drawn .PERIOD
</s>
</p>
<p.87.001.870323-0080.7>
<s.87.001.870323-0080.7.1>
L. T. V. said the agreement improves its liquidity by adding one hundred million dollars to its cash balances ,COMMA which totaled six hundred twelve million dollars at the end of nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0080.7.2>
Also ,COMMA conversion of the four hundred thirty five million dollars in secured debt into a revolving credit facility gives L. T. V. the flexibility to repay and reborrow the funds as needed ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870323-0080.8>
<s.87.001.870323-0080.8.1>
L. T. V. shares closed Friday at three dollars ,COMMA up twenty five cents ,COMMA on volume of two .POINT nine million shares in New York Stock Exchange composite trading .PERIOD
</s>
</p>
<p.87.001.870323-0079.1>
<s.87.001.870323-0079.1.1>
John Hancock Mutual Life Insurance Company said it sold its thirteen .POINT one %PERCENT stake in Price Communications Corporation back to the company .PERIOD
</s>
</p>
<p.87.001.870323-0079.2>
<s.87.001.870323-0079.2.1>
In a Securities and Exchange Commission filing ,COMMA John Hancock ,COMMA Boston ,COMMA said it sold its one million ,COMMA six hundred twenty seven thousand ,COMMA six hundred three Price common shares back to the New York -HYPHEN based broadcasting company on February twenty third for eleven dollars each .PERIOD
</s>
<s.87.001.870323-0079.2.2>
John Hancock didn't give a reason in the filing for the sales .PERIOD
</s>
</p>
<p.87.001.870323-0079.3>
<s.87.001.870323-0079.3.1>
A John Hancock spokesman said the company's John Hancock Capital Growth Fund subsidiary had owned the shares .PERIOD
</s>
<s.87.001.870323-0079.3.2>
No one at the unit could be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0078.2>
<s.87.001.870323-0078.2.1>
These cost -HYPHEN control attempts so far have ignored the important fact that most American hospitals are operated as private ,COMMA nonprofit corporations that have no structural reason to be efficient .PERIOD
</s>
<s.87.001.870323-0078.2.2>
Because they have no owners and no equity capital ,COMMA nonprofits are freed from the scrutiny and interests of owners and the stock market .PERIOD
</s>
<s.87.001.870323-0078.2.3>
Because they are not government -HYPHEN run ,COMMA they are freed from taxpayers' and legislators' oversight .PERIOD
</s>
</p>
<p.87.001.870323-0078.3>
<s.87.001.870323-0078.3.1>
In a study of comparable for -HYPHEN profit and nonprofit hospital chains ,COMMA I found that the nonprofits have higher costs ,COMMA spend more on labor and have a lower turnover per hospital bed than their for -HYPHEN profit counterparts .PERIOD
</s>
<s.87.001.870323-0078.3.2>
Nonprofits also defer replacing their plant and equipment for longer periods ,COMMA thus placing more of the burden of that replacement on the shoulders of future generations of users .PERIOD
</s>
<s.87.001.870323-0078.3.3>
These inefficiencies are subsidized by taxpayers' granting the nonprofits exemptions from most income ,COMMA sales and ,COMMA sometimes ,COMMA real -HYPHEN estate taxes and by the ability of most nonprofit hospitals to borrow money at the cheaper interest rates of tax -HYPHEN exempt bonds .PERIOD
</s>
</p>
<p.87.001.870323-0078.4>
<s.87.001.870323-0078.4.1>
Subsidies give nonprofit hospitals a substantial cost advantage over for -HYPHEN profits --DASH on the order of three %PERCENT to six %PERCENT of revenues .PERIOD
</s>
<s.87.001.870323-0078.4.2>
This enabled the nonprofits in my study to have the same prices as for -HYPHEN profits and still have higher costs .PERIOD
</s>
<s.87.001.870323-0078.4.3>
But ,COMMA most important ,COMMA I could find no difference between for -HYPHEN profit and nonprofit hospital chains in the amount of care given to patients who are uninsured or have low -HYPHEN paying Medicaid insurance .PERIOD
</s>
</p>
<p.87.001.870323-0078.5>
<s.87.001.870323-0078.5.1>
Most of the thirty million uninsured patients in the U. S. are "DOUBLE-QUOTE dumped "DOUBLE-QUOTE on the public hospitals run by municipal ,COMMA county and federal governments .PERIOD
</s>
</p>
<p.87.001.870323-0078.6>
<s.87.001.870323-0078.6.1>
But as things now stand ,COMMA it is not up to the for -HYPHEN profit hospital to provide care for the uninsured ,COMMA any more than it is a supermarket's responsibility to feed the poor .PERIOD
</s>
<s.87.001.870323-0078.6.2>
The nonprofit hospital ,COMMA on the other hand ,COMMA has received a tax exemption primarily in exchange for treating those who cannot afford to pay for their health care .PERIOD
</s>
<s.87.001.870323-0078.6.3>
Dumping by the nonprofits is a grave violation of this social contract .PERIOD
</s>
<s.87.001.870323-0078.6.4>
But until we enact a system that guarantees payment for the care of uninsured patients ,COMMA they will continue to be dumped on the public hospitals by the private hospitals ,COMMA both for -HYPHEN profit and nonprofit .PERIOD
</s>
</p>
<p.87.001.870323-0078.7>
<s.87.001.870323-0078.7.1>
Why do the nonprofit hospitals use their tax exemptions to subsidize higher expenses rather than to reduce prices or to provide greater services for the uninsured ?QUESTION-MARK
</s>
<s.87.001.870323-0078.7.2>
Because nonprofit hospitals are dominated by powerful doctors ,COMMA who structure them for their comfort and convenience by increasing the levels of support personnel and capital .PERIOD
</s>
<s.87.001.870323-0078.7.3>
For example ,COMMA many nonprofit hospitals have opened extra operating rooms so that their surgeons can operate between ten a. m. and seven p. m. and not be forced to wait for an inconvenient early -HYPHEN morning ,COMMA late -HYPHEN evening or weekend time slot .PERIOD
</s>
<s.87.001.870323-0078.7.4>
Others have extra beds and staff so that a doctor can admit his patients at his convenience ,COMMA rather than when an opening occurs .PERIOD
</s>
</p>
<p.87.001.870323-0078.8>
<s.87.001.870323-0078.8.1>
I do not mean that nonprofits malevolently trade off the welfare of their physicians against the welfare of the uninsured ,COMMA but rather that their physicians inevitably have a much more powerful voice in the day -HYPHEN to -HYPHEN day decisions made in running a hospital than do the poor or the society that subsidizes the nonprofit hospital .PERIOD
</s>
<s.87.001.870323-0078.8.2>
The for -HYPHEN profit hospital ,COMMA in contrast ,COMMA has a powerful social voice in the form of equity markets .PERIOD
</s>
<s.87.001.870323-0078.8.3>
If its costs are excessive ,COMMA its returns will slump and more efficient competitors will enter the market .PERIOD
</s>
<s.87.001.870323-0078.8.4>
Also ,COMMA the for -HYPHEN profits do not have many tax breaks to cushion them from their inefficiencies --DASH even the investment tax credit was lost in the last wave of tax reform .PERIOD
</s>
</p>
<p.87.001.870323-0078.9>
<s.87.001.870323-0078.9.1>
Some advocates of nonprofit hospitals claim that their higher costs result in higher quality --DASH a claim yet to be proved .PERIOD
</s>
<s.87.001.870323-0078.9.2>
Others claim that only the nonprofit hospitals can generate the great medical advances from which we have all benefited .PERIOD
</s>
<s.87.001.870323-0078.9.3>
But most nonprofits do no research .PERIOD
</s>
<s.87.001.870323-0078.9.4>
It is mostly the teaching hospitals ,COMMA affiliated with medical schools ,COMMA that conduct research .PERIOD
</s>
<s.87.001.870323-0078.9.5>
They represent only seventeen %PERCENT of U. S. hospitals ,COMMA and some of them are run on a for -HYPHEN profit basis .PERIOD
</s>
<s.87.001.870323-0078.9.6>
The claimed equivalence of research superiority and the nonprofit form is also undermined by the impressive discoveries made by for -HYPHEN profit companies in pharmacology ,COMMA biotechnology ,COMMA and medical equipment and devices .PERIOD
</s>
</p>
<p.87.001.870323-0078.10>
<s.87.001.870323-0078.10.1>
The American hospital sector spent one hundred eighty one billion dollars in nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0078.10.2>
If all these hospitals --DASH nonprofit ,COMMA for -HYPHEN profit and government --DASH had paid federal income taxes at average corporate tax rates ,COMMA federal revenues of between three billion dollars and six billion dollars would have been yielded .PERIOD
</s>
<s.87.001.870323-0078.10.3>
These revenues could then have been used for many purposes ,COMMA such as funding those people without medical insurance .PERIOD
</s>
<s.87.001.870323-0078.10.4>
Most important ,COMMA the huge hospital sector would likely become much more efficient by its transformation to a for -HYPHEN profit ,COMMA tax -HYPHEN paying entity ,COMMA subject to the intense scrutiny of its owners .PERIOD
</s>
</p>
<p.87.001.870323-0078.11>
<s.87.001.870323-0078.11.1>
Mrs. Herzlinger is McPherson professor of business administration at the Harvard University Graduate School of Business Administration .PERIOD
</s>
</p>
<p.87.001.870323-0077.1>
<s.87.001.870323-0077.1.1>
Noranda Incorporated said it plans to build a one hundred twenty five million dollar (LEFT-PAREN Canadian )RIGHT-PAREN sulfuric acid plant at its copper smelter in Rouyn -HYPHEN Noranda ,COMMA Quebec ,COMMA in an effort to clean up a major source of acid -HYPHEN rain pollution .PERIOD
</s>
</p>
<p.87.001.870323-0077.2>
<s.87.001.870323-0077.2.1>
The plant is designed to reduce sulfur dioxide emissions at the smelter by fifty %PERCENT ,COMMA to two hundred seventy six thousand metric tons annually in nineteen ninety from five hundred fifty two thousand in nineteen eighty .PERIOD
</s>
<s.87.001.870323-0077.2.2>
The plant will use gases produced by the copper smelter to produce sulfuric acid .PERIOD
</s>
</p>
<p.87.001.870323-0077.3>
<s.87.001.870323-0077.3.1>
The Canadian government and the province of Quebec will each provide one -HYPHEN third of the project's cost ,COMMA with Noranda ,COMMA a Toronto -HYPHEN based natural resources concern ,COMMA paying the remaining one -HYPHEN third .PERIOD
</s>
<s.87.001.870323-0077.3.2>
Noranda will repay the governments with interest under certain unspecified conditions .PERIOD
</s>
</p>
<p.87.001.870323-0077.4>
<s.87.001.870323-0077.4.1>
The Noranda smelter ,COMMA with smelting capacity of nine hundred sixty thousand metric tons a year ,COMMA produces fifty %PERCENT of Quebec's emissions that can cause acid rain ,COMMA according to a government official ,COMMA and the project will result in meeting more than twenty %PERCENT of the Canadian government's target for acid -HYPHEN rain emission reduction in eastern Canada .PERIOD
</s>
</p>
<p.87.001.870323-0077.5>
<s.87.001.870323-0077.5.1>
Canada's environment minister ,COMMA Tom McMillan ,COMMA said that government aid to the project is part of Canada's "DOUBLE-QUOTE clean hands approach "DOUBLE-QUOTE in trying to prod Washington to take more action to clean up U. S. sources of sulfur -HYPHEN dioxide pollution .PERIOD
</s>
<s.87.001.870323-0077.5.2>
U. S. critics of Canada's stand have said that Canada isn't doing enough to clean its own sources of the pollution .PERIOD
</s>
</p>
<p.87.001.870323-0077.6>
<s.87.001.870323-0077.6.1>
Last week ,COMMA President Reagan said he will ask Congress to approve a new two .POINT five billion dollars (LEFT-PAREN U. S. )RIGHT-PAREN five -HYPHEN year plan to study new approaches to cleaning up the problem .PERIOD
</s>
<s.87.001.870323-0077.6.2>
But environmentalists criticized the approach because it doesn't actually involve an emission -HYPHEN control program at U. S. power plants ,COMMA factories and other pollution sources .PERIOD
</s>
</p>
<p.87.001.870323-0077.7>
<s.87.001.870323-0077.7.1>
The plant at Rouyn -HYPHEN Noranda will produce more than three hundred fifty thousand metric tons of sulfuric acid a year but because of the distance to markets ,COMMA Noranda said it expects a large operating deficit from the facility .PERIOD
</s>
<s.87.001.870323-0077.7.2>
These costs plus Noranda's share of capital will result in the company's carrying about seventy %PERCENT of the financial burden attached to the facility ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870323-0077.8>
<s.87.001.870323-0077.8.1>
Construction is to begin immediately ,COMMA with completion expected in late nineteen eighty nine .PERIOD
</s>
</p>
<p.87.001.870323-0076.1>
<s.87.001.870323-0076.1.1>
Affiliated Publications Incorporated ,COMMA in a move into the specialty magazine business ,COMMA said it plans to acquire closely held Billboard Publications Incorporated for one hundred million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0076.2>
<s.87.001.870323-0076.2.1>
Affiliated ,COMMA parent company of the publisher of the Boston Globe ,COMMA said it plans to buy Billboard's capital stock from a shareholder group led by Boston Ventures Limited Partnership .PERIOD
</s>
</p>
<p.87.001.870323-0076.3>
<s.87.001.870323-0076.3.1>
The acquisition suggests that Affiliated may be looking toward magazines as a possible new leg for the company .PERIOD
</s>
<s.87.001.870323-0076.3.2>
"DOUBLE-QUOTE It ensures us excellent management in the magazine industry for future expansion ,COMMA "DOUBLE-QUOTE said Daniel Orr ,COMMA Affiliated's vice president .PERIOD
</s>
<s.87.001.870323-0076.3.3>
In addition to owning the Boston Globe ,COMMA Affiliated also operates a small publisher and retailer of fine books and has a forty five %PERCENT stake in a company involved in cellular telephone and paging systems .PERIOD
</s>
</p>
<p.87.001.870323-0076.4>
<s.87.001.870323-0076.4.1>
In composite trading on the New York Stock Exchange Friday ,COMMA Affiliated's shares fell seventy five cents ,COMMA to forty seven dollars and twenty five cents .PERIOD
</s>
</p>
<p.87.001.870323-0076.5>
<s.87.001.870323-0076.5.1>
Gerald Hobbs ,COMMA president of New York -HYPHEN based Billboard ,COMMA views the acquisition as a positive step for his company .PERIOD
</s>
<s.87.001.870323-0076.5.2>
Billboard's owners had been trying to sell the company when Affiliated approached them several weeks ago ,COMMA said Mr. Hobbs .PERIOD
</s>
<s.87.001.870323-0076.5.3>
"DOUBLE-QUOTE The management of Billboard was anxious to ensure the continuation of the company's growth and also to facilitate future acquisition plans ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0076.5.4>
"DOUBLE-QUOTE We needed someone who would be in it for the long run .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0076.6>
<s.87.001.870323-0076.6.1>
Billboard currently is exploring possible acquisitions in information -HYPHEN based fields ,COMMA such as magazine publishing and database operators ;SEMI-COLON the company expects to make an acquisition before the end of the year ,COMMA Mr. Hobbs said .PERIOD
</s>
</p>
<p.87.001.870323-0076.7>
<s.87.001.870323-0076.7.1>
Billboard publishes eight specialty magazines ,COMMA including Billboard magazine ,COMMA a weekly that covers the entertainment industry ,COMMA and Backstage ,COMMA a news magazine for commercial film production and theatrical services .PERIOD
</s>
<s.87.001.870323-0076.7.2>
The company also publishes fifteen annual directories ,COMMA owns the book publisher Watson -HYPHEN Guptill and electronically distributes information world -HYPHEN wide .PERIOD
</s>
</p>
<p.87.001.870323-0076.8>
<s.87.001.870323-0076.8.1>
Specific terms of the acquisition plan weren't disclosed ,COMMA but Affiliated said Billboard will be operated as a separate subsidiary .PERIOD
</s>
<s.87.001.870323-0076.8.2>
Affiliated also said that under a separate agreement ,COMMA certain members of Billboard's present management plan to buy as much as ten %PERCENT of the equity in Billboard Publications following the acquisition .PERIOD
</s>
</p>
<p.87.001.870323-0076.9>
<s.87.001.870323-0076.9.1>
Some analysts applauded Affiliated for the acquisition .PERIOD
</s>
<s.87.001.870323-0076.9.2>
Kevin Gruneich ,COMMA a vice president at First Boston Corporation ,COMMA said some investors were concerned that Affiliated might spend too much money for an acquisition as it had built up a sizable cash position .PERIOD
</s>
<s.87.001.870323-0076.9.3>
In December ,COMMA the company sold six radio stations for sixty five .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0076.10>
<s.87.001.870323-0076.10.1>
But Billboard "DOUBLE-QUOTE puts another leg on the stool ,COMMA "DOUBLE-QUOTE said Mr. Gruneich .PERIOD
</s>
<s.87.001.870323-0076.10.2>
"DOUBLE-QUOTE Affiliated is not only making a very good strategic decision by moving into specialty magazines ,COMMA but they got it at a reasonable price .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0076.11>
<s.87.001.870323-0076.11.1>
In nineteen eighty six ,COMMA Affiliated had net income of sixty six .POINT one million dollars ,COMMA or one dollar and eighty five cents a share ,COMMA on revenue of four hundred one million dollars .PERIOD
</s>
<s.87.001.870323-0076.11.2>
Those earnings comprised profit of thirty nine .POINT eight million dollars from continuing operations and twenty six .POINT three million dollars from discontinued operations .PERIOD
</s>
<s.87.001.870323-0076.11.3>
Per -HYPHEN share earnings were adjusted to reflect a two -HYPHEN for -HYPHEN one stock split paid in January .PERIOD
</s>
<s.87.001.870323-0076.11.4>
Billboard had sales of fifty eight million dollars last year and is expecting sales of sixty two million dollars in nineteen eighty seven ,COMMA said Mr. Hobbs .PERIOD
</s>
</p>
<p.87.001.870323-0075.1>
<s.87.001.870323-0075.1.1>
The Transportation Department said U. S. Air Group Incorporated could acquire no more than fifty one %PERCENT of Piedmont Aviation Incorporated pending final approval of the merger by the department .PERIOD
</s>
</p>
<p.87.001.870323-0075.2>
<s.87.001.870323-0075.2.1>
The decision ,COMMA while allowing U. S. Air to continue buying Piedmont stock ,COMMA still is a setback for U. S. Air .PERIOD
</s>
<s.87.001.870323-0075.2.2>
The airline had told the department that Piedmont had insisted ,COMMA as a condition of the merger ,COMMA that U. S. Air offer to buy all Piedmont shares .PERIOD
</s>
</p>
<p.87.001.870323-0075.3>
<s.87.001.870323-0075.3.1>
U. S. Air already has begun a tender offer as part of its agreement to acquire the parent of Piedmont Airlines for sixty nine dollars a share ,COMMA or one .POINT five nine billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0075.5>
<s.87.001.870323-0075.5.1>
The ruling effectively denies U. S. Air control of Piedmont until the department completes its review of the proposed merger .PERIOD
</s>
</p>
<p.87.001.870323-0075.6>
<s.87.001.870323-0075.6.1>
The transportation agency ,COMMA with the Justice Department's support ,COMMA rejected U. S. Air's application to acquire all of Piedmont's shares ,COMMA saying the arrangement wouldn't have sufficiently shielded Piedmont from U. S. Air influence .PERIOD
</s>
</p>
<p.87.001.870323-0075.7>
<s.87.001.870323-0075.7.1>
U. S. Air had told the Transportation Department that ,COMMA under the merger agreement ,COMMA U. S. Air may be required to pay Piedmont as much as an additional twenty one million dollars if U. S. Air isn't able to buy all the Piedmont shares .PERIOD
</s>
</p>
<p.87.001.870323-0075.8>
<s.87.001.870323-0075.8.1>
But the department said that in most merger cases it has restricted purchases to fifty one %PERCENT until the merger was approved .PERIOD
</s>
<s.87.001.870323-0075.8.2>
"DOUBLE-QUOTE U. S. Air knew or should have been aware of our voting trust precedents limiting the amount of stock which could be acquired pending review of the underlying acquisition ,COMMA and it assumed a risk when it agreed to the penalty ,COMMA "DOUBLE-QUOTE the department said .PERIOD
</s>
</p>
<p.87.001.870323-0075.9>
<s.87.001.870323-0075.9.1>
A spokesman for U. S. Air said the decision "DOUBLE-QUOTE does not change our plans at all ,COMMA and we are continuing our plans to acquire Piedmont .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0075.9.2>
In Winston -HYPHEN Salem ,COMMA N. C. ,COMMA a spokesman for Piedmont declined to comment .PERIOD
</s>
</p>
<p.87.001.870323-0075.10>
<s.87.001.870323-0075.10.1>
In other action ,COMMA the department extended until April sixth the period for those wishing to comment on Trans World Airlines's application to create a voting trust to acquire twenty five %PERCENT of U. S. Air's stock .PERIOD
</s>
</p>
<p.87.001.870323-0075.11>
<s.87.001.870323-0075.11.1>
In New York Stock Exchange composite trading Friday ,COMMA Piedmont shares closed at sixty seven dollars and seventy five cents ,COMMA up twelve .POINT five cents ,COMMA on volume of one .POINT one million shares ,COMMA and U. S. Air shares closed at forty four dollars and seventy five cents ,COMMA off thirty seven .POINT five cents .PERIOD
</s>
</p>
<p.87.001.870323-0074.1>
<s.87.001.870323-0074.1.1>
New York's two largest futures exchanges ,COMMA following a recent shift in leadership ,COMMA are laying the groundwork for a merger ,COMMA exchange officials said .PERIOD
</s>
</p>
<p.87.001.870323-0074.3>
<s.87.001.870323-0074.3.1>
The potential benefits of a merger would be enormous for both marketplaces ,COMMA industry officials say .PERIOD
</s>
<s.87.001.870323-0074.3.2>
A combined entity would give New York more visibility in an industry dominated by Chicago ,COMMA they say .PERIOD
</s>
<s.87.001.870323-0074.3.3>
That ,COMMA in turn ,COMMA would translate into far greater competitive clout than either the New York Merc or Comex now has ,COMMA particularly in marketing new products ,COMMA the industry officials say .PERIOD
</s>
<s.87.001.870323-0074.3.4>
Further ,COMMA the exchanges would save money by merging and ,COMMA for traders ,COMMA there would be a wider array of markets in which to participate ,COMMA they add .PERIOD
</s>
</p>
<p.87.001.870323-0074.4>
<s.87.001.870323-0074.4.1>
Currently ,COMMA the New York Merc trades energy futures ,COMMA along with platinum and palladium ,COMMA while the Comex trades gold ,COMMA silver ,COMMA copper and aluminum contracts .PERIOD
</s>
</p>
<p.87.001.870323-0074.5>
<s.87.001.870323-0074.5.1>
Merger speculation was fueled in part by comments made here by William M. Bradt ,COMMA the New York Merc's new chairman and a member of both exchanges .PERIOD
</s>
<s.87.001.870323-0074.5.2>
Mr. Bradt ,COMMA in public and private discussions ,COMMA said pursuing the possibility of a merger is one of the leading items on his agenda .PERIOD
</s>
</p>
<p.87.001.870323-0074.6>
<s.87.001.870323-0074.6.1>
"DOUBLE-QUOTE I'll be pushing and pushing and pushing for it ,COMMA "DOUBLE-QUOTE Mr. Bradt said .PERIOD
</s>
<s.87.001.870323-0074.6.2>
Added Alan J. Brody ,COMMA the recently elected chairman of Comex :COLON "DOUBLE-QUOTE There is a groundswell "DOUBLE-QUOTE of support for a merger among Comex members .PERIOD
</s>
</p>
<p.87.001.870323-0074.7>
<s.87.001.870323-0074.7.1>
Skeptics abound ,COMMA however .PERIOD
</s>
<s.87.001.870323-0074.7.2>
The idea of a Comex -HYPHEN New York Merc merger isn't new ;SEMI-COLON the exchanges have flirted with such a move on and off for nearly ten years .PERIOD
</s>
<s.87.001.870323-0074.7.3>
And some futures industry officials and traders ,COMMA while conceding a merger makes sense on paper ,COMMA question whether either exchange's membership would ever agree to it .PERIOD
</s>
</p>
<p.87.001.870323-0074.8>
<s.87.001.870323-0074.8.1>
"DOUBLE-QUOTE Most traders are just too independent ,COMMA "DOUBLE-QUOTE argued James Kurt Dew ,COMMA a consultant to the Comex .PERIOD
</s>
<s.87.001.870323-0074.8.2>
Others contend that conflicting personalities and big egos will get in the way .PERIOD
</s>
</p>
<p.87.001.870323-0074.9>
<s.87.001.870323-0074.9.1>
Nevertheless ,COMMA there is a renewed sense of optimism among exchange leaders ,COMMA especially at the New York Merc ,COMMA where Mr. Bradt last week succeeded Michel D. Marks ,COMMA chairman since nineteen seventy eight .PERIOD
</s>
<s.87.001.870323-0074.9.2>
Mr. Bradt is perceived by many as "DOUBLE-QUOTE more flexible "DOUBLE-QUOTE than Mr. Marks ,COMMA said Lewis J. Horowitz ,COMMA president of the New York Futures Exchange ,COMMA a New York Stock Exchange subsidiary .PERIOD
</s>
</p>
<p.87.001.870323-0074.10>
<s.87.001.870323-0074.10.1>
Mr. Brody ,COMMA formerly Comex president and recently elected as the first full -HYPHEN time salaried chairman of the exchange ,COMMA said that informal talks here resulted from the two exchanges' "DOUBLE-QUOTE commitment to making serious headway "DOUBLE-QUOTE toward combining .PERIOD
</s>
</p>
<p.87.001.870323-0074.11>
<s.87.001.870323-0074.11.1>
The joint merger committee will initially focus on several areas ,COMMA including common clearing ,COMMA floor facilities and trading systems ,COMMA said A. George Gero ,COMMA New York Merc treasurer and a committee member .PERIOD
</s>
</p>
<p.87.001.870323-0074.12>
<s.87.001.870323-0074.12.1>
Mr. Bradt ,COMMA who before his election was a member of the committee ,COMMA said he sees "DOUBLE-QUOTE more people willing to listen than ever before "DOUBLE-QUOTE to merger prospects .PERIOD
</s>
</p>
<p.87.001.870323-0074.13>
<s.87.001.870323-0074.13.1>
After a private dinner meeting with Mr. Bradt and other New York Merc officials ,COMMA Fowler C. West ,COMMA commissioner of the Commodity Futures Trading Commission ,COMMA said that with Mr. Bradt's apparent tenaciousness ,COMMA "DOUBLE-QUOTE there seems to be a new initiative "DOUBLE-QUOTE in the merger area .PERIOD
</s>
<s.87.001.870323-0074.13.2>
Mr. West added that he didn't foresee any regulatory problems with such a move .PERIOD
</s>
</p>
<p.87.001.870323-0074.14>
<s.87.001.870323-0074.14.1>
Industry officials said any combination probably would be the first step toward a merger of all five New York exchanges .PERIOD
</s>
<s.87.001.870323-0074.14.2>
The New York Merc ,COMMA Comex ,COMMA Coffee ,COMMA Sugar &AMPERSAND Cocoa Exchange and Cotton Exchange all occupy the same space at the World Trade Center ,COMMA while the New York Futures Exchange is located adjacent to the Big Board a few blocks away .PERIOD
</s>
<s.87.001.870323-0074.14.3>
Some industry executives stressed ,COMMA however ,COMMA that a combination of the five would face much stiffer opposition than a merger of the New York Merc and Comex .PERIOD
</s>
</p>
<p.87.001.870323-0074.15>
<s.87.001.870323-0074.15.1>
And even with a merger ,COMMA the combined New York Merc -HYPHEN Comex still would be dwarfed by the nation's two largest exchanges ,COMMA the Chicago Board of Trade and the Chicago Mercantile Exchange ,COMMA which together capture more than three -HYPHEN quarters of all U. S. futures trading volume .PERIOD
</s>
</p>
<p.87.001.870323-0074.16>
<s.87.001.870323-0074.16.1>
Moreover ,COMMA any merger would take time ;SEMI-COLON industry executives suggested it would take more than two years to work out .PERIOD
</s>
<s.87.001.870323-0074.16.2>
Nevertheless ,COMMA New York exchange leaders say they're striving for a combination before a planned move to a new building ,COMMA which is expected to be completed by about nineteen ninety .PERIOD
</s>
</p>
<p.87.001.870323-0074.17>
<s.87.001.870323-0074.17.1>
In the meantime ,COMMA with the markets becoming more interrelated ,COMMA there is an increased awareness of the benefit of such a move ,COMMA exchange officials said .PERIOD
</s>
</p>
<p.87.001.870323-0074.18>
<s.87.001.870323-0074.18.1>
And some futures executives say that newer ,COMMA younger traders at the New York exchanges are not as opposed as some of the older members to breaking down exchange boundaries .PERIOD
</s>
</p>
<p.87.001.870323-0074.19>
<s.87.001.870323-0074.19.1>
"DOUBLE-QUOTE It won't happen tomorrow ,COMMA but it'll be sooner than expected ,COMMA "DOUBLE-QUOTE says Mr. Horowitz .PERIOD
</s>
</p>
<p.87.001.870323-0073.1>
<s.87.001.870323-0073.1.1>
Congress ,COMMA setting up a confrontation with President Reagan ,COMMA cleared a five -HYPHEN year ,COMMA eighty eight billion dollar highway bill that includes a provision to let states raise the speed limit on interstate highways .PERIOD
</s>
</p>
<p.87.001.870323-0073.2>
<s.87.001.870323-0073.2.1>
The Senate Friday voted sixty to twenty one to allow states to increase the speed limit to sixty five miles per hour ,COMMA from fifty five mph currently ,COMMA on most rural interstate highways .PERIOD
</s>
<s.87.001.870323-0073.2.2>
The speed -HYPHEN limit provision then was folded into the overall highway bill and sent to the White House .PERIOD
</s>
<s.87.001.870323-0073.2.3>
President Reagan has vowed to veto the measure as too costly .PERIOD
</s>
</p>
<p.87.001.870323-0073.3>
<s.87.001.870323-0073.3.1>
While proponents of the combined bill stand a good chance of being able to muster the two -HYPHEN thirds vote necessary to override a presidential veto ,COMMA some on Capitol Hill said such an outcome wasn't assured .PERIOD
</s>
<s.87.001.870323-0073.3.2>
The House approved the highway spending provisions last Wednesday by an overwhelming four hundred seven to seventeen vote .PERIOD
</s>
<s.87.001.870323-0073.3.3>
But the speed -HYPHEN limit change squeaked through that chamber two hundred seventeen to two hundred six .PERIOD
</s>
</p>
<p.87.001.870323-0073.4>
<s.87.001.870323-0073.4.1>
Senate Minority Leader Robert Dole (LEFT-PAREN R. ,COMMA Kansas )RIGHT-PAREN had said Thursday that he planned to try to get the Senate to adopt a cheaper highway bill that might be acceptable to the president and avert a veto .PERIOD
</s>
<s.87.001.870323-0073.4.2>
But Senator Dole announced Friday that he decided against offering the amendment .PERIOD
</s>
<s.87.001.870323-0073.4.3>
Instead ,COMMA he said he would propose a less -HYPHEN expensive highway bill --DASH probably the four -HYPHEN year ,COMMA sixty five billion dollars one the Senate approved earlier this year --DASH after Mr. Reagan's expected veto of the more costly measure .PERIOD
</s>
</p>
<p.87.001.870323-0073.5>
<s.87.001.870323-0073.5.1>
President Reagan suggested Friday that he would accept the earlier Senate version .PERIOD
</s>
<s.87.001.870323-0073.5.2>
"DOUBLE-QUOTE I am in full support of reasonable funding levels for these programs similar to the legislation passed by the Senate ,COMMA "DOUBLE-QUOTE he said in a statement put out by the White House .PERIOD
</s>
<s.87.001.870323-0073.5.3>
"DOUBLE-QUOTE But I am adamantly opposed to the excessive spending that is in the bill as it emerged from the conference committee .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0073.7>
<s.87.001.870323-0073.7.1>
Mr. Reagan supports granting states the authority to raise the speed limit ,COMMA but he won't be able to sign that portion of the bill separately from the spending provisions .PERIOD
</s>
<s.87.001.870323-0073.7.2>
The fifty five mph national speed limit was set in nineteen seventy four in response to an energy crisis ,COMMA but supporters say that it has saved thousands of lives since then .PERIOD
</s>
<s.87.001.870323-0073.7.3>
Critics say it is widely ignored and difficult to enforce .PERIOD
</s>
</p>
<p.87.001.870323-0073.8>
<s.87.001.870323-0073.8.1>
Backers of the overall highway bill warned that if President Reagan's expected veto isn't overridden ,COMMA Congress might be unable to act on new highway legislation for several more months .PERIOD
</s>
<s.87.001.870323-0073.8.2>
That could jeopardize the summer construction season and tens of thousands of jobs .PERIOD
</s>
</p>
<p.87.001.870323-0073.9>
<s.87.001.870323-0073.9.1>
The highway program expired September thirtieth .PERIOD
</s>
<s.87.001.870323-0073.9.2>
Congress deadlocked last October over reauthorization legislation .PERIOD
</s>
<s.87.001.870323-0073.9.3>
State officials and highway groups say several states already are running low on highway cash ,COMMA and are pressing hard for new legislation .PERIOD
</s>
</p>
<p.87.001.870323-0072.1>
<s.87.001.870323-0072.1.1>
The Philippines' major creditor banks have accepted a proposal under which they may choose to receive some interest payments in the form of notes ,COMMA sources close to the country's debt talks said .PERIOD
</s>
</p>
<p.87.001.870323-0072.2>
<s.87.001.870323-0072.2.1>
Their acceptance establishes an important precedent for future settlements with other debtor countries .PERIOD
</s>
<s.87.001.870323-0072.2.2>
It also raises the accounting question of how banks will value such notes .PERIOD
</s>
</p>
<p.87.001.870323-0072.3>
<s.87.001.870323-0072.3.1>
Philippine Finance Minister Jaime Ongpin and his country's main creditor banks still are working to reach agreement on other issues in rescheduling more than thirteen billion dollars of debt ,COMMA including ten .POINT three billion dollars of medium -HYPHEN term and long -HYPHEN term debt owed to foreign banks and three billion dollars of trade financing .PERIOD
</s>
<s.87.001.870323-0072.3.2>
Talks on those issues will resume later this week .PERIOD
</s>
</p>
<p.87.001.870323-0072.4>
<s.87.001.870323-0072.4.1>
The note proposal ,COMMA which has drawn approving comments from U. S. Treasury officials ,COMMA gives creditor banks the option to take payments covering the interest -HYPHEN rate margin on Philippine debt in so -HYPHEN called Philippine Investment Notes .PERIOD
</s>
<s.87.001.870323-0072.4.2>
These notes ,COMMA denominated in U. S. dollars and not paying interest ,COMMA could be exchanged for local currency for investment in the Philippines' debt -HYPHEN for -HYPHEN equity swap program .PERIOD
</s>
<s.87.001.870323-0072.4.3>
Banks will be offered a slightly higher interest -HYPHEN rate margin if they accept the notes than if they take a cash payment .PERIOD
</s>
</p>
<p.87.001.870323-0072.5>
<s.87.001.870323-0072.5.1>
The Philippines has proposed that the interest -HYPHEN rate margin for cash payments be five eighths percentage point over the banks' cost of funds ,COMMA while the notes would have a face value equal to a one -HYPHEN point margin over the cost of funds .PERIOD
</s>
<s.87.001.870323-0072.5.2>
But the margins have yet to be resolved .PERIOD
</s>
</p>
<p.87.001.870323-0072.6>
<s.87.001.870323-0072.6.1>
Other debtor countries ,COMMA eager to encourage debt -HYPHEN for -HYPHEN equity swaps and to limit cash payments on their debt in foreign currencies ,COMMA probably will want to take advantage of an option such as the Philippines' note proposal .PERIOD
</s>
</p>
<p.87.001.870323-0072.7>
<s.87.001.870323-0072.7.1>
Meanwhile ,COMMA because accounting principles haven't been established yet for the notes ,COMMA banks that choose to take the notes likely will be on their own in either accepting them at par value or discounting them because they're only exchangeable into Philippine pesos ,COMMA a restricted foreign currency .PERIOD
</s>
</p>
<p.87.001.870323-0072.8>
<s.87.001.870323-0072.8.1>
Major U. S. accounting firms are split on how to value the notes .PERIOD
</s>
<s.87.001.870323-0072.8.2>
At the conservative end is Price Waterhouse ,COMMA which audits major U. S. banks and would have them sharply discount the notes .PERIOD
</s>
<s.87.001.870323-0072.8.3>
The more liberal view ,COMMA opposing such a discount ,COMMA is taken by the accounting firm of Arthur Young &AMPERSAND Company ,COMMA which is a consultant to investment bankers advising the Philippines .PERIOD
</s>
</p>
<p.87.001.870323-0072.9>
<s.87.001.870323-0072.9.1>
A spokesman for the Federal Reserve Bank of New York said :COLON "DOUBLE-QUOTE We hope the Philippine debt talks move toward a smooth conclusion .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0072.9.2>
But he declined to comment on the issue of the notes .PERIOD
</s>
</p>
<p.87.001.870323-0072.10>
<s.87.001.870323-0072.10.1>
The Philippines and its bankers still have to resolve the question of interest -HYPHEN rate margins ,COMMA and also have to agree who will monitor the Philippine economy once the country's present International Monetary Fund program expires in the middle of next year .PERIOD
</s>
</p>
<p.87.001.870323-0072.11>
<s.87.001.870323-0072.11.1>
Talks on these issues were adjourned over the weekend to allow some bankers to attend the Inter -HYPHEN American Development Bank's annual meeting in Miami .PERIOD
</s>
<s.87.001.870323-0072.11.2>
The talks will resume later this week ,COMMA with the more -HYPHEN optimistic negotiators expecting an agreement before the weekend .PERIOD
</s>
</p>
<p.87.001.870323-0071.1>
<s.87.001.870323-0071.1.1>
The abrupt departure of three Anheuser -HYPHEN Busch Companies executives amid allegations of improper payments has dented one of the nation's most carefully constructed corporate images .PERIOD
</s>
</p>
<p.87.001.870323-0071.2>
<s.87.001.870323-0071.2.1>
Since the Budweiser Clydesdales first paraded to celebrate the repeal of Prohibition in nineteen thirty three ,COMMA Anheuser -HYPHEN Busch has cast itself as a bastion of all -HYPHEN American wholesomeness .PERIOD
</s>
<s.87.001.870323-0071.2.2>
Under August Busch three ,COMMA the straight -HYPHEN laced chairman ,COMMA president and great -HYPHEN grandson of the founder ,COMMA the Saint Louis -HYPHEN based company has crusaded against drunken driving and drug abuse ,COMMA sponsored sports events and ,COMMA as always ,COMMA displayed the huge horses at parades and county fairs .PERIOD
</s>
</p>
<p.87.001.870323-0071.3>
<s.87.001.870323-0071.3.1>
"DOUBLE-QUOTE It's a straight -HYPHEN arrow company culture ,COMMA "DOUBLE-QUOTE says a former Anheuser -HYPHEN Busch executive .PERIOD
</s>
<s.87.001.870323-0071.3.2>
"DOUBLE-QUOTE August Busch three doesn't accept gifts from suppliers ,COMMA and employees know that .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0071.4>
<s.87.001.870323-0071.4.1>
Thus the recent allegations of improper dealings with a now -HYPHEN defunct advertising and promotional agency ,COMMA Hanley Worldwide Incorporated ,COMMA stunned employees of the tightknit brewing industry leader ,COMMA and its competitors as well .PERIOD
</s>
</p>
<p.87.001.870323-0071.5>
<s.87.001.870323-0071.5.1>
Joseph E. Martino ,COMMA vice president ,COMMA sales ,COMMA of the company's beer unit ;SEMI-COLON John C. Lodge ,COMMA manager of national sales promotion events ,COMMA and Michael A. Orloff ,COMMA vice president of the beer unit's wholesale operations division ,COMMA abruptly departed Anheuser -HYPHEN Busch two weeks ago ,COMMA during an internal investigation by the company .PERIOD
</s>
</p>
<p.87.001.870323-0071.6>
<s.87.001.870323-0071.6.1>
Anheuser -HYPHEN Busch won't comment on its investigation ,COMMA except to say that it focuses on "DOUBLE-QUOTE allegations of improper conduct by certain employees and suppliers .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0071.6.2>
At least some of the allegations came in disputed statements made more than a year ago in a bankruptcy court proceeding .PERIOD
</s>
</p>
<p.87.001.870323-0071.7>
<s.87.001.870323-0071.7.1>
Nevertheless ,COMMA the probe most likely will spawn new ethics rules at the big brewer ,COMMA and a tightening of controls on promotional spending .PERIOD
</s>
<s.87.001.870323-0071.7.2>
And Anheuser -HYPHEN Busch's embarrassment could prompt other brewers to review practices in the high -HYPHEN rolling beer -HYPHEN promotion field ,COMMA where spending will top four hundred million dollars this year .PERIOD
</s>
</p>
<p.87.001.870323-0071.8>
<s.87.001.870323-0071.8.1>
Few employees better personified Anheuser -HYPHEN Busch's clean -HYPHEN cut image than the three departed executives .PERIOD
</s>
<s.87.001.870323-0071.8.2>
Mr. Martino and Mr. Orloff ,COMMA both graduates of the University of Pennsylvania's Wharton School ,COMMA joined the company in nineteen seventy nine as brand managers and soon hit the fast track .PERIOD
</s>
</p>
<p.87.001.870323-0071.9>
<s.87.001.870323-0071.9.1>
After a stint as executive assistant to Dennis P. Long ,COMMA the beer unit president and the Number two executive in the parent company ,COMMA the thirty four -HYPHEN year -HYPHEN old Mr. Martino was seen by insiders as Mr. Long's heir apparent .PERIOD
</s>
<s.87.001.870323-0071.9.2>
Still single ,COMMA with a girlfriend in Saint Louis ,COMMA he recently bought a large ,COMMA Tudor -HYPHEN style home in a quiet Saint Louis neighborhood of big lawns and long driveways .PERIOD
</s>
</p>
<p.87.001.870323-0071.10>
<s.87.001.870323-0071.10.1>
Mr. Lodge ,COMMA meanwhile ,COMMA was sculpting a high profile for Anheuser -HYPHEN Busch in the fast -HYPHEN paced beer -HYPHEN promotion arena ,COMMA where the company is the biggest spender by far .PERIOD
</s>
<s.87.001.870323-0071.10.2>
As manager of national sales promotions events ,COMMA he was breaking new ground for the company by working through black promoters and minority -HYPHEN owned promotional agencies .PERIOD
</s>
<s.87.001.870323-0071.10.3>
He also was guiding Anheuser -HYPHEN Busch deeper into splashy concert promotions ,COMMA such as last year's Superfest tour ,COMMA featuring the Temptations and other black and Hispanic groups .PERIOD
</s>
</p>
<p.87.001.870323-0071.11>
<s.87.001.870323-0071.11.1>
"DOUBLE-QUOTE He's as clean -HYPHEN cut as you can get ...ELLIPSIS real dynamic in preppie blazers and red ties ,COMMA "DOUBLE-QUOTE says Lesa Ukman ,COMMA editor of Special Events Reports ,COMMA a Chicago -HYPHEN based newsletter .PERIOD
</s>
<s.87.001.870323-0071.11.2>
Adds a former Anheuser -HYPHEN Busch executive :COLON "DOUBLE-QUOTE All three of these guys are right out of pages of a study of yuppies .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0071.12>
<s.87.001.870323-0071.12.1>
But the company inquiry ,COMMA which began a few months ago ,COMMA changed everything .PERIOD
</s>
<s.87.001.870323-0071.12.2>
The impetus apparently was a few minutes of murky testimony in the three -HYPHEN year liquidation case of Hanley Worldwide under Chapter seven of the federal Bankruptcy Code .PERIOD
</s>
<s.87.001.870323-0071.12.3>
The case continues in U. S. Bankruptcy Court in Saint Louis .PERIOD
</s>
</p>
<p.87.001.870323-0071.13>
<s.87.001.870323-0071.13.1>
As long as a year ago ,COMMA Hanley's bankruptcy trustee charged in a lawsuit filed in the court that Saint Louis -HYPHEN based Hanley paid a car dealer thirteen thousand ,COMMA five hundred dollars toward the nineteen eighty two purchase of a Porsche for Mr. Lodge .PERIOD
</s>
<s.87.001.870323-0071.13.2>
The trustee contended in a subsequent court filing that the payment was made partly to induce Mr. Lodge to funnel business to Hanley .PERIOD
</s>
<s.87.001.870323-0071.13.3>
Mr. Lodge's attorney says that if the agency paid for part of the cost of the car ,COMMA his client wasn't aware of it .PERIOD
</s>
</p>
<p.87.001.870323-0071.14>
<s.87.001.870323-0071.14.1>
The allegations against the other two executives are far more serious ,COMMA and still more murky .PERIOD
</s>
<s.87.001.870323-0071.14.2>
A review of the official tape recording of the bankruptcy court proceeding shows that in February nineteen eighty six ,COMMA a former Hanley executive reluctantly repeated what he called "DOUBLE-QUOTE hearsay "DOUBLE-QUOTE about Mr. Martino and Mr. Orloff .PERIOD
</s>
<s.87.001.870323-0071.14.3>
The statements were made under oath in answer to questions from lawyers involved in the case .PERIOD
</s>
</p>
<p.87.001.870323-0071.15>
<s.87.001.870323-0071.15.1>
The former executive ,COMMA William E. Bartlett ,COMMA said he was told that "DOUBLE-QUOTE fictitious invoices "DOUBLE-QUOTE for two hundred fifty thousand dollars were sent to Anheuser -HYPHEN Busch ,COMMA and that the money was split between Hanley's owner ,COMMA an associate of Hanley's owner and Mr. Martino .PERIOD
</s>
<s.87.001.870323-0071.15.2>
Under further questioning ,COMMA he also told of "DOUBLE-QUOTE hearsay "DOUBLE-QUOTE that Mr. Orloff had received twenty five thousand dollars .PERIOD
</s>
</p>
<p.87.001.870323-0071.16>
<s.87.001.870323-0071.16.1>
The former executive said the source of the information about both Mr. Martino and Mr. Orloff was Hanley's owner ,COMMA Marvin Cotlar .PERIOD
</s>
<s.87.001.870323-0071.16.2>
But Mr. Cotlar's attorney ,COMMA Milton P. Goldfarb ,COMMA said Friday his client had made no such statements .PERIOD
</s>
<s.87.001.870323-0071.16.3>
And Gerald A. Rimmel ,COMMA the bankruptcy trustee ,COMMA has said he found no evidence that Hanley made payments to either executive .PERIOD
</s>
</p>
<p.87.001.870323-0071.17>
<s.87.001.870323-0071.17.1>
Thomas M. Walsh ,COMMA an attorney for both Mr. Martino and Mr. Orloff ,COMMA declined to comment .PERIOD
</s>
</p>
<p.87.001.870323-0071.18>
<s.87.001.870323-0071.18.1>
Whatever the case ,COMMA the three executives left within two days of one another .PERIOD
</s>
</p>
<p.87.001.870323-0071.19>
<s.87.001.870323-0071.19.1>
While one or more of the executives may be cleared ,COMMA the investigation's ripple effects are likely to linger in the brewing industry .PERIOD
</s>
<s.87.001.870323-0071.19.2>
Anheuser -HYPHEN Busch isn't the first big brewer to hit ethical shoals in beer promotion :COLON Last November ,COMMA Miller Brewing Company ,COMMA the Number two brewer ,COMMA won a one .POINT nine million dollar settlement from a now -HYPHEN defunct New York promotions agency .PERIOD
</s>
</p>
<p.87.001.870323-0071.20>
<s.87.001.870323-0071.20.1>
Miller ,COMMA a Milwaukee -HYPHEN based unit of Philip Morris Incorporated ,COMMA charged in a lawsuit in federal court in Milwaukee that the agency had used money that was supposed to be paid to sponsor auto races and other events to buy racehorses and furnish lavish residences .PERIOD
</s>
<s.87.001.870323-0071.20.2>
"DOUBLE-QUOTE We were getting bills for things we thought the promotions agency had already paid ,COMMA "DOUBLE-QUOTE says Alan Easton ,COMMA Miller's vice president of corporate affairs .PERIOD
</s>
</p>
<p.87.001.870323-0071.21>
<s.87.001.870323-0071.21.1>
The stakes in beer promotion and advertising are rising so fast that some executives say effective controls are difficult .PERIOD
</s>
<s.87.001.870323-0071.21.2>
Anheuser -HYPHEN Busch's ad and promotional spending per six -HYPHEN pack has doubled since nineteen eighty ,COMMA according to Beer Marketer's Insights ,COMMA a West Nyack ,COMMA N. Y. -HYPHEN based newsletter .PERIOD
</s>
<s.87.001.870323-0071.21.3>
The company spent roughly two hundred seven million dollars on promotions in nineteen eighty five ,COMMA according to Advertising Age .PERIOD
</s>
</p>
<p.87.001.870323-0071.22>
<s.87.001.870323-0071.22.1>
And the big Midwestern brewers that dominate the industry often know little about the glitzy ,COMMA fast -HYPHEN paced world of promotion .PERIOD
</s>
<s.87.001.870323-0071.22.2>
"DOUBLE-QUOTE The promotions business is one that needs to be watched carefully ,COMMA "DOUBLE-QUOTE says Miller's Mr. Easton .PERIOD
</s>
<s.87.001.870323-0071.22.3>
"DOUBLE-QUOTE Our business is beer ;SEMI-COLON we don't know much about things like racing and concerts .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0070.1>
<s.87.001.870323-0070.1.1>
Readers of this newspaper will remember a flurry of articles a few years ago about the negative images of businessmen on T. V. .PERIOD
</s>
<s.87.001.870323-0070.1.2>
Some were excerpted from a nineteen eighty one Media Institute study that compiled statistical evidence that T. V. dramas and comedies portrayed businessmen as "DOUBLE-QUOTE crooks ,COMMA con men and clowns .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0070.1.3>
Others came from Ben Stein's nineteen seventy nine book ,COMMA "DOUBLE-QUOTE The View From Sunset Boulevard ,COMMA "DOUBLE-QUOTE and argued that the ubiquitous corporate villain was one of several systematic distortions found in the medium .PERIOD
</s>
</p>
<p.87.001.870323-0070.2>
<s.87.001.870323-0070.2.1>
Has there been any improvement since then ?QUESTION-MARK
</s>
<s.87.001.870323-0070.2.2>
Not according to a new film called "DOUBLE-QUOTE Hollywood's Favorite Heavy "DOUBLE-QUOTE (LEFT-PAREN airing Wednesday ,COMMA nine to ten p. m. E. S. T. ,COMMA on most P. B. S. stations )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870323-0070.2.3>
Echoing these criticisms ,COMMA narrator Eli Wallach explains :COLON "DOUBLE-QUOTE The businessmen you see portrayed on T. V. seem to make an awful lot of money ,COMMA without ever having to work hard or produce useful products .PERIOD
</s>
<s.87.001.870323-0070.2.4>
To succeed ,COMMA all they seem to do is lie ,COMMA steal ,COMMA cheat ,COMMA blackmail ,COMMA even murder .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0070.3>
<s.87.001.870323-0070.3.1>
In addition to echoing past criticism ,COMMA the film reenacts some of it .PERIOD
</s>
<s.87.001.870323-0070.3.2>
For example ,COMMA Mr. Stein's book describes his unsuccessful efforts to pitch the idea of a T. V. series with a businessman hero .PERIOD
</s>
<s.87.001.870323-0070.3.3>
The film opens with a staged conversation between Mr. Stein and Al Burton ,COMMA an executive producer at Universal Studios ,COMMA in which Mr. Stein halfheartedly pitches a show about "DOUBLE-QUOTE a guy who is a venture capitalist ,COMMA and the adventure each episode is starting some little company .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0070.3.4>
Mr. Burton passes ,COMMA saying that the whole thing makes him "DOUBLE-QUOTE yawn emotionally .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0070.3.5>
Then Mr. Stein pounces ,COMMA with his familiar accusation :COLON "DOUBLE-QUOTE Do you think the problem is a businessman being the hero ?QUESTION-MARK "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0070.4>
<s.87.001.870323-0070.4.1>
The scene would be more persuasive if Mr. Stein didn't also seem to be yawning emotionally at his eight -HYPHEN year -HYPHEN old idea .PERIOD
</s>
<s.87.001.870323-0070.4.2>
At any rate ,COMMA his eight -HYPHEN year -HYPHEN old criticism still applies to plenty of contemporary T. V. shows --DASH especially crime dramas ,COMMA for the simple reason that they require a constant supply of bad guys .PERIOD
</s>
<s.87.001.870323-0070.4.3>
In interviews with prominent T. V. writers ,COMMA producers and network executives ,COMMA we learn two reasons why the businessman continues to be television's villain of choice .PERIOD
</s>
</p>
<p.87.001.870323-0070.5>
<s.87.001.870323-0070.5.1>
First ,COMMA by default .PERIOD
</s>
<s.87.001.870323-0070.5.2>
A writer for "DOUBLE-QUOTE The A -HYPHEN Team "DOUBLE-QUOTE claims that mobsters cannot be the heavies any more ,COMMA because the networks don't want to be accused of stereotyping Italian Americans .PERIOD
</s>
<s.87.001.870323-0070.5.3>
"DOUBLE-QUOTE You can't say 'SINGLE-QUOTE Mafia ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE he adds .PERIOD
</s>
<s.87.001.870323-0070.5.4>
Other interviewees ,COMMA such as a creator of "DOUBLE-QUOTE Miami Vice ,COMMA "DOUBLE-QUOTE imply that any trace of ethnicity is a no -HYPHEN no :COLON "DOUBLE-QUOTE The easiest mark is to put some white -HYPHEN bread character in a three -HYPHEN piece suit who is a white -HYPHEN collar criminal .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0070.6>
<s.87.001.870323-0070.6.1>
Second ,COMMA most viewers are considered too stupid to relate to less -HYPHEN obvious bad guys .PERIOD
</s>
<s.87.001.870323-0070.6.2>
As a writer for "DOUBLE-QUOTE The Fall Guy "DOUBLE-QUOTE puts it ,COMMA most writers and producers "DOUBLE-QUOTE assume that their audiences are 'SINGLE-QUOTE lumpen proletariat 'SINGLE-QUOTE that are drooling and eating frozen dinners ,COMMA not even heating them because they can't master the microwave .PERIOD
</s>
<s.87.001.870323-0070.6.3>
Yeah ,COMMA they're just sucking them until they get warm !EXCLAMATION-POINT "DOUBLE-QUOTE
</s>
<s.87.001.870323-0070.6.4>
These audiences "DOUBLE-QUOTE are going to understand if you say business is bad ...ELLIPSIS everyone's going to say 'SINGLE-QUOTE Yeah ,COMMA right !EXCLAMATION-POINT 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0070.7>
<s.87.001.870323-0070.7.1>
Even if this description fit the average T. V. viewer ,COMMA it would still beg the question :COLON Why are businessmen seen as such obvious stock villains ?QUESTION-MARK
</s>
<s.87.001.870323-0070.7.2>
One explanation might be that T. V. people themselves dislike business .PERIOD
</s>
<s.87.001.870323-0070.7.3>
In his book ,COMMA Mr. Stein suggests a bias on the part of Hollywood's "DOUBLE-QUOTE creative community "DOUBLE-QUOTE against the pin -HYPHEN striped ,COMMA ratings -HYPHEN obsessed "DOUBLE-QUOTE suits "DOUBLE-QUOTE from the networks .PERIOD
</s>
<s.87.001.870323-0070.7.4>
He also hints that differences in culture ,COMMA values and background might incline the crowd on Sunset Boulevard to take a dim view of America's corporate elite .PERIOD
</s>
</p>
<p.87.001.870323-0070.8>
<s.87.001.870323-0070.8.1>
Unfortunately ,COMMA these interesting speculations don't make it into the film .PERIOD
</s>
<s.87.001.870323-0070.8.2>
Instead ,COMMA we are treated to the spectacle of Mr. Stein browbeating the interviewees about "DOUBLE-QUOTE ideological preferences .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0070.8.3>
And the film starts to feel outdated when Mr. Wallach explains :COLON "DOUBLE-QUOTE In the late sixties and early seventies ,COMMA the mood of the country changed .PERIOD
</s>
<s.87.001.870323-0070.8.4>
The Vietnam War ,COMMA environmental crises and Watergate shook the nation's faith in its institutions .PERIOD
</s>
<s.87.001.870323-0070.8.5>
And T. V. reflected this new anti -HYPHEN establishment perspective .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0070.9>
<s.87.001.870323-0070.9.1>
Right on target ,COMMA for nineteen seventy nine or nineteen eighty one .PERIOD
</s>
<s.87.001.870323-0070.9.2>
But this is nineteen eighty seven ,COMMA and T. V. has a new type of corporate villain :COLON the lovable /SLASH hateable member of the family ,COMMA such as J. R. on "DOUBLE-QUOTE Dallas "DOUBLE-QUOTE or Alexis on "DOUBLE-QUOTE Dynasty .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0070.9.3>
"DOUBLE-QUOTE Hollywood's Favorite Heavy "DOUBLE-QUOTE acknowledges the existence of these new villains ,COMMA and admits that they contrast strikingly with the usual crime -HYPHEN drama villain ,COMMA who brandishes a weapon or dumps toxic chemicals just long enough to get caught by the hero .PERIOD
</s>
<s.87.001.870323-0070.9.4>
But it fails to do them justice .PERIOD
</s>
</p>
<p.87.001.870323-0070.10>
<s.87.001.870323-0070.10.1>
In reply to the argument that popular culture has always used tycoons as heavies ,COMMA the film points to melodramatic movies of the forties and fifties ,COMMA in which the wicked businessman was usually thwarted by a virtuous businessman .PERIOD
</s>
<s.87.001.870323-0070.10.2>
It adds that these movies accepted the basic legitimacy of the business system .PERIOD
</s>
<s.87.001.870323-0070.10.3>
Yet it draws no parallel between these older films and a show like "DOUBLE-QUOTE Dallas "DOUBLE-QUOTE --DASH which is nothing if not a melodrama ,COMMA opposing the greedy ,COMMA unscrupulous schemes of J. R. to the honorable practices of Bobby ;SEMI-COLON and expressing reverence toward the generation of Jock Ewing for having built a fortune out of mother wit ,COMMA sweat and Texas dirt .PERIOD
</s>
</p>
<p.87.001.870323-0070.11>
<s.87.001.870323-0070.11.1>
Since their inception in the early eighties ,COMMA the prime -HYPHEN time soaps have dabbled in total corruption --DASH Bobby ,COMMA Blake ,COMMA Chase and Karen have each acted reprehensibly at times .PERIOD
</s>
<s.87.001.870323-0070.11.2>
But soon enough ,COMMA they have repented and gone back to their upright ways .PERIOD
</s>
<s.87.001.870323-0070.11.3>
The producers know perfectly well that without these noble characters ,COMMA their whole formula would collapse .PERIOD
</s>
<s.87.001.870323-0070.11.4>
Without these pillars of goodness ,COMMA all those satiny billows of evil would have no support .PERIOD
</s>
</p>
<p.87.001.870323-0070.12>
<s.87.001.870323-0070.12.1>
"DOUBLE-QUOTE Hollywood's Favorite Heavy "DOUBLE-QUOTE ends with a couple of sequences in which ordinary viewers talk about the prime -HYPHEN time soaps :COLON a group of women in a beauty parlor ,COMMA and a class of high school students under interrogation by Herb London ,COMMA a dean at New York University .PERIOD
</s>
<s.87.001.870323-0070.12.2>
The women demonstrate a keen grasp of how the soaps exaggerate wickedness for melodramatic ,COMMA and sometimes comic ,COMMA effect .PERIOD
</s>
<s.87.001.870323-0070.12.3>
The high school students ,COMMA on the other hand ,COMMA express admiration for the amoral behavior of J. R. and his ilk ,COMMA and declare that if they were in business ,COMMA they would probably act the same way .PERIOD
</s>
</p>
<p.87.001.870323-0070.13>
<s.87.001.870323-0070.13.1>
The film makers ,COMMA Michael Pack and Dan Polin ,COMMA told me that they consider this high school sequence to be the most interesting and revealing in the film .PERIOD
</s>
<s.87.001.870323-0070.13.2>
Norman Lear is shown gasping with horror at it ,COMMA and Messrs. .PERIOD
</s>
<s.87.001.870323-0070.13.3>
Wallach and Stein base their final statements on it .PERIOD
</s>
<s.87.001.870323-0070.13.4>
Unfortunately ,COMMA no former teacher like me can give any credence to a discussion in which an adult works so heavily at getting pliable young people to tell him exactly what he wants to hear .PERIOD
</s>
<s.87.001.870323-0070.13.5>
The film would have done far better to pick up on the nuanced ,COMMA amused remarks of the beauty -HYPHEN parlor women --DASH who ,COMMA after all ,COMMA could be the high schoolers' mothers .PERIOD
</s>
<s.87.001.870323-0070.13.6>
But then it would have had to offer its own statement about why T. V. has returned to the business melodrama ,COMMA and that would have been a lot harder than simply repeating old criticisms .PERIOD
</s>
</p>
<p.87.001.870323-0069.1>
<s.87.001.870323-0069.1.1>
Striking events are happening in Moscow .PERIOD
</s>
<s.87.001.870323-0069.1.2>
Plays ,COMMA films ,COMMA literary works whose appearance would have been impossible a few years ago are now on the scene .PERIOD
</s>
<s.87.001.870323-0069.1.3>
Andrei Sakharov returns from Gorky ;SEMI-COLON many other dissidents are released from the Gulag ;SEMI-COLON Mikhail Gorbachev speaks of having competition in elections to party positions ;SEMI-COLON and family businesses are made legal .PERIOD
</s>
</p>
<p.87.001.870323-0069.2>
<s.87.001.870323-0069.2.1>
How fundamental are the changes these events portend ?QUESTION-MARK
</s>
<s.87.001.870323-0069.2.2>
In "DOUBLE-QUOTE The Waking Giant :COLON Gorbachev's Russia "DOUBLE-QUOTE (LEFT-PAREN Pantheon ,COMMA two hundred ninety eight pages ,COMMA seventeen dollars and ninety five cents )RIGHT-PAREN ,COMMA Martin Walker ,COMMA the Manchester Guardian's Moscow correspondent since nineteen eighty four ,COMMA says that the situation is "DOUBLE-QUOTE revolutionary .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0069.2.3>
More importantly ,COMMA Mr. Gorbachev describes it that way as well .PERIOD
</s>
<s.87.001.870323-0069.2.4>
As Mr. Walker puts it ,COMMA the situation is driven by the emergence of a new class ,COMMA well -HYPHEN educated ,COMMA relatively prosperous ,COMMA influential ,COMMA frustrated by the inefficiencies and dreariness of Soviet life and keenly aware of Soviet backwardness .PERIOD
</s>
<s.87.001.870323-0069.2.5>
This class wants to see the system reformed .PERIOD
</s>
</p>
<p.87.001.870323-0069.3>
<s.87.001.870323-0069.3.1>
"DOUBLE-QUOTE Reform "DOUBLE-QUOTE is not "DOUBLE-QUOTE revolution .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0069.3.2>
Mr. Walker's informed and sympathetic descriptions of the struggle to gain more freedom for the arts ,COMMA of the emergence of a feminist movement (LEFT-PAREN in a country where women have a truly hard lot )RIGHT-PAREN ,COMMA of recent economic experiments ,COMMA suggest that the modification of the existing system ,COMMA not its transformation ,COMMA is the aim of most of those pushing for change ;SEMI-COLON and there are many in the Politburo ,COMMA Central Committee and Communist Party who resist even this .PERIOD
</s>
</p>
<p.87.001.870323-0069.4>
<s.87.001.870323-0069.4.1>
Mr. Gorbachev may indeed want some big changes ;SEMI-COLON at least he says some bold things .PERIOD
</s>
<s.87.001.870323-0069.4.2>
He sometimes asserts that there is a need for flexible prices linked to demand as well as cost ;SEMI-COLON that farmers should be able to market their produce ;SEMI-COLON and that wages should be linked to personal --DASH and organizational --DASH performance .PERIOD
</s>
<s.87.001.870323-0069.4.3>
But ,COMMA as Mr. Walker observes ,COMMA the system has little room for maneuver .PERIOD
</s>
<s.87.001.870323-0069.4.4>
The party and bureaucracy resist ,COMMA needed price increases could result in riots ,COMMA and Mr. Gorbachev might go ,COMMA as did Nikita Khrushchev ,COMMA in a "DOUBLE-QUOTE Putsch .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0069.5>
<s.87.001.870323-0069.5.1>
The economic system and its performance are of central importance ,COMMA and Mr. Walker's treatment of them is inadequate .PERIOD
</s>
<s.87.001.870323-0069.5.2>
Soviet real national income did not grow at anything like the sixty two %PERCENT rate during the nineteen seventies that Mr. Walker claims ;SEMI-COLON the improvements in the Brezhnev years were mostly over by the mid -HYPHEN nineteen seventies .PERIOD
</s>
<s.87.001.870323-0069.5.3>
Contrary to Mr. Walker's assertion ,COMMA an arms race in space will definitely not boost the Soviet economy .PERIOD
</s>
<s.87.001.870323-0069.5.4>
Mr. Gorbachev is clearer on this when he complains to Ronald Reagan that the American Strategic Defense Initiative is designed to drive the Soviet Union into bankruptcy .PERIOD
</s>
</p>
<p.87.001.870323-0069.6>
<s.87.001.870323-0069.6.1>
The basic cause of Soviet economic malaise is the command structure of the economy ,COMMA but the Soviets are also hurt ,COMMA much more than Mr. Walker acknowledges ,COMMA by the enormous share of resources taken by the military and related activities throughout the Soviet empire .PERIOD
</s>
<s.87.001.870323-0069.6.2>
As Mr. Gorbachev tries to hold down military spending and shift resources into investment ,COMMA Mr. Walker sees ,COMMA plausibly ,COMMA that the surface navy and the Soviet forces along the Chinese border will likely be most affected .PERIOD
</s>
</p>
<p.87.001.870323-0069.7>
<s.87.001.870323-0069.7.1>
If Mr. Walker deserves good grades for his reportage of Kremlin personalities and the cultural scene ,COMMA and (LEFT-PAREN at best )RIGHT-PAREN an incomplete on economic matters ,COMMA he flunks on geopolitics .PERIOD
</s>
<s.87.001.870323-0069.7.2>
Here his stance is nominally neutral ,COMMA but it is operationally favorable to the Soviets (LEFT-PAREN or rather to his notion of what Mr. Gorbachev stands for )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870323-0069.7.3>
His arguments are depressingly familiar :COLON The invasion of Afghanistan is just one of those things that empires do ;SEMI-COLON the "DOUBLE-QUOTE For every Afghanistan there is a Vietnam "DOUBLE-QUOTE syndrome .PERIOD
</s>
<s.87.001.870323-0069.7.4>
The old Soviet fear of being surrounded by enemies compels the country to break out and dominate its neighbors .PERIOD
</s>
<s.87.001.870323-0069.7.5>
Moreover ,COMMA the West's support for corrupt and brutal regimes in the Third World is the real reason for Soviet expansion there .PERIOD
</s>
</p>
<p.87.001.870323-0069.8>
<s.87.001.870323-0069.8.1>
Of course we need to try to understand the Soviet Union better ,COMMA but to those on the receiving end of Soviet bullets and bombs ,COMMA whether directly or indirectly delivered (LEFT-PAREN no hint at Soviet support of terrorists pops up in Mr. Walker's book )RIGHT-PAREN ,COMMA it is present Soviet behavior that matters most ,COMMA not the terrible past that has warped its collective psyche .PERIOD
</s>
</p>
<p.87.001.870323-0069.9>
<s.87.001.870323-0069.9.1>
Mr. Walker suggests that the West has an interest in maintaining the "DOUBLE-QUOTE physical and territorial integrity of the Soviet state "DOUBLE-QUOTE and that the failure of Mr. Gorbachev's program might produce a collapse with consequent chaos --DASH a united Germany ,COMMA a European crisis and ,COMMA perhaps ,COMMA general war .PERIOD
</s>
</p>
<p.87.001.870323-0069.10>
<s.87.001.870323-0069.10.1>
So let us help Mr. Gorbachev ,COMMA he urges .PERIOD
</s>
<s.87.001.870323-0069.10.2>
We have been hearing this line from West Germany's foreign minister ,COMMA Hans -HYPHEN Dietrich Genscher ,COMMA and we will hear more of it from others in coming months .PERIOD
</s>
<s.87.001.870323-0069.10.3>
The problem with this line is that the Soviet system is all too stable ;SEMI-COLON that is ,COMMA too resistant to change .PERIOD
</s>
<s.87.001.870323-0069.10.4>
Help from the West simply makes it easier for its rulers to maintain their inefficient system .PERIOD
</s>
</p>
<p.87.001.870323-0069.11>
<s.87.001.870323-0069.11.1>
Mr. Rowen is professor of public management at the Graduate School of Business and senior research fellow at the Hoover Institution ,COMMA Stanford University .PERIOD
</s>
</p>
<p.87.001.870323-0068.1>
<s.87.001.870323-0068.1.1>
Claudine B. Malone faced an unusual dilemma when she learned in mid -HYPHEN February that Dart Group Corporation was considering a bid for Supermarkets General Corporation .PERIOD
</s>
</p>
<p.87.001.870323-0068.2>
<s.87.001.870323-0068.2.1>
For eight years ,COMMA the fifty -HYPHEN year -HYPHEN old teacher and management consultant from McLean ,COMMA Virginia ,COMMA had served as an outside director on the boards of both companies .PERIOD
</s>
<s.87.001.870323-0068.2.2>
And she realized the potential for a conflict of interest .PERIOD
</s>
<s.87.001.870323-0068.2.3>
"DOUBLE-QUOTE It was clear that I had to resign from one or more boards ,COMMA "DOUBLE-QUOTE she says .PERIOD
</s>
</p>
<p.87.001.870323-0068.3>
<s.87.001.870323-0068.3.1>
So ,COMMA after discussing her options with a lawyer ,COMMA Ms. Malone resigned February twenty eighth from the board of Dart Group and its affiliate ,COMMA Trak Auto Corporation ,COMMA choosing to remain on the board of the company that became Dart's target .PERIOD
</s>
<s.87.001.870323-0068.3.2>
She is now "DOUBLE-QUOTE a full participant in our deliberations ,COMMA "DOUBLE-QUOTE according to a Supermarkets General spokesman .PERIOD
</s>
<s.87.001.870323-0068.3.3>
The Woodbridge ,COMMA N. J. -HYPHEN based food retailer is mulling a one .POINT six two billion dollar unsolicited takeover proposal that Dart made March sixth ,COMMA as well as alternatives that include seeking another suitor .PERIOD
</s>
</p>
<p.87.001.870323-0068.4>
<s.87.001.870323-0068.4.1>
Few directors are ever thrust into Ms. Malone's position ,COMMA but her decision strikes some experts as odd .PERIOD
</s>
<s.87.001.870323-0068.4.2>
"DOUBLE-QUOTE I would have gotten off both boards ,COMMA "DOUBLE-QUOTE says John M. Nash ,COMMA president of the National Association of Corporate Directors .PERIOD
</s>
<s.87.001.870323-0068.4.3>
"DOUBLE-QUOTE She has a lot of information in her head about the acquiring company and there may be information there that may be useful to Supermarkets General in their defense .PERIOD
</s>
<s.87.001.870323-0068.4.4>
I think she's walking a very thin line .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0068.5>
<s.87.001.870323-0068.5.1>
Adds Barbara Hackman Franklin ,COMMA a corporate director who heads the government and business program at the Wharton School of the University of Pennsylvania in Philadelphia :COLON "DOUBLE-QUOTE It sounds like an awkward situation at best .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0068.6>
<s.87.001.870323-0068.6.1>
Ms. Malone ,COMMA who is black and serves on the boards of several other big companies ,COMMA defends her decision .PERIOD
</s>
<s.87.001.870323-0068.6.2>
"DOUBLE-QUOTE It didn't seem to me that what's in my head about the Hafts (LEFT-PAREN the father and son who head the discount retailer )RIGHT-PAREN and Dart was that germane to this transaction ,COMMA "DOUBLE-QUOTE she says .PERIOD
</s>
<s.87.001.870323-0068.6.3>
"DOUBLE-QUOTE My conversations with the Supermarkets General people did not lead me to think I should resign from Supermarkets General's board as well .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0068.7>
<s.87.001.870323-0068.7.1>
Moreover ,COMMA Robert Haft ,COMMA the thirty four -HYPHEN year -HYPHEN old president of Landover ,COMMA Maryland -HYPHEN based Dart and a former student of Ms. Malone's ,COMMA doesn't consider her a traitor .PERIOD
</s>
<s.87.001.870323-0068.7.2>
Instead ,COMMA he seems to think of her as a potentially sympathetic ear on the Supermarkets General board .PERIOD
</s>
</p>
<p.87.001.870323-0068.8>
<s.87.001.870323-0068.8.1>
He says Ms. Malone maintains "DOUBLE-QUOTE a complete wall "DOUBLE-QUOTE between her various board activities and provided no help on Dart's bid .PERIOD
</s>
<s.87.001.870323-0068.8.2>
But he adds that she "DOUBLE-QUOTE understands our business operations and our abilities "DOUBLE-QUOTE and "DOUBLE-QUOTE our resolve to acquire a third retailing business .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0068.8.3>
Dart currently operates two discount retailing operations ,COMMA Crown Books Corporation and the Trak Auto chain of automotive supplies stores .PERIOD
</s>
</p>
<p.87.001.870323-0068.9>
<s.87.001.870323-0068.9.1>
Officials of Supermarkets General ,COMMA which has indicated a strong desire to remain independent ,COMMA say they never questioned her loyalty .PERIOD
</s>
<s.87.001.870323-0068.9.2>
"DOUBLE-QUOTE She resigned from the Dart board and she therefore has no conflict of interest ,COMMA "DOUBLE-QUOTE says the spokesman .PERIOD
</s>
</p>
<p.87.001.870323-0068.10>
<s.87.001.870323-0068.10.1>
Ms. Malone ,COMMA who teaches part -HYPHEN time at the University of Virginia's business school ,COMMA won't say why Dart's was the seat she gave up .PERIOD
</s>
<s.87.001.870323-0068.10.2>
She says only that the choice was difficult :COLON "DOUBLE-QUOTE I had longstanding ,COMMA good relationships with both groups ,COMMA which I valued personally and professionally .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0068.12>
<s.87.001.870323-0068.12.1>
Ms. Malone's Dart and Supermarkets General ties go back to the nineteen seventies ,COMMA when she taught at Harvard Business School .PERIOD
</s>
<s.87.001.870323-0068.12.2>
The elder Mr. Haft ,COMMA Dart chairman ,COMMA attended one of her seminars ,COMMA as did Leonard Lieberman ,COMMA chairman and chief executive officer of Supermarkets General .PERIOD
</s>
<s.87.001.870323-0068.12.3>
Robert Haft took her course while studying for his M. B. A. .PERIOD
</s>
</p>
<p.87.001.870323-0068.13>
<s.87.001.870323-0068.13.1>
When Dart was looking for an outside director in nineteen seventy nine ,COMMA the younger Mr. Haft recommended his former professor .PERIOD
</s>
<s.87.001.870323-0068.13.2>
Their relationship remained warm --DASH Robert Haft ,COMMA at Ms. Malone's invitation ,COMMA spoke to one of her classes last fall --DASH though they haven't spoken since she left Dart's board .PERIOD
</s>
</p>
<p.87.001.870323-0068.14>
<s.87.001.870323-0068.14.1>
The daughter of dress shop owners in Washington ,COMMA Ms. Malone has been involved in retailing most of her life .PERIOD
</s>
<s.87.001.870323-0068.14.2>
Her first job was wrapping Christmas gifts for Raleigh Stores ,COMMA a closely held chain of clothing stores in the Washington area .PERIOD
</s>
<s.87.001.870323-0068.14.3>
Later ,COMMA she returned to the company as controller .PERIOD
</s>
</p>
<p.87.001.870323-0068.15>
<s.87.001.870323-0068.15.1>
A certified public accountant and a Harvard -HYPHEN educated M. B. A. ,COMMA Ms. Malone serves mostly on the audit and finance committees of the boards she has joined .PERIOD
</s>
<s.87.001.870323-0068.15.2>
Last year she served on nine boards ,COMMA including Limited Incorporated ,COMMA Campbell Soup Company ,COMMA Scott Paper Company and Houghton Mifflin Company .PERIOD
</s>
</p>
<p.87.001.870323-0068.16>
<s.87.001.870323-0068.16.1>
According to nineteen eighty six proxy statements filed with the Securities and Exchange Commission ,COMMA Ms. Malone received more than ninety three thousand dollars in annual retainers for serving on the boards ,COMMA plus additional fees of as much as one thousand dollars each time she attended a meeting .PERIOD
</s>
<s.87.001.870323-0068.16.2>
Supermarkets General paid her thirteen thousand dollars ,COMMA plus seven hundred fifty dollars per board or committee meeting .PERIOD
</s>
<s.87.001.870323-0068.16.3>
As an outside director and member of Dart's audit committee ,COMMA she earned twelve thousand dollars .PERIOD
</s>
<s.87.001.870323-0068.16.4>
Trak Auto paid her a ten thousand dollar fee .PERIOD
</s>
</p>
<p.87.001.870323-0068.17>
<s.87.001.870323-0068.17.1>
Ms. Malone says she didn't set out to become a professional director .PERIOD
</s>
<s.87.001.870323-0068.17.2>
But she started joining boards at a time when many companies were trying to add women and minorities .PERIOD
</s>
<s.87.001.870323-0068.17.3>
"DOUBLE-QUOTE Over time ,COMMA "DOUBLE-QUOTE she says ,COMMA "DOUBLE-QUOTE various relationships led to board opportunities .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0067.1>
<s.87.001.870323-0067.1.1>
June M. Rodgers ,COMMA who made a small fortune from fast -HYPHEN food franchises ,COMMA loaned her new husband ,COMMA Allen C. Smith ,COMMA more than one hundred twenty five thousand dollars for his business .PERIOD
</s>
<s.87.001.870323-0067.1.2>
He had led her to believe it was worth more than one million dollars .PERIOD
</s>
<s.87.001.870323-0067.1.3>
She learned the truth some six months later when the vending -HYPHEN machine company stopped operating and put itself into bankruptcy .PERIOD
</s>
</p>
<p.87.001.870323-0067.2>
<s.87.001.870323-0067.2.1>
She got a divorce --DASH and nothing from the bankruptcy settlement .PERIOD
</s>
<s.87.001.870323-0067.2.2>
So she took a bad -HYPHEN debt deduction on her tax return .PERIOD
</s>
<s.87.001.870323-0067.2.3>
But that wasn't the end of her problem :COLON The deduction was challenged by the Internal Revenue Service ,COMMA on the claim that Ms. Rodgers had actually made a gift to Mr. Smith .PERIOD
</s>
<s.87.001.870323-0067.2.4>
Ms. Rodgers took the matter to Tax Court ,COMMA where she eventually won .PERIOD
</s>
</p>
<p.87.001.870323-0067.3>
<s.87.001.870323-0067.3.1>
Others claiming such deductions don't always succeed .PERIOD
</s>
<s.87.001.870323-0067.3.2>
The I. R. S. frequently challenges people who write off loans to friends ,COMMA relatives or their own businesses .PERIOD
</s>
<s.87.001.870323-0067.3.3>
"DOUBLE-QUOTE I found it to be one of the major audit triggers on personal tax returns ,COMMA "DOUBLE-QUOTE says Bernie D. Goldstein ,COMMA senior managing partner of Goldstein &AMPERSAND Schmerling ,COMMA a Nashville ,COMMA Tennessee ,COMMA accounting firm .PERIOD
</s>
</p>
<p.87.001.870323-0067.4>
<s.87.001.870323-0067.4.1>
If the I. R. S. challenges the deduction ,COMMA then the taxpayer must prove that a bona fide debt existed ,COMMA that it became uncollectible and that the write -HYPHEN off was taken in the year that the debt became worthless .PERIOD
</s>
</p>
<p.87.001.870323-0067.5>
<s.87.001.870323-0067.5.1>
Being soft -HYPHEN hearted can turn a bona fide debt into a nondeductible gift .PERIOD
</s>
<s.87.001.870323-0067.5.2>
Deciding against suing a relative ,COMMA even though he may be able to pay off the debt ,COMMA means becoming unentitled to a bad -HYPHEN debt deduction ,COMMA says Alfred B. Greenberg ,COMMA a partner in Phillips Gold &AMPERSAND Company ,COMMA a New York accounting firm .PERIOD
</s>
<s.87.001.870323-0067.5.3>
"DOUBLE-QUOTE What you have really done is made a gift ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0067.6>
<s.87.001.870323-0067.6.1>
To take the deduction ,COMMA "DOUBLE-QUOTE you need to be able to show that you made an honest effort to collect the debt ,COMMA "DOUBLE-QUOTE says Nancy Anderson ,COMMA a senior tax -HYPHEN research and training specialist at H. &AMPERSAND R. Block Incorporated in Kansas City ,COMMA Missouri .PERIOD
</s>
<s.87.001.870323-0067.6.2>
A letter from a lawyer saying that collection efforts would be fruitless ,COMMA because the debtor is insolvent ,COMMA usually is proof of a debt's worthlessness .PERIOD
</s>
</p>
<p.87.001.870323-0067.7>
<s.87.001.870323-0067.7.1>
So is the debtor's filing a bankruptcy petition unless collateral is involved .PERIOD
</s>
<s.87.001.870323-0067.7.2>
Then a lender may have to await the outcome of a bankruptcy proceeding to establish that nothing can be recovered on the debt .PERIOD
</s>
<s.87.001.870323-0067.7.3>
If a partial recovery is made ,COMMA the uncollectible amount normally is deductible .PERIOD
</s>
</p>
<p.87.001.870323-0067.8>
<s.87.001.870323-0067.8.1>
The I. R. S. requires taxpayers who take a bad -HYPHEN debt deduction to attach a statement to their returns listing the amount of debt ,COMMA when it became due ,COMMA the names of the debtors and whether they are relatives ,COMMA plus what efforts were made to collect the money ,COMMA and when and why the debt became worthless .PERIOD
</s>
<s.87.001.870323-0067.8.2>
I. R. S. Publication five hundred forty eight ,COMMA available free from the I. R. S. ,COMMA explains the government's position on bad -HYPHEN debt write -HYPHEN offs .PERIOD
</s>
</p>
<p.87.001.870323-0067.9>
<s.87.001.870323-0067.9.1>
A frequent error that taxpayers make is taking a business bad -HYPHEN debt deduction for a non -HYPHEN business debt .PERIOD
</s>
<s.87.001.870323-0067.9.2>
An owner who lends money to his firm's customers to retain their business usually is considered to have business debt ,COMMA because there was a business motive for the loans .PERIOD
</s>
</p>
<p.87.001.870323-0067.10>
<s.87.001.870323-0067.10.1>
But an owner who lends money to his own business is generally deemed to make a non -HYPHEN business loan .PERIOD
</s>
<s.87.001.870323-0067.10.2>
The I. R. S. sees such loans as protection for the owner's investment ,COMMA not as part of the business itself --DASH since he isn't in the loan business .PERIOD
</s>
</p>
<p.87.001.870323-0067.11>
<s.87.001.870323-0067.11.1>
It is an important distinction .PERIOD
</s>
<s.87.001.870323-0067.11.2>
A business bad debt is fully deductible in the year it becomes worthless .PERIOD
</s>
<s.87.001.870323-0067.11.3>
But a non -HYPHEN business bad debt is treated as a short -HYPHEN term capital loss ,COMMA only three thousand dollars of which can be deducted each year .PERIOD
</s>
<s.87.001.870323-0067.11.4>
The excess is carried forward and three thousand dollars is deductible each year until the amount is exhausted .PERIOD
</s>
</p>
<p.87.001.870323-0067.12>
<s.87.001.870323-0067.12.1>
A taxpayer who has to make good as the guarantor of someone else's debt isn't necessarily entitled to a bad -HYPHEN debt deduction .PERIOD
</s>
<s.87.001.870323-0067.12.2>
If the guarantee was done as a favor for family or friends ,COMMA the I. R. S. considers it a non -HYPHEN deductible gift .PERIOD
</s>
<s.87.001.870323-0067.12.3>
But an owner who makes good on loans he guaranteed for his business normally would be entitled to a non -HYPHEN business bad -HYPHEN debt deduction .PERIOD
</s>
</p>
<p.87.001.870323-0067.13>
<s.87.001.870323-0067.13.1>
Mr. Goldstein contends that the co -HYPHEN signer of a note can take a non -HYPHEN business bad -HYPHEN debt deduction if he makes good on a note in order to maintain his own credit standing .PERIOD
</s>
<s.87.001.870323-0067.13.2>
"DOUBLE-QUOTE The I. R. S. might argue that you didn't have to pay off the note ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870323-0067.13.3>
"DOUBLE-QUOTE But I would argue that your name is on that note and you couldn't afford to have your reputation impugned at the bank .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0067.14>
<s.87.001.870323-0067.14.1>
Attaching to the tax return a letter from the bank demanding payment should help to sustain the deduction ,COMMA he says .PERIOD
</s>
</p>
<p.87.001.870323-0066.1>
<s.87.001.870323-0066.1.1>
Texas Air Corporation ,COMMA moving to consolidate its diverse family of airlines ,COMMA is facing resistance from employees on a growing number of issues ,COMMA ranging from wages and work conditions to seniority .PERIOD
</s>
</p>
<p.87.001.870323-0066.2>
<s.87.001.870323-0066.2.1>
The biggest trouble spot now is Eastern Airlines ,COMMA where union and management have continued a war of nerves that began when the company last January requested pay cuts averaging twenty nine %PERCENT .PERIOD
</s>
<s.87.001.870323-0066.2.2>
Eastern executives recently met with representatives of the pilots and machinists unions and agreed to continue discussing labor -HYPHEN cost issues without reopening existing contracts .PERIOD
</s>
</p>
<p.87.001.870323-0066.3>
<s.87.001.870323-0066.3.1>
But no concessions have been volunteered by the unions ,COMMA which are taking new offensive measures .PERIOD
</s>
</p>
<p.87.001.870323-0066.4>
<s.87.001.870323-0066.4.1>
Eastern pilots said they plan to put up picket lines in certain cities April second .PERIOD
</s>
<s.87.001.870323-0066.4.2>
The pilots aim to protest not only Eastern's call for wage cuts ,COMMA but also newly imposed sick -HYPHEN leave rules ,COMMA which the pilots maintain are in violation of the contract ,COMMA and Texas Air's transfer of certain Eastern assets ,COMMA including planes and routes ,COMMA to Texas Air's nonunion Continental Airlines unit .PERIOD
</s>
</p>
<p.87.001.870323-0066.5>
<s.87.001.870323-0066.5.1>
The Eastern pilots have also proposed broadening the jurisdiction of their labor contract to pilots at all Texas Air units .PERIOD
</s>
<s.87.001.870323-0066.5.2>
Through its Continental Airlines unit ,COMMA Texas Air also owns People Express ,COMMA Frontier Airline and New York Air .PERIOD
</s>
<s.87.001.870323-0066.5.3>
Eastern executives haven't responded to the proposal ,COMMA and won't comment on any meetings with union representatives except to confirm that they have occurred .PERIOD
</s>
</p>
<p.87.001.870323-0066.6>
<s.87.001.870323-0066.6.1>
Eastern's pilots are also holding informal organizing meetings with Continental's nonunion pilots throughout the U. S. .PERIOD
</s>
<s.87.001.870323-0066.6.2>
But getting Continental's pilots to join a union won't be easy ;SEMI-COLON many of them crossed picket lines during an acrimonious strike at Continental in nineteen eighty three .PERIOD
</s>
<s.87.001.870323-0066.6.3>
"DOUBLE-QUOTE We know it's going to be tough ,COMMA "DOUBLE-QUOTE concedes Jack Bavis ,COMMA chairman of Eastern's pilots union ,COMMA who is heading the effort to enlist Continental pilots in the union .PERIOD
</s>
</p>
<p.87.001.870323-0066.7>
<s.87.001.870323-0066.7.1>
Eastern pilot union officials claim their efforts received a major boost last week ,COMMA when Texas Air announced a possible new seniority plan for pilots .PERIOD
</s>
<s.87.001.870323-0066.7.2>
Under the plan ,COMMA Continental captains would be senior to pilots who were captains at People Express ,COMMA and all other Continental pilots would be senior to all other pilots who worked for People .PERIOD
</s>
<s.87.001.870323-0066.7.3>
This means that Continental pilots will have first crack at better routes and aircraft and access to more favorable layover points and trip lengths .PERIOD
</s>
<s.87.001.870323-0066.7.4>
Thus ,COMMA Eastern union officials view the former People Express pilots as most receptive to efforts to organize the entire force of Continental pilots .PERIOD
</s>
</p>
<p.87.001.870323-0066.8>
<s.87.001.870323-0066.8.1>
Texas Air's seniority plan will occur only if the corporate structure of People Express is merged with Texas Air ,COMMA as the operations of People Express already have been .PERIOD
</s>
<s.87.001.870323-0066.8.2>
A Continental spokesman said People Express pilots are treated somewhat less favorably only because their prospects for advancement were grim before the troubled company was acquired by Texas Air .PERIOD
</s>
<s.87.001.870323-0066.8.3>
Still ,COMMA a group of pilots already filed a lawsuit in Delaware Chancery Court over the proposed seniority plan .PERIOD
</s>
</p>
<p.87.001.870323-0066.9>
<s.87.001.870323-0066.9.1>
Meanwhile ,COMMA other Eastern unions are no closer to resolving labor -HYPHEN contract issues raised by Eastern management .PERIOD
</s>
<s.87.001.870323-0066.9.2>
Charles Bryan ,COMMA the president of Eastern's union representing machinists and baggage handlers ,COMMA termed a recent meeting with management "DOUBLE-QUOTE an exercise in futility .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0066.9.3>
Mr. Bryan said he was particularly angry that the day after the meeting ,COMMA Eastern announced it was terminating ninety eight mechanics' jobs .PERIOD
</s>
<s.87.001.870323-0066.9.4>
The timing of the layoffs ,COMMA Mr. Bryan asserted ,COMMA made it appear as if the job slashing had the union's tacit approval .PERIOD
</s>
</p>
<p.87.001.870323-0065.1>
<s.87.001.870323-0065.1.1>
The once -HYPHEN quarterly stock ,COMMA futures and options trading frenzy that is triple witching hour came again on Friday ,COMMA bringing stock and futures price records instead of a curse .PERIOD
</s>
</p>
<p.87.001.870323-0065.2>
<s.87.001.870323-0065.2.1>
Perhaps tempered by experimental regulatory guidelines ,COMMA it was a bit tamer than its predecessor last December nineteenth .PERIOD
</s>
<s.87.001.870323-0065.2.2>
And it left relieved investors daring to hope that Wall Street may finally have learned to cope with the massive program trading activity associated with the simultaneous expiration of stock -HYPHEN index futures ,COMMA index options and options on individual stocks .PERIOD
</s>
</p>
<p.87.001.870323-0065.4>
<s.87.001.870323-0065.4.1>
Following an unnerving swoon shortly after three thirty p. m. E. S. T. ,COMMA stock prices did run up sharply as final -HYPHEN minute volume totaled fifty five million shares --DASH not much more than half of the final -HYPHEN minute volume December nineteenth .PERIOD
</s>
<s.87.001.870323-0065.4.2>
After the close ,COMMA both Wall Street traders and federal regulators pronounced themselves pleased with how the trading was handled .PERIOD
</s>
</p>
<p.87.001.870323-0065.5>
<s.87.001.870323-0065.5.1>
"DOUBLE-QUOTE Certainly ,COMMA the level of volatility was low and things seemed to be handled smoothly ,COMMA "DOUBLE-QUOTE said Richard Ketchum ,COMMA head of the market regulation for the Securities and Exchange Commission .PERIOD
</s>
<s.87.001.870323-0065.5.2>
"DOUBLE-QUOTE We still have to do an analysis of the microdynamics of the close --DASH who did what to whom and why ,COMMA "DOUBLE-QUOTE said S. E. C. Commissioner Joseph Grundfest ,COMMA but "DOUBLE-QUOTE I wouldn't call (LEFT-PAREN the experimental regulation )RIGHT-PAREN a failure .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0065.6>
<s.87.001.870323-0065.6.1>
Peter Borish ,COMMA vice president of Tudor Investment Corporation ,COMMA said that expirations are "DOUBLE-QUOTE good because they scare people .PERIOD
</s>
<s.87.001.870323-0065.6.2>
You can't have a bull market without people being afraid "DOUBLE-QUOTE that stocks are poised to drop sharply in price .PERIOD
</s>
<s.87.001.870323-0065.6.3>
He predicted that the stock market rally will accelerate "DOUBLE-QUOTE faster than anybody thinks .PERIOD
</s>
<s.87.001.870323-0065.6.4>
The Dow will be at two thousand ,COMMA five hundred fifty in the next three weeks "DOUBLE-QUOTE before an eight %PERCENT to ten %PERCENT correction .PERIOD
</s>
<s.87.001.870323-0065.6.5>
Then the rally will continue ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870323-0065.7>
<s.87.001.870323-0065.7.1>
The Dow Jones Industrial Average closed above two thousand ,COMMA three hundred for the first time ,COMMA gaining thirty three .POINT nine five points --DASH a dozen during the final minute --DASH to finish at a record two thousand ,COMMA three hundred thirty three .POINT five two .PERIOD
</s>
<s.87.001.870323-0065.7.2>
In Chicago ,COMMA the June contract on the Standard &AMPERSAND Poor's five hundred -HYPHEN stock index soared to a record high of two hundred ninety nine .POINT eight oh ,COMMA up three .POINT eight oh for the day .PERIOD
</s>
</p>
<p.87.001.870323-0065.8>
<s.87.001.870323-0065.8.1>
"DOUBLE-QUOTE This was the first expiration I've seen where (LEFT-PAREN investors )RIGHT-PAREN weren't sitting on their hands or acting in some unusual way because it was an expiration day ,COMMA "DOUBLE-QUOTE said Joseph Schmuckler ,COMMA a vice president in the financial futures department at Kidder ,COMMA Peabody &AMPERSAND Company .PERIOD
</s>
<s.87.001.870323-0065.8.2>
"DOUBLE-QUOTE The market is maturing and it was business as usual ,COMMA "DOUBLE-QUOTE he added .PERIOD
</s>
</p>
<p.87.001.870323-0065.9>
<s.87.001.870323-0065.9.1>
But ,COMMA while it might not mean major new regulation ,COMMA business as usual will mean continued government scrutiny of program trading activity .PERIOD
</s>
<s.87.001.870323-0065.9.2>
Today the commission's Division of Market Regulation is scheduled to release a forty three -HYPHEN page study of the hectic trading that drove down the Dow Jones Industrial Average a total of one hundred twenty points last September eleventh and twelve .PERIOD
</s>
</p>
<p.87.001.870323-0065.10>
<s.87.001.870323-0065.10.1>
That big sell -HYPHEN off wasn't triggered by stock -HYPHEN index futures trading strategies ,COMMA the study found ,COMMA but rather by investors' perceptions that economic conditions had worsened .PERIOD
</s>
<s.87.001.870323-0065.10.2>
However ,COMMA it adds that "DOUBLE-QUOTE index -HYPHEN related futures trading was instrumental in the rapid transmission "DOUBLE-QUOTE of investors' bearishness to stock prices "DOUBLE-QUOTE and may have condensed the time period in which the decline occurred .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0065.11>
<s.87.001.870323-0065.11.1>
The study ,COMMA completed with the help of the Commodity Futures Trading Commission staff ,COMMA concludes that the September plunge alone doesn't suggest any major regulatory or structural changes are needed .PERIOD
</s>
<s.87.001.870323-0065.11.2>
But it warns that "DOUBLE-QUOTE dramatic growth "DOUBLE-QUOTE in institutional use of index products "DOUBLE-QUOTE requires continued careful analysis of the potential for disruption of the stock market as well as manipulative or other inappropriate trading in the index products and their component stocks .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0065.12>
<s.87.001.870323-0065.12.1>
Big Board member firms' apparently strict compliance with experimental S. E. C. and Big Board trading regulations may have helped damp volatility in Friday's session ,COMMA market professionals said .PERIOD
</s>
<s.87.001.870323-0065.12.2>
Under the guidelines ,COMMA all the firms were to disclose a half -HYPHEN hour before the close all the orders in fifty blue -HYPHEN chip stocks ,COMMA including all of the Dow Jones thirty industrials ,COMMA that they planned to fill on the closing bell. (LEFT-PAREN It is the crush of these "DOUBLE-QUOTE market -HYPHEN on -HYPHEN close "DOUBLE-QUOTE orders ,COMMA executed precisely as the futures and options expire ,COMMA that produces the triple witching hour trading mayhem .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0065.14>
<s.87.001.870323-0065.14.1>
As it turned out Friday ,COMMA the imbalances in market -HYPHEN on -HYPHEN close orders disseminated on the Big Board transactions tape were heavily on the buy side ,COMMA precisely the outcome at the close .PERIOD
</s>
<s.87.001.870323-0065.14.2>
But it was a tortuous road to the bell .PERIOD
</s>
</p>
<p.87.001.870323-0065.15>
<s.87.001.870323-0065.15.1>
Friday morning "DOUBLE-QUOTE every major house was said to have buy orders "DOUBLE-QUOTE for execution on the close .PERIOD
</s>
<s.87.001.870323-0065.15.2>
That was pretty common knowledge before the market opened ,COMMA "DOUBLE-QUOTE said Michael Bernstein ,COMMA a partner with Miller ,COMMA Tabak ,COMMA Hirsch &AMPERSAND Company ,COMMA a New York securities firm .PERIOD
</s>
</p>
<p.87.001.870323-0065.16>
<s.87.001.870323-0065.16.1>
Stock prices started to rise as trading got under way Friday .PERIOD
</s>
<s.87.001.870323-0065.16.2>
Airline ,COMMA drug ,COMMA oil ,COMMA technology ,COMMA and some brokerage firm stocks took off .PERIOD
</s>
<s.87.001.870323-0065.16.3>
Trading was active throughout much of the morning but settled down a bit around midday and through much of the afternoon until the final hour .PERIOD
</s>
</p>
<p.87.001.870323-0065.17>
<s.87.001.870323-0065.17.1>
In the final hour ,COMMA the anxiously anticipated late buy orders began to flow .PERIOD
</s>
<s.87.001.870323-0065.17.2>
Morgan Stanley &AMPERSAND Company reported shortly after three p. m. that it had blue -HYPHEN chip stock buy orders totaling one .POINT one billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0065.18>
<s.87.001.870323-0065.18.1>
The noise level in the trading room of Prudential -HYPHEN Bache Securities Incorporated in downtown Manhattan jumped several notches at three thirty p. m. ,COMMA when traders read and shouted out the already -HYPHEN calculated order imbalances streaming by on the Big Board transactions tape on the firm's intercom system. "DOUBLE-QUOTE one hundred thousand shares of General Motors to buy ,COMMA "DOUBLE-QUOTE shouted one ;SEMI-COLON "DOUBLE-QUOTE two hundred seventy six thousand shares of Du Pont to buy. two hundred thousand shares of Chevron to buy ,COMMA "DOUBLE-QUOTE bellowed another .PERIOD
</s>
</p>
<p.87.001.870323-0065.19>
<s.87.001.870323-0065.19.1>
Then ,COMMA second thoughts .PERIOD
</s>
<s.87.001.870323-0065.19.2>
"DOUBLE-QUOTE It's not going to be up that much .PERIOD
</s>
<s.87.001.870323-0065.19.3>
I'm seeing a lot of brokers with sell orders ,COMMA "DOUBLE-QUOTE Dan Marciano ,COMMA who heads the trading desk at Prudential -HYPHEN Bache ,COMMA broadcasted to the firm's traders at three forty five p. m. .PERIOD
</s>
</p>
<p.87.001.870323-0065.20>
<s.87.001.870323-0065.20.1>
"DOUBLE-QUOTE The whole market had been rallying in anticipation of big buy programs at the close ,COMMA "DOUBLE-QUOTE explained Courtney Smith ,COMMA head of futures trading and research at Twenty -HYPHEN First Securities Corporation in New York .PERIOD
</s>
<s.87.001.870323-0065.20.2>
But once they studied the order imbalances running on the Big Board tape "DOUBLE-QUOTE people knew that wasn't the case ...ELLIPSIS and that led to a sell -HYPHEN off .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0065.21>
<s.87.001.870323-0065.21.1>
Indeed ,COMMA brokers already had found sellers to satisfy many of the buyers as the imbalances were reported .PERIOD
</s>
<s.87.001.870323-0065.21.2>
There weren't as many buyers as many professionals had expected ,COMMA either ,COMMA and in the first twenty minutes of the final half -HYPHEN hour ,COMMA the industrial average sank nearly ten points .PERIOD
</s>
</p>
<p.87.001.870323-0065.22>
<s.87.001.870323-0065.22.1>
Three minutes before the closing bell ,COMMA the "DOUBLE-QUOTE tick "DOUBLE-QUOTE indicator ,COMMA which measures the net difference between the total number of stocks trading higher in price from their prior trade and the total of those trading lower than their prior sale ,COMMA showed a minus four hundred seventy nine issues .PERIOD
</s>
<s.87.001.870323-0065.22.2>
But stock prices then seemed to literally turn on a dime and by the time the consolidated tape stopped running some twenty five minutes later ,COMMA the indicator read plus eight hundred twenty .PERIOD
</s>
</p>
<p.87.001.870323-0065.23>
<s.87.001.870323-0065.23.1>
When the digital clock that hangs above Prudential -HYPHEN Bache's trading desk showed four p. m. ,COMMA one trader blew a party horn .PERIOD
</s>
<s.87.001.870323-0065.23.2>
Thomas Ponticelli shouted :COLON "DOUBLE-QUOTE Look at that block tape "DOUBLE-QUOTE as blocks of more than ten thousand shares of Coca -HYPHEN Cola ,COMMA International Business Machines ,COMMA Philip Morris ,COMMA Ford ,COMMA Digital Equipment ,COMMA and many others whizzed by at twice the usual speed .PERIOD
</s>
</p>
<p.87.001.870323-0065.24>
<s.87.001.870323-0065.24.1>
Most of the fun in the Chicago Mercantile Exchange's S. &AMPERSAND P. five hundred stock -HYPHEN index futures pit had occurred a bit earlier in the session .PERIOD
</s>
<s.87.001.870323-0065.24.2>
When the expiring March contract briefly touched the three hundred mark for the first time ,COMMA traders cheered and tossed cards into the air .PERIOD
</s>
<s.87.001.870323-0065.24.3>
"DOUBLE-QUOTE It's a real high ,COMMA "DOUBLE-QUOTE said one .PERIOD
</s>
<s.87.001.870323-0065.24.4>
"DOUBLE-QUOTE It's like you're king of the hill .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0065.25>
<s.87.001.870323-0065.25.1>
Most of the other closely watched market barometers also moved to new highs along with the Dow Jones Industrial Average Friday .PERIOD
</s>
<s.87.001.870323-0065.25.2>
The S. &AMPERSAND P. -HYPHEN five hundred stock index finished up four .POINT oh nine at two hundred ninety eight .POINT one seven and the New York Stock Exchange composite index gained two .POINT oh nine to one hundred sixty nine .POINT three seven .PERIOD
</s>
</p>
<p.87.001.870323-0065.26>
<s.87.001.870323-0065.26.1>
Technology stocks scored big gains .PERIOD
</s>
<s.87.001.870323-0065.26.2>
I. B. M. rose one and five eighths to one hundred forty eight and five eighths ;SEMI-COLON N. C. R. added three and one quarter to sixty seven and three quarters ;SEMI-COLON Unisys moved up one and five eighths to one hundred seven and one half ;SEMI-COLON and Hewlett -HYPHEN Packard advanced one to sixty one and one quarter .PERIOD
</s>
</p>
<p.87.001.870323-0065.27>
<s.87.001.870323-0065.27.1>
Texas Instruments rose three and one quarter to one hundred seventy five and one half .PERIOD
</s>
<s.87.001.870323-0065.27.2>
Goldman Sachs recommended the stock Friday ,COMMA but other Wall Street analysts were recommending semiconductor issues to their clients in the past week .PERIOD
</s>
<s.87.001.870323-0065.27.3>
Also ,COMMA the Japanese Ministry of International Trade and Industry urged ten Japanese semiconductor companies not to sell computer chips overseas at unfairly low prices .PERIOD
</s>
</p>
<p.87.001.870323-0065.28>
<s.87.001.870323-0065.28.1>
American Express fell one and one half to seventy seven and one quarter on more than two .POINT one million shares .PERIOD
</s>
<s.87.001.870323-0065.28.2>
The financial services concern said it received a subpoena from the S. E. C. requesting documents pertaining to transactions in securities of its Fireman's Fund unit and American Express .PERIOD
</s>
<s.87.001.870323-0065.28.3>
The subpoenas related to transactions with Jefferies &AMPERSAND Company ,COMMA whose chairman resigned Thursday and plans to plead guilty to two felony counts of violating securities laws .PERIOD
</s>
<s.87.001.870323-0065.28.4>
Jefferies moved up one and three quarters to twelve and three quarters and other brokerage stocks also gained .PERIOD
</s>
</p>
<p.87.001.870323-0065.29>
<s.87.001.870323-0065.29.1>
Amax fell seven eighths to eighteen and one eighth .PERIOD
</s>
<s.87.001.870323-0065.29.2>
The company filed an offering of fifteen .POINT seven million shares .PERIOD
</s>
</p>
<p.87.001.870323-0065.30>
<s.87.001.870323-0065.30.1>
Computer Sciences jumped four and three eighths to fifty eight and three quarters .PERIOD
</s>
<s.87.001.870323-0065.30.2>
The concern said it will negotiate a contract with N. A. S. A. that the company estimates is valued at one billion dollars if N. A. S. A. exercises all of its options .PERIOD
</s>
</p>
<p.87.001.870323-0065.31>
<s.87.001.870323-0065.31.1>
Pan Am was unchanged at four and three eighths in active trading .PERIOD
</s>
<s.87.001.870323-0065.31.2>
The financially strapped airline reported a fourth -HYPHEN quarter loss of one hundred ninety seven .POINT five million dollars after charges .PERIOD
</s>
<s.87.001.870323-0065.31.3>
The stock's price has been sliding since early January when it traded around six .PERIOD
</s>
</p>
<p.87.001.870323-0065.32>
<s.87.001.870323-0065.32.1>
L. T. V. Corporation rose one quarter to three on heavy volume .PERIOD
</s>
<s.87.001.870323-0065.32.2>
A bankruptcy judge approved the company's one hundred million dollar financing agreement ,COMMA an important step in its bankruptcy reorganization .PERIOD
</s>
</p>
<p.87.001.870323-0064.1>
<s.87.001.870323-0064.1.1>
For months Air Atlanta Incorporated has been flying practically on empty .PERIOD
</s>
<s.87.001.870323-0064.1.2>
The next few days may determine whether the small ,COMMA closely held airline has finally run out of fuel .PERIOD
</s>
</p>
<p.87.001.870323-0064.2>
<s.87.001.870323-0064.2.1>
It is negotiating to sell as much as a twenty five %PERCENT stake to K. L. M. Royal Dutch Air Lines for ten million dollars ,COMMA according to sources close to the company .PERIOD
</s>
<s.87.001.870323-0064.2.2>
But it may be grounded by a cash shortage before Thursday ,COMMA when K. L. M. is expected to decide whether to acquire the stake .PERIOD
</s>
</p>
<p.87.001.870323-0064.3>
<s.87.001.870323-0064.3.1>
The airline stayed afloat last week by selling its slot at Washington National Airport to Pan American World Airways for two million dollars .PERIOD
</s>
<s.87.001.870323-0064.3.2>
The transaction produced five hundred thousand dollars in cash ,COMMA enabling the company to pay enough past -HYPHEN due rent and landing fees to avoid default at Atlanta's Hartsfield International Airport ,COMMA its hub .PERIOD
</s>
</p>
<p.87.001.870323-0064.4>
<s.87.001.870323-0064.4.1>
Now executives of the three -HYPHEN year -HYPHEN old carrier are scrambling to obtain a bridge loan that may be needed to tide it over until Thursday .PERIOD
</s>
<s.87.001.870323-0064.4.2>
They met last week with representatives of its current investors in an apparently unsuccessful effort to get them to provide additional capital .PERIOD
</s>
<s.87.001.870323-0064.4.3>
Air Atlanta's biggest investors include Equitable Life Assurance Society of the U. S. and C. S. X. Corporation .PERIOD
</s>
</p>
<p.87.001.870323-0064.5>
<s.87.001.870323-0064.5.1>
Air Atlanta officials said the company may be able to get through the week with cash on hand .PERIOD
</s>
<s.87.001.870323-0064.5.2>
Officials declined to comment on the K. L. M. negotiations .PERIOD
</s>
</p>
<p.87.001.870323-0064.6>
<s.87.001.870323-0064.6.1>
The proposed transaction with K. L. M. would include an agreement to feed Air Atlanta passengers to K. L. M. international flights .PERIOD
</s>
<s.87.001.870323-0064.6.2>
Air Atlanta currently has such an agreement with Pan American ,COMMA flying that carrier's international passengers to and from New York's Kennedy International Airport .PERIOD
</s>
</p>
<p.87.001.870323-0064.7>
<s.87.001.870323-0064.7.1>
Daniel H. Kolber ,COMMA Air Atlanta executive vice president ,COMMA said the company has discussed such agreements with a number of carriers .PERIOD
</s>
</p>
<p.87.001.870323-0064.8>
<s.87.001.870323-0064.8.1>
But sources said there may be a major regulatory stumbling block to any pact with K. L. M. .PERIOD
</s>
<s.87.001.870323-0064.8.2>
They said the U. S. Department of Transportation hasn't been allowing the so -HYPHEN called "DOUBLE-QUOTE code -HYPHEN sharing "DOUBLE-QUOTE between international and domestic carriers that K. L. M. may require under the proposed Air Atlanta -HYPHEN K. L. M. arrangement .PERIOD
</s>
<s.87.001.870323-0064.8.3>
Code -HYPHEN sharing between airlines involves passengers being booked on connecting flights as though they were being served by one carrier .PERIOD
</s>
</p>
<p.87.001.870323-0064.9>
<s.87.001.870323-0064.9.1>
Michael R. Hollis ,COMMA Air Atlanta chairman ,COMMA is said to be lobbying with the federal agency for a rule change .PERIOD
</s>
</p>
<p.87.001.870323-0064.10>
<s.87.001.870323-0064.10.1>
The company has attracted attention since its first flight in nineteen eighty four because Mr. Hollis ,COMMA a thirty three -HYPHEN year -HYPHEN old black entrepreneur ,COMMA entered a highly visible business without government help .PERIOD
</s>
</p>
<p.87.001.870323-0064.11>
<s.87.001.870323-0064.11.1>
Air Atlanta has billed itself as an airline created to serve business ,COMMA attempting to carve a niche with travelers who want such frills as roomier seats ,COMMA better meals and a gate -HYPHEN side lounge with free drinks ,COMMA telephones and newspapers .PERIOD
</s>
</p>
<p.87.001.870323-0064.12>
<s.87.001.870323-0064.12.1>
Considered the best -HYPHEN financed black -HYPHEN led venture ever ,COMMA Air Atlanta nevertheless was undercapitalized for the current deregulated ,COMMA competitive airline environment .PERIOD
</s>
<s.87.001.870323-0064.12.2>
Unable to produce a profit ,COMMA the company has had to appeal repeatedly for bailouts from investors .PERIOD
</s>
<s.87.001.870323-0064.12.3>
The company currently has about fifty million dollars of debt outstanding ,COMMA but it is mostly zero coupon convertible notes which don't require interest payments ,COMMA according to sources .PERIOD
</s>
<s.87.001.870323-0064.12.4>
The company's most pressing problem is about two million dollars owed to vendors ,COMMA including the Atlanta airport .PERIOD
</s>
</p>
<p.87.001.870323-0064.13>
<s.87.001.870323-0064.13.1>
Current investors are balking at providing additional funds in part because they're uncomfortable with the inability of Mr. Hollis to keep a president and chief operating officer at the company ,COMMA according to a former executive with one of the initial investors .PERIOD
</s>
<s.87.001.870323-0064.13.2>
Last month ,COMMA Harry A. Kimbriel ,COMMA fifty nine -HYPHEN year -HYPHEN old former American Airlines executive ,COMMA resigned as president ,COMMA citing philosophical differences with Mr. Hollis ,COMMA an attorney without previous airline experience .PERIOD
</s>
<s.87.001.870323-0064.13.3>
Investors had insisted that someone be hired to oversee day -HYPHEN to -HYPHEN day operations at the airline .PERIOD
</s>
</p>
<p.87.001.870323-0064.14>
<s.87.001.870323-0064.14.1>
Mr. Kimbriel has since agreed to continue working at the airline as a consultant .PERIOD
</s>
</p>
<p.87.001.870323-0064.15>
<s.87.001.870323-0064.15.1>
Despite the airline's problems ,COMMA company officials say they believe Air Atlanta will get the capital needed to put it on its feet .PERIOD
</s>
<s.87.001.870323-0064.15.2>
"DOUBLE-QUOTE We have a good product ,COMMA "DOUBLE-QUOTE Mr. Kolber said .PERIOD
</s>
<s.87.001.870323-0064.15.3>
The airline's load factor ,COMMA or percentage of seats filled ,COMMA has steadily improved to fifty three %PERCENT ,COMMA he said ,COMMA despite little advertising and negative publicity .PERIOD
</s>
</p>
<p.87.001.870323-0064.16>
<s.87.001.870323-0064.16.1>
Air Atlanta has argued that the company can be profitable with twelve to fifteen planes ;SEMI-COLON it currently has seven ,COMMA which are leased .PERIOD
</s>
<s.87.001.870323-0064.16.2>
One reason the company is negotiating with potential investors is to provide money to lease additional aircraft .PERIOD
</s>
</p>
<p.87.001.870323-0063.1>
<s.87.001.870323-0063.1.1>
Carl Hahn ,COMMA chairman of Volkswagen A. G. ,COMMA defended the West German auto maker's integrity in the face of a multimillion -HYPHEN dollar foreign -HYPHEN exchange scandal ,COMMA which occurred despite what he said were strict internal guidelines .PERIOD
</s>
</p>
<p.87.001.870323-0063.2>
<s.87.001.870323-0063.2.1>
Prosecutors are investigating the alleged fraud ,COMMA which was uncovered after foreign -HYPHEN currency contracts --DASH used to protect the company from currency shifts --DASH came due at the end of nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0063.2.2>
V. W. has said that the manipulation of its contracts will cost it as much as two hundred fifty nine million dollars .PERIOD
</s>
<s.87.001.870323-0063.2.3>
The disclosures have led to the resignation of V. W.'s chief financial officer and the removal of its foreign -HYPHEN exchange manager .PERIOD
</s>
</p>
<p.87.001.870323-0063.4>
<s.87.001.870323-0063.4.1>
"DOUBLE-QUOTE I like to sail ,COMMA so I'm sensitive to winds ,COMMA "DOUBLE-QUOTE said the sixty -HYPHEN year -HYPHEN old Mr. Hahn .PERIOD
</s>
<s.87.001.870323-0063.4.2>
"DOUBLE-QUOTE We realize we are not necessarily out of the storm ,COMMA but we realize also that this is not the end of Volkswagen .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0063.5>
<s.87.001.870323-0063.5.1>
Mr. Hahn said that the sheer volume of transactions at V. W. would make it hard to catch irregularities ,COMMA and that auditors worked for weeks without discovering the forgeries .PERIOD
</s>
<s.87.001.870323-0063.5.2>
"DOUBLE-QUOTE What looks to the public like we were acting late was actually a situation in which we thought we were acting fast ,COMMA "DOUBLE-QUOTE the executive said .PERIOD
</s>
<s.87.001.870323-0063.5.3>
"DOUBLE-QUOTE It took us some time to become suspicious .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0063.6>
<s.87.001.870323-0063.6.1>
But he expressed optimism that the investigation would produce results .PERIOD
</s>
<s.87.001.870323-0063.6.2>
"DOUBLE-QUOTE The authorities should have access to types of information that cannot be destroyed ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0063.6.3>
Data banks at V. W. were said to have been erased ,COMMA making the probe more difficult .PERIOD
</s>
<s.87.001.870323-0063.6.4>
"DOUBLE-QUOTE This money has never been carried out of the company in cash ,COMMA but it must have been transformed at one point into cash ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0063.6.5>
"DOUBLE-QUOTE So from Frankfurt there is possibly a line of bank accounts that will shed more light on this .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0063.7>
<s.87.001.870323-0063.7.1>
At V. W. ,COMMA which as of today will have made fifty million cars ,COMMA Mr. Hahn said he is presiding over a successful company whose credibility in the marketplace will be bolstered by its nineteen eighty six results .PERIOD
</s>
<s.87.001.870323-0063.7.2>
The figures ,COMMA which are to be released in April ,COMMA will show "DOUBLE-QUOTE a good base and good performance "DOUBLE-QUOTE despite an earnings slowdown ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870323-0063.8>
<s.87.001.870323-0063.8.1>
Volkswagen's pressing projects include setting up a dealer infrastructure for selling models made by the recently acquired Spanish car maker Sociedad Espanola de Automoviles de Turismo ,COMMA or SEAT ;SEMI-COLON boosting output at its Brazil operations in the face of mounting economic difficulties in that country ;SEMI-COLON and restoring the image of its upscale Audi in the U. S. following recalls of its five thousand series because of acceleration problems .PERIOD
</s>
</p>
<p.87.001.870323-0063.9>
<s.87.001.870323-0063.9.1>
Mr. Hahn was optimistic about SEAT ,COMMA which Volkswagen acquired from the Spanish government in nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0063.9.2>
"DOUBLE-QUOTE The figures {LEFT-BRACE for nineteen eighty six }RIGHT-BRACE will not be as nice as we would like them ,COMMA but they will be a dramatic improvement "DOUBLE-QUOTE over nineteen eighty five ,COMMA he said .PERIOD
</s>
<s.87.001.870323-0063.9.3>
He predicted that the break -HYPHEN even level will be reached in nineteen eighty seven's second half .PERIOD
</s>
<s.87.001.870323-0063.9.4>
Most important ,COMMA Mr. Hahn said ,COMMA is securing a much -HYPHEN wanted niche in the lower end of the European market through SEAT .PERIOD
</s>
</p>
<p.87.001.870323-0063.10>
<s.87.001.870323-0063.10.1>
He said he is concerned about V. W.'s Brazilian business .PERIOD
</s>
<s.87.001.870323-0063.10.2>
Despite a traditional position of strength ,COMMA that operation is in "DOUBLE-QUOTE very difficult waters "DOUBLE-QUOTE because of Brazil's monetary and fiscal squeeze ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870323-0063.11>
<s.87.001.870323-0063.11.1>
To combat the effects of a weakened dollar ,COMMA Mr. Hahn said Volkswagen is shifting export volume to Brazil in the manufacturing sector and using Mexico as a supply base for European manufacturing .PERIOD
</s>
<s.87.001.870323-0063.11.2>
The company also is streamlining its U. S. operations through the closure of its Charleston ,COMMA S. C. ,COMMA plant and the transfer of its U. S. -HYPHEN based sheet -HYPHEN metal operation to Mexico .PERIOD
</s>
</p>
<p.87.001.870323-0062.1>
<s.87.001.870323-0062.1.1>
On a recent morning ,COMMA Thomas O'Brien bought twenty five million dollars of stock -HYPHEN index futures ,COMMA two hundred twenty five thousand shares of Reebok International Limited --DASH and a bran muffin .PERIOD
</s>
<s.87.001.870323-0062.1.2>
Choosing the muffin was the hard part .PERIOD
</s>
</p>
<p.87.001.870323-0062.3>
<s.87.001.870323-0062.3.1>
In money management these days ,COMMA much of the guesswork ,COMMA and the glamour ,COMMA are fading .PERIOD
</s>
<s.87.001.870323-0062.3.2>
Now ,COMMA formulas and percentages ,COMMA rather than clever hunches about investments ,COMMA are what count .PERIOD
</s>
<s.87.001.870323-0062.3.3>
Largely behind the change are two innovations :COLON stock -HYPHEN index futures markets ,COMMA which enable traders to buy and sell a contract based on the general level of stock prices ,COMMA and desk -HYPHEN top computers ,COMMA which let money managers quickly size up the market according to mathematical models .PERIOD
</s>
</p>
<p.87.001.870323-0062.4>
<s.87.001.870323-0062.4.1>
At the forefront of this trend toward sophisticated investing is Wells Fargo Investment Advisors .PERIOD
</s>
</p>
<p.87.001.870323-0062.5>
<s.87.001.870323-0062.5.1>
W. F. I. A.'s assets have leaped fivefold since nineteen eighty four .PERIOD
</s>
<s.87.001.870323-0062.5.2>
Now managing more than sixty billion dollars for clients ,COMMA mainly big pension funds ,COMMA the firm has become the biggest single investor in the stock market .PERIOD
</s>
<s.87.001.870323-0062.5.3>
It also is the largest stockholder in dozens of major companies ;SEMI-COLON it owns ,COMMA for example ,COMMA more than ten million shares of International Business Machines Corporation ,COMMA equal to one .POINT seven %PERCENT of the giant computer company .PERIOD
</s>
</p>
<p.87.001.870323-0062.6>
<s.87.001.870323-0062.6.1>
The success of this Wells Fargo &AMPERSAND Company investment unit is deceptively simple .PERIOD
</s>
<s.87.001.870323-0062.6.2>
W. F. I. A. seldom tries to choose between good and bad stocks ;SEMI-COLON instead ,COMMA it merely matches market benchmarks such as the Standard &AMPERSAND Poor's five hundred -HYPHEN stock index .PERIOD
</s>
<s.87.001.870323-0062.6.3>
"DOUBLE-QUOTE They just buy a large cross section of stocks for you --DASH and hold it ,COMMA "DOUBLE-QUOTE explains Edward Safran ,COMMA assistant treasurer of Polaroid Corporation and a major W. F. I. A. client .PERIOD
</s>
</p>
<p.87.001.870323-0062.7>
<s.87.001.870323-0062.7.1>
Yet index funds such as W. F. I. A.'s have out -HYPHEN performed sixty %PERCENT to seventy %PERCENT of conventional stock managers in recent years .PERIOD
</s>
<s.87.001.870323-0062.7.2>
"DOUBLE-QUOTE Too many active managers pick the wrong stocks or incur high trading costs ,COMMA "DOUBLE-QUOTE says Alan Emkin ,COMMA a pension consultant at Wilshire Associates .PERIOD
</s>
<s.87.001.870323-0062.7.3>
"DOUBLE-QUOTE Index funds just keep tracking the market ,COMMA and that's very appealing to clients .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.8>
<s.87.001.870323-0062.8.1>
A bull market such as the current one ,COMMA of course ,COMMA favors index funds because they are always fully invested .PERIOD
</s>
<s.87.001.870323-0062.8.2>
In contrast ,COMMA conventional managers usually hold some cash reserves ,COMMA which have hurt their performance recently .PERIOD
</s>
<s.87.001.870323-0062.8.3>
But reserves "DOUBLE-QUOTE could be a help if the market turns down ,COMMA "DOUBLE-QUOTE Mr. Emkin says .PERIOD
</s>
<s.87.001.870323-0062.8.4>
"DOUBLE-QUOTE You can't get out of a falling market if you're in an index fund .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.9>
<s.87.001.870323-0062.9.1>
At W. F. I. A. ,COMMA there aren't any analysts trying to predict earnings ,COMMA evaluate new products or forecast the economy .PERIOD
</s>
<s.87.001.870323-0062.9.2>
The firm's biggest section is its accounting department ,COMMA which tracks portfolios ,COMMA dividends and who owes what to whom .PERIOD
</s>
<s.87.001.870323-0062.9.3>
Stock selection is so automatic that W. F. I. A.'s chief investment officer ,COMMA thirty three -HYPHEN year -HYPHEN old Patricia Dunn ,COMMA keeps a wind -HYPHEN up white robot near her desk .PERIOD
</s>
<s.87.001.870323-0062.9.4>
It is an impish present from a colleague ,COMMA and on its chest is a label saying :COLON "DOUBLE-QUOTE Investment Manager ,COMMA Index Variety .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.10>
<s.87.001.870323-0062.10.1>
Robot investing irks some observers .PERIOD
</s>
<s.87.001.870323-0062.10.2>
"DOUBLE-QUOTE My biggest shareholders don't know who I am ,COMMA let alone care whether we build a new mill in Alabama ,COMMA "DOUBLE-QUOTE complains Andrew Sigler ,COMMA the chief executive officer of Champion International Corporation .PERIOD
</s>
<s.87.001.870323-0062.10.3>
"DOUBLE-QUOTE We're just a computerized stock symbol to them .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0062.10.4>
Other critics fret that W. F. I. A.'s huge use of futures -HYPHEN trading strategies could someday jolt the stock market .PERIOD
</s>
</p>
<p.87.001.870323-0062.11>
<s.87.001.870323-0062.11.1>
But big clients rush to W. F. I. A.'s defense .PERIOD
</s>
<s.87.001.870323-0062.11.2>
"DOUBLE-QUOTE They're one of the best in the business ,COMMA "DOUBLE-QUOTE says Thomas E. Flanigan ,COMMA the chief investment officer of the California State Teachers Retirement System .PERIOD
</s>
<s.87.001.870323-0062.11.3>
Mr. Flanigan oversees a twenty billion dollar pension plan ,COMMA which has moved more than six billion dollars into the stock market the past few years .PERIOD
</s>
<s.87.001.870323-0062.11.4>
"DOUBLE-QUOTE Indexing is the only approach that lets you move that much money that fast ,COMMA without hurting yourself ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0062.12>
<s.87.001.870323-0062.12.1>
In fact ,COMMA the value of stock -HYPHEN index funds nationwide has tripled since nineteen eighty four to one hundred fifty billion dollars ,COMMA according to consultants .PERIOD
</s>
<s.87.001.870323-0062.12.2>
That makes index funds equal to fifteen %PERCENT of institutional equity holdings ,COMMA or about seven %PERCENT of the entire stock market .PERIOD
</s>
</p>
<p.87.001.870323-0062.15>
<s.87.001.870323-0062.15.1>
But Reebok was added to the S. &AMPERSAND P. index only in early January ,COMMA and W. F. I. A.'s main index fund needed to buy about fifteen million dollars of stock in the shoe company as fast as it could without driving up the price .PERIOD
</s>
<s.87.001.870323-0062.15.2>
Big brokers were glad to help .PERIOD
</s>
<s.87.001.870323-0062.15.3>
Mr. O'Brien snapped up one hundred thousand shares in one lot ,COMMA one hundred twenty five thousand in another .PERIOD
</s>
<s.87.001.870323-0062.15.4>
By ten a. m. ,COMMA he was done .PERIOD
</s>
</p>
<p.87.001.870323-0062.16>
<s.87.001.870323-0062.16.1>
For all that buying ,COMMA no one at W. F. I. A. really cares how Reebok does .PERIOD
</s>
<s.87.001.870323-0062.16.2>
"DOUBLE-QUOTE There aren't that many mispriced securities anymore ,COMMA "DOUBLE-QUOTE Fred Grauer ,COMMA W. F. I. A.'s president ,COMMA says .PERIOD
</s>
<s.87.001.870323-0062.16.3>
Each year ,COMMA random luck brings Wells its share of winners --DASH and losers .PERIOD
</s>
<s.87.001.870323-0062.16.4>
In fact ,COMMA Mr. Grauer argues that it is better to buy the whole stock market in a way that minimizes commissions and trading costs than to spend a lot of time and money in an often -HYPHEN futile search for "DOUBLE-QUOTE cheap stocks .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.17>
<s.87.001.870323-0062.17.1>
Last year ,COMMA when the S. &AMPERSAND P. five hundred index rose a bit more than eighteen %PERCENT ,COMMA with dividends reinvested ,COMMA W. F. I. A.'s big index funds were right in line -HYPHEN up eighteen .POINT four nine %PERCENT .PERIOD
</s>
<s.87.001.870323-0062.17.2>
"DOUBLE-QUOTE We can track the index to within zero .POINT zero one percentage point ,COMMA "DOUBLE-QUOTE Ms. Dunn boasts .PERIOD
</s>
</p>
<p.87.001.870323-0062.18>
<s.87.001.870323-0062.18.1>
Index funds are just part of W. F. I. A.'s business ,COMMA though ,COMMA and its professionals would rather talk about new products .PERIOD
</s>
<s.87.001.870323-0062.18.2>
These include international index funds ,COMMA a fund that uses computer models to pick promising areas of the stock market ,COMMA and "DOUBLE-QUOTE stock -HYPHEN index arbitrage .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.19>
<s.87.001.870323-0062.19.1>
This kind of arbitrage involves shuffling millions of dollars between stocks and futures ,COMMA depending on which investment is cheaper at the moment .PERIOD
</s>
<s.87.001.870323-0062.19.2>
Last year ,COMMA W. F. I. A.'s stock -HYPHEN index arbitrage earned more than twenty million dollars for clients .PERIOD
</s>
</p>
<p.87.001.870323-0062.20>
<s.87.001.870323-0062.20.1>
Each morning ,COMMA futures specialists give Mr. O'Brien ,COMMA the trader ,COMMA a scratch sheet with target prices for when to buy or sell futures .PERIOD
</s>
<s.87.001.870323-0062.20.2>
In late January ,COMMA for example ,COMMA he was ready to sell S. &AMPERSAND P. futures any time they rose more than one .POINT one oh points above the underlying stock index .PERIOD
</s>
<s.87.001.870323-0062.20.3>
If futures fell more than zero .POINT two zero point below the stocks ,COMMA he would buy futures and sell stocks instead .PERIOD
</s>
<s.87.001.870323-0062.20.4>
His typical trade involved thirty million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0062.21>
<s.87.001.870323-0062.21.1>
"DOUBLE-QUOTE We did eight of these one day ,COMMA "DOUBLE-QUOTE Mr. O'Brien says .PERIOD
</s>
<s.87.001.870323-0062.21.2>
Traders joke that S. &AMPERSAND P. arbitrage is such a sure moneymaker that only nuclear war could disrupt it .PERIOD
</s>
<s.87.001.870323-0062.21.3>
In fact ,COMMA Mr. O'Brien's biggest concern the morning of January thirtieth was that too many other institutions wanted to make the same trades .PERIOD
</s>
<s.87.001.870323-0062.21.4>
By the time he was ready to buy futures ,COMMA three other buyers had jumped ahead of him in brokers' queues .PERIOD
</s>
</p>
<p.87.001.870323-0062.22>
<s.87.001.870323-0062.22.1>
Traditional money managers shudder at this form of trading .PERIOD
</s>
<s.87.001.870323-0062.22.2>
"DOUBLE-QUOTE This is turning the New York Stock Exchange into a commodities crapshoot ,COMMA "DOUBLE-QUOTE complains Charles Allmon ,COMMA the publisher of the Growth Stock Outlook newsletter .PERIOD
</s>
<s.87.001.870323-0062.22.3>
"DOUBLE-QUOTE It's adding volatility and instability to the market .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.23>
<s.87.001.870323-0062.23.1>
But S. &AMPERSAND P. arbitrage "DOUBLE-QUOTE simply provides liquidity ,COMMA "DOUBLE-QUOTE insists Jeremy Evnine ,COMMA a W. F. I. A. futures specialist .PERIOD
</s>
<s.87.001.870323-0062.23.2>
When other traders push futures prices out of line ,COMMA W. F. I. A. steps in to restore the balance ,COMMA he says .PERIOD
</s>
<s.87.001.870323-0062.23.3>
"DOUBLE-QUOTE To blame us for moving the market is like blaming a leash for tugging a dog .PERIOD
</s>
<s.87.001.870323-0062.23.4>
You have to look for the hand at the other end .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.24>
<s.87.001.870323-0062.24.1>
W. F. I. A. is even more active in another computer -HYPHEN driven investment strategy :COLON portfolio insurance .PERIOD
</s>
<s.87.001.870323-0062.24.2>
This technique involves owning stocks while hedging the risk of a market drop with stock -HYPHEN index futures .PERIOD
</s>
<s.87.001.870323-0062.24.3>
The hedge is adjusted to increase protection in falling markets ,COMMA while letting investors participate in a bull market .PERIOD
</s>
</p>
<p.87.001.870323-0062.25>
<s.87.001.870323-0062.25.1>
W. F. I. A. invests now nine billion dollars this way ,COMMA all from Nancy Feldkircher's terminal .PERIOD
</s>
<s.87.001.870323-0062.25.2>
The twenty six -HYPHEN year -HYPHEN old assistant vice president says :COLON "DOUBLE-QUOTE I try to think of all that money as just commas and zeros .PERIOD
</s>
<s.87.001.870323-0062.25.3>
Otherwise ,COMMA I get nervous .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.26>
<s.87.001.870323-0062.26.1>
But Ms. Feldkircher doesn't really make the decisions ;SEMI-COLON she just carries them out .PERIOD
</s>
<s.87.001.870323-0062.26.2>
Computer software licensed from Leland O'Brien Rubinstein Associates Incorporated ,COMMA of Los Angeles ,COMMA decides when to buy and sell .PERIOD
</s>
<s.87.001.870323-0062.26.3>
Ms. Feldkircher's biggest modification was to put an old Mercedes instrument gauge above her terminal .PERIOD
</s>
<s.87.001.870323-0062.26.4>
"DOUBLE-QUOTE It makes it look more high -HYPHEN tech ,COMMA "DOUBLE-QUOTE she jokes .PERIOD
</s>
</p>
<p.87.001.870323-0062.27>
<s.87.001.870323-0062.27.1>
Portfolio -HYPHEN insurance clients seem pleased with W. F. I. A.'s results so far .PERIOD
</s>
<s.87.001.870323-0062.27.2>
"DOUBLE-QUOTE It's being played just the way I would have expected ,COMMA "DOUBLE-QUOTE says Timothy R. Barron ,COMMA a Virginia investment official .PERIOD
</s>
</p>
<p.87.001.870323-0062.28>
<s.87.001.870323-0062.28.1>
Nonetheless ,COMMA some critics worry that portfolio insurance ,COMMA with its mechanical buying and selling of futures ,COMMA could someday accelerate a plunge in stock prices .PERIOD
</s>
<s.87.001.870323-0062.28.2>
When portfolio insurers rush to sell stock -HYPHEN index futures ,COMMA their huge sales can depress futures prices relative to stocks .PERIOD
</s>
<s.87.001.870323-0062.28.3>
At that point ,COMMA arbitragers ,COMMA trying to profit from discrepancies between the two markets ,COMMA begin buying futures while selling the underlying stocks .PERIOD
</s>
<s.87.001.870323-0062.28.4>
These "DOUBLE-QUOTE sell programs ,COMMA "DOUBLE-QUOTE often involving hundreds of different issues ,COMMA can push stock prices even lower and set off a vicious circle .PERIOD
</s>
</p>
<p.87.001.870323-0062.29>
<s.87.001.870323-0062.29.1>
The real test will come in a falling market ,COMMA of course ,COMMA and lately the market has been strong .PERIOD
</s>
<s.87.001.870323-0062.29.2>
However ,COMMA when the Dow Jones Industrial Average fell eighty six .POINT six one points last September eleventh ,COMMA some arbitragers said they increased their selling that afternoon to get in ahead of portfolio insurers ;SEMI-COLON they expected the insurers to need to sell more futures soon to implement their hedges .PERIOD
</s>
</p>
<p.87.001.870323-0062.30>
<s.87.001.870323-0062.30.1>
Aware that such tactics could aggravate market plunges ,COMMA W. F. I. A. is trying to use "DOUBLE-QUOTE a little bit of judgment on portfolio -HYPHEN insurance trading ,COMMA "DOUBLE-QUOTE says Rolf Theisen ,COMMA another W. F. I. A. futures specialist .PERIOD
</s>
<s.87.001.870323-0062.30.2>
Stock options and cash markets are being used as well as futures ,COMMA he explains ,COMMA and traders have discretion to execute an order gradually if futures seem badly mispriced relative to stocks .PERIOD
</s>
<s.87.001.870323-0062.30.3>
"DOUBLE-QUOTE It isn't an emergency situation where people have to trade at all costs ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0062.31>
<s.87.001.870323-0062.31.1>
W. F. I. A.'s current market clout would have seemed unthinkable in the nineteen sixties ,COMMA when the notion of index funds arose .PERIOD
</s>
<s.87.001.870323-0062.31.2>
At that time ,COMMA finance professors at the University of Chicago argued that individual stock prices moved so randomly that it made more sense to hold a diverse basket of stocks than to try to pick winners .PERIOD
</s>
<s.87.001.870323-0062.31.3>
In nineteen seventy one ,COMMA pension managers at Samsonite Corporation became convinced enough to ask Wells to set up the first working index fund .PERIOD
</s>
</p>
<p.87.001.870323-0062.32>
<s.87.001.870323-0062.32.1>
Growth in such investing was slow in the nineteen seventies .PERIOD
</s>
<s.87.001.870323-0062.32.2>
But it has taken off in the past few years ,COMMA as studies going back as much as two decades began showing a clear performance edge for index funds .PERIOD
</s>
<s.87.001.870323-0062.32.3>
Previously stubborn pension managers decided that they might as well settle for indexing .PERIOD
</s>
</p>
<p.87.001.870323-0062.33>
<s.87.001.870323-0062.33.1>
In a critical move in nineteen eighty three ,COMMA Wells Fargo hired Mr. Grauer away from Merrill Lynch &AMPERSAND Company to run its investment unit .PERIOD
</s>
<s.87.001.870323-0062.33.2>
He replaced William Fouse ,COMMA a pioneer in indexing ,COMMA who left Wells to set up his own indexing firm for Mellon Bank Corporation .PERIOD
</s>
<s.87.001.870323-0062.33.3>
At that point ,COMMA says Mr. Casey ,COMMA the consultant ,COMMA "DOUBLE-QUOTE The top management at Wells Fargo finally realized what a good business they had in indexing .PERIOD
</s>
<s.87.001.870323-0062.33.4>
That's when they really decided to let it grow .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0062.34>
<s.87.001.870323-0062.34.1>
For all its huge portfolios ,COMMA W. F. I. A. itself is surprisingly puny .PERIOD
</s>
<s.87.001.870323-0062.34.2>
It employs just one hundred ten people ,COMMA ensconced on one floor of a San Francisco office tower .PERIOD
</s>
<s.87.001.870323-0062.34.3>
Its index -HYPHEN fund management fees are minuscule ,COMMA ranging as low as zero .POINT zero five %PERCENT of assets annually ;SEMI-COLON thus ,COMMA W. F. I. A.'s sixty billion dollars of assets probably provides only thirty million dollars to fifty million dollars a year in fee revenue .PERIOD
</s>
<s.87.001.870323-0062.34.4>
Its pretax profits are believed to be less than half that and thus well under five %PERCENT of Wells Fargo &AMPERSAND Company's overall net income. (LEFT-PAREN Officials won't discuss W. F. I. A.'s revenue or earnings .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0062.35>
<s.87.001.870323-0062.35.1>
Still ,COMMA new money keeps pouring in .PERIOD
</s>
<s.87.001.870323-0062.35.2>
In January ,COMMA for example ,COMMA W. F. I. A. added fifteen more clients with two .POINT six billion dollars in assets .PERIOD
</s>
</p>
<p.87.001.870323-0062.36>
<s.87.001.870323-0062.36.1>
"DOUBLE-QUOTE People keep asking us how big we can get ,COMMA as if there were some upper limit ,COMMA "DOUBLE-QUOTE says Jeff Skelton ,COMMA W. F. I. A.'s director of business development .PERIOD
</s>
<s.87.001.870323-0062.36.2>
"DOUBLE-QUOTE They don't realize that size is the friend of the indexer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.1>
<s.87.001.870323-0061.1.1>
Now that the Food and Drug Administration has approved the first prescription drug for AIDS ,COMMA concern is mounting over just how many patients can afford the treatment ,COMMA and who will pay for it .PERIOD
</s>
</p>
<p.87.001.870323-0061.2>
<s.87.001.870323-0061.2.1>
The federal agency gave clearance Friday to Burroughs -HYPHEN Wellcome Company ,COMMA the U. S. unit of London -HYPHEN based Wellcome P. L. C. ,COMMA to market azidothymidine ,COMMA or A. Z. T. ,COMMA in the U. S. .PERIOD
</s>
<s.87.001.870323-0061.2.2>
The drug is for treatment of acquired immune deficiency syndrome ,COMMA and its related pneumonia ,COMMA as well as for severe AIDS -HYPHEN related complex ,COMMA known as ARC .PERIOD
</s>
<s.87.001.870323-0061.2.3>
More than thirty two thousand Americans have been diagnosed with the disease ,COMMA and ten times that number are believed to suffer from ARC ,COMMA a set of symptoms similar to AIDS .PERIOD
</s>
<s.87.001.870323-0061.2.4>
The company estimates fifteen thousand patients in each category will qualify for the drug ,COMMA which will be marketed under the name Retrovir .PERIOD
</s>
</p>
<p.87.001.870323-0061.3>
<s.87.001.870323-0061.3.1>
Developed with an urgency that matched the swift and fatal course of the epidemic ,COMMA A. Z. T. prolonged survival for patients in a six -HYPHEN month controlled trial last year .PERIOD
</s>
<s.87.001.870323-0061.3.2>
Its major side effects include severe anemia and bone marrow suppression ,COMMA necessitating blood transfusions or a halt in treatment for one -HYPHEN third to one -HYPHEN half of the AIDS patients on the drug .PERIOD
</s>
</p>
<p.87.001.870323-0061.4>
<s.87.001.870323-0061.4.1>
Still ,COMMA "DOUBLE-QUOTE A. Z. T. is a first step that shows how rapidly progress can be made when the government and private sector work together ,COMMA "DOUBLE-QUOTE says Samuel Broder of the National Cancer Institute ,COMMA who administered the first test dose to AIDS patient Joseph Rafuse just twenty months ago .PERIOD
</s>
<s.87.001.870323-0061.4.2>
This makes A. Z. T. the fastest drug development story since anti -HYPHEN malarial agents were sped to G. I.s in World War two ,COMMA he says .PERIOD
</s>
</p>
<p.87.001.870323-0061.5>
<s.87.001.870323-0061.5.1>
The drug's price --DASH eight thousand ,COMMA three hundred dollars a year wholesale and ten thousand dollars retail --DASH indicates a hefty two hundred fifty million dollars in annual revenue for the company ,COMMA based on treatment of thirty thousand patients .PERIOD
</s>
<s.87.001.870323-0061.5.2>
Michael Sorell ,COMMA an analyst with Morgan Stanley &AMPERSAND Company ,COMMA says he expects the drug will be "DOUBLE-QUOTE a big profit maker for Wellcome ,COMMA "DOUBLE-QUOTE and the market reacted favorably .PERIOD
</s>
<s.87.001.870323-0061.5.3>
In London trading Friday ,COMMA Wellcome shares closed at the equivalent of seven dollars and ninety seven cents ,COMMA up sixty two cents .PERIOD
</s>
<s.87.001.870323-0061.5.4>
But the price and revenue figures alarm physicians and consumer advocates around the country .PERIOD
</s>
</p>
<p.87.001.870323-0061.6>
<s.87.001.870323-0061.6.1>
"DOUBLE-QUOTE It's expensive .PERIOD
</s>
<s.87.001.870323-0061.6.2>
For patients ,COMMA it's a potential hardship ,COMMA "DOUBLE-QUOTE says Lawrence Kaplan ,COMMA medical director of the AIDS clinic at San Francisco General Hospital .PERIOD
</s>
<s.87.001.870323-0061.6.3>
Unanswered questions about insurance and Medicaid coverage further cloud the picture ,COMMA because "DOUBLE-QUOTE many patients aren't working ,COMMA and survive on government subsidy ,COMMA "DOUBLE-QUOTE explains a spokeswoman for the San Francisco AIDS Foundation .PERIOD
</s>
</p>
<p.87.001.870323-0061.7>
<s.87.001.870323-0061.7.1>
"DOUBLE-QUOTE Only the privileged and rich will be able to handle the cost ,COMMA "DOUBLE-QUOTE adds Lionel Resnick ,COMMA of the Mount Sinai Medical Center in Miami .PERIOD
</s>
<s.87.001.870323-0061.7.2>
"DOUBLE-QUOTE It doesn't take much to realize that we have a very big problem .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.8>
<s.87.001.870323-0061.8.1>
"DOUBLE-QUOTE I think the extraordinarily high price of the drug needs to be justified by the company in very clear terms ,COMMA because it will clearly limit access to patients who could benefit ,COMMA "DOUBLE-QUOTE says Jerome Groopman of New England Deaconess Hospital in Boston .PERIOD
</s>
</p>
<p.87.001.870323-0061.9>
<s.87.001.870323-0061.9.1>
But David Barry ,COMMA vice president for research at Burroughs -HYPHEN Wellcome ,COMMA says :COLON "DOUBLE-QUOTE I think it's a fair price .PERIOD
</s>
<s.87.001.870323-0061.9.2>
It's a price we had to charge to stay in business .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0061.9.3>
The company ,COMMA based in Research Triangle Park ,COMMA N. C. ,COMMA has committed a total of eighty million dollars in research and development of the drug ,COMMA including about ten million dollars in free drug given to nearly five thousand patients who participated in the clinical trial .PERIOD
</s>
</p>
<p.87.001.870323-0061.10>
<s.87.001.870323-0061.10.1>
He reiterates that A. Z. T. is expensive to make ,COMMA requiring seven months of work to produce six chemical reactions that result in the drug .PERIOD
</s>
<s.87.001.870323-0061.10.2>
The material ,COMMA thymidine ,COMMA was once obtained from herring sperm but is now purchased in synthesized form from New York -HYPHEN based Pfizer Corporation .PERIOD
</s>
</p>
<p.87.001.870323-0061.11>
<s.87.001.870323-0061.11.1>
Doctor Barry also argues that because A. Z. T. prolongs life and reduces episodes of infection ,COMMA AIDS patients will require less hospitalization and will be able to return to work .PERIOD
</s>
<s.87.001.870323-0061.11.2>
Thus ,COMMA Burroughs -HYPHEN Wellcome officials figure a potential twenty five %PERCENT reduction in the cost of care for patients on A. Z. T. ,COMMA he says .PERIOD
</s>
</p>
<p.87.001.870323-0061.12>
<s.87.001.870323-0061.12.1>
"DOUBLE-QUOTE I have no compunction about charging this price ,COMMA "DOUBLE-QUOTE Doctor Barry says .PERIOD
</s>
<s.87.001.870323-0061.12.2>
"DOUBLE-QUOTE No one flinches at hundreds of dollars a day in hospital costs ,COMMA but everyone expects a drug that prevents hospitalization to be much less .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.13>
<s.87.001.870323-0061.13.1>
But A. Z. T.'s price places it clearly beyond the reach of the many patients who are indigent or uninsured .PERIOD
</s>
<s.87.001.870323-0061.13.2>
About forty %PERCENT of AIDS patients are on Medicaid or will be ,COMMA according to the federal Health Care Financing Administration .PERIOD
</s>
<s.87.001.870323-0061.13.3>
But not all states pay for prescription drugs under Medicaid ;SEMI-COLON it is their option to offer the benefit .PERIOD
</s>
<s.87.001.870323-0061.13.4>
Two states ,COMMA Alaska and Wyoming ,COMMA offer no coverage for prescription drugs under Medicaid ,COMMA and Florida ,COMMA which has the fourth -HYPHEN highest incidence of AIDS ,COMMA limits prescription drug benefits to twenty two dollars a month ,COMMA according to a staffer of a congressional health committee .PERIOD
</s>
</p>
<p.87.001.870323-0061.14>
<s.87.001.870323-0061.14.1>
"DOUBLE-QUOTE It makes for a very ugly situation ,COMMA "DOUBLE-QUOTE says Doctor Resnick in Miami .PERIOD
</s>
<s.87.001.870323-0061.14.2>
"DOUBLE-QUOTE I'm very frustrated .PERIOD
</s>
<s.87.001.870323-0061.14.3>
The government has to take a lead role .PERIOD
</s>
<s.87.001.870323-0061.14.4>
We have a lot of poor patients ,COMMA and I would like to see them on the drug .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.15>
<s.87.001.870323-0061.15.1>
Moreover ,COMMA ARC patients have a tougher time qualifying than those with a formal AIDS diagnosis .PERIOD
</s>
<s.87.001.870323-0061.15.2>
In California ,COMMA for example ,COMMA patients with an AIDS diagnosis receive Medicaid .PERIOD
</s>
<s.87.001.870323-0061.15.3>
But San Francisco General's Doctor Kaplan worries :COLON "DOUBLE-QUOTE It's more difficult for patients with ARC .PERIOD
</s>
<s.87.001.870323-0061.15.4>
Some aren't eligible for MediCal (LEFT-PAREN California's Medicaid )RIGHT-PAREN at this stage .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0061.15.5>
He adds that "DOUBLE-QUOTE the issue of whether third -HYPHEN party payers or MediCal will be covering (LEFT-PAREN treatment )RIGHT-PAREN remains to be resolved .PERIOD
</s>
<s.87.001.870323-0061.15.6>
We expect that they will .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.16>
<s.87.001.870323-0061.16.1>
One physician ,COMMA who asked not to be named ,COMMA warns :COLON "DOUBLE-QUOTE Either it'll be on the taxpayer's back ,COMMA or patients will be robbing pharmacies ...ELLIPSIS .PERIOD
</s>
<s.87.001.870323-0061.16.2>
These are desperate ,COMMA dying patients .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0061.16.3>
Some physicians fear illegal trade in the drug will arise .PERIOD
</s>
</p>
<p.87.001.870323-0061.17>
<s.87.001.870323-0061.17.1>
But federal health officials are anxiously studying the drug's impact on federal health programs .PERIOD
</s>
<s.87.001.870323-0061.17.2>
William L. Roper ,COMMA the financing agency's administrator ,COMMA estimates Medicaid may spend fifty million dollars on A. Z. T. in nineteen eighty seven ,COMMA and one hundred fifty million dollars in nineteen eighty eight .PERIOD
</s>
</p>
<p.87.001.870323-0061.18>
<s.87.001.870323-0061.18.1>
Burroughs -HYPHEN Wellcome executives recently faced questions on Capitol Hill that ranged from sharp to hostile ,COMMA when the House Subcommittee on Health and the Environment held hearings on the cost of A. Z. T. Representative Ron Wyden (LEFT-PAREN D. ,COMMA Oregon )RIGHT-PAREN asked :COLON "DOUBLE-QUOTE How did you arrive at a price of ten thousand dollars ?QUESTION-MARK
</s>
<s.87.001.870323-0061.18.2>
Why didn't you set it at one hundred thousand dollars ?QUESTION-MARK "DOUBLE-QUOTE
</s>
<s.87.001.870323-0061.18.3>
T. E. Haigler Junior ,COMMA Burroughs -HYPHEN Wellcome president ,COMMA testified that the company's involvement in A. Z. T. research "DOUBLE-QUOTE involved a significant amount of risk .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0061.18.4>
He added ,COMMA "DOUBLE-QUOTE Because the full usefulness of A. Z. T. and the efficacy and speed of introduction of competitive products are unknown ,COMMA our financial returns are uncertain .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.19>
<s.87.001.870323-0061.19.1>
Indeed ,COMMA some physicians and patient advocates hope competition will come soon to force a moderation of A. Z. T.'s steep price .PERIOD
</s>
<s.87.001.870323-0061.19.2>
Other drugs currently are being tested ,COMMA including interferon ,COMMA ribavirin ,COMMA AL -HYPHEN seven hundred twenty one ,COMMA isoprinosine ,COMMA Imreg -HYPHEN one and G. M. -HYPHEN C. S. F. .PERIOD
</s>
</p>
<p.87.001.870323-0061.20>
<s.87.001.870323-0061.20.1>
Some think competition may come from Hoffmann -HYPHEN La Roche Incorporated ,COMMA recently designated the government's licensee for the development ,COMMA testing and possible marketing of D. D. C. ,COMMA or dideoxycytidine .PERIOD
</s>
<s.87.001.870323-0061.20.2>
Hoffmann is the U. S. unit of F. Hoffmann -HYPHEN La Roche &AMPERSAND Company ,COMMA Switzerland .PERIOD
</s>
<s.87.001.870323-0061.20.3>
The drug is a sister drug of A. Z. T. that scientists at the National Institutes of Health have found more potent in the test tube at lower doses ,COMMA thus prompting hopes that the drug might work with fewer side effects .PERIOD
</s>
<s.87.001.870323-0061.20.4>
But only a handful of patients have received D. D. C. ,COMMA and despite a preliminary observation that it raised the count of their T. -HYPHEN cells --DASH immune system cells normally ravaged by the virus --DASH clinical efficacy remains to be proven in larger trials .PERIOD
</s>
</p>
<p.87.001.870323-0061.21>
<s.87.001.870323-0061.21.1>
The National Cancer Institute also is working on a third related compound ,COMMA dideoxyadenosine ,COMMA but hasn't named a commercial licensee .PERIOD
</s>
<s.87.001.870323-0061.21.2>
"DOUBLE-QUOTE In the foreseeable future ,COMMA it's likely we'll have a number of possible strategies for the treatment of AIDS ,COMMA "DOUBLE-QUOTE says N. C. I.'s Doctor Broder .PERIOD
</s>
<s.87.001.870323-0061.21.3>
"DOUBLE-QUOTE So at some point ,COMMA competition may be a real factor in reducing overall costs of anti -HYPHEN viral therapy .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.22>
<s.87.001.870323-0061.22.1>
But for now ,COMMA A. Z. T.'s availability is going to be the chief concern for many patients .PERIOD
</s>
<s.87.001.870323-0061.22.2>
Burroughs -HYPHEN Wellcome's Doctor Barry says the company has only enough to provide for fifteen thousand initially ,COMMA but expects to supply doses for thirty thousand by year's end .PERIOD
</s>
</p>
<p.87.001.870323-0061.23>
<s.87.001.870323-0061.23.1>
Further ,COMMA distribution will be tightly allocated under a company program that requires doctors to obtain a form from Burroughs -HYPHEN Wellcome --DASH by calling one -HYPHEN eight hundred -HYPHEN eight hundred forty three to nine thousand ,COMMA three hundred eighty eight --DASH and fill out a description of an eligible patient's symptoms .PERIOD
</s>
<s.87.001.870323-0061.23.2>
The company then will assign a confidential patient number ,COMMA and allocate a month's dose to the patient's local pharmacy .PERIOD
</s>
</p>
<p.87.001.870323-0061.24>
<s.87.001.870323-0061.24.1>
Doctor Groopman in Boston says he is skeptical that pharmaceutical representatives can effectively control retail distribution .PERIOD
</s>
<s.87.001.870323-0061.24.2>
Doctor Barry counters that the program "DOUBLE-QUOTE is actually very streamlined and straightforward .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0061.24.3>
But he acknowledges ,COMMA "DOUBLE-QUOTE There's always the possibility of fraud .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0061.25>
<s.87.001.870323-0061.25.1>
A. Z. T. --DASH by now a textbook case on the serendipity and complexity of drug development --DASH was created in nineteen sixty four by Jerome Horwitz of the Michigan Cancer Foundation as a possible chemotherapy drug .PERIOD
</s>
<s.87.001.870323-0061.25.2>
But it didn't work and was shelved for a decade until acquired by Burroughs -HYPHEN Wellcome as a possible anti -HYPHEN microbial agent .PERIOD
</s>
<s.87.001.870323-0061.25.3>
When N. C. I. began mass -HYPHEN screening drugs against the AIDS virus in the test tube ,COMMA Burroughs -HYPHEN Wellcome became one of about fifty companies and private labs to send in candidate products .PERIOD
</s>
<s.87.001.870323-0061.25.4>
A sample of A. Z. T. was sent to N. C. I. under the code name "DOUBLE-QUOTE compound S. ,COMMA "DOUBLE-QUOTE and in February nineteen eighty five ,COMMA scientists identified it as a potent virus killer in the test tube .PERIOD
</s>
</p>
<p.87.001.870323-0061.26>
<s.87.001.870323-0061.26.1>
Even before the controversy over A. Z. T.'s cost ,COMMA its development and testing as an AIDS drug was marked by urgency ,COMMA intermittent raw -HYPHEN materials shortages and bitter public debate over the second phase of the clinical trial ,COMMA in which some patients were merely given a sugar -HYPHEN pill placebo .PERIOD
</s>
<s.87.001.870323-0061.26.2>
Patient advocates decried the practice ,COMMA while researchers maintained it was necessary to establish objective proof of the drug's effectiveness .PERIOD
</s>
</p>
<p.87.001.870323-0061.27>
<s.87.001.870323-0061.27.1>
By midsummer nineteen eighty six ,COMMA word leaked that patients on A. Z. T. were enjoying longer survival than patients in the control group .PERIOD
</s>
<s.87.001.870323-0061.27.2>
An independent monitoring board in September publicly confirmed the striking six -HYPHEN month results :COLON Only one of one hundred forty five patients receiving the drug had died ,COMMA while nineteen of one hundred thirty seven patients receiving the placebo had died .PERIOD
</s>
<s.87.001.870323-0061.27.3>
The research group then decided to end the controlled experiment ,COMMA and provided the drug to the placebo group .PERIOD
</s>
<s.87.001.870323-0061.27.4>
Since then ,COMMA ten other patients in the original A. Z. T. group and sixteen in the placebo group have died .PERIOD
</s>
</p>
<p.87.001.870323-0061.28>
<s.87.001.870323-0061.28.1>
The side effects ,COMMA however ,COMMA require that doctors "DOUBLE-QUOTE treat this drug with respect ,COMMA "DOUBLE-QUOTE Doctor Broder cautions .PERIOD
</s>
<s.87.001.870323-0061.28.2>
Despite the brevity of the clinical trial and concern about side effects ,COMMA an advisory panel to the F. D. A. met last January and ,COMMA spurred by the rapid and fatal course of the AIDS epidemic ,COMMA voted ten to one to recommend A. Z. T. receive full agency approval .PERIOD
</s>
<s.87.001.870323-0061.28.3>
Since then ,COMMA both Britain and France have granted market clearance to the drug .PERIOD
</s>
</p>
<p.87.001.870323-0061.29>
<s.87.001.870323-0061.29.1>
Notwithstanding its approval ,COMMA A. Z. T. must now submit to continuing tests in groups not covered by the F. D. A. approval :COLON children under twelve with AIDS ;SEMI-COLON patients with Kaposi's Sarcoma ,COMMA which is an AIDS -HYPHEN linked malignancy ;SEMI-COLON those with AIDS -HYPHEN related neurological disease ,COMMA and carriers of the virus who show no symptoms .PERIOD
</s>
<s.87.001.870323-0061.29.2>
Also planned are studies of its effects in combination with other drugs such as the herpes drug acyclovir ,COMMA or the immune -HYPHEN system booster interferon .PERIOD
</s>
<s.87.001.870323-0061.29.3>
Finally ,COMMA Burroughs -HYPHEN Wellcome says it plans to fund a clinical trial in Africa ,COMMA which is where AIDS is believed to have originated .PERIOD
</s>
</p>
<p.87.001.870323-0060.1>
<s.87.001.870323-0060.1.1>
If West Virginians want to hear two different views of how the nation got into its trade mess and how to get out of it ,COMMA they need only listen to their two Democratic U. S. senators .PERIOD
</s>
</p>
<p.87.001.870323-0060.2>
<s.87.001.870323-0060.2.1>
"DOUBLE-QUOTE It isn't the fault of the Koreans if our kids watch 'SINGLE-QUOTE Miami Vice 'SINGLE-QUOTE instead of studying math ,COMMA "DOUBLE-QUOTE Senator John D. Rockefeller the fourth tells a Chamber of Commerce audience in this small Ohio River community .PERIOD
</s>
<s.87.001.870323-0060.2.2>
"DOUBLE-QUOTE We're part of our own problem .PERIOD
</s>
<s.87.001.870323-0060.2.3>
American industry can't just keep running to government for relief .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.3>
<s.87.001.870323-0060.3.1>
But over in nearby Morgantown ,COMMA Senate Majority Leader Robert C. Byrd puts the blame --DASH as well as the responsibility for protecting basic domestic industries --DASH squarely on the government .PERIOD
</s>
<s.87.001.870323-0060.3.2>
"DOUBLE-QUOTE By the failure of our government to come to grips with the trade issue ,COMMA we've lost thousands of jobs ,COMMA "DOUBLE-QUOTE he declares .PERIOD
</s>
</p>
<p.87.001.870323-0060.4>
<s.87.001.870323-0060.4.1>
These differences underscore the complexity of the trade issue ,COMMA which has recently emerged from relative obscurity to become one of the major themes of politics in the nineteen eighties and possibly a principal issue in the nineteen eighty eight elections .PERIOD
</s>
</p>
<p.87.001.870323-0060.5>
<s.87.001.870323-0060.5.1>
As Congress considers the elements of a major trade package ,COMMA it must grapple with the same question facing West Virginians as they listen to their two senators :COLON whether to seek quotas ,COMMA tariffs and other forms of import limits or to adopt a more limited approach that primarily seeks to increase U. S. competitiveness and exports .PERIOD
</s>
</p>
<p.87.001.870323-0060.6>
<s.87.001.870323-0060.6.1>
Majority Leader Byrd takes a hard -HYPHEN line view ,COMMA calling for quick action by Congress to protect import -HYPHEN battered industries like steel ,COMMA textiles and shoes .PERIOD
</s>
<s.87.001.870323-0060.6.2>
Mr. Rockefeller ,COMMA a Harvard graduate who speaks Japanese and is an avid internationalist ,COMMA calls on American business to "DOUBLE-QUOTE be smarter .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.7>
<s.87.001.870323-0060.7.1>
Volker Jung ,COMMA the president of Siemens Public Switching Systems Incorporated ,COMMA a unit of Siemens A. G. ,COMMA recently met with each lawmaker on trade issues .PERIOD
</s>
<s.87.001.870323-0060.7.2>
Senator Rockefeller ,COMMA he recalls ,COMMA immediately began asking detailed questions about the differences between the U. S. and West German educational systems ;SEMI-COLON Senator Byrd focused on the loss of American jobs and "DOUBLE-QUOTE wanted to know what are Siemens's goals in the U. S. .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.8>
<s.87.001.870323-0060.8.1>
Adds Gary White ,COMMA the president of the West Virginia Coal Association :COLON "DOUBLE-QUOTE Rockefeller tells us to make sacrifices to make our coal exports more competitive ...ELLIPSIS .PERIOD
</s>
<s.87.001.870323-0060.8.2>
Byrd says he wants to protect basic industries and see that they keep their fair share of the domestic market .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.9>
<s.87.001.870323-0060.9.1>
The trade issue is crucial to West Virginians --DASH but it cuts in several directions .PERIOD
</s>
<s.87.001.870323-0060.9.2>
The state's major industry ,COMMA mining ,COMMA has been severely depressed for years ;SEMI-COLON in steel ,COMMA petrochemicals and glass ,COMMA job losses to foreign competition have been high .PERIOD
</s>
<s.87.001.870323-0060.9.3>
But surprisingly ,COMMA some twenty %PERCENT of what West Virginia produces is sold abroad --DASH far more than the twelve %PERCENT or so in the nation as a whole .PERIOD
</s>
</p>
<p.87.001.870323-0060.10>
<s.87.001.870323-0060.10.1>
Both of West Virginia's senators are integrally involved in the congressional debate on trade .PERIOD
</s>
<s.87.001.870323-0060.10.2>
As the majority leader explains it ,COMMA Senator Rockefeller ,COMMA who was just appointed to the Finance Committee ,COMMA "DOUBLE-QUOTE is in a good position from inside to help mold the legislation .PERIOD
</s>
<s.87.001.870323-0060.10.3>
I'm the catalyst to put it all together .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0060.10.4>
Moreover ,COMMA both agree that trade legislation is necessary ,COMMA and they articulate the same general goals for their state ;SEMI-COLON for example ,COMMA both believe that the biggest hope for the state's future lies in high technology .PERIOD
</s>
<s.87.001.870323-0060.10.5>
"DOUBLE-QUOTE We probably do bring somewhat different perspectives to the trade issue ,COMMA but our goal is the same --DASH to make this country more competitive and to strengthen the economy of West Virginia ,COMMA "DOUBLE-QUOTE Senator Byrd says .PERIOD
</s>
</p>
<p.87.001.870323-0060.11>
<s.87.001.870323-0060.11.1>
When talk turns specific ,COMMA the dissimilarities in their backgrounds ,COMMA viewpoints and solutions begin to emerge .PERIOD
</s>
<s.87.001.870323-0060.11.2>
"DOUBLE-QUOTE We've had different experiences ,COMMA "DOUBLE-QUOTE says Senator Rockefeller .PERIOD
</s>
<s.87.001.870323-0060.11.3>
"DOUBLE-QUOTE The different experiences mean we talk about trade in a different way .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.12>
<s.87.001.870323-0060.12.1>
Mr. Byrd ,COMMA sixty nine years old ,COMMA is a product of rural West Virginia .PERIOD
</s>
<s.87.001.870323-0060.12.2>
Raised by relatives after his mother died ,COMMA he worked for twelve years to save enough money to go to college .PERIOD
</s>
<s.87.001.870323-0060.12.3>
His position as leader of the Senate's Democrats has made him a national figure ,COMMA but he still identifies with the state's rural ,COMMA largely unsophisticated populace .PERIOD
</s>
<s.87.001.870323-0060.12.4>
In depressed West Virginia ,COMMA a job is a precious commodity ,COMMA and the notion that trade is depriving people of jobs powerfully shapes Mr. Byrd's attitudes .PERIOD
</s>
</p>
<p.87.001.870323-0060.13>
<s.87.001.870323-0060.13.1>
On a midweek visit to the state ,COMMA the majority leader stops for coffee in Flatwoods ,COMMA a town of four hundred people along Interstate seventy nine ,COMMA smack in the middle of the state .PERIOD
</s>
<s.87.001.870323-0060.13.2>
The owner of the local truck stop tells Mr. Byrd about a nearby mill that has lost its market for barrel staves and blames the loss on unfair trading practices by foreign countries .PERIOD
</s>
<s.87.001.870323-0060.13.3>
In response ,COMMA the senator talks about the need for tough trade legislation to "DOUBLE-QUOTE make the country competitive again .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.14>
<s.87.001.870323-0060.14.1>
The next day ,COMMA Mr. Byrd is the host at a well -HYPHEN attended conference promoting the development of a "DOUBLE-QUOTE Software Valley "DOUBLE-QUOTE in the state to be modeled after California's Silicon Valley .PERIOD
</s>
<s.87.001.870323-0060.14.2>
The majority leader is trying to persuade computer giants to set up shop in the state or contribute technology to help basic industries in West Virginia modernize and become more competitive .PERIOD
</s>
</p>
<p.87.001.870323-0060.15>
<s.87.001.870323-0060.15.1>
By the end of the daylong event ,COMMA the senator has obtained commitments from several companies to help in the project .PERIOD
</s>
<s.87.001.870323-0060.15.2>
Bell Atlantic Corporation decides to locate its new software -HYPHEN development center in West Virginia ,COMMA and International Business Machines Corporation agrees to lend an executive to run the project .PERIOD
</s>
</p>
<p.87.001.870323-0060.16>
<s.87.001.870323-0060.16.1>
Senator Byrd's push for a Software Valley is consistent with his tendency to worry first about how domestic companies are surviving and then look for solutions from the U. S. government and the business community .PERIOD
</s>
<s.87.001.870323-0060.16.2>
Senator Rockefeller ,COMMA on the other hand ,COMMA promptly starts out looking to other countries' practices and industries for models of what to do to improve the trade picture here .PERIOD
</s>
</p>
<p.87.001.870323-0060.17>
<s.87.001.870323-0060.17.1>
A scion of one of the wealthiest families in the country ,COMMA the forty nine -HYPHEN year -HYPHEN old Mr. Rockefeller has traveled the world extensively and lived for three years in Japan .PERIOD
</s>
<s.87.001.870323-0060.17.2>
He first moved to West Virginia as an anti -HYPHEN poverty worker ,COMMA then decided to stay and start a political career ,COMMA eventually serving two terms as governor .PERIOD
</s>
</p>
<p.87.001.870323-0060.18>
<s.87.001.870323-0060.18.1>
Not surprisingly ,COMMA Senator Rockefeller has often looked to Japan for solutions to West Virginia's economic problems .PERIOD
</s>
<s.87.001.870323-0060.18.2>
He was instrumental in bringing Japan's sixth -HYPHEN largest steelmaker ,COMMA Nisshin Steel Company ,COMMA to the state ;SEMI-COLON Nisshin is just breaking ground on a sixty five million dollar plant ,COMMA a joint venture with the beleaguered Wheeling -HYPHEN Pittsburgh Steel Corporation that will bring at least one hundred jobs .PERIOD
</s>
<s.87.001.870323-0060.18.3>
At a lunch kicking off the joint venture ,COMMA the senator gives a Japanese official a U. S. flag that once flew over the Capitol .PERIOD
</s>
<s.87.001.870323-0060.18.4>
To cheers ,COMMA he has the Japanese executive hold up the flag with him .PERIOD
</s>
</p>
<p.87.001.870323-0060.19>
<s.87.001.870323-0060.19.1>
"DOUBLE-QUOTE Most of us have an upbeat feeling about "DOUBLE-QUOTE the joint venture ,COMMA says Elaine McAlpine ,COMMA the craft director of the Brooke County Senior Citizen Center ,COMMA who has a colorful ,COMMA oversized Japanese calendar tacked up behind her desk .PERIOD
</s>
<s.87.001.870323-0060.19.2>
"DOUBLE-QUOTE It's a chance to get some improvement here .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.20>
<s.87.001.870323-0060.20.1>
Even some workers who believe that they have been harmed by foreign companies look to the companies for help .PERIOD
</s>
<s.87.001.870323-0060.20.2>
Robert McMakin ,COMMA a coal worker who was laid off in nineteen eighty three ,COMMA brings his resume to Senator Rockefeller at a town meeting in the Fairmont public library ,COMMA hoping to learn of potential jobs .PERIOD
</s>
<s.87.001.870323-0060.20.3>
"DOUBLE-QUOTE I'm willing to work for a foreign company ,COMMA "DOUBLE-QUOTE says the father of two .PERIOD
</s>
<s.87.001.870323-0060.20.4>
"DOUBLE-QUOTE I have a feeling the foreign companies put me out of work ,COMMA and if they come into this country and pay Americans a fair wage so we can feed our families ,COMMA I'm for it .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.21>
<s.87.001.870323-0060.21.1>
Other voters reflect the divisions between their two senators .PERIOD
</s>
<s.87.001.870323-0060.21.2>
At another town meeting at the library in McMechen ,COMMA south of Wheeling ,COMMA an overflow audience of steelworkers ,COMMA retirees and others crowds among the bookshelves to voice its fears .PERIOD
</s>
<s.87.001.870323-0060.21.3>
Sentiment is strong for some form of protection against imports .PERIOD
</s>
<s.87.001.870323-0060.21.4>
"DOUBLE-QUOTE When you say we're in a world market ,COMMA it's an unfair market that is putting our people out of work ,COMMA "DOUBLE-QUOTE James Bosworth tells the senator .PERIOD
</s>
<s.87.001.870323-0060.21.5>
"DOUBLE-QUOTE Maybe we should build a wall around ourselves .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0060.21.6>
A woman in the audience calls out :COLON "DOUBLE-QUOTE Let's have a Boston tea party and throw all the Japanese products in the ocean !EXCLAMATION-POINT "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.22>
<s.87.001.870323-0060.22.1>
But other voters think the issue is more complex .PERIOD
</s>
<s.87.001.870323-0060.22.2>
"DOUBLE-QUOTE If you become too protectionist ,COMMA you cut your nose off to spite your face ,COMMA "DOUBLE-QUOTE says Charles Beall ,COMMA the secretary -HYPHEN treasurer of a Wellsburg lumber company .PERIOD
</s>
<s.87.001.870323-0060.22.3>
"DOUBLE-QUOTE It could help steel ,COMMA but it would hurt coal because they have to sell out of the country .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.23>
<s.87.001.870323-0060.23.1>
The only thing all voters seem to agree on is that something must be done .PERIOD
</s>
<s.87.001.870323-0060.23.2>
Wherever either senator goes in the state ,COMMA he is besieged about the issue .PERIOD
</s>
<s.87.001.870323-0060.23.3>
"DOUBLE-QUOTE I've heard at least five times about rumors of layoffs ,COMMA "DOUBLE-QUOTE Senator Rockefeller says .PERIOD
</s>
<s.87.001.870323-0060.23.4>
"DOUBLE-QUOTE So even if they have a job ,COMMA they aren't secure .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0060.24>
<s.87.001.870323-0060.24.1>
Senator Byrd takes pains to reassure voters that he will see to it that the trade picture improves .PERIOD
</s>
<s.87.001.870323-0060.24.2>
"DOUBLE-QUOTE I don't intend to preside over a continuation of this decline ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0060.25>
<s.87.001.870323-0060.25.1>
Senator Rockefeller ,COMMA though ,COMMA isn't reassuring at all .PERIOD
</s>
<s.87.001.870323-0060.25.2>
In the tiny northern river town of New Cumberland ,COMMA he pays a visit to the John D. Rockefeller the fourth Vocational Center ,COMMA where his family door knocker graces the front entrance .PERIOD
</s>
<s.87.001.870323-0060.25.3>
At the center ,COMMA a local T. V. camera crew asks him for a "DOUBLE-QUOTE message "DOUBLE-QUOTE to the area's steelworkers that they will have jobs .PERIOD
</s>
</p>
<p.87.001.870323-0060.26>
<s.87.001.870323-0060.26.1>
"DOUBLE-QUOTE There is no message anyone can give to guarantee survival ,COMMA "DOUBLE-QUOTE the senator replies .PERIOD
</s>
<s.87.001.870323-0060.26.2>
"DOUBLE-QUOTE There's no guarantee for anything in global competition .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0059.1>
<s.87.001.870323-0059.1.1>
A U. S. court extended an order freezing the assets of an Israeli financier and a former Merrill Lynch &AMPERSAND Company executive charged with a four million dollar insider -HYPHEN trading scheme .PERIOD
</s>
<s.87.001.870323-0059.1.2>
But the S. E. C. said the financier ,COMMA David Sofer ,COMMA has indicated he will fight the S. E. C. over control of his overseas assets .PERIOD
</s>
</p>
<p.87.001.870323-0059.2>
<s.87.001.870323-0059.2.1>
The S. E. C. also disclosed in a memorandum filed at a court hearing Friday that its charges against Mr. Sofer and Nahum Vaskevitch ,COMMA the former Merrill official ,COMMA were filed March eleventh in an "DOUBLE-QUOTE emergency "DOUBLE-QUOTE atmosphere because the S. E. C. believed that Mr. Sofer was trying to move some of his allegedly illicit profits out of the U. S. to Switzerland .PERIOD
</s>
</p>
<p.87.001.870323-0059.3>
<s.87.001.870323-0059.3.1>
The statement that Mr. Sofer may fight the S. E. C. overseas ,COMMA also made at the hearing ,COMMA marked the first indication of any response in the case from Mr. Sofer or Mr. Vaskevitch ,COMMA Merrill Lynch's former head of mergers in London .PERIOD
</s>
<s.87.001.870323-0059.3.2>
Both have been unreachable for comment and their lawyers have declined to discuss the case .PERIOD
</s>
</p>
<p.87.001.870323-0059.4>
<s.87.001.870323-0059.4.1>
The S. E. C. alleged that Mr. Sofer and Mr. Vaskevitch reaped more than four million dollars from insider trading over the past three years ,COMMA based on tips from Mr. Vaskevitch about deals involving Merrill Lynch clients .PERIOD
</s>
</p>
<p.87.001.870323-0059.5>
<s.87.001.870323-0059.5.1>
The S. E. C. memorandum alleged that Mr. Sofer unsuccessfully tried to transfer to Switzerland about five hundred thousand dollars from a brokerage account in which he allegedly made insider trades .PERIOD
</s>
<s.87.001.870323-0059.5.2>
Earlier this year ,COMMA Mr. Sofer transferred about one .POINT nine million dollars from the brokerage account to a Swiss Bank ,COMMA the S. E. C. charged .PERIOD
</s>
</p>
<p.87.001.870323-0059.6>
<s.87.001.870323-0059.6.1>
Thomas C. Newkirk ,COMMA an S. E. C. lawyer ,COMMA said Mr. Sofer's lawyer in New York has indicated that Mr. Sofer plans to fight for control of his assets overseas ,COMMA where the U. S. court's freeze order might not be enforceable .PERIOD
</s>
<s.87.001.870323-0059.6.2>
Mr. Sofer hasn't decided whether to contest the U. S. court over his U. S. assets ,COMMA Mr. Newkirk said .PERIOD
</s>
<s.87.001.870323-0059.6.3>
The S. E. C. has declined to disclose the amount of Mr. Sofer's and Mr. Vaskevitch's assets .PERIOD
</s>
</p>
<p.87.001.870323-0059.7>
<s.87.001.870323-0059.7.1>
Mr. Sofer's lawyer ,COMMA Stanley Arkin ,COMMA declined to comment .PERIOD
</s>
</p>
<p.87.001.870323-0059.8>
<s.87.001.870323-0059.8.1>
The S. E. C. is seeking penalties in the insider trading case of as much as three times the alleged illicit profit ,COMMA or a maximum penalty of more than twelve million dollars .PERIOD
</s>
<s.87.001.870323-0059.8.2>
If the defendants' assets in the U. S. are not sufficient ,COMMA the stage could be set for a fight to seize assets in foreign countries such as Switzerland .PERIOD
</s>
</p>
<p.87.001.870323-0059.9>
<s.87.001.870323-0059.9.1>
Friday's ten -HYPHEN day extension of the asset freeze was made by Judge Robert W. Sweet .PERIOD
</s>
<s.87.001.870323-0059.9.2>
Judge Sweet said the extension would give him time to review the S. E. C.'s request for a longer -HYPHEN term preliminary injunction against Mr. Vaskevitch and Mr. Sofer .PERIOD
</s>
</p>
<p.87.001.870323-0058.1>
<s.87.001.870323-0058.1.1>
A year ago ,COMMA economists were predicting a West German boom that would propel West Europe to its best economic performance since the nineteen seventies .PERIOD
</s>
<s.87.001.870323-0058.1.2>
It never materialized and today ,COMMA Europe's economic engine is running out of steam .PERIOD
</s>
</p>
<p.87.001.870323-0058.2>
<s.87.001.870323-0058.2.1>
No one is forecasting a recession in Germany .PERIOD
</s>
<s.87.001.870323-0058.2.2>
But it is likely that its economy won't expand this year at even the modest two %PERCENT rate forecast only a few months ago --DASH and that it will actually decline in the current quarter .PERIOD
</s>
</p>
<p.87.001.870323-0058.3>
<s.87.001.870323-0058.3.1>
The slowdown is casting a shadow over the globe .PERIOD
</s>
<s.87.001.870323-0058.3.2>
Germany accounts for one -HYPHEN fourth of the output of the twelve -HYPHEN nation European Community ,COMMA so its weakness is sapping the continent of economic vitality .PERIOD
</s>
</p>
<p.87.001.870323-0058.4>
<s.87.001.870323-0058.4.1>
Despite strength in Britain and Italy ,COMMA Common Market growth is expected to sag to two %PERCENT this year from the three .POINT five %PERCENT annual rate in nineteen eighty six's second half .PERIOD
</s>
<s.87.001.870323-0058.4.2>
The sluggishness is depriving the U. S. of the surge in European imports it needs to narrow its trade deficit ,COMMA and is dimming hopes for an easing of the world debt crisis .PERIOD
</s>
</p>
<p.87.001.870323-0058.5>
<s.87.001.870323-0058.5.1>
The Reagan administration is still urging Bonn to revive its economy .PERIOD
</s>
<s.87.001.870323-0058.5.2>
It argues that because Germany has the smallest budget deficits ,COMMA the lowest inflation and the largest economy in Europe ,COMMA it is in the best position to stimulate growth .PERIOD
</s>
</p>
<p.87.001.870323-0058.6>
<s.87.001.870323-0058.6.1>
The Germans have agreed to add about three billion dollars to an existing five billion dollar tax -HYPHEN cut package ,COMMA which takes effect next January .PERIOD
</s>
<s.87.001.870323-0058.6.2>
But so far they haven't shown any inclination to take the stronger action demanded by Washington and some European trading partners .PERIOD
</s>
</p>
<p.87.001.870323-0058.7>
<s.87.001.870323-0058.7.1>
Yet evidence is mounting that Europe's economic motor has fallen out of the car .PERIOD
</s>
<s.87.001.870323-0058.7.2>
The Bundesbank recently reported ,COMMA for example ,COMMA that domestic manufacturing orders fell an unusually sharp four %PERCENT in January from the previous month .PERIOD
</s>
</p>
<p.87.001.870323-0058.8>
<s.87.001.870323-0058.8.1>
"DOUBLE-QUOTE The latest signs are quite disturbing ,COMMA "DOUBLE-QUOTE says Klaus Friedrich ,COMMA an economist specializing in German affairs at the Federal Reserve Board in Washington .PERIOD
</s>
<s.87.001.870323-0058.8.2>
He adds that the "DOUBLE-QUOTE weakness is from a base that was already meager .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0058.10>
<s.87.001.870323-0058.10.1>
Instead of "DOUBLE-QUOTE dithering ,COMMA "DOUBLE-QUOTE Mr. Horne adds ,COMMA "DOUBLE-QUOTE the German government would be well advised to step on the gas a little bit .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0058.11>
<s.87.001.870323-0058.11.1>
Germany's inflation -HYPHEN adjusted growth of two .POINT four %PERCENT last year was its worst showing since the economy climbed out of recession in nineteen eighty three .PERIOD
</s>
<s.87.001.870323-0058.11.2>
Experts project a slack one %PERCENT -HYPHEN to -HYPHEN two %PERCENT gain for all of nineteen eighty seven --DASH and a contraction of as much as one %PERCENT in the first quarter .PERIOD
</s>
</p>
<p.87.001.870323-0058.12>
<s.87.001.870323-0058.12.1>
Initially ,COMMA they had figured that domestic demand ,COMMA benefiting from lower oil prices ,COMMA would fill the economic void left by diminishing exports .PERIOD
</s>
<s.87.001.870323-0058.12.2>
That happened ,COMMA to some extent .PERIOD
</s>
<s.87.001.870323-0058.12.3>
But what the economists didn't foresee was the precipitous decline in the dollar and the dramatic impact that would have on the German economy .PERIOD
</s>
<s.87.001.870323-0058.12.4>
Because Germany depends on exports for one -HYPHEN third of its economy ,COMMA the impact of a slowdown in trade is profound .PERIOD
</s>
<s.87.001.870323-0058.12.5>
Export volume grew less than one %PERCENT last year ,COMMA compared with a six %PERCENT increase in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870323-0058.13>
<s.87.001.870323-0058.13.1>
As exports shrivel ,COMMA German businesses are becoming pessimistic and cautious ,COMMA lowering production and inventories .PERIOD
</s>
</p>
<p.87.001.870323-0058.14>
<s.87.001.870323-0058.14.1>
German business is also scaling back investment ,COMMA which until recently had reached record levels .PERIOD
</s>
<s.87.001.870323-0058.14.2>
Capital spending by German firms this year is expected to run only slightly ahead of nineteen eighty six levels ,COMMA after gains of nine %PERCENT in nineteen eighty five and five %PERCENT last year .PERIOD
</s>
<s.87.001.870323-0058.14.3>
"DOUBLE-QUOTE German exporters have stopped buying capital goods ,COMMA "DOUBLE-QUOTE says the Fed's Mr. Friedrich .PERIOD
</s>
</p>
<p.87.001.870323-0058.15>
<s.87.001.870323-0058.15.1>
Some big companies anticipate outright declines .PERIOD
</s>
<s.87.001.870323-0058.15.2>
Siemens A. G. ,COMMA the electronics giant that makes half of its twenty five billion dollar annual sales outside Germany ,COMMA says it intends to cut capital outlays about three %PERCENT this year .PERIOD
</s>
<s.87.001.870323-0058.15.3>
The decision follows three years in which annual spending more than tripled to three .POINT four billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0058.16>
<s.87.001.870323-0058.16.1>
"DOUBLE-QUOTE Things are slowing down ,COMMA "DOUBLE-QUOTE says one Siemens official .PERIOD
</s>
<s.87.001.870323-0058.16.2>
"DOUBLE-QUOTE The business climate just isn't as favorable as it was .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0058.17>
<s.87.001.870323-0058.17.1>
His sentiment is widespread .PERIOD
</s>
<s.87.001.870323-0058.17.2>
Last month I. F. O. ,COMMA the Munich -HYPHEN based economic research institute ,COMMA recorded its steepest decline in German business confidence in more than three years .PERIOD
</s>
</p>
<p.87.001.870323-0058.18>
<s.87.001.870323-0058.18.1>
Germany's manufacturing sector also faces possible labor unrest .PERIOD
</s>
<s.87.001.870323-0058.18.2>
Bargaining with I. G. Metall ,COMMA the powerful union that represents more than three million workers in the automobile and metal -HYPHEN working industries ,COMMA is expected to be contentious as negotiators work to reach a new contract in the next few months .PERIOD
</s>
<s.87.001.870323-0058.18.3>
The union's walkout in nineteen eighty four crippled the West German economy .PERIOD
</s>
</p>
<p.87.001.870323-0058.19>
<s.87.001.870323-0058.19.1>
But the biggest potential shock could come from further weakness in the dollar .PERIOD
</s>
<s.87.001.870323-0058.19.2>
The U. S. currency has firmed since the meeting of finance ministers in Paris last month and is trading in a narrow range of about one .POINT eight five marks .PERIOD
</s>
<s.87.001.870323-0058.19.3>
The threat of central bank intervention could prevent sharp deviation from that level .PERIOD
</s>
</p>
<p.87.001.870323-0058.20>
<s.87.001.870323-0058.20.1>
If the dollar doesn't remain stable --DASH if it weakens to one .POINT seven five marks or even lower --DASH trade would contract even further and a recession might then become imminent ,COMMA economists fear .PERIOD
</s>
</p>
<p.87.001.870323-0058.21>
<s.87.001.870323-0058.21.1>
The strong mark ,COMMA meanwhile ,COMMA is a double -HYPHEN edged detriment to the German economy :COLON Not only does it make German exports more expensive ,COMMA it also forces some businesses to expand activities outside Germany ,COMMA where costs are lower .PERIOD
</s>
</p>
<p.87.001.870323-0058.22>
<s.87.001.870323-0058.22.1>
Ford of Europe Incorporated ,COMMA for instance ,COMMA is building new engines at its plant in Britain rather than sticking with plans to make them at a factory in Germany .PERIOD
</s>
<s.87.001.870323-0058.22.2>
The twenty six %PERCENT appreciation of the mark against the British pound in the past two years means that British production offers a fifty dollar ,COMMA or ten %PERCENT ,COMMA cost advantage on each engine .PERIOD
</s>
</p>
<p.87.001.870323-0058.23>
<s.87.001.870323-0058.23.1>
"DOUBLE-QUOTE Britain is definitely more competitive ,COMMA "DOUBLE-QUOTE says William Hayden ,COMMA Ford's vice president of manufacturing ,COMMA who expects the current relationship between the pound and the mark to hold for a few years .PERIOD
</s>
</p>
<p.87.001.870323-0057.1>
<s.87.001.870323-0057.1.1>
More housing units are available than ever before ,COMMA but housing costs still climbed faster than overall consumer prices in the early nineteen eighties ,COMMA the Census Bureau reported .PERIOD
</s>
</p>
<p.87.001.870323-0057.2>
<s.87.001.870323-0057.2.1>
The bureau said the number of housing units in the country will reach one hundred million by the end of March .PERIOD
</s>
<s.87.001.870323-0057.2.2>
John Keane ,COMMA the bureau's director ,COMMA called that "DOUBLE-QUOTE a record of historical significance .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0057.2.3>
But in a separate report ,COMMA the bureau noted that housing costs have risen faster in the nineteen eighties ,COMMA contributing to a drop in the rate of home ownership over the past six years .PERIOD
</s>
</p>
<p.87.001.870323-0057.3>
<s.87.001.870323-0057.3.1>
The bureau said the consumer price index rose seventeen %PERCENT during nineteen eighty to nineteen eighty three ,COMMA while monthly housing costs rose twenty six %PERCENT for homeowners with mortgages and twenty seven %PERCENT for homeowners without mortgages .PERIOD
</s>
<s.87.001.870323-0057.3.2>
Renters fared even worse :COLON The cost of rent and utilities rose thirty one %PERCENT in the early nineteen eighties .PERIOD
</s>
<s.87.001.870323-0057.3.3>
During nineteen eighty to nineteen eighty three ,COMMA the median value of owner -HYPHEN occupied housing units increased sixteen %PERCENT and the sales price of new homes increased seventeen %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0057.4>
<s.87.001.870323-0057.4.1>
The decline in the home -HYPHEN ownership rate during the nineteen eighties has been the first drop since the Census Bureau began tracking such figures in nineteen forty .PERIOD
</s>
<s.87.001.870323-0057.4.2>
From the nineteen eighty peak of sixty five .POINT eight %PERCENT ,COMMA the percentage of units owned or partially owned by at least one occupant fell to a low of sixty three .POINT five %PERCENT in the last quarter of nineteen eighty five .PERIOD
</s>
<s.87.001.870323-0057.4.3>
In the last quarter of nineteen eighty six the homeownership rate was sixty three .POINT nine %PERCENT ,COMMA but census officials said the increase may not be statistically significant .PERIOD
</s>
</p>
<p.87.001.870323-0057.5>
<s.87.001.870323-0057.5.1>
Arthur F. Young ,COMMA director of the bureau's housing division ,COMMA said the home -HYPHEN ownership rate increased just two .POINT five percentage points during the twenty years between the nineteen sixty and nineteen eighty censuses .PERIOD
</s>
<s.87.001.870323-0057.5.2>
"DOUBLE-QUOTE What has happened in the last six years since nineteen eighty has been a faster falloff than the increase in the previous twenty years ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870323-0057.6>
<s.87.001.870323-0057.6.1>
Mr. Young pointed to the nineteen eighty one to eighty two recession and high interest rates ,COMMA as well as increased home prices ,COMMA as reasons for the decline in home ownership .PERIOD
</s>
</p>
<p.87.001.870323-0057.7>
<s.87.001.870323-0057.7.1>
"DOUBLE-QUOTE There is a lot of housing out there ,COMMA "DOUBLE-QUOTE Mr. Young said .PERIOD
</s>
<s.87.001.870323-0057.7.2>
"DOUBLE-QUOTE The real problem is whether the price fits the market .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0057.8>
<s.87.001.870323-0057.8.1>
The bureau said the South has led the nation in housing starts since the agency began tracking such information .PERIOD
</s>
<s.87.001.870323-0057.8.2>
Housing units tracked by the survey include apartments ,COMMA mobile homes ,COMMA and vacation homes ,COMMA as well as single -HYPHEN family homes .PERIOD
</s>
</p>
<p.87.001.870323-0056.1>
<s.87.001.870323-0056.1.1>
Endotronics Incorporated said its outside auditor withdrew approval of the troubled biotechnology company's fiscal nineteen eighty six financial statements .PERIOD
</s>
</p>
<p.87.001.870323-0056.2>
<s.87.001.870323-0056.2.1>
The auditor ,COMMA Peat ,COMMA Marwick ,COMMA Mitchell &AMPERSAND Company ,COMMA said Friday that "DOUBLE-QUOTE in light of ...ELLIPSIS serious questions "DOUBLE-QUOTE about the company's full -HYPHEN year revenue figure ,COMMA "DOUBLE-QUOTE we cannot satisfy ourselves as to the true facts of the situation .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0056.2.2>
For the fiscal year ended last September thirtieth ,COMMA Endotronics reported net income of one .POINT three million dollars ,COMMA or thirteen cents a share ,COMMA on revenue thirteen .POINT one million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0056.3>
<s.87.001.870323-0056.3.1>
Shortly before the auditor's withdrawal ,COMMA a Federal Bureau of Investigation agent who searched warehouses here asserted in an affidavit that many of the company's cell -HYPHEN replicating machines reported as sold actually remained under Endotronics' control .PERIOD
</s>
</p>
<p.87.001.870323-0056.4>
<s.87.001.870323-0056.4.1>
Endotronics said it was providing documents to the Securities and Exchange Commission ,COMMA and acknowledged a grand jury investigation into its operations ,COMMA but declined to comment on the F. B. I. agent's affidavit .PERIOD
</s>
</p>
<p.87.001.870323-0056.5>
<s.87.001.870323-0056.5.1>
In a related action ,COMMA the company's board and Hoechst Celanese Corporation ,COMMA which owns thirty six %PERCENT of Endotronics common stock ,COMMA were sued in federal district court here by six Endotronics holders for allegedly issuing false financial statements .PERIOD
</s>
<s.87.001.870323-0056.5.2>
A spokesman at the unit of Hoechst A. G. of West Germany had no immediate comment .PERIOD
</s>
</p>
<p.87.001.870323-0056.6>
<s.87.001.870323-0056.6.1>
As previously reported ,COMMA founders Eugene Gruenberg and Micheal Gruenberg resigned as chairman and president ,COMMA respectively .PERIOD
</s>
<s.87.001.870323-0056.6.2>
On Friday ,COMMA Micheal Gruenberg also resigned from the board ,COMMA but remains Endotronics' director of science .PERIOD
</s>
</p>
<p.87.001.870323-0056.7>
<s.87.001.870323-0056.7.1>
In national over -HYPHEN the -HYPHEN counter trading Friday ,COMMA Endotronics shares fell one dollar to close at one dollar .PERIOD
</s>
</p>
<p.87.001.870323-0055.1>
<s.87.001.870323-0055.1.1>
Toyota Motor Sales U. S. A. Incorporated said it raised prices on some of its nineteen eighty seven -HYPHEN model cars as much as two .POINT nine %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0055.2>
<s.87.001.870323-0055.2.1>
The auto maker said the price increases result from the continued appreciation of the yen against the dollar .PERIOD
</s>
<s.87.001.870323-0055.2.2>
The average increase is about one .POINT eight %PERCENT ,COMMA Toyota said .PERIOD
</s>
</p>
<p.87.001.870323-0055.3>
<s.87.001.870323-0055.3.1>
The biggest increase ,COMMA three hundred fifty dollars ,COMMA is on the Toyota Celica coupe ,COMMA which will cost twelve thousand ,COMMA three hundred eighty eight dollars .PERIOD
</s>
<s.87.001.870323-0055.3.2>
The smallest increase is on the Toyota Tercel three -HYPHEN door liftback ,COMMA which jumped one .POINT four %PERCENT ,COMMA or one hundred dollars ,COMMA to seven thousand ,COMMA four hundred fifty eight dollars ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870323-0055.4>
<s.87.001.870323-0055.4.1>
Toyota said the prices of sixteen nineteen eighty seven models weren't increased .PERIOD
</s>
<s.87.001.870323-0055.4.2>
Toyota Motor Sales U. S. A. is the U. S. sales arm of Japan -HYPHEN based Toyota Motor Corporation .PERIOD
</s>
</p>
<p.87.001.870323-0054.1>
<s.87.001.870323-0054.1.1>
Pacific Resources Incorporated said it was sued in California federal district court by an Aetna Life &AMPERSAND Casualty Company unit .PERIOD
</s>
</p>
<p.87.001.870323-0054.2>
<s.87.001.870323-0054.2.1>
The suit relates to the nineteen eighty four bankruptcy -HYPHEN law filing of Paramount Petroleum Corporation ,COMMA forty %PERCENT -HYPHEN owned by Pacific Resources .PERIOD
</s>
</p>
<p.87.001.870323-0054.3>
<s.87.001.870323-0054.3.1>
The energy concern said the suit alleged "DOUBLE-QUOTE acts intended to fraudulently induce Aetna to issue surety bonds "DOUBLE-QUOTE for Paramount Petroleum's benefit .PERIOD
</s>
<s.87.001.870323-0054.3.2>
Filed by Aetna Casualty &AMPERSAND Surety Company ,COMMA the suit seeks seventeen million dollars in compensatory damages and thirty million dollars in punitive damages from Pacific Resources ,COMMA certain subsidiaries and certain officers and directors ,COMMA among others ,COMMA according to Pacific Resources .PERIOD
</s>
</p>
<p.87.001.870323-0054.4>
<s.87.001.870323-0054.4.1>
The company said the suit ,COMMA which it said seeks to overturn a settlement of certain claims approved in bankruptcy court last August ,COMMA "DOUBLE-QUOTE lacks merit .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0053.1>
<s.87.001.870323-0053.1.1>
For a moment ,COMMA the T. V. commercial could pass for a Miller Lite advertisement .PERIOD
</s>
<s.87.001.870323-0053.1.2>
Bubba Smith sits under a tree ,COMMA reading .PERIOD
</s>
<s.87.001.870323-0053.1.3>
Dick Butkus approaches ,COMMA toting a football .PERIOD
</s>
</p>
<p.87.001.870323-0053.2>
<s.87.001.870323-0053.2.1>
But this time the burly former football players aren't pushing beer ;SEMI-COLON they're selling Bibles .PERIOD
</s>
<s.87.001.870323-0053.2.2>
And soon a curious Mr. Butkus snatches one ,COMMA called "DOUBLE-QUOTE The Book ,COMMA "DOUBLE-QUOTE from Mr. Smith and begins poring through it .PERIOD
</s>
</p>
<p.87.001.870323-0053.3>
<s.87.001.870323-0053.3.1>
Celebrity testimonials ,COMMA long a staple in selling more secular products ,COMMA are just part of a recent move by Bible publishers to use modern marketing techniques .PERIOD
</s>
<s.87.001.870323-0053.3.2>
Like merchandisers of soap ,COMMA cereal and automobiles ,COMMA Bible companies are concocting slick packaging ,COMMA going after demographic niches and spinning off new products .PERIOD
</s>
</p>
<p.87.001.870323-0053.4>
<s.87.001.870323-0053.4.1>
"DOUBLE-QUOTE They're now using the Harvard Business School approach to marketing ,COMMA sometimes in very sophisticated ways ,COMMA "DOUBLE-QUOTE says John Dessauer ,COMMA the director of a center for book -HYPHEN industry research at the University of Scranton in Pennsylvania .PERIOD
</s>
<s.87.001.870323-0053.4.2>
"DOUBLE-QUOTE There's a big change in philosophy .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0053.4.3>
And it is producing major changes in the two hundred dollar -HYPHEN million -HYPHEN a -HYPHEN year retail market for Bibles .PERIOD
</s>
</p>
<p.87.001.870323-0053.5>
<s.87.001.870323-0053.5.1>
As a nearly two thousand -HYPHEN year -HYPHEN old product --DASH and a book that tells a well -HYPHEN known story --DASH the Bible presents an unusual marketing challenge .PERIOD
</s>
<s.87.001.870323-0053.5.2>
For centuries ,COMMA the approach focused on fresh translations --DASH more than one hundred in English alone since about nineteen hundred --DASH along with ,COMMA of course ,COMMA the Bible's continuing appeal to the faithful .PERIOD
</s>
<s.87.001.870323-0053.5.3>
Even in the modern era ,COMMA publishers primarily tapped more -HYPHEN or -HYPHEN less captive markets ,COMMA with half their sales made to churches and other quantity buyers .PERIOD
</s>
<s.87.001.870323-0053.5.4>
But publishers were relatively passive toward individual consumers .PERIOD
</s>
</p>
<p.87.001.870323-0053.6>
<s.87.001.870323-0053.6.1>
With a rise in visibility of born -HYPHEN again Christianity ,COMMA total Bible sales grew ten %PERCENT or more annually from the late nineteen seventies through nineteen eighty three ;SEMI-COLON annual sales included an estimated fifteen million commercial copies by nineteen eighty four .PERIOD
</s>
<s.87.001.870323-0053.6.2>
The conservative -HYPHEN Christianity movement also helped bring a new breed of marketer to religious publishing .PERIOD
</s>
</p>
<p.87.001.870323-0053.7>
<s.87.001.870323-0053.7.1>
Bruce Ryskamp ,COMMA the president of the Bible group of Zondervan Corporation ,COMMA a Grand Rapids ,COMMA Michigan ,COMMA publisher ,COMMA for example ,COMMA had been a marketing executive for a Yellow Pages publisher .PERIOD
</s>
<s.87.001.870323-0053.7.2>
He says he decided in nineteen eighty three to work for Zondervan because "DOUBLE-QUOTE I really think God was speaking to me .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0053.8>
<s.87.001.870323-0053.8.1>
"DOUBLE-QUOTE Things have changed ,COMMA "DOUBLE-QUOTE says Robert Schwalb ,COMMA vice president of Bible marketing for Thomas Nelson Publishers Incorporated of Nashville ,COMMA Tennessee .PERIOD
</s>
<s.87.001.870323-0053.8.2>
"DOUBLE-QUOTE For a long time the church had branded certain professions 'SINGLE-QUOTE anti -HYPHEN God ,COMMA 'SINGLE-QUOTE and advertising probably ranked right up there with pornography .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0053.8.3>
Now ,COMMA even such established publishers as Nelson are taking a new approach .PERIOD
</s>
</p>
<p.87.001.870323-0053.9>
<s.87.001.870323-0053.9.1>
One of the leaders of the marketing vanguard has been Marion G. "DOUBLE-QUOTE Pat "DOUBLE-QUOTE Robertson's Christian Broadcasting Network Incorporated ,COMMA based in Virginia Beach ,COMMA Virginia .PERIOD
</s>
<s.87.001.870323-0053.9.2>
In nineteen eighty four C. B. N. teamed up with Tyndale House Publishers of Wheaton ,COMMA Illinois ,COMMA to make a radical change in Bible marketing .PERIOD
</s>
<s.87.001.870323-0053.9.3>
"DOUBLE-QUOTE We looked at it as a consumer product ,COMMA "DOUBLE-QUOTE says David Clark ,COMMA the marketing vice president of C. B. N. .PERIOD
</s>
<s.87.001.870323-0053.9.4>
"DOUBLE-QUOTE What would it take to get people to pick this up ?QUESTION-MARK "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0053.10>
<s.87.001.870323-0053.10.1>
To find out ,COMMA the partners conducted consumer focus groups and surveyed mall shoppers --DASH and the results led to a repackaging of Tyndale's mainstay edition .PERIOD
</s>
<s.87.001.870323-0053.10.2>
They first picked an intriguingly vague title :COLON "DOUBLE-QUOTE The Book .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0053.10.3>
They made it a paperback and picked a bold cover ,COMMA after testing six .PERIOD
</s>
<s.87.001.870323-0053.10.4>
At nine dollars and ninety five cents ,COMMA the price was held below what what they considered the psychologically crucial ten dollar barrier .PERIOD
</s>
</p>
<p.87.001.870323-0053.11>
<s.87.001.870323-0053.11.1>
They distributed "DOUBLE-QUOTE The Book "DOUBLE-QUOTE through unconventional outlets --DASH including K. marts ,COMMA hardware stores and groceries --DASH using catchy displays .PERIOD
</s>
<s.87.001.870323-0053.11.2>
They lined up a New York advertising agency ,COMMA prime television time and celebrity endorsements .PERIOD
</s>
<s.87.001.870323-0053.11.3>
The result :COLON More than two million copies have been sold to date ,COMMA and Tyndale's share of retail Bible sales now is estimated at twelve .POINT five %PERCENT ,COMMA up from eleven %PERCENT in nineteen eighty three .PERIOD
</s>
</p>
<p.87.001.870323-0053.12>
<s.87.001.870323-0053.12.1>
Now that sales of "DOUBLE-QUOTE The Book "DOUBLE-QUOTE are cooling off ,COMMA Tyndale is trying to sustain its success with spinoffs .PERIOD
</s>
<s.87.001.870323-0053.12.2>
They include a "DOUBLE-QUOTE one -HYPHEN year edition "DOUBLE-QUOTE organized into daily chunks of reading ;SEMI-COLON a children's version that has sold more than six hundred fifty thousand copies ;SEMI-COLON a religious board game along the lines of Trivial Pursuit ,COMMA and "DOUBLE-QUOTE The Book "DOUBLE-QUOTE on cassette tapes .PERIOD
</s>
<s.87.001.870323-0053.12.3>
And last fall ,COMMA Tyndale introduced "DOUBLE-QUOTE The Story :COLON From Adam to Armageddon ,COMMA "DOUBLE-QUOTE a chronological version .PERIOD
</s>
</p>
<p.87.001.870323-0053.13>
<s.87.001.870323-0053.13.1>
While perhaps less ambitiously evangelical than C. B. N.'s project ,COMMA Zondervan's efforts are elaborate .PERIOD
</s>
<s.87.001.870323-0053.13.2>
By the early nineteen eighties ,COMMA the company's readable yet literal -HYPHEN minded New International Version was enjoying ecumenical appeal .PERIOD
</s>
<s.87.001.870323-0053.13.3>
But it took a niche -HYPHEN marketing approach ,COMMA led by Mr. Ryskamp ,COMMA to make sales boom .PERIOD
</s>
</p>
<p.87.001.870323-0053.14>
<s.87.001.870323-0053.14.1>
Mr. Ryskamp has introduced more than two dozen different splinter editions ,COMMA helping raise Zondervan's Bible sales to more than twenty one million dollars last year ,COMMA from eleven .POINT six million dollars in nineteen eighty two .PERIOD
</s>
<s.87.001.870323-0053.14.2>
The NIV's share of retail Bible sales has risen to some thirty %PERCENT --DASH for the first time eclipsing ,COMMA on a current basis ,COMMA the venerable King James Version ,COMMA a public -HYPHEN domain translation put out by several concerns .PERIOD
</s>
</p>
<p.87.001.870323-0053.15>
<s.87.001.870323-0053.15.1>
Zondervan has targeted ,COMMA among other segments ,COMMA the Missouri Synod of Lutherans ,COMMA with an edition featuring doctrinal notes ;SEMI-COLON scholars ,COMMA with five study editions ;SEMI-COLON and schoolchildren ,COMMA with an edition bound ruggedly like a textbook and printed in sans -HYPHEN serif type .PERIOD
</s>
</p>
<p.87.001.870323-0053.16>
<s.87.001.870323-0053.16.1>
Now Mr. Ryskamp is pondering a large -HYPHEN print edition ,COMMA in five volumes for easy handling ;SEMI-COLON the book might carry added advice about death ,COMMA illness ,COMMA inheritance and other topics of interest to the elderly .PERIOD
</s>
<s.87.001.870323-0053.16.2>
Other possibilities :COLON a Spanish -HYPHEN and -HYPHEN English edition aimed at Hispanic immigrants ,COMMA and one for blacks ,COMMA perhaps with "DOUBLE-QUOTE black -HYPHEN English "DOUBLE-QUOTE references .PERIOD
</s>
</p>
<p.87.001.870323-0053.17>
<s.87.001.870323-0053.17.1>
Faced with the innovative competition and an overall flat market since nineteen eighty four ,COMMA Nelson ,COMMA the biggest U. S. religious publisher ,COMMA lost market share and now is trying to recover ground .PERIOD
</s>
<s.87.001.870323-0053.17.2>
Its "DOUBLE-QUOTE Precious Moments Bible ,COMMA "DOUBLE-QUOTE illustrated with a popular line of cherubic children's characters ,COMMA has sold more than a million copies in about a year .PERIOD
</s>
</p>
<p.87.001.870323-0053.18>
<s.87.001.870323-0053.18.1>
Still ,COMMA not all marketing strategies deliver .PERIOD
</s>
<s.87.001.870323-0053.18.2>
A spokesman for Reader's Digest Association Incorporated says the Pleasantville ,COMMA N. Y. ,COMMA publisher is "DOUBLE-QUOTE generally pleased "DOUBLE-QUOTE with sales of more than five hundred thousand copies of its condensed edition ,COMMA introduced in nineteen eighty two .PERIOD
</s>
<s.87.001.870323-0053.18.3>
But others maintain that the book hasn't materialized as the significant competitor it was expected to be .PERIOD
</s>
</p>
<p.87.001.870323-0053.19>
<s.87.001.870323-0053.19.1>
And in their rush to create new versions ,COMMA the publishers still arouse controversy .PERIOD
</s>
<s.87.001.870323-0053.19.2>
Some have gotten themselves into a theological thicket over the Apocrypha ,COMMA for example ,COMMA a group of books in the Roman Catholic Bible that Protestants don't recognize .PERIOD
</s>
<s.87.001.870323-0053.19.3>
Zondervan ,COMMA from a fundamentalist Protestant heritage ,COMMA is hesitant about an NIV translation of the Apocrypha .PERIOD
</s>
<s.87.001.870323-0053.19.4>
But Nelson is pursuing the Catholic market with editions that include it --DASH prompting criticism from some members of the larger Protestant market .PERIOD
</s>
</p>
<p.87.001.870323-0053.20>
<s.87.001.870323-0053.20.1>
More troubling to publishers --DASH many of whom have evangelical as well as commercial motives --DASH are indications of a different problem :COLON Despite the sales efforts ,COMMA the number of regular Bible readers may be slipping .PERIOD
</s>
<s.87.001.870323-0053.20.2>
A Gallup survey this year found that only eleven %PERCENT of the respondents had said they read the Bible daily ,COMMA compared with fifteen %PERCENT in a nineteen eighty two survey .PERIOD
</s>
<s.87.001.870323-0053.20.3>
Says Mr. Ryskamp :COLON "DOUBLE-QUOTE All we can do is get the Bible to them .PERIOD
</s>
<s.87.001.870323-0053.20.4>
After that ,COMMA it's in God's hands .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0052.1>
<s.87.001.870323-0052.1.1>
Cook United Incorporated estimated that it will report net income of about twenty eight million dollars for the year ended January thirty first ,COMMA compared with a year -HYPHEN earlier loss of thirty .POINT eight million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0052.2>
<s.87.001.870323-0052.2.1>
It estimated that sales totaled two hundred seventeen million dollars ,COMMA compared with the year -HYPHEN earlier two hundred fifty seven million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0052.3>
<s.87.001.870323-0052.3.1>
Cook ,COMMA which emerged October thirteenth from bankruptcy -HYPHEN law protection ,COMMA estimated that it had a loss of sixteen million dollars before a special credit of about forty four million dollars .PERIOD
</s>
<s.87.001.870323-0052.3.2>
The credit resulted mainly from forgiveness of debt as a result of its bankruptcy -HYPHEN law reorganization .PERIOD
</s>
</p>
<p.87.001.870323-0052.4>
<s.87.001.870323-0052.4.1>
Cook didn't estimate fourth -HYPHEN quarter results .PERIOD
</s>
<s.87.001.870323-0052.4.2>
However ,COMMA the indicated fourth -HYPHEN quarter net loss is about ten million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0052.5>
<s.87.001.870323-0052.5.1>
For the nine months ended November eighth ,COMMA Cook reported a loss of six .POINT five million dollars before the one -HYPHEN time credit ,COMMA on sales of one hundred fifty nine .POINT one million dollars .PERIOD
</s>
<s.87.001.870323-0052.5.2>
The credit of about forty four million dollars made net income thirty eight .POINT two million dollars ,COMMA or five dollars and twenty six cents a share .PERIOD
</s>
<s.87.001.870323-0052.5.3>
In the year -HYPHEN earlier period ,COMMA Cook posted a net loss of twenty .POINT eight million dollars on sales of one hundred eighty nine .POINT six million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0052.6>
<s.87.001.870323-0052.6.1>
Cook ,COMMA an operator of discount stores ,COMMA added that it has closed several unprofitable stores and begun discussions with private investors about acquiring stock in the company .PERIOD
</s>
<s.87.001.870323-0052.6.2>
As part of its reorganization ,COMMA several creditors forgave debt for equity in Cook .PERIOD
</s>
<s.87.001.870323-0052.6.3>
The company currently has ten million shares outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0051.1>
<s.87.001.870323-0051.1.1>
Spear ,COMMA Leeds &AMPERSAND Kellogg ,COMMA a New York brokerage partnership ,COMMA said it bought a seven .POINT one %PERCENT stake in Allegheny International Incorporated's eleven dollar and twenty five cent convertible preferred stock .PERIOD
</s>
</p>
<p.87.001.870323-0051.2>
<s.87.001.870323-0051.2.1>
Separately ,COMMA Memphis -HYPHEN based Southeastern Asset Management Incorporated said it sold its entire five .POINT six %PERCENT stake in Pittsburgh -HYPHEN based Allegheny's common shares outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0051.3>
<s.87.001.870323-0051.3.1>
In a Securities and Exchange Commission filing ,COMMA Spear Leeds said it holds one hundred thirty six thousand ,COMMA three hundred of the preferred shares ,COMMA purchased between March ninth and last Monday for eighty four dollars to eighty six dollars and thirty seven cents each .PERIOD
</s>
<s.87.001.870323-0051.3.2>
According to the filing ,COMMA the partnership bought the stock "DOUBLE-QUOTE in the ordinary course of its trading activities .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0051.4>
<s.87.001.870323-0051.4.1>
Southeastern said in an S. E. C. filing that it sold its six hundred four thousand Allegheny common shares between March thirteenth and last Monday for twenty four dollars and twenty five cents to twenty four .POINT six two five dollars each .PERIOD
</s>
<s.87.001.870323-0051.4.2>
It didn't give a reason for the sales .PERIOD
</s>
</p>
<p.87.001.870323-0051.5>
<s.87.001.870323-0051.5.1>
Allegheny International makes consumer and industrial products .PERIOD
</s>
</p>
<p.87.001.870323-0050.1>
<s.87.001.870323-0050.1.1>
A top official of Exxon Corporation said the company now considers an eventual significant rise in the price of oil to be "DOUBLE-QUOTE inevitable .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0050.2>
<s.87.001.870323-0050.2.1>
In a speech delivered to the Australian Petroleum Exploration Association ,COMMA Donald K. McIvor ,COMMA an Exxon senior vice president ,COMMA said that the world is consuming about twice as much petroleum as is being found and that almost all the world's excess oil -HYPHEN producing capacity ,COMMA estimated at twenty %PERCENT ,COMMA lies in the Middle East .PERIOD
</s>
<s.87.001.870323-0050.2.2>
"DOUBLE-QUOTE Unless huge new discoveries are made --DASH an unlikely event in my view --DASH we're going to become increasingly dependent on the large remaining reserves of a few Middle East countries ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870323-0050.3>
<s.87.001.870323-0050.3.1>
Mr. McIvor's comments were the first definitive declaration that the world's largest oil company expects a significant recovery in oil prices .PERIOD
</s>
<s.87.001.870323-0050.3.2>
Responsible for Exxon's world -HYPHEN wide exploration and development activities ,COMMA Mr. McIvor was to deliver the speech in Queensland ,COMMA Australia ,COMMA Monday morning (LEFT-PAREN yesterday at seven thirty p. m. E. S. T. )RIGHT-PAREN but was unable to because of schedule changes .PERIOD
</s>
<s.87.001.870323-0050.3.3>
His comments were delivered instead by Stuart R. McGill ,COMMA chairman of Esso Australia Limited ,COMMA an unit of New York -HYPHEN based Exxon .PERIOD
</s>
</p>
<p.87.001.870323-0050.4>
<s.87.001.870323-0050.4.1>
As previously reported ,COMMA Lawrence G. Rawl ,COMMA Exxon's chairman ,COMMA and Lee R. Raymond ,COMMA president ,COMMA said that Exxon's internal planning is based on the price of oil staying relatively flat --DASH in real terms --DASH for a few years and then rising faster than the rate of inflation .PERIOD
</s>
<s.87.001.870323-0050.4.2>
Though Mr. McIvor wasn't specific on the timing ,COMMA he did stress in his speech that "DOUBLE-QUOTE it seems inevitable that the price of oil must rise significantly again before too long .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0050.5>
<s.87.001.870323-0050.5.1>
Mr. McIvor noted that the world has been using oil at rates of twenty billion to twenty five billion barrels a year since nineteen seventy ,COMMA while discoveries have been accumulating at only ten billion to fifteen billion barrels a year .PERIOD
</s>
<s.87.001.870323-0050.5.2>
"DOUBLE-QUOTE This means that ,COMMA to a significant degree ,COMMA we're using up the inventory found prior to nineteen seventy at an increasing rate ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870323-0050.6>
<s.87.001.870323-0050.6.1>
Although thirty thousand oil fields have been discovered in the world to date ,COMMA Mr. McIvor said ,COMMA thirty five %PERCENT of all the oil ever found is in just thirty seven fields ,COMMA and all but eleven of these "DOUBLE-QUOTE super giants "DOUBLE-QUOTE are in the Middle East .PERIOD
</s>
<s.87.001.870323-0050.6.2>
Moreover ,COMMA he said ,COMMA only five super -HYPHEN giant fields have been found in the past twenty years ,COMMA and only two of these --DASH Prudhoe Bay in the U. S. and Cantarell in Mexico --DASH are outside the Middle East .PERIOD
</s>
<s.87.001.870323-0050.6.3>
"DOUBLE-QUOTE As supply and demand come closer together ,COMMA as they must do at some point ,COMMA the world's spare capacity is going to be in a very few countries ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870323-0050.7>
<s.87.001.870323-0050.7.1>
Mr. McIvor stressed that he isn't dismissing continued oil exploration as fruitless .PERIOD
</s>
<s.87.001.870323-0050.7.2>
He cited "DOUBLE-QUOTE definite potential "DOUBLE-QUOTE for economic exploration and development of oil outside the Middle East .PERIOD
</s>
<s.87.001.870323-0050.7.3>
"DOUBLE-QUOTE Valuable discoveries continue to be made each year in scores of countries around the world ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0050.7.4>
Nonetheless ,COMMA he said ,COMMA "DOUBLE-QUOTE most major consuming countries ,COMMA including those with substantial production of their own ,COMMA will ultimately come to depend heavily on Middle East oil .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0050.8>
<s.87.001.870323-0050.8.1>
Exxon is more sanguine on the outlook for world -HYPHEN wide natural gas supplies .PERIOD
</s>
<s.87.001.870323-0050.8.2>
Natural gas "DOUBLE-QUOTE will have the opportunity to become an increasingly important part of the world's energy supply ,COMMA "DOUBLE-QUOTE Mr. McIvor said .PERIOD
</s>
<s.87.001.870323-0050.8.3>
And as oil prices rise ,COMMA he added ,COMMA nonconventional sources such as shale oil and the conversion of natural gas and coal to synthetic oil will become important .PERIOD
</s>
</p>
<p.87.001.870323-0049.1>
<s.87.001.870323-0049.1.1>
A journalist recently asked Egyptian President Hosni Mubarak how he would like to be known among his people .PERIOD
</s>
<s.87.001.870323-0049.1.2>
He replied that ,COMMA above all ,COMMA he wanted to be known as "DOUBLE-QUOTE a head of state who truly believes in democracy .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0049.2>
<s.87.001.870323-0049.2.1>
The burly ,COMMA plain -HYPHEN spoken Mr. Mubarak often waxes eloquent about his desire to give Egypt true democracy .PERIOD
</s>
<s.87.001.870323-0049.2.2>
Now ,COMMA nineteen eighty seven is shaping up as the year when he has to back up his words with action .PERIOD
</s>
<s.87.001.870323-0049.2.3>
Mr. Mubarak already has liberalized Egypt's election laws ,COMMA scheduled elections for the national legislature and begun laying the groundwork for his own reelection to a second six -HYPHEN year term as president .PERIOD
</s>
<s.87.001.870323-0049.2.4>
All this maneuvering ,COMMA political observers agree ,COMMA is designed to win an undisputed electoral mandate that will allow him to rule decisively in the tough economic times that lie ahead for Egypt .PERIOD
</s>
</p>
<p.87.001.870323-0049.3>
<s.87.001.870323-0049.3.1>
But in a country with a history of sham elections ,COMMA vote rigging and near -HYPHEN dictatorial rule by the president ,COMMA many are skeptical that Mr. Mubarak will give Egyptians a truly free voice .PERIOD
</s>
<s.87.001.870323-0049.3.2>
Opposition politicians already are grumbling about the new election law ,COMMA which sets rules for the April sixth national -HYPHEN legislative elections .PERIOD
</s>
<s.87.001.870323-0049.3.3>
They assert that the law ,COMMA while fairer than the one it replaced ,COMMA still is written to ensure that Mr. Mubarak's ruling National Democratic Party remains in control of the legislature ,COMMA known as the People's Assembly .PERIOD
</s>
</p>
<p.87.001.870323-0049.5>
<s.87.001.870323-0049.5.1>
There are four small opposition parties ,COMMA ranging from the conservative Wafd to the leftist Progressive Unionist Grouping .PERIOD
</s>
<s.87.001.870323-0049.5.2>
They are noisy but have little clout ,COMMA and only three of them are represented in the assembly .PERIOD
</s>
<s.87.001.870323-0049.5.3>
Still ,COMMA serious political campaigning is under way by the ruling party as well as the opposition .PERIOD
</s>
<s.87.001.870323-0049.5.4>
Hundreds of handpainted campaign banners flutter in the Cairo breeze ,COMMA candidates barnstorm the countryside and Islamic groups hold street rallies for their candidates .PERIOD
</s>
</p>
<p.87.001.870323-0049.6>
<s.87.001.870323-0049.6.1>
The election is important mostly because the new assembly will nominate a single candidate for president when Mr. Mubarak's term expires in October .PERIOD
</s>
<s.87.001.870323-0049.6.2>
The nominee then will have to be approved in a national referendum .PERIOD
</s>
</p>
<p.87.001.870323-0049.7>
<s.87.001.870323-0049.7.1>
The assembly almost certainly will nominate Mr. Mubarak if he wants to run again .PERIOD
</s>
<s.87.001.870323-0049.7.2>
While the president's supporters once thought he mightn't accept another term ,COMMA they now say the flurry of political activity proves he wants to be reelected .PERIOD
</s>
</p>
<p.87.001.870323-0049.8>
<s.87.001.870323-0049.8.1>
Mr. Mubarak seems deeply concerned that his reelection appear fair and legitimate .PERIOD
</s>
<s.87.001.870323-0049.8.2>
He apparently is bargaining that the public will consider the new People's Assembly to have been fairly elected ,COMMA so a cloud of illegitimacy won't hang over his head when the assembly nominates him for reelection .PERIOD
</s>
</p>
<p.87.001.870323-0049.9>
<s.87.001.870323-0049.9.1>
"DOUBLE-QUOTE He is keen to be nominated by a constitutional body ,COMMA "DOUBLE-QUOTE explains Mohammed Sid -HYPHEN Ahmed ,COMMA a writer and prominent figure in the leftist Progressive Unionist Grouping party .PERIOD
</s>
<s.87.001.870323-0049.9.2>
"DOUBLE-QUOTE The coming period is a very critical economic period .PERIOD
</s>
<s.87.001.870323-0049.9.3>
He wants the central authority to be solid .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0049.10>
<s.87.001.870323-0049.10.1>
Mr. Mubarak ,COMMA who took office when Anwar Sadat was assassinated by Moslem extremists in nineteen eighty one ,COMMA maintains that the development of democracy will keep Egypt stable at a time when low oil prices ,COMMA fewer jobs for Egyptians in the Persian Gulf and galloping population growth are unsettling the economic climate .PERIOD
</s>
<s.87.001.870323-0049.10.2>
He also believes that the development of democracy in Egypt ,COMMA the most populous Arab nation and a traditional leader in the region ,COMMA will affect the entire Middle East .PERIOD
</s>
</p>
<p.87.001.870323-0049.11>
<s.87.001.870323-0049.11.1>
Mr. Mubarak already has allowed opposition political parties to operate freely and to publish newspapers that often are harshly critical of the government .PERIOD
</s>
<s.87.001.870323-0049.11.2>
He also allowed relatively free campaigning for the previous People's Assembly election in nineteen eighty four --DASH though charges of vote -HYPHEN rigging arose after the ruling party won seventy three %PERCENT of the seats .PERIOD
</s>
</p>
<p.87.001.870323-0049.12>
<s.87.001.870323-0049.12.1>
Opposition politicians have sought in Egyptian courts to have the law under which the People's Assembly was elected in nineteen eighty four declared unconstitutional .PERIOD
</s>
<s.87.001.870323-0049.12.2>
They say that because the law required all candidates to belong to political parties ,COMMA independents were effectively banned .PERIOD
</s>
<s.87.001.870323-0049.12.3>
Instead of fighting back in the courts ,COMMA Mr. Mubarak issued a decree February fourth dissolving the existing People's Assembly and scheduling elections under a new law allowing independent candidates .PERIOD
</s>
</p>
<p.87.001.870323-0049.13>
<s.87.001.870323-0049.13.1>
But opposition parties still aren't happy because ,COMMA while independent candidates are free to run ,COMMA the new law still says that parties must win at least eight %PERCENT of the national vote to get any seats in the legislature .PERIOD
</s>
</p>
<p.87.001.870323-0049.14>
<s.87.001.870323-0049.14.1>
This threshold makes it difficult for the country's small opposition parties to win any seats at all .PERIOD
</s>
<s.87.001.870323-0049.14.2>
Only the conservative Wafd opposition party won more than the required eight %PERCENT in the nineteen eighty four election ,COMMA and it took fifty nine seats .PERIOD
</s>
<s.87.001.870323-0049.14.3>
Two other opposition parties are represented in the People's Assembly ,COMMA but only because President Mubarak ,COMMA in a goodwill gesture ,COMMA appointed five of their members .PERIOD
</s>
<s.87.001.870323-0049.14.4>
He also appointed five other legislators from minority groups ,COMMA increasing total membership in the assembly to four hundred fifty eight .PERIOD
</s>
</p>
<p.87.001.870323-0049.15>
<s.87.001.870323-0049.15.1>
Opposition politicians also are clamoring for direct presidential elections ,COMMA rather than a referendum that simply approves a candidate chosen by the legislature .PERIOD
</s>
</p>
<p.87.001.870323-0049.16>
<s.87.001.870323-0049.16.1>
Above all ,COMMA opposition politicians simply doubt that the bureauracy will allow a fair vote even if President Mubarak says he wants one .PERIOD
</s>
<s.87.001.870323-0049.16.2>
They say government functionaries in towns and villages consider it their duty to protect the president and his officials ,COMMA so they pressure citizens to vote for the ruling party .PERIOD
</s>
<s.87.001.870323-0049.16.3>
And opposition leaders charge that the Interior Ministry ,COMMA which oversees elections ,COMMA regularly inflates the vote for the ruling party .PERIOD
</s>
</p>
<p.87.001.870323-0049.17>
<s.87.001.870323-0049.17.1>
There isn't much chance Mr. Mubarak can really lose from his election gambit .PERIOD
</s>
<s.87.001.870323-0049.17.2>
His party so dominates the scene that it surely will attract far more support than any other ,COMMA regardless of how fair the vote counting is .PERIOD
</s>
<s.87.001.870323-0049.17.3>
But Mr. Mubarak's rhetoric about democracy will lose credibility if the vote appears unfair .PERIOD
</s>
</p>
<p.87.001.870323-0049.19>
<s.87.001.870323-0049.19.1>
Formation of this alliance has meant that the demands of Islamic fundamentalists ,COMMA particularly their insistence that Egypt adopt a strict Islamic legal code ,COMMA have become part of the campaign .PERIOD
</s>
</p>
<p.87.001.870323-0048.1>
<s.87.001.870323-0048.1.1>
If the Guggenheim Museum tinkered with art the way it does with Frank Lloyd Wright's building ,COMMA nobody would give it any .PERIOD
</s>
<s.87.001.870323-0048.1.2>
Wright's dynamic nineteen fifty nine masterwork ,COMMA his only building in New York ,COMMA is arguably the most interesting sculpture the museum has .PERIOD
</s>
<s.87.001.870323-0048.1.3>
Already ,COMMA in nineteen sixty eight ,COMMA the museum attached to its northern side an ugly ,COMMA lozenge -HYPHEN decorated annex .PERIOD
</s>
<s.87.001.870323-0048.1.4>
Only a few years later ,COMMA museum officials inserted a bookstore and restaurant into the ground floor of the smaller rotunda .PERIOD
</s>
<s.87.001.870323-0048.1.5>
Filling in this open area under the spiral drastically reduced the museum's swirl and swagger .PERIOD
</s>
</p>
<p.87.001.870323-0048.2>
<s.87.001.870323-0048.2.1>
It's not an architectural record inspiring any confidence ,COMMA but now the museum ,COMMA still under the same director ,COMMA Thomas Messer ,COMMA is proposing another ,COMMA much -HYPHEN larger addition to Wright's building .PERIOD
</s>
<s.87.001.870323-0048.2.2>
Having withdrawn an earlier design ,COMMA the museum has a revised plan by the same architecture firm ,COMMA Gwathmey Siegel ,COMMA speeding through city channels .PERIOD
</s>
<s.87.001.870323-0048.2.3>
Not an inch of it suggests any new recognition on the museum's part of the uniqueness of a building to which it now hopes to affix a mediocre and unnecessary addition by maneuvering its way around zoning regulations .PERIOD
</s>
</p>
<p.87.001.870323-0048.3>
<s.87.001.870323-0048.3.1>
This all -HYPHEN consuming effort to alleviate a self -HYPHEN inflicted space crunch (LEFT-PAREN why did the museum accept thousands of art works it knew could never be exhibited ?QUESTION-MARK )RIGHT-PAREN began last year with the museum's first proposal for a one hundred sixty two -HYPHEN foot -HYPHEN high ,COMMA cantilevered and tiled box over the smaller rotunda .PERIOD
</s>
<s.87.001.870323-0048.3.2>
Many meetings ,COMMA press conferences and hearings later ,COMMA the museum thought better of it .PERIOD
</s>
<s.87.001.870323-0048.3.3>
"DOUBLE-QUOTE We came to feel we would be well -HYPHEN advised not to press our suit too far ,COMMA "DOUBLE-QUOTE said Mr. Messer explaining this decision as he simultaneously introduced the new design earlier this January .PERIOD
</s>
</p>
<p.87.001.870323-0048.4>
<s.87.001.870323-0048.4.1>
Was that ever a sound feeling --DASH and a clever move .PERIOD
</s>
<s.87.001.870323-0048.4.2>
No seismograph was necessary to sense that the Board of Standards and Appeals --DASH whose approval the museum needs for its zoning variances --DASH thought the first proposal as preposterous as the presentation .PERIOD
</s>
<s.87.001.870323-0048.4.3>
Are you saying Wright's building is "DOUBLE-QUOTE functionally obsolete "DOUBLE-QUOTE and no longer suited "DOUBLE-QUOTE for the full and expanded mission of the Guggenheim ?QUESTION-MARK "DOUBLE-QUOTE asked the caustic head of the BSA ,COMMA Sylvia Deutsch .PERIOD
</s>
<s.87.001.870323-0048.4.4>
She had just endured the museum director's anguished litany of what a big bother Wright's building was to operate .PERIOD
</s>
<s.87.001.870323-0048.4.5>
And she had witnessed an endless parade of backslapping ,COMMA artspeak -HYPHEN spouting museumniks ,COMMA who all proved as embarrassing for the museum's cause as the proposed addition's startling resemblance to a flush toilet .PERIOD
</s>
</p>
<p.87.001.870323-0048.5>
<s.87.001.870323-0048.5.1>
A fit of creativity has now replaced this curiosity with an outsized filing cabinet .PERIOD
</s>
<s.87.001.870323-0048.5.2>
Meant for insertion behind the museum ,COMMA this one hundred thirty three -HYPHEN foot -HYPHEN high limestone -HYPHEN clad structure uses the foundations of the annex that will be torn down .PERIOD
</s>
<s.87.001.870323-0048.5.3>
It's an improvement over the first proposal ,COMMA all right ,COMMA but that's not saying very much at all .PERIOD
</s>
<s.87.001.870323-0048.5.4>
This addition isn't really architecture ;SEMI-COLON it's strategy .PERIOD
</s>
<s.87.001.870323-0048.5.5>
While seeming humble ,COMMA and cutting a few feet here and a few inches there ,COMMA the museum is still doing exactly what it shouldn't and needn't be doing :COLON planning to mess with a twentieth -HYPHEN century monument .PERIOD
</s>
</p>
<p.87.001.870323-0048.6>
<s.87.001.870323-0048.6.1>
Currently ,COMMA there's still some air around Wright's museum .PERIOD
</s>
<s.87.001.870323-0048.6.2>
Nothing interferes with the big rotunda's dimensional presence .PERIOD
</s>
<s.87.001.870323-0048.6.3>
Putting a slab partly behind it not only dwarfs the entire museum ,COMMA it anchors the rotunda and eliminates the upward sweep and flow of the arc .PERIOD
</s>
</p>
<p.87.001.870323-0048.7>
<s.87.001.870323-0048.7.1>
The addition doesn't ,COMMA of course ,COMMA need to be this high .PERIOD
</s>
<s.87.001.870323-0048.7.2>
The slab's top is filled with offices ,COMMA which the museum refuses to relocate up the block where real estate has been readily available .PERIOD
</s>
<s.87.001.870323-0048.7.3>
Neither has it seriously explored going underground for space .PERIOD
</s>
<s.87.001.870323-0048.7.4>
At a recent hearing ,COMMA architect Charles Gwathmey made excavating two floors sound as difficult as drilling a hole to China .PERIOD
</s>
<s.87.001.870323-0048.7.5>
His view contrasts with that of excavation specialist Mel Febesh .PERIOD
</s>
<s.87.001.870323-0048.7.6>
"DOUBLE-QUOTE We do this kind of work every day .PERIOD
</s>
<s.87.001.870323-0048.7.7>
Safely ,COMMA "DOUBLE-QUOTE says Mr. Febesh ,COMMA president of Urban Substructures Incorporated ,COMMA which was hired by Guggenheim Neighbors ,COMMA a group opposing the slab .PERIOD
</s>
<s.87.001.870323-0048.7.8>
In terms of space and cost ,COMMA an underground vault compares favorably with above -HYPHEN ground construction .PERIOD
</s>
</p>
<p.87.001.870323-0048.8>
<s.87.001.870323-0048.8.1>
So this obsession with wing -HYPHEN building only makes any sense if one realizes that it is an essential element in landing ten canvases by impressionist and modern masters belonging to Mrs. Justin Thannhauser ,COMMA whose late husband is already memorialized in the museum's permanent collection .PERIOD
</s>
<s.87.001.870323-0048.8.2>
Museum officials won't disclose details of the proposed bequest ,COMMA but you can bet that the new addition will be emblazoned with the Thannhauser name ,COMMA in another example of the death -HYPHEN defying egotism that already haunts so many museums .PERIOD
</s>
</p>
<p.87.001.870323-0048.9>
<s.87.001.870323-0048.9.1>
Perhaps more information will be divulged when the museum pleads its bogus case in front of the BSA next month .PERIOD
</s>
<s.87.001.870323-0048.9.2>
Its chances are better than before ,COMMA with the museum's tactic of proposing something so horrible and then kindly substituting something less offensive ,COMMA reducing a few critics to slobbering gratitude .PERIOD
</s>
<s.87.001.870323-0048.9.3>
Ms. Deutsch ,COMMA whose acute questions at last year's hearings sent the museum into appalled huddles ,COMMA has moved to the City Planning Commission .PERIOD
</s>
<s.87.001.870323-0048.9.4>
The feisty opposition group is deeply in debt and has been hard put to combat the museum's flashy P. R. outfit ,COMMA its expensive lawyers and puissant board .PERIOD
</s>
<s.87.001.870323-0048.9.5>
But its battle is worth supporting .PERIOD
</s>
<s.87.001.870323-0048.9.6>
New York has only one Guggenheim .PERIOD
</s>
<s.87.001.870323-0048.9.7>
Let's keep it the way Wright built it .PERIOD
</s>
</p>
<p.87.001.870323-0047.1>
<s.87.001.870323-0047.1.1>
Since nineteen eighty two ,COMMA foreign manufacturers have enjoyed considerably lower labor costs than U. S. companies .PERIOD
</s>
<s.87.001.870323-0047.1.2>
But the gap between U. S. and foreign pay is disappearing quickly ,COMMA a clear sign that the falling dollar is improving the ability of American manufacturers to compete in world markets .PERIOD
</s>
</p>
<p.87.001.870323-0047.2>
<s.87.001.870323-0047.2.1>
From nineteen eighty two to nineteen eighty five ,COMMA for example ,COMMA the hourly compensation ,COMMA when converted to dollars ,COMMA of Japanese production workers was fifty %PERCENT of U. S. compensation costs .PERIOD
</s>
<s.87.001.870323-0047.2.2>
This gave Japanese manufacturers a huge cost advantage over U. S. companies .PERIOD
</s>
<s.87.001.870323-0047.2.3>
But by the end of January ,COMMA Japanese compensation costs had risen to seventy nine %PERCENT of the U. S. level ,COMMA according to estimates by the Bureau of Labor Statistics .PERIOD
</s>
<s.87.001.870323-0047.2.4>
Largely because of the falling dollar ,COMMA West German labor costs rose to one hundred twenty %PERCENT of those for U. S. production workers from seventy five %PERCENT in nineteen eighty five .PERIOD
</s>
<s.87.001.870323-0047.2.5>
Total compensation costs --DASH wages plus benefits --DASH for workers in Sweden and several other European countries also top U. S. levels .PERIOD
</s>
</p>
<p.87.001.870323-0047.3>
<s.87.001.870323-0047.3.1>
"DOUBLE-QUOTE That's a good sign that the U. S. is regaining its ability to compete ,COMMA "DOUBLE-QUOTE says C. Fred Bergsten ,COMMA director of the Institute for International Economics in Washington .PERIOD
</s>
</p>
<p.87.001.870323-0047.4>
<s.87.001.870323-0047.4.1>
The U. S. must increase its exports ,COMMA both to fuel domestic economic growth and to reduce the trade deficit --DASH nearly one hundred seventy billion dollars last year --DASH which has helped make the U. S. a debtor nation and strained the world economy .PERIOD
</s>
<s.87.001.870323-0047.4.2>
"DOUBLE-QUOTE Virtually all of the trade improvement must come in the manufactured sector ,COMMA since agriculture faces a persistent world glut and the services account --DASH which includes the growing burden of interest payments on the foreign debt --DASH will be worsening ,COMMA "DOUBLE-QUOTE Mr. Bergsten says .PERIOD
</s>
</p>
<p.87.001.870323-0047.5>
<s.87.001.870323-0047.5.1>
With the falling dollar ,COMMA U. S. manufacturers are in a pretty good position to compete on world markets .PERIOD
</s>
<s.87.001.870323-0047.5.2>
Manufacturing productivity has risen smartly .PERIOD
</s>
<s.87.001.870323-0047.5.3>
"DOUBLE-QUOTE Since the business cycle peak in the third quarter of nineteen eighty one ,COMMA output per hour in manufacturing has grown at an average annual rate of three .POINT eight %PERCENT ,COMMA "DOUBLE-QUOTE according to the nineteen eighty seven report of the Council of Economic Advisers .PERIOD
</s>
<s.87.001.870323-0047.5.4>
This is "DOUBLE-QUOTE forty six %PERCENT faster than the postwar average of two .POINT six %PERCENT per year and more than twice the annual average rate of one .POINT five %PERCENT recorded between nineteen seventy three and nineteen eighty one .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0047.6>
<s.87.001.870323-0047.6.1>
The combination of rising productivity and low wage increases has held in unit labor costs for manufacturers to an average annual rise of zero .POINT seven %PERCENT since nineteen eighty one ,COMMA about one -HYPHEN fifth of the postwar average of three .POINT four %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0047.7>
<s.87.001.870323-0047.7.1>
In fact ,COMMA unit labor costs have risen less in the U. S. than in other industrial countries .PERIOD
</s>
<s.87.001.870323-0047.7.2>
U. S. costs rose eleven .POINT two %PERCENT between nineteen eighty and nineteen eighty five ,COMMA compared with a rise of sixteen .POINT three %PERCENT in eleven industrial nations --DASH Belgium ,COMMA Canada ,COMMA Denmark ,COMMA France ,COMMA West Germany ,COMMA Italy ,COMMA Japan ,COMMA the Netherlands ,COMMA Norway ,COMMA Sweden and the United Kingdom .PERIOD
</s>
</p>
<p.87.001.870323-0047.8>
<s.87.001.870323-0047.8.1>
"DOUBLE-QUOTE In the absence of other developments ,COMMA the relatively better U. S. performance ...ELLIPSIS would have improved U. S. international cost competitiveness ,COMMA "DOUBLE-QUOTE the C. E. A. notes .PERIOD
</s>
<s.87.001.870323-0047.8.2>
But the U. S. advantage was completely overwhelmed by the rapid rise of the dollar .PERIOD
</s>
<s.87.001.870323-0047.8.3>
When measured on a dollar basis ,COMMA foreign unit labor costs actually fell nineteen .POINT seven %PERCENT between nineteen eighty and nineteen eighty five .PERIOD
</s>
<s.87.001.870323-0047.8.4>
However ,COMMA that gap has been shrinking rapidly with the dollar's fall .PERIOD
</s>
</p>
<p.87.001.870323-0047.9>
<s.87.001.870323-0047.9.1>
A look at Japan shows why .PERIOD
</s>
<s.87.001.870323-0047.9.2>
According to the B. L. S. ,COMMA total hourly compensation for production workers rose to one thousand ,COMMA five hundred ninety nine yen in nineteen eighty six ,COMMA up only three .POINT eight %PERCENT from one thousand ,COMMA five hundred thirty nine yen in nineteen eighty five .PERIOD
</s>
<s.87.001.870323-0047.9.3>
But when the yen wages are converted to dollars to show the impact of exchange rates ,COMMA compensation rose forty seven %PERCENT to the equivalent of nine dollars and fifty cents in nineteen eighty six from six dollars and forty five cents in nineteen eighty five .PERIOD
</s>
<s.87.001.870323-0047.9.4>
This is how a Japanese exporter earning revenues in dollars might look at his labor costs .PERIOD
</s>
</p>
<p.87.001.870323-0047.10>
<s.87.001.870323-0047.10.1>
To compensate for the rising yen ,COMMA Japanese manufacturers are doing exactly what U. S. factories did to cut costs when the dollar was high --DASH laying off workers ,COMMA building plants abroad and purchasing more goods from countries such as Taiwan and South Korea ,COMMA where wages still are low .PERIOD
</s>
</p>
<p.87.001.870323-0047.11>
<s.87.001.870323-0047.11.1>
Although the dollar began to fall two years ago ,COMMA U. S. trade performance is just beginning to turn around .PERIOD
</s>
<s.87.001.870323-0047.11.2>
In the final quarter of nineteen eighty six ,COMMA net real exports --DASH the difference between exports and imports adjusted for inflation --DASH improved by fifteen .POINT three %PERCENT ,COMMA a significant gain after six years of deterioration .PERIOD
</s>
</p>
<p.87.001.870323-0047.12>
<s.87.001.870323-0047.12.1>
Rising import prices are crimping demand for foreign goods and "DOUBLE-QUOTE there are encouraging signs from manufacturers that orders from Europe and Japan are picking up ,COMMA "DOUBLE-QUOTE says Wharton Econometric Forecasting Associates .PERIOD
</s>
<s.87.001.870323-0047.12.2>
The aircraft ,COMMA computer ,COMMA electrical machinery ,COMMA paper ,COMMA lumber and chemical industries are "DOUBLE-QUOTE experiencing noticeable upswings in foreign demand ,COMMA "DOUBLE-QUOTE Wharton says .PERIOD
</s>
</p>
<p.87.001.870323-0047.13>
<s.87.001.870323-0047.13.1>
The dollar's recent fall should further increase exports ,COMMA which must expand dramatically to cure America's trade problem .PERIOD
</s>
<s.87.001.870323-0047.13.2>
"DOUBLE-QUOTE The U. S. ,COMMA as a debtor country ,COMMA will have to stop spending more than it produces ,COMMA "DOUBLE-QUOTE Mr. Bergsten says .PERIOD
</s>
<s.87.001.870323-0047.13.3>
"DOUBLE-QUOTE America for many years to come will be producing goods and services for consumption in the rest of the world ,COMMA in a reversal of the buying -HYPHEN on -HYPHEN credit binge of the past half decade .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0047.13.4>
The closing wage gap is crucial to that transition .PERIOD
</s>
</p>
<p.87.001.870323-0046.1>
<s.87.001.870323-0046.1.1>
Standard &AMPERSAND Poor's Corporation said it downgraded the senior debt ratings of this Westboro ,COMMA Massachusetts -HYPHEN based computer maker to triple -HYPHEN B. -HYPHEN plus from single -HYPHEN A -HYPHEN minus .PERIOD
</s>
<s.87.001.870323-0046.1.2>
About one hundred eighty four million dollars of debt is affected .PERIOD
</s>
<s.87.001.870323-0046.1.3>
S. &AMPERSAND P. cited "DOUBLE-QUOTE expectations of continued profit pressures "DOUBLE-QUOTE for the company .PERIOD
</s>
<s.87.001.870323-0046.1.4>
"DOUBLE-QUOTE Incoming orders remain lackluster ,COMMA which will probably inhibit any significant nineteen eighty seven profit rebound from recent near break -HYPHEN even levels ,COMMA "DOUBLE-QUOTE the ratings concern said .PERIOD
</s>
<s.87.001.870323-0046.1.5>
Data General couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0045.1>
<s.87.001.870323-0045.1.1>
The Reagan administration is likely to decide this week to impose sanctions on Japanese microchip -HYPHEN makers for violating last summer's semiconductor trade accord .PERIOD
</s>
</p>
<p.87.001.870323-0045.2>
<s.87.001.870323-0045.2.1>
At a meeting Friday ,COMMA a subcabinet task force reviewed new Commerce Department data and concluded that Japanese manufacturers are continuing to dump their products in third -HYPHEN country markets despite a provision in the July thirty first agreement that prohibits such practices .PERIOD
</s>
<s.87.001.870323-0045.2.2>
The group renewed a recommendation made in late February that the U. S. take punitive action .PERIOD
</s>
<s.87.001.870323-0045.2.3>
Dumping is selling in foreign markets at prices below the cost of production or fair market value at home .PERIOD
</s>
</p>
<p.87.001.870323-0045.3>
<s.87.001.870323-0045.3.1>
The issue next goes to the cabinet -HYPHEN level Economic Policy Council ,COMMA which has scheduled a meeting for mid -HYPHEN week .PERIOD
</s>
<s.87.001.870323-0045.3.2>
Although that panel could postpone any judgments in the case ,COMMA U. S. officials say it's almost certain to recommend sanctions .PERIOD
</s>
</p>
<p.87.001.870323-0045.4>
<s.87.001.870323-0045.4.1>
Late Friday ,COMMA officers of several U. S. semiconductor makers met with Commerce Secretary Malcolm Baldrige and a group of senators and congressmen to renew their plea for sanctions .PERIOD
</s>
</p>
<p.87.001.870323-0045.5>
<s.87.001.870323-0045.5.1>
The panel also is slated to consider whether to retaliate against the Japanese government for refusing to buy U. S. -HYPHEN made supercomputers .PERIOD
</s>
<s.87.001.870323-0045.5.2>
Although American manufacturers clearly hold the lead in these highly sophisticated products ,COMMA Tokyo has rejected U. S. pleas that it force its ministries and agencies to relax their ban on importing these devices .PERIOD
</s>
<s.87.001.870323-0045.5.3>
The issue has become an emotional one here in the U. S. American manufacturers already sell supercomputers to non -HYPHEN government buyers in Japan .PERIOD
</s>
</p>
<p.87.001.870323-0045.6>
<s.87.001.870323-0045.6.1>
U. S. trade strategists still haven't decided precisely how to retaliate on the semiconductor issue .PERIOD
</s>
<s.87.001.870323-0045.6.2>
They say the most likely option would be for the U. S. to impose punitive tariffs on Japanese products --DASH such as laser -HYPHEN printers --DASH that use semiconductors .PERIOD
</s>
<s.87.001.870323-0045.6.3>
They would do that ,COMMA rather than trying to limit imports of microchips themselves ,COMMA to avoid hurting U. S. corporations that use imported microchips in the products they make .PERIOD
</s>
</p>
<p.87.001.870323-0045.7>
<s.87.001.870323-0045.7.1>
Even if the Economic Policy Council agrees to retaliate against the Japanese ,COMMA the sanctions probably wouldn't take effect until mid -HYPHEN April .PERIOD
</s>
<s.87.001.870323-0045.7.2>
Current practices require U. S. officials to draw up a list of potential targets and allow affected parties here to comment on their likely impact .PERIOD
</s>
<s.87.001.870323-0045.7.3>
Washington followed similar procedures earlier this year in imposing tariffs on European wine and cheese imports in retaliation for new Common Market tariffs on U. S. agricultural exports .PERIOD
</s>
<s.87.001.870323-0045.7.4>
The two sides later worked out a settlement ,COMMA and the retaliatory tariffs were withdrawn .PERIOD
</s>
</p>
<p.87.001.870323-0045.8>
<s.87.001.870323-0045.8.1>
The council action this week won't deal with charges by U. S. chipmakers that Japan hasn't lived up to promises in the semiconductor accord that it allow U. S. manufacturers to gain a larger share of the microchip market in Japan .PERIOD
</s>
</p>
<p.87.001.870323-0045.9>
<s.87.001.870323-0045.9.1>
The subcabinet -HYPHEN level meeting Friday came as the Japanese government ,COMMA in an eleventh -HYPHEN hour effort to ward off U. S. retaliation ,COMMA told heads of ten large Japanese semiconductor makers to increase their purchases of foreign -HYPHEN made microchips and to stop dumping in foreign markets .PERIOD
</s>
<s.87.001.870323-0045.9.2>
The plea came from Hajime Tamura ,COMMA the country's trade minister .PERIOD
</s>
</p>
<p.87.001.870323-0045.10>
<s.87.001.870323-0045.10.1>
U. S. officials said it was unlikely that Mr. Tamura's action would have any effect on the Economic Policy Council's decision this week .PERIOD
</s>
<s.87.001.870323-0045.10.2>
The U. S. warned Japan in November that U. S. manufacturers were unhappy with the way the pact was being enforced .PERIOD
</s>
<s.87.001.870323-0045.10.3>
Tokyo has announced several moves to crack down on violations ,COMMA but so far none has succeeded .PERIOD
</s>
</p>
<p.87.001.870323-0045.11>
<s.87.001.870323-0045.11.1>
Separately ,COMMA the two countries announced that Japan has agreed to open its markets to U. S. exports of processed pollack and herring .PERIOD
</s>
<s.87.001.870323-0045.11.2>
Import quotas have barred such sales in the past .PERIOD
</s>
</p>
<p.87.001.870323-0045.12>
<s.87.001.870323-0045.12.1>
Specifically ,COMMA Japan will broaden its quota system and issue enough import licenses to accommodate all U. S. exports of these products .PERIOD
</s>
<s.87.001.870323-0045.12.2>
U. S. officials estimate that the move will result in eighty five million dollars in additional U. S. sales this year ,COMMA and that such sales eventually could grow to three hundred million dollars annually .PERIOD
</s>
</p>
<p.87.001.870323-0045.13>
<s.87.001.870323-0045.13.1>
The U. S. -HYPHEN Japan semiconductor accord ,COMMA negotiated at the request of some U. S. microchip makers ,COMMA provided for Japanese producers to stop dumping both here and in third -HYPHEN country markets .PERIOD
</s>
<s.87.001.870323-0045.13.2>
It also called on Japan to allow U. S. producers a larger share of Japan's own market .PERIOD
</s>
<s.87.001.870323-0045.13.3>
However ,COMMA because the dumping involves actions by private concerns rather than by the Japanese government ,COMMA it has proved difficult to enforce .PERIOD
</s>
</p>
<p.87.001.870323-0044.1>
<s.87.001.870323-0044.1.1>
Treatment for the ailing heart may soon get better ,COMMA but scientists say it won't get simpler .PERIOD
</s>
</p>
<p.87.001.870323-0044.2>
<s.87.001.870323-0044.2.1>
Tissue plasminogen activator ,COMMA Genentech Incorporated's promising clot -HYPHEN dissolving drug ,COMMA may win Food and Drug Administration approval in a few months as a treatment for heart attack --DASH an event that befalls one .POINT five million Americans a year and kills five hundred fifty thousand of them .PERIOD
</s>
<s.87.001.870323-0044.2.2>
Twice as effective as conventional clot dissolvers ,COMMA with less internal bleeding and bruising ,COMMA T. P. A. is expected to become biotechnology's first billion -HYPHEN dollar product by the early nineteen nineties .PERIOD
</s>
<s.87.001.870323-0044.2.3>
Researchers now speak of expanding its use to a panoply of cardiovascular diseases .PERIOD
</s>
</p>
<p.87.001.870323-0044.3>
<s.87.001.870323-0044.3.1>
But what the public may not realize in the early excitement over T. P. A. is that high dosages of the drug still pose a risk of internal bleeding ,COMMA and that not all heart -HYPHEN attack patients are appropriate candidates for it .PERIOD
</s>
<s.87.001.870323-0044.3.2>
Further ,COMMA despite T. P. A.'s apparent superiority over conventional therapy in prolonging life ,COMMA statistical proof remains elusive .PERIOD
</s>
</p>
<p.87.001.870323-0044.4>
<s.87.001.870323-0044.4.1>
Although these complications have been discussed in medical circles ,COMMA popular news articles about T. P. A. --DASH and even Genentech itself --DASH appear to have underplayed side effects .PERIOD
</s>
<s.87.001.870323-0044.4.2>
The company's annual report ,COMMA for example ,COMMA has a dramatic photo of a patient receiving intravenous T. P. A. en route to a hospital .PERIOD
</s>
<s.87.001.870323-0044.4.3>
However ,COMMA Genentech's top management now disavows any early hope of widespread paramedic application .PERIOD
</s>
</p>
<p.87.001.870323-0044.5>
<s.87.001.870323-0044.5.1>
One result of minimizing problems with the drug may be disappointment for people who had hoped to see it used widely and freely .PERIOD
</s>
<s.87.001.870323-0044.5.2>
Another may be that patients who shouldn't take T. P. A. will press their doctors to prescribe it .PERIOD
</s>
</p>
<p.87.001.870323-0044.6>
<s.87.001.870323-0044.6.1>
"DOUBLE-QUOTE The use of this drug isn't idiot -HYPHEN proof ,COMMA "DOUBLE-QUOTE Eugene Braunwald of the Harvard Medical School told scientists and doctors at a recent Harvard -HYPHEN Genentech seminar on T. P. A. in New Orleans .PERIOD
</s>
<s.87.001.870323-0044.6.2>
T. P. A. "DOUBLE-QUOTE is going to be an enormous challenge to the medical profession ,COMMA "DOUBLE-QUOTE he added .PERIOD
</s>
<s.87.001.870323-0044.6.3>
Scientists agreed that expert medical care and control must guide T. P. A.'s administration .PERIOD
</s>
</p>
<p.87.001.870323-0044.7>
<s.87.001.870323-0044.7.1>
T. P. A. dazzled the medical world in nineteen eighty five ,COMMA when the National Heart ,COMMA Lung and Blood Institute reported the drug had opened clogged arteries in sixty six %PERCENT of test patients --DASH twice as many as the the previously most potent clot -HYPHEN dissolving agent ,COMMA streptokinase ,COMMA made by the U. S. unit of Hoechst A. G. of West Germany and by Kabivitrum A. B. of Sweden .PERIOD
</s>
<s.87.001.870323-0044.7.2>
By now ,COMMA T. P. A. has been given to about four thousand patients world -HYPHEN wide ,COMMA and its clot -HYPHEN dissolving record tops eighty %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0044.8>
<s.87.001.870323-0044.8.1>
But balancing bleeding and clotting is complex .PERIOD
</s>
<s.87.001.870323-0044.8.2>
Researchers recently disclosed that more than one %PERCENT of patients in a later phase of the institute's study suffered bleeding in the brain while on a high -HYPHEN dose regimen .PERIOD
</s>
<s.87.001.870323-0044.8.3>
"DOUBLE-QUOTE I don't want to suggest that we can use infinitely high -HYPHEN dose T. P. A. ,COMMA or even a modest dose for an extended period ,COMMA without the risks of bleeding ,COMMA "DOUBLE-QUOTE said Burton Sobel of Washington University ,COMMA Saint Louis .PERIOD
</s>
</p>
<p.87.001.870323-0044.9>
<s.87.001.870323-0044.9.1>
Nor is T. P. A. the solution for all heart -HYPHEN attack patients .PERIOD
</s>
<s.87.001.870323-0044.9.2>
It works better in a first heart attack than in later ones ,COMMA says Eugene Passamani ,COMMA a clinical researcher at the heart institute .PERIOD
</s>
<s.87.001.870323-0044.9.3>
And it should be used soon after an attack ,COMMA but researchers at New Orleans differed on whether the cutoff should be at four hours ,COMMA six hours or later .PERIOD
</s>
<s.87.001.870323-0044.9.4>
Some researchers say T. P. A.'s use should be restricted to patients with "DOUBLE-QUOTE anterior myocardial infarct ,COMMA "DOUBLE-QUOTE a serious heart attack damaging the heart's forewall .PERIOD
</s>
<s.87.001.870323-0044.9.5>
Finally ,COMMA bleeding risks grow in patients over seventy .PERIOD
</s>
</p>
<p.87.001.870323-0044.10>
<s.87.001.870323-0044.10.1>
Because heavy demand is expected for the drug ,COMMA some analysts distinguish between how many people should get T. P. A. and how many people will get it .PERIOD
</s>
<s.87.001.870323-0044.10.2>
Robert Kupor ,COMMA an analyst at Cable Howse &AMPERSAND Ragen of Seattle ,COMMA contends that two hundred fifty thousand to three hundred thousand should get the drug .PERIOD
</s>
<s.87.001.870323-0044.10.3>
"DOUBLE-QUOTE But ,COMMA "DOUBLE-QUOTE he says ,COMMA "DOUBLE-QUOTE probably (LEFT-PAREN five hundred thousand )RIGHT-PAREN patients actually will get it due to pressure on doctors in marginal cases .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0044.10.4>
On that basis ,COMMA he projects probable U. S. sales totaling seven hundred million dollars to seven hundred fifty million dollars in nineteen ninety ,COMMA with royalties from foreign licenses boosting final T. P. A. revenue to eight hundred fifty million dollars .PERIOD
</s>
<s.87.001.870323-0044.10.5>
Genentech calculates the "DOUBLE-QUOTE eligible population "DOUBLE-QUOTE at about seven hundred fifty thousand a year .PERIOD
</s>
</p>
<p.87.001.870323-0044.11>
<s.87.001.870323-0044.11.1>
But early indiscriminate demand for T. P. A. may be tempered as patients encounter bleeding ,COMMA says M. Kathleen Behrens ,COMMA an analyst with Robertson ,COMMA Colman &AMPERSAND Stephens in San Francisco .PERIOD
</s>
<s.87.001.870323-0044.11.2>
Doctors are bracing for lawsuits .PERIOD
</s>
<s.87.001.870323-0044.11.3>
If malpractice experience with streptokinase is a guide ,COMMA doctors will be sued for giving the drug --DASH if a patient bleeds --DASH or for withholding it .PERIOD
</s>
</p>
<p.87.001.870323-0044.12>
<s.87.001.870323-0044.12.1>
How well T. P. A. will improve the survival rate of heart -HYPHEN attack patients isn't clear .PERIOD
</s>
<s.87.001.870323-0044.12.2>
Genentech scientists infer that ,COMMA because streptokinase clearly saved lives in European studies and because T. P. A. dissolves clots better than streptokinase ,COMMA T. P. A. will improve survival significantly .PERIOD
</s>
<s.87.001.870323-0044.12.3>
But current statistics are equivocal .PERIOD
</s>
<s.87.001.870323-0044.12.4>
Doctor Passamani of the heart institute says it would take many more thousands of test patients to prove T. P. A.'s superiority .PERIOD
</s>
</p>
<p.87.001.870323-0044.13>
<s.87.001.870323-0044.13.1>
Meanwhile ,COMMA other researchers are testing T. P. A. in other cardiovascular diseases .PERIOD
</s>
<s.87.001.870323-0044.13.2>
These include :COLON unstable angina ,COMMA the chest pain that may precede heart attack ;SEMI-COLON pulmonary embolism ,COMMA a blood clot in the lung ;SEMI-COLON and peripheral arterial occlusion ,COMMA blockage often due to a leg clot .PERIOD
</s>
</p>
<p.87.001.870323-0044.14>
<s.87.001.870323-0044.14.1>
Chest pain ,COMMA sometimes from clot buildup in the heart ,COMMA affects millions of Americans ,COMMA some of whom later suffer heart attacks .PERIOD
</s>
<s.87.001.870323-0044.14.2>
Herman K. "DOUBLE-QUOTE Chip "DOUBLE-QUOTE Gold ,COMMA a researcher at Harvard and the Massachusetts General Hospital ,COMMA studied about two dozen angina patients ,COMMA giving half T. P. A. and half a placebo .PERIOD
</s>
<s.87.001.870323-0044.14.3>
Pain persisted in six of eleven placebo patients but in only one of twelve T. P. A. patients .PERIOD
</s>
<s.87.001.870323-0044.14.4>
Eleven of the T. P. A. patients bled ,COMMA only three of them seriously .PERIOD
</s>
</p>
<p.87.001.870323-0044.15>
<s.87.001.870323-0044.15.1>
Doctor Gold ,COMMA who also serves as a consultant for Genentech ,COMMA asserts that further angina studies may lead to a role for T. P. A. in preventing heart attack .PERIOD
</s>
</p>
<p.87.001.870323-0044.16>
<s.87.001.870323-0044.16.1>
Pulmonary embolism can lead to heart dysfunction ,COMMA hypertension and death .PERIOD
</s>
<s.87.001.870323-0044.16.2>
But Samuel Z. Goldhaber of Harvard and Brigham and Women's Hospital in Boston reported that T. P. A. dissolved lung clots in forty four of forty seven patients he tested ,COMMA most without major complications .PERIOD
</s>
<s.87.001.870323-0044.16.3>
However ,COMMA he noted that two of them bled seriously enough to require surgery .PERIOD
</s>
</p>
<p.87.001.870323-0044.17>
<s.87.001.870323-0044.17.1>
Peripheral artery blockage responded well to T. P. A. in early tests ,COMMA according to Robert Graor of the Cleveland Clinic .PERIOD
</s>
<s.87.001.870323-0044.17.2>
Doctor Graor told the New Orleans group that clots dissolved in sixty one of sixty five such patients ,COMMA although seventy six %PERCENT of them also required later surgery or angioplasty .PERIOD
</s>
<s.87.001.870323-0044.17.3>
He believes T. P. A. is safer than streptokinase .PERIOD
</s>
</p>
<p.87.001.870323-0044.18>
<s.87.001.870323-0044.18.1>
Despite Genentech's long head start in developing and marketing T. P. A. ,COMMA it has aggressive competition from the team of Genetics Institute Incorporated of Cambridge ,COMMA Massachusetts ,COMMA and Wellcome P. L. C. of London ,COMMA which goes to court in June to try to block Genentech's U. K. patent on T. P. A. Other contenders include the Swiss -HYPHEN American Biogen Incorporated ,COMMA Integrated Genetics Incorporated ,COMMA Eli Lilly &AMPERSAND Company and Chiron Corporation .PERIOD
</s>
</p>
<p.87.001.870323-0044.19>
<s.87.001.870323-0044.19.1>
Just as penicillin ushered in a new age of antibiotics ,COMMA some analysts say T. P. A. may eventually head a group of new clot -HYPHEN dissolving substances .PERIOD
</s>
</p>
<p.87.001.870323-0044.20>
<s.87.001.870323-0044.20.1>
Beecham Laboratories ,COMMA a unit of Beecham Group of London ,COMMA is developing a form of streptokinase called "DOUBLE-QUOTE A. P. S. A. C. .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0044.20.2>
An agent called "DOUBLE-QUOTE SCUPA "DOUBLE-QUOTE or pro -HYPHEN urokinase ,COMMA is under development by Grunenthal G. m. b. H. of Germany and Collaborative Research Incorporated ,COMMA working with Sandoz Incorporated ,COMMA a subsidiary of the Swiss Sandoz Limited Victor Gurewich ,COMMA of Saint Elizabeth's Hospital in Boston ,COMMA told the New Orleans group that heart -HYPHEN attack victims may one day take a sort of synergistic cocktail --DASH a shot of T. P. A. ,COMMA with a SCUPA chaser .PERIOD
</s>
</p>
<p.87.001.870323-0043.1>
<s.87.001.870323-0043.1.1>
Movies from Goldcrest Films &AMPERSAND Television Limited ,COMMA the biggest name in Britain's movie business ,COMMA could win a lot of Oscars this month .PERIOD
</s>
<s.87.001.870323-0043.1.2>
But who will win Goldcrest ?QUESTION-MARK
</s>
</p>
<p.87.001.870323-0043.2>
<s.87.001.870323-0043.2.1>
Goldcrest ,COMMA a production company formed ten years ago by Pearson P. L. C. ,COMMA has produced both remarkable hits and spectacular flops .PERIOD
</s>
<s.87.001.870323-0043.2.2>
Pearson has seen enough of both .PERIOD
</s>
<s.87.001.870323-0043.2.3>
"DOUBLE-QUOTE We now feel the film industry isn't for us ,COMMA "DOUBLE-QUOTE says Alan Whitaker ,COMMA a director of Pearson ,COMMA the diversified British conglomerate that ,COMMA among other things ,COMMA publishes Penguin books and the Financial Times .PERIOD
</s>
</p>
<p.87.001.870323-0043.3>
<s.87.001.870323-0043.3.1>
Pearson ,COMMA which owns forty one %PERCENT of Goldcrest ,COMMA and three institutional investors holding another eighteen %PERCENT have agreed to sell most of Goldcrest to Earle I. Mack ,COMMA a New York real estate developer who has invested in movies .PERIOD
</s>
<s.87.001.870323-0043.3.2>
But a flurry of interest from British companies dangling the prospect of higher offers than Mr. Mack's is complicating the effort to win approval of other shareholders .PERIOD
</s>
</p>
<p.87.001.870323-0043.4>
<s.87.001.870323-0043.4.1>
To the surprise of its board ,COMMA Goldcrest "DOUBLE-QUOTE is like the girl at the dance who once the first guy asks her suddenly becomes very attractive ,COMMA "DOUBLE-QUOTE says Jake Eberts ,COMMA who started the company for Pearson ,COMMA left in nineteen eighty three and returned to rescue it in nineteen eighty five .PERIOD
</s>
<s.87.001.870323-0043.4.2>
"DOUBLE-QUOTE We're being approached all the time by people throwing money at us and offering salvation and hope .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0043.5>
<s.87.001.870323-0043.5.1>
Despite two hugely expensive box -HYPHEN office disasters in recent years --DASH "DOUBLE-QUOTE Revolution "DOUBLE-QUOTE and "DOUBLE-QUOTE Absolute Beginners "DOUBLE-QUOTE --DASH Goldcrest is attracting interest because of its reputation and library of past hits like "DOUBLE-QUOTE Gandhi "DOUBLE-QUOTE and "DOUBLE-QUOTE Chariots of Fire .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0043.5.2>
After the equivalent of about forty eight .POINT two million dollars of write -HYPHEN offs in the past two years ,COMMA the company has refocused on its original goal of making quality movies with British talent .PERIOD
</s>
<s.87.001.870323-0043.5.3>
This year ,COMMA "DOUBLE-QUOTE The Mission "DOUBLE-QUOTE and "DOUBLE-QUOTE A Room with a View "DOUBLE-QUOTE together received fifteen Academy Award nominations ,COMMA including Best Picture and Best Director nominations for each film .PERIOD
</s>
</p>
<p.87.001.870323-0043.6>
<s.87.001.870323-0043.6.1>
Goldcrest's board has promised to make its "DOUBLE-QUOTE best efforts "DOUBLE-QUOTE to conclude the deal with Mr. Mack ,COMMA who has offered to buy eighty five %PERCENT of Goldcrest for about nine .POINT one million dollars .PERIOD
</s>
<s.87.001.870323-0043.6.2>
But the agreement must be approved by holders of seventy five %PERCENT of the company at a meeting yet to be scheduled ,COMMA and that seems far from assured .PERIOD
</s>
</p>
<p.87.001.870323-0043.7>
<s.87.001.870323-0043.7.1>
A bid already has been made by Masterman Productions ,COMMA an expansion -HYPHEN minded production company owned by Brent Walker Group P. L. C. ,COMMA a leisure company known for operating dog tracks ,COMMA and Ensign Trust P. L. C. ,COMMA an institutional investor .PERIOD
</s>
<s.87.001.870323-0043.7.2>
Masterman claims control of thirteen %PERCENT of Goldcrest and is "DOUBLE-QUOTE reasonably convinced "DOUBLE-QUOTE that holders of another thirteen %PERCENT would like Goldcrest to consider other bids ,COMMA says Philip Axford ,COMMA a corporate -HYPHEN finance partner at James Capel &AMPERSAND Company ,COMMA Masterman's financial adviser .PERIOD
</s>
<s.87.001.870323-0043.7.3>
Masterman wants to buy Goldcrest and inject new working capital in a transaction it values at about eighteen .POINT three million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0043.8>
<s.87.001.870323-0043.8.1>
Also interested is Hemdale Holdings Limited ,COMMA a British -HYPHEN owned production company that finances mostly U. S. movies ,COMMA including "DOUBLE-QUOTE Platoon "DOUBLE-QUOTE --DASH the surprise hit that also is up for the Best Picture Oscar .PERIOD
</s>
<s.87.001.870323-0043.8.2>
Pearson's Mr. Whitaker says two of Britain's largest entertainment companies also have expressed interest :COLON Granada Group P. L. C. ,COMMA which operates one of the major regional broadcasting franchises ,COMMA and Virgin Group P. L. C. ,COMMA a record and music -HYPHEN publishing company that co -HYPHEN financed "DOUBLE-QUOTE Absolute Beginners "DOUBLE-QUOTE with Goldcrest .PERIOD
</s>
</p>
<p.87.001.870323-0043.9>
<s.87.001.870323-0043.9.1>
Mr. Eberts ,COMMA a Canadian citizen and former Oppenheimer &AMPERSAND Company investment banker ,COMMA first approached Pearson in nineteen seventy four about backing a film of "DOUBLE-QUOTE Watership Down ,COMMA "DOUBLE-QUOTE a novel published by Pearson's Penguin unit .PERIOD
</s>
<s.87.001.870323-0043.9.2>
Goldcrest was officially formed three years later and reached its zenith with the Oscar -HYPHEN winning "DOUBLE-QUOTE Chariots of Fire "DOUBLE-QUOTE in nineteen eighty two and "DOUBLE-QUOTE Gandhi "DOUBLE-QUOTE in nineteen eighty three .PERIOD
</s>
<s.87.001.870323-0043.9.3>
In nineteen eighty four ,COMMA the last year for which Goldcrest disclosed results ,COMMA net income was about two .POINT five million dollars on sales of around twenty two .POINT five million dollars .PERIOD
</s>
<s.87.001.870323-0043.9.4>
The U. S. ,COMMA Mr. Eberts notes ,COMMA represents seventy five %PERCENT of the market for Goldcrest's movies .PERIOD
</s>
</p>
<p.87.001.870323-0043.10>
<s.87.001.870323-0043.10.1>
Goldcrest decided to become a force in T. V. programs and even satellites .PERIOD
</s>
<s.87.001.870323-0043.10.2>
It raised more money from British institutions and took out its first major bank loans .PERIOD
</s>
<s.87.001.870323-0043.10.3>
In a seeming rush to spend it all ,COMMA it budgeted approximately seventy .POINT six million dollars for "DOUBLE-QUOTE Absolute Beginners ,COMMA "DOUBLE-QUOTE "DOUBLE-QUOTE Revolution "DOUBLE-QUOTE and "DOUBLE-QUOTE The Mission .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0043.10.4>
The films ran far over budget and behind schedule .PERIOD
</s>
<s.87.001.870323-0043.10.5>
"DOUBLE-QUOTE The Mission ,COMMA "DOUBLE-QUOTE the last of the three to be released ,COMMA is likely to lose money even if it wins Oscars .PERIOD
</s>
</p>
<p.87.001.870323-0042.1>
<s.87.001.870323-0042.1.1>
NATIONAL DATA COMMUNICATIONS INCORPORATED shares were quoted Wednesday at twelve .POINT five cents bid in over -HYPHEN the -HYPHEN counter trading .PERIOD
</s>
<s.87.001.870323-0042.1.2>
The quote was misstated in an earlier edition .PERIOD
</s>
</p>
<p.87.001.870323-0042.2>
<s.87.001.870323-0042.2.1>
(LEFT-PAREN See :COLON "DOUBLE-QUOTE National Data Holder Agrees to Rescind Pact on Additional Shares "DOUBLE-QUOTE --DASH W. S. J. March nineteenth ,COMMA nineteen eighty seven )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0041.1>
<s.87.001.870323-0041.1.1>
A couple of years back ,COMMA two businessmen on the make tried to steal thirty six .POINT five million dollars from four banks and a savings and loan association .PERIOD
</s>
<s.87.001.870323-0041.1.2>
And without pointing a gun at anybody ,COMMA they actually made off with thirteen .POINT five million dollars .PERIOD
</s>
<s.87.001.870323-0041.1.3>
Their zero .POINT three seven zero batting average wasn't bad ,COMMA but they got caught .PERIOD
</s>
</p>
<p.87.001.870323-0041.2>
<s.87.001.870323-0041.2.1>
The story of John A. Grambling Junior and Robert H. Libman ,COMMA one of the most bizarre in recent banking history ,COMMA came to light in nineteen eighty five and nineteen eighty six ,COMMA as the Manhattan district attorney's office in New York was investigating and prosecuting the partners .PERIOD
</s>
</p>
<p.87.001.870323-0041.3>
<s.87.001.870323-0041.3.1>
Court records and interviews with investigators and bank officials show that the tale begins at the end of nineteen eighty four ,COMMA when Messrs. .PERIOD
</s>
<s.87.001.870323-0041.3.2>
Grambling and Libman heard that Husky Oil Limited wanted to sell its U. S. refineries and gas stations for tax reasons .PERIOD
</s>
<s.87.001.870323-0041.3.3>
Their acquisitive instincts aroused ,COMMA the two men set out to buy what Husky was selling .PERIOD
</s>
</p>
<p.87.001.870323-0041.4>
<s.87.001.870323-0041.4.1>
Never mind that they were broke and that Husky's asking price approached one hundred million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.5>
<s.87.001.870323-0041.5.1>
Messrs. .PERIOD
</s>
<s.87.001.870323-0041.5.2>
Grambling and Libman weren't well known in the business world ,COMMA either ,COMMA though Mr. Grambling's father had once been the president of the Texas Bar Association and the family is prominent in El Paso .PERIOD
</s>
</p>
<p.87.001.870323-0041.6>
<s.87.001.870323-0041.6.1>
The partners' scheme involved hitting up Bank of Montreal for seventy five million dollars .PERIOD
</s>
<s.87.001.870323-0041.6.2>
With their loan application ,COMMA they submitted a detailed balance sheet for Mr. Libman ,COMMA who is fifty seven years old ,COMMA showing his net worth to be twenty three million dollars .PERIOD
</s>
<s.87.001.870323-0041.6.3>
His listed assets ranged from seventeen .POINT five million dollars in marketable securities to two Jaguar X. J. sixes valued at sixty eight thousand dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.7>
<s.87.001.870323-0041.7.1>
The bank refused them the seventy five million dollars but did agree to lend Mr. Grambling seven .POINT five million dollars in interim financing after he offered as collateral three hundred seventy five thousand shares of Doctor Pepper stock with a market price of eight million ,COMMA two hundred fifty two thousand ,COMMA nine hundred ninety two dollars .PERIOD
</s>
<s.87.001.870323-0041.7.2>
The shares were to be delivered to the bank .PERIOD
</s>
</p>
<p.87.001.870323-0041.8>
<s.87.001.870323-0041.8.1>
The closing of Mr. Grambling's loan took place December twenty eighth ,COMMA nineteen eighty four ,COMMA in New York ,COMMA where Mr. Grambling's former employer ,COMMA Lazard Freres &AMPERSAND Company ,COMMA was supposedly holding his Doctor Pepper shares for him .PERIOD
</s>
<s.87.001.870323-0041.8.2>
Mr. Grambling ,COMMA who is thirty six years old ,COMMA had been an associate investment banker at Lazard .PERIOD
</s>
</p>
<p.87.001.870323-0041.9>
<s.87.001.870323-0041.9.1>
The document assigning the stock to Bank of Montreal bore the signatures of Peter Corcoran ,COMMA a longtime Lazard partner ,COMMA and Robert Wilkis ,COMMA a Lazard vice president .PERIOD
</s>
</p>
<p.87.001.870323-0041.10>
<s.87.001.870323-0041.10.1>
At the end of the loan closing ,COMMA when everything seemed to be in order ,COMMA a call was placed to Ivor Hopkyns ,COMMA the Bank of Montreal official handling the loan in Canada .PERIOD
</s>
<s.87.001.870323-0041.10.2>
And before he would release the seven .POINT five million dollars to Mr. Grambling ,COMMA Mr. Hopkyns wanted to chat with Mr. Corcoran .PERIOD
</s>
<s.87.001.870323-0041.10.3>
Mr. Grambling said that he would have to get Mr. Corcoran's phone number in Florida ,COMMA where the Lazard official was on vacation .PERIOD
</s>
<s.87.001.870323-0041.10.4>
That done ,COMMA Messrs. .PERIOD
</s>
<s.87.001.870323-0041.10.5>
Hopkyns and Corcoran spoke briefly ,COMMA and Mr. Grambling got his seven .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.11>
<s.87.001.870323-0041.11.1>
Bank of Montreal didn't yet have possession of the promised collateral ,COMMA which under the terms of the transaction didn't have to be delivered to the bank until January twenty second ,COMMA nineteen eighty five ,COMMA more than three weeks after the bank let the money loose to Mr. Grambling .PERIOD
</s>
</p>
<p.87.001.870323-0041.12>
<s.87.001.870323-0041.12.1>
On January fifteenth ,COMMA Ivor Hopkyns phoned Mr. Wilkis at Lazard to ask after the Doctor Pepper stock .PERIOD
</s>
<s.87.001.870323-0041.12.2>
And Mr. Wilkis seemed to be irritated by the call .PERIOD
</s>
<s.87.001.870323-0041.12.3>
He said that this was the first he had heard about any such deal .PERIOD
</s>
</p>
<p.87.001.870323-0041.13>
<s.87.001.870323-0041.13.1>
To the consternation of Mr. Hopkyns ,COMMA the conversation went something like this (LEFT-PAREN according to both men involved )RIGHT-PAREN :COLON
</s>
</p>
<p.87.001.870323-0041.14>
<s.87.001.870323-0041.14.1>
Mr. Hopkyns :COLON But you signed the loan agreement .PERIOD
</s>
</p>
<p.87.001.870323-0041.15>
<s.87.001.870323-0041.15.1>
Mr. Wilkis :COLON I didn't sign any agreement .PERIOD
</s>
</p>
<p.87.001.870323-0041.16>
<s.87.001.870323-0041.16.1>
Mr. Hopkyns :COLON But I've got the document right in front of me ,COMMA signed Robert W. Wilkis .PERIOD
</s>
</p>
<p.87.001.870323-0041.17>
<s.87.001.870323-0041.17.1>
Mr. Wilkis :COLON You've got a problem .PERIOD
</s>
<s.87.001.870323-0041.17.2>
My middle initial is M. ,COMMA not W. .PERIOD
</s>
</p>
<p.87.001.870323-0041.18>
<s.87.001.870323-0041.18.1>
Mr. Hopkyns ,COMMA alarmed ,COMMA then phoned Mr. Corcoran at Lazard and got another shock .PERIOD
</s>
<s.87.001.870323-0041.18.2>
When he heard the voice ,COMMA he realized at once that the Mr. Corcoran he was talking to sounded not at all like the Mr. Corcoran he had phoned in Florida .PERIOD
</s>
</p>
<p.87.001.870323-0041.19>
<s.87.001.870323-0041.19.1>
The truth was that Mr. Grambling didn't own a single share of Doctor Pepper .PERIOD
</s>
<s.87.001.870323-0041.19.2>
The documents were forged ;SEMI-COLON so were the signatures of Messrs. .PERIOD
</s>
<s.87.001.870323-0041.19.3>
Corcoran and Wilkis .PERIOD
</s>
<s.87.001.870323-0041.19.4>
The Libman balance sheet was made out of whole cloth .PERIOD
</s>
<s.87.001.870323-0041.19.5>
The Peter Corcoran that Ivor Hopkyns had phoned in Florida was ,COMMA in reality ,COMMA Robert H. Libman doing an impersonation .PERIOD
</s>
</p>
<p.87.001.870323-0041.20>
<s.87.001.870323-0041.20.1>
Before the day was out ,COMMA a worried Mr. Hopkyns phoned Mr. Grambling ,COMMA who did his best to reassure him .PERIOD
</s>
<s.87.001.870323-0041.20.2>
Mr. Grambling told him that there had been an administrative foul -HYPHEN up .PERIOD
</s>
<s.87.001.870323-0041.20.3>
His Doctor Pepper shares had mistakenly been transferred to Coronado Bank in El Paso .PERIOD
</s>
</p>
<p.87.001.870323-0041.21>
<s.87.001.870323-0041.21.1>
He promised to straighten things out .PERIOD
</s>
<s.87.001.870323-0041.21.2>
And ,COMMA as a gesture of good faith ,COMMA he volunteered to send Bank of Montreal an unscheduled payment of two million dollars ,COMMA even though the bank wasn't due to get its eight million dollars in collateral for another seven days .PERIOD
</s>
</p>
<p.87.001.870323-0041.22>
<s.87.001.870323-0041.22.1>
However ,COMMA among the facts Mr. Grambling failed to disclose to Mr. Hopkyns was that ,COMMA to keep other creditors at bay ,COMMA he had spent nearly all the seven .POINT five million dollars he had borrowed less than three weeks earlier .PERIOD
</s>
<s.87.001.870323-0041.22.2>
And ,COMMA of course ,COMMA he still faced the problem of producing the nonexistent Doctor Pepper shares .PERIOD
</s>
</p>
<p.87.001.870323-0041.23>
<s.87.001.870323-0041.23.1>
The two million dollars Mr. Grambling then actually did send to Bank of Montreal compounded his financial problems because it came from the proceeds of a six million dollar loan he had just obtained ,COMMA fraudulently ,COMMA from Colorado National Bank of Denver .PERIOD
</s>
</p>
<p.87.001.870323-0041.24>
<s.87.001.870323-0041.24.1>
Initially ,COMMA Mr. Grambling had asked Colorado National to lend him one hundred million dollars .PERIOD
</s>
<s.87.001.870323-0041.24.2>
Thomas Foncannon ,COMMA a Colorado National vice president ,COMMA said in an affidavit that a loan of one hundred million dollars was "DOUBLE-QUOTE quite a bit larger than the bank was comfortable with .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.25>
<s.87.001.870323-0041.25.1>
Mr. Grambling promptly lowered his sights .PERIOD
</s>
<s.87.001.870323-0041.25.2>
He said he had interim financing requirements in the Husky Oil deal that the bank could help him with .PERIOD
</s>
<s.87.001.870323-0041.25.3>
Which is how Colorado National came to lend him the six million dollars .PERIOD
</s>
<s.87.001.870323-0041.25.4>
He got the loan after giving the bank his personal financial statement ,COMMA which was even more fanciful than Mr. Libman's .PERIOD
</s>
<s.87.001.870323-0041.25.5>
The statement reported total assets of forty million dollars ,COMMA net worth of thirty nine million dollars and annual income of nine hundred eight thousand dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.26>
<s.87.001.870323-0041.26.1>
Mr. Foncannon said in his affidavit that his calls to several banks inquiring about Mr. Grambling's reputation had turned up nothing to be concerned about .PERIOD
</s>
<s.87.001.870323-0041.26.2>
Indeed ,COMMA several bankers actually praised Mr. Grambling .PERIOD
</s>
<s.87.001.870323-0041.26.3>
For instance ,COMMA according to Mr. Foncannon ,COMMA Charles Worth ,COMMA a vice president of Arizona's Bank of Scottsdale ,COMMA characterized his banking relationship with Mr. Grambling as "DOUBLE-QUOTE super .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.27>
<s.87.001.870323-0041.27.1>
Boy and man ,COMMA John Grambling was always popular .PERIOD
</s>
<s.87.001.870323-0041.27.2>
In high school ,COMMA he was a member of the speech team .PERIOD
</s>
<s.87.001.870323-0041.27.3>
As an undergraduate at Southern Methodist University ,COMMA he was elected president of his dormitory and an officer of his fraternity .PERIOD
</s>
<s.87.001.870323-0041.27.4>
He was bright ,COMMA too .PERIOD
</s>
<s.87.001.870323-0041.27.5>
He earned an M. B. A. degree at the Wharton School of Finance .PERIOD
</s>
<s.87.001.870323-0041.27.6>
A schoolmate characterized him as the last person anyone would suspect of fraud .PERIOD
</s>
</p>
<p.87.001.870323-0041.28>
<s.87.001.870323-0041.28.1>
But ,COMMA with bankers ,COMMA he had more than a winning personality going for him .PERIOD
</s>
<s.87.001.870323-0041.28.2>
In at least three instances ,COMMA he had made loan repayments ahead of schedule .PERIOD
</s>
<s.87.001.870323-0041.28.3>
He repaid seven hundred eight thousand dollars to Bank of Scottsdale ,COMMA one .POINT eight million dollars to American Bank of Commerce in El Paso and four hundred eighteen thousand dollars to First Financial Bank of El Paso .PERIOD
</s>
</p>
<p.87.001.870323-0041.29>
<s.87.001.870323-0041.29.1>
These payments depleted the seven .POINT five million dollars he had borrowed from Bank of Montreal by two .POINT nine million dollars but made him look like a better risk .PERIOD
</s>
</p>
<p.87.001.870323-0041.30>
<s.87.001.870323-0041.30.1>
What Messrs. .PERIOD
</s>
<s.87.001.870323-0041.30.2>
Grambling and Libman were up to here was a Ponzi scheme ,COMMA which works like this :COLON You fraudulently obtain a loan from Bank A .PERIOD
</s>
<s.87.001.870323-0041.30.3>
You go on to Bank B. and get another loan ,COMMA using some of Bank B's proceeds to pay back some of your debt to Bank A .PERIOD
</s>
<s.87.001.870323-0041.30.4>
That keeps creditors satisfied temporarily and preserves your credit rating for a foray against Bank C. .PERIOD
</s>
</p>
<p.87.001.870323-0041.31>
<s.87.001.870323-0041.31.1>
Brian Rosner ,COMMA an assistant district attorney in Manhattan who eventually prosecuted Messrs. .PERIOD
</s>
<s.87.001.870323-0041.31.2>
Grambling and Libman for bank fraud ,COMMA says of the Ponzi ploy :COLON "DOUBLE-QUOTE It's called robbing Peter to pay Paul ,COMMA and as long as it works --DASH as long as the money comes in --DASH no one knows he's being victimized .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0041.31.3>
Besides ,COMMA he says ,COMMA "DOUBLE-QUOTE No one is more complacent than a banker who has been repaid .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.32>
<s.87.001.870323-0041.32.1>
But Bank of Montreal officials --DASH anything but complacent --DASH instructed their New York law firm ,COMMA Shearman &AMPERSAND Sterling ,COMMA to alert the Manhattan district attorney's office to possible crimes within its jurisdiction by Messrs. .PERIOD
</s>
<s.87.001.870323-0041.32.2>
Grambling and Libman .PERIOD
</s>
</p>
<p.87.001.870323-0041.33>
<s.87.001.870323-0041.33.1>
This warning came in early February of nineteen eighty five ,COMMA and it signaled trouble for the two freebooters ,COMMA even though they were well on their way to pulling off three more swindles .PERIOD
</s>
<s.87.001.870323-0041.33.2>
Their targets and the amounts they sought to borrow (LEFT-PAREN or steal )RIGHT-PAREN :COLON
</s>
</p>
<p.87.001.870323-0041.34>
<s.87.001.870323-0041.34.1>
First Security Bank of Utah in Salt Lake City --DASH eight million dollars .PERIOD
</s>
<s.87.001.870323-0041.34.2>
First Interstate Bank of Denver --DASH five million dollars .PERIOD
</s>
<s.87.001.870323-0041.34.3>
Security Savings &AMPERSAND Loan Association ,COMMA Jackson ,COMMA Miss.ten .POINT one oh million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.35>
<s.87.001.870323-0041.35.1>
Again ,COMMA Mr. Grambling used his well -HYPHEN tested techniques for separating bankers from their money .PERIOD
</s>
<s.87.001.870323-0041.35.2>
He doctored loan agreements and other documents .PERIOD
</s>
<s.87.001.870323-0041.35.3>
Once more ,COMMA he wildly misrepresented his net assets .PERIOD
</s>
<s.87.001.870323-0041.35.4>
And he got Mr. Libman to do some new impersonations on the telephone .PERIOD
</s>
</p>
<p.87.001.870323-0041.36>
<s.87.001.870323-0041.36.1>
Mr. Grambling's effort to get millions from First Security Bank came within a whisker of succeeding .PERIOD
</s>
</p>
<p.87.001.870323-0041.37>
<s.87.001.870323-0041.37.1>
He submitted a financial statement to First Security attesting that he owned three hundred fifty eight thousand ,COMMA six hundred shares of Southern Union Company stock ,COMMA shares that had a market value of nearly ten million dollars .PERIOD
</s>
<s.87.001.870323-0041.37.2>
And he offered the stock ,COMMA which ,COMMA as usual ,COMMA he didn't truly own ,COMMA as collateral .PERIOD
</s>
</p>
<p.87.001.870323-0041.38>
<s.87.001.870323-0041.38.1>
To further deceive First Security ,COMMA he set up a conference call between the bank's loan committee and Mr. Libman posing as Blair Mullin ,COMMA an actual official of Bank of Montreal .PERIOD
</s>
<s.87.001.870323-0041.38.2>
As additional collateral ,COMMA the loan committee accepted the fake Mr. Mullin's assurances that the Utah bank would have recourse to funds from a loan Mr. Grambling was negotiating with Bank of Montreal .PERIOD
</s>
<s.87.001.870323-0041.38.3>
So assured ,COMMA the First Security committee agreed to lend him the money .PERIOD
</s>
</p>
<p.87.001.870323-0041.39>
<s.87.001.870323-0041.39.1>
But at the eleventh hour ,COMMA First Security got lucky .PERIOD
</s>
<s.87.001.870323-0041.39.2>
Scott Clark ,COMMA a lawyer representing the Utah bank ,COMMA phoned a man who supposedly was Ronald Keenan ,COMMA the president of Coronado Bank in El Paso ,COMMA where Mr. Grambling did some of his banking business .PERIOD
</s>
<s.87.001.870323-0041.39.3>
Mr. Keenan was portrayed for this occasion by an unidentified impostor (LEFT-PAREN not by Mr. Libman this time )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870323-0041.40>
<s.87.001.870323-0041.40.1>
Mr. Clark ,COMMA who was looking for an agent to hold the three hundred fifty eight thousand ,COMMA six hundred Southern Union shares and to arrange for their delivery to Salt Lake City ,COMMA asked who currently had custody of the stock .PERIOD
</s>
</p>
<p.87.001.870323-0041.41>
<s.87.001.870323-0041.41.1>
"DOUBLE-QUOTE Mr. .PERIOD
</s>
<s.87.001.870323-0041.41.2>
Keenan "DOUBLE-QUOTE replied that the local Merrill Lynch office had the certificates .PERIOD
</s>
<s.87.001.870323-0041.41.3>
Mr. Clark agreed quickly on Merrill Lynch as the agent because it had an office in the bank's Salt Lake City building ,COMMA which would facilitate delivery of the stock .PERIOD
</s>
<s.87.001.870323-0041.41.4>
That news jolted the ersatz Mr. Keenan ,COMMA who knew the Southern Union stock was a figment .PERIOD
</s>
</p>
<p.87.001.870323-0041.42>
<s.87.001.870323-0041.42.1>
He said that he had better confirm that Merrill Lynch did actually hold the certificates .PERIOD
</s>
<s.87.001.870323-0041.42.2>
He hung up and called back shortly to say he had been mistaken .PERIOD
</s>
<s.87.001.870323-0041.42.3>
The shares were in the hands of E. F. Hutton's El Paso office ,COMMA Mr. Keenan said .PERIOD
</s>
<s.87.001.870323-0041.42.4>
That ,COMMA too ,COMMA was just fine with Mr. Clark ,COMMA because Hutton also had an office in the building .PERIOD
</s>
<s.87.001.870323-0041.42.5>
At that point ,COMMA Mr. Keenan said he would again have to check on exactly where the shares reposed .PERIOD
</s>
</p>
<p.87.001.870323-0041.43>
<s.87.001.870323-0041.43.1>
He made another call and came back on the line with the news that the stock was at Eppler ,COMMA Guerin &AMPERSAND Turner ,COMMA a Texas brokerage firm with no offices whatever in Utah .PERIOD
</s>
</p>
<p.87.001.870323-0041.44>
<s.87.001.870323-0041.44.1>
His suspicions aroused ,COMMA Mr. Clark demanded to have the original Southern Union stock certificates sent directly to him .PERIOD
</s>
<s.87.001.870323-0041.44.2>
When Mr. Grambling couldn't deliver nonexistent shares ,COMMA First Security slipped the swindlers' noose .PERIOD
</s>
</p>
<p.87.001.870323-0041.45>
<s.87.001.870323-0041.45.1>
A few weeks later ,COMMA Jim Conover ,COMMA a First Security official ,COMMA was reminded of how close the bank had come to losing eight million dollars .PERIOD
</s>
<s.87.001.870323-0041.45.2>
He remarked :COLON "DOUBLE-QUOTE It's like Vietnam ,COMMA when you heard the bullets whistling by your head .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.46>
<s.87.001.870323-0041.46.1>
Mr. Grambling went back to the well again in trying to take First Interstate Bank for five million dollars .PERIOD
</s>
<s.87.001.870323-0041.46.2>
His collateral consisted of phony Southern Union stock ,COMMA falsely valued at more than five million dollars .PERIOD
</s>
<s.87.001.870323-0041.46.3>
And when it came to staging his ten million dollars raid on Security Savings &AMPERSAND Loan ,COMMA Mr. Grambling offered twelve million dollars in bogus certificates of deposit .PERIOD
</s>
</p>
<p.87.001.870323-0041.47>
<s.87.001.870323-0041.47.1>
"DOUBLE-QUOTE That representation was false .PERIOD
</s>
<s.87.001.870323-0041.47.2>
The certificates did not exist .PERIOD
</s>
<s.87.001.870323-0041.47.3>
Mr. Grambling's Xeroxes of the certificates and other documentary proof of their existence were forgeries ,COMMA "DOUBLE-QUOTE said Mr. Rosner ,COMMA the Manhattan assistant district attorney in a sworn statement .PERIOD
</s>
</p>
<p.87.001.870323-0041.48>
<s.87.001.870323-0041.48.1>
The string ran out on Mr. Grambling and Mr. Libman in the spring of nineteen eighty five ,COMMA after Mr. Rosner presented evidence uncovered in the investigation of the two partners .PERIOD
</s>
<s.87.001.870323-0041.48.2>
On May seventh ,COMMA nineteen eighty five ,COMMA a New York County grand jury indicted Mr. Grambling on thirty two counts of bank fraud involving Bank of Montreal ,COMMA Colorado National Bank ,COMMA First Security Bank of Utah ,COMMA First Interstate Bank of Denver and Security Savings &AMPERSAND Loan Association of Jackson ,COMMA Mississippi .PERIOD
</s>
<s.87.001.870323-0041.48.3>
Mr. Libman was indicted on two counts --DASH a conspiracy charge and a fraud charge .PERIOD
</s>
<s.87.001.870323-0041.48.4>
New York County got jurisdiction over the case because forged documents in the Bank of Montreal loan were submitted to the bank in Manhattan at the loan closing .PERIOD
</s>
</p>
<p.87.001.870323-0041.49>
<s.87.001.870323-0041.49.1>
Initially ,COMMA Messrs. .PERIOD
</s>
<s.87.001.870323-0041.49.2>
Grambling and Libman pleaded not guilty .PERIOD
</s>
<s.87.001.870323-0041.49.3>
Then ,COMMA last October ,COMMA as their trials in a New York state court grew near ,COMMA they changed their pleas to guilty .PERIOD
</s>
<s.87.001.870323-0041.49.4>
Mr. Grambling said in his plea that ,COMMA at the urging of his family ,COMMA he is seeing a Yale University psychiatrist once a week .PERIOD
</s>
</p>
<p.87.001.870323-0041.50>
<s.87.001.870323-0041.50.1>
Mr. Libman drew a six -HYPHEN month term in New York's Rikers Island prison and has served his time --DASH four months ,COMMA with time off for good behavior .PERIOD
</s>
<s.87.001.870323-0041.50.2>
The short sentence may reflect Mr. Libman's subordinate role ,COMMA which Mr. Rosner described in a memorandum to the court :COLON "DOUBLE-QUOTE Although Mr. Grambling was the lead actor ,COMMA Mr. Libman had more than a walk -HYPHEN on part .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.51>
<s.87.001.870323-0041.51.1>
Mr. Grambling has yet to be sentenced .PERIOD
</s>
<s.87.001.870323-0041.51.2>
He faces a maximum of twenty years in prison ;SEMI-COLON fines and restitution could total forty .POINT five million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.52>
<s.87.001.870323-0041.52.1>
But while free on bail ,COMMA Mr. Grambling was doing business as usual ,COMMA which turned out to be expensive for two new bank victims .PERIOD
</s>
<s.87.001.870323-0041.52.2>
It also further embroiled him with the law .PERIOD
</s>
</p>
<p.87.001.870323-0041.53>
<s.87.001.870323-0041.53.1>
Last June ,COMMA Colonial Bank &AMPERSAND Trust Company in Chicago closed a loan of three hundred fifty thousand dollars with Mr. Grambling ,COMMA secured again by phony collateral ,COMMA this time American Brands shares with a supposed market value of more than six hundred thousand dollars .PERIOD
</s>
<s.87.001.870323-0041.53.2>
Mr. Grambling made off with two hundred fifty thousand dollars of the bank's money before Colonial caught on and denied him the remaining one hundred thousand dollars .PERIOD
</s>
</p>
<p.87.001.870323-0041.54>
<s.87.001.870323-0041.54.1>
Mr. Grambling struck again in the fall ,COMMA when he took CityTrust of Bridgeport ,COMMA Connecticut ,COMMA for four hundred fifty thousand dollars ,COMMA a loan secured by more than seven million dollars in such blue -HYPHEN chip stocks as J. P. Morgan ,COMMA General Motors ,COMMA Rockwell International ,COMMA I. B. M. and Standard Oil ,COMMA all bogus .PERIOD
</s>
<s.87.001.870323-0041.54.2>
There ,COMMA he himself posed as one Robert E. Smith Junior ,COMMA a fictitious agent for an Arizona businessman .PERIOD
</s>
</p>
<p.87.001.870323-0041.55>
<s.87.001.870323-0041.55.1>
None of the money Messrs. .PERIOD
</s>
<s.87.001.870323-0041.55.2>
Grambling and Libman obtained fraudulently from the banks and savings institutions has ever been recovered ,COMMA though much of the money borrowed from one lender was later repaid to another .PERIOD
</s>
<s.87.001.870323-0041.55.3>
Bank of Montreal ,COMMA for example was repaid two million dollars but ,COMMA in the end ,COMMA got stuck for five .POINT five million dollars .PERIOD
</s>
<s.87.001.870323-0041.55.4>
Colorado National Bank hasn't been repaid any of the six million dollars it lent .PERIOD
</s>
</p>
<p.87.001.870323-0041.56>
<s.87.001.870323-0041.56.1>
In December ,COMMA Connecticut Bank &AMPERSAND Trust Company of Hartford pondered whether to lend four hundred fifty thousand dollars to the same Robert E. Smith Junior but turned him --DASH that is ,COMMA Mr. Grambling --DASH down .PERIOD
</s>
</p>
<p.87.001.870323-0041.57>
<s.87.001.870323-0041.57.1>
Undaunted ,COMMA Mr. Grambling approached Great American First Savings Bank of San Diego .PERIOD
</s>
<s.87.001.870323-0041.57.2>
Again he misrepresented himself as the owner of I. B. M. shares ,COMMA which he offered as collateral for a three hundred fifty thousand dollar loan .PERIOD
</s>
</p>
<p.87.001.870323-0041.58>
<s.87.001.870323-0041.58.1>
This time the gambit was disastrous for him .PERIOD
</s>
<s.87.001.870323-0041.58.2>
On January fifth ,COMMA Mr. Rosner received an internal memo from Colonial Bank ,COMMA which had been defrauded by Mr. Grambling more than six months earlier. (LEFT-PAREN He has yet to be charged in the Colonial Bank case .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870323-0041.58.3>
The memo ,COMMA dated December thirty first ,COMMA nineteen eighty six ,COMMA said Mr. Grambling had called Colonial that day to say he was at Great American First in San Diego .PERIOD
</s>
<s.87.001.870323-0041.58.4>
He was there ,COMMA he announced ,COMMA borrowing three hundred fifty thousand dollars ,COMMA and he would be wiring Colonial Bank the two hundred fifty thousand dollars he owed .PERIOD
</s>
<s.87.001.870323-0041.58.5>
The Colonial memo ended :COLON "DOUBLE-QUOTE He continues to amaze .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.59>
<s.87.001.870323-0041.59.1>
Mr. Rosner promptly phoned the San Diego bank to warn of a fraud in progress .PERIOD
</s>
<s.87.001.870323-0041.59.2>
Four days later ,COMMA Mr. Grambling entered Great American First ,COMMA expecting to get his three hundred fifty thousand dollars .PERIOD
</s>
<s.87.001.870323-0041.59.3>
Instead ,COMMA he was arrested by an F. B. I. agent impersonating a loan officer .PERIOD
</s>
</p>
<p.87.001.870323-0041.60>
<s.87.001.870323-0041.60.1>
Unable to make bail of two million dollars ,COMMA Mr. Grambling was jailed in San Diego ,COMMA where he pleaded guilty to federal bank -HYPHEN fraud charges involving the Great American First loan ,COMMA and he is to be sentenced today on federal charges by the U. S. District Court for the Southern District of California .PERIOD
</s>
<s.87.001.870323-0041.60.2>
Then he will be flown to New York for sentencing by the state on April first .PERIOD
</s>
</p>
<p.87.001.870323-0041.61>
<s.87.001.870323-0041.61.1>
Banks that Messrs. .PERIOD
</s>
<s.87.001.870323-0041.61.2>
Grambling and Libman defrauded or tried to defraud offer various explanations (LEFT-PAREN or none at all )RIGHT-PAREN for how such swindles can happen .PERIOD
</s>
<s.87.001.870323-0041.61.3>
Mr. Clark ,COMMA the attorney for First Security Bank of Utah ,COMMA which narrowly escaped the scam ,COMMA lays blame on competition and on trust .PERIOD
</s>
<s.87.001.870323-0041.61.4>
"DOUBLE-QUOTE Banks are highly competitive in trying to place good loans ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870323-0041.61.5>
In Mr. Grambling's case ,COMMA he came to the bank in the company of an executive of the Husky Oil refinery in Salt Lake City that Mr. Grambling had hoped to buy .PERIOD
</s>
<s.87.001.870323-0041.61.6>
That association with respectability and Mr. Grambling's "DOUBLE-QUOTE very nice social graces "DOUBLE-QUOTE gave him credibility with First Security .PERIOD
</s>
<s.87.001.870323-0041.61.7>
"DOUBLE-QUOTE There's an enormous amount of money banks have and want to lend out ,COMMA "DOUBLE-QUOTE Mr. Clark says .PERIOD
</s>
<s.87.001.870323-0041.61.8>
"DOUBLE-QUOTE In New York ,COMMA they want to lend it to Brazil .PERIOD
</s>
<s.87.001.870323-0041.61.9>
In smaller cities ,COMMA they like to lend it to the local refinery .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.62>
<s.87.001.870323-0041.62.1>
A banker who did fall for the scheme and who consented to an interview on the condition that his name wouldn't be published ,COMMA says he has two ideas about avoiding future rip -HYPHEN offs :COLON "DOUBLE-QUOTE We should tighten up our internal guidelines ,COMMA and we should be sure we know our borrowers .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0041.62.2>
He says that in many years as a banker he has grown accustomed to "DOUBLE-QUOTE dealing with honest people ninety nine %PERCENT of the time .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0041.62.3>
The banking system ,COMMA he says ,COMMA "DOUBLE-QUOTE is built on trust .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0041.62.4>
And a person intent on bank fraud "DOUBLE-QUOTE is going to get it done .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0041.62.5>
As for Mr. Grambling :COLON "DOUBLE-QUOTE He should be compelled to wear a bell around his neck .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.63>
<s.87.001.870323-0041.63.1>
James Bussitil ,COMMA a lawyer for Bank of Montreal ,COMMA said in an interview that "DOUBLE-QUOTE the modern banking system is susceptible to fraud because banking basically operates on the basis of trust .PERIOD
</s>
<s.87.001.870323-0041.63.2>
We made all the standard checks ,COMMA and nothing turned up on Grambling .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.64>
<s.87.001.870323-0041.64.1>
Peter A. Manson ,COMMA a senior vice president of Bank of Montreal ,COMMA praised "DOUBLE-QUOTE the diligence of our account managers "DOUBLE-QUOTE in bringing to light Mr. Grambling's fraud .PERIOD
</s>
<s.87.001.870323-0041.64.2>
He said the incident "DOUBLE-QUOTE has again reminded this bank ,COMMA and we expect other banks ...ELLIPSIS of the need to know your customer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0041.65>
<s.87.001.870323-0041.65.1>
At the end of his spree ,COMMA Mr. Grambling was hoist with his own petard .PERIOD
</s>
<s.87.001.870323-0041.65.2>
The Great American First "DOUBLE-QUOTE loan officer "DOUBLE-QUOTE who nabbed him turned out to be an F. B. I. agent .PERIOD
</s>
<s.87.001.870323-0041.65.3>
Thus ,COMMA the teacher was taught a lesson he had been busy teaching bankers :COLON Beware of impostors .PERIOD
</s>
</p>
<p.87.001.870323-0040.1>
<s.87.001.870323-0040.1.1>
Salim B. "DOUBLE-QUOTE Sandy "DOUBLE-QUOTE Lewis ,COMMA a well -HYPHEN known arbitrager and former special adviser to the Securities and Exchange Commission ,COMMA allegedly asked Boyd L. Jefferies to manipulate the stock of Fireman's Fund Corporation last year ,COMMA according to people familiar with the government's criminal and civil cases against Mr. Jefferies .PERIOD
</s>
</p>
<p.87.001.870323-0040.2>
<s.87.001.870323-0040.2.1>
The government announced last week that Mr. Jefferies ,COMMA who resigned Thursday as chairman of the Los Angeles -HYPHEN based Jefferies Group Incorporated securities firm ,COMMA agreed to plead guilty to two felonies ,COMMA one of which was related to an alleged scheme to manipulate the price of Fireman's Fund shares just prior to a secondary stock offering by American Express Company last May ninth .PERIOD
</s>
<s.87.001.870323-0040.2.2>
The government said Mr. Jefferies is cooperating with the investigation .PERIOD
</s>
</p>
<p.87.001.870323-0040.3>
<s.87.001.870323-0040.3.1>
In settling related charges ,COMMA the S. E. C. alleged Mr. Jefferies ,COMMA acting pursuant to an agreement with an individual who wasn't identified ,COMMA bought huge blocks of Fireman's Fund at or near the close of trading the day before the offering ,COMMA thereby boosting the price on the day of the offering .PERIOD
</s>
</p>
<p.87.001.870323-0040.4>
<s.87.001.870323-0040.4.1>
Mr. Lewis is the individual referred to by the government ,COMMA the people familiar with the cases said .PERIOD
</s>
<s.87.001.870323-0040.4.2>
His name ,COMMA as well of that of his firm ,COMMA S. B. Lewis &AMPERSAND Company ,COMMA appeared on subpoenas related to the transaction issued by the government on Friday .PERIOD
</s>
<s.87.001.870323-0040.4.3>
Mr. Lewis couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0040.5>
<s.87.001.870323-0040.5.1>
Subpoenas were received by American Express ,COMMA Fireman's Fund's controlling shareholder and former parent ;SEMI-COLON Shearson Lehman Brothers Incorporated ,COMMA co -HYPHEN manager for the secondary offering and a unit of American Express ;SEMI-COLON and Salomon Brothers Incorporated ,COMMA the investment banking firm that was the other co -HYPHEN manager ,COMMA the companies acknowledged .PERIOD
</s>
</p>
<p.87.001.870323-0040.6>
<s.87.001.870323-0040.6.1>
Also named in subpoenas were Randall D. Smith &AMPERSAND Company ,COMMA a small securities firm ,COMMA and Randall D. Smith ,COMMA the firm's founder .PERIOD
</s>
</p>
<p.87.001.870323-0040.7>
<s.87.001.870323-0040.7.1>
The government is seeking to determine whether anyone at American Express ,COMMA Shearson Lehman or Salomon Brothers asked Mr. Lewis to set up the arrangement with Mr. Jefferies ,COMMA according to the people familiar with the investigation .PERIOD
</s>
<s.87.001.870323-0040.7.2>
They said the government is also probing the rise in the price of Fireman's Fund shares that occurred several days earlier in the week before the public offering .PERIOD
</s>
</p>
<p.87.001.870323-0040.8>
<s.87.001.870323-0040.8.1>
Neither Messrs. .PERIOD
</s>
<s.87.001.870323-0040.8.2>
Lewis and Smith nor anyone at any of the firms receiving subpoenas has been charged with any wrongdoing .PERIOD
</s>
<s.87.001.870323-0040.8.3>
The government said that both S. E. C. and criminal investigations of the matter are continuing .PERIOD
</s>
<s.87.001.870323-0040.8.4>
Mr. Smith ,COMMA who is a former partner of Bear ,COMMA Stearns &AMPERSAND Company ,COMMA didn't return phone calls .PERIOD
</s>
<s.87.001.870323-0040.8.5>
Mr. Jefferies' lawyer ,COMMA Peter H. Morrison ,COMMA declined to comment and said Mr. Jefferies wasn't available .PERIOD
</s>
</p>
<p.87.001.870323-0040.9>
<s.87.001.870323-0040.9.1>
The probe of the three hundred thirty two million dollars Fireman's Fund offering marks a dramatic widening of the government's probe of wrongdoing on Wall Street .PERIOD
</s>
<s.87.001.870323-0040.9.2>
Not only does the offering under scrutiny involve some of the financial community's most prestigious corporations ,COMMA but it is the first indication that the scandal has spread from takeovers to the more staid world of corporate finance ,COMMA traditionally the heart of investment banking .PERIOD
</s>
</p>
<p.87.001.870323-0040.10>
<s.87.001.870323-0040.10.1>
Mr. Lewis ,COMMA who is forty eight years old ,COMMA has long had close ties to American Express's chairman ,COMMA James D. Robinson the third. American Express helped launch Mr. Lewis's arbitrage firm in nineteen seventy seven with a three million dollar investment ,COMMA and Mr. Lewis helped arrange American Express's acquisition of Investors Diversified Services Incorporated in nineteen eighty three and of Shearson in nineteen eighty one .PERIOD
</s>
<s.87.001.870323-0040.10.2>
S.B Lewis &AMPERSAND Company earned a three .POINT five million dollar fee from the Shearson acquisition ,COMMA and American Express remains a major investor in Mr. Lewis's firm .PERIOD
</s>
<s.87.001.870323-0040.10.3>
Mr. Lewis has often acted as an informal adviser to Mr. Robinson on matters of corporate strategy .PERIOD
</s>
</p>
<p.87.001.870323-0040.11>
<s.87.001.870323-0040.11.1>
Mr. Robinson declined to comment on his relationship with Mr. Lewis ,COMMA but he has told colleagues that he never discussed anything that could be characterized as market manipulation with Mr. Lewis and knew nothing about the alleged manipulation of Fireman's Fund shares .PERIOD
</s>
</p>
<p.87.001.870323-0040.12>
<s.87.001.870323-0040.12.1>
According to the people familiar with the government's investigation ,COMMA Mr. Lewis asked Mr. Jefferies to boost the price of Fireman's Fund shares May eighth ,COMMA the day before the scheduled public offering .PERIOD
</s>
<s.87.001.870323-0040.12.2>
Fireman's Fund shares ,COMMA after rising sharply several days earlier ,COMMA had begun falling as the offering approached .PERIOD
</s>
<s.87.001.870323-0040.12.3>
Mr. Lewis agreed to reimburse Mr. Jefferies for any losses incurred on the transactions ,COMMA the people said .PERIOD
</s>
</p>
<p.87.001.870323-0040.13>
<s.87.001.870323-0040.13.1>
At or near the close of trading that day ,COMMA Mr. Jefferies purchased four large blocks of stock ,COMMA pushing the price of Fireman's shares to thirty eight dollars ,COMMA at least an eighth of a point higher than the price otherwise would have been ,COMMA the government said .PERIOD
</s>
<s.87.001.870323-0040.13.2>
Mr. Jefferies subsequently sold his holdings at a loss .PERIOD
</s>
</p>
<p.87.001.870323-0040.14>
<s.87.001.870323-0040.14.1>
As agreed ,COMMA Mr. Jefferies sent S. B. Lewis &AMPERSAND Company an invoice for about one hundred eighty five thousand dollars for "DOUBLE-QUOTE investment banking services ,COMMA "DOUBLE-QUOTE the people said .PERIOD
</s>
<s.87.001.870323-0040.14.2>
But Mr. Lewis then asked that another invoice for about one hundred fifty thousand dollars be sent to Smith &AMPERSAND Company ,COMMA which is active in the junk bond market .PERIOD
</s>
<s.87.001.870323-0040.14.3>
Smith &AMPERSAND Company subsequently paid the sum to Jefferies &AMPERSAND Company ,COMMA which recorded the payment on its books as "DOUBLE-QUOTE other income .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0040.15>
<s.87.001.870323-0040.15.1>
People familiar with the Fireman's Fund offering said Mr. Lewis had no formal role in the offering and would have had no direct incentive to engage in market manipulation or to risk his own capital by reimbursing Jefferies &AMPERSAND Company American Express would have been the most obvious beneficiary of the alleged scheme ,COMMA since the offering was priced at the close of the market May eighth ,COMMA the day before the public offering .PERIOD
</s>
<s.87.001.870323-0040.15.2>
The offering was underwritten on a firm commitment basis ,COMMA meaning that after the price was fixed ,COMMA the underwriters bore the risk of any subsequent drop in the stock's price .PERIOD
</s>
</p>
<p.87.001.870323-0040.16>
<s.87.001.870323-0040.16.1>
Mr. Robinson said ,COMMA "DOUBLE-QUOTE We know of absolutely no wrongdoing by anybody at American Express ,COMMA "DOUBLE-QUOTE including Shearson Lehman .PERIOD
</s>
<s.87.001.870323-0040.16.2>
He said that two law firms hired by the company ,COMMA Willkie Farr &AMPERSAND Gallagher and Skadden ,COMMA Arps ,COMMA Slate ,COMMA Meagher &AMPERSAND Flom ,COMMA worked over the weekend and interviewed everybody involved in the underwriting .PERIOD
</s>
<s.87.001.870323-0040.16.3>
Mr. Robinson ,COMMA a personal friend of Mr. Lewis for many years ,COMMA added ,COMMA "DOUBLE-QUOTE I would be shocked if Sandy did anything illegal .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0040.17>
<s.87.001.870323-0040.17.1>
A Salomon Brothers spokesman said the firm would comply with the subpoena it received and cooperate fully with the S. E. C. .PERIOD
</s>
<s.87.001.870323-0040.17.2>
He added that the firm knew nothing about a government investigation of the offering before last week's announcements .PERIOD
</s>
</p>
<p.87.001.870323-0040.18>
<s.87.001.870323-0040.18.1>
Within certain limits ,COMMA it is permissible for underwriters to stabilize the price of a security in a public offering for a relatively brief period after the offering is made .PERIOD
</s>
<s.87.001.870323-0040.18.2>
However ,COMMA for anyone to manipulate the price of a security before the offering is made would be illegal .PERIOD
</s>
</p>
<p.87.001.870323-0040.19>
<s.87.001.870323-0040.19.1>
Mr. Lewis has been a highly successful but maverick player on Wall Street .PERIOD
</s>
<s.87.001.870323-0040.19.2>
His father was Salim Lewis ,COMMA a legendary Wall Street tycoon who ran Bear Stearns until his death in nineteen seventy eight .PERIOD
</s>
<s.87.001.870323-0040.19.3>
Sandy Lewis ,COMMA known equally for his intellectual brilliance ,COMMA his excitability and volubility and his lack of tact ,COMMA was hired and fired by several prominent firms before launching his own successful operation .PERIOD
</s>
<s.87.001.870323-0040.19.4>
During nineteen seventy seven ,COMMA he became a special adviser to S. E. C. Chairman Harold Williams .PERIOD
</s>
<s.87.001.870323-0040.19.5>
Investors in his firm have included both Mr. Williams and another former S. E. C. chairman ,COMMA Roderick Hills ,COMMA and his wife Carla Hills ,COMMA former Secretary of Housing and Urban Development .PERIOD
</s>
</p>
<p.87.001.870323-0040.20>
<s.87.001.870323-0040.20.1>
People on Wall Street expressed unusual shock at the news that Mr. Lewis had been implicated by Mr. Jefferies .PERIOD
</s>
<s.87.001.870323-0040.20.2>
Over the years ,COMMA Mr. Lewis has called for strict compliance with the securities laws and for adherence to the highest ethical standards .PERIOD
</s>
<s.87.001.870323-0040.20.3>
Mr. Lewis once worked briefly for confessed insider trader Ivan F. Boesky ,COMMA and ever since ,COMMA has urged reporters and S. E. C. officials to investigate Mr. Boesky's activities .PERIOD
</s>
<s.87.001.870323-0040.20.4>
It was Mr. Boesky who implicated Mr. Jefferies ,COMMA who in turn has led investigators to Mr. Lewis .PERIOD
</s>
</p>
<p.87.001.870323-0039.2>
<s.87.001.870323-0039.2.1>
(LEFT-PAREN See :COLON "DOUBLE-QUOTE Dividend News :COLON Inertia Dynamics Corporation "DOUBLE-QUOTE --DASH W. S. J. March twentieth ,COMMA nineteen eighty seven )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0038.1>
<s.87.001.870323-0038.1.1>
A group of limited partners sued Ivan F. Boesky and related companies ,COMMA alleging that the arbitrager misled them in the organization of his one billion dollar investment partnership in nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870323-0038.2>
<s.87.001.870323-0038.2.1>
And the lawsuit names a major law firm ,COMMA for the first time ,COMMA as a defendant in the volume of litigation growing out of the Wall Street insider -HYPHEN trading scandal .PERIOD
</s>
<s.87.001.870323-0038.2.2>
The suit seeks damages from New York attorney Stephen Fraidin ,COMMA as well as his law firm ,COMMA Fried ,COMMA Frank ,COMMA Harris ,COMMA Shriver &AMPERSAND Jacobson ,COMMA alleging he and the firm suggested that some of the Boesky partners invest in the venture ,COMMA called Ivan F. Boesky &AMPERSAND Company L. P. .PERIOD
</s>
<s.87.001.870323-0038.2.3>
It alleges the partnership documents prepared by Fried Frank ,COMMA a firm that regularly represented Mr. Boesky ,COMMA were misleading .PERIOD
</s>
</p>
<p.87.001.870323-0038.3>
<s.87.001.870323-0038.3.1>
The suit also names the New York -HYPHEN based financial services concern of Seligmann Harris &AMPERSAND Company ,COMMA which it says helped secure investors in the venture ,COMMA and Drexel Burnham Lambert Incorporated ,COMMA New York ,COMMA investment banker for the Boesky partnership .PERIOD
</s>
</p>
<p.87.001.870323-0038.4>
<s.87.001.870323-0038.4.1>
Two other defendants are two men who have pleaded guilty in the insider -HYPHEN trading scandal ,COMMA Dennis Levine and Martin A. Siegel .PERIOD
</s>
<s.87.001.870323-0038.4.2>
The former investment bankers have said they provided inside information on pending mergers and acquisitions to Mr. Boesky ,COMMA who has agreed to plead guilty to a felony charge related to his insider trading .PERIOD
</s>
</p>
<p.87.001.870323-0038.5>
<s.87.001.870323-0038.5.1>
Filed Friday in federal court in Manhattan ,COMMA the lawsuit alleges that the plaintiffs were misled because the documents failed to disclose ,COMMA among other things ,COMMA the criminal violations to which Mr. Boesky later agreed to plead guilty .PERIOD
</s>
</p>
<p.87.001.870323-0038.6>
<s.87.001.870323-0038.6.1>
The suit also says the prospectus failed to disclose certain financial interests of Drexel in the partnership ,COMMA and declared that Mr. Boesky and his family failed ,COMMA as promised ,COMMA to invest at least twenty million dollars in the partnership .PERIOD
</s>
<s.87.001.870323-0038.6.2>
The suit also alleges the defendants should have registered the partnership offering with the Securities and Exchange Commission .PERIOD
</s>
</p>
<p.87.001.870323-0038.7>
<s.87.001.870323-0038.7.1>
At Fried Frank ,COMMA a major New York law firm that rarely finds itself on either end of a lawsuit ,COMMA co -HYPHEN chairman Leon Silverman said ,COMMA "DOUBLE-QUOTE the inclusion of our law firm and one of our partners in the lawsuit is irresponsible .PERIOD
</s>
</p>
<p.87.001.870323-0038.8>
<s.87.001.870323-0038.8.1>
"DOUBLE-QUOTE The suit lacks any merit whatever ,COMMA "DOUBLE-QUOTE added Mr. Silverman ,COMMA speaking for the firm and for Mr. Fraidin .PERIOD
</s>
<s.87.001.870323-0038.8.2>
"DOUBLE-QUOTE Indeed ,COMMA it is revealing that plaintiffs' counsel refused the opportunity we offered them to examine the facts before filing their lawsuit .PERIOD
</s>
<s.87.001.870323-0038.8.3>
We leave it to others to discern the true motivations for including us in this lawsuit ,COMMA but we intend to defend this litigation and we will win .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0038.9>
<s.87.001.870323-0038.9.1>
A Drexel Burnham spokesman said :COLON "DOUBLE-QUOTE Neither Drexel Burnham nor any of its employees participated in any way in the placement of the Boesky limited partnership interests .PERIOD
</s>
<s.87.001.870323-0038.9.2>
So far as we're concerned ,COMMA the suit is a frivolous attempt to involve Drexel and is totally without merit .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0038.10>
<s.87.001.870323-0038.10.1>
Attorneys for Mr. Boesky declined to comment .PERIOD
</s>
<s.87.001.870323-0038.10.2>
The lawsuit also seeks restitution or award of unspecified damages from the partnership ,COMMA Mr. Boesky and related companies .PERIOD
</s>
</p>
<p.87.001.870323-0038.11>
<s.87.001.870323-0038.11.1>
Under a partial dissolution of Mr. Boesky's main arbitrage fund approved by the S. E. C. last week ,COMMA limited partners stand to recoup about two hundred seventy eight million dollars of their original three hundred thirty eight million dollar investment .PERIOD
</s>
<s.87.001.870323-0038.11.2>
Debenture holders who provided an additional six hundred sixty million dollars to Mr. Boesky's approximately one billion dollar fund already have been repaid .PERIOD
</s>
<s.87.001.870323-0038.11.3>
In effect ,COMMA the lawsuit is seeking to recover the rest of the limited partners' original investment in the partnership ,COMMA which has been spent in fees and lost through trading activities .PERIOD
</s>
<s.87.001.870323-0038.11.4>
It isn't clear what other funds the Boesky companies would have available to repay the claims .PERIOD
</s>
</p>
<p.87.001.870323-0038.12>
<s.87.001.870323-0038.12.1>
The lawsuit is filed on behalf of more than forty plaintiffs ,COMMA both individuals and companies that had invested with Mr. Boesky ,COMMA including Lewis Lehrman ,COMMA who recently was named senior adviser of Morgan Stanley Group Incorporated's asset management unit ;SEMI-COLON and Martin Peretz ,COMMA editor in chief and chairman of New Republic magazine ;SEMI-COLON a number of institutional investors ;SEMI-COLON and several insurance companies ,COMMA including Home Insurance Company ,COMMA a subsidiary of Newark ,COMMA Delaware -HYPHEN based Home Group Incorporated ;SEMI-COLON and Lincoln National Life Insurance Company ,COMMA a unit of Lincoln National Corporation ,COMMA Fort Wayne ,COMMA Indiana ;SEMI-COLON and several British investors .PERIOD
</s>
</p>
<p.87.001.870323-0038.13>
<s.87.001.870323-0038.13.1>
One institutional plaintiff claimed in the suit that its officials asked Mr. Boesky directly whether his claims of "DOUBLE-QUOTE superior information and knowledge "DOUBLE-QUOTE were based on "DOUBLE-QUOTE inside "DOUBLE-QUOTE information .PERIOD
</s>
<s.87.001.870323-0038.13.2>
"DOUBLE-QUOTE Boesky stated unequivocally that he did not use 'SINGLE-QUOTE inside information 'SINGLE-QUOTE and that ,COMMA if he had used 'SINGLE-QUOTE inside 'SINGLE-QUOTE information ,COMMA he would be in jail ,COMMA "DOUBLE-QUOTE the petition declared .PERIOD
</s>
</p>
<p.87.001.870323-0038.14>
<s.87.001.870323-0038.14.1>
Home Insurance Company alleged that it originally declined to invest in the partnership because it didn't know Mr. Boesky ,COMMA but that in June nineteen eighty six ,COMMA Mr. Fraidin suggested to Home that "DOUBLE-QUOTE the opportunity to invest with Boesky was a good deal that should not be passed up ,COMMA "DOUBLE-QUOTE and he "DOUBLE-QUOTE vouched for Boesky's skill and integrity .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0037.1>
<s.87.001.870323-0037.1.1>
James E. Olson ,COMMA chairman of American Telephone &AMPERSAND Telegraph Company ,COMMA told analysts here that the company's cash flow for the first two months of nineteen eighty seven was above budget and that he is "DOUBLE-QUOTE very pleased "DOUBLE-QUOTE with cost -HYPHEN cutting efforts by line managers .PERIOD
</s>
</p>
<p.87.001.870323-0037.2>
<s.87.001.870323-0037.2.1>
Mr. Olson wouldn't comment on whether the company's profit for the first two months was ahead of budget .PERIOD
</s>
<s.87.001.870323-0037.2.2>
Since becoming chairman last September ,COMMA Mr. Olson has made improving profit at the giant telecommunications concern a top priority ;SEMI-COLON he said he wants the company's return -HYPHEN on -HYPHEN equity to reach at least twenty %PERCENT ,COMMA nearly double what it was in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870323-0037.3>
<s.87.001.870323-0037.3.1>
Last year ,COMMA A. T. &AMPERSAND T. took a three .POINT two billion dollar write -HYPHEN off to account for job cuts ,COMMA facility consolidations and inventory write -HYPHEN downs ,COMMA resulting in nineteen eighty six earnings of only one hundred thirty nine million dollars ,COMMA or five cents a share ,COMMA on revenue of thirty four .POINT one billion dollars .PERIOD
</s>
<s.87.001.870323-0037.3.2>
Because of such write -HYPHEN offs ,COMMA A. T. &AMPERSAND T.'s return on equity was only zero .POINT three %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0037.4>
<s.87.001.870323-0037.4.1>
The job cuts and other moves will save A. T. &AMPERSAND T. one billion dollars this year and one .POINT four billion dollars next year ,COMMA Mr. Olson said ,COMMA but the New York -HYPHEN based company has warned analysts that those savings won't necessarily translate into earnings increases .PERIOD
</s>
</p>
<p.87.001.870323-0037.5>
<s.87.001.870323-0037.5.1>
Mr. Olson also said he "DOUBLE-QUOTE couldn't believe it's going to take "DOUBLE-QUOTE as long as two years for the Federal Communications Commission to remove its cap on profit from A. T. &AMPERSAND T.'s long -HYPHEN distance business .PERIOD
</s>
</p>
<p.87.001.870323-0037.6>
<s.87.001.870323-0037.6.1>
That cap ,COMMA which allows the company to earn twelve .POINT two %PERCENT on its more than nine billion dollars of interstate long -HYPHEN distance equipment ,COMMA is one factor depressing A. T. &AMPERSAND T.'s earnings .PERIOD
</s>
<s.87.001.870323-0037.6.2>
Competitors have recently supported the company's efforts to get regulation removed .PERIOD
</s>
<s.87.001.870323-0037.6.3>
"DOUBLE-QUOTE Frankly ,COMMA it will be better for everyone ,COMMA including our competitors ,COMMA "DOUBLE-QUOTE if A. T. &AMPERSAND T. is de -HYPHEN regulated ,COMMA Mr. Olson said .PERIOD
</s>
</p>
<p.87.001.870323-0037.7>
<s.87.001.870323-0037.7.1>
The executive also said the company's "DOUBLE-QUOTE data networking "DOUBLE-QUOTE strategy doesn't necessarily encompass a specific set of products and services ,COMMA but is rather an approach to selling products and services to customers .PERIOD
</s>
</p>
<p.87.001.870323-0037.8>
<s.87.001.870323-0037.8.1>
For example ,COMMA he said ,COMMA A. T. &AMPERSAND T. is developing a world -HYPHEN wide computer and phone network for Goodyear Tire &AMPERSAND Rubber Company that can identify when and where phone lines are down .PERIOD
</s>
<s.87.001.870323-0037.8.2>
Similarly ,COMMA A. T. &AMPERSAND T. is testing with American Express Company a credit card collection system that automatically dials customers ,COMMA shows that the call has been answered ,COMMA then transfers the call with a screen of account information to an agent .PERIOD
</s>
</p>
<p.87.001.870323-0037.9>
<s.87.001.870323-0037.9.1>
Mr. Olson also said that Vittorio Cassoni ,COMMA the A. T. &AMPERSAND T. senior vice president in charge of computer and local area network products that are part of this data networking concept ,COMMA plans to make his division ,COMMA Data Systems ,COMMA profitable within the next two years .PERIOD
</s>
<s.87.001.870323-0037.9.2>
"DOUBLE-QUOTE I think that's a very good target ,COMMA "DOUBLE-QUOTE Mr. Olson said ,COMMA adding the profitability from the data networking strategy "DOUBLE-QUOTE is in our five -HYPHEN year business plan .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0037.10>
<s.87.001.870323-0037.10.1>
Mr. Olson also acknowledged that to execute the company's data networking ideas ,COMMA "DOUBLE-QUOTE we do need to spend more time and money training our sales force "DOUBLE-QUOTE on how to analyze customer's data processing needs .PERIOD
</s>
<s.87.001.870323-0037.10.2>
"DOUBLE-QUOTE We haven't been as good as we could have "DOUBLE-QUOTE in training salespeople on data processing products ,COMMA he said .PERIOD
</s>
<s.87.001.870323-0037.10.3>
Analysts have citied the lack of a well -HYPHEN trained computer sales force as one reason for A. T. &AMPERSAND T.'s troubles in that business .PERIOD
</s>
</p>
<p.87.001.870323-0036.1>
<s.87.001.870323-0036.1.1>
Brazil's short -HYPHEN term financing from foreign banks could soon be cut by as much as three billion dollars ,COMMA according to bankers in the U. S. and Brazil .PERIOD
</s>
</p>
<p.87.001.870323-0036.2>
<s.87.001.870323-0036.2.1>
Such a cut could severely damage Brazil's trade -HYPHEN related businesses and make a solution to the country's debt crisis much more difficult to achieve .PERIOD
</s>
</p>
<p.87.001.870323-0036.3>
<s.87.001.870323-0036.3.1>
Brazil's central bank governor ,COMMA Francisco Gros ,COMMA met yesterday in Miami with his country's main creditor banks to try to resolve looming problems with money -HYPHEN market deposits and trade financing ,COMMA but there was no indication of any concrete progress .PERIOD
</s>
<s.87.001.870323-0036.3.2>
About ten billion dollars of trade credits and five billion dollars of money -HYPHEN market deposits fall due March thirty first .PERIOD
</s>
</p>
<p.87.001.870323-0036.4>
<s.87.001.870323-0036.4.1>
Brazil froze these credits late in February ,COMMA shortly after suspending interest payments on sixty seven billion dollars of its longer -HYPHEN term debt to foreign banks .PERIOD
</s>
<s.87.001.870323-0036.4.2>
The country wants to ensure that lenders won't withdraw these short -HYPHEN term credits ,COMMA which are essential to the smooth running of its foreign trade .PERIOD
</s>
</p>
<p.87.001.870323-0036.5>
<s.87.001.870323-0036.5.1>
But before yesterday's meeting ,COMMA bankers in the U. S. and Brazil predicted that some of the short -HYPHEN term financing will be withdrawn .PERIOD
</s>
<s.87.001.870323-0036.5.2>
Sergio de Freitas ,COMMA vice president for international affairs at Brazil's Banco Itau ,COMMA said he expected a cut of "DOUBLE-QUOTE at most ten %PERCENT "DOUBLE-QUOTE in the fifteen billion dollars of credits .PERIOD
</s>
<s.87.001.870323-0036.5.3>
Some U. S. bankers and economists ,COMMA and many other Brazilian bankers ,COMMA believe the cutback could reach twenty %PERCENT ,COMMA or three billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0036.6>
<s.87.001.870323-0036.6.1>
Following yesterday's meeting ,COMMA Mr. Gros said :COLON "DOUBLE-QUOTE We made some comments on the current Brazilian situation and what's been happening in Brazil with economic policy .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0036.6.2>
Asked how Brazil's major bankers had reacted to his presentation ,COMMA Mr. Gros said :COLON "DOUBLE-QUOTE Their reaction was one of disappointment ,COMMA which is quite understandable .PERIOD
</s>
<s.87.001.870323-0036.6.3>
No one is particularly happy about the situation .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0036.7>
<s.87.001.870323-0036.7.1>
He said that he and the banks had agreed to work on a telex message over the next couple of days that will be sent to all of Brazil's foreign creditor banks ,COMMA explaining the current situation and the need for their continued support .PERIOD
</s>
<s.87.001.870323-0036.7.2>
The telex will detail what Mr. Gros termed recent measures taken to stabilize the Brazilian economy .PERIOD
</s>
</p>
<p.87.001.870323-0036.9>
<s.87.001.870323-0036.9.1>
Mr. Gros said that further meetings aren't scheduled with the creditor banks during his current visit to Miami ,COMMA but that he will be available to talk to the bankers until he leaves the city tomorrow evening .PERIOD
</s>
</p>
<p.87.001.870323-0036.10>
<s.87.001.870323-0036.10.1>
Brazil also asked its creditor banks for a three -HYPHEN month postponement of the nine .POINT six billion dollar payment of debt principal due April sixteenth ,COMMA Mr. Gros said .PERIOD
</s>
<s.87.001.870323-0036.10.2>
This payment already was postponed once ,COMMA from late nineteen eighty six .PERIOD
</s>
<s.87.001.870323-0036.10.3>
But the immediate concern is the short -HYPHEN term credits .PERIOD
</s>
</p>
<p.87.001.870323-0036.11>
<s.87.001.870323-0036.11.1>
Prior to their meeting with Mr. Gros ,COMMA officials of the country's major creditor banks said they were particularly concerned about foreign banks that have only lent money -HYPHEN market deposits to Brazil .PERIOD
</s>
<s.87.001.870323-0036.11.2>
These lenders don't have "DOUBLE-QUOTE much of a stake in the country ,COMMA "DOUBLE-QUOTE said a senior U. S. banker ,COMMA and therefore might quickly bring legal action if Brazil tried to prevent them from withdrawing their money .PERIOD
</s>
<s.87.001.870323-0036.11.3>
Any such legal actions could quickly snowball ,COMMA further complicating efforts to resolve the country's debt crisis .PERIOD
</s>
</p>
<p.87.001.870323-0036.12>
<s.87.001.870323-0036.12.1>
Yesterday was the first time Mr. Gros met with the full committee of the country's major creditor banks since Brazil suspended interest payments on its sixty seven billion dollars of medium -HYPHEN term and long -HYPHEN term debt to foreign banks on February twentieth .PERIOD
</s>
<s.87.001.870323-0036.12.2>
He was somewhat conciliatory yesterday ,COMMA stressing Brazil's willingness to start paying interest again ,COMMA provided there can be "DOUBLE-QUOTE an arrangement that would allow Brazil to grow while servicing its debt .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0036.13>
<s.87.001.870323-0036.13.1>
But he also criticized U. S. banks for not reserving adequately against their loans to Brazil and other Latin American countries .PERIOD
</s>
<s.87.001.870323-0036.13.2>
And he said a reappraisal of the whole debt issue is needed .PERIOD
</s>
</p>
<p.87.001.870323-0036.14>
<s.87.001.870323-0036.14.1>
In this tense climate ,COMMA major banks say they aren't ready to make up for any withdrawal of short -HYPHEN term credits and deposits by other banks .PERIOD
</s>
<s.87.001.870323-0036.14.2>
Brazilian and multinational companies therefore are bracing for added difficulties with their import and export businesses ,COMMA which already have been hampered by the moratorium on debt payments .PERIOD
</s>
</p>
<p.87.001.870323-0036.15>
<s.87.001.870323-0036.15.1>
Import financing has become increasingly difficult to obtain ,COMMA and maturities have been severely shortened ,COMMA according to executives .PERIOD
</s>
<s.87.001.870323-0036.15.2>
Such financing is important because many of Brazil's exports rely on imported materials .PERIOD
</s>
<s.87.001.870323-0036.15.3>
Most analysts believe smaller Brazilian companies ,COMMA whose banking relationships are weaker ,COMMA will have particular financing difficulties .PERIOD
</s>
</p>
<p.87.001.870323-0036.16>
<s.87.001.870323-0036.16.1>
Mr. de Freitas of Banco Itau said that although he expected a drop in short -HYPHEN term credits and deposits ,COMMA "DOUBLE-QUOTE March thirty first is not a date when everything will change .PERIOD
</s>
<s.87.001.870323-0036.16.2>
The critical point is to know when Brazil will produce an economic policy to generate foreign exchange to pay its interest .PERIOD
</s>
<s.87.001.870323-0036.16.3>
Until then ,COMMA it's going to be a war of attrition ,COMMA a number of small events over a long period .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0035.1>
<s.87.001.870323-0035.1.1>
The following U. S. Treasury ,COMMA corporate and municipal offerings tentatively are scheduled for sale this week ,COMMA according to Dow Jones Capital Markets Report :COLON
</s>
</p>
<p.87.001.870323-0034.1>
<s.87.001.870323-0034.1.1>
President Reagan's nomination of Securities and Exchange Commission Chairman John Shad to become ambassador to the Netherlands isn't likely to lead to a letup in enforcement or reversal of any deregulatory initiatives .PERIOD
</s>
</p>
<p.87.001.870323-0034.3>
<s.87.001.870323-0034.3.1>
Over the weekend ,COMMA several new names emerged as possible contenders to succeed Mr. Shad ,COMMA as the White House expedited its search for candidates of sufficient stature to take over the agency amid Wall Street's widening insider -HYPHEN trading scandal and the torrid debate over curbing corporate takeovers .PERIOD
</s>
</p>
<p.87.001.870323-0034.4>
<s.87.001.870323-0034.4.1>
The list includes John Phelan ,COMMA chairman of the New York Stock Exchange ;SEMI-COLON John Whitehead ,COMMA deputy secretary of state and a former investment banker at Goldman ,COMMA Sachs &AMPERSAND Company ;SEMI-COLON and New Jersey Representative Matthew Rinaldo ,COMMA the ranking Republican member of the House Commerce Committee's finance panel ,COMMA according to administration sources .PERIOD
</s>
</p>
<p.87.001.870323-0034.5>
<s.87.001.870323-0034.5.1>
White House Chief of Staff Howard Baker met Friday with Robert Tuttle ,COMMA the personnel director ,COMMA to discuss several presidential appointments ,COMMA including the S. E. C. post .PERIOD
</s>
<s.87.001.870323-0034.5.2>
"DOUBLE-QUOTE There is not a narrow list yet ,COMMA "DOUBLE-QUOTE a senior White House official said of the S. E. C. job .PERIOD
</s>
</p>
<p.87.001.870323-0034.6>
<s.87.001.870323-0034.6.1>
Mr. Shad's appointment as ambassador to the Netherlands had been rumored for eight months .PERIOD
</s>
<s.87.001.870323-0034.6.2>
Others previously mentioned as candidates for the top S. E. C. job --DASH and said to remain in the running --DASH are Kevin T. Duffy ,COMMA a federal judge in Manhattan ;SEMI-COLON Roger Birk ,COMMA former chairman of Merrill Lynch &AMPERSAND Company ;SEMI-COLON Arthur Leavitt Junior ,COMMA American Stock Exchange chairman ;SEMI-COLON and two S. E. C. commissioners ,COMMA Edward Fleischman and Charles Cox .PERIOD
</s>
</p>
<p.87.001.870323-0034.7>
<s.87.001.870323-0034.7.1>
President Reagan had wanted Mr. Shad to stay on as chairman ,COMMA according to administration sources .PERIOD
</s>
<s.87.001.870323-0034.7.2>
But Mr. Shad ,COMMA who already has served longer than any of his twenty one predecessors ,COMMA declined ,COMMA saying he would prefer an ambassadorship or another post .PERIOD
</s>
</p>
<p.87.001.870323-0034.8>
<s.87.001.870323-0034.8.1>
The timing of Mr. Shad's departure is likely to depend on how rapidly the Senate Banking Committee moves to confirm his successor .PERIOD
</s>
<s.87.001.870323-0034.8.2>
"DOUBLE-QUOTE If they send up the right kind of candidate ,COMMA with solid credentials and no baggage ,COMMA I think Congress will act expeditiously ,COMMA "DOUBLE-QUOTE one Senate staff member said .PERIOD
</s>
</p>
<p.87.001.870323-0034.9>
<s.87.001.870323-0034.9.1>
In a statement yesterday ,COMMA William Proxmire ,COMMA Senate Banking Committee chairman ,COMMA spelled out what kind of candidate he has in mind ,COMMA expressing the hope that the White House will look someplace other than Wall Street for a successor .PERIOD
</s>
</p>
<p.87.001.870323-0034.10>
<s.87.001.870323-0034.10.1>
"DOUBLE-QUOTE At this particular time ,COMMA "DOUBLE-QUOTE the Wisconsin Democrat said ,COMMA "DOUBLE-QUOTE I think we need someone who will be perceived as having absolutely no conflicts of interest in the administration of the S. E. C. ,COMMA and someone who is very tough on crime .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0034.11>
<s.87.001.870323-0034.11.1>
One candidate said to have such credentials is Judge Duffy ,COMMA who served as the S. E. C.'s New York regional administrator from nineteen sixty nine until nineteen seventy two .PERIOD
</s>
</p>
<p.87.001.870323-0034.12>
<s.87.001.870323-0034.12.1>
With Wall Street under a cloud of controversy ,COMMA few candidates from the securities industry ,COMMA if any ,COMMA will be willing to subject themselves to "DOUBLE-QUOTE microscopic analysis "DOUBLE-QUOTE at confirmation hearings ,COMMA an industry source said .PERIOD
</s>
<s.87.001.870323-0034.12.2>
Moreover ,COMMA some candidates may balk at the job because the tenure probably would end in nineteen eighty eight if a Democrat is elected president .PERIOD
</s>
</p>
<p.87.001.870323-0034.13>
<s.87.001.870323-0034.13.1>
As a result ,COMMA the White House may yet turn to Mr. Cox ,COMMA an economist who is second in S. E. C. seniority ,COMMA or Mr. Fleischman ,COMMA a former Wall Street securities lawyer ,COMMA administration sources said .PERIOD
</s>
<s.87.001.870323-0034.13.2>
Such a move would hardly be unprecedented ;SEMI-COLON twelve commissioners have been so elevated in the commission's fifty three -HYPHEN year history .PERIOD
</s>
</p>
<p.87.001.870323-0034.14>
<s.87.001.870323-0034.14.1>
The sixty three -HYPHEN year -HYPHEN old Mr. Shad served beyond the end of his five -HYPHEN year term last June so that he could oversee the blitz against insider trading and shepherd several projects ,COMMA including the computerization of the S. E. C.'s corporate -HYPHEN disclosure filing system .PERIOD
</s>
</p>
<p.87.001.870323-0034.15>
<s.87.001.870323-0034.15.1>
Mr. Shad ,COMMA former vice chairman of E. F. Hutton Group Incorporated ,COMMA made his early mark as an ardent deregulator .PERIOD
</s>
<s.87.001.870323-0034.15.2>
Since nineteen eighty one ,COMMA the S. E. C. has streamlined regulations to eliminate duplicative filings of corporate reports and to facilitate the raising of corporate capital .PERIOD
</s>
<s.87.001.870323-0034.15.3>
The agency also reached important agreements with Switzerland ,COMMA Britain ,COMMA Canada and Japan to cooperate on international cases of securities fraud .PERIOD
</s>
</p>
<p.87.001.870323-0034.16>
<s.87.001.870323-0034.16.1>
Even some friends have chided Mr. Shad for political ineptitude in his dealings with Congress ,COMMA however .PERIOD
</s>
<s.87.001.870323-0034.16.2>
And many Democrats have faulted the chairman for taking an essentially neutral stance on tender -HYPHEN offer regulation and letting the marketplace --DASH and the courts --DASH correct any perceived abuses .PERIOD
</s>
</p>
<p.87.001.870323-0034.17>
<s.87.001.870323-0034.17.1>
But Mr. Shad's overall performance drew praise .PERIOD
</s>
<s.87.001.870323-0034.17.2>
"DOUBLE-QUOTE On balance ,COMMA Shad turned out to be a fine chairman ,COMMA "DOUBLE-QUOTE said Harvey Pitt ,COMMA former S. E. C. general counsel .PERIOD
</s>
</p>
<p.87.001.870323-0034.18>
<s.87.001.870323-0034.18.1>
"DOUBLE-QUOTE John Shad has been an extraordinarily responsible regulator ,COMMA "DOUBLE-QUOTE said Commissioner Joseph Grundfest .PERIOD
</s>
<s.87.001.870323-0034.18.2>
"DOUBLE-QUOTE He knows when to act and when to do nothing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0034.19>
<s.87.001.870323-0034.19.1>
Ellen Hume contributed to this article .PERIOD
</s>
</p>
<p.87.001.870323-0033.1>
<s.87.001.870323-0033.1.1>
Dart Group Corporation stepped up its efforts to acquire Supermarkets General Corporation ,COMMA requesting access to information it said the food retailer is providing to other prospective buyers .PERIOD
</s>
</p>
<p.87.001.870323-0033.2>
<s.87.001.870323-0033.2.1>
In a letter to Supermarkets General's board on Friday ,COMMA Herbert H. Haft and his son Robert ,COMMA Dart's chairman and president respectively ,COMMA asked for a "DOUBLE-QUOTE selling brochure "DOUBLE-QUOTE that they said has been distributed to about twenty prospective buyers of the Woodbridge ,COMMA N. J. -HYPHEN based food retailer .PERIOD
</s>
</p>
<p.87.001.870323-0033.3>
<s.87.001.870323-0033.3.1>
"DOUBLE-QUOTE We were denied that information ,COMMA "DOUBLE-QUOTE the Hafts said in the letter ,COMMA "DOUBLE-QUOTE because we would not sign an agreement prohibiting us from making a bid for Supermarkets General without its approval ,COMMA as well as otherwise limiting our ability to purchase Supermarkets General's shares .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0033.4>
<s.87.001.870323-0033.4.1>
The Hafts' refusal to sign the agreement suggests that Landover ,COMMA Maryland -HYPHEN based Dart is contemplating a hostile tender offer if it can't coax Supermarkets General into accepting the one .POINT six two billion dollar takeover proposal it made two weeks ago .PERIOD
</s>
<s.87.001.870323-0033.4.2>
In an interview yesterday ,COMMA Robert Haft declined to comment on that possibility .PERIOD
</s>
</p>
<p.87.001.870323-0033.5>
<s.87.001.870323-0033.5.1>
"DOUBLE-QUOTE We feel that ultimately we'll be the purchaser of the company ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0033.5.2>
"DOUBLE-QUOTE They've clearly put the company up for sale .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0033.6>
<s.87.001.870323-0033.6.1>
As previously reported ,COMMA Supermarkets General ,COMMA in an apparent attempt to resist Dart's unsolicited bid of forty one dollars and seventy five cents a share ,COMMA has been weighing its options .PERIOD
</s>
<s.87.001.870323-0033.6.2>
These include seeking another suitor ,COMMA taking the company private ,COMMA buying back some shares and making an acquisition of its own .PERIOD
</s>
<s.87.001.870323-0033.6.3>
The company has indicated a strong desire to remain independent .PERIOD
</s>
</p>
<p.87.001.870323-0033.7>
<s.87.001.870323-0033.7.1>
Dart has tried to woo Supermarkets General by saying all terms of its offer are negotiable ,COMMA including the price .PERIOD
</s>
</p>
<p.87.001.870323-0033.8>
<s.87.001.870323-0033.8.1>
In addition ,COMMA the discount retailer said it didn't intend to increase its stake in Supermarkets General as long as negotiations were progressing .PERIOD
</s>
<s.87.001.870323-0033.8.2>
Dart currently holds one .POINT nine million Supermarkets General shares ,COMMA or less than five %PERCENT of the food retailer's common shares outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0033.9>
<s.87.001.870323-0033.9.1>
Mr. Haft said he and his father wrote to the Supermarkets General board "DOUBLE-QUOTE in the hope that the board recognizes that we're currently the only bidder and we should be included in any kind of information or access to management .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0033.11>
<s.87.001.870323-0033.11.1>
The Hafts' letter is "DOUBLE-QUOTE clearly designed to pressure us into actions that we believe are not in the shareholders' best interests ,COMMA "DOUBLE-QUOTE Mr. Wunderle said .PERIOD
</s>
<s.87.001.870323-0033.11.2>
"DOUBLE-QUOTE We will not succumb to that pressure ,COMMA but will continue ,COMMA as we have previously stated ,COMMA to explore all possibilities of maximizing shareholder value .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0033.12>
<s.87.001.870323-0033.12.1>
Mr. Wunderle added that the company hasn't yet received a report from its investment banker ,COMMA Shearson Lehman Brothers Incorporated ,COMMA on the Dart proposal and other possibilities .PERIOD
</s>
</p>
<p.87.001.870323-0033.13>
<s.87.001.870323-0033.13.1>
In composite trading Friday on the New York Stock Exchange ,COMMA Supermarkets General closed at forty two dollars and twenty five cents ,COMMA down twelve .POINT five cents ,COMMA indicating investors hope a higher bid will emerge .PERIOD
</s>
</p>
<p.87.001.870323-0033.14>
<s.87.001.870323-0033.14.1>
Separately ,COMMA Supermarkets General and certain executives were sued in state court in Delaware by a shareholder ,COMMA Stanley D. Bernstein ,COMMA who contends they illegally tried to thwart takeover offers and entrench themselves .PERIOD
</s>
<s.87.001.870323-0033.14.2>
The plaintiff ,COMMA who claims to represent a class of injured shareholders ,COMMA is seeking an order requiring Supermarkets General to negotiate "DOUBLE-QUOTE in good faith with all bidders .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0033.15>
<s.87.001.870323-0033.15.1>
In their letter ,COMMA the Hafts described meetings last week with Supermarkets General's representatives as "DOUBLE-QUOTE not productive .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0033.15.2>
They said the Supermarkets General representatives outlined several proposals for payments to that company's executives as part of a transaction .PERIOD
</s>
<s.87.001.870323-0033.15.3>
These included payments of more than five .POINT seven million dollars to Leonard Lieberman ,COMMA the company's chairman and chief executive officer ,COMMA and two other executives as "DOUBLE-QUOTE an immediate 'SINGLE-QUOTE cash out 'SINGLE-QUOTE of their severance agreements ,COMMA "DOUBLE-QUOTE according to the letter .PERIOD
</s>
</p>
<p.87.001.870323-0033.16>
<s.87.001.870323-0033.16.1>
Mr. Haft said the implication was that Mr. Lieberman and James Dougherty ,COMMA the company's executive vice president ,COMMA plan to leave the company if it is sold .PERIOD
</s>
</p>
<p.87.001.870323-0033.17>
<s.87.001.870323-0033.17.1>
He suggested that the two executives' interests might not reflect shareholders' interests .PERIOD
</s>
<s.87.001.870323-0033.17.2>
"DOUBLE-QUOTE Every dollar paid to top management above and beyond their present agreements ,COMMA is a dollar out of the shareholders' pockets ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870323-0033.18>
<s.87.001.870323-0033.18.1>
Mr. Haft said the two sides never discussed the price shareholders would receive .PERIOD
</s>
<s.87.001.870323-0033.18.2>
"DOUBLE-QUOTE They wouldn't tell us whether our price was fair or adequate .PERIOD
</s>
<s.87.001.870323-0033.18.3>
They did not give us any response to our offer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0032.1>
<s.87.001.870323-0032.1.1>
Clark Equipment Company said it bought one million ,COMMA three hundred thirty nine thousand ,COMMA or about seven .POINT one %PERCENT ,COMMA of its common shares for twenty six .POINT three seven five dollars apiece from an investor group it had sued for allegedly scheming to illegally take control of the company .PERIOD
</s>
</p>
<p.87.001.870323-0032.2>
<s.87.001.870323-0032.2.1>
The truck maker said the group agreed not to buy Clark voting stock for ten years .PERIOD
</s>
</p>
<p.87.001.870323-0032.3>
<s.87.001.870323-0032.3.1>
Clark last week sued Arthur Goldberg ,COMMA president of International Controls Incorporated of Boca Raton ,COMMA Florida ,COMMA who led the group ,COMMA and other group members ,COMMA charging that they tried to extract "DOUBLE-QUOTE greenmail "DOUBLE-QUOTE from Clark .PERIOD
</s>
<s.87.001.870323-0032.3.2>
Greenmail occurs when a company buys back an investor's stock at a premium ,COMMA often under the threat of a takeover .PERIOD
</s>
</p>
<p.87.001.870323-0032.4>
<s.87.001.870323-0032.4.1>
Mr. Goldberg said yesterday that his group sold its shares Friday at the market price on the New York Stock Exchange ,COMMA and that he understands the shares were purchased by Clark .PERIOD
</s>
</p>
<p.87.001.870323-0032.5>
<s.87.001.870323-0032.5.1>
He said his group initially bought the stock as a "DOUBLE-QUOTE long -HYPHEN term investment ,COMMA "DOUBLE-QUOTE but decided to sell after recent management steps ,COMMA including the adoption of an anti -HYPHEN takeover provision .PERIOD
</s>
<s.87.001.870323-0032.5.2>
"DOUBLE-QUOTE People buy shares to make a profit ,COMMA and we were concerned they were doing things that would undermine that goal ,COMMA "DOUBLE-QUOTE Mr. Goldberg said .PERIOD
</s>
</p>
<p.87.001.870323-0032.6>
<s.87.001.870323-0032.6.1>
In composite trading on the Big Board ,COMMA Clark common shares closed at twenty five dollars ,COMMA down one .POINT eight seven five dollars .PERIOD
</s>
</p>
<p.87.001.870323-0032.7>
<s.87.001.870323-0032.7.1>
Earlier this month Clark adopted a "DOUBLE-QUOTE poison pill "DOUBLE-QUOTE takeover -HYPHEN defense measure and said it planned to buy back as many as three million of its eighteen .POINT eight million shares in the open market .PERIOD
</s>
<s.87.001.870323-0032.7.2>
Clark said the purchase of the investor group's shares reduces the number it will buy under the buyback plan .PERIOD
</s>
</p>
<p.87.001.870323-0031.1>
<s.87.001.870323-0031.1.1>
Maryland officials said they plan to take possession of two million dollars in bearer bonds allegedly owned by Jeffrey A. Levitt ,COMMA former president of Old Court Savings &AMPERSAND Loan Association ,COMMA and his family in violation of a settlement agreement reached last month .PERIOD
</s>
</p>
<p.87.001.870323-0031.2>
<s.87.001.870323-0031.2.1>
The state on Thursday obtained an order from a state circuit court judge here barring the Levitts from transferring the bonds .PERIOD
</s>
<s.87.001.870323-0031.2.2>
In addition ,COMMA the judge ordered the the Levitts to explain no later than next Friday where the bonds are and to turn them over .PERIOD
</s>
<s.87.001.870323-0031.2.3>
Mr. Levitt is serving a thirty -HYPHEN year sentence for embezzling funds from Old Court ,COMMA a privately insured thrift which collapsed in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870323-0031.3>
<s.87.001.870323-0031.3.1>
However ,COMMA Paul M. Sandler ,COMMA an attorney representing Mr. Levitt ,COMMA said :COLON "DOUBLE-QUOTE My client has assured me that he doesn't have possession ,COMMA custody or control of the bonds .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0031.3.2>
The lawyer said he consented to the state's injunction because "DOUBLE-QUOTE my client can't transfer what he does not have .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0031.3.3>
He added that Mr. Levitt will report to the judge ,COMMA as ordered .PERIOD
</s>
</p>
<p.87.001.870323-0031.4>
<s.87.001.870323-0031.4.1>
Under the terms of the February agreement ,COMMA the Levitts were supposed to have turned over all but three hundred sixty thousand dollars of their assets .PERIOD
</s>
<s.87.001.870323-0031.4.2>
However ,COMMA a private investigator hired by the state allegedly uncovered that between August nineteen eighty four and August nineteen eighty five ,COMMA the Levitts received deliveries of about three hundred ninety bonds ,COMMA which weren't accounted for .PERIOD
</s>
</p>
<p.87.001.870323-0031.5>
<s.87.001.870323-0031.5.1>
Peter Gunst ,COMMA an attorney representing the state ,COMMA said stops have been put on the bonds .PERIOD
</s>
<s.87.001.870323-0031.5.2>
He added that numerous banks had advised the state that the coupons hadn't been cashed for the last eighteen months .PERIOD
</s>
</p>
<p.87.001.870323-0031.6>
<s.87.001.870323-0031.6.1>
"DOUBLE-QUOTE This is what led us to believe that this is a secret cash hoard ,COMMA "DOUBLE-QUOTE said Mr. Gunst .PERIOD
</s>
</p>
<p.87.001.870323-0030.1>
<s.87.001.870323-0030.1.1>
LINDA WACHNER is president of Warnaco Incorporated .PERIOD
</s>
<s.87.001.870323-0030.1.2>
In the March twentieth special report on Executive Style ,COMMA her name was given incorrectly .PERIOD
</s>
</p>
<p.87.001.870323-0030.2>
<s.87.001.870323-0030.2.1>
{LEFT-BRACE See :COLON "DOUBLE-QUOTE Executive Style (LEFT-PAREN A Special Report )RIGHT-PAREN --DASH Five Future Number ones :COLON It's a Good Bet That One of These Women Will Lead a Fortune five hundred Firm in the nineteen nineties "DOUBLE-QUOTE --DASH W. S. J. March twentieth ,COMMA nineteen eighty seven }RIGHT-BRACE
</s>
</p>
<p.87.001.870323-0029.1>
<s.87.001.870323-0029.1.1>
The British pound ,COMMA leader of the recent rally in high -HYPHEN yielding currencies ,COMMA is beginning to look too pricey ,COMMA some foreign -HYPHEN exchange dealers say .PERIOD
</s>
</p>
<p.87.001.870323-0029.2>
<s.87.001.870323-0029.2.1>
Although sterling isn't headed for a sharp downturn soon ,COMMA several factors may stymie any significant advances ,COMMA the dealers maintain .PERIOD
</s>
</p>
<p.87.001.870323-0029.3>
<s.87.001.870323-0029.3.1>
"DOUBLE-QUOTE We don't see a lot of upside potential for sterling from here ,COMMA but we don't think sterling is about to collapse either ,COMMA "DOUBLE-QUOTE says Geoffrey Dennis ,COMMA international economist at James Capel &AMPERSAND Company ,COMMA a London broker .PERIOD
</s>
</p>
<p.87.001.870323-0029.4>
<s.87.001.870323-0029.4.1>
Supporting that view is the pound's performance in recent days .PERIOD
</s>
<s.87.001.870323-0029.4.2>
It reached a high point of one .POINT six oh five oh dollars in Friday's New York dealings ,COMMA but couldn't sustain that level .PERIOD
</s>
<s.87.001.870323-0029.4.3>
And against the bellwether European currency ,COMMA the pound hasn't been able to break three .POINT oh oh West German marks .PERIOD
</s>
</p>
<p.87.001.870323-0029.5>
<s.87.001.870323-0029.5.1>
Other traders ,COMMA though ,COMMA remain bullish about sterling's near -HYPHEN term outlook .PERIOD
</s>
<s.87.001.870323-0029.5.2>
They cite Britain's continued high interest rates ,COMMA even with the recent declines ,COMMA its relatively good potential for economic growth and new optimism about the reelection of British Prime Minister Margaret Thatcher's Conservative Party government .PERIOD
</s>
<s.87.001.870323-0029.5.3>
Mrs. Thatcher's political future is considered enhanced by the fiscal nineteen eighty eight budget presented last week by her chancellor of the exchequer ,COMMA Nigel Lawson ,COMMA which included tax cuts and reduced need for government borrowing .PERIOD
</s>
</p>
<p.87.001.870323-0029.6>
<s.87.001.870323-0029.6.1>
But politics also figure in the less optimistic outlook for sterling .PERIOD
</s>
<s.87.001.870323-0029.6.2>
Last week Mr. Lawson said he was "DOUBLE-QUOTE content "DOUBLE-QUOTE with the pound's exchange -HYPHEN rate level but reiterated his opposition to a significant strengthening of the currency .PERIOD
</s>
<s.87.001.870323-0029.6.3>
A weak currency helps Britain's exporters by making their goods less expensive in world markets .PERIOD
</s>
<s.87.001.870323-0029.6.4>
So a threat of possible Bank of England intervention against the pound hangs over the market .PERIOD
</s>
</p>
<p.87.001.870323-0029.7>
<s.87.001.870323-0029.7.1>
"DOUBLE-QUOTE Mr. .PERIOD
</s>
<s.87.001.870323-0029.7.2>
Lawson's statement after the budget made it very clear ;SEMI-COLON he doesn't want to see it much higher than this ,COMMA "DOUBLE-QUOTE Mr. Dennis says .PERIOD
</s>
</p>
<p.87.001.870323-0029.8>
<s.87.001.870323-0029.8.1>
Britain's widely expected entry into the European Monetary System poses a longer -HYPHEN term threat to the pound ,COMMA traders say .PERIOD
</s>
<s.87.001.870323-0029.8.2>
A devaluation of sterling ,COMMA possibly to two .POINT eight oh marks ,COMMA would precede Britain's admission to the joint float of eight currencies ,COMMA many traders believe .PERIOD
</s>
<s.87.001.870323-0029.8.3>
The Conservative government is believed to favor entry if it survives the next election ,COMMA which may be called as soon as this summer .PERIOD
</s>
<s.87.001.870323-0029.8.4>
Entry and sterling's devaluation are "DOUBLE-QUOTE a safe bet ,COMMA "DOUBLE-QUOTE says Ronald H. Holzer ,COMMA vice president and chief dealer at Harris Trust &AMPERSAND Savings Bank in Chicago .PERIOD
</s>
</p>
<p.87.001.870323-0029.9>
<s.87.001.870323-0029.9.1>
Still ,COMMA Britain's political stability ,COMMA relatively robust economy and ,COMMA above all ,COMMA its still -HYPHEN high interest rates will continue to attract investors to the pound ,COMMA other traders say .PERIOD
</s>
<s.87.001.870323-0029.9.2>
Yields on three -HYPHEN month sterling Eurodeposits stood at nine and five eighths %PERCENT Friday ,COMMA in sharp contrast to six and three eighths %PERCENT and three and seven eighths %PERCENT for similar dollar and mark deposits ,COMMA respectively .PERIOD
</s>
<s.87.001.870323-0029.9.3>
"DOUBLE-QUOTE We're still looking for sterling at one dollar and sixty five cents ,COMMA "DOUBLE-QUOTE says Anthony J. Murphy ,COMMA a Royal Bank of Canada trader in New York .PERIOD
</s>
</p>
<p.87.001.870323-0029.10>
<s.87.001.870323-0029.10.1>
But following the pound's appreciation of more than three .POINT five %PERCENT against major currencies this month ,COMMA "DOUBLE-QUOTE The level right now makes the attraction a lot less ,COMMA "DOUBLE-QUOTE Mr. Holzer says .PERIOD
</s>
<s.87.001.870323-0029.10.2>
"DOUBLE-QUOTE It's topping .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0029.11>
<s.87.001.870323-0029.11.1>
In late New York trading Friday ,COMMA the pound stood at one .POINT six oh four two dollars ,COMMA up from one .POINT six oh oh three dollars Thursday ,COMMA but eased to two .POINT nine three three three marks ,COMMA from two .POINT nine three three eight .PERIOD
</s>
</p>
<p.87.001.870323-0029.12>
<s.87.001.870323-0029.12.1>
In other dealings ,COMMA the dollar edged lower in sparse trading ,COMMA slipping to one .POINT eight two eight five marks ,COMMA from one .POINT eight three three three ,COMMA and to one hundred fifty one .POINT three five Japanese yen ,COMMA from one hundred fifty one .POINT four eight .PERIOD
</s>
</p>
<p.87.001.870323-0029.13>
<s.87.001.870323-0029.13.1>
On the Commodity Exchange in New York Friday ,COMMA gold for March delivery rose thirty cents an ounce to four hundred five dollars and sixty cents in moderate trading estimated at two .POINT two million ounces .PERIOD
</s>
</p>
<p.87.001.870323-0029.14>
<s.87.001.870323-0029.14.1>
Gold was quoted at four hundred six dollars an ounce in early trading Monday in Hong Kong .PERIOD
</s>
</p>
<p.87.001.870323-0028.1>
<s.87.001.870323-0028.1.1>
House Ways and Means Chairman Dan Rostenkowski is leaning toward proposing a boost in the federal gasoline tax ,COMMA and against a stock -HYPHEN transaction tax ,COMMA as part of an effort to narrow the federal deficit .PERIOD
</s>
</p>
<p.87.001.870323-0028.2>
<s.87.001.870323-0028.2.1>
The Illinois Democrat is focusing on the levy in his search for a major revenue raiser to reach a goal set by House Speaker Jim Wright (LEFT-PAREN D. ,COMMA Texas )RIGHT-PAREN of finding eighteen billion dollars in new revenue .PERIOD
</s>
<s.87.001.870323-0028.2.2>
Every one -HYPHEN cent rise in the gasoline tax would raise nine hundred million dollars to one billion dollars a year .PERIOD
</s>
</p>
<p.87.001.870323-0028.3>
<s.87.001.870323-0028.3.1>
At the same time ,COMMA Representative Rostenkowski said he has rejected for now the speaker's proposal to tax stock transactions .PERIOD
</s>
<s.87.001.870323-0028.3.2>
In a speech over the weekend ,COMMA he said there are "DOUBLE-QUOTE a bunch of questions "DOUBLE-QUOTE about such a tax ,COMMA adding that he doesn't expect answers "DOUBLE-QUOTE by the time the Ways and Means Committee has to act to raise revenues .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0028.4>
<s.87.001.870323-0028.4.1>
Representative Rostenkowski's willingness to make choices about what his tax -HYPHEN writing committee will accept adds to the possibility that the House will enact a tax increase of some kind for the fiscal year beginning October first .PERIOD
</s>
<s.87.001.870323-0028.4.2>
Speaker Wright has said that while he will push to build a consensus among House Democrats to raise taxes about eighteen billion dollars a year ,COMMA he will leave the specifics about how that will be accomplished to Representative Rostenkowski and the Ways and Means Committee .PERIOD
</s>
</p>
<p.87.001.870323-0028.5>
<s.87.001.870323-0028.5.1>
The tax boost would be part of a thirty six billion dollar deficit -HYPHEN reduction package the House Democratic leadership seeks for the coming fiscal year .PERIOD
</s>
<s.87.001.870323-0028.5.2>
An additional eighteen billion dollars would come from spending cuts .PERIOD
</s>
</p>
<p.87.001.870323-0028.6>
<s.87.001.870323-0028.6.1>
President Reagan has vowed to veto any tax increase Congress sends to him .PERIOD
</s>
<s.87.001.870323-0028.6.2>
But Representative Wright said yesterday on C. B. S.'s "DOUBLE-QUOTE Face the Nation "DOUBLE-QUOTE that the president in fact proposed taxes in his budget ,COMMA but he labeled them "DOUBLE-QUOTE user fees .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0028.6.3>
Representative Wright acknowledged that Democrats are sensitive to criticism that they are sure to face if taxes are raised .PERIOD
</s>
<s.87.001.870323-0028.6.4>
"DOUBLE-QUOTE Of course nobody likes to be accused of tax and spend ,COMMA but it's more honest than borrow and spend ,COMMA "DOUBLE-QUOTE Representative Wright said .PERIOD
</s>
</p>
<p.87.001.870323-0028.7>
<s.87.001.870323-0028.7.1>
The Ways and Means chairman has zeroed in on the gasoline tax almost by default .PERIOD
</s>
<s.87.001.870323-0028.7.2>
He is committed not to change the tax rates passed in last year's sweeping tax bill ,COMMA despite Representative Wright's proposal to freeze the top individual tax rate at thirty eight .POINT five %PERCENT rather than allowing it to fall to twenty eight %PERCENT next year ,COMMA as scheduled .PERIOD
</s>
<s.87.001.870323-0028.7.3>
And Representative Rostenkowski won't advocate any increases from Social Security or unemployment taxes .PERIOD
</s>
</p>
<p.87.001.870323-0028.8>
<s.87.001.870323-0028.8.1>
While the Ways and Means chairman has suggested that revenue could be raised by increasing the excise tax on cigarettes ,COMMA beer and distilled spirits ,COMMA a boost in the "DOUBLE-QUOTE sin taxes "DOUBLE-QUOTE alone won't raise the amount of revenue the Democratic leaders seek .PERIOD
</s>
</p>
<p.87.001.870323-0028.9>
<s.87.001.870323-0028.9.1>
Representative Rostenkowski also is attracted to the idea of raising the gasoline tax because such an action wouldn't be solely a revenue -HYPHEN driven exercise .PERIOD
</s>
<s.87.001.870323-0028.9.2>
Raising the gas tax could be justified as a means of strengthening the domestic oil industry and reducing U. S. dependence on foreign oil .PERIOD
</s>
</p>
<p.87.001.870323-0028.10>
<s.87.001.870323-0028.10.1>
But passage of a higher tax on gasoline won't be easy because lawmakers from rural southwestern states are likely to fight such an effort .PERIOD
</s>
<s.87.001.870323-0028.10.2>
And last week ,COMMA the chief Senate tax writer ,COMMA Senate Finance Committee Chairman Lloyd Bentsen (LEFT-PAREN D. ,COMMA Texas )RIGHT-PAREN ,COMMA said he wasn't ready to endorse a gasolinetax boost .PERIOD
</s>
</p>
<p.87.001.870323-0028.11>
<s.87.001.870323-0028.11.1>
In rejecting a stock -HYPHEN transfer tax ,COMMA Representative Rostenkowski told the Futures Industry Association in Boca Raton ,COMMA Florida ,COMMA on Saturday ,COMMA "DOUBLE-QUOTE The fact that many people don't like what's happening in the financial markets doesn't mean that they're going to be hit with a new tax .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0028.12>
<s.87.001.870323-0028.12.1>
Representative Rostenkowski raised several concerns about Representative Wright's recent proposal to impose a transfer tax of perhaps zero .POINT five %PERCENT on both buyers and sellers of publicly traded stock .PERIOD
</s>
<s.87.001.870323-0028.12.2>
He said that Congress should consider whether such a tax would "DOUBLE-QUOTE destroy the liquidity of the markets by discouraging transactions where the profit per unit is so small that it would be totally eclipsed by the tax .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0028.13>
<s.87.001.870323-0028.13.1>
He added that another concern was whether such a tax "DOUBLE-QUOTE would weaken our international competitiveness "DOUBLE-QUOTE since "DOUBLE-QUOTE financial instruments are an important part of international trade .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0028.13.2>
He also voiced worries that markets might move offshore to avoid the tax .PERIOD
</s>
</p>
<p.87.001.870323-0028.14>
<s.87.001.870323-0028.14.1>
Before a transfer tax can be seriously considered ,COMMA the Ways and Means chairman said ,COMMA several issues must be resolved --DASH including whether people who take losses would be taxed the same as those with gains ,COMMA what markets would be affected and whether options would be included .PERIOD
</s>
</p>
<p.87.001.870323-0028.15>
<s.87.001.870323-0028.15.1>
"DOUBLE-QUOTE Once new ideas like the transaction tax are raised ,COMMA they often become the focus of discussions that go on for years before any action is taken ,COMMA "DOUBLE-QUOTE Representative Rostenkowski concluded .PERIOD
</s>
</p>
<p.87.001.870323-0028.16>
<s.87.001.870323-0028.16.1>
Referring to the idea of extending and expanding the tax credit for research and development ,COMMA Representative Rostenkowski said ,COMMA "DOUBLE-QUOTE The tax writers see no urgency there and are put off by the fact that it would cost billions .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0028.16.2>
Some lawmakers have been suggesting extending and enlarging the credit as part of a push to restore U. S. competitiveness .PERIOD
</s>
</p>
<p.87.001.870323-0028.17>
<s.87.001.870323-0028.17.1>
Despite the search for additional revenue to meet budget -HYPHEN deficit targets ,COMMA Representative Rostenkowski said he "DOUBLE-QUOTE strongly opposes "DOUBLE-QUOTE a value -HYPHEN added tax .PERIOD
</s>
<s.87.001.870323-0028.17.2>
A value -HYPHEN added tax is a kind of national sales tax imposed at each level of the chain of distribution .PERIOD
</s>
<s.87.001.870323-0028.17.3>
The Ways and Means Committee doesn't "DOUBLE-QUOTE have the energy or appetite to endorse a radical new tax like a VAT ,COMMA "DOUBLE-QUOTE he added .PERIOD
</s>
</p>
<p.87.001.870323-0027.1>
<s.87.001.870323-0027.1.1>
A currency scandal at Volkswagen has dented the company's standing with many investors .PERIOD
</s>
<s.87.001.870323-0027.1.2>
So why has the West German auto maker's stock held up so well after an initial ,COMMA brief decline ?QUESTION-MARK
</s>
</p>
<p.87.001.870323-0027.3>
<s.87.001.870323-0027.3.1>
The resilience of V. W. stock strikes some people as unusual in light of all the unanswered questions about the currency affair .PERIOD
</s>
<s.87.001.870323-0027.3.2>
Few details have emerged ,COMMA leaving investors wondering whether there is more bad news to come .PERIOD
</s>
</p>
<p.87.001.870323-0027.4>
<s.87.001.870323-0027.4.1>
V. W. stock initially dropped seven %PERCENT in Frankfurt after the company on March tenth announced that it lost as much as two hundred fifty nine million dollars through falsified foreign exchange contracts .PERIOD
</s>
<s.87.001.870323-0027.4.2>
The sum is equal to eighty %PERCENT of V. W.'s net income for nineteen eighty five ,COMMA a bumper year .PERIOD
</s>
<s.87.001.870323-0027.4.3>
The company said it will make provisions from reserves to cover the loss .PERIOD
</s>
</p>
<p.87.001.870323-0027.5>
<s.87.001.870323-0027.5.1>
The stock stabilized within twenty four hours and since then has climbed about three %PERCENT while the German stock market fell almost five %PERCENT .PERIOD
</s>
<s.87.001.870323-0027.5.2>
"DOUBLE-QUOTE I'm very surprised V. W. hasn't fallen further ,COMMA "DOUBLE-QUOTE says Jens Erhardt ,COMMA who publishes a German market newsletter .PERIOD
</s>
<s.87.001.870323-0027.5.3>
The shares trade only on European exchanges ,COMMA though orders can be placed through some U. S. brokers .PERIOD
</s>
</p>
<p.87.001.870323-0027.6>
<s.87.001.870323-0027.6.1>
"DOUBLE-QUOTE On fundamentals ,COMMA I think the company is doing okay ,COMMA "DOUBLE-QUOTE says Stephen Reitman ,COMMA an analyst at Phillips &AMPERSAND Drew in London ,COMMA "DOUBLE-QUOTE but we're telling people to temper any enthusiasm at the moment and wait until things are a bit clearer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0027.7>
<s.87.001.870323-0027.7.1>
The stock does have a few fans .PERIOD
</s>
<s.87.001.870323-0027.7.2>
"DOUBLE-QUOTE It's a clear buy ,COMMA "DOUBLE-QUOTE contends Gabriel Marcus ,COMMA president of the New York securities unit of D. G. Bank of West Germany .PERIOD
</s>
<s.87.001.870323-0027.7.3>
But he warns that V. W. might face lawsuits in connection with an issue of its stock last fall .PERIOD
</s>
</p>
<p.87.001.870323-0027.8>
<s.87.001.870323-0027.8.1>
Many German stocks have started to look inexpensive as the Frankfurt market slid in recent weeks ,COMMA reflecting a retreat by foreign investors worried about the German economy .PERIOD
</s>
<s.87.001.870323-0027.8.2>
Even such favorites as Siemens and Daimler -HYPHEN Benz have been pummeled .PERIOD
</s>
</p>
<p.87.001.870323-0027.9>
<s.87.001.870323-0027.9.1>
German banks and other institutions occasionally support stocks --DASH particularly new issues that run into difficulty --DASH without declaring publicly what they are doing .PERIOD
</s>
<s.87.001.870323-0027.9.2>
While such undisclosed activity might be illegal in a U. S. market ,COMMA securities lawyers say ,COMMA it is legal in Germany .PERIOD
</s>
</p>
<p.87.001.870323-0027.10>
<s.87.001.870323-0027.10.1>
V. W.'s main bank is Deutsche Bank ,COMMA whose chairman ,COMMA F. Wilhelm Christians ,COMMA has a prominent position on the auto maker's supervisory board .PERIOD
</s>
<s.87.001.870323-0027.10.2>
The bank managed an issue of V. W. stock last September ,COMMA offering nonvoting shares at about six %PERCENT above their current trading level and at the same time issuing a strong buy recommendation .PERIOD
</s>
</p>
<p.87.001.870323-0027.11>
<s.87.001.870323-0027.11.1>
In November V. W. denied a newsletter report that it had incurred a massive currency loss .PERIOD
</s>
<s.87.001.870323-0027.11.2>
Mr. Erhardt says stockholders won't be thrilled if it emerges that V. W. or Deutsche Bank could have found out about the currency fraud before the stock issue .PERIOD
</s>
</p>
<p.87.001.870323-0027.12>
<s.87.001.870323-0027.12.1>
When the Bonn government eventually sells its sixteen %PERCENT stake in V. W. ,COMMA a move originally planned for this year but delayed by the foreign exchange affair ,COMMA Deutsche Bank is a leading candidate to manage the transaction .PERIOD
</s>
<s.87.001.870323-0027.12.2>
If Deutsche Bank is supporting the V. W. stock price ,COMMA "DOUBLE-QUOTE maybe they're pitching for business "DOUBLE-QUOTE from the government ,COMMA suggests one Frankfurt banker .PERIOD
</s>
</p>
<p.87.001.870323-0027.13>
<s.87.001.870323-0027.13.1>
The currency mess has aggravated stock buyers' worries about V. W.'s prospects in export markets .PERIOD
</s>
<s.87.001.870323-0027.13.2>
In eleven months ,COMMA V. W. shares have been halved to one hundred eighty one dollars from a high of three hundred seventy five dollars .PERIOD
</s>
<s.87.001.870323-0027.13.3>
"DOUBLE-QUOTE It's going to take them a while to get back their credibility ,COMMA "DOUBLE-QUOTE says Rosemary Sagar of Drexel Burnham Lambert .PERIOD
</s>
</p>
<p.87.001.870323-0027.14>
<s.87.001.870323-0027.14.1>
While V. W. is holding on to its position as market leader in Europe ,COMMA largely because of its best -HYPHEN selling Golf model ,COMMA the mark's recent rise against the dollar and other currencies is cutting deeply into profit margins .PERIOD
</s>
<s.87.001.870323-0027.14.2>
V. W.'s Audi subsidiary ,COMMA in the past the strongest earner in the group ,COMMA has estimated that its profit for nineteen eighty six was halved by the falling dollar and technical troubles with its Audi five thousand model in the U. S. .PERIOD
</s>
<s.87.001.870323-0027.14.3>
A recent joint venture between V. W. and Ford Motor in South America hasn't yet had an impact on the German company's troubled Brazilian subsidiary ,COMMA a big drain on profit in recent years .PERIOD
</s>
<s.87.001.870323-0027.14.4>
The unit has said that its net loss tripled last year to one hundred forty five .POINT five million dollars .PERIOD
</s>
<s.87.001.870323-0027.14.5>
And in Germany ,COMMA V. W.'s stronghold ,COMMA the company faces growing Japanese competition in a market that analysts say could shrink slightly this year after its recent strong growth .PERIOD
</s>
</p>
<p.87.001.870323-0027.15>
<s.87.001.870323-0027.15.1>
Even after the foreign exchange debacle ,COMMA V. W.'s policy is not to hedge against currency fluctuations .PERIOD
</s>
<s.87.001.870323-0027.15.2>
The company claims it doesn't need to cover itself since the fluctuations balance each other out in the medium term .PERIOD
</s>
<s.87.001.870323-0027.15.3>
That stance is "DOUBLE-QUOTE just poor management ,COMMA "DOUBLE-QUOTE says Dagmar Bottenbruch ,COMMA a First Boston analyst in New York .PERIOD
</s>
</p>
<p.87.001.870323-0027.16>
<s.87.001.870323-0027.16.1>
Third quarter ,COMMA September thirtieth ,COMMA nineteen eighty six * :COLON
</s>
</p>
<p.87.001.870323-0027.17>
<s.87.001.870323-0027.17.1>
Pre -HYPHEN tax earnings :COLON two hundred eighty nine .POINT eight million dollars versus four hundred twenty two .POINT two million dollars
</s>
</p>
<p.87.001.870323-0027.18>
<s.87.001.870323-0027.18.2>
Net income for the quarter and per -HYPHEN share earnings aren't available .PERIOD
</s>
</p>
<p.87.001.870323-0026.1>
<s.87.001.870323-0026.1.1>
Federal regulators have been quietly trying for several months to find a buyer for Financial Corporation of America ,COMMA parent of the nation's largest thrift institution ,COMMA but the prospects aren't good for a sale any time in the immediate future ,COMMA thrift industry sources said .PERIOD
</s>
</p>
<p.87.001.870323-0026.2>
<s.87.001.870323-0026.2.1>
Several industry sources said that Edwin J. Gray ,COMMA chairman of the Federal Home Loan Bank Board ,COMMA would like to find a buyer for the American Savings &AMPERSAND Loan Association unit of Irvine ,COMMA California -HYPHEN based Financial Corporation before he leaves office at the end of June .PERIOD
</s>
</p>
<p.87.001.870323-0026.3>
<s.87.001.870323-0026.3.1>
National Thrift News ,COMMA an industry publication ,COMMA quoted unidentified sources in Washington as saying that the sale of Financial Corporation was a "DOUBLE-QUOTE top priority "DOUBLE-QUOTE for federal regulators .PERIOD
</s>
<s.87.001.870323-0026.3.2>
A bank board spokesman declined to comment .PERIOD
</s>
</p>
<p.87.001.870323-0026.4>
<s.87.001.870323-0026.4.1>
"DOUBLE-QUOTE Ed would like to resolve the situation one way or another before he leaves office ,COMMA but I'm not sure there's enough time to do that ,COMMA "DOUBLE-QUOTE said one top California thrift executive .PERIOD
</s>
</p>
<p.87.001.870323-0026.5>
<s.87.001.870323-0026.5.1>
The word of Mr. Gray's intentions comes at a time when criticism of Financial Corporation and its chairman ,COMMA William Popejoy ,COMMA has been growing in California thrift circles .PERIOD
</s>
<s.87.001.870323-0026.5.2>
Mr. Popejoy ,COMMA who couldn't be reached for immediate comment ,COMMA was brought into Financial Corporation in August nineteen eighty four after regulators forced out then -HYPHEN chairman Charles Knapp during a run on deposits and effectively assumed a supervisory role over the thrift .PERIOD
</s>
</p>
<p.87.001.870323-0026.7>
<s.87.001.870323-0026.7.1>
Mr. Gray has said previously that any attempt by regulators to actually take over Financial Corporation three years ago would have led to the bankruptcy of the Federal Savings &AMPERSAND Loan Insurance Corporation ,COMMA which couldn't afford a multi -HYPHEN billion dollar bailout .PERIOD
</s>
<s.87.001.870323-0026.7.2>
However ,COMMA he has been pushing Congress for an infusion of as much as twenty five billion dollars of capital into the insurance fund despite industry insistence that a much smaller amount is needed .PERIOD
</s>
</p>
<p.87.001.870323-0026.8>
<s.87.001.870323-0026.8.1>
"DOUBLE-QUOTE I think Gray is trying to win over the large thrifts ,COMMA who oppose his F. S. L. I. C. recapitalization plan ,COMMA by implying that he would take a problem Financial Corporation off their hands if he had F. S. L. I. C. money to aid in a takeover ,COMMA "DOUBLE-QUOTE one California thrift executive said .PERIOD
</s>
</p>
<p.87.001.870323-0026.9>
<s.87.001.870323-0026.9.1>
However ,COMMA a thrift attorney ,COMMA who said he has been hearing rumors about a government -HYPHEN aided attempt to have Financial Corporation taken over ,COMMA estimated that such a move would require a buyer to add about six hundred million dollars to Financial Corporation's net worth to get it to meet minimum regulatory requirements .PERIOD
</s>
<s.87.001.870323-0026.9.2>
The attorney also said he believed a takeover could eventually cost F. S. L. I. C. as much as seven billion dollars .PERIOD
</s>
<s.87.001.870323-0026.9.3>
The Home Loan Bank Board has said the fund had reserves of one .POINT nine billion dollars on December thirty first ,COMMA but a preliminary General Accounting Office audit claimed F. S. L. I. C. ended the year technically bankrupt .PERIOD
</s>
</p>
<p.87.001.870323-0026.10>
<s.87.001.870323-0026.10.1>
In the past ,COMMA Mr. Popejoy has said he would welcome discussions about a possible acquisition of Financial Corporation or some sort of outside capital infusion .PERIOD
</s>
</p>
<p.87.001.870323-0026.11>
<s.87.001.870323-0026.11.1>
In recent weeks ,COMMA as sniping by other thrift industry executives has increased ,COMMA Mr. Popejoy has been attempting to explain his rationale for increasing the size of Financial Corporation and his strategy for hedging possible risks .PERIOD
</s>
<s.87.001.870323-0026.11.2>
Two weeks ago he sought and received a legal opinion that he could spell out that strategy at a meeting of industry executives without causing antitrust problems ,COMMA industry sources said .PERIOD
</s>
</p>
<p.87.001.870323-0026.12>
<s.87.001.870323-0026.12.1>
Mr. Popejoy spoke before some of his top competitors after a meeting of the legislative and regulatory committee of the California League of Savings Institutions .PERIOD
</s>
<s.87.001.870323-0026.12.2>
Under the ground rules ,COMMA those in the audience couldn't ask questions or comment on Mr. Popejoy's talk ,COMMA and the chairman of at least one major thrift left prior to the speech .PERIOD
</s>
</p>
<p.87.001.870323-0025.1>
<s.87.001.870323-0025.1.1>
After seeming to contradict Vice President George Bush last week ,COMMA President Reagan issued a clarification ,COMMA acknowledging that Mr. Bush expressed reservations about the Iran policy as it was unfolding .PERIOD
</s>
</p>
<p.87.001.870323-0025.2>
<s.87.001.870323-0025.2.1>
The issue is important for Mr. Bush ,COMMA who as the leading contender for the G. O. P. presidential nomination is walking a political tightrope ,COMMA trying to distance himself from the Iran scandal while remaining a team player with Mr. Reagan .PERIOD
</s>
</p>
<p.87.001.870323-0025.3>
<s.87.001.870323-0025.3.1>
On a campaign trip to Michigan ,COMMA Mr. Bush made headlines February twelfth when he said he "DOUBLE-QUOTE expressed certain reservations "DOUBLE-QUOTE to "DOUBLE-QUOTE key players "DOUBLE-QUOTE in the administration as the Iran policy developed .PERIOD
</s>
<s.87.001.870323-0025.3.2>
Mr. Reagan appeared to undercut that at his news conference Thursday night .PERIOD
</s>
<s.87.001.870323-0025.3.3>
When asked if Mr. Bush had objected to the policy as Secretary of State George Shultz and Secretary of Defense Caspar Weinberger had ,COMMA Mr. Reagan said ,COMMA "DOUBLE-QUOTE no .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0025.4>
<s.87.001.870323-0025.4.1>
Marlin Fitzwater ,COMMA who was Mr. Bush's press secretary until recently becoming Mr. Reagan's chief spokesman ,COMMA later asked the president about the apparent discrepancy .PERIOD
</s>
<s.87.001.870323-0025.4.2>
Mr. Fitzwater told reporters Friday that Messrs. .PERIOD
</s>
<s.87.001.870323-0025.4.3>
Reagan and Bush discussed the issue at their regular daily meeting that morning .PERIOD
</s>
<s.87.001.870323-0025.4.4>
"DOUBLE-QUOTE The president told me simply that the vice president did express reservations to him ,COMMA but always supported the policy and the decisions ,COMMA "DOUBLE-QUOTE Mr. Fitzwater said .PERIOD
</s>
</p>
<p.87.001.870323-0024.1>
<s.87.001.870323-0024.1.1>
Wesley E. Cantrell ,COMMA a senior vice president of Harris Corporation ,COMMA was named president and chief executive officer of Harris /SLASH three M. Document Products Incorporated ,COMMA a joint venture between Harris and Minnesota Mining &AMPERSAND Manufacturing Company .PERIOD
</s>
</p>
<p.87.001.870323-0024.2>
<s.87.001.870323-0024.2.1>
Mr. Cantrell ,COMMA fifty two years old ,COMMA currently heads Harris's Lanier Business Products sector .PERIOD
</s>
<s.87.001.870323-0024.2.2>
He will succeed Gene W. Milner ,COMMA sixty two ,COMMA who is retiring from Harris /SLASH three M. but who will remain a director of Harris Corporation No successor has been named for Mr. Cantrell .PERIOD
</s>
</p>
<p.87.001.870323-0024.3>
<s.87.001.870323-0024.3.1>
Harris /SLASH three M. ,COMMA based in Atlanta ,COMMA makes copiers and facsimile machines .PERIOD
</s>
<s.87.001.870323-0024.3.2>
Harris Corporation is an information ,COMMA communications and micro -HYPHEN electronics concern .PERIOD
</s>
<s.87.001.870323-0024.3.3>
Saint Paul ,COMMA Minnesota -HYPHEN based Minnesota Mining makes tapes ,COMMA abrasives ,COMMA adhesives and medical products .PERIOD
</s>
</p>
<p.87.001.870323-0023.1>
<s.87.001.870323-0023.1.1>
Economists frequently joke that they can predict anything but the future .PERIOD
</s>
<s.87.001.870323-0023.1.2>
Lately ,COMMA though ,COMMA they are having just as much trouble with the present .PERIOD
</s>
</p>
<p.87.001.870323-0023.2>
<s.87.001.870323-0023.2.1>
Although this year's first quarter ends a week from tomorrow ,COMMA there is widespread disagreement over just how strong or weak it has been .PERIOD
</s>
<s.87.001.870323-0023.2.2>
There is even more disagreement over the second -HYPHEN quarter outlook and what the implications are for interest rates ,COMMA the stock market and the currency markets .PERIOD
</s>
</p>
<p.87.001.870323-0023.3>
<s.87.001.870323-0023.3.1>
According to the average estimate of a dozen analysts surveyed by The Wall Street Journal ,COMMA the economy is growing at a moderate three %PERCENT annual rate this quarter ,COMMA after adjusting for inflation ,COMMA and will expand at a two .POINT eight %PERCENT pace during the next three months .PERIOD
</s>
<s.87.001.870323-0023.3.2>
That would be an improvement from the anemic one .POINT one %PERCENT pace in last year's fourth quarter .PERIOD
</s>
<s.87.001.870323-0023.3.3>
But much of the current quarter's strength came from inventory rebuilding ,COMMA the analysts say ,COMMA and the economy's overall tone remains sluggish at best .PERIOD
</s>
</p>
<p.87.001.870323-0023.4>
<s.87.001.870323-0023.4.1>
If so ,COMMA that could disappoint investors who are counting on surging corporate profits to fuel additional gains in the stock market .PERIOD
</s>
<s.87.001.870323-0023.4.2>
Despite the stronger overall growth expected in this year's first half ,COMMA many analysts say consumer spending is likely to be unenergetic .PERIOD
</s>
</p>
<p.87.001.870323-0023.5>
<s.87.001.870323-0023.5.1>
Moreover ,COMMA the dollar's drop in the foreign -HYPHEN exchange markets and a surge in oil prices have made many bond market investors more leery of the inflation outlook .PERIOD
</s>
<s.87.001.870323-0023.5.2>
Although the dollar has stabilized recently ,COMMA many money managers remain bearish on the U. S. currency ,COMMA partly because of skepticism about whether the recent monetary pact between the U. S. and five of its leading trading partners will work for long .PERIOD
</s>
<s.87.001.870323-0023.5.3>
Also ,COMMA most analysts in the Journal's survey predict it will take a long time to make any meaningful progress in whittling the huge U. S. trade deficit .PERIOD
</s>
</p>
<p.87.001.870323-0023.6>
<s.87.001.870323-0023.6.1>
The Commerce Department's initial estimate of first -HYPHEN quarter growth won't be released until April twenty third .PERIOD
</s>
<s.87.001.870323-0023.6.2>
The department used to release an initial ,COMMA or "DOUBLE-QUOTE flash ,COMMA "DOUBLE-QUOTE estimate of quarterly growth in the final month of each quarter but abandoned that last year because it believed the figures often were misleading .PERIOD
</s>
</p>
<p.87.001.870323-0023.7>
<s.87.001.870323-0023.7.1>
One of the few things many analysts agree on is that interpreting economic reports lately has been especially difficult because of the tax law that became effective January first .PERIOD
</s>
<s.87.001.870323-0023.7.2>
But few analysts agree on how much effect the law has had .PERIOD
</s>
</p>
<p.87.001.870323-0023.8>
<s.87.001.870323-0023.8.1>
Only three months ago ,COMMA the conventional wisdom was that the economy would be so weak early this year ,COMMA partly because of the new tax law ,COMMA that the Federal Reserve System would feel obliged to cut interest rates in an effort to avert a recession .PERIOD
</s>
<s.87.001.870323-0023.8.2>
Now ,COMMA analysts say ,COMMA the prospect of higher inflation and somewhat stronger economic growth could mean that the Fed's next move will be to tighten credit conditions to remind investors of its determination to keep inflation in check .PERIOD
</s>
</p>
<p.87.001.870323-0023.9>
<s.87.001.870323-0023.9.1>
Yet individual estimates vary enormously .PERIOD
</s>
<s.87.001.870323-0023.9.2>
At one extreme ,COMMA David Levine of Sanford C. Bernstein &AMPERSAND Company insists that a "DOUBLE-QUOTE boom "DOUBLE-QUOTE already is under way and that business activity will accelerate during the rest of the year ,COMMA leading to much higher interest rates .PERIOD
</s>
<s.87.001.870323-0023.9.3>
He contends that the economy will accelerate so rapidly that the Federal Reserve will tighten credit conditions by mid -HYPHEN May ,COMMA and that interest rates will surge about three percentage points by year's end .PERIOD
</s>
</p>
<p.87.001.870323-0023.10>
<s.87.001.870323-0023.10.1>
But A. Gary Shilling ,COMMA an economic consultant ,COMMA argues that the economy hardly is growing at all this quarter .PERIOD
</s>
<s.87.001.870323-0023.10.2>
John D. Paulus of Morgan Stanley &AMPERSAND Company forecasts even slower growth next quarter ,COMMA with interest rates dropping a full percentage point during the next three to six months .PERIOD
</s>
<s.87.001.870323-0023.10.3>
Mr. Paulus and several other analysts also expect weak growth in many other leading industrial nations ,COMMA a development they say will increase pressure for lower world -HYPHEN wide borrowing costs .PERIOD
</s>
</p>
<p.87.001.870323-0023.11>
<s.87.001.870323-0023.11.1>
Confronted by such diverse views and by a morass of contradictory government economic reports ,COMMA many investment managers say they are waiting to make any major strategy changes until clearer signals of the economy's health emerge .PERIOD
</s>
<s.87.001.870323-0023.11.2>
Meanwhile ,COMMA bond prices have hardly budged in the past few months ,COMMA reminding traders of the monotonous nineteen sixties and early nineteen seventies .PERIOD
</s>
</p>
<p.87.001.870323-0023.12>
<s.87.001.870323-0023.12.1>
If there is a majority view right now ,COMMA it seems to be that the economy and interest rates will be trendless for at least another month or two .PERIOD
</s>
<s.87.001.870323-0023.12.2>
"DOUBLE-QUOTE Rates probably will stay as is ,COMMA with a greater chance they could move down a little than move up ,COMMA "DOUBLE-QUOTE says Robert Chandross ,COMMA chief economist of Lloyds Bank in New York .PERIOD
</s>
</p>
<p.87.001.870323-0023.13>
<s.87.001.870323-0023.13.1>
Mr. Chandross and many other analysts weren't too impressed by the recent monetary accord between the U. S. ,COMMA Canada ,COMMA Japan ,COMMA Britain ,COMMA West Germany and France .PERIOD
</s>
<s.87.001.870323-0023.13.2>
That was "DOUBLE-QUOTE one of the great nonmeetings of all time ,COMMA "DOUBLE-QUOTE Mr. Chandross says .PERIOD
</s>
<s.87.001.870323-0023.13.3>
"DOUBLE-QUOTE There was nothing earth -HYPHEN shattering in there ,COMMA no hard ,COMMA concrete agreements .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0023.14>
<s.87.001.870323-0023.14.1>
Inflation appears likely to accelerate this year ,COMMA according to most analysts in the Journal's survey .PERIOD
</s>
<s.87.001.870323-0023.14.2>
According to the average estimate among the dozen economists ,COMMA prices --DASH as measured by a gauge based on the gross national product known as the deflator --DASH rose at a three .POINT two %PERCENT annual rate in the first quarter and will increase at a three .POINT three %PERCENT rate in the second quarter .PERIOD
</s>
<s.87.001.870323-0023.14.3>
In nineteen eighty six's final quarter ,COMMA the deflator rose only zero .POINT seven %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0023.15>
<s.87.001.870323-0023.15.1>
Mr. Levine continues to be optimistic about the economic outlook ,COMMA even though he has been predicting a big boom and higher interest rates for more than a year now .PERIOD
</s>
<s.87.001.870323-0023.15.2>
At a recent conference ,COMMA Mr. Levine acknowledged that his forecast was way off target ,COMMA quipping that "DOUBLE-QUOTE it's been a little like leaving the landing lights on for Amelia Earhart .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0023.15.3>
Now ,COMMA though ,COMMA he says ,COMMA "DOUBLE-QUOTE I think the wait finally is over .PERIOD
</s>
<s.87.001.870323-0023.15.4>
It's unnerving that nobody else thinks so ,COMMA but I think the evidence finally is pointing in that direction .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0023.16>
<s.87.001.870323-0023.16.1>
Most interest prices wound up little changed once again in light trading volume .PERIOD
</s>
<s.87.001.870323-0023.16.2>
The federal funds rate ,COMMA the rate on reserves that banks lend each other overnight ,COMMA averaged about six .POINT one oh %PERCENT ,COMMA according to Fulton Prebon (LEFT-PAREN U. S. A. .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870323-0023.16.3>
Incorporated .PERIOD
</s>
<s.87.001.870323-0023.16.4>
That compared with Thursday's average of six .POINT oh six %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0023.17>
<s.87.001.870323-0023.17.1>
The rate on the Treasury's latest three -HYPHEN month bills inched higher to five .POINT five one %PERCENT bid from five .POINT five oh %PERCENT Thursday .PERIOD
</s>
<s.87.001.870323-0023.17.2>
The rate on the Treasury's latest six -HYPHEN month bills climbed to five .POINT five five %PERCENT bid from five .POINT five one %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0023.18>
<s.87.001.870323-0023.18.1>
In the bond market ,COMMA the Treasury's seven and one half %PERCENT bonds due two thousand ,COMMA sixteen fell slightly to ninety nine and twenty four thirty seconds from ninety nine and twenty seven thirty seconds Thursday ,COMMA while the yield edged up to seven .POINT five two %PERCENT from seven .POINT five one %PERCENT .PERIOD
</s>
<s.87.001.870323-0023.18.2>
The government's seven and one quarter %PERCENT notes due nineteen ninety six finished unchanged at one hundred and nine thirty seconds to yield seven .POINT two one %PERCENT .PERIOD
</s>
</p>
<p.87.001.870323-0023.19>
<s.87.001.870323-0023.19.1>
Shearson Lehman Brothers Incorporated's index of long -HYPHEN term Treasury bonds fell two .POINT nine one points to close at one thousand ,COMMA four hundred twenty four .POINT seven three ,COMMA a decline of about three points from the previous Friday .PERIOD
</s>
<s.87.001.870323-0023.19.2>
It hovered last Friday between one thousand ,COMMA four hundred twenty four .POINT three three and one thousand ,COMMA four hundred twenty nine .POINT five oh .PERIOD
</s>
</p>
<p.87.001.870323-0022.1>
<s.87.001.870323-0022.1.1>
Trans World Airlines said it agreed to halt temporarily the purchase of U. S. Air Group Incorporated shares .PERIOD
</s>
</p>
<p.87.001.870323-0022.2>
<s.87.001.870323-0022.2.1>
In a stipulation entered in federal court in Pittsburgh ,COMMA T. W. A. is barred from acquiring any more U. S. Air stock prior to April twenty third ,COMMA and must give Washington -HYPHEN based U. S. Air at least fourteen days notice of future stock purchases .PERIOD
</s>
<s.87.001.870323-0022.2.2>
T. W. A. also agreed that it would not "DOUBLE-QUOTE knowingly or willfully interfere in any way "DOUBLE-QUOTE with the proposed merger between U. S. Air and Winston -HYPHEN Salem ,COMMA N. C. -HYPHEN based Piedmont Aviation Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0022.3>
<s.87.001.870323-0022.3.1>
The stipulation supersedes a temporary restraining order in effect that banned T. W. A. from buying U. S. Air shares until today .PERIOD
</s>
</p>
<p.87.001.870323-0022.4>
<s.87.001.870323-0022.4.1>
The action follows T. W. A.'s Securities and Exchange Commission filing last Monday in which it stated that it didn't intend to seek control of U. S. Air or to acquire additional U. S. Air shares "DOUBLE-QUOTE at this time .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0022.4.2>
T. W. A. ,COMMA which currently holds a fourteen .POINT eight %PERCENT stake in U. S. Air and proposed recently to buy the carrier's remaining shares for fifty two dollars each ,COMMA also sought in the filing "DOUBLE-QUOTE the flexibility "DOUBLE-QUOTE to increase its holdings to as much as twenty five %PERCENT of U. S. Air's stock .PERIOD
</s>
</p>
<p.87.001.870323-0022.5>
<s.87.001.870323-0022.5.1>
The court said that T. W. A. is free "DOUBLE-QUOTE to make any filings "DOUBLE-QUOTE with respect to its pending lawsuit in a Delaware court seeking to overturn U. S. Air's anti -HYPHEN takeover measures .PERIOD
</s>
</p>
<p.87.001.870323-0021.1>
<s.87.001.870323-0021.1.1>
Frank E. Baxter comes from a tiny California town that bears his family's name .PERIOD
</s>
<s.87.001.870323-0021.1.2>
Now he faces the challenge of running a big -HYPHEN time brokerage firm that carries the name and mark of another man .PERIOD
</s>
</p>
<p.87.001.870323-0021.2>
<s.87.001.870323-0021.2.1>
Last week ,COMMA the fifty -HYPHEN year -HYPHEN old president of Jefferies Group Incorporated was given the post of chief executive officer after the stunning resignation of the firm's founder ,COMMA chairman and chief executive ,COMMA Boyd Jefferies .PERIOD
</s>
<s.87.001.870323-0021.2.2>
In the latest chapter of the insider -HYPHEN trading scandal ,COMMA Mr. Jefferies ,COMMA fifty six ,COMMA agreed to plead guilty to two felony counts of violating securities laws .PERIOD
</s>
<s.87.001.870323-0021.2.3>
No one else in the firm was implicated .PERIOD
</s>
</p>
<p.87.001.870323-0021.3>
<s.87.001.870323-0021.3.1>
The new chief executive is in some respects a sharp contrast to the charismatic and driven Mr. Jefferies ,COMMA who ,COMMA according to one Wall Street source ,COMMA "DOUBLE-QUOTE would chase stock trades all night .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0021.4>
<s.87.001.870323-0021.4.1>
Mr. Baxter says he doesn't plan to do any trading as chief executive .PERIOD
</s>
<s.87.001.870323-0021.4.2>
He says that is partly to ensure that every trader will have one higher official reviewing his or her work --DASH a check that was missing in the case of Mr. Jefferies .PERIOD
</s>
</p>
<p.87.001.870323-0021.5>
<s.87.001.870323-0021.5.1>
Plus ,COMMA he says he doesn't aspire to the same kind of prominence that Mr. Jefferies had in the securities business .PERIOD
</s>
<s.87.001.870323-0021.5.2>
"DOUBLE-QUOTE I am a more collegial person .PERIOD
</s>
<s.87.001.870323-0021.5.3>
I need to share authority ,COMMA "DOUBLE-QUOTE says Mr. Baxter ,COMMA a trim six -HYPHEN footer ,COMMA who joined Jefferies in nineteen seventy four .PERIOD
</s>
</p>
<p.87.001.870323-0021.6>
<s.87.001.870323-0021.6.1>
"DOUBLE-QUOTE I've never thought of Frank as being an aggressive personality .PERIOD
</s>
<s.87.001.870323-0021.6.2>
He is a nice guy ,COMMA who you enjoy being with ,COMMA "DOUBLE-QUOTE says Donald Weedon ,COMMA chief executive officer of Weedon &AMPERSAND Company ,COMMA a New York brokerage firm .PERIOD
</s>
</p>
<p.87.001.870323-0021.7>
<s.87.001.870323-0021.7.1>
Mr. Baxter went into the securities business thanks partly to the military .PERIOD
</s>
<s.87.001.870323-0021.7.2>
He says that while growing up in northern California he dreamed of becoming a lawyer .PERIOD
</s>
<s.87.001.870323-0021.7.3>
"DOUBLE-QUOTE As a kid ,COMMA I sat around law offices and read law books ,COMMA "DOUBLE-QUOTE he says. (LEFT-PAREN His family moved when he was very young from Baxter ,COMMA which Mr. Baxter's great grandfather established as a stagecoach stop during the Gold Rush and which apparently hasn't grown much since .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0021.8>
<s.87.001.870323-0021.8.1>
But as a teenager ,COMMA he enlisted in the Air Force .PERIOD
</s>
<s.87.001.870323-0021.8.2>
"DOUBLE-QUOTE On guard duty one day ,COMMA I saw another soldier reading The Wall Street Journal and asked if I could see it ,COMMA "DOUBLE-QUOTE recalls Mr. Baxter .PERIOD
</s>
<s.87.001.870323-0021.8.3>
It turned out the other young man --DASH who remains a friend --DASH was already playing in the stock market and got Mr. Baxter interested .PERIOD
</s>
<s.87.001.870323-0021.8.4>
"DOUBLE-QUOTE He even helped me get a summer job at a brokerage firm ,COMMA "DOUBLE-QUOTE Mr. Baxter says .PERIOD
</s>
</p>
<p.87.001.870323-0021.9>
<s.87.001.870323-0021.9.1>
Mr. Baxter didn't like retail brokerage work .PERIOD
</s>
<s.87.001.870323-0021.9.2>
"DOUBLE-QUOTE I didn't like trying to sell people .PERIOD
</s>
<s.87.001.870323-0021.9.3>
There was a little too much promotion involved ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0021.10>
<s.87.001.870323-0021.10.1>
After graduating in nineteen sixty one from the University of California ,COMMA Berkeley ,COMMA with a Bachelor's degree in economics ,COMMA Mr. Baxter soon went to work for a San Francisco brokerage firm that was involved in the "DOUBLE-QUOTE third market ,COMMA "DOUBLE-QUOTE where listed stocks are traded off the exchange ,COMMA usually in transactions between institutions .PERIOD
</s>
</p>
<p.87.001.870323-0021.11>
<s.87.001.870323-0021.11.1>
Interest in that market eventually brought him to Jefferies .PERIOD
</s>
<s.87.001.870323-0021.11.2>
Mr. Jefferies is viewed as a pioneer in building the third market .PERIOD
</s>
<s.87.001.870323-0021.11.3>
Jefferies accounts for about sixty %PERCENT of third -HYPHEN market trading .PERIOD
</s>
<s.87.001.870323-0021.11.4>
This market has been growing in recent years thanks partly to the wave of corporate takeovers ,COMMA where the third market's ability to execute fast ,COMMA discreet trades of big blocks of stock is particularly useful .PERIOD
</s>
</p>
<p.87.001.870323-0021.12>
<s.87.001.870323-0021.12.1>
Though Mr. Baxter ,COMMA like other officials of the firm ,COMMA lived in the shadow of the founder ,COMMA he did have successes of his own ,COMMA observers say .PERIOD
</s>
<s.87.001.870323-0021.12.2>
In nineteen eighty five ,COMMA he opened an office for Jefferies in London .PERIOD
</s>
<s.87.001.870323-0021.12.3>
"DOUBLE-QUOTE It opened February tenth and by April it was in the black .PERIOD
</s>
<s.87.001.870323-0021.12.4>
I thought that was fantastic ,COMMA "DOUBLE-QUOTE says Benjamin L. Lubin ,COMMA a securities consultant and an outside director for Jefferies .PERIOD
</s>
</p>
<p.87.001.870323-0021.13>
<s.87.001.870323-0021.13.1>
Mr. Baxter also deserves much of the credit for holding down the firm's costs during a period of rapid growth in recent years ,COMMA says Perrin Long ,COMMA a securities industry analyst with Lipper Analytical Securities Corporation in New York .PERIOD
</s>
<s.87.001.870323-0021.13.2>
"DOUBLE-QUOTE Though Boyd generated a great deal of business ,COMMA you make your profits by controlling costs ,COMMA "DOUBLE-QUOTE says Mr. Long .PERIOD
</s>
</p>
<p.87.001.870323-0021.14>
<s.87.001.870323-0021.14.1>
Mr. Baxter says he plans to rely heavily on the four hundred forty five employees that make up the Jefferies "DOUBLE-QUOTE team "DOUBLE-QUOTE --DASH a concept that seems to pervade the firm .PERIOD
</s>
<s.87.001.870323-0021.14.2>
The firm's colors --DASH maroon and gold --DASH and its symbol --DASH a lion --DASH adorn coffee mugs and the firm's banner ,COMMA as well as warm -HYPHEN up jackets ,COMMA which are hung over the backs of many traders' chairs .PERIOD
</s>
</p>
<p.87.001.870323-0021.15>
<s.87.001.870323-0021.15.1>
The firm also has its own song ,COMMA which begins "DOUBLE-QUOTE Jefferies Group ,COMMA the elite team ...ELLIPSIS .PERIOD
</s>
<s.87.001.870323-0021.15.2>
"DOUBLE-QUOTE Mr. Baxter says it's sometimes played in the trading room when a particularly good deal is done .PERIOD
</s>
</p>
<p.87.001.870323-0021.16>
<s.87.001.870323-0021.16.1>
Mr. Baxter says he is banking on team spirit to help keep traders from leaving now that Mr. Jefferies ,COMMA whom he describes as the firm's "DOUBLE-QUOTE spiritual leader "DOUBLE-QUOTE is gone .PERIOD
</s>
<s.87.001.870323-0021.16.2>
"DOUBLE-QUOTE Even if they aren't loyal to me ,COMMA I think they will be loyal to each other ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0021.17>
<s.87.001.870323-0021.17.1>
Morale is high ,COMMA he said .PERIOD
</s>
<s.87.001.870323-0021.17.2>
After Mr. Jefferies made the announcement of his resignation ,COMMA there was "DOUBLE-QUOTE stunned silence and some tears .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0021.17.3>
But then ,COMMA Mr. Baxter adds ,COMMA "DOUBLE-QUOTE the team just rose to the occasion .PERIOD
</s>
<s.87.001.870323-0021.17.4>
I've never seen morale higher .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0021.18>
<s.87.001.870323-0021.18.1>
Nevertheless ,COMMA he has taken some quick steps to reassure people and assert his new position .PERIOD
</s>
<s.87.001.870323-0021.18.2>
He held a meeting in Dallas over the weekend to review what he termed "DOUBLE-QUOTE my philosophy and our business plan .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0021.18.3>
He says he planned to invite thirty employees of the firm ,COMMA but got such a response that about seventy went ,COMMA many paying their own airfare .PERIOD
</s>
</p>
<p.87.001.870323-0021.19>
<s.87.001.870323-0021.19.1>
As president ,COMMA Mr. Baxter says ,COMMA he was deeply involved in forming the firm's business strategy ,COMMA and doesn't see any need to change it .PERIOD
</s>
<s.87.001.870323-0021.19.2>
"DOUBLE-QUOTE Institutional brokerage is going to remain the engine that drives the firm ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870323-0021.20>
<s.87.001.870323-0021.20.1>
But the firm will continue diversifying .PERIOD
</s>
<s.87.001.870323-0021.20.2>
Recently it has moved into such areas as trading convertible debentures and stocks of foreign companies .PERIOD
</s>
<s.87.001.870323-0021.20.3>
It is still looking to open an office in Asia ,COMMA probably Tokyo ,COMMA by the end of the year .PERIOD
</s>
</p>
<p.87.001.870323-0021.22>
<s.87.001.870323-0021.22.1>
But it may be some time before Jefferies stops hearing the kind of joke one Wall Street wag offered Friday :COLON "DOUBLE-QUOTE Jefferies's motto is :COLON Why buy a stock when you can rent it .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0020.1>
<s.87.001.870323-0020.1.1>
I. C. N. Pharmaceuticals Incorporated's chairman and chief executive officer ,COMMA Milan Panic ,COMMA told shareholders at the annual meeting that he would ask the board to approve the purchase of as many as three million of the company's approximately twenty .POINT nine million common shares outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0020.2>
<s.87.001.870323-0020.2.1>
A spokesman declined to say whether the board approved a buyback at its meeting Friday ,COMMA and Mr. Panic couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0020.3>
<s.87.001.870323-0020.3.1>
Mr. Panic said at the annual meeting that the company had about five hundred million dollars in cash ,COMMA and total resources of about two billion dollars ,COMMA to pursue its previously announced strategy of acquiring a major drug company .PERIOD
</s>
<s.87.001.870323-0020.3.2>
He said he believed the acquisition could be accomplished through a friendly bid for some company during the next twenty four months .PERIOD
</s>
</p>
<p.87.001.870323-0020.4>
<s.87.001.870323-0020.4.1>
As previously reported ,COMMA I. C. N. last January asked the Food and Drug Administration to allow expanded use of its drug ribavirin by some patients who have been exposed to acquired immune deficiency syndrome .PERIOD
</s>
</p>
<p.87.001.870323-0020.5>
<s.87.001.870323-0020.5.1>
Mr. Panic declined to discuss the pending application or ribavirin's possible effectiveness in treating AIDS .PERIOD
</s>
</p>
<p.87.001.870323-0020.6>
<s.87.001.870323-0020.6.1>
I. C. N. shares closed Friday at nineteen dollars and seventy five cents ,COMMA up twenty five cents ,COMMA in New York Stock Exchange composite trading .PERIOD
</s>
</p>
<p.87.001.870323-0019.1>
<s.87.001.870323-0019.1.1>
The Central Statistical Office ,COMMA in an upward revision of a preliminary report ,COMMA said Britain's economy grew zero .POINT three %PERCENT in nineteen eighty six's fourth quarter from the prior three months .PERIOD
</s>
<s.87.001.870323-0019.1.2>
In February ,COMMA the office had reported no fourth -HYPHEN quarter growth .PERIOD
</s>
</p>
<p.87.001.870323-0019.2>
<s.87.001.870323-0019.2.1>
The quarterly growth was measured by using output -HYPHEN based gross domestic product ,COMMA considered the most reliable indicator of short -HYPHEN term movements in the economy .PERIOD
</s>
</p>
<p.87.001.870323-0019.3>
<s.87.001.870323-0019.3.1>
The government also announced that the average estimate of British G. D. P. showed a two .POINT six %PERCENT increase for all of nineteen eighty six ,COMMA slower than nineteen eighty five's three .POINT four %PERCENT expansion .PERIOD
</s>
<s.87.001.870323-0019.3.2>
The estimate is an average of the output -HYPHEN based ,COMMA income -HYPHEN based and expenditure -HYPHEN based measures of G. D. P. ,COMMA and is considered the most accurate gauge of the United Kingdom's long -HYPHEN term economic movements .PERIOD
</s>
</p>
<p.87.001.870323-0018.1>
<s.87.001.870323-0018.1.1>
Three years ago ,COMMA pundits touted Micron Technology Incorporated as the kind of small American company that can beat the Japanese at their own game :COLON low -HYPHEN cost production of high -HYPHEN tech products .PERIOD
</s>
<s.87.001.870323-0018.1.2>
Later ,COMMA when Micron began to run up big losses because of Japanese price competition in semiconductor sales ,COMMA it became one of U. S. industry's most strident critics of Japanese trade practices .PERIOD
</s>
</p>
<p.87.001.870323-0018.2>
<s.87.001.870323-0018.2.1>
Now ,COMMA however ,COMMA executives at several Japanese chip companies say that Micron has been secretly exploring the possibility of being acquired by a Japanese company .PERIOD
</s>
<s.87.001.870323-0018.2.2>
The executives say representatives of Micron ,COMMA a Boise ,COMMA Idaho -HYPHEN based chip manufacturer ,COMMA held talks last year with at least three Japanese companies ,COMMA Fujitsu Limited ,COMMA Hitachi Limited and Oki Electric Industry Company ,COMMA on the subject of a possible purchase of Micron by one of the Japanese concerns .PERIOD
</s>
<s.87.001.870323-0018.2.3>
These companies declined to comment on the talks .PERIOD
</s>
</p>
<p.87.001.870323-0018.3>
<s.87.001.870323-0018.3.1>
Joseph Parkinson ,COMMA Micron's chairman ,COMMA denied that he had ever spoken to a Japanese company about a possible takeover ,COMMA and called reports that Micron has sought a Japanese suitor "DOUBLE-QUOTE utter baloney .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0018.3.2>
"DOUBLE-QUOTE You can check my passport ,COMMA "DOUBLE-QUOTE he said ,COMMA when asked to comment on a report that he flew to Tokyo last summer for talks with a possible acquirer .PERIOD
</s>
<s.87.001.870323-0018.3.3>
However ,COMMA Mr. Parkinson declined to comment on whether overtures may have been made on Micron's behalf by the company's investment bankers .PERIOD
</s>
</p>
<p.87.001.870323-0018.4>
<s.87.001.870323-0018.4.1>
According to the Japanese industry sources ,COMMA Micron representatives held talks with Fujitsu ,COMMA Hitachi and Oki in Tokyo last summer .PERIOD
</s>
<s.87.001.870323-0018.4.2>
The discussions were said to have covered a number of issues ,COMMA including possible technology -HYPHEN licensing agreements and a potential sale of Micron's assets .PERIOD
</s>
<s.87.001.870323-0018.4.3>
The executives said Hitachi dismissed Micron's overtures immediately ,COMMA and Fujitsu likewise didn't pursue Micron overtures .PERIOD
</s>
</p>
<p.87.001.870323-0018.5>
<s.87.001.870323-0018.5.1>
Oki ,COMMA meanwhile ,COMMA the object of Micron's latest anti -HYPHEN Japanese attack just last week ,COMMA sent a vice president to Boise within the past six months to meet with Micron's president ,COMMA Juan Benitez .PERIOD
</s>
<s.87.001.870323-0018.5.2>
Mr. Parkinson acknowledges that the Oki executive visited Micron ,COMMA but denies that the subject of a Micron buyout was seriously discussed .PERIOD
</s>
<s.87.001.870323-0018.5.3>
"DOUBLE-QUOTE The subject didn't come up ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870323-0018.6>
<s.87.001.870323-0018.6.1>
Micron ,COMMA started eight years ago with Idaho potato money on a plot of sand and sagebrush in Boise ,COMMA has blamed most of its losses over the past two years on Japanese dumping --DASH selling goods below their production cost .PERIOD
</s>
<s.87.001.870323-0018.6.2>
The Japanese agreed in a trade accord signed last summer to open their markets and refrain from chip dumping ,COMMA but Micron and other chip makers accuse the Japanese of violating the accord ,COMMA and Micron's losses have only widened .PERIOD
</s>
<s.87.001.870323-0018.6.3>
In the company's fiscal second quarter ,COMMA ended March fifth ,COMMA Micron posted a loss of ten .POINT nine million dollars ,COMMA compared with a nine .POINT eight million dollar loss in the year -HYPHEN earlier period .PERIOD
</s>
<s.87.001.870323-0018.6.4>
Revenue for the quarter totaled twenty .POINT one million dollars ,COMMA up from nine .POINT four million dollars a year earlier .PERIOD
</s>
</p>
<p.87.001.870323-0018.7>
<s.87.001.870323-0018.7.1>
Because of Micron's recent overtures ,COMMA individuals close to Oki say Oki executives were particularly shocked when Micron last week produced an Oki invoice from a recent chip sale in Hong Kong as evidence of its dumping claims .PERIOD
</s>
<s.87.001.870323-0018.7.2>
Micron used the occasion to call on the U. S. government to retaliate against Japanese producers "DOUBLE-QUOTE before it's too late .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0018.7.3>
"DOUBLE-QUOTE The Japanese response to our administration's good -HYPHEN faith efforts to solve this illegal dumping has been noncompliance and a publicity blitz of denials and statements to confuse and weaken our resolve ,COMMA "DOUBLE-QUOTE Mr. Parkinson said .PERIOD
</s>
</p>
<p.87.001.870323-0018.8>
<s.87.001.870323-0018.8.1>
Micron's steady losses have caused some industry analysts to conclude that the company isn't a long -HYPHEN term survivor ,COMMA although its officials say it will rebound when it starts production of a new one -HYPHEN megabyte memory chip .PERIOD
</s>
<s.87.001.870323-0018.8.2>
Its current problems stand in stark contrast to its initial success as a promising high -HYPHEN tech startup .PERIOD
</s>
</p>
<p.87.001.870323-0018.9>
<s.87.001.870323-0018.9.1>
That success led author George Gilder ,COMMA in his nineteen eighty four book ,COMMA The Spirit of Enterprise ,COMMA to rhapsodize that Micron "DOUBLE-QUOTE shows once again that the crucial capital of industry is not money or machinery ,COMMA but mind and spirit ,COMMA and that America --DASH in these crucial domains of enterprise --DASH remains Number one .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0018.10>
<s.87.001.870323-0018.10.1>
Brenton R. Schlender contributed to this article .PERIOD
</s>
</p>
<p.87.001.870323-0017.1>
<s.87.001.870323-0017.1.1>
As Taiwan's foreign -HYPHEN currency reserves soar ,COMMA the country is increasingly being viewed as an alternative to Asian borrowers' dependence on Japanese banks ,COMMA according to bankers .PERIOD
</s>
<s.87.001.870323-0017.1.2>
But most of Tawain's major banks late last week passed up an opportunity to play a major role in the international loan market .PERIOD
</s>
</p>
<p.87.001.870323-0017.2>
<s.87.001.870323-0017.2.1>
Chase Manhattan Bank failed to syndicate a loan here for Pertamina ,COMMA Indonesia's state -HYPHEN owned oil company ,COMMA as six out of at least eight major Taiwan banks rejected the loan .PERIOD
</s>
<s.87.001.870323-0017.2.2>
Pertamina is seeking about four hundred seventy million dollars to finance the construction of a liquefied -HYPHEN natural -HYPHEN gas plant ,COMMA and Chase had hoped to raise at least two hundred forty million dollars of that in Taiwan .PERIOD
</s>
</p>
<p.87.001.870323-0017.3>
<s.87.001.870323-0017.3.1>
"DOUBLE-QUOTE The idea was too new ,COMMA and there was too little time for them to digest "DOUBLE-QUOTE the loan proposal ,COMMA said William Liley ,COMMA managing director of Chase Manhattan Asia Limited's project -HYPHEN financing division in Hong Kong .PERIOD
</s>
<s.87.001.870323-0017.3.2>
Bankers were given only a month to review the loan proposal .PERIOD
</s>
</p>
<p.87.001.870323-0017.4>
<s.87.001.870323-0017.4.1>
The major stumbling blocks were inexperience and conservatism .PERIOD
</s>
<s.87.001.870323-0017.4.2>
Bankers who declined to support the loan said they have little expertise in project financing and much less in assessing energy markets or Indonesia's credit -HYPHEN worthiness .PERIOD
</s>
<s.87.001.870323-0017.4.3>
The bankers' conservatism ,COMMA meanwhile ,COMMA is based partly on the fact that all major Taiwan banks are either owned or controlled by the government .PERIOD
</s>
</p>
<p.87.001.870323-0017.5>
<s.87.001.870323-0017.5.1>
"DOUBLE-QUOTE It's difficult for us to try something new ,COMMA because we're likely to be penalized for losing the public money but unlikely to be rewarded if we make money for the bank ,COMMA "DOUBLE-QUOTE said one banker .PERIOD
</s>
</p>
<p.87.001.870323-0017.6>
<s.87.001.870323-0017.6.1>
Despite their rejection of this loan ,COMMA the banks remain open to future opportunities .PERIOD
</s>
<s.87.001.870323-0017.6.2>
"DOUBLE-QUOTE Given another deal ,COMMA another country ,COMMA we might consider it ...ELLIPSIS .PERIOD
</s>
<s.87.001.870323-0017.6.3>
We aren't closing our door entirely ,COMMA "DOUBLE-QUOTE said one banker .PERIOD
</s>
</p>
<p.87.001.870323-0016.1>
<s.87.001.870323-0016.1.1>
Representatives of member countries of the Inter -HYPHEN American Development Bank decided to postpone until June a decision on major changes in voting power at the forty four -HYPHEN nation agency .PERIOD
</s>
</p>
<p.87.001.870323-0016.2>
<s.87.001.870323-0016.2.1>
The U. S. ,COMMA over the opposition of Latin American countries and with little support from other industrial nations ,COMMA has been demanding a change in I. A. D. B. lending policies that would give Washington a larger say in the approval or rejection of loans .PERIOD
</s>
</p>
<p.87.001.870323-0016.3>
<s.87.001.870323-0016.3.1>
A special committee representing twelve countries agreed at a closed -HYPHEN door session Saturday that the I. A. D. B. should have one .POINT nine two billion dollars for loans to the poorest Latin countries during the four -HYPHEN year period ending in nineteen ninety .PERIOD
</s>
<s.87.001.870323-0016.3.2>
These resources for the I. A. D. B.'s Fund for Special Operations are provided as grants by the U. S. and other donor countries .PERIOD
</s>
</p>
<p.87.001.870323-0016.4>
<s.87.001.870323-0016.4.1>
The agreement on increasing I. A. D. B. lending to the poorest countries in the region ,COMMA which include Bolivia ,COMMA Ecuador Paraguay ,COMMA the Dominican Republic and several Central American nations ,COMMA apparently would permit the international agency to double the amount of its lending to these countries .PERIOD
</s>
</p>
<p.87.001.870323-0016.5>
<s.87.001.870323-0016.5.1>
The I. A. D. B.'s twenty eighth annual conference formally opens today .PERIOD
</s>
<s.87.001.870323-0016.5.2>
U. S. Treasury Secretary James Baker will be among the speakers .PERIOD
</s>
</p>
<p.87.001.870323-0015.1>
<s.87.001.870323-0015.1.1>
The property -HYPHEN casualty insurance industry had record nineteen eighty six net income of twelve .POINT seven billion dollars ,COMMA according to final figures prepared by the Insurance Information Institute .PERIOD
</s>
<s.87.001.870323-0015.1.2>
The preliminary estimate had been eleven .POINT five billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0015.2>
<s.87.001.870323-0015.2.1>
Net included six .POINT five billion dollars of realized capital gains and six hundred million dollars of federal income -HYPHEN tax credits .PERIOD
</s>
<s.87.001.870323-0015.2.2>
Net for nineteen eighty five was one .POINT nine billion dollars ,COMMA which included a five .POINT six billion dollar operating loss .PERIOD
</s>
</p>
<p.87.001.870323-0015.3>
<s.87.001.870323-0015.3.1>
The industry had nineteen eighty six operating profit of five .POINT six billion dollars ,COMMA the institute said .PERIOD
</s>
<s.87.001.870323-0015.3.2>
The preliminary estimate had been four .POINT five billion dollars .PERIOD
</s>
<s.87.001.870323-0015.3.3>
Operating profit primarily consisted of a pre -HYPHEN tax underwriting loss of fifteen .POINT eight billion dollars and pre -HYPHEN tax net investment income of twenty one .POINT eight billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0015.4>
<s.87.001.870323-0015.4.1>
Daniel J. McNamara ,COMMA president of Insurance Services Office Incorporated ,COMMA an insurance data -HYPHEN gathering organization ,COMMA said despite the industry's dramatic gains ,COMMA several factors "DOUBLE-QUOTE may threaten the continuity of the recovery .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0015.4.2>
Among them ,COMMA he cited a heavy dependence on capital gains resulting from the nineteen eighty six bull market ,COMMA an unusually small number of natural catastrophes during the year ,COMMA and the erratic nature of the recovery .PERIOD
</s>
</p>
<p.87.001.870323-0015.5>
<s.87.001.870323-0015.5.1>
Fifteen property -HYPHEN casualty companies became insolvent during the year ,COMMA he said ,COMMA bringing the three -HYPHEN year failure total to a record fifty six companies .PERIOD
</s>
</p>
<p.87.001.870323-0014.1>
<s.87.001.870323-0014.1.1>
A SOVIET OFFICIAL SAID the U. S. is attempting to scuttle an arms pact .PERIOD
</s>
</p>
<p.87.001.870323-0014.2>
<s.87.001.870323-0014.2.1>
Kremlin arms -HYPHEN control official Viktor Karpov said U. S. demands over short -HYPHEN range nuclear missiles and concern over Moscow's conventional forces may be aimed at blocking a U. S. -HYPHEN Soviet agreement on the elimination of medium -HYPHEN range weapons from Europe .PERIOD
</s>
<s.87.001.870323-0014.2.2>
Karpov said a U. S. proposal made at the Geneva arms talks included a plan to convert U. S. midrange weapons into shorter -HYPHEN range arms rather than destroy them .PERIOD
</s>
</p>
<p.87.001.870323-0014.3>
<s.87.001.870323-0014.3.1>
White House Chief of Staff Baker said in an A. B. C. -HYPHEN T. V. interview that "DOUBLE-QUOTE it would be likely "DOUBLE-QUOTE that Gorbachev and Reagan will hold another summit .PERIOD
</s>
</p>
<p.87.001.870323-0014.4>
<s.87.001.870323-0014.4.1>
AQUINO ORDERED the Philippine military to crush the opposition .PERIOD
</s>
</p>
<p.87.001.870323-0014.5>
<s.87.001.870323-0014.5.1>
Speaking from a bomb -HYPHEN damaged grandstand at the Philippines Military Academy ,COMMA Aquino said her peace policy had failed and she directed the armed forces to "DOUBLE-QUOTE end all threats to freedom "DOUBLE-QUOTE by the country's communist rebels and rightist plotters .PERIOD
</s>
<s.87.001.870323-0014.5.2>
At least three hundred fifty people have been killed since a sixty -HYPHEN day truce with the communist insurgents ended February eighth ,COMMA including four people in last week's bomb explosion at the academy .PERIOD
</s>
</p>
<p.87.001.870323-0014.6>
<s.87.001.870323-0014.6.1>
The Philippine president ,COMMA in her commencement address at the academy ,COMMA complained that the U. S. was giving advice instead of the aid it pledged .PERIOD
</s>
</p>
<p.87.001.870323-0014.7>
<s.87.001.870323-0014.7.1>
CONCERN MOUNTED over the cost of a prescription drug for AIDS .PERIOD
</s>
</p>
<p.87.001.870323-0014.8>
<s.87.001.870323-0014.8.1>
The F. D. A. gave approval Friday to Burroughs -HYPHEN Wellcome Company to market the drug ,COMMA A. Z. T. ,COMMA for the treatment of AIDS and its related pneumonia .PERIOD
</s>
<s.87.001.870323-0014.8.2>
The drug's price --DASH eight thousand ,COMMA three hundred dollars a year wholesale and ten thousand dollars retail --DASH has alarmed physicians and consumer advocates ,COMMA and unanswered questions about insurance and other coverage have prompted some to say the drug is beyond the reach of many AIDS patients .PERIOD
</s>
</p>
<p.87.001.870323-0014.9>
<s.87.001.870323-0014.9.1>
In a six -HYPHEN month controlled trial last year ,COMMA azidothymidine prolonged survival for AIDS patients .PERIOD
</s>
<s.87.001.870323-0014.9.2>
The drug's major side effects include severe anemia .PERIOD
</s>
</p>
<p.87.001.870323-0014.10>
<s.87.001.870323-0014.10.1>
Howard Baker said that he didn't expect any "DOUBLE-QUOTE new ,COMMA devastating development "DOUBLE-QUOTE in the Iran -HYPHEN Contra affair ,COMMA and that he was convinced Reagan "DOUBLE-QUOTE is telling the truth "DOUBLE-QUOTE about his knowledge of the initiative .PERIOD
</s>
<s.87.001.870323-0014.10.2>
Meanwhile ,COMMA Contra leader Alfonso Robelo said North arranged for two Nicaraguan exile groups to receive about one hundred thousand dollars in private funds .PERIOD
</s>
</p>
<p.87.001.870323-0014.11>
<s.87.001.870323-0014.11.1>
A Pentagon official denied that a planned military exercise in Central America in May was timed to coincide with what U. S. officials have called a spring offensive by anti -HYPHEN government rebels in Nicaragua .PERIOD
</s>
<s.87.001.870323-0014.11.2>
The maneuvers would involve sending thousands of U. S. troops to Honduras and other places in the region ,COMMA military officials said .PERIOD
</s>
</p>
<p.87.001.870323-0014.12>
<s.87.001.870323-0014.12.1>
Weinberger warned Tehran that despite Iran's installation of new missile batteries along the Persian Gulf ,COMMA the U. S. was prepared to use force to keep the waterway open .PERIOD
</s>
<s.87.001.870323-0014.12.2>
The defense secretary ,COMMA in an N. B. C. -HYPHEN T. V. interview ,COMMA said the Pentagon was assessing whether more ships should be sent to join a Navy battle group in the region .PERIOD
</s>
</p>
<p.87.001.870323-0014.13>
<s.87.001.870323-0014.13.1>
Iraqi President Hussein said Baghdad had foiled Iran's pledge of a decisive victory in the Persian Gulf war ,COMMA but that Iraqi casualty figures during the past year were high .PERIOD
</s>
<s.87.001.870323-0014.13.2>
He said a peace treaty is the only way to end the six -HYPHEN year -HYPHEN old conflict .PERIOD
</s>
</p>
<p.87.001.870323-0014.14>
<s.87.001.870323-0014.14.1>
Italian authorities expressed concern about a new wave of internationally coordinated guerrilla attacks following Friday's murder of an air force general in Rome .PERIOD
</s>
<s.87.001.870323-0014.14.2>
The Interior Ministry said police had uncovered Italian links to terrorist groups in France and West Germany ,COMMA and that the assassination may have been ordered from abroad .PERIOD
</s>
</p>
<p.87.001.870323-0014.15>
<s.87.001.870323-0014.15.1>
Former President Carter met twice with Syrian President Assad ,COMMA a day after he urged officials in Damascus to use their influence to help free eight Americans held hostage in Lebanon .PERIOD
</s>
<s.87.001.870323-0014.15.2>
Carter ,COMMA on a five -HYPHEN nation tour of North Africa and the Mideast ,COMMA said the discussions with Assad were "DOUBLE-QUOTE broad -HYPHEN ranging ,COMMA "DOUBLE-QUOTE but he refused to elaborate .PERIOD
</s>
</p>
<p.87.001.870323-0014.16>
<s.87.001.870323-0014.16.1>
Anglican Archbishop Tutu said he had urged black anti -HYPHEN apartheid leaders to halt their armed struggle against South Africa .PERIOD
</s>
<s.87.001.870323-0014.16.2>
Tutu ,COMMA who spent the weekend in Zambia for talks with Oliver Tambo and other leaders of the African National Congress ,COMMA held out little hope of a cease -HYPHEN fire .PERIOD
</s>
<s.87.001.870323-0014.16.3>
Pretoria has refused to hold talks with the A. N. C. .PERIOD
</s>
</p>
<p.87.001.870323-0014.17>
<s.87.001.870323-0014.17.1>
Congress cleared a five -HYPHEN year ,COMMA eighty eight billion dollar highway bill and sent it to the White House ,COMMA where Reagan has vowed to veto it as too costly .PERIOD
</s>
<s.87.001.870323-0014.17.2>
The Senate voted Friday to allow states to raise the speed limit to sixty five mph from fifty five mph on most rural interstate highways .PERIOD
</s>
</p>
<p.87.001.870323-0014.18>
<s.87.001.870323-0014.18.1>
N. A. S. A. officials are expected to approve a launch -HYPHEN pad test firing of the space shuttle Discovery's main engines before it is cleared for blastoff next February ,COMMA space agency sources said .PERIOD
</s>
<s.87.001.870323-0014.18.2>
The test would delay the shuttle flight by at least a month .PERIOD
</s>
</p>
<p.87.001.870323-0014.19>
<s.87.001.870323-0014.19.1>
Yugoslavia's prime minister said the Belgrade government would use "DOUBLE-QUOTE all means "DOUBLE-QUOTE available ,COMMA including the army ,COMMA to defend the country's political system .PERIOD
</s>
<s.87.001.870323-0014.19.2>
The comments by Branko Mikulic were his first regarding a recent wave of labor strikes and rising political dissent within the country .PERIOD
</s>
</p>
<p.87.001.870323-0014.20>
<s.87.001.870323-0014.20.1>
Chad's government said its troops captured Libya's air base of Ouadi Doum in northern Chad .PERIOD
</s>
<s.87.001.870323-0014.20.2>
Western intelligence sources said the air base was Libya's most important military installation in Chad .PERIOD
</s>
</p>
<p.87.001.870323-0014.21>
<s.87.001.870323-0014.21.1>
Died :COLON Robert Preston ,COMMA sixty eight ,COMMA actor ,COMMA Saturday ,COMMA in Santa Barbara ,COMMA California ,COMMA of cancer .PERIOD
</s>
</p>
<p.87.001.870323-0013.1>
<s.87.001.870323-0013.1.1>
The Federal Communications Commission turned down a request by Fairness in Media to reconsider an earlier decision that control of C. B. S. Incorporated wasn't improperly transferred to Loews Corporation ,COMMA or its chairman ,COMMA Laurence Tisch .PERIOD
</s>
</p>
<p.87.001.870323-0013.2>
<s.87.001.870323-0013.2.1>
The agency said that Fairness in Media ,COMMA a conservative advocacy group ,COMMA hadn't presented any evidence of specific exercises of control by Mr. Tisch ,COMMA and hadn't demonstrated that C. B. S.'s board had lost its independence .PERIOD
</s>
</p>
<p.87.001.870323-0013.3>
<s.87.001.870323-0013.3.1>
Mr. Tisch is also chief executive officer of C. B. S. Loews owns a twenty four .POINT nine %PERCENT stake in the New York -HYPHEN based broadcasting company .PERIOD
</s>
</p>
<p.87.001.870323-0012.1>
<s.87.001.870323-0012.1.1>
Electronic Mail Corporation of America said that it received two hundred thousand dollars in a short -HYPHEN term loan and that its president resigned .PERIOD
</s>
</p>
<p.87.001.870323-0012.2>
<s.87.001.870323-0012.2.1>
The financially troubled provider of electronic telecommunications services ,COMMA which has been trying to obtain financing to maintain operations ,COMMA said it had received two hundred thousand dollars in short -HYPHEN term financing from a lending group that included investment units of PaineWebber Incorporated and E. F. Hutton Group Incorporated .PERIOD
</s>
<s.87.001.870323-0012.2.2>
The company still needs additional financing and is discussing the possibility with a number of financial sources ,COMMA a company spokesman added .PERIOD
</s>
</p>
<p.87.001.870323-0012.3>
<s.87.001.870323-0012.3.1>
Electronic Mail also said its president ,COMMA J. R. Moman ,COMMA resigned and will be succeeded by Joshua N. Graham .PERIOD
</s>
<s.87.001.870323-0012.3.2>
Mr. Graham ,COMMA currently chairman and chief executive officer ,COMMA will continue to hold those positions .PERIOD
</s>
<s.87.001.870323-0012.3.3>
The company spokesman declined to comment on Mr. Moman's resignation .PERIOD
</s>
<s.87.001.870323-0012.3.4>
Mr. Moman couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870323-0011.1>
<s.87.001.870323-0011.1.1>
The Energy Department ordered its three weapons -HYPHEN production nuclear reactors in South Carolina to reduce to half power after the National Academy of Sciences warned that the plants were operating beyond their capacity to handle certain accidents .PERIOD
</s>
</p>
<p.87.001.870323-0011.2>
<s.87.001.870323-0011.2.1>
Energy Secretary John Herrington on Friday told officials at the Savannah River reactors to lower the plants' power level and asked the contractor ,COMMA Du Pont Company ,COMMA to calculate what level of power is appropriate to meet the concerns of the academy .PERIOD
</s>
</p>
<p.87.001.870323-0011.3>
<s.87.001.870323-0011.3.1>
The academy recently told the Energy Department that it couldn't "DOUBLE-QUOTE conclude with confidence "DOUBLE-QUOTE that significant core damage would be avoided if there was a severe loss -HYPHEN of -HYPHEN coolant accident .PERIOD
</s>
<s.87.001.870323-0011.3.2>
That type of accident is considered dangerous because it can leave the reactor's core without water needed to prevent steam from building up to explosive levels or fuel rods from melting .PERIOD
</s>
</p>
<p.87.001.870323-0011.4>
<s.87.001.870323-0011.4.1>
The power cutbacks lower the Energy Department's capacity to produce material for nuclear weapons .PERIOD
</s>
<s.87.001.870323-0011.4.2>
The cutbacks could be temporary depending on results from additional tests that will be conducted ,COMMA a department spokeswoman said .PERIOD
</s>
</p>
<p.87.001.870323-0010.1>
<s.87.001.870323-0010.1.1>
American Motors Corporation said its board met here Friday but took no action on Chrysler Corporation's bid to acquire the company .PERIOD
</s>
</p>
<p.87.001.870323-0010.2>
<s.87.001.870323-0010.2.1>
A. M. C. ,COMMA based in Southfield ,COMMA Michigan ,COMMA said the board discussed the proposal and will continue its review .PERIOD
</s>
<s.87.001.870323-0010.2.2>
It was the second board meeting since Chrysler made its proposal March ninth .PERIOD
</s>
</p>
<p.87.001.870323-0010.3>
<s.87.001.870323-0010.3.1>
A. M. C. said the board also voted to postpone the annual meeting scheduled April twenty ninth .PERIOD
</s>
<s.87.001.870323-0010.3.2>
A new date wasn't set .PERIOD
</s>
<s.87.001.870323-0010.3.3>
The auto maker said the next board meeting is scheduled April twenty ninth ,COMMA but that directors are expected to meet again before that date .PERIOD
</s>
</p>
<p.87.001.870323-0010.4>
<s.87.001.870323-0010.4.1>
On March ninth ,COMMA Highland Park ,COMMA Michigan -HYPHEN based Chrysler said it agreed to acquire from Regie Nationale des Usines Renault its forty six .POINT one %PERCENT stake in A. M. C. and proposed to buy the rest of A. M. C. in a stock swap valued at four dollars a share .PERIOD
</s>
<s.87.001.870323-0010.4.2>
The total transaction is valued at as much as one .POINT one one billion dollars .PERIOD
</s>
</p>
<p.87.001.870323-0010.5>
<s.87.001.870323-0010.5.1>
Some investors have speculated that struggling A. M. C. may try to pressure Chrysler to sweeten its offer .PERIOD
</s>
<s.87.001.870323-0010.5.2>
In New York Stock Exchange composite trading Friday ,COMMA A. M. C. shares closed at four dollars and fifty cents ,COMMA up twelve .POINT five cents ,COMMA and Chrysler shares closed at fifty four .POINT one two five dollars ,COMMA up sixty two .POINT five cents .PERIOD
</s>
</p>
<p.87.001.870323-0009.1>
<s.87.001.870323-0009.1.1>
A Pentagon appeals board ruled that Lester Crown ,COMMA a General Dynamics Corporation director ,COMMA can retain his security clearance .PERIOD
</s>
</p>
<p.87.001.870323-0009.2>
<s.87.001.870323-0009.2.1>
The matter had been under review because Mr. Crown had been named an unindicted co -HYPHEN conspirator in a nineteen seventy two bribery case in Illinois .PERIOD
</s>
<s.87.001.870323-0009.2.2>
A recent change in Pentagon rules said being named an unindicted co -HYPHEN conspirator could be grounds for revocation of a person's clearance ,COMMA though such revocation isn't automatic .PERIOD
</s>
</p>
<p.87.001.870323-0009.3>
<s.87.001.870323-0009.3.1>
Had the Pentagon revoked Mr. Crown's clearance ,COMMA the company would have been forced to remove him from the board to remain eligible to handle classified Defense Department contracts .PERIOD
</s>
</p>
<p.87.001.870323-0008.1>
<s.87.001.870323-0008.1.1>
ARBITRAGER SALIM LEWIS allegedly asked Boyd Jefferies to manipulate the stock of Fireman's Fund last year ,COMMA sources said .PERIOD
</s>
<s.87.001.870323-0008.1.2>
The government is trying to determine if anyone at American Express ,COMMA Shearson Lehman or Salomon Brothers asked Lewis to set up the arrangement .PERIOD
</s>
<s.87.001.870323-0008.1.3>
The inquiry represents a further widening of the securities industry scandal .PERIOD
</s>
</p>
<p.87.001.870323-0008.2>
<s.87.001.870323-0008.2.1>
John Shad's departure as S. E. C. chairman isn't expected to bring any letup in enforcement or deregulation .PERIOD
</s>
<s.87.001.870323-0008.2.2>
More names emerged as a possible successor to Shad ,COMMA who is to become ambassador to the Netherlands .PERIOD
</s>
</p>
<p.87.001.870323-0008.3>
<s.87.001.870323-0008.3.1>
Friday's triple witching hour was a bit tamer than the previous quarter ,COMMA and stock and futures prices climbed to records .PERIOD
</s>
<s.87.001.870323-0008.3.2>
The Dow Jones industrials closed above two thousand ,COMMA three hundred for the first time ,COMMA rising thirty three .POINT nine five points to two thousand ,COMMA three hundred thirty three .POINT five two .PERIOD
</s>
</p>
<p.87.001.870323-0008.4>
<s.87.001.870323-0008.4.1>
Thrift regulators have been trying for months to find a buyer for Financial Corporation of America ,COMMA sources said .PERIOD
</s>
<s.87.001.870323-0008.4.2>
But they add that prospects aren't good that the parent of the nation's largest thrift will be sold soon .PERIOD
</s>
</p>
<p.87.001.870323-0008.5>
<s.87.001.870323-0008.5.1>
The U. S. is likely to decide this week to impose sanctions on Japanese microchip producers for violating a semiconductor trade accord .PERIOD
</s>
</p>
<p.87.001.870323-0008.6>
<s.87.001.870323-0008.6.1>
Ivan Boesky was sued by a group of limited partners ,COMMA who alleged the arbitrager misled them .PERIOD
</s>
<s.87.001.870323-0008.6.2>
The suit also names a law firm ,COMMA the first to become a defendant in the current scandal .PERIOD
</s>
</p>
<p.87.001.870323-0008.7>
<s.87.001.870323-0008.7.1>
Ways and Means Chairman Rostenkowski is leaning toward a boost in the gasoline tax to help cut the deficit .PERIOD
</s>
<s.87.001.870323-0008.7.2>
At the same time ,COMMA he is against a proposed tax on stock transactions .PERIOD
</s>
</p>
<p.87.001.870323-0008.8>
<s.87.001.870323-0008.8.1>
The New York Merc and Comex are laying the groundwork for a merger of the two futures exchanges ,COMMA according to officials .PERIOD
</s>
</p>
<p.87.001.870323-0008.9>
<s.87.001.870323-0008.9.1>
Dart Group stepped up efforts to acquire Supermarkets General .PERIOD
</s>
<s.87.001.870323-0008.9.2>
The company requested access to data it said the food retailer is providing to other prospective bidders .PERIOD
</s>
</p>
<p.87.001.870323-0008.10>
<s.87.001.870323-0008.10.1>
Brazil's foreign banks may withdraw up to three billion dollars in short -HYPHEN term credits soon ,COMMA bankers said .PERIOD
</s>
<s.87.001.870323-0008.10.2>
Meanwhile ,COMMA the Philippines' foreign banks agreed on an unusual debt plan .PERIOD
</s>
</p>
<p.87.001.870323-0008.11>
<s.87.001.870323-0008.11.1>
Dixons Group's takeover of Cyclops Corporation stalled .PERIOD
</s>
<s.87.001.870323-0008.11.2>
The British company was pressured by the S. E. C. to reopen its three hundred eighty four million dollar tender offer for the Pittsburgh -HYPHEN based concern .PERIOD
</s>
</p>
<p.87.001.870323-0008.12>
<s.87.001.870323-0008.12.1>
C. O. M. B. agreed to buy the half of Cable Value Network it doesn't already own for warrants convertible to common stock .PERIOD
</s>
<s.87.001.870323-0008.12.2>
The value of the pact couldn't be determined immediately .PERIOD
</s>
</p>
<p.87.001.870323-0008.13>
<s.87.001.870323-0008.13.1>
Ecolab signed a definitive accord to buy ChemLawn for three hundred seventy million dollars ,COMMA apparently scuttling Waste Management's hostile takeover bid .PERIOD
</s>
</p>
<p.87.001.870323-0008.14>
<s.87.001.870323-0008.14.1>
A. T. &AMPERSAND T.'s cash flow exceeded expectations for the first two months of nineteen eighty seven ,COMMA Chairman James Olson said .PERIOD
</s>
</p>
<p.87.001.870323-0008.15>
<s.87.001.870323-0008.15.1>
Texas Air is facing employee resistance as it moves to consoliate its diverse family of airlines .PERIOD
</s>
</p>
<p.87.001.870323-0008.16>
<s.87.001.870323-0008.16.1>
Pan Am reported a one hundred ninety seven .POINT five million dollar loss for the fourth quarter ,COMMA worse than it predicted .PERIOD
</s>
<s.87.001.870323-0008.16.2>
The carrier also expects a loss for the first quarter .PERIOD
</s>
</p>
<p.87.001.870323-0008.17>
<s.87.001.870323-0008.17.1>
Stocks :COLON Volume two hundred thirty four million ,COMMA ten thousand shares .PERIOD
</s>
<s.87.001.870323-0008.17.2>
Dow Jones industrials two thousand ,COMMA three hundred thirty three .POINT five two ,COMMA up thirty three .POINT nine five ;SEMI-COLON transportation nine hundred forty eight .POINT eight nine ,COMMA up three .POINT oh three ;SEMI-COLON utilities two hundred twenty .POINT one two ,COMMA up three .POINT one seven .PERIOD
</s>
</p>
<p.87.001.870323-0008.18>
<s.87.001.870323-0008.18.1>
Bonds :COLON Dow Jones twenty bonds ninety four .POINT eight five ,COMMA off zero .POINT zero nine .PERIOD
</s>
</p>
<p.87.001.870323-0008.19>
<s.87.001.870323-0008.19.1>
Commodities :COLON Dow Jones futures index one hundred thirteen .POINT seven two ,COMMA up zero .POINT two nine ;SEMI-COLON spot index one hundred thirteen .POINT three nine ,COMMA off zero .POINT four one .PERIOD
</s>
</p>
<p.87.001.870323-0007.1>
<s.87.001.870323-0007.1.1>
Differences over the status of West Berlin have held up an agreement between the Common Market and the Soviet -HYPHEN led Comecon trading bloc aimed at ending thirty years of mutual non -HYPHEN recognition .PERIOD
</s>
</p>
<p.87.001.870323-0007.2>
<s.87.001.870323-0007.2.1>
Three days of talks by senior officials ended Friday without an accord on a draft declaration that would establish formal relations between the two blocs and a framework for future cooperation on trade and other matters .PERIOD
</s>
</p>
<p.87.001.870323-0007.3>
<s.87.001.870323-0007.3.1>
A European Community statement said that "DOUBLE-QUOTE some progress was made toward clarifying positions and bringing them closer together .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0007.3.2>
Both sides agreed on another meeting ,COMMA but no date was set .PERIOD
</s>
</p>
<p.87.001.870323-0007.4>
<s.87.001.870323-0007.4.1>
The E. C. insists that the accord refer to West Berlin as an integral part of the community .PERIOD
</s>
<s.87.001.870323-0007.4.2>
So far this has been rejected by Comecon ,COMMA formally the Council for Mutual Economic Assistance ,COMMA which doesn't recognize West Berlin as part of West Germany .PERIOD
</s>
</p>
<p.87.001.870323-0007.5>
<s.87.001.870323-0007.5.1>
Comecon has bowed to the E. C.'s demand that recognition of the Eastern -HYPHEN bloc group won't hinder the community's trade relations with individual Comecon countries .PERIOD
</s>
<s.87.001.870323-0007.5.2>
The community ,COMMA which had a five billion dollar trade deficit with Comecon nations last year ,COMMA maintains that the trading bloc has no legal authority to negotiate on behalf of its ten members ,COMMA as the twelve -HYPHEN nation E. C. does under the Treaty of Rome .PERIOD
</s>
<s.87.001.870323-0007.5.3>
E. C. negotiations on trade accords with Romania ,COMMA Czechoslovakia and Hungary are at an advanced stage .PERIOD
</s>
</p>
<p.87.001.870323-0006.1>
<s.87.001.870323-0006.1.1>
The University of California ,COMMA Los Angeles ,COMMA recognized a fifteen million dollar gift from a local executive by renaming U. C. L. A.'s business school the John E. Anderson Graduate School of Management .PERIOD
</s>
</p>
<p.87.001.870323-0006.2>
<s.87.001.870323-0006.2.1>
The gift from Mr. Anderson ,COMMA sixty nine -HYPHEN year -HYPHEN old founder and owner of Topa Equities Limited ,COMMA and from his wife ,COMMA Marion ,COMMA is the largest single private contribution in the history of the California university system ,COMMA U. C. L. A. said .PERIOD
</s>
<s.87.001.870323-0006.2.2>
The donation initiates a drive to raise fifty million dollars of private and state funds for a new business school building on the Westwood campus ,COMMA according to a U. C. L. A. spokeswoman .PERIOD
</s>
</p>
<p.87.001.870323-0006.3>
<s.87.001.870323-0006.3.1>
Mr. Anderson graduated from U. C. L. A. in nineteen forty and ,COMMA after earning a Harvard M. B. A. degree and a law degree ,COMMA became a founding partner of the Los Angeles law firm of Kindel and Anderson .PERIOD
</s>
<s.87.001.870323-0006.3.2>
Topa Equities is a closely held holding company for financial services ,COMMA beverage distribution and real estate operations ,COMMA with annual sales of about three hundred fifty million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0006.4>
<s.87.001.870323-0006.4.1>
The U. C. L. A. graduate management school currently has about one thousand ,COMMA two hundred students in its masters and doctoral programs .PERIOD
</s>
</p>
<p.87.001.870323-0005.1>
<s.87.001.870323-0005.1.1>
French Prime Minister Jacques Chirac and officials of Walt Disney Company tomorrow will sign the final contract bringing a two billion dollar amusement park to a Paris suburb by nineteen ninety two .PERIOD
</s>
</p>
<p.87.001.870323-0005.2>
<s.87.001.870323-0005.2.1>
The signing will follow nearly two years of negotiations since Disney narrowed its choice for a European park to Spain and France .PERIOD
</s>
<s.87.001.870323-0005.2.2>
The company signed an initial agreement on the park with then -HYPHEN French Premier Laurent Fabius in December nineteen eighty five ,COMMA but negotiations were delayed after the change in French governments last March .PERIOD
</s>
</p>
<p.87.001.870323-0005.3>
<s.87.001.870323-0005.3.1>
The French Communist Party had raised objections about proposed working conditions ,COMMA the right -HYPHEN wing National Front Party objected to the potential hiring of immigrants to work there ,COMMA and local groups opposed some of the details of the proposed one thousand ,COMMA two hundred -HYPHEN acre first phase .PERIOD
</s>
<s.87.001.870323-0005.3.2>
Eventually ,COMMA the park is expected to employ thirty thousand people and be host to ten million visitors a year .PERIOD
</s>
</p>
<p.87.001.870323-0005.4>
<s.87.001.870323-0005.4.1>
French officials said a private company would be created ,COMMA with sixty %PERCENT owned by French interests and as much as forty %PERCENT by American interests ,COMMA including Disney's seventeen %PERCENT share .PERIOD
</s>
<s.87.001.870323-0005.4.2>
Disney ,COMMA a Burbank ,COMMA California -HYPHEN based entertainment concern ,COMMA will supervise construction and control park management .PERIOD
</s>
<s.87.001.870323-0005.4.3>
The government agreed to extend the Paris subway system to the park site ,COMMA at Marne -HYPHEN la -HYPHEN Vallee ,COMMA about twenty five miles east of Paris .PERIOD
</s>
</p>
<p.87.001.870323-0005.5>
<s.87.001.870323-0005.5.1>
The Paris park will be Disney's second outside the U. S. .PERIOD
</s>
<s.87.001.870323-0005.5.2>
The first ,COMMA in Tokyo ,COMMA opened four years ago .PERIOD
</s>
</p>
<p.87.001.870323-0004.1>
<s.87.001.870323-0004.1.1>
Ecolab Incorporated said it signed a definitive agreement to buy ChemLawn Corporation for about three hundred seventy million dollars ,COMMA or thirty six dollars and fifty cents a share ,COMMA apparently scuttling Waste Management Corporation's hostile takeover bid for ChemLawn .PERIOD
</s>
</p>
<p.87.001.870323-0004.2>
<s.87.001.870323-0004.2.1>
Ecolab's surprise bid came on the heels of Waste Management's sweetened offer on Friday of thirty five dollars a share for ChemLawn .PERIOD
</s>
<s.87.001.870323-0004.2.2>
ChemLawn ,COMMA a Columbus ,COMMA Ohio ,COMMA lawn care concern ,COMMA had been seeking a friendly suitor since it rejected Waste Management's initial twenty seven dollars a share offer in February .PERIOD
</s>
</p>
<p.87.001.870323-0004.3>
<s.87.001.870323-0004.3.1>
A Waste Management spokesman yesterday said the Oak Brook ,COMMA Illinois -HYPHEN based waste disposal concern wouldn't have any immediate comment on the announcement .PERIOD
</s>
<s.87.001.870323-0004.3.2>
Waste Management said only one hundred twenty one ChemLawn shares had been tendered to it by last Thursday .PERIOD
</s>
</p>
<p.87.001.870323-0004.4>
<s.87.001.870323-0004.4.1>
The acquisition announcement was made after the markets closed Friday .PERIOD
</s>
<s.87.001.870323-0004.4.2>
In New York Stock Exchange composite trading Friday ,COMMA Ecolab shares closed at thirty .POINT eight seven five dollars ,COMMA down twelve .POINT five cents .PERIOD
</s>
<s.87.001.870323-0004.4.3>
In national over -HYPHEN the -HYPHEN counter trading ChemLawn shares rose one .POINT eight seven five dollars to thirty six dollars .PERIOD
</s>
</p>
<p.87.001.870323-0004.5>
<s.87.001.870323-0004.5.1>
In an interview ,COMMA Pierson M. Grieve ,COMMA chairman ,COMMA president and chief executive officer of Saint Paul ,COMMA Minnesota -HYPHEN based Ecolab ,COMMA said his company approached ChemLawn with a friendly offer on February twenty seventh ,COMMA the day after Waste Management made its initial bid .PERIOD
</s>
<s.87.001.870323-0004.5.2>
Neither company disclosed Ecolab's interest at the time and ChemLawn said it had instructed its financial advisor ,COMMA Smith Barney ,COMMA Harris Upham &AMPERSAND Company ,COMMA to look for other purchasers .PERIOD
</s>
<s.87.001.870323-0004.5.3>
Meanwhile ,COMMA ChemLawn adopted a shareholder rights plan designed to fend off hostile bidders .PERIOD
</s>
</p>
<p.87.001.870323-0004.6>
<s.87.001.870323-0004.6.1>
In a brief statement Friday ,COMMA ChemLawn said it had dropped the shareholder rights plan .PERIOD
</s>
<s.87.001.870323-0004.6.2>
Mr. Grieve said Ecolab decided to make a pre -HYPHEN emptive offer for ChemLawn before Waste Management raised its bid .PERIOD
</s>
</p>
<p.87.001.870323-0004.7>
<s.87.001.870323-0004.7.1>
Ecolab's offer is conditioned on the tender of at least five .POINT three million ChemLawn shares and gives Ecolab an option to buy all ChemLawn's authorized unissued shares for thirty six dollars and fifty cents each if there is another higher bid .PERIOD
</s>
<s.87.001.870323-0004.7.2>
Mr. Grieve also said holders of twenty five %PERCENT of ChemLawn's outstanding shares have agreed to tender them to Ecolab .PERIOD
</s>
<s.87.001.870323-0004.7.3>
If the transaction isn't completed ,COMMA under certain conditions ,COMMA ChemLawn has agreed to pay Ecolab twenty million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0004.8>
<s.87.001.870323-0004.8.1>
"DOUBLE-QUOTE We feel we've locked it up pretty tight ,COMMA "DOUBLE-QUOTE Mr. Grieve said .PERIOD
</s>
</p>
<p.87.001.870323-0004.9>
<s.87.001.870323-0004.9.1>
Ecolab makes cleaning and sanitizing products for institutions and was formerly known as Economics Laboratory Incorporated .PERIOD
</s>
<s.87.001.870323-0004.9.2>
For its second quarter ended December thirty first ,COMMA Ecolab had net income of ten .POINT six million dollars ,COMMA or forty cents a share ,COMMA on sales of four hundred twenty one .POINT eight million dollars .PERIOD
</s>
<s.87.001.870323-0004.9.3>
Earnings included a two million dollar gain from the sale of assets .PERIOD
</s>
<s.87.001.870323-0004.9.4>
The company had net income for its fiscal year ended June thirtieth ,COMMA nineteen eighty six ,COMMA of forty three .POINT seven million dollars ,COMMA or one dollar and sixty two cents a share ,COMMA on sales of eight hundred twelve .POINT nine million dollars .PERIOD
</s>
</p>
<p.87.001.870323-0004.10>
<s.87.001.870323-0004.10.1>
Mr. Grieve said the ChemLawn acquisition should boost Ecolab's earnings for the remainder of the fiscal year since Ecolab's results will include ChemLawn's seasonally strongest quarter .PERIOD
</s>
<s.87.001.870323-0004.10.2>
That benefit is likely to be nearly offset in fiscal nineteen eighty eight as ChemLawn's full -HYPHEN year results are absorbed ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870323-0004.12>
<s.87.001.870323-0004.12.1>
Analysts expressed surprise at the size of the Ecolab bid and Mr. Grieve acknowledged the bid was "DOUBLE-QUOTE a full price .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0004.12.2>
But he said Ecolab expects that its sales expertise will help improve ChemLawn's future earnings .PERIOD
</s>
<s.87.001.870323-0004.12.3>
"DOUBLE-QUOTE This wasn't an opportunistic move ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870323-0004.12.4>
"DOUBLE-QUOTE It fulfills our longstanding strategic plan to move into the residential services market .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.1>
<s.87.001.870323-0003.1.1>
Abraham Sofaer ,COMMA the State Department's legal adviser and a former federal judge ,COMMA isn't used to being on the receiving end of harsh verdicts .PERIOD
</s>
<s.87.001.870323-0003.1.2>
But recently some senators called his work "DOUBLE-QUOTE absurd ,COMMA "DOUBLE-QUOTE "DOUBLE-QUOTE illogical "DOUBLE-QUOTE and "DOUBLE-QUOTE distorted .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.2>
<s.87.001.870323-0003.2.1>
Mr. Sofaer is the author of a controversial reinterpretation of the nineteen seventy two Antiballistic Missile Treaty that would permit wider testing of President Reagan's "DOUBLE-QUOTE Star Wars "DOUBLE-QUOTE defense system .PERIOD
</s>
<s.87.001.870323-0003.2.2>
Many arms control experts claim his reading is politically motivated and would gut the treaty by contradicting fifteen years of established practice under the U. S. -HYPHEN Soviet pact .PERIOD
</s>
</p>
<p.87.001.870323-0003.3>
<s.87.001.870323-0003.3.1>
The aggressive Mr. Sofaer ,COMMA who has a strong influence on many foreign policy issues ,COMMA may be upsetting the delicate balance between his dual roles as the secretary of state's lawyer and the senior U. S. official charged with making sure that foreign policy conforms to international law .PERIOD
</s>
<s.87.001.870323-0003.3.2>
Too often ,COMMA he is perceived as being out in front of the parade ,COMMA rather than keeping an eye on the procession .PERIOD
</s>
</p>
<p.87.001.870323-0003.4>
<s.87.001.870323-0003.4.1>
"DOUBLE-QUOTE I think he's smart ,COMMA but I also feel he's applying his talents in directions that are not necessarily consistent with what the State Department should be doing ,COMMA "DOUBLE-QUOTE says Senator Carl Levin ,COMMA a member of the Armed Services Committee .PERIOD
</s>
<s.87.001.870323-0003.4.2>
"DOUBLE-QUOTE I don't view the State Department's position as undermining treaties ,COMMA "DOUBLE-QUOTE adds the Michigan Democrat .PERIOD
</s>
</p>
<p.87.001.870323-0003.5>
<s.87.001.870323-0003.5.1>
Last week ,COMMA Mr. Sofaer ,COMMA forty eight years old ,COMMA angered even his supporters by trying to deflect some of the congressional criticism of his interpretation on the Antiballistic Missile Treaty by blaming a young staff lawyer for careless research .PERIOD
</s>
<s.87.001.870323-0003.5.2>
The remark angered the White House ,COMMA which fears Mr. Sofaer may have undercut his interpretation ,COMMA and prompted some protesting staff members to don yellow stickers saying ,COMMA "DOUBLE-QUOTE I am not a young lawyer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.6>
<s.87.001.870323-0003.6.1>
Arms control is only one of the issues in which the feisty ,COMMA five -HYPHEN foot -HYPHEN four -HYPHEN inch legal adviser is embroiled .PERIOD
</s>
<s.87.001.870323-0003.6.2>
Justice Department officials claim that he was too soft on Israel when he headed a task force investigating Jonathan Pollard ,COMMA a U. S. analyst convicted of spying for Israel .PERIOD
</s>
<s.87.001.870323-0003.6.3>
And international lawyers complain that he is on shaky ground when he pushes his hard -HYPHEN line view that the U. S. has the legal right to kidnap suspected terrorists and use force against states that harbor them .PERIOD
</s>
</p>
<p.87.001.870323-0003.7>
<s.87.001.870323-0003.7.1>
Some experts fear that the result may be that the U. S. ,COMMA once in the forefront of developing international law ,COMMA now is seen by some other nations as bending statutes to suit its national security goals .PERIOD
</s>
<s.87.001.870323-0003.7.2>
They cite such incidents as last year's naval maneuvers near the Gulf of Sidra as a thinly disguised attempt to use international law concerning freedom of navigation as an excuse to provoke Libya into attacking U. S. ships .PERIOD
</s>
</p>
<p.87.001.870323-0003.8>
<s.87.001.870323-0003.8.1>
"DOUBLE-QUOTE He has to be not only the advocate ,COMMA but the legal conscience of the country ,COMMA "DOUBLE-QUOTE says Richard Bilder ,COMMA professor of law at the University of Wisconsin and a former attorney in the legal adviser's office .PERIOD
</s>
<s.87.001.870323-0003.8.2>
"DOUBLE-QUOTE Part of his job is reflecting the point of view that international law has its own integrity ,COMMA and that the long -HYPHEN term interests of the country are best served by a policy of respect for international law .PERIOD
</s>
<s.87.001.870323-0003.8.3>
There are some of us who believe he has not done as much as we'd like to see in that area .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.9>
<s.87.001.870323-0003.9.1>
Mr. Sofaer declined to be interviewed for this article .PERIOD
</s>
</p>
<p.87.001.870323-0003.10>
<s.87.001.870323-0003.10.1>
Delicate and diplomatic are two words that aren't usually associated with Mr. Sofaer .PERIOD
</s>
<s.87.001.870323-0003.10.2>
"DOUBLE-QUOTE He's a very bright fellow ,COMMA but he has no experience in international law and seems to leap at very radical conclusions based on what looks like superficial research ,COMMA "DOUBLE-QUOTE says Alfred Rubin ,COMMA professor of international law at Tufts University's Fletcher School of Law and Diplomacy .PERIOD
</s>
</p>
<p.87.001.870323-0003.11>
<s.87.001.870323-0003.11.1>
Unlike most of his cautious predecessors ,COMMA who dispensed behind -HYPHEN the -HYPHEN scenes legal advice to the department's bureaucracy ,COMMA Abe Sofaer's ingenuity and boundless energy have made him a high -HYPHEN profile foreign policy player and given him direct access to the secretary of state ,COMMA George Shultz .PERIOD
</s>
</p>
<p.87.001.870323-0003.12>
<s.87.001.870323-0003.12.1>
Late one evening in October nineteen eighty five ,COMMA for instance ,COMMA Mr. Sofaer was finishing his controversial reinterpretation of the U. S. -HYPHEN Soviet arms control agreement ,COMMA which was due the next day ,COMMA when he learned the U. S. had forced down an Egyptian aircraft carrying terrorists who had killed an American .PERIOD
</s>
<s.87.001.870323-0003.12.2>
Immediately convening a legal task force to study extradition procedures ,COMMA he worked through the night ,COMMA shuttling between both projects and keeping himself and the staff awake by ordering endless rounds of pizza and singing operatic arias in his rich baritone voice .PERIOD
</s>
<s.87.001.870323-0003.12.3>
He produced a novel theory of using piracy laws to go after terrorists .PERIOD
</s>
</p>
<p.87.001.870323-0003.13>
<s.87.001.870323-0003.13.1>
He has some other novel ideas too .PERIOD
</s>
<s.87.001.870323-0003.13.2>
Concerning the kidnapping of suspected terrorists ,COMMA for instance ,COMMA he once said ,COMMA "DOUBLE-QUOTE You might just find a fellow somewhere --DASH all tied up .PERIOD
</s>
<s.87.001.870323-0003.13.3>
He might be sent to a country where we have an effective extradition treaty .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870323-0003.13.4>
Wouldn't that be illegal kidnapping ?QUESTION-MARK he was asked .PERIOD
</s>
<s.87.001.870323-0003.13.5>
"DOUBLE-QUOTE We're talking about informal civilized arrangements with friends ,COMMA "DOUBLE-QUOTE he replied with a smile .PERIOD
</s>
</p>
<p.87.001.870323-0003.14>
<s.87.001.870323-0003.14.1>
A senior administration official says Mr. Sofaer's views in part are colored by his early months on the job ,COMMA when he was closely questioned by conservatives because he had been appointed to the bench in New York by President Carter ,COMMA following a distinguished career as a law professor at Columbia University .PERIOD
</s>
<s.87.001.870323-0003.14.2>
He is a member of a slim minority within a minority --DASH a Jew raised in Bombay ,COMMA India ,COMMA by parents of Iraqi origin .PERIOD
</s>
</p>
<p.87.001.870323-0003.15>
<s.87.001.870323-0003.15.1>
The senior official ,COMMA who has had many dealings with Mr. Sofaer ,COMMA says that in conversations ,COMMA the former judge goes out of his way to support "DOUBLE-QUOTE the aims of the administration ,COMMA "DOUBLE-QUOTE and to "DOUBLE-QUOTE pepper his conversations with references of support for the president .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.16>
<s.87.001.870323-0003.16.1>
Nevertheless ,COMMA there is broad agreement that Mr. Sofaer has brought a new prominence to the tiny legal adviser's office .PERIOD
</s>
<s.87.001.870323-0003.16.2>
For example ,COMMA the bureau ,COMMA known as "DOUBLE-QUOTE L. "DOUBLE-QUOTE in the department's bureaucratic parlance ,COMMA was put in charge when Secretary Shultz set up a task force to provide information to the various agencies and committees investigating the Iran -HYPHEN Contra scandal .PERIOD
</s>
<s.87.001.870323-0003.16.3>
"DOUBLE-QUOTE It's the first I can remember us heading anything up ,COMMA "DOUBLE-QUOTE says Michael Kozak ,COMMA a sixteen -HYPHEN year veteran .PERIOD
</s>
</p>
<p.87.001.870323-0003.17>
<s.87.001.870323-0003.17.1>
Four days after Mr. Sofaer was appointed to the office ,COMMA in June nineteen eighty five ,COMMA he plunged into his work when hijackers seized a Trans World Airlines jet in the Middle East and killed an American passenger .PERIOD
</s>
<s.87.001.870323-0003.17.2>
He quickly saw a way to satisfy the terrorists' demand that certain Shiite prisoners in Israel be released .PERIOD
</s>
<s.87.001.870323-0003.17.3>
Several years earlier ,COMMA the U. S. had stated that the prisoners were being held illegally and should be freed ,COMMA so ,COMMA Mr. Sofaer reasoned ,COMMA all the administration had to do was restate its position .PERIOD
</s>
<s.87.001.870323-0003.17.4>
He took the idea directly to Mr. Shultz ,COMMA who agreed .PERIOD
</s>
</p>
<p.87.001.870323-0003.18>
<s.87.001.870323-0003.18.1>
"DOUBLE-QUOTE There is a sense of energy and competence in the bureau now ,COMMA "DOUBLE-QUOTE adds Elliott Abrams ,COMMA Assistant Secretary of State for Inter -HYPHEN American Affairs .PERIOD
</s>
<s.87.001.870323-0003.18.2>
"DOUBLE-QUOTE People very much want the legal adviser's views and care what he thinks .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.19>
<s.87.001.870323-0003.19.1>
Justice Department officials ,COMMA however ,COMMA criticize Mr. Sofaer's handling of the Pollard spy case .PERIOD
</s>
<s.87.001.870323-0003.19.2>
After he led a joint State -HYPHEN Justice investigating team to Israel in December nineteen eighty five ,COMMA he said Jerusalem had been fully cooperative ,COMMA when ,COMMA in fact ,COMMA the Israelis had withheld information from the team .PERIOD
</s>
<s.87.001.870323-0003.19.3>
William Webster ,COMMA director of the Federal Bureau of Investigation (LEFT-PAREN who recently was selected by President Reagan to take over as director of the Central Intelligence Agency )RIGHT-PAREN ,COMMA said Israel had provided only "DOUBLE-QUOTE selective cooperation .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0003.20>
<s.87.001.870323-0003.20.1>
Mr. Sofaer's supporters say Justice officials aren't accustomed to the delicate diplomacy needed when dealing with sovereign states .PERIOD
</s>
<s.87.001.870323-0003.20.2>
They assert that Mr. Sofaer's method produced more ,COMMA not less ,COMMA cooperation from Israel .PERIOD
</s>
</p>
<p.87.001.870323-0002.1>
<s.87.001.870323-0002.1.1>
Individual retirement account (LEFT-PAREN I. R. A. )RIGHT-PAREN dollars are helping stoke the continuing stock market rally ,COMMA but they can also dilute returns for some mutual fund shareholders .PERIOD
</s>
</p>
<p.87.001.870323-0002.2>
<s.87.001.870323-0002.2.1>
Heavy cash infusions in a soaring market can be a mixed blessing for the many equity fund managers obliged to stay fully invested in stocks .PERIOD
</s>
<s.87.001.870323-0002.2.2>
The new cash -HYPHEN in -HYPHEN hand just hasn't had enough time to earn as much as the "DOUBLE-QUOTE old "DOUBLE-QUOTE part of the portfolio ,COMMA weakening the overall return .PERIOD
</s>
<s.87.001.870323-0002.2.3>
"DOUBLE-QUOTE It's an arithmetic question and an arithmetic answer .PERIOD
</s>
<s.87.001.870323-0002.2.4>
The smaller the fund the more potential for underperformance ,COMMA "DOUBLE-QUOTE says William W. Hewitt ,COMMA an executive vice president at Shearson Lehman Brothers Incorporated ,COMMA a unit of American Express Company New funds --DASH latecomers in a rising market --DASH are particularly susceptible .PERIOD
</s>
</p>
<p.87.001.870323-0002.3>
<s.87.001.870323-0002.3.1>
Just how much I. R. A. money is flowing into the stock market through funds these days is hard to pin down ,COMMA since hard data lags by several months .PERIOD
</s>
</p>
<p.87.001.870323-0002.4>
<s.87.001.870323-0002.4.1>
"DOUBLE-QUOTE January was a huge sales month with some modest shift to equity sales ,COMMA "DOUBLE-QUOTE says Al Johnson ,COMMA chief economist for the Investment Company Institute ,COMMA an industry trade group .PERIOD
</s>
</p>
<p.87.001.870323-0002.5>
<s.87.001.870323-0002.5.1>
Overall new sales of equity mutual funds (LEFT-PAREN excluding dividend reinvestment )RIGHT-PAREN jumped to six .POINT five one billion dollars in January from four .POINT nine seven billion dollars in December ,COMMA according to the I. C. I. .PERIOD
</s>
<s.87.001.870323-0002.5.2>
"DOUBLE-QUOTE Some of the folks in the trade say the equity funds are getting big play in terms of I. R. A. flows ,COMMA "DOUBLE-QUOTE says Mr. Johnson .PERIOD
</s>
<s.87.001.870323-0002.5.3>
Nonetheless ,COMMA the figures through January (LEFT-PAREN a big I. R. A. month )RIGHT-PAREN show that bond and income funds account for three dollars out of every four dollars of sales .PERIOD
</s>
</p>
<p.87.001.870323-0002.6>
<s.87.001.870323-0002.6.1>
A more recent informal survey of several mutual fund complexes corroborates that ratio ,COMMA although equity fund sales are growing .PERIOD
</s>
<s.87.001.870323-0002.6.2>
It also underscores a huge overall increase in dollars being put into many types of funds ,COMMA both in I. R. A. and other accounts .PERIOD
</s>
</p>
<p.87.001.870323-0002.7>
<s.87.001.870323-0002.7.1>
For example ,COMMA Fidelity Investments says cash levels for its ten growth funds have hovered at around five %PERCENT since yearend .PERIOD
</s>
<s.87.001.870323-0002.7.2>
Meanwhile assets in those funds have risen to about fifteen .POINT five nine billion dollars from eleven .POINT two two billion dollars .PERIOD
</s>
<s.87.001.870323-0002.7.3>
Assets at Fidelity Magellan alone have risen two .POINT five five billion dollars since yearend .PERIOD
</s>
<s.87.001.870323-0002.7.4>
Of course ,COMMA part of the gains are due to appreciation in stock values .PERIOD
</s>
</p>
<p.87.001.870323-0002.8>
<s.87.001.870323-0002.8.1>
Some portfolio managers try to offset the crush of cash pouring in during an up market by buying stock -HYPHEN index futures contracts as a temporary proxy for stocks --DASH a move that allows them to buy time before buying stocks .PERIOD
</s>
<s.87.001.870323-0002.8.2>
As they fill in the equities ,COMMA they sell the futures .PERIOD
</s>
</p>
<p.87.001.870323-0002.9>
<s.87.001.870323-0002.9.1>
"DOUBLE-QUOTE You can fine -HYPHEN tune your cash position "DOUBLE-QUOTE with futures ,COMMA says M. David Testa ,COMMA president of T. Rowe Price Growth Stock Fund .PERIOD
</s>
<s.87.001.870323-0002.9.2>
The concern is seeking the same sort of leeway for its big T. Rowe Price International Stock Fund ,COMMA whose shareholders will soon be asked to approve the fund's use of futures on foreign stock -HYPHEN indexes .PERIOD
</s>
</p>
<p.87.001.870323-0002.10>
<s.87.001.870323-0002.10.1>
This year ,COMMA through last Thursday ,COMMA the T. Rowe Price Growth Stock Fund gained nineteen .POINT four six %PERCENT ,COMMA according to Lipper Analytical Services Incorporated ,COMMA which monitors mutual fund performance .PERIOD
</s>
<s.87.001.870323-0002.10.2>
That was just a tad below the twenty .POINT four three %PERCENT gain in the Lipper Growth Fund Index for the same period ,COMMA and not far below the fund's nineteen eighty six full -HYPHEN year gain of twenty one .POINT eight three %PERCENT .PERIOD
</s>
<s.87.001.870323-0002.10.3>
Meanwhile ,COMMA fund assets advanced to about one .POINT six oh billion dollars from one .POINT three oh billion dollars at yearend .PERIOD
</s>
</p>
<p.87.001.870323-0002.11>
<s.87.001.870323-0002.11.1>
Still ,COMMA Mr. Testa says ,COMMA "DOUBLE-QUOTE I don't get real excited if I'm ahead or behind "DOUBLE-QUOTE the short -HYPHEN term market .PERIOD
</s>
<s.87.001.870323-0002.11.2>
He notes that the goal of mutual fund investors is longer term .PERIOD
</s>
</p>
<p.87.001.870323-0002.12>
<s.87.001.870323-0002.12.1>
Just how much of the surge in equity mutual fund sales comes from I. R. A. dollars compared with unrestricted investments isn't clear .PERIOD
</s>
</p>
<p.87.001.870323-0002.13>
<s.87.001.870323-0002.13.1>
Fidelity says its top -HYPHEN selling funds to I. R. A. accounts during January and February were Magellan ,COMMA Puritan and Capital Appreciation .PERIOD
</s>
<s.87.001.870323-0002.13.2>
Last year they were Magellan ,COMMA Puritan and Overseas .PERIOD
</s>
</p>
<p.87.001.870323-0002.14>
<s.87.001.870323-0002.14.1>
At T. Rowe Price ,COMMA the big I. R. A. winners so far this year are High Yield ,COMMA Prime Reserve and International Stock ,COMMA compared with last year's Prime Reserve ,COMMA High Yield and Ginnie Mae .PERIOD
</s>
</p>
<p.87.001.870323-0002.15>
<s.87.001.870323-0002.15.1>
Vanguard Group of Investment Companies says its top I. R. A. sellers are the same for both years :COLON Windsor the second ,COMMA Vanguard G. N. M. A. and STAR Fund .PERIOD
</s>
<s.87.001.870323-0002.15.2>
Shearson didn't break out I. R. A. accounts ,COMMA but says its biggest sellers overall this year are Shearson -HYPHEN Lehman Long -HYPHEN Term Government Securities Portfolio ,COMMA Managed Governments Incorporated and Option Income Portfolio .PERIOD
</s>
</p>
<p.87.001.870323-0002.16>
<s.87.001.870323-0002.16.1>
Oppenheimer Management revved up considerable interest last year when it offered a sports car as top prize in a controversial mutual fund sales promotion .PERIOD
</s>
</p>
<p.87.001.870323-0002.17>
<s.87.001.870323-0002.17.1>
So ,COMMA who has the keys ?QUESTION-MARK
</s>
</p>
<p.87.001.870323-0002.18>
<s.87.001.870323-0002.18.1>
"DOUBLE-QUOTE Nobody won it ,COMMA "DOUBLE-QUOTE says Bridget Macaskill ,COMMA a senior vice president of the concern ,COMMA a unit of London -HYPHEN based Mercantile House Holdings P. L. C. .PERIOD
</s>
</p>
<p.87.001.870323-0002.19>
<s.87.001.870323-0002.19.1>
The contest required exceeding five million dollars with a minimum of ten sales .PERIOD
</s>
<s.87.001.870323-0002.19.2>
"DOUBLE-QUOTE Certain people sold the right (LEFT-PAREN dollar )RIGHT-PAREN amount ,COMMA but not with the right amount of tickets ,COMMA "DOUBLE-QUOTE she explains .PERIOD
</s>
</p>
<p.87.001.870323-0002.20>
<s.87.001.870323-0002.20.1>
Meanwhile ,COMMA fund regulators pondered whether any further rein on industry incentives was needed .PERIOD
</s>
<s.87.001.870323-0002.20.2>
They decided to leave the matter in the hands of the National Association of Securities Dealers ,COMMA which already had a proposal on its books that would ban non -HYPHEN cash incentives to broker -HYPHEN dealers selling real estate partnerships .PERIOD
</s>
<s.87.001.870323-0002.20.3>
The N. A. S. D. says at the moment it hasn't any similar plans for funds .PERIOD
</s>
<s.87.001.870323-0002.20.4>
Currently ,COMMA funds must disclose any material ,COMMA non -HYPHEN cash sales incentive in the prospectus. (LEFT-PAREN Oppenheimer did .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870323-0001.1>
<s.87.001.870323-0001.1.1>
C. O. M. B. Company agreed to buy the half of Cable Value Network that it doesn't already own and to pay for the stake with warrants that can be converted into common stock .PERIOD
</s>
</p>
<p.87.001.870323-0001.2>
<s.87.001.870323-0001.2.1>
Terms of the agreement in principle call for the seventeen cable -HYPHEN television operators who hold the other half of Cable Value Network to receive about eight million warrants .PERIOD
</s>
<s.87.001.870323-0001.2.2>
Each warrant would be convertible into one C. O. M. B. share at an exercise price of eighteen .POINT one two five dollars a share .PERIOD
</s>
<s.87.001.870323-0001.2.3>
C. O. M. B. currently has about eighteen .POINT one million shares outstanding .PERIOD
</s>
</p>
<p.87.001.870323-0001.3>
<s.87.001.870323-0001.3.1>
The value of the purchase couldn't yet be ascertained .PERIOD
</s>
<s.87.001.870323-0001.3.2>
The cost to C. O. M. B. ,COMMA a direct -HYPHEN mail merchandiser ,COMMA will depend on how much its share price is above that figure when the warrants are exercised ;SEMI-COLON they expire in five years .PERIOD
</s>
</p>
<p.87.001.870323-0001.4>
<s.87.001.870323-0001.4.1>
In national over -HYPHEN the -HYPHEN counter trading Friday ,COMMA C. O. M. B. stock closed at twenty dollars and twenty five cents a share ,COMMA unchanged .PERIOD
</s>
</p>
<p.87.001.870323-0001.5>
<s.87.001.870323-0001.5.1>
C. O. M. B.'s purchase would give it full control of the fast -HYPHEN growing home -HYPHEN shopping television network and a long -HYPHEN term commitment from the cable operators that they would carry the network .PERIOD
</s>
</p>
<p.87.001.870323-0001.6>
<s.87.001.870323-0001.6.1>
C. O. M. B.'s board also voted to change C. O. M. B.'s name to C. V. N. after the purchase .PERIOD
</s>
</p>
<p.87.001.870323-0001.7>
<s.87.001.870323-0001.7.1>
Among the group of cable -HYPHEN television operators selling the stake are Tele -HYPHEN Communications Incorporated of Denver ,COMMA the nation's largest cable operator ;SEMI-COLON Viacom International Incorporated of New York ;SEMI-COLON and Warner Communications Incorporated of New York .PERIOD
</s>
</p>
<p.87.001.870323-0001.8>
<s.87.001.870323-0001.8.1>
"DOUBLE-QUOTE There are a lot of positive benefits to this ,COMMA "DOUBLE-QUOTE said Larry Gerbrandt ,COMMA an analyst with Paul Kagan Associates in Carmel ,COMMA California .PERIOD
</s>
<s.87.001.870323-0001.8.2>
"DOUBLE-QUOTE This is a way of bringing the fifty %PERCENT private portion into a public stock .PERIOD
</s>
<s.87.001.870323-0001.8.3>
As long as it was held privately it had no market value .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870323-0001.9>
<s.87.001.870323-0001.9.1>
Such a move will help Cable Value fund its rapid growth through the capital markets and give C. O. M. B. full access to the cable operation's cash flow ,COMMA Mr. Gerbrandt said .PERIOD
</s>
<s.87.001.870323-0001.9.2>
Also ,COMMA the new setup will be more readily managed than the joint venture arrangement ,COMMA said Mr. Gerbrandt .PERIOD
</s>
</p>
<p.87.001.870323-0001.10>
<s.87.001.870323-0001.10.1>
Ted Deikel ,COMMA chairman of C. O. M. B. and Cable Value ,COMMA said the new arrangement will allow C. O. M. B. to apply its direct -HYPHEN marketing skill to the cable television business .PERIOD
</s>
</p>
<p.87.001.870323-0001.11>
<s.87.001.870323-0001.11.1>
Cable Value's cable -HYPHEN company investors hope this marketing ability results in new services to woo and keep subscribers .PERIOD
</s>
<s.87.001.870323-0001.11.2>
The object is to clearly distinguish Cable Value from Clearwater ,COMMA Florida -HYPHEN based Home Shopping Network Incorporated .PERIOD
</s>
</p>
<p.87.001.870323-0001.12>
<s.87.001.870323-0001.12.1>
Home Shopping is its biggest and oldest competitor ,COMMA with one billion dollars in annual sales .PERIOD
</s>
<s.87.001.870323-0001.12.2>
It has become even more formidable in recent months by branching beyond cable and onto the broadcast airwaves .PERIOD
</s>
<s.87.001.870323-0001.12.3>
It appears on U. H. F. stations in some markets ,COMMA a fact that concerns cable companies as they are charging subscribers for what Home Shopping is now giving away free in some areas .PERIOD
</s>
</p>
<p.87.001.870323-0001.13>
<s.87.001.870323-0001.13.1>
Formed about a year ago ,COMMA Cable Value is expected to have annual sales of three hundred fifty million dollars to four hundred million dollars ,COMMA said Mr. Deikel .PERIOD
</s>
</p>
<p.87.001.870320-0206.1>
<s.87.001.870320-0206.1.1>
Dixons Group P. L. C. ,COMMA after winning control of Cyclops Corporation Wednesday through a tender offer ,COMMA is wasting little time taking charge of the Pittsburgh -HYPHEN based company .PERIOD
</s>
</p>
<p.87.001.870320-0206.2>
<s.87.001.870320-0206.2.1>
London -HYPHEN based Dixons ,COMMA an electrical appliance retailer ,COMMA yesterday named three top executives to Cyclops's board and accepted the resignations of seven directors .PERIOD
</s>
<s.87.001.870320-0206.2.2>
The changes reduce the number of directors to six from ten .PERIOD
</s>
</p>
<p.87.001.870320-0206.3>
<s.87.001.870320-0206.3.1>
Named to the board were Egon von Greyerz ,COMMA Dixons vice chairman and financial director ;SEMI-COLON Gerald M. N. Corbett ,COMMA corporate finance director ;SEMI-COLON and Geoffrey Budd ,COMMA secretary .PERIOD
</s>
</p>
<p.87.001.870320-0206.4>
<s.87.001.870320-0206.4.1>
Resigning from the board were Howard J. Burnett ,COMMA Thomas Phillips Johnson ,COMMA H. Frederick Krimendahl the second ,COMMA William E. Lieser ,COMMA William L. Morbratten ,COMMA Konrad M. Weis and Howard M. Winterson .PERIOD
</s>
</p>
<p.87.001.870320-0206.5>
<s.87.001.870320-0206.5.1>
Dixons's changes leave three Cyclops executives on the board ,COMMA including William H. Knoell ,COMMA president and chief executive officer .PERIOD
</s>
<s.87.001.870320-0206.5.2>
Dixons won the right to name a majority of board members under a merger agreement last month with Cyclops .PERIOD
</s>
</p>
<p.87.001.870320-0206.6>
<s.87.001.870320-0206.6.1>
As previously reported ,COMMA Cyclops holders tendered two .POINT three million ,COMMA or fifty four %PERCENT ,COMMA of the four .POINT three million shares outstanding ,COMMA under Dixons's offer to buy all shares for ninety dollars and twenty five cents each ,COMMA or three hundred eighty four million dollars .PERIOD
</s>
<s.87.001.870320-0206.6.2>
The offer expired Wednesday .PERIOD
</s>
<s.87.001.870320-0206.6.3>
Coupled with Dixons's existing stake ,COMMA the tender boosted the company's holding to fifty six %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0206.7>
<s.87.001.870320-0206.7.1>
In agreeing last month to be acquired by Dixons ,COMMA Cyclops management rebuffed a competing bid from a group led by Audio /SLASH Video Affiliates Incorporated ,COMMA a Dayton ,COMMA Ohio -HYPHEN based consumer electronics retailer .PERIOD
</s>
<s.87.001.870320-0206.7.2>
The group ,COMMA which last week conditionally offered ninety two dollars and fifty cents a share for Cyclops ,COMMA has said it may seek to halt Dixons's completion of the merger .PERIOD
</s>
</p>
<p.87.001.870320-0206.8>
<s.87.001.870320-0206.8.1>
The focus of both suitors is Cyclops's Silo Incorporated retailing division ,COMMA which operates a nationwide chain of appliance and consumer electronics stores .PERIOD
</s>
<s.87.001.870320-0206.8.2>
Dixons plans to retain Silo and sell Cyclops's specialty steel and nonresidential construction business .PERIOD
</s>
</p>
<p.87.001.870320-0205.1>
<s.87.001.870320-0205.1.1>
Jan Marasek spent weeks last fall searching for the perfect date .PERIOD
</s>
<s.87.001.870320-0205.1.2>
Not to fill lonely hours on Saturday night ,COMMA but to fill a box for the actors starring in Neil Simon's "DOUBLE-QUOTE Broadway Bound .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0205.2>
<s.87.001.870320-0205.2.1>
"DOUBLE-QUOTE I had such a hard time ,COMMA "DOUBLE-QUOTE says Mr. Marasek ,COMMA production property master for Emanuel Azenberg ,COMMA the Broadway show's producer .PERIOD
</s>
<s.87.001.870320-0205.2.2>
"DOUBLE-QUOTE They didn't want pits ,COMMA they didn't want them coated ;SEMI-COLON the ones from Balducci's and Zabar's were too big to mouth .PERIOD
</s>
<s.87.001.870320-0205.2.3>
I finally ended up in a health -HYPHEN food restaurant .PERIOD
</s>
<s.87.001.870320-0205.2.4>
I'm always looking for dates ,COMMA "DOUBLE-QUOTE he says with a sigh .PERIOD
</s>
</p>
<p.87.001.870320-0205.3>
<s.87.001.870320-0205.3.1>
Like many theatrical property people ,COMMA Mr. Marasek finds that his role often resembles a cross between a maitre d's and a magician's .PERIOD
</s>
<s.87.001.870320-0205.3.2>
Years ago ,COMMA he says ,COMMA scripts frequently called for actors to be smoking ;SEMI-COLON now they always seem to be eating .PERIOD
</s>
<s.87.001.870320-0205.3.3>
And edible props are seldom to property masters' liking .PERIOD
</s>
<s.87.001.870320-0205.3.4>
They first have to please the actors ,COMMA who may have food allergies or dietary restrictions .PERIOD
</s>
</p>
<p.87.001.870320-0205.4>
<s.87.001.870320-0205.4.1>
"DOUBLE-QUOTE When Carol Channing was starring in 'SINGLE-QUOTE Hello ,COMMA Dolly !EXCLAMATION-POINT 'SINGLE-QUOTE her doctors came backstage to ask what she was eating ,COMMA "DOUBLE-QUOTE remembers Mr. Marasek .PERIOD
</s>
<s.87.001.870320-0205.4.2>
"DOUBLE-QUOTE In one scene ,COMMA she gobbled down dumplings ,COMMA which were made of spun sugar so she could eat them easily .PERIOD
</s>
<s.87.001.870320-0205.4.3>
It turned out we were giving her about a cup of sugar per performance .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0205.4.4>
When her physicians demanded an immediate change ,COMMA Mr. Marasek worked with property man Leo Herbert to produce dumplings made of thin paper sprayed with tea and shaped over small light bulbs to dry .PERIOD
</s>
<s.87.001.870320-0205.4.5>
At each performance ,COMMA Miss Channing would "DOUBLE-QUOTE eat "DOUBLE-QUOTE the dumplings and dispose of them discreetly when she wiped her mouth .PERIOD
</s>
</p>
<p.87.001.870320-0205.5>
<s.87.001.870320-0205.5.1>
Since almost no one would appreciate the same foods eight times a week ,COMMA property men have devised creative substitutes .PERIOD
</s>
<s.87.001.870320-0205.5.2>
Mr. Marasek has made eggs from apricot halves surrounded by white bread lightly sprinkled with boiling water .PERIOD
</s>
<s.87.001.870320-0205.5.3>
For the liver in "DOUBLE-QUOTE Brighton Beach Memoirs "DOUBLE-QUOTE he used pumpernickel ,COMMA which ,COMMA creatively shaped with a pizza cutter ,COMMA also stars as the pot roast in "DOUBLE-QUOTE Broadway Bound .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0205.6>
<s.87.001.870320-0205.6.1>
"DOUBLE-QUOTE 'SINGLE-QUOTE Biloxi Blues' has the big mess -HYPHEN hall scene ,COMMA where the kid hates the food ,COMMA "DOUBLE-QUOTE he says of the Neil Simon play ,COMMA which is now on a national tour .PERIOD
</s>
<s.87.001.870320-0205.6.2>
"DOUBLE-QUOTE When Matthew Broderick starred ,COMMA he wanted to almost retch when he saw it .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0205.6.3>
The concoction was an unappetizing combination of apple butter and green food coloring .PERIOD
</s>
</p>
<p.87.001.870320-0205.7>
<s.87.001.870320-0205.7.1>
Property masters also worry about safety .PERIOD
</s>
<s.87.001.870320-0205.7.2>
Mr. Marasek has been known to sew a loaf of bread together to prevent the cast from tripping over a fallen slice .PERIOD
</s>
<s.87.001.870320-0205.7.3>
Eating itself poses a risk to actors ,COMMA who may swallow more than their lines .PERIOD
</s>
<s.87.001.870320-0205.7.4>
"DOUBLE-QUOTE A dry cookie can be a disaster ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0205.7.5>
During tryouts of "DOUBLE-QUOTE Broadway Bound ,COMMA "DOUBLE-QUOTE for example ,COMMA actor John Randolph caught a seed in his throat from a piece of rye bread .PERIOD
</s>
<s.87.001.870320-0205.7.6>
From then on ,COMMA only seedless loaves were purchased .PERIOD
</s>
</p>
<p.87.001.870320-0205.8>
<s.87.001.870320-0205.8.1>
Another danger is backstage cooking ,COMMA which increases the risk of a fire ,COMMA not to mention the horrifying possibility of a cast felled by food poisoning ,COMMA or a theater overrun with living things that haven't bought tickets .PERIOD
</s>
<s.87.001.870320-0205.8.2>
That's why prop men like to keep edibles to a minimum ,COMMA and preserve purely decorative foods with shellac .PERIOD
</s>
</p>
<p.87.001.870320-0205.9>
<s.87.001.870320-0205.9.1>
"DOUBLE-QUOTE It's good for something with a low moisture content ,COMMA "DOUBLE-QUOTE says Edward Gianfrancesco ,COMMA resident designer at Off Broadway's W. P. A. Theatre .PERIOD
</s>
<s.87.001.870320-0205.9.2>
"DOUBLE-QUOTE But we had a prop person use it once on cheeses and fruits .PERIOD
</s>
<s.87.001.870320-0205.9.3>
It was great for a while ,COMMA except that the varnish became a perfect envelope for everything to turn totally rotten inside .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0205.10>
<s.87.001.870320-0205.10.1>
Real food is also expensive .PERIOD
</s>
<s.87.001.870320-0205.10.2>
Since the nineteen eighty five Broadway opening of Herb Gardner's "DOUBLE-QUOTE I'm Not Rappaport ,COMMA "DOUBLE-QUOTE Mr. Herbert's staff has bought approximately eighty four heads of lettuce ,COMMA eighty four loaves of bread ,COMMA sixty three pounds of tunafish salad ,COMMA forty two sticks of butter and twenty eight jars of mayonnaise just to make one sandwich for each performance .PERIOD
</s>
<s.87.001.870320-0205.10.3>
"DOUBLE-QUOTE Those in the front row have to see that it's tuna ,COMMA "DOUBLE-QUOTE says Mr. Herbert .PERIOD
</s>
<s.87.001.870320-0205.10.4>
But neither of the actors who has had to taste it has liked tuna ,COMMA which is why the hidden half of the sandwich is purposely made only with butter .PERIOD
</s>
<s.87.001.870320-0205.10.5>
Such grocery costs mount ,COMMA and although sponsors sometimes ease them by providing coupons or free goods in exchange for a program credit ,COMMA the arrangement doesn't always suffice .PERIOD
</s>
</p>
<p.87.001.870320-0205.11>
<s.87.001.870320-0205.11.1>
"DOUBLE-QUOTE Planter's is giving us cashews for 'SINGLE-QUOTE Broadway Bound ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE says Mr. Marasek .PERIOD
</s>
<s.87.001.870320-0205.11.2>
"DOUBLE-QUOTE The cast goes through a pound a show ,COMMA even though there's only a line about one nut in the script .PERIOD
</s>
<s.87.001.870320-0205.11.3>
We don't have the nerve to ask Planter's for all the nuts we use ,COMMA and they're five dollars and ninety nine cents a jar in the supermarket .PERIOD
</s>
<s.87.001.870320-0205.11.4>
No one admits to eating them ,COMMA but ,COMMA "DOUBLE-QUOTE he says with determination ,COMMA "DOUBLE-QUOTE I'm investigating now .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0205.12>
<s.87.001.870320-0205.12.1>
To fill a production's gastronomical needs ,COMMA property masters have gone everywhere from Oriental food shops to caterers .PERIOD
</s>
<s.87.001.870320-0205.12.2>
Mr. Marasek once even consulted the Catholic Church to find out what the Host was made of ,COMMA to see if it would be a viable substitute for the "DOUBLE-QUOTE Hello ,COMMA Dolly !EXCLAMATION-POINT "DOUBLE-QUOTE dumplings .PERIOD
</s>
<s.87.001.870320-0205.12.3>
It wasn't .PERIOD
</s>
</p>
<p.87.001.870320-0205.13>
<s.87.001.870320-0205.13.1>
With so much time ,COMMA energy and money at stake ,COMMA property masters prefer artificial food .PERIOD
</s>
<s.87.001.870320-0205.13.2>
Mr. Marasek once made a turkey out of plastic -HYPHEN treated felt and cucumber slices out of silicon caulking compound .PERIOD
</s>
<s.87.001.870320-0205.13.3>
Liquor is almost never real ,COMMA as some thieves discovered when they broke into Broadway's Ethel Barrymore Theatre ,COMMA where Andrew Bergman's "DOUBLE-QUOTE Social Security "DOUBLE-QUOTE is playing .PERIOD
</s>
<s.87.001.870320-0205.13.4>
What they thought was high -HYPHEN quality Scotch proved to be caramel -HYPHEN colored water .PERIOD
</s>
</p>
<p.87.001.870320-0205.14>
<s.87.001.870320-0205.14.1>
But although artifice plays a major role in property design ,COMMA theater professionals strive to make their fake edibles look real .PERIOD
</s>
<s.87.001.870320-0205.14.2>
Mr. Marasek usually injects the plastic oranges in "DOUBLE-QUOTE Broadway Bound "DOUBLE-QUOTE with water to give them the appropriate weight .PERIOD
</s>
<s.87.001.870320-0205.14.3>
Sound is important ,COMMA too :COLON If an actress throws what is supposedly a tray of frozen fish sticks in a processing plant ,COMMA they can't sound like styrofoam blocks .PERIOD
</s>
<s.87.001.870320-0205.14.4>
This was the problem confronting Mr. Gianfrancesco ,COMMA who designed the set ,COMMA complete with styrofoam fish covered with sawdust batter ,COMMA for the W. P. A. Theatre's recent production of Israel Horovitz's "DOUBLE-QUOTE North Shore Fish .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0205.14.5>
Wood ,COMMA he reasoned ,COMMA was too heavy a substitute and a potential danger to the actors .PERIOD
</s>
</p>
<p.87.001.870320-0205.15>
<s.87.001.870320-0205.15.1>
"DOUBLE-QUOTE For that particular scene ,COMMA we made a batch out of Homosote ,COMMA which is like a very dense cardboard ,COMMA "DOUBLE-QUOTE he explains .PERIOD
</s>
<s.87.001.870320-0205.15.2>
"DOUBLE-QUOTE That tray had to come out in just the proper sequence for her to hurl it and get the sound .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0205.16>
<s.87.001.870320-0205.16.1>
There is ,COMMA however ,COMMA one area in which no one seeks authenticity .PERIOD
</s>
</p>
<p.87.001.870320-0205.17>
<s.87.001.870320-0205.17.1>
"DOUBLE-QUOTE You don't want the audience to start smelling food cooking ,COMMA "DOUBLE-QUOTE warns Mr. Marasek ,COMMA "DOUBLE-QUOTE or they'll all want to walk out to the nearest restaurant and eat .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0205.18>
<s.87.001.870320-0205.18.1>
Ms. Graeber is a New York -HYPHEN based freelance writer .PERIOD
</s>
</p>
<p.87.001.870320-0204.1>
<s.87.001.870320-0204.1.1>
Kingsley Amis ,COMMA who turns sixty five this year ,COMMA is the finest comic novelist England has produced since Evelyn Waugh .PERIOD
</s>
<s.87.001.870320-0204.1.2>
Like Mr. Waugh ,COMMA he is often said to be a reactionary in his social views ,COMMA and the charge is not unfounded .PERIOD
</s>
<s.87.001.870320-0204.1.3>
Certainly he takes a very mordant view of what are now the standard liberal pieties .PERIOD
</s>
<s.87.001.870320-0204.1.4>
Socialism ,COMMA feminism and the emancipated culture and life styles of the educated middle class --DASH about these and other phenomena sacred to the liberal mind ,COMMA Mr. Amis clearly feels a deep revulsion .PERIOD
</s>
</p>
<p.87.001.870320-0204.2>
<s.87.001.870320-0204.2.1>
He isn't shy about expressing it ,COMMA either .PERIOD
</s>
<s.87.001.870320-0204.2.2>
On the contrary ,COMMA he is relentless ,COMMA hilarious and devastating .PERIOD
</s>
<s.87.001.870320-0204.2.3>
It was not to be expected ,COMMA therefore ,COMMA that he would be easily forgiven by those who are the butt of his jokes ,COMMA and he hasn't been .PERIOD
</s>
<s.87.001.870320-0204.2.4>
His last novel ,COMMA "DOUBLE-QUOTE Stanley and the Women ,COMMA "DOUBLE-QUOTE was so reviled ,COMMA especially by feminists ,COMMA that it met with some difficulty in finding an American publisher .PERIOD
</s>
</p>
<p.87.001.870320-0204.3>
<s.87.001.870320-0204.3.1>
With his new novel ,COMMA however ,COMMA even Mr. Amis's most implacable liberal critics have been persuaded to suspend hostilities .PERIOD
</s>
<s.87.001.870320-0204.3.2>
It is not that "DOUBLE-QUOTE The Old Devils "DOUBLE-QUOTE (LEFT-PAREN Summit ,COMMA two hundred ninety four pages ,COMMA sixteen dollars and ninety five cents )RIGHT-PAREN represents any fundamental change in Mr. Amis's attitudes toward human nature or modern society or anything else .PERIOD
</s>
<s.87.001.870320-0204.3.3>
Far from it .PERIOD
</s>
<s.87.001.870320-0204.3.4>
"DOUBLE-QUOTE The Old Devils "DOUBLE-QUOTE is in some respects the grimmest novel Mr. Amis has yet written .PERIOD
</s>
<s.87.001.870320-0204.3.5>
Moreover ,COMMA its humor ,COMMA though at times uproarious ,COMMA is not the kind that mitigates the author's disabused view of the human condition .PERIOD
</s>
<s.87.001.870320-0204.3.6>
The laughter in this book ,COMMA as in others by Mr. Amis ,COMMA leaves a bitter aftertaste .PERIOD
</s>
</p>
<p.87.001.870320-0204.4>
<s.87.001.870320-0204.4.1>
What has changed is Mr. Amis's subject .PERIOD
</s>
<s.87.001.870320-0204.4.2>
In "DOUBLE-QUOTE The Old Devils "DOUBLE-QUOTE he is now writing about the onset of old age --DASH not only its physical debilities and social humiliations but its moral illuminations ,COMMA too --DASH and writing about this condition from the inside .PERIOD
</s>
<s.87.001.870320-0204.4.3>
The result is a book that is so vivid ,COMMA so original ,COMMA so understanding and so wise ,COMMA that it is likely to become --DASH at least for those with the stomach to face its dour implications --DASH a classic among novels dealing with old age ,COMMA and a comic classic at that .PERIOD
</s>
</p>
<p.87.001.870320-0204.5>
<s.87.001.870320-0204.5.1>
The story is set in a small coastal town in South Wales in the nineteen eighties .PERIOD
</s>
<s.87.001.870320-0204.5.2>
The old devils of the title are a group of mostly retired middle -HYPHEN class sexagenarians and their wives who have long lived in the same community and know just about everything there is to know about each other .PERIOD
</s>
<s.87.001.870320-0204.5.3>
Some of the men once had literary or at least academic ambitions ,COMMA but now daily life for this circle of aging friends is a more or less settled routine bounded by the local pub (LEFT-PAREN for the men )RIGHT-PAREN and get -HYPHEN togethers in each other's houses (LEFT-PAREN for the women )RIGHT-PAREN ,COMMA where quantities of drink --DASH whiskey for the men ,COMMA wine for the women --DASH keep them in a state of perpetual inebriate civility .PERIOD
</s>
</p>
<p.87.001.870320-0204.6>
<s.87.001.870320-0204.6.1>
Their marriages ,COMMA though mostly surviving ,COMMA are in various states of disrepair ,COMMA and likewise their health --DASH though only in Wales ,COMMA perhaps ,COMMA could geriatric medicine be expected to smile quite so benignly upon such Gargantuan intakes of alcohol as are described in this novel .PERIOD
</s>
<s.87.001.870320-0204.6.2>
However placid the surface routine of their lives may be ,COMMA the minds of these characters are nonetheless awash with sundry regrets ,COMMA recriminations ,COMMA and guilt ,COMMA mostly having to do with the erotic misadventures of their youth ,COMMA which it is the function of the steady drinking ,COMMA of course ,COMMA to assuage and tranquilize .PERIOD
</s>
</p>
<p.87.001.870320-0204.7>
<s.87.001.870320-0204.7.1>
This it generally succeeds in doing --DASH until ,COMMA that is ,COMMA the crisis that is visited upon them by the return to their midst of the glamorous couple ,COMMA Alun and Rhiannon Weaver ,COMMA who have long occupied a special place in their erotic reveries .PERIOD
</s>
<s.87.001.870320-0204.7.2>
Alun Weaver is a handsome television personality who ,COMMA after a moderately successful but now declining career as a professional (LEFT-PAREN which is to say ,COMMA a phony )RIGHT-PAREN Welshman in London ,COMMA has returned to Wales in the hope of reviving his sagging fortunes on native ground .PERIOD
</s>
<s.87.001.870320-0204.7.3>
Like his still -HYPHEN beautiful wife Rhiannon ,COMMA he is also the lost love of several of these characters ,COMMA who prove to be as eager as ever to succumb to his charms .PERIOD
</s>
</p>
<p.87.001.870320-0204.8>
<s.87.001.870320-0204.8.1>
Unlike Rhiannon ,COMMA however ,COMMA who proves to be the most appealing woman Mr. Amis has ever created in his fiction ,COMMA Alun is a complete rogue ,COMMA and it is his callous behavior toward just about everyone in this old circle of friends --DASH not only the women --DASH that precipitates the climactic events of the story .PERIOD
</s>
</p>
<p.87.001.870320-0204.9>
<s.87.001.870320-0204.9.1>
Make no mistake :COLON "DOUBLE-QUOTE The Old Devils "DOUBLE-QUOTE is a harsh ,COMMA caustic ,COMMA unremitting tale of disappointed hopes ,COMMA aggravated memories and sublimated passions .PERIOD
</s>
<s.87.001.870320-0204.9.2>
Yet it has a happy ending of the sort we have a right to expect from a true comedy .PERIOD
</s>
<s.87.001.870320-0204.9.3>
Mr. Amis never averts his glance from the wreckage of mind and body that age brings in its wake ,COMMA but in the end he strikes a surprising and persuasive note of forbearance .PERIOD
</s>
<s.87.001.870320-0204.9.4>
And along the way in this flawlessly constructed tale he springs so many other surprises and reversals of sympathy and understanding that we are never in any doubt about the fact that we are in the presence of a master storyteller who has faced the worst and somehow come to terms with it .PERIOD
</s>
</p>
<p.87.001.870320-0204.10>
<s.87.001.870320-0204.10.1>
Mr. Kramer is editor of The New Criterion .PERIOD
</s>
</p>
<p.87.001.870320-0203.1>
<s.87.001.870320-0203.1.1>
Every year ,COMMA when I return from baseball spring training ,COMMA people ask me what I saw that I liked .PERIOD
</s>
<s.87.001.870320-0203.1.2>
Every year I answer "DOUBLE-QUOTE spring training .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0203.2>
<s.87.001.870320-0203.2.1>
The institution ,COMMA not its component teams or parks ,COMMA gets me every time ,COMMA and the reasons have nothing to do with any dewy stuff about hope springing eternal in my ball -HYPHEN fan's breast .PERIOD
</s>
<s.87.001.870320-0203.2.2>
I like the feeling of being in warm sunshine when two -HYPHEN thirds of my fellow citizens are walking around wearing mittens .PERIOD
</s>
<s.87.001.870320-0203.2.3>
I like watching baseball from close range with the smell of suntan lotion in my nostrils .PERIOD
</s>
<s.87.001.870320-0203.2.4>
I like the good nature of the crowds at contests in which playing ,COMMA not winning or losing ,COMMA usually takes precedence .PERIOD
</s>
</p>
<p.87.001.870320-0203.3>
<s.87.001.870320-0203.3.1>
The word on spring training is getting around .PERIOD
</s>
<s.87.001.870320-0203.3.2>
Last year's attendance on the Florida and Arizona circuits set a record ,COMMA and if the three sellouts in the five games I witnessed last week are any guide ,COMMA this year's will set another .PERIOD
</s>
<s.87.001.870320-0203.3.3>
That's a dangerous trend ,COMMA especially here in East Coast Florida ,COMMA where the stone crab population is said to be dwindling .PERIOD
</s>
<s.87.001.870320-0203.3.4>
It held up well enough this month ,COMMA though .PERIOD
</s>
<s.87.001.870320-0203.3.5>
So did the usual ,COMMA ample stock of training -HYPHEN camp tidbits :COLON
</s>
</p>
<p.87.001.870320-0203.4>
<s.87.001.870320-0203.4.1>
Monday ,COMMA March second --DASH It's picture day at the New York Yankees camp here .PERIOD
</s>
<s.87.001.870320-0203.4.2>
Almost two dozen photogs turn as one and blaze away when Billy Martin ,COMMA the Yanks' once and --DASH who knows ?QUESTION-MARK --DASH maybe future manager appears in the team's dugout ,COMMA resplendent in tan shirt and slacks and snakeskin cowboy boots .PERIOD
</s>
</p>
<p.87.001.870320-0203.5>
<s.87.001.870320-0203.5.1>
Martin is back for a second year as a Yankees' T. V. broadcaster .PERIOD
</s>
<s.87.001.870320-0203.5.2>
He hopes to do color commentary during games instead of the pre -HYPHEN and post -HYPHEN game assignments he drew last season .PERIOD
</s>
<s.87.001.870320-0203.5.3>
"DOUBLE-QUOTE Last year they gave me only a minute to talk sometimes ,COMMA "DOUBLE-QUOTE he snorts .PERIOD
</s>
<s.87.001.870320-0203.5.4>
"DOUBLE-QUOTE What can you say in a minute ?QUESTION-MARK "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0203.6>
<s.87.001.870320-0203.6.1>
Tuesday ,COMMA March third --DASH Tom Lasorda ,COMMA the Los Angeles Dodgers' manager ,COMMA likes to lecture his players .PERIOD
</s>
<s.87.001.870320-0203.6.2>
His topic this day at Vero Beach is base running .PERIOD
</s>
</p>
<p.87.001.870320-0203.7>
<s.87.001.870320-0203.7.1>
"DOUBLE-QUOTE I coached third base in the Majors ,COMMA minors and winter leagues ,COMMA and I knew how fast every one of my players could run ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0203.7.2>
"DOUBLE-QUOTE If I waved a guy from first to third on a hit ,COMMA or from second to home ,COMMA I expected him to make it .PERIOD
</s>
<s.87.001.870320-0203.7.3>
My man Joey {LEFT-BRACE Amalfitano ,COMMA the Dodgers' present third -HYPHEN base coach }RIGHT-BRACE expects the same .PERIOD
</s>
<s.87.001.870320-0203.7.4>
If you get thrown out ,COMMA the fans'll boo him ,COMMA but when you get back to the dugout ,COMMA I'll boo you .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0203.8>
<s.87.001.870320-0203.8.1>
Sunday ,COMMA March eighth --DASH The Atlanta Braves and Montreal Expos ,COMMA arguably the two worst teams in the National League ,COMMA meet in their common spring home of West Palm Beach .PERIOD
</s>
<s.87.001.870320-0203.8.2>
There seems to be a lot of applause ,COMMA but really it's people swatting black "DOUBLE-QUOTE Florida bugs .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0203.8.3>
The biggest cheer of the afternoon goes to this announcement over the public -HYPHEN address system :COLON "DOUBLE-QUOTE To the owner of a gold Oldsmobile :COLON You are blocking traffic ,COMMA your doors are locked ,COMMA your key is in the ignition ...ELLIPSIS and your motor is running .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0203.9>
<s.87.001.870320-0203.9.1>
Monday ,COMMA March ninth --DASH The Yankees play the Minnesota Twins at night in Fort Lauderdale before a full house of six thousand ,COMMA seven hundred ninety three .PERIOD
</s>
<s.87.001.870320-0203.9.2>
It's the toughest crowd of my spring stay ,COMMA by far .PERIOD
</s>
<s.87.001.870320-0203.9.3>
A young man sitting behind me ,COMMA wearing a Yankee T. -HYPHEN shirt ,COMMA boos such Yankee stalwarts as Don Mattingly ,COMMA Dave Winfield and Dave Righetti .PERIOD
</s>
<s.87.001.870320-0203.9.4>
When I ask him why ,COMMA he replies that Mattingly and Winfield make too much money to suit him .PERIOD
</s>
<s.87.001.870320-0203.9.5>
I didn't have to ask about Righetti ;SEMI-COLON he'd just given up a three -HYPHEN run ,COMMA ninth -HYPHEN inning home run to pinchhitter Tim Laudner that sunk the Yanks ,COMMA fifty four .PERIOD
</s>
</p>
<p.87.001.870320-0203.10>
<s.87.001.870320-0203.10.1>
Even a white -HYPHEN haired vendor wasn't immune from criticism .PERIOD
</s>
<s.87.001.870320-0203.10.2>
When he handed an eighty five -HYPHEN cent bag of peanuts to a man down my row ,COMMA the guy told him that in Yankee Stadium ,COMMA the vendors flipped the bags behind their backs .PERIOD
</s>
<s.87.001.870320-0203.10.3>
"DOUBLE-QUOTE For two dollars a bag ,COMMA I'd flip 'em ,COMMA too ,COMMA "DOUBLE-QUOTE the vendor snapped. (LEFT-PAREN Actually ,COMMA peanuts at Yankee Stadium sell for a mere eighty cents a bag .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0203.11>
<s.87.001.870320-0203.11.1>
Tuesday ,COMMA March tenth --DASH Another S. R. O. throng is on hand to watch the Expos play the American League champion Boston Red Sox .PERIOD
</s>
<s.87.001.870320-0203.11.2>
The Red Sox have a long drive back to their base at Winter Haven ,COMMA and stipulate that they will not hang around for extra innings .PERIOD
</s>
<s.87.001.870320-0203.11.3>
Wouldn't you know it ?QUESTION-MARK
</s>
<s.87.001.870320-0203.11.4>
The game ends in an eight to eight tie with sunlight aplenty remaining .PERIOD
</s>
</p>
<p.87.001.870320-0203.12>
<s.87.001.870320-0203.12.1>
Wednesday ,COMMA March eleventh --DASH The Texas Rangers travel to Miami from their new stadium at Port Charlotte to play the Baltimore Orioles in a night game .PERIOD
</s>
<s.87.001.870320-0203.12.2>
Attendance is sparse at the inner -HYPHEN city stadium ,COMMA underlining speculation that the O's may seek spiffier digs one day .PERIOD
</s>
</p>
<p.87.001.870320-0203.13>
<s.87.001.870320-0203.13.1>
Not long ago ,COMMA the Orioles' farm system was the envy of the Majors ,COMMA but no more .PERIOD
</s>
<s.87.001.870320-0203.13.2>
Six members of the team's starting lineup this night are new or recent acquisitions .PERIOD
</s>
<s.87.001.870320-0203.13.3>
They are Alan Wiggins (LEFT-PAREN an ex -HYPHEN Padre )RIGHT-PAREN ,COMMA Rick Burleson (LEFT-PAREN Angels )RIGHT-PAREN ,COMMA Fred Lynn (LEFT-PAREN Angels )RIGHT-PAREN ,COMMA Ray Knight (LEFT-PAREN Mets )RIGHT-PAREN ,COMMA Terry Kennedy (LEFT-PAREN Padres )RIGHT-PAREN and Mike Hart (LEFT-PAREN Twins )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0203.13.4>
The youngest are Wiggins and Hart ,COMMA both aged twenty nine .PERIOD
</s>
</p>
<p.87.001.870320-0203.14>
<s.87.001.870320-0203.14.1>
The O's seventy three to eighty nine record last season was their first losing campaign since nineteen sixty seven ,COMMA and a pitching slump was a major cause .PERIOD
</s>
<s.87.001.870320-0203.14.2>
Tonight ,COMMA Mike Boddicker ,COMMA Eric Bell and Don Aase three -HYPHEN hit the Rangers in a two to one win .PERIOD
</s>
<s.87.001.870320-0203.14.3>
"DOUBLE-QUOTE Last year we nibbled at the strike zone ,COMMA "DOUBLE-QUOTE the veteran Boddicker declared later .PERIOD
</s>
<s.87.001.870320-0203.14.4>
"DOUBLE-QUOTE This year we'll challenge the hitters .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0203.14.5>
It also helps if your curve ball breaks a foot ,COMMA like his just did .PERIOD
</s>
</p>
<p.87.001.870320-0203.15>
<s.87.001.870320-0203.15.1>
Friday ,COMMA March thirteenth --DASH The Dodgers are another team that fell on hard times last year ,COMMA limping in fifth in the National League West .PERIOD
</s>
<s.87.001.870320-0203.15.2>
Their biggest problem was bum fielding ,COMMA their one hundred eighty one errors being a dubious Major League "DOUBLE-QUOTE most .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0203.16>
<s.87.001.870320-0203.16.1>
It is doubtful ,COMMA however ,COMMA if the nineteen eighty six team botched an inning as badly as the present one did the second against the New York Mets here today before a packed Holman Field :COLON a walk ,COMMA a balk ,COMMA a wild pitch and two infield errors ,COMMA plus a single ,COMMA produced three Met runs .PERIOD
</s>
</p>
<p.87.001.870320-0203.17>
<s.87.001.870320-0203.17.1>
Compounding the felony was a P. A. announcement following this disastrous frame .PERIOD
</s>
<s.87.001.870320-0203.17.2>
It plugged an instructional video by Manager Lasorda and his boys titled "DOUBLE-QUOTE The Dodger Way to Play Baseball .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0203.17.3>
The Dodgers might not have their timing down yet ,COMMA but that fella sure does .PERIOD
</s>
</p>
<p.87.001.870320-0202.1>
<s.87.001.870320-0202.1.1>
Once more you resort to facile and mendacious comparison of President Carter's conduct in the Iranian hostage crisis in nineteen eighty to President Reagan's conduct in nineteen eighty five to eighty six (LEFT-PAREN editorial ,COMMA March fifth )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0202.2>
<s.87.001.870320-0202.2.1>
President Carter's statements on release of frozen Iranian assets --DASH including arms already bought but undelivered --DASH were entirely public .PERIOD
</s>
<s.87.001.870320-0202.2.2>
Moreover ,COMMA there was to be no delivery of any assets until all hostages had been safely released .PERIOD
</s>
<s.87.001.870320-0202.2.3>
By contrast ,COMMA President Reagan sold new arms that he delivered deviously and in total secrecy --DASH before hostages were released .PERIOD
</s>
</p>
<p.87.001.870320-0202.3>
<s.87.001.870320-0202.3.1>
You observe that the Ayatollah Khomeini "DOUBLE-QUOTE never bothered "DOUBLE-QUOTE to respond to President Carter's public proposal .PERIOD
</s>
<s.87.001.870320-0202.3.2>
Quite true .PERIOD
</s>
<s.87.001.870320-0202.3.3>
He did ,COMMA however ,COMMA respond eagerly to President Reagan's secret proffer --DASH retaining hostages ,COMMA of course ,COMMA for future trading purposes .PERIOD
</s>
</p>
<p.87.001.870320-0202.4>
<s.87.001.870320-0202.4.1>
What would have been the Journal's editorial reaction if it had been revealed ,COMMA in September nineteen eighty ,COMMA that Mr. Carter was engaged in secret arms -HYPHEN for -HYPHEN hostages exchanges with Khomeini ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0202.5>
<s.87.001.870320-0202.5.1>
The writer was a special assistant to President Carter ,COMMA nineteen seventy nine to eighty one .PERIOD
</s>
</p>
<p.87.001.870320-0201.1>
<s.87.001.870320-0201.1.1>
Three men were named vice presidents of this publishing and information services concern .PERIOD
</s>
<s.87.001.870320-0201.1.2>
They are Joseph J. Fitzsimmons ,COMMA president and chief executive officer of the company's University Microfilms Incorporated unit ;SEMI-COLON Dennis J. McCarthy ,COMMA president of the document management products division ,COMMA and James F. Weldon ,COMMA president of the company's Philipsburg division .PERIOD
</s>
</p>
<p.87.001.870320-0200.1>
<s.87.001.870320-0200.1.1>
James L. Powell ,COMMA a West Texas rancher and business investor ,COMMA was elected a director of this electric utility ,COMMA increasing the board to fourteen members .PERIOD
</s>
</p>
<p.87.001.870320-0199.1>
<s.87.001.870320-0199.1.1>
James L. Doti was appointed a director ,COMMA increasing to seven members the board of this maker of thermoplastic parts and subassemblies for commercial ,COMMA industrial and medical applications .PERIOD
</s>
<s.87.001.870320-0199.1.2>
He is the dean of the school of business and management and a professor of economics at Chapman College .PERIOD
</s>
</p>
<p.87.001.870320-0198.1>
<s.87.001.870320-0198.1.1>
Edward E. Mulligan ,COMMA president and a director of Massachusetts Electric Company ,COMMA was named a director of this bank holding company ,COMMA expanding the board to twenty five members .PERIOD
</s>
</p>
<p.87.001.870320-0197.1>
<s.87.001.870320-0197.1.1>
The Canadian unit of Rothmans International P. L. C. said it would consider spending as much as five hundred million dollars (LEFT-PAREN Canadian )RIGHT-PAREN on an acquisition .PERIOD
</s>
<s.87.001.870320-0197.1.2>
This would be "DOUBLE-QUOTE about double "DOUBLE-QUOTE the two hundred fifty million dollars in net proceeds it expects to receive from two recently announced transactions .PERIOD
</s>
</p>
<p.87.001.870320-0197.2>
<s.87.001.870320-0197.2.1>
They include the December merger of Rothmans's tobacco business with a unit of Philip Morris Companies ,COMMA New York ,COMMA and the proposed sale of Rothmans's fifty .POINT one %PERCENT stake in Canada's third largest brewery ,COMMA Carling O'Keefe Limited .PERIOD
</s>
</p>
<p.87.001.870320-0197.3>
<s.87.001.870320-0197.3.1>
In a presentation to analysts ,COMMA Rothmans Incorporated's president and chief executive officer ,COMMA Patrick Fennell ,COMMA said the bid for Rothmans's Carling shares ,COMMA made last month by a unit of Australia -HYPHEN based Elder's I. X. L. Limited ,COMMA would net Rothmans about one hundred eighty million dollars ,COMMA if approved ,COMMA as expected ,COMMA by governmental and regulatory authorities .PERIOD
</s>
<s.87.001.870320-0197.3.2>
The Elders offer is scheduled to expire next Thursday .PERIOD
</s>
</p>
<p.87.001.870320-0197.4>
<s.87.001.870320-0197.4.1>
Mr. Fennell said Rothmans has "DOUBLE-QUOTE no targets "DOUBLE-QUOTE currently ,COMMA and it hasn't retained a financial adviser to seek acquisitions .PERIOD
</s>
<s.87.001.870320-0197.4.2>
But he said the tobacco company is interested in "DOUBLE-QUOTE opportunities in consumer packaged goods ,COMMA "DOUBLE-QUOTE which he described as "DOUBLE-QUOTE largely recession -HYPHEN proof "DOUBLE-QUOTE and "DOUBLE-QUOTE an offset to the business we're clearly dependent on here in Canada .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0197.5>
<s.87.001.870320-0197.5.1>
Mr. Fennell said the merger of Rothmans's tobacco business with that of Benson &AMPERSAND Hedges (LEFT-PAREN Canada )RIGHT-PAREN Incorporated to form Rothmans ,COMMA Benson &AMPERSAND Hedges ,COMMA gives the new company a thirty two %PERCENT share of the Canadian cigarette market ,COMMA second to the fifty one %PERCENT share held by market leader Imperial Tobacco Limited ,COMMA a unit of Montreal's Imasco Limited .PERIOD
</s>
</p>
<p.87.001.870320-0197.6>
<s.87.001.870320-0197.6.1>
Rothmans Incorporated is seventy one .POINT two %PERCENT -HYPHEN owned by London -HYPHEN based Rothmans International .PERIOD
</s>
</p>
<p.87.001.870320-0196.1>
<s.87.001.870320-0196.1.1>
BRITOIL P. L. C. ,COMMA a British oil company ,COMMA posted an after -HYPHEN tax profit for nineteen eighty six ,COMMA but an extraordinary charge resulted in a net loss for the year .PERIOD
</s>
</p>
<p.87.001.870320-0196.2>
<s.87.001.870320-0196.2.1>
The company had after -HYPHEN tax earnings equivalent to fifty two .POINT nine million dollars ,COMMA at current exchange rates ,COMMA down eighty seven %PERCENT from four hundred five .POINT two million dollars in nineteen eighty five .PERIOD
</s>
<s.87.001.870320-0196.2.2>
But an extraordinary charge of eighty .POINT one million dollars resulted in a net loss of twenty seven .POINT two million dollars for nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0196.2.3>
The extraordinary charge covered the write -HYPHEN down of Britoil's U. S. oil and natural -HYPHEN gas properties ,COMMA which the company in November said it would seek to sell .PERIOD
</s>
</p>
<p.87.001.870320-0196.3>
<s.87.001.870320-0196.3.1>
Britoil's revenue last year fell forty six %PERCENT ,COMMA to one .POINT five seven billion dollars from two .POINT eight eight billion dollars .PERIOD
</s>
<s.87.001.870320-0196.3.2>
The company attributed its lower after -HYPHEN tax earnings and revenue to the drop in oil prices .PERIOD
</s>
<s.87.001.870320-0196.3.3>
It said the average price of North Sea Brent crude oil fell to fifteen dollars and fifty cents a barrel last year from twenty seven dollars in nineteen eighty five .PERIOD
</s>
<s.87.001.870320-0196.3.4>
Oil and gas production was little changed last year ,COMMA Britoil said .PERIOD
</s>
</p>
<p.87.001.870320-0195.1>
<s.87.001.870320-0195.1.1>
Philips Medical Systems Incorporated said it is funding a major medical -HYPHEN imaging research project that will involve seven U. S. medical centers .PERIOD
</s>
<s.87.001.870320-0195.1.2>
The cost of the project ,COMMA described as in the "DOUBLE-QUOTE multimillion -HYPHEN dollar "DOUBLE-QUOTE range ,COMMA wasn't disclosed .PERIOD
</s>
</p>
<p.87.001.870320-0195.2>
<s.87.001.870320-0195.2.1>
The project ,COMMA which is aimed at producing a new standard of three -HYPHEN dimensional medical -HYPHEN imaging systems ,COMMA will last two years and be expanded to fifteen clinical sites by this summer ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870320-0195.3>
<s.87.001.870320-0195.3.1>
Philips Medical is a unit of North American Philips Corporation ,COMMA which in turn is a subsidiary of N. V. Philips ,COMMA of the Netherlands ,COMMA a world -HYPHEN wide electrical -HYPHEN electronics giant .PERIOD
</s>
</p>
<p.87.001.870320-0195.4>
<s.87.001.870320-0195.4.1>
The sites for the first stage of the project ,COMMA called the Pegasus Project ,COMMA are Duke University Medical Center ,COMMA Durham ,COMMA N. C. ;SEMI-COLON Emory University ,COMMA Atlanta ;SEMI-COLON Johns Hopkins Medical Institutions ,COMMA Baltimore ;SEMI-COLON Mallinckrodt Institute of Radiology at Washington University Medical Center ,COMMA Saint Louis ;SEMI-COLON Mayo Clinic ,COMMA Rochester ,COMMA Minnesota ;SEMI-COLON University of California at Los Angeles Medical Imaging Division ,COMMA Department of Radiological Sciences ,COMMA Los Angeles ;SEMI-COLON and the University of Alabama Cardiovascular Nuclear Magnetic Resonance Lab ,COMMA Birmingham .PERIOD
</s>
</p>
<p.87.001.870320-0194.1>
<s.87.001.870320-0194.1.1>
The February twenty sixth page -HYPHEN one article on Louisiana education left the impression that business was shunning the state .PERIOD
</s>
<s.87.001.870320-0194.1.2>
That's not so .PERIOD
</s>
<s.87.001.870320-0194.1.3>
In nineteen eighty six business investment in Louisiana totaled more than two .POINT nine billion dollars .PERIOD
</s>
<s.87.001.870320-0194.1.4>
Nearly one billion dollars in new investment has already been announced for nineteen eighty seven .PERIOD
</s>
<s.87.001.870320-0194.1.5>
Investment in manufacturing over the past ten years is more than twenty billion dollars .PERIOD
</s>
</p>
<p.87.001.870320-0194.2>
<s.87.001.870320-0194.2.1>
Despite the article's comments to the contrary ,COMMA Louisiana workers in nineteen eighty six were deemed good enough by Boeing to locate a major facility in southwest Louisiana that will employ one thousand ,COMMA four hundred .PERIOD
</s>
<s.87.001.870320-0194.2.2>
And Martin Marietta has selected New Orleans as the site at which it will fabricate modules for the space station if it is the successful bidder on that project .PERIOD
</s>
<s.87.001.870320-0194.2.3>
Also ,COMMA in the past few weeks Rockwell International has announced plans to move one of its electronics subsidiaries from Texas to northwest Louisiana .PERIOD
</s>
</p>
<p.87.001.870320-0194.3>
<s.87.001.870320-0194.3.1>
As to workers of Cajun descent ,COMMA they are capable enough and motivated enough to hold the bulk of the jobs in the offshore oil -HYPHEN exploration industry where the average wage approaches thirty thousand dollars a year .PERIOD
</s>
<s.87.001.870320-0194.3.2>
In addition ,COMMA it was a task force of several thousand Cajuns that helped establish the offshore oil and gas industry in the North Sea ,COMMA as they had done earlier in the Gulf of Mexico .PERIOD
</s>
</p>
<p.87.001.870320-0194.4>
<s.87.001.870320-0194.4.1>
We in Louisiana are aware of the importance of education .PERIOD
</s>
<s.87.001.870320-0194.4.2>
It is the reason the state allocates nearly one of every three tax dollars to support our schools .PERIOD
</s>
<s.87.001.870320-0194.4.3>
It is also the reason we created a two billion dollar trust fund for education --DASH the largest fund of its kind in the U. S. --DASH and have already deposited the first half -HYPHEN billion in the program .PERIOD
</s>
</p>
<p.87.001.870320-0194.5>
<s.87.001.870320-0194.5.1>
We know more has to be done ,COMMA but we aren't alone in our concern .PERIOD
</s>
<s.87.001.870320-0194.5.2>
Some twenty other states have also declared education to be the number one priority .PERIOD
</s>
<s.87.001.870320-0194.5.3>
This is not an isolated problem and certainly not one unique to Louisiana .PERIOD
</s>
<s.87.001.870320-0194.5.4>
Rather it is the result of a long -HYPHEN term decline in American education .PERIOD
</s>
<s.87.001.870320-0194.5.5>
In view of the pervasiveness of the problem ,COMMA I don't know why Louisiana was singled out for your article ,COMMA but I do know that we are one state that is attempting to do something about it .PERIOD
</s>
</p>
<p.87.001.870320-0194.6>
<s.87.001.870320-0194.6.1>
The oil companies came in with the big bucks .PERIOD
</s>
<s.87.001.870320-0194.6.2>
The people and politicians of Louisiana fell for it .PERIOD
</s>
<s.87.001.870320-0194.6.3>
No matter how good the education system is ,COMMA if students don't want to learn ,COMMA nothing can change it .PERIOD
</s>
</p>
<p.87.001.870320-0194.7>
<s.87.001.870320-0194.7.1>
The problems started when the oil -HYPHEN field jobs replaced education as the most important part of our lives .PERIOD
</s>
<s.87.001.870320-0194.7.2>
During the rise of oil ,COMMA people quit school .PERIOD
</s>
<s.87.001.870320-0194.7.3>
There was no need for education when one could earn twenty five thousand dollars to fifty thousand dollars a year in the oil field .PERIOD
</s>
<s.87.001.870320-0194.7.4>
Now the uneducated parents of our state cannot help their children with third -HYPHEN grade schoolwork .PERIOD
</s>
</p>
<p.87.001.870320-0194.8>
<s.87.001.870320-0194.8.1>
As a graduate of the Louisiana school system ,COMMA I got out of it what I put into it .PERIOD
</s>
<s.87.001.870320-0194.8.2>
It was up to me if I wanted an education .PERIOD
</s>
</p>
<p.87.001.870320-0194.9>
<s.87.001.870320-0194.9.1>
Mr. Elliman of Lucas C. A. V. Limited states that Louisiana doesn't have employees with the basic skills needed to adapt to change .PERIOD
</s>
<s.87.001.870320-0194.9.2>
I wonder if he knows who designed and built the giant offshore oil and gas platforms that provide heat and fuel for his house or business .PERIOD
</s>
<s.87.001.870320-0194.9.3>
If Lucas C. A. V. Limited came to Louisiana ,COMMA maybe my two brothers (LEFT-PAREN both engineers )RIGHT-PAREN could work in Louisiana instead of Alabama and Massachusetts .PERIOD
</s>
</p>
<p.87.001.870320-0193.1>
<s.87.001.870320-0193.1.1>
House Speaker James Wright's proposal to tax security transactions (LEFT-PAREN news story ,COMMA March third )RIGHT-PAREN is an inefficient and dangerous way to reduce the federal deficit .PERIOD
</s>
</p>
<p.87.001.870320-0193.2>
<s.87.001.870320-0193.2.1>
Representative Wright fails to see that a substantial amount of funds in the equity markets is controlled by labor -HYPHEN backed pension funds ,COMMA as well as monies invested on behalf of middle -HYPHEN class Americans via mutual funds .PERIOD
</s>
<s.87.001.870320-0193.2.2>
A tax on publicly traded stocks would make these instruments less attractive than other securities .PERIOD
</s>
<s.87.001.870320-0193.2.3>
Wealthy investors would choose to stay away from publicly traded domestic equities in favor of other investments .PERIOD
</s>
<s.87.001.870320-0193.2.4>
It is the middle -HYPHEN class ,COMMA small investors who would bear a disproportionate amount of this tax ,COMMA as they lack access to more sophisticated investments .PERIOD
</s>
</p>
<p.87.001.870320-0193.3>
<s.87.001.870320-0193.3.1>
Derivative products ,COMMA such as futures and options ,COMMA would become more attractive .PERIOD
</s>
<s.87.001.870320-0193.3.2>
An investor who wished to put his money in N. Y. S. E. stocks would find it more efficient to do so by taking long positions in index futures or synthetic positions built with options .PERIOD
</s>
<s.87.001.870320-0193.3.3>
Open interest in these instruments would increase ,COMMA thereby levering up our already debt -HYPHEN ridden nation .PERIOD
</s>
</p>
<p.87.001.870320-0193.4>
<s.87.001.870320-0193.4.1>
If we want to avoid abuses on Wall Street ,COMMA we must deal with this problem directly .PERIOD
</s>
<s.87.001.870320-0193.4.2>
If we wish to reduce the deficit ,COMMA we must control government excess and waste .PERIOD
</s>
<s.87.001.870320-0193.4.3>
Representative Wright has found an industry that is currently politically vulnerable ,COMMA and has decided to harness it to the burdens of a deficit that it did not directly produce .PERIOD
</s>
</p>
<p.87.001.870320-0193.5>
<s.87.001.870320-0193.5.1>
I applaud Speaker Wright's proposal .PERIOD
</s>
<s.87.001.870320-0193.5.2>
After all ,COMMA the U. S. has a major deficit problem ,COMMA and it's clear that everyone on Wall Street is an insider trader and deserves to be punished .PERIOD
</s>
</p>
<p.87.001.870320-0193.6>
<s.87.001.870320-0193.6.1>
Since this transfer tax would not by itself solve the deficit problem ,COMMA I suggest we try to think of other industries that are candidates for extra disciplinary taxes .PERIOD
</s>
<s.87.001.870320-0193.6.2>
The ideal candidates are industries where the actions of some notable participants have proved that their entire industry is corrupt .PERIOD
</s>
</p>
<p.87.001.870320-0193.7>
<s.87.001.870320-0193.7.1>
How about pizza parlors ?QUESTION-MARK
</s>
<s.87.001.870320-0193.7.2>
The recent "DOUBLE-QUOTE Pizza Connection "DOUBLE-QUOTE trial has proved that all pizza parlors are really just fronts for illegal drug activity .PERIOD
</s>
<s.87.001.870320-0193.7.3>
I propose an extra two dollar tax on every pizza sold (LEFT-PAREN fifty cents each for individual slices )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0193.8>
<s.87.001.870320-0193.8.1>
Of course ,COMMA some people might claim that much ,COMMA if not all ,COMMA of the disciplinary taxes are likely to be passed through to the innocent end consumer (LEFT-PAREN investors in the first case ,COMMA pizza lovers in the second )RIGHT-PAREN ,COMMA but I say we have to punish these corrupt industries ,COMMA even if the methods are somewhat inefficient .PERIOD
</s>
</p>
<p.87.001.870320-0193.9>
<s.87.001.870320-0193.9.1>
We need some more candidates .PERIOD
</s>
<s.87.001.870320-0193.9.2>
How about politicians ?QUESTION-MARK
</s>
<s.87.001.870320-0193.9.3>
Recent trials in New York City proved that all politicans are crooks .PERIOD
</s>
<s.87.001.870320-0193.9.4>
An extra tax on politicians seems appropriate and is consistent with this new enlightened policy of disciplinary taxation .PERIOD
</s>
<s.87.001.870320-0193.9.5>
Politicians ...ELLIPSIS
</s>
<s.87.001.870320-0193.9.6>
Oops !EXCLAMATION-POINT
</s>
<s.87.001.870320-0193.9.7>
You better be careful ,COMMA Jim .PERIOD
</s>
</p>
<p.87.001.870320-0193.10>
<s.87.001.870320-0193.10.1>
I find the idea shocking and unjustified .PERIOD
</s>
<s.87.001.870320-0193.10.2>
General government services should be financed by the income tax .PERIOD
</s>
<s.87.001.870320-0193.10.3>
Our private sector is already in serious economic condition as a result of state and local governments' conversion of private property through the sales tax ,COMMA property taxes on land ,COMMA improvements and equipment ,COMMA and extortionate building -HYPHEN permit fees .PERIOD
</s>
</p>
<p.87.001.870320-0193.11>
<s.87.001.870320-0193.11.1>
In the interests of punishing Wall Street for past sins ,COMMA Mr. Wright proposes to tax pensions ,COMMA I. R. A.s ,COMMA Keogh Plans ,COMMA life -HYPHEN insurance policies and all other forms of retirement income that invest in publicly traded stocks .PERIOD
</s>
</p>
<p.87.001.870320-0193.12>
<s.87.001.870320-0193.12.1>
David Stockman was right .PERIOD
</s>
<s.87.001.870320-0193.12.2>
Jim Wright is a snake -HYPHEN oil salesman who practices the politics of envy .PERIOD
</s>
</p>
<p.87.001.870320-0193.13>
<s.87.001.870320-0193.13.1>
Stock volume would plummet and millions would probably be added to the unemployment lines .PERIOD
</s>
<s.87.001.870320-0193.13.2>
Let's not be too hard on ol' Jim ,COMMA though .PERIOD
</s>
<s.87.001.870320-0193.13.3>
Before he went to Congress he was a prizefighter .PERIOD
</s>
<s.87.001.870320-0193.13.4>
They get hit in the head a lot .PERIOD
</s>
</p>
<p.87.001.870320-0192.1>
<s.87.001.870320-0192.1.1>
Toshiba Corporation makes more than one million microwave ovens a year in Japan .PERIOD
</s>
<s.87.001.870320-0192.1.2>
This year ,COMMA if Hisao Tanaka prevails ,COMMA some sixty thousand will be powered by American -HYPHEN made capacitors ,COMMA and the huge U. S. trade deficit with Japan will be some one hundred twenty thousand dollars narrower .PERIOD
</s>
</p>
<p.87.001.870320-0192.2>
<s.87.001.870320-0192.2.1>
For Mr. Tanaka ,COMMA a veteran Toshiba manager who works out of an office park in this Boston suburb ,COMMA persuading his Tokyo colleagues to buy U. S. parts for microwave ovens would be a small but important victory .PERIOD
</s>
<s.87.001.870320-0192.2.2>
In the past ,COMMA Toshiba's engineers have resisted substituting American for Japanese parts .PERIOD
</s>
</p>
<p.87.001.870320-0192.3>
<s.87.001.870320-0192.3.1>
As Toshiba's head buyer in the U. S. ,COMMA Mr. Tanaka is heavily engaged in Japan's latest trade war .PERIOD
</s>
<s.87.001.870320-0192.3.2>
His mission :COLON to buy American .PERIOD
</s>
<s.87.001.870320-0192.3.3>
At times ,COMMA though ,COMMA it seems like mission impossible .PERIOD
</s>
<s.87.001.870320-0192.3.4>
Japan's imports of U. S. goods have indeed increased since Toshiba and other big Japanese companies began a much -HYPHEN publicized buy -HYPHEN American campaign in nineteen eighty five ,COMMA but the gains haven't come easily ,COMMA and the trade deficit has grown ,COMMA not shrunk .PERIOD
</s>
</p>
<p.87.001.870320-0192.4>
<s.87.001.870320-0192.4.1>
Mr. Tanaka partly blames U. S. companies .PERIOD
</s>
<s.87.001.870320-0192.4.2>
All too often ,COMMA he laments ,COMMA they seem to go out of their way not to sell to Toshiba .PERIOD
</s>
<s.87.001.870320-0192.4.3>
They decline to bid on contracts that don't offer an immediate profit ,COMMA refuse to provide the prompt service that Toshiba expects and occasionally insult the Japanese company --DASH a diversified multinational with eighteen .POINT seven four billion dollars in sales last year --DASH by demanding cash on delivery .PERIOD
</s>
<s.87.001.870320-0192.4.4>
"DOUBLE-QUOTE I don't think they'd insist with General Electric ,COMMA "DOUBLE-QUOTE he says pointedly .PERIOD
</s>
</p>
<p.87.001.870320-0192.5>
<s.87.001.870320-0192.5.1>
Some U. S. companies ,COMMA on the other hand ,COMMA question whether Toshiba is serious about buying American .PERIOD
</s>
<s.87.001.870320-0192.5.2>
A request for information by Mr. Tanaka was "DOUBLE-QUOTE a fishing expedition ,COMMA and nothing happened after that ,COMMA "DOUBLE-QUOTE says Linda Saul ,COMMA an administrator at a computerized -HYPHEN design company's sales office down the hall from him .PERIOD
</s>
</p>
<p.87.001.870320-0192.6>
<s.87.001.870320-0192.6.1>
Mr. Tanaka concedes that out of every ten U. S. companies he talks with ,COMMA only one ends up doing business with Toshiba .PERIOD
</s>
<s.87.001.870320-0192.6.2>
And he acknowledges that some of his colleagues back in Japan aren't deeply committed to buying American .PERIOD
</s>
<s.87.001.870320-0192.6.3>
"DOUBLE-QUOTE It takes time to buy a new product --DASH especially from outside Japan .PERIOD
</s>
<s.87.001.870320-0192.6.4>
Nobody wants to take the risk of changing suppliers ,COMMA "DOUBLE-QUOTE he explains .PERIOD
</s>
</p>
<p.87.001.870320-0192.7>
<s.87.001.870320-0192.7.1>
So ,COMMA despite the dollar's two -HYPHEN year ,COMMA forty %PERCENT decline against the yen --DASH which makes American goods cheaper in Japan --DASH the U. S. trade deficit with Japan remains huge .PERIOD
</s>
<s.87.001.870320-0192.7.2>
Although Japan's imports of U. S. goods rose nineteen %PERCENT ,COMMA to twenty six .POINT eight eight billion dollars ,COMMA last year ,COMMA its exports to the U. S. also rose nineteen %PERCENT ,COMMA to eighty one .POINT nine one billion dollars .PERIOD
</s>
<s.87.001.870320-0192.7.3>
As a result ,COMMA the merchandise -HYPHEN trade deficit grew to fifty five .POINT oh three billion dollars from forty six .POINT one five billion dollars in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0192.8>
<s.87.001.870320-0192.8.1>
Some economists contend that it is just a matter of time until the higher yen makes U. S. goods so cheap the Japanese will buy them .PERIOD
</s>
<s.87.001.870320-0192.8.2>
"DOUBLE-QUOTE We are all disappointed that American exports haven't picked up as we expected ,COMMA "DOUBLE-QUOTE says Hugh Patrick ,COMMA an economist at Columbia University .PERIOD
</s>
<s.87.001.870320-0192.8.3>
"DOUBLE-QUOTE But the things we tend to export are industrial products --DASH and it certainly takes time to generate contracts and start making sales .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.9>
<s.87.001.870320-0192.9.1>
A look at Mr. Tanaka's frustrations shows just how hard this can be .PERIOD
</s>
<s.87.001.870320-0192.9.2>
Many cultural and corporate differences impede U. S. sales to Japan ,COMMA no matter how interested both sides claim to be .PERIOD
</s>
</p>
<p.87.001.870320-0192.10>
<s.87.001.870320-0192.10.1>
Mr. Tanaka insists that Toshiba is clearly committed to buying American .PERIOD
</s>
<s.87.001.870320-0192.10.2>
The company opened its procurement office here last fall (LEFT-PAREN another one ,COMMA its first ,COMMA is in San Francisco )RIGHT-PAREN ,COMMA doubled the number of buyers in America to eight and tripled its total U. S. procurement -HYPHEN office budget to one million dollars a year .PERIOD
</s>
</p>
<p.87.001.870320-0192.11>
<s.87.001.870320-0192.11.1>
Each day ,COMMA Toshiba's U. S. buyers get a stream of facsimile messages from Tokyo asking them to find potential vendors ,COMMA get price quotes or track down delayed orders .PERIOD
</s>
<s.87.001.870320-0192.11.2>
Occasionally ,COMMA Mr. Tanaka ,COMMA who will soon be transferred to Toshiba's international procurement operation in Tokyo ,COMMA seeks more U. S. suppliers by going to trade shows and collecting catalogs or even by knocking on nearby doors .PERIOD
</s>
</p>
<p.87.001.870320-0192.12>
<s.87.001.870320-0192.12.1>
The extra effort ,COMMA he says ,COMMA is starting to pay off .PERIOD
</s>
<s.87.001.870320-0192.12.2>
This year ,COMMA Toshiba expects to place orders with three hundred to three hundred fifty U. S. companies ,COMMA up from about two hundred in nineteen eighty four .PERIOD
</s>
<s.87.001.870320-0192.12.3>
A G. E. -HYPHEN type conglomerate ,COMMA Toshiba buys lots of things from the U. S. :COLON semiconductors from Motorola Incorporated ,COMMA work stations from Sun Microsystems Incorporated ,COMMA automatic testing equipment from Teradyne Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0192.13>
<s.87.001.870320-0192.13.1>
Last year ,COMMA Mr. Tanaka supervised the purchase of forty six million dollars of U. S. goods ,COMMA up fifty three %PERCENT from nineteen eighty five .PERIOD
</s>
<s.87.001.870320-0192.13.2>
To help Toshiba increase its imports ,COMMA Mr. Tanaka is even suggesting that it buy U. S. golf balls to sell to its sixty thousand Japanese workers .PERIOD
</s>
<s.87.001.870320-0192.13.3>
"DOUBLE-QUOTE We must show them the enjoyment of a higher exchange rate ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0192.13.4>
(LEFT-PAREN Mr. Tanaka himself purchases lots of U. S. beef ,COMMA but he avoids the American -HYPHEN Japanese car wars --DASH he drives a German Audi .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0192.13.5>
All told ,COMMA Toshiba expects to import some five hundred twenty million dollars in goods from around the world in its fiscal year ending March thirty first ,COMMA with most of that being purchased through trading companies or offices of foreign companies in Japan .PERIOD
</s>
<s.87.001.870320-0192.13.6>
About seventy %PERCENT of its imports come from the U. S. .PERIOD
</s>
</p>
<p.87.001.870320-0192.14>
<s.87.001.870320-0192.14.1>
Nevertheless ,COMMA building American purchases is slow work ,COMMA says Mr. Tanaka ,COMMA who puts in a thirteen -HYPHEN hour day in order to talk with executives in Japan between six p. m. and nine p. m. Eastern time .PERIOD
</s>
<s.87.001.870320-0192.14.2>
"DOUBLE-QUOTE It took almost a year to train our employees to buy foreign products ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0192.15>
<s.87.001.870320-0192.15.1>
Today ,COMMA says Mr. Tanaka ,COMMA a chain -HYPHEN smoking ,COMMA coffee -HYPHEN gulping thirty six -HYPHEN year -HYPHEN old with a midfive -HYPHEN figure salary :COLON "DOUBLE-QUOTE If the conditions on buying U. S. goods are the same as from Japanese companies ,COMMA Toshiba policy is to buy from America .PERIOD
</s>
<s.87.001.870320-0192.15.2>
Two years ago ,COMMA we would have bought Japanese .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.16>
<s.87.001.870320-0192.16.1>
For example ,COMMA he found that a Toshiba microwave -HYPHEN oven plant in Nashville ,COMMA Tennessee ,COMMA was satisfied with capacitors that it bought from Aerovox Corporation ,COMMA an R. T. E. Corporation subsidiary based in New Bedford ,COMMA Massachusetts .PERIOD
</s>
<s.87.001.870320-0192.16.2>
He persuaded the oven makers in Japan to test Aerovox capacitors last year and now is negotiating a small contract to send five thousand to ten thousand of them there .PERIOD
</s>
<s.87.001.870320-0192.16.3>
If they work well ,COMMA he says ,COMMA Toshiba will place a regular order ,COMMA and Aerovox could end up shipping capacitors to a Toshiba microwave plant in England as well .PERIOD
</s>
</p>
<p.87.001.870320-0192.17>
<s.87.001.870320-0192.17.1>
At Aerovox ,COMMA a major U. S. maker of microwave -HYPHEN oven capacitors ,COMMA John A. Churma ,COMMA its vice president for sales and manufacturing ,COMMA says he was surprised when Mr. Tanaka approached him about exporting to Japan .PERIOD
</s>
<s.87.001.870320-0192.17.2>
"DOUBLE-QUOTE We'd been romancing Toshiba {LEFT-BRACE in Nashville }RIGHT-BRACE for about six years "DOUBLE-QUOTE before big sales started in nineteen eighty six ,COMMA he says .PERIOD
</s>
<s.87.001.870320-0192.17.3>
"DOUBLE-QUOTE I thought the Japanese market would be tougher to crack because of their entrenched manufacturing capabilities .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.18>
<s.87.001.870320-0192.18.1>
Mr. Tanaka can cite other successes .PERIOD
</s>
<s.87.001.870320-0192.18.2>
Late last year ,COMMA as the yen rose ,COMMA Toshiba took the unusual step of replacing its Japanese supplier of hard disk drives for computers with Memorex Corporation ,COMMA of Milpitas ,COMMA California ,COMMA and Kaitex Media Incorporated ,COMMA of San Jose ,COMMA California .PERIOD
</s>
<s.87.001.870320-0192.18.3>
Emboldened ,COMMA Mr. Tanaka recently persuaded a top Japanese engineer to evaluate analog -HYPHEN digital converters made by Analogic Corporation ,COMMA of Peabody ,COMMA Massachusetts ,COMMA even though Toshiba itself makes similar parts .PERIOD
</s>
</p>
<p.87.001.870320-0192.19>
<s.87.001.870320-0192.19.1>
As Mr. Tanaka sees it ,COMMA however ,COMMA American vendors don't compete effectively with the Japanese .PERIOD
</s>
<s.87.001.870320-0192.19.2>
They don't treat Toshiba with the eager deference that he expects .PERIOD
</s>
<s.87.001.870320-0192.19.3>
"DOUBLE-QUOTE In the U. S. ,COMMA they say the customer is king .PERIOD
</s>
<s.87.001.870320-0192.19.4>
In Japan ,COMMA the customer is God ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0192.19.5>
Most U. S. companies get business only if Toshiba decides to buy American --DASH not by outselling a Japanese supplier .PERIOD
</s>
</p>
<p.87.001.870320-0192.20>
<s.87.001.870320-0192.20.1>
Mr. Tanaka also suspects that many U. S. companies really don't want to export .PERIOD
</s>
<s.87.001.870320-0192.20.2>
He notes that few write technical brochures in Japanese and that many haven't mastered high -HYPHEN tech export -HYPHEN licensing requirements .PERIOD
</s>
<s.87.001.870320-0192.20.3>
Vernon Alden ,COMMA a director of several U. S. corporations ,COMMA comments ,COMMA "DOUBLE-QUOTE I don't think it's fair to blame the Japanese because they expect to have better service than we give .PERIOD
</s>
<s.87.001.870320-0192.20.4>
The problem is we have gotten sloppy .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.21>
<s.87.001.870320-0192.21.1>
Mr. Tanaka complains that some U. S. companies take six weeks to provide price quotes even on standard products .PERIOD
</s>
<s.87.001.870320-0192.21.2>
One concern refused to promise a delivery date until Toshiba placed the order --DASH a troublesome stand because Toshiba's Japanese plants keep inventories lean .PERIOD
</s>
</p>
<p.87.001.870320-0192.22>
<s.87.001.870320-0192.22.1>
Last winter ,COMMA a General Electric Company transformer plant in Hickory ,COMMA N. C. ,COMMA said it couldn't ship a small order when Toshiba demanded it .PERIOD
</s>
<s.87.001.870320-0192.22.2>
Mr. Tanaka asked to visit the G. E. factory to learn the reason .PERIOD
</s>
<s.87.001.870320-0192.22.3>
He says G. E.'s reply was :COLON If Toshiba left it alone ,COMMA half the order would be shipped in a week ;SEMI-COLON if Toshiba officials visited ,COMMA it wouldn't be shipped at all .PERIOD
</s>
<s.87.001.870320-0192.22.4>
"DOUBLE-QUOTE This is one hundred eighty degrees opposite of Japan ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0192.22.5>
"DOUBLE-QUOTE They just don't want to hear our complaint .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.23>
<s.87.001.870320-0192.23.1>
A G. E. spokesman says the company quoted the same delivery times to all customers .PERIOD
</s>
<s.87.001.870320-0192.23.2>
He adds ,COMMA "DOUBLE-QUOTE We got people to work overtime over Thanksgiving "DOUBLE-QUOTE to ship part of Toshiba's order early .PERIOD
</s>
<s.87.001.870320-0192.23.3>
But when Mr. Tanaka asked to visit ,COMMA "DOUBLE-QUOTE We said ,COMMA 'SINGLE-QUOTE Please don't .PERIOD
</s>
<s.87.001.870320-0192.23.4>
It might cause a problem just having additional people be there .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.24>
<s.87.001.870320-0192.24.1>
Mr. Tanaka says a supplier that he won't name promised a circuit breaker with a special calibration but filled the twenty thousand dollar order with its standard model .PERIOD
</s>
<s.87.001.870320-0192.24.2>
Toshiba complained .PERIOD
</s>
<s.87.001.870320-0192.24.3>
The supplier said it would take six weeks to recalibrate .PERIOD
</s>
<s.87.001.870320-0192.24.4>
Instead ,COMMA it offered to tell Toshiba engineers how to do the job .PERIOD
</s>
<s.87.001.870320-0192.24.5>
Desperate for the part ,COMMA Toshiba agreed .PERIOD
</s>
<s.87.001.870320-0192.24.6>
But when its engineers asked for clarification of the instructions ,COMMA Mr. Tanaka says ,COMMA "DOUBLE-QUOTE The U. S. engineers complained we were wasting their time .PERIOD
</s>
<s.87.001.870320-0192.24.7>
They said we weren't an important enough customer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.25>
<s.87.001.870320-0192.25.1>
To U. S. companies ,COMMA Toshiba can seem picky and imperious .PERIOD
</s>
<s.87.001.870320-0192.25.2>
Analogic was proud when all one hundred electronic instruments worked in its first shipment to Toshiba seven years ago .PERIOD
</s>
<s.87.001.870320-0192.25.3>
But Toshiba complained because some minor parts came loose .PERIOD
</s>
<s.87.001.870320-0192.25.4>
"DOUBLE-QUOTE We thought we'd performed a miracle .PERIOD
</s>
<s.87.001.870320-0192.25.5>
But they sat there and told me how inferior our products were ,COMMA "DOUBLE-QUOTE recalls Bernard Gordon ,COMMA Analogic's president .PERIOD
</s>
<s.87.001.870320-0192.25.6>
Today ,COMMA the companies' engineers meet quarterly in Tokyo and Peabody .PERIOD
</s>
<s.87.001.870320-0192.25.7>
"DOUBLE-QUOTE Their expectations of perfection rubbed off on us ,COMMA "DOUBLE-QUOTE Mr. Gordon says .PERIOD
</s>
<s.87.001.870320-0192.25.8>
Toshiba's orders to Analogic now run five million dollars a year .PERIOD
</s>
</p>
<p.87.001.870320-0192.26>
<s.87.001.870320-0192.26.1>
When Toshiba ordered a three -HYPHEN ton industrial burner from tiny Pyronics Incorporated of Cleveland last year ,COMMA Mr. Tanaka negotiated visitation rights during the sixteen -HYPHEN week building process .PERIOD
</s>
<s.87.001.870320-0192.26.2>
Moreover ,COMMA says Nicholas LaGamba ,COMMA a Pyronics engineer :COLON "DOUBLE-QUOTE They demanded a manufacturing schedule from us showing graphically just where we'd be at each stage of production .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0192.26.3>
That technique was new to Pyronics ;SEMI-COLON so Mr. Tanaka taught the company how to do it .PERIOD
</s>
</p>
<p.87.001.870320-0192.27>
<s.87.001.870320-0192.27.1>
Nonetheless ,COMMA Mr. Tanaka complains that many U. S. suppliers won't invest the effort to fulfill Toshiba's expectations .PERIOD
</s>
</p>
<p.87.001.870320-0192.28>
<s.87.001.870320-0192.28.1>
Mr. Tanaka is particularly frustrated by their reluctance to bid on projects that won't bring in revenue for several years .PERIOD
</s>
<s.87.001.870320-0192.28.2>
For example ,COMMA his office is charged with finding U. S. vendors for a fuel -HYPHEN cell power -HYPHEN plant project ,COMMA but getting bidders has been a grind .PERIOD
</s>
<s.87.001.870320-0192.28.3>
"DOUBLE-QUOTE They will cooperate and take instant business ,COMMA but they aren't cooperating in future business ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0192.28.4>
He adds that small Japanese companies would eagerly do engineering work to bid on Toshiba projects but that American companies must be cajoled to do so .PERIOD
</s>
</p>
<p.87.001.870320-0192.29>
<s.87.001.870320-0192.29.1>
One reason American vendors are cautious is the limited market for power from fuel cells ,COMMA which efficiently turn chemical energy into electricity .PERIOD
</s>
<s.87.001.870320-0192.29.2>
Lee Ridenour ,COMMA the Toshiba buyer seeking bidders for the fuel -HYPHEN cell project ,COMMA says ,COMMA "DOUBLE-QUOTE One thing that is scarce in the U. S. is quotation time and engineering time .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0192.29.3>
Toshiba engineers in Japan ,COMMA drawing up the bid requests ,COMMA "DOUBLE-QUOTE were in a climate where they could ask suppliers to do work without pay ,COMMA "DOUBLE-QUOTE she adds .PERIOD
</s>
<s.87.001.870320-0192.29.4>
She says one U. S. engineer termed a twenty -HYPHEN page request requiring about one hundred pages of specifications and drawings "DOUBLE-QUOTE the Toshiba torture test .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0192.30>
<s.87.001.870320-0192.30.1>
And U. S. bidders say they are amazed by the study that Toshiba puts into each bid .PERIOD
</s>
<s.87.001.870320-0192.30.2>
Harry G. Abel ,COMMA a power -HYPHEN industry specialist at Foxboro Company ,COMMA a controls maker in Foxboro ,COMMA Massachusetts ,COMMA says teams of six engineers went to Foxboro twice and also met with him in San Francisco .PERIOD
</s>
</p>
<p.87.001.870320-0192.31>
<s.87.001.870320-0192.31.1>
"DOUBLE-QUOTE American engineers tend to spread themselves out over ten or twelve projects ,COMMA "DOUBLE-QUOTE Mr. Abel says ,COMMA but the Japanese "DOUBLE-QUOTE were dedicated to this .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0192.31.2>
After all the work ,COMMA Foxboro lost the contract to another U. S. company ,COMMA he says .PERIOD
</s>
<s.87.001.870320-0192.31.3>
However ,COMMA he hopes to get Toshiba business in the future .PERIOD
</s>
</p>
<p.87.001.870320-0191.1>
<s.87.001.870320-0191.1.1>
Alan gaines knows he's the type of Wall Streeter that chief executive officers love to hate .PERIOD
</s>
<s.87.001.870320-0191.1.2>
He's the fast -HYPHEN talking head of an investment firm ,COMMA lives in a Park Avenue townhouse ,COMMA drives a Rolls -HYPHEN Royce and earns more than one million dollars a year .PERIOD
</s>
</p>
<p.87.001.870320-0191.2>
<s.87.001.870320-0191.2.1>
He also doesn't hesitate to tell America's C. E. O.s how to do their jobs .PERIOD
</s>
</p>
<p.87.001.870320-0191.3>
<s.87.001.870320-0191.3.1>
Two years ago ,COMMA the youthful Mr. Gaines flew to Houston to tell Tenneco Incorporated's silver -HYPHEN haired chief executive ,COMMA fifty six -HYPHEN year -HYPHEN old James Ketelson ,COMMA to restructure the fifteen billion dollars oil conglomerate or risk a takeover .PERIOD
</s>
</p>
<p.87.001.870320-0191.4>
<s.87.001.870320-0191.4.1>
"DOUBLE-QUOTE I walk into his office in Houston and Ketelson is like Mr. W. A. S. P. ,COMMA Mr. Proper .PERIOD
</s>
<s.87.001.870320-0191.4.2>
And here I am ,COMMA a thirty two -HYPHEN year -HYPHEN old kid making more money than he does ,COMMA telling him how to run his company .PERIOD
</s>
<s.87.001.870320-0191.4.3>
What would your reaction be ?QUESTION-MARK "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.5>
<s.87.001.870320-0191.5.1>
Neither Mr. Ketelson nor Tenneco will comment ,COMMA but Mr. Gaines says the advice was spurned .PERIOD
</s>
<s.87.001.870320-0191.5.2>
Not that he was surprised .PERIOD
</s>
<s.87.001.870320-0191.5.3>
He's used to what he calls the "DOUBLE-QUOTE anti -HYPHEN investment banker ,COMMA anti -HYPHEN New York ,COMMA anti -HYPHEN little rich kid "DOUBLE-QUOTE attitude of big -HYPHEN company executives .PERIOD
</s>
</p>
<p.87.001.870320-0191.6>
<s.87.001.870320-0191.6.1>
He in turn sometimes holds a disdainful view of Main Street. "DOUBLE-QUOTE You go out to visit these C. E. O.s who talk very slow ,COMMA very deliberate. 'SINGLE-QUOTE Well ,COMMA sir -HYPHEN r. -HYPHEN r. ,COMMA we're ve -HYPHEN ry interested in long -HYPHEN term valuuuue ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE mimics Mr. Gaines ,COMMA the head of Gaines Berland Company .PERIOD
</s>
<s.87.001.870320-0191.6.2>
"DOUBLE-QUOTE I want to say ,COMMA 'SINGLE-QUOTE Come on ,COMMA guy ,COMMA spit it out .PERIOD
</s>
<s.87.001.870320-0191.6.3>
Talk .PERIOD
</s>
<s.87.001.870320-0191.6.4>
I want to get home by next year .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.7>
<s.87.001.870320-0191.7.1>
Main Street and Wall Street have always been miles apart .PERIOD
</s>
<s.87.001.870320-0191.7.2>
But the takeover fever of recent years ,COMMA which has thrown together conservative corporate executives and a new breed of young ,COMMA highly paid raiders and investment bankers ,COMMA is driving the two cultures still further apart .PERIOD
</s>
<s.87.001.870320-0191.7.3>
The result is a symbiotic relationship often marked by deep clashes in everything from how they make deals and what they wear when making them ,COMMA to how they spend their money .PERIOD
</s>
</p>
<p.87.001.870320-0191.9>
<s.87.001.870320-0191.9.1>
The recent headline -HYPHEN grabbing spate of insider trading scandals only has widened the chasm .PERIOD
</s>
<s.87.001.870320-0191.9.2>
"DOUBLE-QUOTE There is a definite tension between corporate types and Wall Streeters ,COMMA "DOUBLE-QUOTE says Jonathan Rinehart ,COMMA whose New York -HYPHEN based public relations consulting firm specializes in takeover -HYPHEN style crises ,COMMA "DOUBLE-QUOTE and all this insider trading stuff is just dumping gasoline on the fire .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.10>
<s.87.001.870320-0191.10.1>
A recent example is the lawsuit by Staley Continental Incorporated ,COMMA a food company ,COMMA alleging that the investment banking firm of Drexel Burnham Lambert Incorporated tried to pressure Staley management into a leveraged buyout .PERIOD
</s>
<s.87.001.870320-0191.10.2>
Drexel has called the allegation "DOUBLE-QUOTE totally without merit "DOUBLE-QUOTE and said the suit is "DOUBLE-QUOTE an ill -HYPHEN conceived attempt to capitalize on the current climate "DOUBLE-QUOTE created by the spate of insider -HYPHEN trading arrests .PERIOD
</s>
</p>
<p.87.001.870320-0191.11>
<s.87.001.870320-0191.11.1>
These days even investment bankers fear Wall Street's young Frankensteins .PERIOD
</s>
<s.87.001.870320-0191.11.2>
"DOUBLE-QUOTE I find the whipper -HYPHEN snapper investment banker who's fresh from Harvard Business School and who's going to tell you how to run your company ,COMMA just as tiresome as any other C. E. O. ,COMMA "DOUBLE-QUOTE says Robert S. Pirie ,COMMA president and chief executive of Rothschild Incorporated .PERIOD
</s>
<s.87.001.870320-0191.11.3>
"DOUBLE-QUOTE These smart -HYPHEN aleck kids who have gotten bagged (LEFT-PAREN for insider -HYPHEN trading violations )RIGHT-PAREN ought to go to jail for more than a year ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0191.11.4>
"DOUBLE-QUOTE Minus their toenails .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.12>
<s.87.001.870320-0191.12.1>
Along Main Street ,COMMA here's how David Culver ,COMMA fifty one -HYPHEN year -HYPHEN old former C. E. O. of Amarillo ,COMMA Texas -HYPHEN based Pioneer Corporation ,COMMA views Wall Street types :COLON
</s>
</p>
<p.87.001.870320-0191.13>
<s.87.001.870320-0191.13.1>
"DOUBLE-QUOTE I'm sick of 'em all ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0191.13.2>
Mr. Culver developed his hostility last year when he sold out to crosstown buddy T. Boone Pickens after being overwhelmed by a phalanx of raiders and investment bankers .PERIOD
</s>
</p>
<p.87.001.870320-0191.14>
<s.87.001.870320-0191.14.1>
Mr. Culver complains that in boardroom jousts his Wall Street opponents were so single -HYPHEN minded as to appear "DOUBLE-QUOTE programmed .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.15>
<s.87.001.870320-0191.15.1>
"DOUBLE-QUOTE First of all ,COMMA they're not a damn bit smarter than me ,COMMA no matter what they think ,COMMA "DOUBLE-QUOTE says Mr. Culver .PERIOD
</s>
<s.87.001.870320-0191.15.2>
Even more disturbing to him ,COMMA the Wall Streeters seem concerned with little beyond money and their careers .PERIOD
</s>
<s.87.001.870320-0191.15.3>
"DOUBLE-QUOTE Our guys are much more family -HYPHEN oriented .PERIOD
</s>
<s.87.001.870320-0191.15.4>
They look forward to going home and playing with their children ,COMMA "DOUBLE-QUOTE Mr. Culver says .PERIOD
</s>
</p>
<p.87.001.870320-0191.16>
<s.87.001.870320-0191.16.1>
"DOUBLE-QUOTE I was president of the Amarillo Club ,COMMA in the United Way and Rotary ,COMMA "DOUBLE-QUOTE he continues .PERIOD
</s>
<s.87.001.870320-0191.16.2>
"DOUBLE-QUOTE We consider that important .PERIOD
</s>
<s.87.001.870320-0191.16.3>
When the Wall Streeter finally gets home ,COMMA he's lucky to see his family ,COMMA much less go down to the United Way and make calls .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.17>
<s.87.001.870320-0191.17.1>
It's still unclear where all the resentment will lead .PERIOD
</s>
<s.87.001.870320-0191.17.2>
But it could trigger a grassroots backlash of the type that toppled another generation of financiers :COLON the robber barons .PERIOD
</s>
<s.87.001.870320-0191.17.3>
Politicians are already on the scent .PERIOD
</s>
<s.87.001.870320-0191.17.4>
"DOUBLE-QUOTE If you did to a seven -HYPHEN Eleven what (LEFT-PAREN Wall Streeters )RIGHT-PAREN have done to the American economy ,COMMA you'd be doing twenty -HYPHEN to -HYPHEN life ,COMMA "DOUBLE-QUOTE said James Hightower ,COMMA outspoken Texas agriculture commissioner ,COMMA in a recent speech before national Democratic leaders .PERIOD
</s>
</p>
<p.87.001.870320-0191.18>
<s.87.001.870320-0191.18.1>
Much of this boils down to simple difference in executive style .PERIOD
</s>
<s.87.001.870320-0191.18.2>
To the typical Main Street executive ,COMMA Wall Streeters are fresh -HYPHEN faced M. B. A.s in tailored suits and mallard -HYPHEN dotted suspenders who come to places like Bartlesville ,COMMA Oklahoma ,COMMA and Akron ,COMMA Ohio ,COMMA only to put people out of work --DASH all the while mouthing terms like "DOUBLE-QUOTE break -HYPHEN up values "DOUBLE-QUOTE and "DOUBLE-QUOTE front -HYPHEN end loaded ,COMMA two -HYPHEN tier tender offers .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.19>
<s.87.001.870320-0191.19.1>
In turn ,COMMA many Wall Streeters seem to view their Main Street counterparts as slow -HYPHEN moving ,COMMA boorish hicks .PERIOD
</s>
<s.87.001.870320-0191.19.2>
"DOUBLE-QUOTE The so -HYPHEN called sophisticates tend to be surprised when they find smart guys out there in the hinterlands ,COMMA "DOUBLE-QUOTE says Gary Hirsch ,COMMA a thirty seven -HYPHEN year -HYPHEN old principal in the New York investment firm of Miller ,COMMA Tabak &AMPERSAND Hirsch .PERIOD
</s>
<s.87.001.870320-0191.19.3>
"DOUBLE-QUOTE They'll walk out of meetings and say ,COMMA 'SINGLE-QUOTE Gee ,COMMA even though this guy is from Pennsylvania ,COMMA he knows what he's doing .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.20>
<s.87.001.870320-0191.20.1>
Still ,COMMA when Wall Streeters venture down Main Street ,COMMA sometimes they feel like they're in a foreign country .PERIOD
</s>
<s.87.001.870320-0191.20.2>
During the unsuccessful visit to Tenneco's chief executive ,COMMA Mr. Gaines found himself lunching "DOUBLE-QUOTE at some place with animal heads on the walls .PERIOD
</s>
<s.87.001.870320-0191.20.3>
It was like eating in the Baptist Club of Houston .PERIOD
</s>
<s.87.001.870320-0191.20.4>
I expected to have to say grace before sitting down .PERIOD
</s>
<s.87.001.870320-0191.20.5>
I mean ,COMMA in New York I take people to Le Cirque ,COMMA "DOUBLE-QUOTE he says ,COMMA referring to the famed French restaurant .PERIOD
</s>
</p>
<p.87.001.870320-0191.21>
<s.87.001.870320-0191.21.1>
The difference in lunch style ,COMMA though ,COMMA often pales before the difference in lifestyle .PERIOD
</s>
<s.87.001.870320-0191.21.2>
Case in point is last November's visit by Robert E. Mercer ,COMMA Goodyear Tire &AMPERSAND Rubber Company's sixty two -HYPHEN year -HYPHEN old chief executive ,COMMA to the Manhattan townhouse of Sir James Goldsmith ,COMMA the Anglo -HYPHEN French investor who then was trying to grab the Akron -HYPHEN based tiremaker .PERIOD
</s>
</p>
<p.87.001.870320-0191.22>
<s.87.001.870320-0191.22.1>
According to a Goodyear associate ,COMMA Mr. Mercer was taken aback when he knocked at what he thought was the correct address ,COMMA only to be told by a smartly dressed butler that Sir James lived several doors down .PERIOD
</s>
<s.87.001.870320-0191.22.2>
Knocking there ,COMMA the same butler opened the door ,COMMA explaining to Mr. Mercer :COLON "DOUBLE-QUOTE This is Mr. Goldsmith's home .PERIOD
</s>
<s.87.001.870320-0191.22.3>
That was the kitchen .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.23>
<s.87.001.870320-0191.23.1>
Once inside ,COMMA the father of five found himself facing two statues of nude females and a myriad of paintings of nudes .PERIOD
</s>
<s.87.001.870320-0191.23.2>
Mr. Mercer ,COMMA an associate says ,COMMA hasn't yet tired of relating his amazement .PERIOD
</s>
</p>
<p.87.001.870320-0191.24>
<s.87.001.870320-0191.24.1>
But it is in the boardroom where matters of style matter most .PERIOD
</s>
<s.87.001.870320-0191.24.2>
Nowhere was that more apparent than at Phillips Petroleum Company in nineteen eighty four ,COMMA when Wall Street specialists arrived to help the Bartlesville oil company fend off a Who's Who of corporate raiders .PERIOD
</s>
</p>
<p.87.001.870320-0191.25>
<s.87.001.870320-0191.25.1>
Phillips C. E. O. William Douce and other officials occasionally would roll their eyes after lecture -HYPHEN like presentations by the investment bankers .PERIOD
</s>
<s.87.001.870320-0191.25.2>
Says Mr. Douce ,COMMA now retired :COLON "DOUBLE-QUOTE I don't mind those young people making a lot of money in a short time .PERIOD
</s>
<s.87.001.870320-0191.25.3>
But some of 'em speak as if they were God .PERIOD
</s>
<s.87.001.870320-0191.25.4>
Some of 'em think they may be God .PERIOD
</s>
<s.87.001.870320-0191.25.5>
I'll tell you a secret .PERIOD
</s>
<s.87.001.870320-0191.25.6>
Most of those fellows come in ,COMMA listen to you and your people .PERIOD
</s>
<s.87.001.870320-0191.25.7>
Then they take your own ideas ,COMMA dress 'em up a little and read 'em back to you .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.26>
<s.87.001.870320-0191.26.1>
Down in the Phillips public relations department ,COMMA employees were equally put off by the New York firm hired by senior executives hired to manage the company's media campaign .PERIOD
</s>
<s.87.001.870320-0191.26.2>
Although a Phillips spokesman denies it ,COMMA a person close to the company says the two sides fought over practically every word of every press release ,COMMA at times to the brink of fistfights .PERIOD
</s>
</p>
<p.87.001.870320-0191.27>
<s.87.001.870320-0191.27.1>
"DOUBLE-QUOTE There was the perception that the New Yorkers thought they had come down here to help the Great Unwashed ,COMMA "DOUBLE-QUOTE says a Phillips official .PERIOD
</s>
<s.87.001.870320-0191.27.2>
"DOUBLE-QUOTE Just because we don't eat at Tavern on the Green doesn't make us any less sophisticated .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.28>
<s.87.001.870320-0191.28.1>
When the culture clash between adversaries surfaces ,COMMA it is enough to bring a heated takeover battle to a boil .PERIOD
</s>
<s.87.001.870320-0191.28.2>
That apparently was the case when ,COMMA during Pennzoil Company's unsuccessful bid to acquire Getty Oil Company ,COMMA Pennzoil's tough -HYPHEN talking chief executive ,COMMA J. Hugh Liedtke ,COMMA was host to Jay Higgins ,COMMA then a thirty eight -HYPHEN year -HYPHEN old Salomon Brothers investment banker who represented the Getty Museum ,COMMA a major Getty Oil shareholder .PERIOD
</s>
</p>
<p.87.001.870320-0191.29>
<s.87.001.870320-0191.29.1>
Mr. Liedtke asked several anxious questions about the museum's position on the pending merger ,COMMA but Mr. Higgins kept silent ,COMMA Pennzoil lawyer Arthur Liman recalled in recent court testimony .PERIOD
</s>
<s.87.001.870320-0191.29.2>
Suddenly ,COMMA Mr. Higgins answered all at once :COLON "DOUBLE-QUOTE Yes ,COMMA sir .PERIOD
</s>
<s.87.001.870320-0191.29.3>
No ,COMMA sir .PERIOD
</s>
<s.87.001.870320-0191.29.4>
Yes ,COMMA sir .PERIOD
</s>
<s.87.001.870320-0191.29.5>
No ,COMMA sir .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.30>
<s.87.001.870320-0191.30.1>
Mr. Liman ,COMMA seeing his boss near explosion ,COMMA quickly escorted the investment banker from the room .PERIOD
</s>
<s.87.001.870320-0191.30.2>
"DOUBLE-QUOTE Mr. .PERIOD
</s>
<s.87.001.870320-0191.30.3>
Higgins did a number on Mr. Liedtke ...ELLIPSIS a mocking of him .PERIOD
</s>
<s.87.001.870320-0191.30.4>
I just wanted to get him out of there ,COMMA "DOUBLE-QUOTE Mr. Liman testified .PERIOD
</s>
</p>
<p.87.001.870320-0191.31>
<s.87.001.870320-0191.31.1>
Mr. Higgins ,COMMA currently head of corporate finance at Salomon ,COMMA denies mocking Mr. Liedtke .PERIOD
</s>
<s.87.001.870320-0191.31.2>
He says he wasn't entirely responsive to the executive because ,COMMA at the time ,COMMA he didn't want to divulge to Pennzoil the Getty Museum's position. (LEFT-PAREN Getty Oil was bought by Texaco ,COMMA a deal that could be undone by a so -HYPHEN far successful lawsuit by Pennzoil .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0191.32>
<s.87.001.870320-0191.32.1>
But sometimes Wall Streeters know just how they come across .PERIOD
</s>
</p>
<p.87.001.870320-0191.33>
<s.87.001.870320-0191.33.1>
The most offensive ones relish it .PERIOD
</s>
<s.87.001.870320-0191.33.2>
Others suggest that stereotypes ,COMMA used craftily ,COMMA can be turned to one's advantage .PERIOD
</s>
<s.87.001.870320-0191.33.3>
Confronting a potentially hostile Midwestern crowd ,COMMA Daniel Scotto ,COMMA a utility -HYPHEN bond analyst at L. F. Rothschild ,COMMA Unterberg ,COMMA Towbin ,COMMA may opt for the Wall Street equivalent of full -HYPHEN body armor .PERIOD
</s>
</p>
<p.87.001.870320-0191.34>
<s.87.001.870320-0191.34.1>
Outside New York ,COMMA he says ,COMMA "DOUBLE-QUOTE If I think I need an extra edge ,COMMA you will find me in full garb --DASH my Brooks Brothers suit ,COMMA my suspenders and my yellow tie .PERIOD
</s>
<s.87.001.870320-0191.34.2>
Other places ,COMMA with friends ,COMMA say ,COMMA I'll switch to a softer approach .PERIOD
</s>
<s.87.001.870320-0191.34.3>
The light gray suit ,COMMA blue shirt and blue tie .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.35>
<s.87.001.870320-0191.35.1>
Main Streeters can be just as canny .PERIOD
</s>
<s.87.001.870320-0191.35.2>
A common tactic might be called "DOUBLE-QUOTE the country boy ploy ,COMMA "DOUBLE-QUOTE a ruse some executives west of the Hudson use in an attempt to coax an opponent into underestimating them .PERIOD
</s>
</p>
<p.87.001.870320-0191.36>
<s.87.001.870320-0191.36.1>
Before Pennzoil's court fight with Texaco over the Getty purchase ,COMMA Mr. Liedtke --DASH one of the ploy's foremost practitioners --DASH portrayed himself as something of an oil -HYPHEN patch rube ,COMMA a notable feat considering his diplomas from Amherst College and Harvard Business School .PERIOD
</s>
<s.87.001.870320-0191.36.2>
What effect the approach had on Texaco isn't known ,COMMA but it certainly helped generate sympathetic media coverage for Pennzoil .PERIOD
</s>
</p>
<p.87.001.870320-0191.37>
<s.87.001.870320-0191.37.1>
In any case ,COMMA the fourteen billion dollars jury verdict in Mr. Liedtke's favor makes some Wall Streeters wary of self -HYPHEN proclaimed country boys .PERIOD
</s>
<s.87.001.870320-0191.37.2>
"DOUBLE-QUOTE Every time someone says ,COMMA 'SINGLE-QUOTE I'm just a country boy ,COMMA 'SINGLE-QUOTE I check my money ,COMMA button my pockets and give my wallet to my secretary ,COMMA "DOUBLE-QUOTE says Rothschild's Mr. Pirie .PERIOD
</s>
</p>
<p.87.001.870320-0191.38>
<s.87.001.870320-0191.38.1>
There are tests to help discern Wall Streeters from Main Streeters .PERIOD
</s>
<s.87.001.870320-0191.38.2>
"DOUBLE-QUOTE I look for the gold Rolex ,COMMA "DOUBLE-QUOTE says Chrysler's Mr. Zuckerman .PERIOD
</s>
<s.87.001.870320-0191.38.3>
"DOUBLE-QUOTE Wall Street is populated with gold Rolexes and summer houses in the Hamptons .PERIOD
</s>
<s.87.001.870320-0191.38.4>
They never talk long before they start on about their summer house in the Hamptons .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0191.39>
<s.87.001.870320-0191.39.1>
Mr. Burrough is a staff reporter in The Wall Street Journal's Pittsburgh bureau .PERIOD
</s>
</p>
<p.87.001.870320-0190.1>
<s.87.001.870320-0190.1.1>
The Economic Report of the President ,COMMA released in January ,COMMA contains an informative chapter on women in the labor force .PERIOD
</s>
<s.87.001.870320-0190.1.2>
It shows dramatic changes in the career choices of young women and the resulting changes in their earnings .PERIOD
</s>
<s.87.001.870320-0190.1.3>
The data suggest that women's nontraditional choices are accomplishing what the anti -HYPHEN discrimination laws of the nineteen sixties and nineteen seventies did not :COLON shrinking the large earnings gap between men and women .PERIOD
</s>
</p>
<p.87.001.870320-0190.2>
<s.87.001.870320-0190.2.1>
After stagnating for decades ,COMMA the earnings ratio of women to men has been moving upward in the nineteen eighties .PERIOD
</s>
<s.87.001.870320-0190.2.2>
The latest figures from the Census Bureau show that in nineteen eighty five women earned sixty five %PERCENT of what men did .PERIOD
</s>
<s.87.001.870320-0190.2.3>
This compares with the nineteen sixty to eighty period ,COMMA when the ratio for full -HYPHEN time workers changed little ,COMMA ranging from a low of fifty seven %PERCENT in nineteen seventy two to a high of sixty %PERCENT ,COMMA which was reached several times during the two decades .PERIOD
</s>
<s.87.001.870320-0190.2.4>
This stagnation suggests that nineteen sixties legislation prohibiting employment discrimination and in some cases mandating affirmative action did little to improve the relative earnings of women .PERIOD
</s>
</p>
<p.87.001.870320-0190.3>
<s.87.001.870320-0190.3.1>
There are ,COMMA however ,COMMA sound economic reasons to question whether employment discrimination is the sole reason or even the primary one behind the male -HYPHEN female pay gap .PERIOD
</s>
</p>
<p.87.001.870320-0190.4>
<s.87.001.870320-0190.4.1>
The very size of the earnings differential should give one pause .PERIOD
</s>
<s.87.001.870320-0190.4.2>
If an employer really could hire women willing and able to do the same work as men for forty %PERCENT less ,COMMA he would have a very strong incentive to do so .PERIOD
</s>
<s.87.001.870320-0190.4.3>
The average business earns a profit of five %PERCENT on total sales .PERIOD
</s>
<s.87.001.870320-0190.4.4>
Surely many employers would jump at the chance to cut labor costs by forty %PERCENT .PERIOD
</s>
<s.87.001.870320-0190.4.5>
As more and more employers did this ,COMMA the demand for women would expand .PERIOD
</s>
<s.87.001.870320-0190.4.6>
Women's earnings would rise and the earnings ratio would move toward parity .PERIOD
</s>
</p>
<p.87.001.870320-0190.5>
<s.87.001.870320-0190.5.1>
A more convincing explanation for the differential lies in a married couple's traditional attitudes toward work --DASH attitudes that have persisted over a very long time ,COMMA but show recent signs of change .PERIOD
</s>
<s.87.001.870320-0190.5.2>
Married men typically pursue paid employment aggressively when they are the family's primary breadwinner .PERIOD
</s>
<s.87.001.870320-0190.5.3>
To improve their earnings ,COMMA married men are more likely than married women to accept transfers ,COMMA pursue careers in which uninterrupted work experience is important ,COMMA and accept jobs with long hours ,COMMA uncertain schedules and out -HYPHEN of -HYPHEN town travel .PERIOD
</s>
</p>
<p.87.001.870320-0190.6>
<s.87.001.870320-0190.6.1>
In contrast ,COMMA women generally have had the primary responsibility for running households and caring for children .PERIOD
</s>
<s.87.001.870320-0190.6.2>
At least in the past ,COMMA women have anticipated that they will interrupt their careers for various personal reasons .PERIOD
</s>
<s.87.001.870320-0190.6.3>
As a result ,COMMA they tend to seek jobs with less travel and more flexible hours .PERIOD
</s>
<s.87.001.870320-0190.6.4>
They may also want jobs that will be available in a wide variety of locations so that if the family moves ,COMMA they can enter the job market easily ,COMMA with little reduction in earning power .PERIOD
</s>
<s.87.001.870320-0190.6.5>
Viewed in this light ,COMMA it is not surprising that women have been attracted to nursing ,COMMA teaching ,COMMA secretarial and other jobs with easily transportable skills .PERIOD
</s>
</p>
<p.87.001.870320-0190.7>
<s.87.001.870320-0190.7.1>
What evidence would support or contradict this hypothesis ?QUESTION-MARK
</s>
<s.87.001.870320-0190.7.2>
Preferences cannot be easily measured ,COMMA but we can compare the earnings of women relative to men according to marital status .PERIOD
</s>
<s.87.001.870320-0190.7.3>
The median annual earnings for full -HYPHEN time ,COMMA year -HYPHEN round workers who are female and married are only sixty %PERCENT that of married men. (LEFT-PAREN If part -HYPHEN time ,COMMA married workers are included ,COMMA the ratio is thirty nine %PERCENT .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0190.7.4>
When single women are compared with single men ,COMMA however ,COMMA the ratio rises to ninety %PERCENT --DASH a much smaller difference in earnings .PERIOD
</s>
</p>
<p.87.001.870320-0190.8>
<s.87.001.870320-0190.8.1>
Similarly ,COMMA single men working full -HYPHEN time earn only sixty two %PERCENT as much as married men .PERIOD
</s>
<s.87.001.870320-0190.8.2>
The logical conclusion is that a man with a wife to bear the greater share of their family responsibilities has more time to devote to his job ,COMMA and the flexibility to adopt uncertain schedules or change locations ,COMMA increasing his earning power .PERIOD
</s>
</p>
<p.87.001.870320-0190.9>
<s.87.001.870320-0190.9.1>
Evidence is emerging that more and more women now plan for a long -HYPHEN term continuous attachment to the labor force ,COMMA rather than merely intermittent periods of employment .PERIOD
</s>
<s.87.001.870320-0190.9.2>
The president's economic report this year says that among a national sample of young white women in nineteen seventy nine ,COMMA seventy two %PERCENT expected to be working at age thirty five ,COMMA up from only twenty eight %PERCENT in nineteen sixty eight .PERIOD
</s>
</p>
<p.87.001.870320-0190.10>
<s.87.001.870320-0190.10.1>
There also has been a dramatic change in the educational choices of women .PERIOD
</s>
<s.87.001.870320-0190.10.2>
Today ,COMMA more women are preparing for high -HYPHEN skilled ,COMMA high -HYPHEN paying professions .PERIOD
</s>
<s.87.001.870320-0190.10.3>
As recently as nineteen seventy one ,COMMA only seven %PERCENT of the law degrees and ten %PERCENT of the accounting degrees were earned by women .PERIOD
</s>
<s.87.001.870320-0190.10.4>
In nineteen eighty five ,COMMA however ,COMMA women earned thirty eight %PERCENT of the law degrees and forty nine %PERCENT of the accounting degrees .PERIOD
</s>
<s.87.001.870320-0190.10.5>
Similar changes have taken place in other professions ,COMMA including medicine ,COMMA architecture and engineering .PERIOD
</s>
<s.87.001.870320-0190.10.6>
Of course ,COMMA these changes will exert their primary impact in the future ,COMMA as women now entering the professions and planning for a more permanent attachment to the labor force acquire experience and move up job ladders .PERIOD
</s>
</p>
<p.87.001.870320-0190.11>
<s.87.001.870320-0190.11.1>
However ,COMMA as the recent evidence indicates ,COMMA these trends are already making a difference .PERIOD
</s>
<s.87.001.870320-0190.11.2>
Paradoxically ,COMMA at a time when many feminist leaders consider the political environment hostile ,COMMA women's choices of occupation and work force attachment are propelling the relative earnings of women upward at last .PERIOD
</s>
</p>
<p.87.001.870320-0190.12>
<s.87.001.870320-0190.12.1>
Mr. Gwartney is a professor of economics at Florida State University .PERIOD
</s>
<s.87.001.870320-0190.12.2>
He and Richard L. Stroup ,COMMA who helped with this article ,COMMA just published a new edition of their text ,COMMA "DOUBLE-QUOTE Economics :COLON Private and Public Choice .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.1>
<s.87.001.870320-0189.1.1>
Twist the television dial or pick up one of the blizzard of glossy business magazines and there's a corporate chieftain staring back .PERIOD
</s>
<s.87.001.870320-0189.1.2>
Sometimes it seems top executives get as much air time and ink these days as rock stars .PERIOD
</s>
</p>
<p.87.001.870320-0189.2>
<s.87.001.870320-0189.2.1>
But will that fame endure ?QUESTION-MARK
</s>
<s.87.001.870320-0189.2.2>
Which leaders of corporate America will live in memory like the Beatles or Elvis ?QUESTION-MARK
</s>
<s.87.001.870320-0189.2.3>
Which will vanish like Moby Grape or Marianne Faithfull ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0189.3>
<s.87.001.870320-0189.3.1>
Business history is studded with figures of enduring fame .PERIOD
</s>
<s.87.001.870320-0189.3.2>
Henry Ford turned the automobile into an empire .PERIOD
</s>
<s.87.001.870320-0189.3.3>
John D. Rockefeller created the first oil trusts .PERIOD
</s>
<s.87.001.870320-0189.3.4>
Alfred Sloan shaped the idea of a modern corporation .PERIOD
</s>
<s.87.001.870320-0189.3.5>
Andrew Carnegie made his fortune in steel and devoted his life to philanthropy .PERIOD
</s>
<s.87.001.870320-0189.3.6>
Villains aren't in short supply ,COMMA either --DASH railway magnate Jay Gould caused the "DOUBLE-QUOTE Black Friday "DOUBLE-QUOTE panic with his speculation in gold .PERIOD
</s>
</p>
<p.87.001.870320-0189.4>
<s.87.001.870320-0189.4.1>
But trying to identify the Henry Fords ,COMMA Alfred Sloans or Jay Goulds of the nineteen eighties isn't easy .PERIOD
</s>
<s.87.001.870320-0189.4.2>
In search of answers ,COMMA we made an unscientific and impressionistic survey ,COMMA asking management professors ,COMMA business historians ,COMMA financial journalists and management consultants which chief executives will be remembered .PERIOD
</s>
</p>
<p.87.001.870320-0189.5>
<s.87.001.870320-0189.5.1>
What chief executives do they think M. B. A.s of the class of two thousand ,COMMA thirty seven will study ?QUESTION-MARK
</s>
<s.87.001.870320-0189.5.2>
Who will future managers admire and emulate ?QUESTION-MARK
</s>
<s.87.001.870320-0189.5.3>
Or excoriate ?QUESTION-MARK
</s>
<s.87.001.870320-0189.5.4>
What emerges is a list of men who ,COMMA in the eyes of these observers ,COMMA have had an impact beyond their own corporations and industries .PERIOD
</s>
</p>
<p.87.001.870320-0189.6>
<s.87.001.870320-0189.6.1>
The list is short .PERIOD
</s>
<s.87.001.870320-0189.6.2>
While these observers find many chief executives praiseworthy ,COMMA they predict few will be remembered .PERIOD
</s>
</p>
<p.87.001.870320-0189.7>
<s.87.001.870320-0189.7.1>
Here then are the contemporary executives business observers believe will still be talked about after the twenty first century rolls around .PERIOD
</s>
</p>
<p.87.001.870320-0189.8>
<s.87.001.870320-0189.8.1>
Walter Wriston is the only consistent nominee .PERIOD
</s>
<s.87.001.870320-0189.8.2>
"DOUBLE-QUOTE He belongs on anybody's list ,COMMA "DOUBLE-QUOTE says Thomas Horton ,COMMA president of the American Management Association ,COMMA a nonprofit group .PERIOD
</s>
</p>
<p.87.001.870320-0189.9>
<s.87.001.870320-0189.9.1>
A champion of deregulation ,COMMA Mr. Wriston will be remembered for his role in moving the staid banking industry into more complex financial services ,COMMA those surveyed predict .PERIOD
</s>
<s.87.001.870320-0189.9.2>
At Citicorp ,COMMA where Mr. Wriston was chairman through August nineteen eighty four ,COMMA he moved the bank holding company from concentrating on corporate lending into consumer banking .PERIOD
</s>
</p>
<p.87.001.870320-0189.10>
<s.87.001.870320-0189.10.1>
The choice of Mr. Wriston reflects observers' feelings that to be remembered ,COMMA one has to change more than just a company .PERIOD
</s>
<s.87.001.870320-0189.10.2>
"DOUBLE-QUOTE He did more to change the banking system than anyone else ,COMMA "DOUBLE-QUOTE says Mr. Horton .PERIOD
</s>
</p>
<p.87.001.870320-0189.11>
<s.87.001.870320-0189.11.1>
Mr. Wriston also is first choice because of his role as business statesman .PERIOD
</s>
<s.87.001.870320-0189.11.2>
"DOUBLE-QUOTE He's extraordinarily literate ,COMMA persuasive and forceful ,COMMA "DOUBLE-QUOTE says John Jeuck ,COMMA professor of business history at the University of Chicago's business school .PERIOD
</s>
<s.87.001.870320-0189.11.3>
"DOUBLE-QUOTE Clearly he's one of the handful of industrial statesmen of this generation .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.12>
<s.87.001.870320-0189.12.1>
Chrysler Corporation Chairman Lee Iacocca is often mentioned too ,COMMA but for mixed reasons .PERIOD
</s>
<s.87.001.870320-0189.12.2>
Some think he will be remembered for his role in getting government loan guarantees to help bail out Chrysler .PERIOD
</s>
<s.87.001.870320-0189.12.3>
"DOUBLE-QUOTE He not only turned around a company headed out of existence ,COMMA but tended to take a stronger position on the appropriate role for government in helping out industry ,COMMA "DOUBLE-QUOTE says David Lewin ,COMMA professor at Columbia University's business school .PERIOD
</s>
</p>
<p.87.001.870320-0189.13>
<s.87.001.870320-0189.13.1>
Others think Mr. Iacocca will be remembered for his personality and his role in popularizing business .PERIOD
</s>
<s.87.001.870320-0189.13.2>
"DOUBLE-QUOTE He turned the faceless C. E. O. into a cult figure ,COMMA "DOUBLE-QUOTE says management consultant Thomas J. Peters ,COMMA co -HYPHEN author of the book "DOUBLE-QUOTE In Search of Excellence .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.14>
<s.87.001.870320-0189.14.1>
But Mr. Iacocca may be remembered less than the social and political forces that surrounded him ,COMMA many say .PERIOD
</s>
<s.87.001.870320-0189.14.2>
"DOUBLE-QUOTE The real book on Iacocca isn't written yet ,COMMA "DOUBLE-QUOTE says Paul Tiffany ,COMMA a business historian at the University of Pennsylvania's Wharton School .PERIOD
</s>
<s.87.001.870320-0189.14.3>
"DOUBLE-QUOTE What saved Chrysler was a thing called quotas .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.15>
<s.87.001.870320-0189.15.1>
Edward Bowman ,COMMA professor of management at Wharton ,COMMA says ,COMMA "DOUBLE-QUOTE Iacocca could be in some professor's textbook fifty years from now as an example of government -HYPHEN business involvement .PERIOD
</s>
<s.87.001.870320-0189.15.2>
Maybe as a footnote .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.16>
<s.87.001.870320-0189.16.1>
To many ,COMMA this is the era of the entrepreneur .PERIOD
</s>
<s.87.001.870320-0189.16.2>
They believe that the people who will be remembered are those who ,COMMA like Henry Ford ,COMMA Montgomery Ward or Harvey Firestone ,COMMA built companies from scratch .PERIOD
</s>
<s.87.001.870320-0189.16.3>
Frederick Smith at Federal Express Corporation is a popular choice .PERIOD
</s>
<s.87.001.870320-0189.16.4>
"DOUBLE-QUOTE He represents the epitome of entrepreneurship ,COMMA "DOUBLE-QUOTE says Jim Farley ,COMMA senior chairman of the consulting firm Booz ,COMMA Allen &AMPERSAND Hamilton Incorporated "DOUBLE-QUOTE History will remember Federal Express and that a guy had an idea and (LEFT-PAREN made it work )RIGHT-PAREN against imposing odds .PERIOD
</s>
<s.87.001.870320-0189.16.5>
He created a new form of distribution .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.17>
<s.87.001.870320-0189.17.1>
The importance of a new industry will underscore the importance of the indvidual ,COMMA says James Brian Quinn ,COMMA a professor of management at the Amos Tuck School at Dartmouth College .PERIOD
</s>
<s.87.001.870320-0189.17.2>
"DOUBLE-QUOTE When you stand in the year two thousand ,COMMA and look back on three decades ,COMMA the technology that will stand out ...ELLIPSIS will be biotechnology .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.18>
<s.87.001.870320-0189.18.1>
"DOUBLE-QUOTE Bob Swanson is the single most prominent name as a C. E. O. in that business ,COMMA "DOUBLE-QUOTE Mr. Quinn says .PERIOD
</s>
<s.87.001.870320-0189.18.2>
Robert Swanson ,COMMA Genentech Incorporated's founder and chief executive ,COMMA turned Genentech into a major drug maker ,COMMA with such products as genetically engineered insulin and the experimental drug Interferon .PERIOD
</s>
</p>
<p.87.001.870320-0189.19>
<s.87.001.870320-0189.19.1>
Computers changed the world ,COMMA too ,COMMA but many feel that even the best known computer entrepreneurs ,COMMA such as Steven P. Jobs ,COMMA former chairman of Apple Computer Incorporated ,COMMA will be forgotten .PERIOD
</s>
<s.87.001.870320-0189.19.2>
"DOUBLE-QUOTE Jobs won't be remembered ,COMMA "DOUBLE-QUOTE says Edward Bowman of Wharton .PERIOD
</s>
<s.87.001.870320-0189.19.3>
"DOUBLE-QUOTE He's a flash in the pan .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.20>
<s.87.001.870320-0189.20.1>
Others think Mr. Jobs will be remembered as a symbol of a new executive type .PERIOD
</s>
<s.87.001.870320-0189.20.2>
"DOUBLE-QUOTE Steve Jobs won't be forgotten ,COMMA "DOUBLE-QUOTE says Harold J. Leavitt ,COMMA professor of organizational behavior at Stanford University and author of "DOUBLE-QUOTE Corporate Pathfinders .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0189.20.3>
"DOUBLE-QUOTE He's the children's crusader ,COMMA a young man with contemporary values and young attitudes .PERIOD
</s>
<s.87.001.870320-0189.20.4>
He's a kind of a cult leader .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.21>
<s.87.001.870320-0189.21.1>
Some say the real guiding lights aren't known yet .PERIOD
</s>
<s.87.001.870320-0189.21.2>
"DOUBLE-QUOTE We are waiting for the second Sloan ,COMMA but he won't appear in an industrial company ,COMMA "DOUBLE-QUOTE maintains J. P. Donlon ,COMMA editor of Chief Executive magazine .PERIOD
</s>
<s.87.001.870320-0189.21.3>
"DOUBLE-QUOTE He will appear in a service industry .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.22>
<s.87.001.870320-0189.22.1>
Many contend that the nineteen eighties will be known for mergers and acquisitions ,COMMA and corporate raiders such as Saul Steinberg ,COMMA Carl Icahn and T. Boone Pickens will be remembered .PERIOD
</s>
<s.87.001.870320-0189.22.2>
"DOUBLE-QUOTE These people are the ones who will be recalled forty or fifty years from now as the robber barons of old ,COMMA "DOUBLE-QUOTE says Mr. Tiffany ,COMMA the business historian .PERIOD
</s>
</p>
<p.87.001.870320-0189.23>
<s.87.001.870320-0189.23.1>
Mr. Jeuck of the University of Chicago compares the rash of mergers and acquisitions of the nineteen eighties with the turmoil of late nineteenth century American business --DASH in reverse .PERIOD
</s>
</p>
<p.87.001.870320-0189.24>
<s.87.001.870320-0189.24.1>
"DOUBLE-QUOTE At the end of the nineteenth century there was a whole epidemic of trust -HYPHEN building and pyramiding of trusts and holding companies ,COMMA and the whole Rockefeller -HYPHEN Jay Gould era of consolidation of American industry ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0189.24.2>
"DOUBLE-QUOTE This is in a different direction .PERIOD
</s>
<s.87.001.870320-0189.24.3>
It's a disintegration process .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.25>
<s.87.001.870320-0189.25.1>
In business as elsewhere ,COMMA there's more than one way to acquire a lasting reputation .PERIOD
</s>
<s.87.001.870320-0189.25.2>
"DOUBLE-QUOTE I picked DeLorean because he was an entrepreneur with a lot of flair ,COMMA "DOUBLE-QUOTE says Stanford's Mr. Leavitt .PERIOD
</s>
<s.87.001.870320-0189.25.3>
He notes that John Z. DeLorean's bid for enduring fame got some unwanted boosts :COLON "DOUBLE-QUOTE Being arrested will help .PERIOD
</s>
<s.87.001.870320-0189.25.4>
Anything that gets (LEFT-PAREN people )RIGHT-PAREN into the media will help .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0189.25.5>
Mr. DeLorean ,COMMA whose automobile company went into receivership in nineteen eighty two ,COMMA was acquitted of cocaine smuggling charges and later acquitted of charges that he diverted company funds for his own use .PERIOD
</s>
</p>
<p.87.001.870320-0189.26>
<s.87.001.870320-0189.26.1>
Many agree that a brush with the law can win a place in history .PERIOD
</s>
<s.87.001.870320-0189.26.2>
So for Wharton's Mr. Bowman ,COMMA a candidate for lasting fame is Ivan Boesky .PERIOD
</s>
<s.87.001.870320-0189.26.3>
He believes Mr. Boesky's agreement to pay one hundred million dollars in settlement of insider trading charges will survive in memory after the less -HYPHEN sullied reputations of others have faded .PERIOD
</s>
</p>
<p.87.001.870320-0189.27>
<s.87.001.870320-0189.27.1>
Theodore Levitt ,COMMA editor of the Harvard Business Review ,COMMA says ,COMMA "DOUBLE-QUOTE The things that are remembered are things of rascality and notoriety because they become metaphors and symbols ,COMMA "DOUBLE-QUOTE and he predicts that our age one day will be called "DOUBLE-QUOTE the Boesky era .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.28>
<s.87.001.870320-0189.28.1>
Our survey specified chief executives of American corporations .PERIOD
</s>
<s.87.001.870320-0189.28.2>
But some experts said they wouldn't play unless we changed the rules .PERIOD
</s>
<s.87.001.870320-0189.28.3>
To them ,COMMA the business leaders Americans are most likely to remember are Japanese .PERIOD
</s>
</p>
<p.87.001.870320-0189.29>
<s.87.001.870320-0189.29.1>
"DOUBLE-QUOTE What do you do when they are producing in the U. S. ?QUESTION-MARK "DOUBLE-QUOTE asks David Lewin ,COMMA professor of business at Columbia's business school .PERIOD
</s>
<s.87.001.870320-0189.29.2>
He nominates Akio Morita ,COMMA chairman and chief executive at Sony Corporation ,COMMA which has five manufacturing plants in the U. S. .PERIOD
</s>
<s.87.001.870320-0189.29.3>
In a new ,COMMA multinational environment ,COMMA says Mr. Lewin ,COMMA top business leaders are top business leaders wherever you find them .PERIOD
</s>
<s.87.001.870320-0189.29.4>
"DOUBLE-QUOTE These are pace -HYPHEN setting companies .PERIOD
</s>
<s.87.001.870320-0189.29.5>
We are learning lessons from those abroad .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.30>
<s.87.001.870320-0189.30.1>
Mr. Quinn at Amos Tuck says ,COMMA "DOUBLE-QUOTE The guy who deserves world mention and will clearly be recognized by his country and by the world is Konosuke Matsushita ,COMMA who founded Matsushita Electric Industrial Company .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0189.30.2>
He adds :COLON "DOUBLE-QUOTE When you hear Japanese mangement style referred to ,COMMA very often the model is Matsushita .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.31>
<s.87.001.870320-0189.31.1>
"DOUBLE-QUOTE I'll be damned if I can come up with anybody ,COMMA "DOUBLE-QUOTE says John Gallagher ,COMMA senior lecturer in business policy at the University of Chicago's business school .PERIOD
</s>
</p>
<p.87.001.870320-0189.32>
<s.87.001.870320-0189.32.1>
It's not that he didn't try :COLON Mr. Gallagher questioned two classes of students ,COMMA totaling one hundred ten people ,COMMA and circulated the question informally at "DOUBLE-QUOTE three or four "DOUBLE-QUOTE meetings of boards he sits on .PERIOD
</s>
<s.87.001.870320-0189.32.2>
"DOUBLE-QUOTE Everyone says 'SINGLE-QUOTE Duh ...ELLIPSIS 'SINGLE-QUOTE "DOUBLE-QUOTE he reports .PERIOD
</s>
</p>
<p.87.001.870320-0189.33>
<s.87.001.870320-0189.33.1>
The key ,COMMA he says ,COMMA is the anonymity of corporate work .PERIOD
</s>
<s.87.001.870320-0189.33.2>
The people who are remembered are founders ,COMMA the people who have their names on the door .PERIOD
</s>
<s.87.001.870320-0189.33.3>
Today corporations are bureaucratic ,COMMA he says .PERIOD
</s>
<s.87.001.870320-0189.33.4>
Even entrepreneurs are surrounded by a crowd of venture capitalists ,COMMA investment bankers and regulators .PERIOD
</s>
</p>
<p.87.001.870320-0189.34>
<s.87.001.870320-0189.34.1>
"DOUBLE-QUOTE Since Thomas Watson Junior ,COMMA I. B. M. has been run by a sea of faceless people ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0189.34.2>
"DOUBLE-QUOTE I couldn't give you the name of the current president of Xerox or I. B. M. if my life depended on it. (LEFT-PAREN Steven )RIGHT-PAREN Jobs ...ELLIPSIS (LEFT-PAREN is )RIGHT-PAREN hardly known now ,COMMA much less fifty years from now .PERIOD
</s>
<s.87.001.870320-0189.34.3>
Will Roger Smith be famous fifty years from now ?QUESTION-MARK
</s>
<s.87.001.870320-0189.34.4>
Hell ,COMMA no .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.35>
<s.87.001.870320-0189.35.1>
Management expert Peter Drucker agrees :COLON "DOUBLE-QUOTE Chief executives ...ELLIPSIS are rarely remembered and rarely worth remembering .PERIOD
</s>
<s.87.001.870320-0189.35.2>
They are servants .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0189.36>
<s.87.001.870320-0189.36.1>
Ms. Bennett reports on management from The Wall Street Journal's New York bureau .PERIOD
</s>
</p>
<p.87.001.870320-0188.1>
<s.87.001.870320-0188.1.1>
In the beginning was the playing field ,COMMA and it was good .PERIOD
</s>
</p>
<p.87.001.870320-0188.2>
<s.87.001.870320-0188.2.1>
Then came television and agents and ,COMMA most of all ,COMMA big money .PERIOD
</s>
<s.87.001.870320-0188.2.2>
And somewhere between Chicago's ancient Comiskey Park and the ultramodern Superdome in New Orleans ,COMMA the playing field evolved into the enclosed ,COMMA multi -HYPHEN use stadium ,COMMA a symbol of civic vitality linked not only to baseball and football but to politics and economic development as well .PERIOD
</s>
<s.87.001.870320-0188.2.3>
Along the way ,COMMA acquiring a stadium became one of the most fiercely fought games in sports .PERIOD
</s>
</p>
<p.87.001.870320-0188.3>
<s.87.001.870320-0188.3.1>
At present ,COMMA some twenty North American cities are each gambling one hundred million dollars or more that a new or renovated stadium will lure or keep a coveted sports franchise .PERIOD
</s>
<s.87.001.870320-0188.3.2>
A wide range of people are involved ,COMMA including team owners ,COMMA architects and a flotilla of legal ,COMMA financial and political specialists ,COMMA who scrap for consulting jobs that barely existed a decade ago .PERIOD
</s>
</p>
<p.87.001.870320-0188.4>
<s.87.001.870320-0188.4.1>
But amid the action ,COMMA questions abound .PERIOD
</s>
<s.87.001.870320-0188.4.2>
Will there be enough teams ,COMMA tractor pulls and trade shows to keep all the stadiums from racking up huge deficits ?QUESTION-MARK
</s>
<s.87.001.870320-0188.4.3>
How will the new tax law affect financing and the boom in luxury seating ,COMMA which is helping to fuel many of the ventures ?QUESTION-MARK
</s>
<s.87.001.870320-0188.4.4>
And most fundamentally ,COMMA who ultimately will pay for the stadiums --DASH and who will benefit ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0188.5>
<s.87.001.870320-0188.5.1>
Supporters of the ventures frequently argue that ,COMMA even if a stadium loses money ,COMMA the community benefits from the development it attracts and the jobs it creates .PERIOD
</s>
<s.87.001.870320-0188.5.2>
Moreover ,COMMA they contend ,COMMA each dollar spent at the stadium ripples through the economy --DASH the so -HYPHEN called multiplier effect --DASH as it is spent and re -HYPHEN spent .PERIOD
</s>
</p>
<p.87.001.870320-0188.6>
<s.87.001.870320-0188.6.1>
Critics counter that the true beneficiaries are team owners ,COMMA who usually wind up with favorable deals either to relocate or stay put ,COMMA while losses generally wind up in the taxpayer's lap .PERIOD
</s>
<s.87.001.870320-0188.6.2>
Robert Baade ,COMMA an economics professor at Lake Forest College in suburban Chicago who has studied stadium economics ,COMMA asserts that jobs created by stadiums are largely temporary (LEFT-PAREN construction )RIGHT-PAREN or low -HYPHEN paying (LEFT-PAREN service )RIGHT-PAREN ,COMMA and that the multiplier effect can be illusory .PERIOD
</s>
<s.87.001.870320-0188.6.3>
Typically ,COMMA he notes ,COMMA money spent at sports events isn't new ,COMMA but is shifted from another activity ,COMMA such as family entertainment .PERIOD
</s>
<s.87.001.870320-0188.6.4>
In seven of nine cities he studied ,COMMA the city's share of regional income actually declined after a new stadium was built .PERIOD
</s>
</p>
<p.87.001.870320-0188.7>
<s.87.001.870320-0188.7.1>
The New Orleans Superdome ,COMMA which opened in nineteen seventy five ,COMMA illustrates both sides of the debate .PERIOD
</s>
<s.87.001.870320-0188.7.2>
On the one hand ,COMMA the lavish facility ended up costing one hundred sixty three million dollars instead of the original estimate of forty five million dollars ,COMMA and it has run up some impressive deficits --DASH as much as about twelve million dollars annually from nineteen seventy seven to nineteen eighty .PERIOD
</s>
<s.87.001.870320-0188.7.3>
But it has also sparked an estimated five .POINT five billion dollar building boom and made New Orleans a regular stop on the Super Bowl rotation --DASH which means an estimated one hundred million dollar economic infusion every four or five years .PERIOD
</s>
<s.87.001.870320-0188.7.4>
"DOUBLE-QUOTE It was the deal of the century ,COMMA "DOUBLE-QUOTE says Glennon Walsh ,COMMA a stadium designer with Saint Louis -HYPHEN based Sverdrup &AMPERSAND Parcel and Associates Incorporated ,COMMA which took part in the Superdome's construction .PERIOD
</s>
</p>
<p.87.001.870320-0188.8>
<s.87.001.870320-0188.8.1>
Perhaps ,COMMA but Professor Baade believes much of the development would have happened anyway .PERIOD
</s>
<s.87.001.870320-0188.8.2>
Also ,COMMA not all stadiums have inspired such development ,COMMA and some cities --DASH particularly colder ,COMMA northern ones --DASH wouldn't get a Super Bowl no matter what kind of facility they built .PERIOD
</s>
<s.87.001.870320-0188.8.3>
"DOUBLE-QUOTE You may bring in business ,COMMA but offsetting that is the operating deficit ,COMMA "DOUBLE-QUOTE says Bruce Bingham ,COMMA a consultant with Peat ,COMMA Marwick ,COMMA Mitchell &AMPERSAND Company in New York .PERIOD
</s>
<s.87.001.870320-0188.8.4>
"DOUBLE-QUOTE If budgets are strained and you have to raise taxes ,COMMA you're shooting yourself in the foot .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0188.9>
<s.87.001.870320-0188.9.1>
Indeed ,COMMA threadbare public budgets have forced developers to finance creatively ,COMMA and have given rise to the latest buzzword in stadiums :COLON "DOUBLE-QUOTE privatization .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0188.9.2>
Though most stadiums still rely heavily on public money ,COMMA private sources of revenue are playing a greater role .PERIOD
</s>
</p>
<p.87.001.870320-0188.10>
<s.87.001.870320-0188.10.1>
Consider Toronto's plan :COLON thirty million dollars from municipal taxes ,COMMA thirty million dollars from provincial lottery proceeds and five million dollars each from fifteen corporations buying the rights to such things as supply contracts ,COMMA advertising ,COMMA parking spaces and use of the stadium logo .PERIOD
</s>
<s.87.001.870320-0188.10.2>
Individuals can contribute by purchasing up to fifteen million dollars of sponsorship tiles on the stadium's "DOUBLE-QUOTE Wall of Fame ,COMMA "DOUBLE-QUOTE or some fifteen million dollars of preferred shares that may be issued publicly .PERIOD
</s>
<s.87.001.870320-0188.10.3>
Revenue could also come from a proposed four hundred fifty -HYPHEN room hotel attached to and owned by the stadium ,COMMA and ,COMMA of course ,COMMA from luxury boxes .PERIOD
</s>
</p>
<p.87.001.870320-0188.11>
<s.87.001.870320-0188.11.1>
Luxury boxes ,COMMA which have gained immense popularity among stadium developers ,COMMA are a major element in most privatization plans .PERIOD
</s>
<s.87.001.870320-0188.11.2>
These enclosed seating arrangements ,COMMA usually featuring such amenities as couches and television sets ,COMMA lease for up to fifty thousand dollars a year .PERIOD
</s>
<s.87.001.870320-0188.11.3>
Often used to entertain business clients ,COMMA they can help pay off debt service ,COMMA provide added revenue for team owners and sharply reduce or eliminate government subsidies ,COMMA making stadium projects more palatable politically .PERIOD
</s>
</p>
<p.87.001.870320-0188.12>
<s.87.001.870320-0188.12.1>
But privatization based on luxury boxes depends largely on the market .PERIOD
</s>
<s.87.001.870320-0188.12.2>
"DOUBLE-QUOTE You have to have a team that people will kill to see ,COMMA "DOUBLE-QUOTE as well as enough businesses with a need to entertain important customers ,COMMA says Larry Greenberg ,COMMA a stadium consultant with Coopers &AMPERSAND Lybrand in Minneapolis .PERIOD
</s>
<s.87.001.870320-0188.12.3>
And under the new tax law ,COMMA he adds ,COMMA future stadium projects won't be able to use tax -HYPHEN exempt bonds for financing ;SEMI-COLON thus ,COMMA cash -HYPHEN flow requirements in private developments will rise .PERIOD
</s>
<s.87.001.870320-0188.12.4>
New deductability rules may also slow demand for luxury boxes .PERIOD
</s>
</p>
<p.87.001.870320-0188.13>
<s.87.001.870320-0188.13.1>
Mr. Bingham of Peat Marwick fears ,COMMA too ,COMMA that an overabundance of stadiums will strain the supply of special events needed to cover expenses .PERIOD
</s>
<s.87.001.870320-0188.13.2>
"DOUBLE-QUOTE Dark days ,COMMA "DOUBLE-QUOTE he says ,COMMA referring to the times when a facility isn't booked ,COMMA "DOUBLE-QUOTE are death .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0188.14>
<s.87.001.870320-0188.14.1>
Naturally ,COMMA sports -HYPHEN hungry cities believe promoters will fill the need for events ,COMMA that teams can be lured and that local businesses will always buy luxury boxes ,COMMA regardless of team quality or tax deductability .PERIOD
</s>
<s.87.001.870320-0188.14.2>
Why else would Saint Petersburg ,COMMA Florida ,COMMA and San Antonio ,COMMA Texas ,COMMA among others ,COMMA be pursuing stadiums so ardently ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0188.15>
<s.87.001.870320-0188.15.1>
Last November ,COMMA Saint Petersburg broke ground on an eighty five million dollar domed baseball stadium despite a sobering letter from Peter Ueberroth ,COMMA the sport's commissioner .PERIOD
</s>
<s.87.001.870320-0188.15.2>
"DOUBLE-QUOTE We interpreted that letter as saying that if you're thinking that by building a stadium you'll get a team faster ,COMMA please be aware that won't be the case and you might never get it ,COMMA "DOUBLE-QUOTE says Robert D. Obering ,COMMA the city manager .PERIOD
</s>
<s.87.001.870320-0188.15.3>
The city ,COMMA still confident it can win a major -HYPHEN league team ,COMMA hopes that until it does it will be able to book one hundred days of conventions annually ,COMMA as predicted by its marketing consultants .PERIOD
</s>
</p>
<p.87.001.870320-0188.16>
<s.87.001.870320-0188.16.1>
Critics claim ,COMMA however ,COMMA that Saint Petersburg lacks enough hotel rooms to support the conventions (LEFT-PAREN though Mr. Obering believes the stadium will encourage construction of more .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0188.16.2>
And the city also faces competition from another stadium project across the bay in Tampa .PERIOD
</s>
</p>
<p.87.001.870320-0188.17>
<s.87.001.870320-0188.17.1>
In San Antonio ,COMMA Jim Eskin ,COMMA executive director of San Antonians for a Domed Stadium ,COMMA sees new jobs and a booming tourist trade through his "DOUBLE-QUOTE macroeconomic binoculars .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0188.17.2>
But San Antonio ,COMMA a small market that hasn't supported sports teams well in the past ,COMMA hasn't yet surveyed interest in luxury boxes ,COMMA a significant part of the financing plan .PERIOD
</s>
<s.87.001.870320-0188.17.3>
Nor has the city been prominently mentioned as an expansion candidate by either professional baseball or professional football .PERIOD
</s>
</p>
<p.87.001.870320-0188.18>
<s.87.001.870320-0188.18.1>
Mr. Eskin insists that his city has been overlooked because it doesn't have an adequate stadium .PERIOD
</s>
<s.87.001.870320-0188.18.2>
"DOUBLE-QUOTE This is a make -HYPHEN or -HYPHEN break year ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0188.18.3>
"DOUBLE-QUOTE There's a footrace to get teams ,COMMA and if we don't get cracking we'll fall further behind .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0188.19>
<s.87.001.870320-0188.19.1>
For both cities ,COMMA this is risky .PERIOD
</s>
<s.87.001.870320-0188.19.2>
"DOUBLE-QUOTE You have to have at least one franchise ,COMMA or a virtual monopoly on events in your area ,COMMA "DOUBLE-QUOTE for a stadium venture to work ,COMMA says Marc Ganis ,COMMA a partner in Sportssuites Incorporated ,COMMA a New York -HYPHEN based builder of stadium additions .PERIOD
</s>
</p>
<p.87.001.870320-0188.20>
<s.87.001.870320-0188.20.1>
Whether the issues surrounding stadiums are resolved or not ,COMMA development fever could cool soon if interest rates rise sharply or if sports leagues find a way to restrict franchise relocations without running afoul of antitrust laws .PERIOD
</s>
<s.87.001.870320-0188.20.2>
Moreover ,COMMA the special arrangement under which the cities currently considering stadium projects can continue using tax -HYPHEN exempt bonds expires in nineteen ninety .PERIOD
</s>
<s.87.001.870320-0188.20.3>
"DOUBLE-QUOTE The party's certainly going to slow down "DOUBLE-QUOTE by then ,COMMA says Mr. Greenberg ,COMMA the stadium consultant .PERIOD
</s>
<s.87.001.870320-0188.20.4>
"DOUBLE-QUOTE I'll probably have to find something else to do .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0187.1>
<s.87.001.870320-0187.1.1>
N. V. PHILIPS ,COMMA citing narrowing profit margins ,COMMA said it plans to reduce the labor force at its small -HYPHEN appliance facility in Drachten ,COMMA the Netherlands ,COMMA by nearly sixteen %PERCENT over the next three years .PERIOD
</s>
<s.87.001.870320-0187.1.2>
The reduction would cut three hundred jobs ,COMMA many of them white -HYPHEN collar ,COMMA from the one thousand ,COMMA nine hundred positions at the facility ,COMMA where the bulk of the Dutch company's Philishave and Norelco brand electric razors are made .PERIOD
</s>
<s.87.001.870320-0187.1.3>
Philips's profit margins have been eroded by the weak dollar ,COMMA which has reduced the amount of guilders produced by sales denominated in the U. S. currency .PERIOD
</s>
</p>
<p.87.001.870320-0187.2>
<s.87.001.870320-0187.2.1>
UNDERWOODS P. L. C. and WOOLWORTH HOLDINGS P. L. C. said they ended talks about Woolworth's possibly acquiring the drugstore chain .PERIOD
</s>
<s.87.001.870320-0187.2.2>
The two companies said only that the decision represented a "DOUBLE-QUOTE mutual and amicable agreement .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0187.2.3>
Earlier this month ,COMMA they said they couldn't agree on terms ,COMMA but discussions continued .PERIOD
</s>
<s.87.001.870320-0187.2.4>
London's stock exchange began a probe of trading in Underwoods after a big shareprice jump occurred before it disclosed merger talks with an unidentified party last month .PERIOD
</s>
<s.87.001.870320-0187.2.5>
Underwoods later said that Woolworth ,COMMA a retailer that isn't related to the U. S. company of the same name ,COMMA was the suitor .PERIOD
</s>
</p>
<p.87.001.870320-0186.1>
<s.87.001.870320-0186.1.1>
You see it daily in the corridors of corporate America :COLON the would -HYPHEN be chief executive officer committing the classic eager -HYPHEN beaver boo -HYPHEN boo .PERIOD
</s>
<s.87.001.870320-0186.1.2>
He comes to work early ,COMMA stays late and conducts after -HYPHEN hours chicanery ,COMMA if any ,COMMA with the discretion of a George Smiley .PERIOD
</s>
</p>
<p.87.001.870320-0186.2>
<s.87.001.870320-0186.2.1>
For lunch ,COMMA he starts nibbling nail -HYPHEN bed regimens of rabbit food at his desk .PERIOD
</s>
<s.87.001.870320-0186.2.2>
His dark -HYPHEN blue tie stays taut .PERIOD
</s>
<s.87.001.870320-0186.2.3>
His shirt --DASH one of those colored jobs with white collar and cuffs --DASH stays buttoned .PERIOD
</s>
<s.87.001.870320-0186.2.4>
Sometimes his dark -HYPHEN blue suit coat stays on all day .PERIOD
</s>
</p>
<p.87.001.870320-0186.3>
<s.87.001.870320-0186.3.1>
With a new ,COMMA paternal smile ,COMMA he starts acknowledging hallway colleagues with a measured ,COMMA low -HYPHEN decibel "DOUBLE-QUOTE Nice to see you .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0186.3.2>
Mail starts getting answered like this :COLON "DOUBLE-QUOTE Thank you for your (LEFT-PAREN pick one )RIGHT-PAREN kind /SLASH generous /SLASH thoughtful /SLASH engaging note ,COMMA "DOUBLE-QUOTE instead of like this :COLON "DOUBLE-QUOTE I thought I knew the depths to which stupidity could be measured ,COMMA but your letter ...ELLIPSIS .PERIOD "DOUBLE-QUOTE His bad breath miraculously stops .PERIOD
</s>
<s.87.001.870320-0186.3.3>
Hair growing out of his ears disappears .PERIOD
</s>
</p>
<p.87.001.870320-0186.4>
<s.87.001.870320-0186.4.1>
You'll want to keep an eye on this turkey ,COMMA because he's eventually going to make your life miserable .PERIOD
</s>
<s.87.001.870320-0186.4.2>
What's happened ?QUESTION-MARK
</s>
<s.87.001.870320-0186.4.3>
Somebody from upstairs has pulled him aside and whispered the chromosome -HYPHEN altering words :COLON "DOUBLE-QUOTE One day ,COMMA son ,COMMA all this could be in your hands .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0186.5>
<s.87.001.870320-0186.5.1>
It won't be ,COMMA of course .PERIOD
</s>
<s.87.001.870320-0186.5.2>
His highest title will be vice president in charge of serious. (LEFT-PAREN Somebody's got to do it )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0186.5.3>
He's peaked too early .PERIOD
</s>
<s.87.001.870320-0186.5.4>
He's gotten dull too soon .PERIOD
</s>
</p>
<p.87.001.870320-0186.6>
<s.87.001.870320-0186.6.1>
You have to get dull in stages ,COMMA shedding just enough humanity ,COMMA whimsy ,COMMA collegiality and sartorial eccentricity with each promotion to exhibit a bit more of the progress ,COMMA maturation and fine -HYPHEN tuning required to comfort (LEFT-PAREN or sedate )RIGHT-PAREN board members and shareholders .PERIOD
</s>
<s.87.001.870320-0186.6.2>
As a fast -HYPHEN rising underling ,COMMA you want to excite .PERIOD
</s>
<s.87.001.870320-0186.6.3>
As a C. E. O. ,COMMA you want to soothe .PERIOD
</s>
</p>
<p.87.001.870320-0186.7>
<s.87.001.870320-0186.7.1>
This reverse metamorphosis from flash -HYPHEN and -HYPHEN trash butterfly to well -HYPHEN turned -HYPHEN out worm is a delicate maneuver that requires perfect timing and a devotion to greed strong enough to overcome the mental torture associated with going bland. (LEFT-PAREN If you own your company and don't have to grovel to bankers and investors ,COMMA forget this part .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0186.8>
<s.87.001.870320-0186.8.1>
We aren't talking about executive style here. (LEFT-PAREN Incidentally ,COMMA men's fashion designer John Weitz ,COMMA who wrote "DOUBLE-QUOTE Man in Charge "DOUBLE-QUOTE and lunches with tycoons a lot ,COMMA says that in today's takeover -HYPHEN ravaged corporate America ,COMMA C. E. O.s rarely last long enough to develop their own style .PERIOD
</s>
<s.87.001.870320-0186.8.2>
Ousted C. E. O.s ,COMMA on the other hand ,COMMA have a definite style .PERIOD
</s>
<s.87.001.870320-0186.8.3>
"DOUBLE-QUOTE It's extraordinary how they shrivel and slouch ,COMMA "DOUBLE-QUOTE Mr. Weitz says .PERIOD
</s>
<s.87.001.870320-0186.8.4>
But that's another story .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0186.9>
<s.87.001.870320-0186.9.1>
What we are talking about here is packaging --DASH that expensive game of visual trickery long associated with the Cheshire cat and annual reports .PERIOD
</s>
<s.87.001.870320-0186.9.2>
Both sexes can play ,COMMA though experts say the aspiring female C. E. O. will have to spend at least fifty %PERCENT more on packaging than her male counterpart to achieve prudent levels of blandness .PERIOD
</s>
</p>
<p.87.001.870320-0186.10>
<s.87.001.870320-0186.10.1>
All this is especially perilous at the moment because you're climbing the ladder in the middle of a slight uptick in flamboyance --DASH bright hankies (LEFT-PAREN pocket squares )RIGHT-PAREN ,COMMA suspenders (LEFT-PAREN braces )RIGHT-PAREN with frolicking nudes ,COMMA tie bars ,COMMA that kind of stuff .PERIOD
</s>
<s.87.001.870320-0186.10.2>
As always ,COMMA ascent rates depend on looks ,COMMA not deeds (LEFT-PAREN though for men ,COMMA marrying the boss's daughter remains a strong move )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0186.11>
<s.87.001.870320-0186.11.1>
So forget about hard work ,COMMA innovative thinking ,COMMA the bottom line and the rest of the stuff in this report .PERIOD
</s>
<s.87.001.870320-0186.11.2>
This is the straight poop .PERIOD
</s>
<s.87.001.870320-0186.11.3>
We've consulted the oracles of corporate fashion ,COMMA read the how -HYPHEN to books ,COMMA scoured the magazines and ads (LEFT-PAREN "DOUBLE-QUOTE Introducing DeRigueur ,COMMA for the man who has learned to wear his income properly .PERIOD "DOUBLE-QUOTE )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0186.12>
<s.87.001.870320-0186.12.1>
We've even attended a "DOUBLE-QUOTE dynamic Executive Wardrobe Engineering seminar ,COMMA "DOUBLE-QUOTE conducted for two thousand ,COMMA five hundred dollars by Lois (LEFT-PAREN "DOUBLE-QUOTE Dress for Excellence "DOUBLE-QUOTE )RIGHT-PAREN Fenton .PERIOD
</s>
<s.87.001.870320-0186.12.2>
This is the same seminar Ms. Fenton gives for the troops at Drexel Burnham Lambert ,COMMA so she is obviously the real power behind junk bonds. (LEFT-PAREN For nine hundred dollars a day ,COMMA she'll go shopping with you ,COMMA too .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0186.13>
<s.87.001.870320-0186.13.1>
Dash out and buy yourself the proper writing implement :COLON a Mont Blanc Diplomat fountain pen (LEFT-PAREN List :COLON two hundred sixty five dollars )RIGHT-PAREN is fine ;SEMI-COLON the same model in solid gold (LEFT-PAREN six thousand ,COMMA five hundred dollars )RIGHT-PAREN is a bit much .PERIOD
</s>
<s.87.001.870320-0186.13.2>
And take good notes .PERIOD
</s>
</p>
<p.87.001.870320-0186.14>
<s.87.001.870320-0186.14.1>
Basics first .PERIOD
</s>
<s.87.001.870320-0186.14.2>
Columnist Dave Barry ,COMMA author of the seminal work "DOUBLE-QUOTE Claw Your Way to the Top ,COMMA "DOUBLE-QUOTE says it best :COLON "DOUBLE-QUOTE Basically ,COMMA the American businessman should dress as though he recently lost his entire family in a tragic boat explosion .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0186.15>
<s.87.001.870320-0186.15.1>
This is neither cheap nor easy .PERIOD
</s>
<s.87.001.870320-0186.15.2>
Furthermore ,COMMA C. E. O. candidates aren't just business executives .PERIOD
</s>
<s.87.001.870320-0186.15.3>
They're would -HYPHEN be titans .PERIOD
</s>
<s.87.001.870320-0186.15.4>
They can't be just average .PERIOD
</s>
<s.87.001.870320-0186.15.5>
They have to mold the basic dull look into their own fashion statement and pay exorbitant sums to achieve it .PERIOD
</s>
</p>
<p.87.001.870320-0186.16>
<s.87.001.870320-0186.16.1>
You can't get away anymore with a dark blue suit ,COMMA white shirt and dark blue tie .PERIOD
</s>
<s.87.001.870320-0186.16.2>
It says you're playing it safe .PERIOD
</s>
<s.87.001.870320-0186.16.3>
It makes board members suspicious .PERIOD
</s>
<s.87.001.870320-0186.16.4>
You can't get away with being what the trade calls "DOUBLE-QUOTE fashion forward ,COMMA "DOUBLE-QUOTE either. (LEFT-PAREN That means wearing togs designed by guys whose names end in vowels .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0186.16.5>
It says you're playing it unsafe .PERIOD
</s>
<s.87.001.870320-0186.16.6>
It makes board members suspicious .PERIOD
</s>
</p>
<p.87.001.870320-0186.17>
<s.87.001.870320-0186.17.1>
Men have a primordial fear of dandyism .PERIOD
</s>
<s.87.001.870320-0186.17.2>
Potential C. E. O.s have to pretend they don't care about clothes .PERIOD
</s>
<s.87.001.870320-0186.17.3>
They must keep their preoccupations with mirrors in the closet .PERIOD
</s>
<s.87.001.870320-0186.17.4>
And if you don't think they know about mirrors ,COMMA how do you explain the stock market ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0186.18>
<s.87.001.870320-0186.18.1>
The basic problem (LEFT-PAREN beyond the fact that American men usually wear pants that are too short ,COMMA scruffy shoes ,COMMA short -HYPHEN sleeved shirts and things colored purple or green )RIGHT-PAREN is dumb suits .PERIOD
</s>
<s.87.001.870320-0186.18.2>
Unless you're paying a grand or so for your dark blue or grey caulk stripe ,COMMA you may as well punt .PERIOD
</s>
</p>
<p.87.001.870320-0186.19>
<s.87.001.870320-0186.19.1>
The safest suit in America (LEFT-PAREN price range :COLON eight hundred seventy five dollars to one thousand ,COMMA two hundred ninety five dollars )RIGHT-PAREN is made in Chicago by Oxxford Clothes Incorporated ,COMMA whose chairman ,COMMA Jack McDonald ,COMMA humbly explains :COLON "DOUBLE-QUOTE We aim it at the power structure of the United States .PERIOD
</s>
<s.87.001.870320-0186.19.2>
We aim to separate the men from the boys .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0186.20>
<s.87.001.870320-0186.20.1>
Says designer -HYPHEN author Alan Flusser (LEFT-PAREN whose own tailor -HYPHEN made suits sell for eight hundred ninety five dollars )RIGHT-PAREN :COLON "DOUBLE-QUOTE Wearing an Oxxford is like wearing molded air ,COMMA it's so soft .PERIOD
</s>
<s.87.001.870320-0186.20.2>
It actually feels like what it costs .PERIOD
</s>
<s.87.001.870320-0186.20.3>
It's better than ninety nine %PERCENT of the custom -HYPHEN tailored suits in the world .PERIOD
</s>
<s.87.001.870320-0186.20.4>
But in my opinion ,COMMA it's designed for a guy who wants to feel great in a suit yet has no sense of aesthetics whatsoever .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0186.21>
<s.87.001.870320-0186.21.1>
Custom -HYPHEN made suits :COLON Besides Mr. Flusser ,COMMA there's Morty Sills ,COMMA also in New York ,COMMA and Savile Row .PERIOD
</s>
<s.87.001.870320-0186.21.2>
You can do all right in Hong Kong (LEFT-PAREN cheap buttons are a dead giveaway )RIGHT-PAREN if you're smart .PERIOD
</s>
<s.87.001.870320-0186.21.3>
It's kind of like shopping at Brooks Brothers --DASH okay ,COMMA but you want to try to avoid being seen doing it .PERIOD
</s>
</p>
<p.87.001.870320-0186.22>
<s.87.001.870320-0186.22.1>
Dark blue ,COMMA gray ,COMMA striped or solid ,COMMA and tan .PERIOD
</s>
<s.87.001.870320-0186.22.2>
Not dark brown .PERIOD
</s>
<s.87.001.870320-0186.22.3>
If you think Ronald Reagan is in trouble with Americans because of his Iran -HYPHEN Contra fiasco or deficits ,COMMA think again .PERIOD
</s>
<s.87.001.870320-0186.22.4>
Our sartorial sleuths say it's because he wears dark brown suits .PERIOD
</s>
</p>
<p.87.001.870320-0186.23>
<s.87.001.870320-0186.23.1>
Shirts :COLON Paying through the nose is the best policy .PERIOD
</s>
<s.87.001.870320-0186.23.2>
Custom -HYPHEN mades by Turnbull &AMPERSAND Asser (LEFT-PAREN London )RIGHT-PAREN can skirt dandyism .PERIOD
</s>
<s.87.001.870320-0186.23.3>
Paul Stuart (LEFT-PAREN New York ,COMMA Tokyo )RIGHT-PAREN sells made -HYPHEN to -HYPHEN measure shirts for from fifty eight dollars to a seemingly hefty one hundred thirty dollars each because ,COMMA among other things ,COMMA their "DOUBLE-QUOTE cuffs have a personal relationship to the wrists they encircle .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0186.23.4>
Any shirts that have personal relationships seem highly desirable to us .PERIOD
</s>
</p>
<p.87.001.870320-0186.24>
<s.87.001.870320-0186.24.1>
"DOUBLE-QUOTE You will never ,COMMA ever ,COMMA as long as you live ,COMMA wear a short -HYPHEN sleeved shirt for any business purpose ,COMMA "DOUBLE-QUOTE wrote John T. (LEFT-PAREN "DOUBLE-QUOTE Dress for Success "DOUBLE-QUOTE )RIGHT-PAREN Molloy .PERIOD
</s>
<s.87.001.870320-0186.24.2>
This is nonsense if you live in San Diego ,COMMA says Mr. Weitz .PERIOD
</s>
</p>
<p.87.001.870320-0186.25>
<s.87.001.870320-0186.25.1>
Watches :COLON The way science education is going in this country ,COMMA it may soon be a sign of intellectual prowess to be able to tell time on an analog .PERIOD
</s>
<s.87.001.870320-0186.25.2>
So you want a watch with hands ,COMMA not digital displays .PERIOD
</s>
<s.87.001.870320-0186.25.3>
That chunky Rolex diving watch that James Bond and J. F. K. popularized in the sixties ,COMMA Mr. Weitz notes ,COMMA was made to say :COLON "DOUBLE-QUOTE Stay down here at one hundred forty feet for another four minutes ,COMMA and a meteor storm of nitrogen bubbles will soon make cottage cheese out of your brain .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0186.25.4>
If you want to say that around the office ,COMMA wear one .PERIOD
</s>
<s.87.001.870320-0186.25.5>
If your brain is already cottage cheese ,COMMA wear the solid gold version .PERIOD
</s>
</p>
<p.87.001.870320-0186.26>
<s.87.001.870320-0186.26.1>
Footwear :COLON People who wear scuffed shoes are communists .PERIOD
</s>
<s.87.001.870320-0186.26.2>
Period .PERIOD
</s>
<s.87.001.870320-0186.26.3>
People who wear dumb shoes are Japanese businessmen .PERIOD
</s>
<s.87.001.870320-0186.26.4>
If you want to know why having all the money doesn't bring Japan respect ,COMMA look at Japanese feet .PERIOD
</s>
</p>
<p.87.001.870320-0186.27>
<s.87.001.870320-0186.27.1>
Best off -HYPHEN the -HYPHEN shelf shoes in America are at ,COMMA of all places ,COMMA Brooks Brothers .PERIOD
</s>
<s.87.001.870320-0186.27.2>
They're British -HYPHEN made .PERIOD
</s>
<s.87.001.870320-0186.27.3>
So ,COMMA of course ,COMMA are good Church's .PERIOD
</s>
<s.87.001.870320-0186.27.4>
Our man ,COMMA surely ,COMMA needs custom -HYPHEN made .PERIOD
</s>
<s.87.001.870320-0186.27.5>
And that means John Lobb ,COMMA the legendary British bootmaker .PERIOD
</s>
<s.87.001.870320-0186.27.6>
But when somebody asks ,COMMA "DOUBLE-QUOTE Aren't those Lobb of Saint James ?QUESTION-MARK "DOUBLE-QUOTE you say ,COMMA "DOUBLE-QUOTE Oh ,COMMA heavens no .PERIOD
</s>
<s.87.001.870320-0186.27.7>
Lobb of Paris ,COMMA of course .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0186.27.8>
Older ,COMMA more experienced shoemakers there ,COMMA Mr. Flusser points out .PERIOD
</s>
</p>
<p.87.001.870320-0186.28>
<s.87.001.870320-0186.28.1>
In any case ,COMMA dip into your children's education fund .PERIOD
</s>
<s.87.001.870320-0186.28.2>
Lobbs cost around five hundred dollars each .PERIOD
</s>
<s.87.001.870320-0186.28.3>
No ,COMMA not each pair .PERIOD
</s>
<s.87.001.870320-0186.28.4>
Each foot .PERIOD
</s>
<s.87.001.870320-0186.28.5>
Note :COLON White shoes are fine ,COMMA if you're aspiring to be C. E. O. of a company selling pre -HYPHEN owned Oldsmobiles in Podunk .PERIOD
</s>
</p>
<p.87.001.870320-0186.29>
<s.87.001.870320-0186.29.1>
Ties :COLON There is nothing wrong with spending fifty dollars for a necktie .PERIOD
</s>
<s.87.001.870320-0186.29.2>
When some ties start costing one hundred dollars ,COMMA however ,COMMA you'll have to throw all your fifty dollars ties away or risk looking cheap .PERIOD
</s>
</p>
<p.87.001.870320-0186.30>
<s.87.001.870320-0186.30.1>
Please ,COMMA no ties that tell a story ,COMMA like the one we own that shows Fred Astaire and Ginger Rogers dancing .PERIOD
</s>
<s.87.001.870320-0186.30.2>
Says Ms. Fenton :COLON Ties need names ,COMMA like foulards .PERIOD
</s>
<s.87.001.870320-0186.30.3>
Our paced -HYPHEN incremental -HYPHEN dullness formula dictates that whatever gewgaw patterns you have on your foulards (LEFT-PAREN diamonds ,COMMA crowns ,COMMA pheasants ,COMMA dots ,COMMA baby sharks ,COMMA whatever )RIGHT-PAREN ,COMMA do this :COLON With each major promotion ,COMMA buy new ones on which the gewgaws are one size smaller .PERIOD
</s>
<s.87.001.870320-0186.30.4>
Men who wear dark blue ties with microscopic pin dots are called "DOUBLE-QUOTE Sir "DOUBLE-QUOTE a lot .PERIOD
</s>
</p>
<p.87.001.870320-0186.31>
<s.87.001.870320-0186.31.1>
And only buy silk. (LEFT-PAREN For that matter ,COMMA never wear any clothes made out of petroleum ,COMMA only things made by sheep ,COMMA plants or worms )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0186.32>
<s.87.001.870320-0186.32.1>
Colors :COLON For people who actually produce a tangible product ,COMMA dark blue ,COMMA burgundy and power red are in .PERIOD
</s>
<s.87.001.870320-0186.32.2>
Wall Street money shufflers can still get away with yellow (LEFT-PAREN very nineteen eighty five )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0186.32.3>
Pink is still around ,COMMA but avoid it if your company makes a product with more than three moving parts .PERIOD
</s>
</p>
<p.87.001.870320-0186.33>
<s.87.001.870320-0186.33.1>
Bow ties are making a bit of a comeback .PERIOD
</s>
<s.87.001.870320-0186.33.2>
But would you trust Arthur Schlesinger or George Will to be your C. E. O. .PERIOD ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0186.34>
<s.87.001.870320-0186.34.1>
Leisure :COLON You need to start practicing now so you won't show up at the fox hunt in bluejeans .PERIOD
</s>
</p>
<p.87.001.870320-0186.35>
<s.87.001.870320-0186.35.1>
Tennis ,COMMA running and sweat sports are exercise ,COMMA not leisure .PERIOD
</s>
<s.87.001.870320-0186.35.2>
Golf should be considered work and thus conducted during working hours .PERIOD
</s>
<s.87.001.870320-0186.35.3>
True leisure starts with a Thomas &AMPERSAND Thomas catalog .PERIOD
</s>
<s.87.001.870320-0186.35.4>
You need a fine Tonkin bamboo or old Leonard flyrod ,COMMA a reel by Ross ,COMMA Hardy or Michel Pezon and custom -HYPHEN made Ranger waders (LEFT-PAREN trout can be trite unless you go to Bhutan or New Zealand for them ,COMMA but Labrador and Norway salmon never are )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0186.36>
<s.87.001.870320-0186.36.1>
To demonstrate they aren't averse to bloodletting at the helm ,COMMA C. E. O.s must appreciate sedate blood sports (LEFT-PAREN not dog -HYPHEN fighting ,COMMA dummy )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0186.36.2>
Thus the need for shotguns .PERIOD
</s>
<s.87.001.870320-0186.36.3>
Purdeys ,COMMA of course ,COMMA or Holland &AMPERSAND Holland .PERIOD
</s>
<s.87.001.870320-0186.36.4>
A brace .PERIOD
</s>
<s.87.001.870320-0186.36.5>
While you may think that sacrificing your child's education is a high price to pay for forty thousand dollars worth of shotguns ,COMMA just remember :COLON There is nothing more telling than a man with a single Purdey .PERIOD
</s>
</p>
<p.87.001.870320-0186.37>
<s.87.001.870320-0186.37.1>
If death disturbs you ,COMMA shoot clay pigeons .PERIOD
</s>
<s.87.001.870320-0186.37.2>
Just keep it to yourself .PERIOD
</s>
</p>
<p.87.001.870320-0186.38>
<s.87.001.870320-0186.38.1>
Dogs :COLON Two or three Chinese sharpeis for the wife are okay .PERIOD
</s>
<s.87.001.870320-0186.38.2>
But your dogs should do what dogs were made to do :COLON hunt ,COMMA point and retrieve ,COMMA not roll over or chase some dumb ball .PERIOD
</s>
<s.87.001.870320-0186.38.3>
A stubborn Chesapeake Bay retriever or American water spaniel will do .PERIOD
</s>
<s.87.001.870320-0186.38.4>
Borzois ,COMMA mastiffs --DASH we don't know .PERIOD
</s>
<s.87.001.870320-0186.38.5>
If you need a dog for protection ,COMMA you live in the wrong neighborhood to be a C. E. O. .PERIOD
</s>
<s.87.001.870320-0186.38.6>
For children :COLON any old expensive mutt .PERIOD
</s>
</p>
<p.87.001.870320-0186.39>
<s.87.001.870320-0186.39.1>
And a yacht .PERIOD
</s>
<s.87.001.870320-0186.39.2>
But ,COMMA pul -HYPHEN eeze ,COMMA refer to it as a boat .PERIOD
</s>
</p>
<p.87.001.870320-0186.40>
<s.87.001.870320-0186.40.1>
Mr. Sterba is a senior special writer in The Wall Street Journal's New York bureau .PERIOD
</s>
</p>
<p.87.001.870320-0185.1>
<s.87.001.870320-0185.1.1>
Consumer spending jumped one .POINT seven %PERCENT in February after a sharp drop the month before ,COMMA while personal income rose a healthy zero .POINT nine %PERCENT ,COMMA the Commerce Department said .PERIOD
</s>
</p>
<p.87.001.870320-0185.2>
<s.87.001.870320-0185.2.1>
The increase in spending followed a two %PERCENT plunge in January ,COMMA the sharpest since the department began keeping the figures in nineteen fifty nine ,COMMA and a revised two .POINT four %PERCENT surge in December .PERIOD
</s>
<s.87.001.870320-0185.2.2>
The December rise was previously reported as two .POINT two %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0185.4>
<s.87.001.870320-0185.4.1>
Much of the February rebound in spending reflected higher auto sales ,COMMA partly in response to dealer incentives .PERIOD
</s>
<s.87.001.870320-0185.4.2>
Also ,COMMA car sales had fallen sharply in January after surging in December as consumers sought to beat the January first repeal of the sales -HYPHEN tax deduction .PERIOD
</s>
</p>
<p.87.001.870320-0185.5>
<s.87.001.870320-0185.5.1>
Despite the February spurt ,COMMA many economists contend spending will decline or will change very little for the quarter .PERIOD
</s>
<s.87.001.870320-0185.5.2>
Consumer outlays fell in the fourth quarter .PERIOD
</s>
</p>
<p.87.001.870320-0185.6>
<s.87.001.870320-0185.6.1>
"DOUBLE-QUOTE This was a rebound from extremely depressed levels ,COMMA "DOUBLE-QUOTE said Bruce Steinberg ,COMMA senior economist at Merrill Lynch Economics Incorporated in New York ,COMMA who predicts that spending will show a drop for the quarter .PERIOD
</s>
<s.87.001.870320-0185.6.2>
Although he expects outlays to gain moderately in the second quarter ,COMMA he contends that growth will be constrained by low consumer savings levels .PERIOD
</s>
</p>
<p.87.001.870320-0185.7>
<s.87.001.870320-0185.7.1>
Last month ,COMMA the savings rate fell to three .POINT six %PERCENT of after -HYPHEN tax income from four %PERCENT in January .PERIOD
</s>
</p>
<p.87.001.870320-0185.8>
<s.87.001.870320-0185.8.1>
Spending on durable goods ,COMMA which are intended to last three years or more ,COMMA rose last month after falling in January .PERIOD
</s>
<s.87.001.870320-0185.8.2>
Spending on nondurable goods and on services increased in both months .PERIOD
</s>
</p>
<p.87.001.870320-0185.9>
<s.87.001.870320-0185.9.1>
On income ,COMMA the department said the farm subsidy payments affected both the January and February figures ,COMMA while the pay raise for federal workers occurred in January .PERIOD
</s>
<s.87.001.870320-0185.9.2>
Also affecting the January data were cost -HYPHEN of -HYPHEN living adjustments and changes in the contribution levels for Social Security and other programs .PERIOD
</s>
<s.87.001.870320-0185.9.3>
The changes included increases in the taxable wage base for Social Security and in the monthly premium for supplemental medical insurance .PERIOD
</s>
</p>
<p.87.001.870320-0185.10>
<s.87.001.870320-0185.10.1>
Even accounting for these factors ,COMMA several economists characterized the latest rise in income as robust ,COMMA saying it reflected the strong employment figures of recent months .PERIOD
</s>
<s.87.001.870320-0185.10.2>
"DOUBLE-QUOTE It's the outsize increases in employment we've been having ,COMMA "DOUBLE-QUOTE said Richard Peterson ,COMMA senior vice president at Continental Illinois National Bank in Chicago .PERIOD
</s>
</p>
<p.87.001.870320-0185.11>
<s.87.001.870320-0185.11.1>
But he added that some of that strength may be attributable to unseasonably warm weather that buoyed construction employment .PERIOD
</s>
<s.87.001.870320-0185.11.2>
Income gains may be smaller in the months ahead ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870320-0185.12>
<s.87.001.870320-0185.12.1>
Wages and salaries rose zero .POINT eight %PERCENT in February after a zero .POINT six %PERCENT rise the month before .PERIOD
</s>
<s.87.001.870320-0185.12.2>
Factory payrolls increased zero .POINT five %PERCENT after a zero .POINT four %PERCENT advance .PERIOD
</s>
</p>
<p.87.001.870320-0185.13>
<s.87.001.870320-0185.13.1>
For the second month in a row ,COMMA unusual factors distorted disposable income ,COMMA the amount of money people had available to spend .PERIOD
</s>
<s.87.001.870320-0185.13.2>
In February ,COMMA there was an increase in withheld federal income taxes partly reflecting the adjustment by individuals of their tax withholding to reflect the new tax law .PERIOD
</s>
<s.87.001.870320-0185.13.3>
In January ,COMMA withholding had been reduced ,COMMA partly because many people hadn't made the adjustment and were having too little taken out of their paychecks .PERIOD
</s>
</p>
<p.87.001.870320-0185.14>
<s.87.001.870320-0185.14.1>
There was a drop in estimated tax payments in February ,COMMA however ,COMMA following an increase in January ,COMMA when people were trying to compensate for insufficient withholding .PERIOD
</s>
<s.87.001.870320-0185.14.2>
State and local tax payments fell in February .PERIOD
</s>
</p>
<p.87.001.870320-0185.15>
<s.87.001.870320-0185.15.1>
In listing these items ,COMMA the department cautioned that estimates of tax payments at this time of year are based on fragmentary information and are subject to larger revision than usual .PERIOD
</s>
</p>
<p.87.001.870320-0185.16>
<s.87.001.870320-0185.16.1>
The income and spending figures are adjusted for seasonal variation ,COMMA but not for inflation .PERIOD
</s>
<s.87.001.870320-0185.16.2>
A spending -HYPHEN based price measure reported after a one -HYPHEN month lag rose zero .POINT eight %PERCENT in January after increasing zero .POINT three %PERCENT in December .PERIOD
</s>
</p>
<p.87.001.870320-0185.17>
<s.87.001.870320-0185.17.1>
The February rise in outlays brought them to a two .POINT eight five six trillion dollar annual rate from a two .POINT eight zero seven trillion dollar pace in January .PERIOD
</s>
<s.87.001.870320-0185.17.2>
Income increased to a three .POINT five eight one trillion dollar rate from a three .POINT five four nine trillion dollar pace .PERIOD
</s>
</p>
<p.87.001.870320-0185.18>
<s.87.001.870320-0185.18.1>
Here is the Commerce Department's latest report on personal income .PERIOD
</s>
<s.87.001.870320-0185.18.2>
The figures are at seasonally adjusted annual rates in trillions of dollars .PERIOD
</s>
</p>
<p.87.001.870320-0184.1>
<s.87.001.870320-0184.1.1>
Blockbuster Entertainment Corporation said it agreed to sell its majority stake in Amtech Corporation to Blockbuster's chairman ,COMMA David P. Cook ,COMMA and president ,COMMA Kenneth W. Anderson .PERIOD
</s>
</p>
<p.87.001.870320-0184.2>
<s.87.001.870320-0184.2.1>
Blockbuster also reported its net loss widened to two .POINT nine million dollars for nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0184.2.2>
In nineteen eighty five ,COMMA the loss was three hundred twenty six thousand dollars ,COMMA which included profit from discontinued operations of six hundred twenty five thousand dollars .PERIOD
</s>
<s.87.001.870320-0184.2.3>
Revenue soared to eight .POINT one million dollars from one hundred nineteen thousand dollars last year .PERIOD
</s>
<s.87.001.870320-0184.2.4>
Blockbuster ,COMMA which operates and licenses video rental stores ,COMMA said that nine hundred fifty four thousand dollars of its nineteen eighty six deficit was attributable to its Amtech investment .PERIOD
</s>
</p>
<p.87.001.870320-0184.3>
<s.87.001.870320-0184.3.1>
Amtech is developing an electronic identification security system ,COMMA which Blockbuster says isn't compatible with its video rental business .PERIOD
</s>
<s.87.001.870320-0184.3.2>
Blockbuster said Amtech also would require substantial additional funding to develop and market its product and is expected to continue incurring operating losses for the foreseeable future .PERIOD
</s>
</p>
<p.87.001.870320-0184.4>
<s.87.001.870320-0184.4.1>
Messrs. .PERIOD
</s>
<s.87.001.870320-0184.4.2>
Cook and Anderson plan to form a new company ,COMMA Amtech Holdings Incorporated ,COMMA with Mr. Anderson ,COMMA fifty five years old ,COMMA as president .PERIOD
</s>
<s.87.001.870320-0184.4.3>
Mr. Anderson resigned as president and as a director of Blockbuster ,COMMA reducing its board to five .PERIOD
</s>
<s.87.001.870320-0184.4.4>
He has agreed ,COMMA however ,COMMA to continue as a consultant to Blockbuster ,COMMA the company said .PERIOD
</s>
<s.87.001.870320-0184.4.5>
Mr. Cook ,COMMA thirty one years old ,COMMA will assume the additional post of president .PERIOD
</s>
</p>
<p.87.001.870320-0184.5>
<s.87.001.870320-0184.5.1>
The company declined to disclose terms of the sale of the Amtech interest ,COMMA but said it would not result in a gain or a loss .PERIOD
</s>
</p>
<p.87.001.870320-0184.6>
<s.87.001.870320-0184.6.1>
Blockbuster shares fell one dollar and twenty five cents ,COMMA to twenty dollars and fifty cents ,COMMA in national over -HYPHEN the -HYPHEN counter trading yesterday .PERIOD
</s>
</p>
<p.87.001.870320-0183.1>
<s.87.001.870320-0183.1.1>
RYAN'S FAMILY STEAK HOUSES INCORPORATED said its board approved a three -HYPHEN for -HYPHEN one stock split ,COMMA subject to stockholders' approval of an increase in authorized common shares .PERIOD
</s>
<s.87.001.870320-0183.1.2>
Holders of the Greenville ,COMMA S. C. ,COMMA restaurant concern will vote April twenty second on a proposal to increase authorized shares to one hundred million from twenty million .PERIOD
</s>
<s.87.001.870320-0183.1.3>
The company currently has about seventeen .POINT three million shares outstanding .PERIOD
</s>
<s.87.001.870320-0183.1.4>
If the plan is approved ,COMMA Ryan's said the stock split would be distributed May twentieth to stock of record May sixth .PERIOD
</s>
</p>
<p.87.001.870320-0182.1>
<s.87.001.870320-0182.1.1>
A coup d'etat has taken over American policing .PERIOD
</s>
<s.87.001.870320-0182.1.2>
Gradually ,COMMA with little public notice ,COMMA police managers have lost control over how officers spend their time .PERIOD
</s>
<s.87.001.870320-0182.1.3>
The usurper is the telephone .PERIOD
</s>
</p>
<p.87.001.870320-0182.2>
<s.87.001.870320-0182.2.1>
According to at least one police chief ,COMMA nine hundred eleven runs the police department .PERIOD
</s>
<s.87.001.870320-0182.2.2>
Most police effort is directed simply on the basis of telephoned citizen requests for immediate service .PERIOD
</s>
<s.87.001.870320-0182.2.3>
This system is neither rational nor democratic .PERIOD
</s>
</p>
<p.87.001.870320-0182.3>
<s.87.001.870320-0182.3.1>
Sargent Bud Emerson of the Minneapolis Police Department has an experimental weapon to cut down on chronic calls to nine hundred eleven ,COMMA something no other police department has .PERIOD
</s>
<s.87.001.870320-0182.3.2>
This weapon ,COMMA a computer printout ,COMMA lists the handful of addresses that generate the most crime in Minneapolis .PERIOD
</s>
<s.87.001.870320-0182.3.3>
The list includes the five hundred addresses (LEFT-PAREN out of one hundred seventy two thousand in the city )RIGHT-PAREN that produced twenty three %PERCENT of all the robberies ,COMMA fifteen %PERCENT of all the rapes and nineteen %PERCENT of all the assaults and disturbances in nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0182.3.4>
The list ,COMMA produced by the Crime Control Institute in Washington ,COMMA D. C. ,COMMA also shows that a mere five %PERCENT of all the addresses in Minneapolis produced sixty four %PERCENT of all the calls for police service .PERIOD
</s>
</p>
<p.87.001.870320-0182.4>
<s.87.001.870320-0182.4.1>
Sargent Emerson and the four officers in the Minneapolis Police RECAP (LEFT-PAREN Repeat Call Address Policing )RIGHT-PAREN Unit have another weapon in very short supply :COLON time .PERIOD
</s>
<s.87.001.870320-0182.4.2>
Because other officers are responsible for answering the nine hundred eleven calls the RECAP Unit is analyzing ,COMMA RECAP officers have time to study the list and examine the types and times of calls at each address .PERIOD
</s>
<s.87.001.870320-0182.4.3>
They have time to talk to the owners ,COMMA managers and residents of the most active addresses ,COMMA to diagnose the problems and to seek solutions .PERIOD
</s>
<s.87.001.870320-0182.4.4>
And they have time to follow up on the problems to make sure the solutions are working ,COMMA or to try other approaches that will work better .PERIOD
</s>
</p>
<p.87.001.870320-0182.5>
<s.87.001.870320-0182.5.1>
Police have known for years that crime is more concentrated in some parts of a city than in others .PERIOD
</s>
<s.87.001.870320-0182.5.2>
But it was not until the National Institute of Justice sponsored the RECAP project that it became clear just how concentrated crime is .PERIOD
</s>
<s.87.001.870320-0182.5.3>
For even in a high -HYPHEN crime area ,COMMA most addresses never suffer the crimes that generate calls for police service .PERIOD
</s>
<s.87.001.870320-0182.5.4>
Patrolling just as much at those addresses as at the high -HYPHEN crime addresses may well be a waste of time and money .PERIOD
</s>
</p>
<p.87.001.870320-0182.6>
<s.87.001.870320-0182.6.1>
Police also have known that they get many repeat calls at certain addresses .PERIOD
</s>
<s.87.001.870320-0182.6.2>
With the growth of nine hundred eleven systems ,COMMA such calls have increased ,COMMA and police spend more time at these most active addresses than at other locations .PERIOD
</s>
<s.87.001.870320-0182.6.3>
But it is not "DOUBLE-QUOTE quality "DOUBLE-QUOTE time .PERIOD
</s>
<s.87.001.870320-0182.6.4>
Their responses must be brief and superficial ,COMMA given the time pressures they are under to respond to still other repeat -HYPHEN call locations .PERIOD
</s>
<s.87.001.870320-0182.6.5>
Such "DOUBLE-QUOTE reactive "DOUBLE-QUOTE policing ,COMMA as Yale University's Albert Reiss calls it ,COMMA keeps putting out the fire but never takes away the matches .PERIOD
</s>
</p>
<p.87.001.870320-0182.7>
<s.87.001.870320-0182.7.1>
Minneapolis Police Chief Anthony Bouza ,COMMA chairman of the Crime Control Institute ,COMMA agreed to help test the Institute's RECAP plan as part of his commitment to the new philosophy of "DOUBLE-QUOTE proactive "DOUBLE-QUOTE policing ,COMMA under which police take greater initiative in analyzing and selecting the crime problems they will attack .PERIOD
</s>
<s.87.001.870320-0182.7.2>
Repeat offenders ,COMMA narcotics pushers ,COMMA drunken drivers and corrupt congressmen (LEFT-PAREN in Abscam )RIGHT-PAREN have all been the focus of such proactive efforts in recent years .PERIOD
</s>
</p>
<p.87.001.870320-0182.8>
<s.87.001.870320-0182.8.1>
While critics of proactive policing find "DOUBLE-QUOTE Big Brother "DOUBLE-QUOTE overtones in such efforts ,COMMA they probably would find much of the RECAP Unit's work innocuous .PERIOD
</s>
</p>
<p.87.001.870320-0182.9>
<s.87.001.870320-0182.9.1>
One address on Sargent Emerson's list ,COMMA for example ,COMMA showed almost daily burglar alarms at five thirty a. m. ,COMMA consistently false .PERIOD
</s>
<s.87.001.870320-0182.9.2>
With different officers handling the calls ,COMMA no one ever noticed the pattern .PERIOD
</s>
<s.87.001.870320-0182.9.3>
But once RECAP officer Skip Goodmanson looked into it ,COMMA he found that a newspaper delivery crew was throwing a stack of newspapers off the truck and up against the front door ,COMMA setting off the alarm .PERIOD
</s>
<s.87.001.870320-0182.9.4>
A conversation with the delivery crew solved the problem .PERIOD
</s>
</p>
<p.87.001.870320-0182.10>
<s.87.001.870320-0182.10.1>
Another address on the list was a skid -HYPHEN row mission ,COMMA which generated repeated calls because of drunks they had expelled smashing the windows and breaking in the door .PERIOD
</s>
<s.87.001.870320-0182.10.2>
RECAP advised the mission to get shatterproof plexiglass windows and a steel door .PERIOD
</s>
</p>
<p.87.001.870320-0182.11>
<s.87.001.870320-0182.11.1>
But RECAP is also attacking serious crime .PERIOD
</s>
<s.87.001.870320-0182.11.2>
After meeting regularly with the owner of a chronic -HYPHEN call apartment building ,COMMA RECAP officer David Martens learned that there was a large drug -HYPHEN selling operation in one of the apartments .PERIOD
</s>
<s.87.001.870320-0182.11.3>
His information helped the Narcotics Unit get a warrant to make the largest heroin seizure in that city in recent years .PERIOD
</s>
</p>
<p.87.001.870320-0182.12>
<s.87.001.870320-0182.12.1>
The landlord of another building examined the RECAP printout to see which tenants generated most of the calls for domestic disturbances ,COMMA noise complaints and other problems .PERIOD
</s>
<s.87.001.870320-0182.12.2>
On the basis of the printout ,COMMA he said he would try to evict the tenants generating chronic problems .PERIOD
</s>
</p>
<p.87.001.870320-0182.13>
<s.87.001.870320-0182.13.1>
This raises the question of whether the police in a free society should be in the business of getting people evicted ,COMMA or even providing information to landlords that may have that effect .PERIOD
</s>
<s.87.001.870320-0182.13.2>
In Minneapolis ,COMMA a call to the police is a public record and there is no legal basis to deny anyone access to such information .PERIOD
</s>
<s.87.001.870320-0182.13.3>
If evictions can help deter future problems ,COMMA then police should not discourage landlords from taking such actions .PERIOD
</s>
</p>
<p.87.001.870320-0182.14>
<s.87.001.870320-0182.14.1>
Most of the businesses on Minneapolis's RECAP list have been surprised to discover just how many police dispatches are directed to their locations .PERIOD
</s>
<s.87.001.870320-0182.14.2>
But with a few exceptions ,COMMA they have been very cooperative in trying to find ways to reduce repeat calls .PERIOD
</s>
<s.87.001.870320-0182.14.3>
Number one on the list ,COMMA a large discount retail store ,COMMA had eight hundred ten calls last year ,COMMA the bulk of them for police to do paper work on shoplifters who had already been apprehended .PERIOD
</s>
<s.87.001.870320-0182.14.4>
In consultation with Sargent Emerson ,COMMA the store decided to hire off -HYPHEN duty police officers to book the shoplifters at the store's expense .PERIOD
</s>
</p>
<p.87.001.870320-0182.15>
<s.87.001.870320-0182.15.1>
Perhaps the least cooperative group has been bar owners ,COMMA one of whom would not even return phone calls from RECAP .PERIOD
</s>
<s.87.001.870320-0182.15.2>
Some of the bars on the list have substantial problems of violent crime .PERIOD
</s>
<s.87.001.870320-0182.15.3>
RECAP has ideas for how the bars can reduce such crime (LEFT-PAREN such as not admitting or not serving intoxicated customers )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0182.15.4>
But if a bar doesn't cooperate ,COMMA the RECAP officers can use their printout to argue that the bar's liquor license should be revoked .PERIOD
</s>
</p>
<p.87.001.870320-0182.16>
<s.87.001.870320-0182.16.1>
This "DOUBLE-QUOTE problem -HYPHEN solving "DOUBLE-QUOTE RECAP strategy is only one way of dealing with the concentration of crime at a few addresses .PERIOD
</s>
<s.87.001.870320-0182.16.2>
In addition ,COMMA traditional police methods ,COMMA such as foot patrols ,COMMA decoys and the presence of police cars ,COMMA might be much more effective if they were concentrated at the high -HYPHEN crime addresses .PERIOD
</s>
<s.87.001.870320-0182.16.3>
Municipal budget cutbacks require police to do what the National Institute of Justice's director calls working smarter ,COMMA not harder ,COMMA to fight crime .PERIOD
</s>
</p>
<p.87.001.870320-0182.17>
<s.87.001.870320-0182.17.1>
Mr. Sherman is a professor of criminology at the University of Maryland and president of the Crime Control Institute ,COMMA which is developing and testing the RECAP strategy in Minneapolis .PERIOD
</s>
</p>
<p.87.001.870320-0181.1>
<s.87.001.870320-0181.1.1>
FIRST AMERICAN FINANCIAL CORPORATION ,COMMA Santa Ana ,COMMA California ,COMMA declared a special dividend of twenty cents a share in addition to its quarterly dividend of twenty five cents a share .PERIOD
</s>
<s.87.001.870320-0181.1.2>
The dividends will be paid by the title insurance company April fifteenth to stock of record March thirty first .PERIOD
</s>
</p>
<p.87.001.870320-0180.1>
<s.87.001.870320-0180.1.1>
NYNEX CORPORATION increased its quarterly dividend nine .POINT two %PERCENT ,COMMA to ninety five cents a share from eighty seven cents ,COMMA payable May first to shares of record March thirty first .PERIOD
</s>
<s.87.001.870320-0180.1.2>
The company said the dividend reflects a confidence in its ability to tap "DOUBLE-QUOTE the great potential of the expanding markets we serve .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0180.1.3>
Nynex is a New York -HYPHEN based regional Bell holding company .PERIOD
</s>
</p>
<p.87.001.870320-0179.1>
<s.87.001.870320-0179.1.1>
O'BRIEN ENERGY SYSTEMS INCORPORATED said it began an offering of twenty five million dollars of seven and three quarters %PERCENT convertible subordinated debentures due March fifteenth ,COMMA two thousand ,COMMA two .PERIOD
</s>
<s.87.001.870320-0179.1.2>
The debentures will be convertible into the company's Class A common shares at ten .POINT nine two five dollars each .PERIOD
</s>
<s.87.001.870320-0179.1.3>
Drexel Burnham Lambert Incorporated is the sole underwriter of the offering .PERIOD
</s>
<s.87.001.870320-0179.1.4>
Net proceeds will be used for development ,COMMA acquisition and ownership of existing and future projects ,COMMA the company said .PERIOD
</s>
<s.87.001.870320-0179.1.5>
Proceeds also will be used to fund an interest payment escrow account ,COMMA to retire certain short -HYPHEN term borrowings and for working capital .PERIOD
</s>
<s.87.001.870320-0179.1.6>
Philadelphia -HYPHEN based O'Brien owns and operates cogeneration and alternative fuel projects .PERIOD
</s>
<s.87.001.870320-0179.1.7>
In trading yesterday on the American Stock Exchange ,COMMA O'Brien closed at nine dollars and twenty five cents ,COMMA down twenty five cents .PERIOD
</s>
</p>
<p.87.001.870320-0178.1>
<s.87.001.870320-0178.1.1>
INERTIA DYNAMICS CORPORATION declared a three -HYPHEN for -HYPHEN two stock split ,COMMA payable May first to stock of record April third .PERIOD
</s>
<s.87.001.870320-0178.1.2>
There are three .POINT four million common shares outstanding .PERIOD
</s>
<s.87.001.870320-0178.1.3>
The Phoenix ,COMMA Arizona -HYPHEN based maker of grass and weed trimmers previously declared a three -HYPHEN for -HYPHEN two split in November nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0178.1.4>
Inertia Dynamics shares closed yesterday at a fifty two -HYPHEN week high of fifteen dollars and seventy five cents ,COMMA up one dollar and twenty five cents ,COMMA in national over -HYPHEN the -HYPHEN counter trading .PERIOD
</s>
</p>
<p.87.001.870320-0177.1>
<s.87.001.870320-0177.1.1>
David Alexander and his computer are making sure that baseball fans at the stadium under construction in Saint Petersburg ,COMMA Florida ,COMMA will get a good view of the action .PERIOD
</s>
</p>
<p.87.001.870320-0177.2>
<s.87.001.870320-0177.2.1>
An architect with Hellmuth ,COMMA Obata &AMPERSAND Kassabaum Incorporated ,COMMA the project's designer ,COMMA Mr. Alexander can call up an overhead plan of the stadium and then zero in on a specific section and seat .PERIOD
</s>
<s.87.001.870320-0177.2.2>
The computer does the rest ,COMMA displaying in seconds what used to take hours to calculate --DASH the location's view of the field .PERIOD
</s>
</p>
<p.87.001.870320-0177.3>
<s.87.001.870320-0177.3.1>
Such advances as computer simulation are helping architects to anticipate and correct many of the kinds of problems that have cropped up in the past :COLON seats stuck behind thick columns at Baltimore's Memorial Stadium ;SEMI-COLON lights at Minneapolis's Metrodome that make every fly ball an adventure ;SEMI-COLON gales that do the same at San Francisco's Candlestick Park ,COMMA perhaps the world's largest unintentional wind tunnel .PERIOD
</s>
</p>
<p.87.001.870320-0177.4>
<s.87.001.870320-0177.4.1>
But ideal solutions to some basic problems remain elusive .PERIOD
</s>
<s.87.001.870320-0177.4.2>
And with so much money and community pride at stake ,COMMA there is considerable pressure on designers to find ways to get it right .PERIOD
</s>
<s.87.001.870320-0177.4.3>
"DOUBLE-QUOTE The multi -HYPHEN use stadium is the civic icon of the late twentieth century ,COMMA "DOUBLE-QUOTE says Philip Bess ,COMMA a Chicago architect .PERIOD
</s>
<s.87.001.870320-0177.4.4>
"DOUBLE-QUOTE It's the equivalent of a cathedral ,COMMA proof in the citizens' minds that they're world -HYPHEN class cities .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0177.5>
<s.87.001.870320-0177.5.1>
One problem architects are wrestling with is the awkward marriage between the rectangular gridiron and the baseball diamond .PERIOD
</s>
<s.87.001.870320-0177.5.2>
Plans for a Phoenix ,COMMA Arizona ,COMMA stadium address this with a design in which the end -HYPHEN zone stands and two wedged -HYPHEN shaped sections between the ten -HYPHEN and twenty -HYPHEN yard lines can be pulled out ,COMMA allowing the remaining stands to swing together .PERIOD
</s>
</p>
<p.87.001.870320-0177.6>
<s.87.001.870320-0177.6.1>
To be truly flexible ,COMMA enclosed stadiums must be usable for basketball ,COMMA hockey and concerts as well .PERIOD
</s>
<s.87.001.870320-0177.6.2>
But such versatility adds special requirements .PERIOD
</s>
<s.87.001.870320-0177.6.3>
Because stadiums have so many seats ,COMMA for example ,COMMA basketball fans typically don't feel pressed to buy season tickets ,COMMA an important source of team revenue .PERIOD
</s>
<s.87.001.870320-0177.6.4>
And basketball teams like a more intimate ,COMMA rabid atmosphere than the stadiums allow ,COMMA architects say .PERIOD
</s>
<s.87.001.870320-0177.6.5>
Thus ,COMMA some new designs feature moveable stands and false walls and ceilings that reduce the sixty thousand or more stadium seats to twenty thousand or fewer .PERIOD
</s>
<s.87.001.870320-0177.6.6>
Architects are also simulating intimacy with sound -HYPHEN reflective panels .PERIOD
</s>
</p>
<p.87.001.870320-0177.7>
<s.87.001.870320-0177.7.1>
Roofs have long been a headache .PERIOD
</s>
<s.87.001.870320-0177.7.2>
Early ,COMMA hard domes necessitated round stadiums for support --DASH an inconvenient shape for both baseball and football .PERIOD
</s>
<s.87.001.870320-0177.7.3>
And critics snipe that they cost too much ,COMMA leak and create a cavelike atmosphere .PERIOD
</s>
<s.87.001.870320-0177.7.4>
Seattle's concrete Kingdome is "DOUBLE-QUOTE depressing ,COMMA "DOUBLE-QUOTE says Ronald Turner ,COMMA an architect with Howard Needles Tammen &AMPERSAND Bergendoff .PERIOD
</s>
<s.87.001.870320-0177.7.5>
"DOUBLE-QUOTE If you have a choice of going sailing or going into the dark kingdom ,COMMA you'll go sailing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0177.8>
<s.87.001.870320-0177.8.1>
Air -HYPHEN supported fabric roofs ,COMMA often made of Teflon -HYPHEN coated fiberglass ,COMMA seemed to be the answer .PERIOD
</s>
<s.87.001.870320-0177.8.2>
They cost an average nine million dollars (LEFT-PAREN about half as much as hard domes )RIGHT-PAREN and let some sunlight in --DASH as much as thirty %PERCENT with newer fabrics .PERIOD
</s>
<s.87.001.870320-0177.8.3>
But heating costs are high ,COMMA and fabric domes can collapse in winter if snow -HYPHEN melting machines fail .PERIOD
</s>
<s.87.001.870320-0177.8.4>
Air pressure is another problem :COLON At the Hoosierdome in Indianapolis ,COMMA for example ,COMMA only a few doors can be opened at a time or the roof will deflate .PERIOD
</s>
<s.87.001.870320-0177.8.5>
And patrons are propelled out the exits by forty five -HYPHEN mile -HYPHEN an -HYPHEN hour winds .PERIOD
</s>
</p>
<p.87.001.870320-0177.9>
<s.87.001.870320-0177.9.1>
Enter the cable -HYPHEN supported fabric dome ,COMMA which with insulation costs an average thirteen million dollars --DASH still about a third less than hard shells .PERIOD
</s>
</p>
<p.87.001.870320-0177.10>
<s.87.001.870320-0177.10.1>
Designs for Phoenix ,COMMA Cleveland ,COMMA Toronto and San Antonio ,COMMA Texas ,COMMA include the latest wrinkle in domes :COLON retractability ,COMMA which satisfies baseball fans' craving for sunshine and football fans' need for warmth .PERIOD
</s>
<s.87.001.870320-0177.10.2>
Phoenix's fabric dome will cost an estimated thirteen million dollars ;SEMI-COLON Toronto ,COMMA with an especially complex concrete design ,COMMA will shell out ninety million dollars ,COMMA according to some projections .PERIOD
</s>
<s.87.001.870320-0177.10.3>
But not everyone raves about retractables .PERIOD
</s>
<s.87.001.870320-0177.10.4>
"DOUBLE-QUOTE Some (LEFT-PAREN proposed designs )RIGHT-PAREN won't work ,COMMA and some will cost considerably more than projected ,COMMA "DOUBLE-QUOTE says David Geiger ,COMMA a New York -HYPHEN based dome designer .PERIOD
</s>
</p>
<p.87.001.870320-0177.11>
<s.87.001.870320-0177.11.1>
Before he died last year ,COMMA John Waterbury of Iffland Kavanaugh Waterbury P. C. ,COMMA designers of Dodger Stadium in Los Angeles and Shea Stadium in New York ,COMMA produced perhaps the most radical idea for a multi -HYPHEN use stadium .PERIOD
</s>
<s.87.001.870320-0177.11.2>
What if you laid the baseball field on top of the football field ?QUESTION-MARK he wondered .PERIOD
</s>
<s.87.001.870320-0177.11.3>
Then ,COMMA when baseball season ended ,COMMA the entire field could be lifted mechanically and hooked to the second deck ,COMMA forming a domed football stadium .PERIOD
</s>
<s.87.001.870320-0177.11.4>
So far ,COMMA nobody has embraced the plan .PERIOD
</s>
<s.87.001.870320-0177.11.5>
But ,COMMA says Jerome Iffland ,COMMA the firm's president ,COMMA "DOUBLE-QUOTE someone will steal our idea eventually .PERIOD
</s>
<s.87.001.870320-0177.11.6>
It's a concept that's got to be used .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0176.1>
<s.87.001.870320-0176.1.1>
Abitibi -HYPHEN Price Incorporated ,COMMA the world's largest newsprint producer ,COMMA said it plans to boost prices for standard newsprint sold in the U. S. by seven %PERCENT ,COMMA to six hundred ten dollars (LEFT-PAREN U. S. )RIGHT-PAREN a metric ton from five hundred seventy dollars ,COMMA effective July first .PERIOD
</s>
</p>
<p.87.001.870320-0176.2>
<s.87.001.870320-0176.2.1>
The move by Toronto -HYPHEN based Abitibi -HYPHEN Price comes at a time of tightening newsprint supplies world -HYPHEN wide and just prior to the start of labor negotiations involving thirty thousand unionized workers and more than twenty eastern Canadian paper producers ,COMMA including Abitibi -HYPHEN Price .PERIOD
</s>
</p>
<p.87.001.870320-0176.3>
<s.87.001.870320-0176.3.1>
"DOUBLE-QUOTE It's a disappointment and a surprise ,COMMA "DOUBLE-QUOTE Homer Taylor ,COMMA president of Scripps -HYPHEN Howard Supply Company ,COMMA a Cincinnati -HYPHEN based unit of Scripps -HYPHEN Howard Newspapers ,COMMA said of the planned price increase .PERIOD
</s>
<s.87.001.870320-0176.3.2>
Most newspaper chains hadn't budgeted for a price increase before October first because they believed producers would first want a contract settlement ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870320-0176.4>
<s.87.001.870320-0176.4.1>
But Robert Johnson ,COMMA senior vice president of Abitibi -HYPHEN Price Sales Corporation ,COMMA a New York -HYPHEN based Abitibi -HYPHEN Price unit ,COMMA said there isn't any link between the price increase and the labor talks .PERIOD
</s>
<s.87.001.870320-0176.4.2>
"DOUBLE-QUOTE We view these as two separate situations ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0176.5>
<s.87.001.870320-0176.5.1>
Mr. Johnson said the price increase is "DOUBLE-QUOTE driven by needs to improve our return on investment .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0176.5.2>
Abitibi -HYPHEN Price ,COMMA which is a unit of Gulf Canada Corporation ,COMMA and other major Eastern Canadian producers raised newsprint prices by six .POINT five %PERCENT in October ,COMMA the first increase since nineteen eighty four .PERIOD
</s>
</p>
<p.87.001.870320-0176.6>
<s.87.001.870320-0176.6.1>
In trading on the Toronto Stock Exchange yesterday Abitibi -HYPHEN Price closed at forty two dollars and twenty five cents (LEFT-PAREN Canadian )RIGHT-PAREN a share ,COMMA up one dollar and twenty five cents .PERIOD
</s>
</p>
<p.87.001.870320-0176.7>
<s.87.001.870320-0176.7.1>
Guy Dufresne ,COMMA senior group vice president at Montreal -HYPHEN based Consolidated -HYPHEN Bathurst Incorporated ,COMMA another big newsprint producer ,COMMA said his company is "DOUBLE-QUOTE studying the situation ,COMMA "DOUBLE-QUOTE noting that "DOUBLE-QUOTE supply is tightening and demand is continuing to grow .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0176.8>
<s.87.001.870320-0176.8.1>
A spokesman for Great Lakes Forest Products Limited ,COMMA Thunder Bay ,COMMA Ontario ,COMMA called Abitibi -HYPHEN Price's plans "DOUBLE-QUOTE good news "DOUBLE-QUOTE but said the company hasn't any plans at the moment for a price increase .PERIOD
</s>
</p>
<p.87.001.870320-0176.9>
<s.87.001.870320-0176.9.1>
Earlier this week ,COMMA Vancouver -HYPHEN based MacMillan Bloedel Limited announced a seven .POINT five %PERCENT price rise for its U. S. customers ,COMMA also effective July first .PERIOD
</s>
<s.87.001.870320-0176.9.2>
With discounts taken into effect ,COMMA its new price will rise to five hundred fifty two dollars and ninety cents (LEFT-PAREN U. S. )RIGHT-PAREN a metric ton from five hundred fourteen dollars and forty three cents .PERIOD
</s>
</p>
<p.87.001.870320-0176.10>
<s.87.001.870320-0176.10.1>
MacMillan Bloedel sells primarily to consumers in the western U. S. ,COMMA where prices have been lower in recent years ,COMMA while Abitibi -HYPHEN Price sells primarily in other regions .PERIOD
</s>
</p>
<p.87.001.870320-0176.11>
<s.87.001.870320-0176.11.1>
Industry observers say the price increases come at a time of tightening newsprint supplies world -HYPHEN wide .PERIOD
</s>
<s.87.001.870320-0176.11.2>
Aggravating the situation was an earthquake earlier this month in New Zealand that has halted output at a large newsprint mill operated by Fletcher Challenge Limited .PERIOD
</s>
<s.87.001.870320-0176.11.3>
The closure is expected to result in diversion of some Canadian newsprint to Australia and Southeast Asia .PERIOD
</s>
</p>
<p.87.001.870320-0176.12>
<s.87.001.870320-0176.12.1>
The Canadian Paperworkers Union last week selected Abitibi -HYPHEN Price as the target company in contract talks with eastern Canadian paper producers .PERIOD
</s>
<s.87.001.870320-0176.12.2>
The union represents about four thousand ,COMMA seven hundred workers at ten Abitibi -HYPHEN Price mills in Ontario ,COMMA Quebec and Newfoundland .PERIOD
</s>
</p>
<p.87.001.870320-0176.13>
<s.87.001.870320-0176.13.1>
The union is seeking a seven .POINT one %PERCENT wage increase in the first year and eight %PERCENT in the second year of a two -HYPHEN year accord .PERIOD
</s>
<s.87.001.870320-0176.13.2>
The current average wage rate is fourteen dollars and ten cents (LEFT-PAREN Canadian )RIGHT-PAREN an hour .PERIOD
</s>
<s.87.001.870320-0176.13.3>
Formal talks are set to begin April twenty first .PERIOD
</s>
</p>
<p.87.001.870320-0175.1>
<s.87.001.870320-0175.1.1>
Willard Butcher ,COMMA chairman of Chase Manhattan Bank ,COMMA in the March issue of Manhattan Incorporated .PERIOD :COLON
</s>
</p>
<p.87.001.870320-0175.3>
<s.87.001.870320-0175.3.1>
Of course I'm an optimist .PERIOD
</s>
<s.87.001.870320-0175.3.2>
But to be optimistic about the year two thousand ,COMMA fifty isn't very helpful .PERIOD
</s>
<s.87.001.870320-0175.3.3>
And that is why we as a bank are in the middle of trying to decide whether to remain a bank or whether to give up our banking charter .PERIOD
</s>
</p>
<p.87.001.870320-0174.1>
<s.87.001.870320-0174.1.1>
British unemployment fell to a seasonally adjusted eleven .POINT one %PERCENT of the labor force in February from eleven .POINT three %PERCENT in January ,COMMA the Department of Employment said in a provisional report .PERIOD
</s>
</p>
<p.87.001.870320-0174.2>
<s.87.001.870320-0174.2.1>
The decline in the number of unemployed was the biggest ever .PERIOD
</s>
<s.87.001.870320-0174.2.2>
February was the seventh consecutive month in which the number of jobless declined .PERIOD
</s>
</p>
<p.87.001.870320-0174.3>
<s.87.001.870320-0174.3.1>
Before seasonal adjustment ,COMMA the department said ,COMMA the jobless rate stood at eleven .POINT seven %PERCENT ,COMMA down from twelve .POINT one %PERCENT a year earlier .PERIOD
</s>
</p>
<p.87.001.870320-0174.4>
<s.87.001.870320-0174.4.1>
Lord Young ,COMMA Britain's employment secretary ,COMMA said unemployment had fallen by nearly one hundred fifty thousand people since last July .PERIOD
</s>
<s.87.001.870320-0174.4.2>
"DOUBLE-QUOTE There appears little doubt now that the monthly fall ,COMMA which has been running at about twenty thousand ,COMMA will continue ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0173.1>
<s.87.001.870320-0173.1.1>
DEP Corporation ,COMMA a maker of personal -HYPHEN care products ,COMMA said it sold the distribution rights for Doan's Backache Pills to Ciba -HYPHEN Geigy Corporation ,COMMA an Ardsley ,COMMA N. Y. ,COMMA pharmaceutical concern ,COMMA for thirty four .POINT four million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0173.2>
<s.87.001.870320-0173.2.1>
DEP obtained the rights to the Doan's product line ,COMMA which also includes a backache spray and a pain reliever ,COMMA in December when it acquired Jeffrey Martin Incorporated DEP said distribution of the Doan's line represented annual revenue of about fourteen million dollars --DASH mainly from the pills .PERIOD
</s>
</p>
<p.87.001.870320-0173.3>
<s.87.001.870320-0173.3.1>
DEP also said it plans to sell the remaining over -HYPHEN the -HYPHEN counter drug business obtained through the Jeffrey Martin acquisition .PERIOD
</s>
<s.87.001.870320-0173.3.2>
Ciba -HYPHEN Geigy Corporation is a unit of Ciba -HYPHEN Geigy Limited of Switzerland .PERIOD
</s>
</p>
<p.87.001.870320-0172.1>
<s.87.001.870320-0172.1.1>
It happened in prime time last night ,COMMA a national T. V. broadcast pitting two of the greatest powers in American life in what had been pre -HYPHEN billed as virtually a death struggle .PERIOD
</s>
<s.87.001.870320-0172.1.2>
The White House press corps versus .PERIOD
</s>
<s.87.001.870320-0172.1.3>
Ronald Reagan ?QUESTION-MARK
</s>
<s.87.001.870320-0172.1.4>
Of course not .PERIOD
</s>
<s.87.001.870320-0172.1.5>
We're talking about something really important --DASH Syracuse versus .PERIOD
</s>
<s.87.001.870320-0172.1.6>
Florida in the N. C. A. A. Eastern basketball regional .PERIOD
</s>
<s.87.001.870320-0172.1.7>
We sensed the relative importance of these two titanic cultural events on reading yesterday that six of C. B. S.'s seven Florida affiliates decided to can the president's eight p. m. news conference and instead broadcast the Gators' basketball game .PERIOD
</s>
<s.87.001.870320-0172.1.8>
We suspect the president probably wasn't upset with Florida last night .PERIOD
</s>
<s.87.001.870320-0172.1.9>
The state had its shot at Mr. Reagan in nineteen eighty four ,COMMA pouring in nearly sixty five %PERCENT of its votes for him .PERIOD
</s>
<s.87.001.870320-0172.1.10>
Last night they had a choice :COLON Watch air ball in Washington or basketball in the N. C. A. A. .PERIOD
</s>
<s.87.001.870320-0172.1.11>
An easy bucket .PERIOD
</s>
</p>
<p.87.001.870320-0171.1>
<s.87.001.870320-0171.1.1>
The British government's surprise decision to sell its remaining thirty two %PERCENT stake in British Petroleum Company appears designed to raise needed revenue while avoiding controversy in advance of this year's expected national election .PERIOD
</s>
</p>
<p.87.001.870320-0171.2>
<s.87.001.870320-0171.2.1>
The sale also will likely further postpone the sale of state -HYPHEN owned concerns --DASH such as Britain's water authorities --DASH that have been viewed as likely candidates for denationalization .PERIOD
</s>
</p>
<p.87.001.870320-0171.3>
<s.87.001.870320-0171.3.1>
As previously reported ,COMMA Margaret Thatcher's Conservative government said Wednesday it plans to sell its B. P. stake ,COMMA currently valued at the equivalent of more than seven .POINT five billion dollars ,COMMA in the year ending March thirty first ,COMMA nineteen eighty eight .PERIOD
</s>
<s.87.001.870320-0171.3.2>
Although the Tories earlier had indicated they planned to eventually sell the B. P. shares ,COMMA few industry analysts expected the sale so soon .PERIOD
</s>
</p>
<p.87.001.870320-0171.4>
<s.87.001.870320-0171.4.1>
Receipts from the sale would help the government stay on schedule in its recently accelerated denationalization program ,COMMA under which it plans to sell assets valued at eight billion dollars in each of the next three years .PERIOD
</s>
<s.87.001.870320-0171.4.2>
The government sold assets valued at twenty billion dollars during its first eight years in office .PERIOD
</s>
</p>
<p.87.001.870320-0171.5>
<s.87.001.870320-0171.5.1>
At the same time ,COMMA the sale should be less controversial than the denationalization of an entire state -HYPHEN owned business .PERIOD
</s>
<s.87.001.870320-0171.5.2>
Last July ,COMMA the government postponed plans to denationalize the country's water industry after some managers resisted the move and workers threatened lawsuits .PERIOD
</s>
</p>
<p.87.001.870320-0171.6>
<s.87.001.870320-0171.6.1>
"DOUBLE-QUOTE With an election coming ,COMMA B. P. is noncontroversial ,COMMA "DOUBLE-QUOTE said Andrew Bain ,COMMA an economist at Midland Bank P. L. C. "DOUBLE-QUOTE Nobody is going to be uspet "DOUBLE-QUOTE with the government for selling its remaining shares in the company .PERIOD
</s>
</p>
<p.87.001.870320-0171.7>
<s.87.001.870320-0171.7.1>
The Treasury said yesterday that selling its stake in B. P. ,COMMA which owns fifty five %PERCENT of Standard Oil Company of the U. S. ,COMMA will probably push back the sale of other state assets .PERIOD
</s>
<s.87.001.870320-0171.7.2>
That's because the seven .POINT five billion dollars that the sale would generate almost meets the government's goal of selling eight billion dollars of assets annually .PERIOD
</s>
</p>
<p.87.001.870320-0171.8>
<s.87.001.870320-0171.8.1>
Britain's water industry ,COMMA electric utilities and British Steel Corporation have been among the candidates most often mentioned as denationalization targets .PERIOD
</s>
</p>
<p.87.001.870320-0171.9>
<s.87.001.870320-0171.9.1>
The Treasury yesterday said the sale of the B. P. shares already had been taken into account in the budget ,COMMA unveiled Tuesday ,COMMA for the year starting April first .PERIOD
</s>
<s.87.001.870320-0171.9.2>
That means the sale won't lead to further tax cuts or reduce government borrowing .PERIOD
</s>
</p>
<p.87.001.870320-0171.10>
<s.87.001.870320-0171.10.1>
The government said the B. P. sale would be "DOUBLE-QUOTE subject to market conditions ,COMMA "DOUBLE-QUOTE but it didn't specify how or when the shares would be sold .PERIOD
</s>
<s.87.001.870320-0171.10.2>
The sale presumably is contingent on the Conservative Party's winning the next election .PERIOD
</s>
<s.87.001.870320-0171.10.3>
The election must be held before June nineteen eighty eight but is expected sometime this year .PERIOD
</s>
</p>
<p.87.001.870320-0171.11>
<s.87.001.870320-0171.11.1>
The sale is expected to have little effect on B. P. itself .PERIOD
</s>
<s.87.001.870320-0171.11.2>
The company said it welcomes the sale because it "DOUBLE-QUOTE will clear up a number of uncertainties which have affected both the market's attitude to B. P. and our own financial planning .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0171.12>
<s.87.001.870320-0171.12.1>
LONDON --DASH Rolls -HYPHEN Royce P. L. C. ,COMMA the state -HYPHEN owned aircraft engine maker ,COMMA reported record profit for nineteen eighty six ,COMMA thereby polishing its image just weeks before the government sells it to the public .PERIOD
</s>
</p>
<p.87.001.870320-0171.13>
<s.87.001.870320-0171.13.1>
The company said net income rose fifty six %PERCENT ,COMMA to the equivalent of one hundred ninety two .POINT four million dollars from one hundred twenty three .POINT five million dollars in nineteen eighty five .PERIOD
</s>
<s.87.001.870320-0171.13.2>
Sales rose thirteen %PERCENT ,COMMA to two .POINT eight nine billion dollars from two .POINT five seven billion dollars .PERIOD
</s>
<s.87.001.870320-0171.13.3>
Its civil -HYPHEN engine sector ,COMMA where operating profit increased eighty eight %PERCENT to two hundred nineteen .POINT seven million dollars from one hundred seventeen .POINT one million dollars ,COMMA was the major contributor to the improved results ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870320-0171.14>
<s.87.001.870320-0171.14.1>
The public offering ,COMMA to occur in late April or early May ,COMMA is expected to raise more than one .POINT six billion dollars .PERIOD
</s>
<s.87.001.870320-0171.14.2>
Rolls -HYPHEN Royce no longer has any relation to the car maker with the same name. (LEFT-PAREN The car maker has been a Vickers P. L. C. unit since nineteen seventy one .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0171.15>
<s.87.001.870320-0171.15.1>
To keep the strategically important company in British hands ,COMMA the government will limit foreign -HYPHEN held shares to fifteen %PERCENT of the total .PERIOD
</s>
<s.87.001.870320-0171.15.2>
It also will require government approval for disposals of more than twenty five %PERCENT of the company's assets or significant assets used for the nuclear business .PERIOD
</s>
</p>
<p.87.001.870320-0171.16>
<s.87.001.870320-0171.16.1>
The government rescued Rolls -HYPHEN Royce from bankruptcy in nineteen seventy one .PERIOD
</s>
<s.87.001.870320-0171.16.2>
Since then ,COMMA the company has cut its work force almost in half ,COMMA tightened up financial controls and improved productivity .PERIOD
</s>
</p>
<p.87.001.870320-0170.1>
<s.87.001.870320-0170.1.1>
James Communications Incorporated said it retained Waller Capital Corporation ,COMMA an investment banking concern specializing in cable television ,COMMA to sell the closely held cable company .PERIOD
</s>
</p>
<p.87.001.870320-0170.2>
<s.87.001.870320-0170.2.1>
James ,COMMA based in Bloomfield Hills ,COMMA Michigan ,COMMA has about one hundred thousand subscribers in systems in Georgia ,COMMA Alabama ,COMMA Mississippi ,COMMA New York ,COMMA Vermont ,COMMA New Hampshire ,COMMA Wisconsin and Iowa .PERIOD
</s>
<s.87.001.870320-0170.2.2>
At current market prices ,COMMA which range as high as two thousand dollars a subscriber ,COMMA the company could fetch one hundred eighty million dollars to two hundred million dollars ,COMMA investment banking sources said .PERIOD
</s>
</p>
<p.87.001.870320-0170.3>
<s.87.001.870320-0170.3.1>
James was formed in late nineteen eighty five by William R. James ,COMMA formerly president of Capital Cities /SLASH A. B. C. Incorporated's cable television division ,COMMA and a group of institutional investors .PERIOD
</s>
</p>
<p.87.001.870320-0169.1>
<s.87.001.870320-0169.1.1>
Every frequent air traveler can recite horror stories about interminably delayed or abruptly canceled flights .PERIOD
</s>
<s.87.001.870320-0169.1.2>
The Federal Aviation Administration reports that a record number of flights were delayed last year at the nation's twenty two busiest airports .PERIOD
</s>
<s.87.001.870320-0169.1.3>
The reasons for this post -HYPHEN deregulation mess are complex ,COMMA but there is little question that it adds up to major frustration for air travelers .PERIOD
</s>
</p>
<p.87.001.870320-0169.2>
<s.87.001.870320-0169.2.1>
This week the F. A. A. has been taking another run at the extreme flight congestion that builds up around "DOUBLE-QUOTE peak "DOUBLE-QUOTE hours ,COMMA or the day's most popular travel times .PERIOD
</s>
<s.87.001.870320-0169.2.2>
Meeting in Washington with more than one hundred airlines ,COMMA the agency is trying to arrange adjustments in summer flight schedules at seven of the more congested airports ,COMMA such as Newark ,COMMA Chicago's O'Hare and Atlanta's Hartsfield Airport .PERIOD
</s>
</p>
<p.87.001.870320-0169.3>
<s.87.001.870320-0169.3.1>
The airlines participated in the F. A. A. -HYPHEN initiated talks with great reluctance .PERIOD
</s>
<s.87.001.870320-0169.3.2>
The carriers complained that coordination of schedules among rivals is inherently anti -HYPHEN competitive (LEFT-PAREN as the Department of Transportation acknowledged by virtue of Secretary Elizabeth Dole's offer of antitrust immunity to the airlines )RIGHT-PAREN ,COMMA and only a step removed from re -HYPHEN regulation of the airline industry .PERIOD
</s>
<s.87.001.870320-0169.3.3>
Moreover ,COMMA airline executives say ,COMMA the F. A. A.'s actions are only a temporary solution .PERIOD
</s>
</p>
<p.87.001.870320-0169.4>
<s.87.001.870320-0169.4.1>
In fact ,COMMA similar discussions among the airlines in nineteen eighty four yielded only short -HYPHEN term results .PERIOD
</s>
<s.87.001.870320-0169.4.2>
Schedule changes lasted six months and during that period delays were down .PERIOD
</s>
<s.87.001.870320-0169.4.3>
But when airlines adjusted their schedules to respond to increased consumer demand for certain flights ,COMMA delays increased .PERIOD
</s>
</p>
<p.87.001.870320-0169.5>
<s.87.001.870320-0169.5.1>
There are two quick -HYPHEN fixes for this problem .PERIOD
</s>
<s.87.001.870320-0169.5.2>
The airlines can stifle demand by raising fares ,COMMA or the F. A. A. can exercise its authority to restrict the number of flights particular airlines may offer at given times .PERIOD
</s>
<s.87.001.870320-0169.5.3>
The hot competition among airlines makes fare -HYPHEN raising unlikely ,COMMA so that leaves an F. A. A. -HYPHEN decreed solution .PERIOD
</s>
<s.87.001.870320-0169.5.4>
It is this possibility that worries the airlines .PERIOD
</s>
</p>
<p.87.001.870320-0169.6>
<s.87.001.870320-0169.6.1>
Similar concerns were raised in a memorandum the F. A. A. solicited from the Federal Trade Commission .PERIOD
</s>
<s.87.001.870320-0169.6.2>
The F. T. C. said the F. A. A.'s action "DOUBLE-QUOTE is likely to harm both competition and consumers .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0169.6.3>
It also warned that although the airlines were granted antitrust immunity solely to discuss scheduling ,COMMA some might take advantage of the opportunity to collude on fares and service in individual markets .PERIOD
</s>
<s.87.001.870320-0169.6.4>
Another prospect ,COMMA the F. T. C. warned ,COMMA is that the F. A. A.'s action ultimately might result in arbitrary cancellation of flights greater in value to consumers than some retained .PERIOD
</s>
</p>
<p.87.001.870320-0169.7>
<s.87.001.870320-0169.7.1>
Now ,COMMA in the middle of this mess ,COMMA F. A. A. Administrator Donald Engen has announced that he's quitting this summer out of frustration over pressure on the agency's budget and pressure from the Reagan administration to auction landing rights among the airlines .PERIOD
</s>
</p>
<p.87.001.870320-0169.8>
<s.87.001.870320-0169.8.1>
We have argued here before that one good way to achieve less airport congestion and fewer flight delays is indeed to ration the most desired landing slots by price .PERIOD
</s>
<s.87.001.870320-0169.8.2>
The F. T. C.'s memorandum advised that the F. A. A. "DOUBLE-QUOTE impose additional limits on the number of slots during peak periods at the affected airports as needed ,COMMA "DOUBLE-QUOTE and that the agency then permit carriers to buy and sell the restricted slots .PERIOD
</s>
<s.87.001.870320-0169.8.3>
Under such a rationing system ,COMMA airlines would pay a premium for peak -HYPHEN hour landing slots (LEFT-PAREN currently ,COMMA there is no price differential for peak and nonpeak slots )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0169.8.4>
The airlines would likely pass this premium on to peak -HYPHEN hour travelers .PERIOD
</s>
<s.87.001.870320-0169.8.5>
Some would eventually opt for non -HYPHEN peak flights rather than pay higher peak -HYPHEN hour fares .PERIOD
</s>
<s.87.001.870320-0169.8.6>
Airport congestion would eventually abate .PERIOD
</s>
</p>
<p.87.001.870320-0169.9>
<s.87.001.870320-0169.9.1>
These problems notwithstanding ,COMMA Americans have benefited greatly from deregulation of the airline industry .PERIOD
</s>
<s.87.001.870320-0169.9.2>
More people are flying to more destinations at lower fares than even the most optimistic deregulators could have imagined in nineteen seventy eight .PERIOD
</s>
<s.87.001.870320-0169.9.3>
The challenge now is to create an air -HYPHEN travel management system appropriate to the level of consumer demand that obviously exists in the U. S. .PERIOD
</s>
</p>
<p.87.001.870320-0169.10>
<s.87.001.870320-0169.10.1>
The impediments to such a system are formidable .PERIOD
</s>
<s.87.001.870320-0169.10.2>
Airports tend to be viewed as public utilities .PERIOD
</s>
<s.87.001.870320-0169.10.3>
Expanding their capacity runs smack into local rules governing land use ,COMMA noise ,COMMA flight patterns ,COMMA curfews .PERIOD
</s>
<s.87.001.870320-0169.10.4>
Debate drags on over privatizing air -HYPHEN traffic -HYPHEN control systems .PERIOD
</s>
<s.87.001.870320-0169.10.5>
Large ,COMMA small and new airlines fight among themselves over proposed changes .PERIOD
</s>
<s.87.001.870320-0169.10.6>
In this atmosphere desperate people start grasping at re -HYPHEN regulation as the answer .PERIOD
</s>
</p>
<p.87.001.870320-0169.11>
<s.87.001.870320-0169.11.1>
Re -HYPHEN regulation ,COMMA however ,COMMA is like saying there are too many cars ,COMMA so let's go back to the horse -HYPHEN pulled trolley system .PERIOD
</s>
<s.87.001.870320-0169.11.2>
It won't happen .PERIOD
</s>
<s.87.001.870320-0169.11.3>
The crowded airline schedule is a problem requiring a large good -HYPHEN faith effort from both private and public parties .PERIOD
</s>
<s.87.001.870320-0169.11.4>
For the near term ,COMMA the F. A. A. will serve as a catalyst in this process .PERIOD
</s>
<s.87.001.870320-0169.11.5>
With Donald Engen's decision to leave the agency ,COMMA the Reagan administration has an opportunity to give the job to someone who has the instinct ,COMMA skill and authority to give air travelers the same market benefits on the ground that they are now getting in the air .PERIOD
</s>
</p>
<p.87.001.870320-0168.1>
<s.87.001.870320-0168.1.1>
THE EPISODE WAS the kind that makes grist for novels and movies .PERIOD
</s>
<s.87.001.870320-0168.1.2>
A forty -HYPHEN year -HYPHEN old man suffering a severe liver disease had suddenly developed a life -HYPHEN threatening skin condition .PERIOD
</s>
</p>
<p.87.001.870320-0168.2>
<s.87.001.870320-0168.2.1>
"DOUBLE-QUOTE His skin was sloughing off all over his body ,COMMA "DOUBLE-QUOTE recalls Marshall M. Kaplan ,COMMA the Tufts University gastroenterologist who had been tending the patient's liver problems .PERIOD
</s>
</p>
<p.87.001.870320-0168.3>
<s.87.001.870320-0168.3.1>
Cortisone wasn't helping ,COMMA "DOUBLE-QUOTE so the question came up whether methotrexate would help ,COMMA "DOUBLE-QUOTE Doctor Kaplan says .PERIOD
</s>
<s.87.001.870320-0168.3.2>
Methotrexate is an old anti -HYPHEN cancer drug that had been found to aid certain other skin conditions ,COMMA but it also has a dangerous side effect --DASH liver damage .PERIOD
</s>
<s.87.001.870320-0168.3.3>
The idea of using this drug in a man with a diseased liver was "DOUBLE-QUOTE frightening ,COMMA "DOUBLE-QUOTE Doctor Kaplan says .PERIOD
</s>
<s.87.001.870320-0168.3.4>
"DOUBLE-QUOTE But if we didn't use it ,COMMA there was a good chance he would die from the skin condition .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0168.5>
<s.87.001.870320-0168.5.1>
THIS EPISODE ,COMMA recently published in Annals of Internal Medicine ,COMMA marks another serendipitous incident in the strange history of methotrexate .PERIOD
</s>
<s.87.001.870320-0168.5.2>
In these days when genetic engineering and molecular manipulation turn up new wonder drugs almost weekly ,COMMA methotrexate stands out as a baffling technological anomaly .PERIOD
</s>
<s.87.001.870320-0168.5.3>
In the forty years since the drug was first synthesized ,COMMA it has been alternately lauded as a treatment for a variety of human scourges and castigated as a poison whose risks are greater than the diseases it's being used to treat .PERIOD
</s>
<s.87.001.870320-0168.5.4>
Yet no one is quite sure how or why it does what it does .PERIOD
</s>
</p>
<p.87.001.870320-0168.6>
<s.87.001.870320-0168.6.1>
The methotrexate story begins in the mid -HYPHEN nineteen forties when the late Sidney Farber and his colleagues at Children's Hospital in Boston were attempting the first use of chemicals in the treatment of acute childhood leukemia ,COMMA then an invariably fatal blood cancer .PERIOD
</s>
</p>
<p.87.001.870320-0168.7>
<s.87.001.870320-0168.7.1>
The cancer researchers ,COMMA according to an oft -HYPHEN told story ,COMMA had noticed a similarity between the leukemia and a certain anemia which was due to a deficiency of the vitamin folic acid .PERIOD
</s>
<s.87.001.870320-0168.7.2>
This led them to treat the leukemia with folic acid .PERIOD
</s>
<s.87.001.870320-0168.7.3>
To their horror ,COMMA the folic acid accelerated the leukemia instead of retarding it .PERIOD
</s>
<s.87.001.870320-0168.7.4>
This near -HYPHEN disaster ,COMMA however ,COMMA led them to try a second chemical ,COMMA called aminopterin ,COMMA that blocked the cancer cells' use of folic acid .PERIOD
</s>
<s.87.001.870320-0168.7.5>
In nineteen forty eight ,COMMA in an historic research paper ,COMMA the Boston researchers reported the first remissions of acute leukemia through chemotherapy .PERIOD
</s>
<s.87.001.870320-0168.7.6>
Unfortunately ,COMMA the remissions lasted only a few weeks or months .PERIOD
</s>
</p>
<p.87.001.870320-0168.8>
<s.87.001.870320-0168.8.1>
The Boston discovery led chemists at Lederle Laboratories ,COMMA the pharmaceutical subsidiary of American Cyanamid Company ,COMMA to synthesize an improved version of aminopterin they called a -HYPHEN methopterin ,COMMA to which Lederle's marketing people affixed the brand name ,COMMA Methotrexate (LEFT-PAREN the brand name has since slid into generic use )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0168.9>
<s.87.001.870320-0168.9.1>
METHOTREXATE PROVED even better at bringing about remissions of acute lymphoblastic leukemia ,COMMA and today it is one of the drugs achieving cures of leukemia in about fifty %PERCENT of afflicted children .PERIOD
</s>
<s.87.001.870320-0168.9.2>
By nineteen fifty six ,COMMA cancer researchers reported another first :COLON Women developing an unusual cancer of the placenta during pregnancy had been permanently cured by methotrexate ,COMMA the first cancer ever cured by chemotherapy .PERIOD
</s>
</p>
<p.87.001.870320-0168.10>
<s.87.001.870320-0168.10.1>
In the early nineteen sixties ,COMMA serendipity struck again .PERIOD
</s>
<s.87.001.870320-0168.10.2>
A New York dermatologist reported instances of some patients being relieved of psoriasis ,COMMA a chronic and severely disturbing skin disease ,COMMA when treated with methotrexate .PERIOD
</s>
<s.87.001.870320-0168.10.3>
This led William O'Brien and Roger Black at the National Institutes of Health to run a controlled trial on twenty one psoriasis patients .PERIOD
</s>
<s.87.001.870320-0168.10.4>
Not only did the skin disorder clear up in several patients but so did a type of arthritis that often accompanies psoriasis .PERIOD
</s>
<s.87.001.870320-0168.10.5>
The scientists then reported a second trial showing that methotrexate produced remissions in some patients with rheumatoid arthritis ,COMMA the most common form of the crippling disorder .PERIOD
</s>
</p>
<p.87.001.870320-0168.11>
<s.87.001.870320-0168.11.1>
But ,COMMA in treating psoriasis patients ,COMMA the dangers of methotrexate became apparent .PERIOD
</s>
<s.87.001.870320-0168.11.2>
In high doses and daily use ,COMMA the drug can cause severe liver damage and sometimes a lung disorder .PERIOD
</s>
</p>
<p.87.001.870320-0168.12>
<s.87.001.870320-0168.12.1>
IN SOME CANCER PATIENTS ,COMMA doctors have worked out a unique "DOUBLE-QUOTE rescue "DOUBLE-QUOTE concept ,COMMA giving a patient dangerously high doses of methotrexate to kill cancer cells and then shortly afterward administering an antidote to save normal tissues from its poisonous effects .PERIOD
</s>
</p>
<p.87.001.870320-0168.13>
<s.87.001.870320-0168.13.1>
Methotrexate's use in arthritis ,COMMA at least for patients whose disease isn't helped by any other drug ,COMMA is now being revived .PERIOD
</s>
<s.87.001.870320-0168.13.2>
Researchers have treated several hundred arthritis patients with low doses of methotrexate given only once a week .PERIOD
</s>
<s.87.001.870320-0168.13.3>
Anywhere from half to two -HYPHEN thirds of these patients improve ;SEMI-COLON some have remissions of their arthritis .PERIOD
</s>
<s.87.001.870320-0168.13.4>
But while many arthritis specialists are using methotrexate in "DOUBLE-QUOTE refractory "DOUBLE-QUOTE patients ,COMMA others shun it .PERIOD
</s>
<s.87.001.870320-0168.13.5>
One is Doctor O'Brien ,COMMA who did the first trial of methotrexate in arthritis and who is now a professor at the University of Virginia .PERIOD
</s>
<s.87.001.870320-0168.13.6>
Because of its toxicity ,COMMA he says ,COMMA "DOUBLE-QUOTE we don't use it anymore here in Charlottesville .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0168.14>
<s.87.001.870320-0168.14.1>
Meanwhile ,COMMA in Boston ,COMMA Doctor Kaplan and his colleagues say they had a second patient with the same severe liver disease as the first but without the skin problem .PERIOD
</s>
<s.87.001.870320-0168.14.2>
"DOUBLE-QUOTE He was at his wits' end ,COMMA "DOUBLE-QUOTE Doctor Kaplan says .PERIOD
</s>
<s.87.001.870320-0168.14.3>
"DOUBLE-QUOTE I thought of that first patient and said ,COMMA 'SINGLE-QUOTE If you're a gambler and you want to try methotrexate ,COMMA we'll do it .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
<s.87.001.870320-0168.14.4>
The patient's liver is now normal .PERIOD
</s>
<s.87.001.870320-0168.14.5>
A clinical trial of methotrexate in the liver disease ,COMMA called primary sclerosis cholangitis ,COMMA is now under way .PERIOD
</s>
</p>
<p.87.001.870320-0167.1>
<s.87.001.870320-0167.1.1>
The Reagan administration is headed for another confrontation with Latin American debtors over its year -HYPHEN old effort to overhaul the Inter -HYPHEN American Development Bank .PERIOD
</s>
</p>
<p.87.001.870320-0167.2>
<s.87.001.870320-0167.2.1>
When members of the forty four -HYPHEN country lending organization gather in Miami this weekend for their annual meeting ,COMMA the U. S. again will seek changes that effectively would give Washington the power to veto proposed I. A. D. B. loans to member countries .PERIOD
</s>
<s.87.001.870320-0167.2.2>
Washington argues that as the organization's largest donor it should have such say ,COMMA but Latin countries oppose the idea as politically intolerable .PERIOD
</s>
</p>
<p.87.001.870320-0167.3>
<s.87.001.870320-0167.3.1>
While neither side expects to resolve the dispute ,COMMA each will be able to air views they have been expressing for some time in private ,COMMA occasionally pushing negotiations into a more serious phase .PERIOD
</s>
</p>
<p.87.001.870320-0167.4>
<s.87.001.870320-0167.4.1>
There is quite a bit at stake for the twenty seven -HYPHEN year -HYPHEN old development bank .PERIOD
</s>
<s.87.001.870320-0167.4.2>
The Reagan administration has promised that if the organization's members agree to the changes Washington is proposing ,COMMA the U. S. will help finance a major expansion of lending resources to twenty billion dollars over the next four years --DASH enough to make the institution a serious player in the effort to resolve the global debt problem .PERIOD
</s>
<s.87.001.870320-0167.4.3>
If the members don't go along ,COMMA Washington will contribute only enough to support eleven billion dollars in new lending during that period .PERIOD
</s>
</p>
<p.87.001.870320-0167.5>
<s.87.001.870320-0167.5.1>
U. S. policy makers complain that the bank often grants loans for political reasons rather than on economic merits .PERIOD
</s>
<s.87.001.870320-0167.5.2>
They also contend that the bank's largely Latin staff isn't tough enough about compelling borrowing countries to correct deficiencies in their economic policies .PERIOD
</s>
</p>
<p.87.001.870320-0167.6>
<s.87.001.870320-0167.6.1>
For the bank to assume a larger role in resolving the debt problem ,COMMA U. S. critics say ,COMMA it will have to become more like the World Bank or the International Monetary Fund ,COMMA which usually insist that borrowing countries take specific steps to overhaul their economies before granting them new loans .PERIOD
</s>
</p>
<p.87.001.870320-0167.7>
<s.87.001.870320-0167.7.1>
According to U. S. officials ,COMMA the I. A. D. B.'s inadequacies stem from one basic flaw in the bank's charter :COLON the borrowing countries themselves control the distribution of funds .PERIOD
</s>
<s.87.001.870320-0167.7.2>
Unlike other international lending organizations ,COMMA where weighted voting systems give the contributing countries a clear majority ,COMMA the Inter -HYPHEN American Development Bank assigns fifty four %PERCENT of its voting power to Latin countries .PERIOD
</s>
<s.87.001.870320-0167.7.3>
The U. S. has another thirty four .POINT five %PERCENT and the rest is split among fifteen other donor countries .PERIOD
</s>
</p>
<p.87.001.870320-0167.8>
<s.87.001.870320-0167.8.1>
As it currently takes at least a fifty %PERCENT vote to halt an I. A. D. B. loan ,COMMA the Latin countries can guarantee approval simply by voting as a bloc .PERIOD
</s>
<s.87.001.870320-0167.8.2>
Washington wants to change the bank's rules so that loans could be turned down by just a thirty five %PERCENT no vote .PERIOD
</s>
<s.87.001.870320-0167.8.3>
That way ,COMMA the U. S. ,COMMA joined by any other industrial country ,COMMA could veto loans it finds objectionable .PERIOD
</s>
</p>
<p.87.001.870320-0167.9>
<s.87.001.870320-0167.9.1>
I. A. D. B. staffers dispute criticisms that the organization is too lax ,COMMA contending that Washington shouldn't try to force all other countries to follow the U. S.'s own economic model .PERIOD
</s>
<s.87.001.870320-0167.9.2>
"DOUBLE-QUOTE There are many ways to development ,COMMA not just the one that's in use here in the U. S. ,COMMA "DOUBLE-QUOTE says one official of the Washington -HYPHEN based organization .PERIOD
</s>
</p>
<p.87.001.870320-0167.10>
<s.87.001.870320-0167.10.1>
Still ,COMMA U. S. and Latin American negotiators have made substantial progress toward resolving their differences .PERIOD
</s>
<s.87.001.870320-0167.10.2>
The Latin Americans have agreed over the past several months to a spate of U. S. demands --DASH to earmark twenty five %PERCENT of the bank's loans to help countries restructure their economies ,COMMA rather than for specific projects such as dams and roads ;SEMI-COLON to channel a larger share of the total to the four big debtors ,COMMA Argentina ,COMMA Brazil ,COMMA Mexico and Venezuela ;SEMI-COLON to tie project loans to long -HYPHEN range economic restructuring programs ;SEMI-COLON and to develop new procedures to coordinate the bank's loans with those of the World Bank .PERIOD
</s>
</p>
<p.87.001.870320-0167.11>
<s.87.001.870320-0167.11.1>
But the dispute over veto power has proved more thorny .PERIOD
</s>
<s.87.001.870320-0167.11.2>
Latin governments ,COMMA loathe to give up an historic prerogative ,COMMA are willing to reduce the veto threshhold to forty %PERCENT of the vote ,COMMA but they say it would cost them too much politically to accede to the full U. S. demand .PERIOD
</s>
</p>
<p.87.001.870320-0167.12>
<s.87.001.870320-0167.12.1>
Most are under pressure at home to be more aggressive in standing up to the U. S. on economic and financial issues .PERIOD
</s>
<s.87.001.870320-0167.12.2>
Brazil's recent move to suspend interest payments on commercial bank loans has only revived regional pressures to defy creditors .PERIOD
</s>
</p>
<p.87.001.870320-0167.13>
<s.87.001.870320-0167.13.1>
Moreover ,COMMA other donor governments aren't supporting Washington's veto demand .PERIOD
</s>
<s.87.001.870320-0167.13.2>
Only Canada has offered even lukewarm backing .PERIOD
</s>
</p>
<p.87.001.870320-0167.14>
<s.87.001.870320-0167.14.1>
Following lower -HYPHEN level negotiations tonight and tomorrow morning ,COMMA Treasury Secretary James Baker is scheduled to address the bank's annual meeting ,COMMA which begins formally on Monday .PERIOD
</s>
<s.87.001.870320-0167.14.2>
Treasury officials say Mr. Baker is likely to reiterate the U. S. position .PERIOD
</s>
</p>
<p.87.001.870320-0167.15>
<s.87.001.870320-0167.15.1>
Both sides are running out of time to resolve the dispute .PERIOD
</s>
<s.87.001.870320-0167.15.2>
The bank is about to exhaust its current four -HYPHEN year operating budget and will need more funds .PERIOD
</s>
<s.87.001.870320-0167.15.3>
U. S. negotiators say the Reagan administration will have to decide within a few weeks how much Washington actually plans to contribute to the organization's support .PERIOD
</s>
<s.87.001.870320-0167.15.4>
"DOUBLE-QUOTE We're down to brinksmanship ,COMMA "DOUBLE-QUOTE a U. S. negotiator says .PERIOD
</s>
</p>
<p.87.001.870320-0166.1>
<s.87.001.870320-0166.1.1>
Little more than a year ago ,COMMA the people of the Philippines showed that faith could move dictators as well as mountains in the near bloodless ousting of Ferdinand Marcos .PERIOD
</s>
<s.87.001.870320-0166.1.2>
That was in response to a call from Jaime Cardinal Sin ,COMMA archbishop of Manila ,COMMA to go into the streets to protect the soldiers in rebellion .PERIOD
</s>
<s.87.001.870320-0166.1.3>
Today ,COMMA with democracy restored and important elections due ,COMMA the cardinal has told nuns and priests to go back to their churches .PERIOD
</s>
</p>
<p.87.001.870320-0166.2>
<s.87.001.870320-0166.2.1>
The cardinal's call came on the heels of the capture of one priest with New People's Army rebels in Mindanao and the filing of weapons charges against another on Panay Island .PERIOD
</s>
<s.87.001.870320-0166.2.2>
These in turn followed a statement earlier that week by the respected head of the Filipino armed forces ,COMMA General Fidel Ramos ,COMMA that the church had been infiltrated by communists .PERIOD
</s>
</p>
<p.87.001.870320-0166.3>
<s.87.001.870320-0166.3.1>
To those who remember the cardinal's dramatic call for action during the revolution ,COMMA his concern about a politicized religious community might seem an about -HYPHEN face .PERIOD
</s>
<s.87.001.870320-0166.3.2>
In fact his is an eminently orthodox position .PERIOD
</s>
<s.87.001.870320-0166.3.3>
Against liberation theology ,COMMA which sanctions an activist clerical role in state affairs ,COMMA the cardinal's emphasis is on the pastoral ,COMMA involving the church directly only when the situation has gone beyond legitimate parameters or no other option exists .PERIOD
</s>
<s.87.001.870320-0166.3.4>
But with Marcos gone and Filipinos free to determine their future ,COMMA Cardinal Sin sees no reason for his clerics to usurp the layman's role in sorting out the particulars .PERIOD
</s>
</p>
<p.87.001.870320-0166.4>
<s.87.001.870320-0166.4.1>
Thus the cardinal and his bishops have issued new guidelines to rule out the extremes and prevent abuses .PERIOD
</s>
<s.87.001.870320-0166.4.2>
Membership in groups advocating "DOUBLE-QUOTE class struggle or violence as a means to social change "DOUBLE-QUOTE is unequivocably forbidden ,COMMA and priests are banned from running for or holding civil power without special permission .PERIOD
</s>
<s.87.001.870320-0166.4.3>
If they are to minister to people of all persuasions ,COMMA the church must be --DASH and be seen to be --DASH above politics .PERIOD
</s>
</p>
<p.87.001.870320-0166.5>
<s.87.001.870320-0166.5.1>
The argument therefore is not against a politically concerned church but a politicized church .PERIOD
</s>
<s.87.001.870320-0166.5.2>
The difference between the two is best illustrated by two other Catholic nations .PERIOD
</s>
<s.87.001.870320-0166.5.3>
In Nicaragua ,COMMA priests are part and parcel of an anti -HYPHEN democratic ruling junta .PERIOD
</s>
<s.87.001.870320-0166.5.4>
In Poland ,COMMA by contrast ,COMMA the clergy prefers to spell out principles and exert influence through lay leaders .PERIOD
</s>
<s.87.001.870320-0166.5.5>
It's no coincidence that one produces a Miguel d'Escoto and the other a Lech Walesa .PERIOD
</s>
</p>
<p.87.001.870320-0166.6>
<s.87.001.870320-0166.6.1>
We're not arguing that priests and nuns should be deprived of their civil rights .PERIOD
</s>
<s.87.001.870320-0166.6.2>
Nor for that matter does Cardinal Sin ,COMMA whose guidelines reaffirm the clergy's right to vote for whomever they want .PERIOD
</s>
<s.87.001.870320-0166.6.3>
We are concerned ,COMMA however ,COMMA that too often in North and South America and in Europe clerics have used their automatic status as religious leaders to push highly ideological ,COMMA wholly secular agendas .PERIOD
</s>
<s.87.001.870320-0166.6.4>
There may still be a spiritual mission in there somewhere ,COMMA but one would be hard put to identify it .PERIOD
</s>
<s.87.001.870320-0166.6.5>
What is especially noteworthy about Cardinal Sin's actions in the Philippines now is the extent to which they reflect a subtle clerical intelligence ,COMMA sensitive to balancing both the public and spiritual needs of his followers .PERIOD
</s>
</p>
<p.87.001.870320-0165.1>
<s.87.001.870320-0165.1.1>
Guinness P. L. C. said it is suing Ernest Saunders ,COMMA its former chairman and chief executive ,COMMA and U. S. lawyer Thomas Ward ,COMMA a Guinness outside director ,COMMA to recover an eight .POINT three million dollar payment for consulting work the British brewer says was never done .PERIOD
</s>
</p>
<p.87.001.870320-0165.2>
<s.87.001.870320-0165.2.1>
A Guinness official said the company filed a writ in High Court in London against Mr. Saunders and Mr. Ward seeking the return of a payment made to Marketing &AMPERSAND Acquisition Consultants Limited ,COMMA or MAC ,COMMA an offshore concern in the English Channel island of Jersey .PERIOD
</s>
</p>
<p.87.001.870320-0165.3>
<s.87.001.870320-0165.3.1>
Guinness directors also have asked shareholders to remove Mr. Saunders and Mr. Ward from the board at the company's annual meeting on May twenty seventh .PERIOD
</s>
</p>
<p.87.001.870320-0165.4>
<s.87.001.870320-0165.4.1>
Earlier this month ,COMMA Guinness tried to recoup the money by suing MAC in Jersey .PERIOD
</s>
<s.87.001.870320-0165.4.2>
That lawsuit alleged that Mr. Saunders and Mr. Ward had breached their corporate fiduciary duty by authorizing the payment .PERIOD
</s>
<s.87.001.870320-0165.4.3>
MAC last week claimed in court documents that the payment covered legitimate services performed for Guinness by Mr. Ward .PERIOD
</s>
</p>
<p.87.001.870320-0165.5>
<s.87.001.870320-0165.5.1>
Yesterday ,COMMA a statement by Mr. Ward's attorneys said the eight .POINT three million dollars is "DOUBLE-QUOTE in his possession on deposit in the United States "DOUBLE-QUOTE less amounts used to pay taxes "DOUBLE-QUOTE and certain expenditures .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0165.5.2>
The statement also contended that Guinness had refused his offer to put the money in escrow or to arbitrate his right to the money .PERIOD
</s>
</p>
<p.87.001.870320-0165.6>
<s.87.001.870320-0165.6.1>
Mr. Ward's relationship with MAC isn't clear .PERIOD
</s>
<s.87.001.870320-0165.6.2>
But MAC previously was designated to receive some legal fees that Guinness owed Mr. Ward ,COMMA Guinness sources have said .PERIOD
</s>
</p>
<p.87.001.870320-0165.7>
<s.87.001.870320-0165.7.1>
Mr. Ward ,COMMA a partner in the Washington ,COMMA D. C. ,COMMA law firm of Ward ,COMMA Lazarus ,COMMA Grow &AMPERSAND Cihlar ,COMMA declined to comment on the writ .PERIOD
</s>
<s.87.001.870320-0165.7.2>
David Aufthauser ,COMMA Mr. Ward's Washington attorney ,COMMA said :COLON "DOUBLE-QUOTE The legal action seems to relate to the press release "DOUBLE-QUOTE about Mr. Ward's possession of most of the money .PERIOD
</s>
<s.87.001.870320-0165.7.3>
Mr. Saunders didn't return repeated telephone calls .PERIOD
</s>
</p>
<p.87.001.870320-0165.8>
<s.87.001.870320-0165.8.1>
The MAC payment was part of thirty eight million dollars that Guinness has said was disbursed possibly to help share buying in support of its successful three .POINT eight billion dollar bid for Distillers Company last year .PERIOD
</s>
<s.87.001.870320-0165.8.2>
The British government is investigating whether Guinness's shares were illegally propped to help it win the mainly stock bid .PERIOD
</s>
</p>
<p.87.001.870320-0164.1>
<s.87.001.870320-0164.1.1>
Saudi Arabia has cut its oil production close to a record low level in the battle to keep oil prices up ,COMMA according to oil industry sources .PERIOD
</s>
</p>
<p.87.001.870320-0164.2>
<s.87.001.870320-0164.2.1>
Saudi production has fallen to about two .POINT five million barrels a day ,COMMA down nearly a million barrels a day from a month ago and close to its lowest -HYPHEN ever daily output of two million barrels in August nineteen eighty five ,COMMA say sources among major U. S. customers for Saudi oil .PERIOD
</s>
</p>
<p.87.001.870320-0164.3>
<s.87.001.870320-0164.3.1>
Oil production by most other members of the Organization of Petroleum Exporting Countries ,COMMA including Qatar ,COMMA Nigeria ,COMMA Iran ,COMMA Libya and Algeria ,COMMA has also fallen .PERIOD
</s>
<s.87.001.870320-0164.3.2>
But the strongest source of resistance to oil company pressure to sell oil below the OPEC -HYPHEN mandated price of eighteen dollars a barrel seems to be Saudi Arabia .PERIOD
</s>
</p>
<p.87.001.870320-0164.4>
<s.87.001.870320-0164.4.1>
"DOUBLE-QUOTE Saudi Arabia's King Fahd is by far the most prominent of OPEC leaders in the front line ,COMMA "DOUBLE-QUOTE notes Petrostrategies ,COMMA a Paris -HYPHEN based trade publication .PERIOD
</s>
<s.87.001.870320-0164.4.2>
"DOUBLE-QUOTE In all its twenty five -HYPHEN year history ,COMMA this episode of resistance and sacrifice is by far the strongest demonstration of solidarity by OPEC ,COMMA "DOUBLE-QUOTE the publication's editor ,COMMA Pierre Terzian ,COMMA says in an interview here .PERIOD
</s>
</p>
<p.87.001.870320-0164.5>
<s.87.001.870320-0164.5.1>
OPEC and industry sources confirm that the cartel is producing a little more than fourteen .POINT five million barrels a day ,COMMA compared with an authorized OPEC ceiling of fifteen .POINT eight million barrels a day .PERIOD
</s>
</p>
<p.87.001.870320-0164.6>
<s.87.001.870320-0164.6.1>
Contributing to the shortfall appears to be unanimous OPEC resistance to sales of crude below the official price .PERIOD
</s>
<s.87.001.870320-0164.6.2>
Accidental interruptions of production ,COMMA such as the earthquake that has halted Ecuador's entire oil output of two hundred ten thousand barrels a day ,COMMA also have held down output .PERIOD
</s>
</p>
<p.87.001.870320-0164.7>
<s.87.001.870320-0164.7.1>
Reliable sources said tiny Qatar hasn't been able to sell more than sixty five thousand barrels a day of an authorized OPEC quota of two hundred eighty five thousand barrels a day for the month of April .PERIOD
</s>
<s.87.001.870320-0164.7.2>
But a senior Qatari official ,COMMA who asked not to be identified ,COMMA said the country nevertheless will hold against all pressure "DOUBLE-QUOTE because this is the political decision .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0164.8>
<s.87.001.870320-0164.8.1>
As a result ,COMMA OPEC members are quickly devising plans to help their weaker members market oil in case the oil companies' challenge continues to erode their patience .PERIOD
</s>
<s.87.001.870320-0164.8.2>
Kuwait is reliably reported to be preparing to market Qatar's oil through its vast network of refineries and distributors in Western Europe .PERIOD
</s>
</p>
<p.87.001.870320-0164.9>
<s.87.001.870320-0164.9.1>
"DOUBLE-QUOTE OPEC certainly seems to have a winning hand at the moment ,COMMA "DOUBLE-QUOTE says Steve Turner ,COMMA an oil analyst with Wood ,COMMA McKenzie &AMPERSAND Company ,COMMA a brokerage firm in Edinburgh ,COMMA Scotland .PERIOD
</s>
<s.87.001.870320-0164.9.2>
He shares with other analysts and industry observers the view that OPEC's low production and high resolve are forcing oil companies to run down their oil inventories sharply .PERIOD
</s>
</p>
<p.87.001.870320-0164.10>
<s.87.001.870320-0164.10.1>
Some analysts think the drawdown is running as high as three .POINT five million barrels a day .PERIOD
</s>
<s.87.001.870320-0164.10.2>
Such a rate would eventually ease pressure on OPEC by forcing buyers to pay official prices to replenish supplies .PERIOD
</s>
<s.87.001.870320-0164.10.3>
"DOUBLE-QUOTE If OPEC gets through March they are out of the woods ,COMMA "DOUBLE-QUOTE adds Mr. Turner .PERIOD
</s>
</p>
<p.87.001.870320-0163.1>
<s.87.001.870320-0163.1.1>
Trizec Corporation said it plans to raise one hundred seventy one .POINT three million dollars (LEFT-PAREN Canadian )RIGHT-PAREN by offering five million class A voting shares at thirty four dollars and twenty five cents each in Canada .PERIOD
</s>
</p>
<p.87.001.870320-0163.2>
<s.87.001.870320-0163.2.1>
Trizec class A stock closed at thirty four .POINT one two five dollars ,COMMA down twelve .POINT five cents ,COMMA in Toronto Stock Exchange trading yesterday .PERIOD
</s>
<s.87.001.870320-0163.2.2>
More than one hundred three thousand shares moved .PERIOD
</s>
<s.87.001.870320-0163.2.3>
The class B. stock closed at thirty five dollars ,COMMA up one dollar .PERIOD
</s>
<s.87.001.870320-0163.2.4>
Class B. shares are convertible in Class A shares on a one -HYPHEN for -HYPHEN one basis .PERIOD
</s>
</p>
<p.87.001.870320-0163.3>
<s.87.001.870320-0163.3.1>
Lead underwriter will be Dominion Securities Incorporated and proceeds will be used for general purposes ,COMMA the real estate company said .PERIOD
</s>
</p>
<p.87.001.870320-0163.4>
<s.87.001.870320-0163.4.1>
Toronto -HYPHEN based Great Lakes Group Incorporated ,COMMA a merchant banker ,COMMA plans to buy three million ,COMMA seven hundred fifty thousand of the shares from the underwriters after the closing of the public offering and to grant the underwriters an option to repurchase one hundred fifty thousand of those shares ,COMMA Trizec said .PERIOD
</s>
</p>
<p.87.001.870320-0163.5>
<s.87.001.870320-0163.5.1>
At the end of the October thirty first fiscal year ,COMMA Trizec had forty three million class A voting shares and forty two .POINT two million class B. shares outstanding .PERIOD
</s>
</p>
<p.87.001.870320-0162.1>
<s.87.001.870320-0162.1.1>
Time Incorporated said it intends to buy back and redeem about two hundred fifty million dollars in securities in order to reduce the cost of its debt .PERIOD
</s>
</p>
<p.87.001.870320-0162.2>
<s.87.001.870320-0162.2.1>
The publishing and cable television company intends to make a cash tender offer in the near future for one hundred fifty million dollars of its ten .POINT six two five %PERCENT notes due nineteen ninety two ,COMMA but terms haven't been determined ,COMMA it said .PERIOD
</s>
</p>
<p.87.001.870320-0162.3>
<s.87.001.870320-0162.3.1>
Also ,COMMA its Time -HYPHEN Life Overseas Finance Corporation N. V. subsidiary intends to redeem all one hundred million dollars of its ten .POINT seven five %PERCENT notes due nineteen ninety ,COMMA Time said .PERIOD
</s>
</p>
<p.87.001.870320-0162.4>
<s.87.001.870320-0162.4.1>
Time expects to fund the moves through one or more public issues of intermediate or long -HYPHEN term debt and expects to file a five hundred million dollar shelf registration of debt securities in the near future ,COMMA partly for use in the refinancing ,COMMA it said .PERIOD
</s>
</p>
<p.87.001.870320-0161.1>
<s.87.001.870320-0161.1.1>
Assets of the nation's three hundred seventy nine money market funds rose forty three .POINT four million dollars to two hundred thirty seven .POINT three four billion dollars in the week ended Wednesday ,COMMA the Investment Company Institute ,COMMA a Washington -HYPHEN based trade association ,COMMA said .PERIOD
</s>
</p>
<p.87.001.870320-0161.2>
<s.87.001.870320-0161.2.1>
The gain was the fourth in five weeks .PERIOD
</s>
</p>
<p.87.001.870320-0161.3>
<s.87.001.870320-0161.3.1>
Assets of one hundred ninety six general purpose funds fell two hundred forty five .POINT six million dollars to sixty two .POINT four nine billion dollars ,COMMA and assets of ninety two broker -HYPHEN dealer funds dropped one hundred seventy six .POINT seven million dollars to one hundred eight .POINT seven nine billion dollars .PERIOD
</s>
<s.87.001.870320-0161.3.2>
Assets of ninety one institutional funds gained four hundred sixty five .POINT seven million dollars to sixty six .POINT oh six billion dollars .PERIOD
</s>
</p>
<p.87.001.870320-0161.4>
<s.87.001.870320-0161.4.1>
The average seven -HYPHEN day yield for funds ,COMMA in the week ended Tuesday ,COMMA rose to five .POINT three nine %PERCENT from five .POINT three five %PERCENT a week earlier ,COMMA according to Donoghue's Money Fund Report ,COMMA a Holliston ,COMMA Massachusetts -HYPHEN based newsletter .PERIOD
</s>
<s.87.001.870320-0161.4.2>
The average thirty -HYPHEN day yield for funds rose to five .POINT three six %PERCENT from five .POINT three four %PERCENT ,COMMA and the average maturity of funds fell to forty three days from forty four days .PERIOD
</s>
</p>
<p.87.001.870320-0161.5>
<s.87.001.870320-0161.5.1>
Banks ,COMMA which compete with money funds ,COMMA were paying an average yield of five .POINT one five %PERCENT on their money market savings accounts in the week ended Wednesday ,COMMA unchanged from the week before ,COMMA according to Banxquote Online ,COMMA a New York -HYPHEN based information service .PERIOD
</s>
<s.87.001.870320-0161.5.2>
Bank yields were five .POINT six six %PERCENT for six -HYPHEN month savings certificates of deposit ,COMMA compared with five .POINT six five %PERCENT the previous week .PERIOD
</s>
<s.87.001.870320-0161.5.3>
Yields were five .POINT eight eight %PERCENT for one -HYPHEN year bank savings C. D.s ,COMMA compared with five .POINT eight seven %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0160.1>
<s.87.001.870320-0160.1.1>
Eurodollar bond prices closed slightly higher ,COMMA erasing earlier losses ,COMMA as floating -HYPHEN rate notes rose for the third consecutive day .PERIOD
</s>
</p>
<p.87.001.870320-0160.2>
<s.87.001.870320-0160.2.1>
Fixed -HYPHEN rated dollar issues were unchanged to one eighth point higher ,COMMA mainly in response to a slight early rise in some U. S. Treasury bond prices and bargain -HYPHEN hunting .PERIOD
</s>
<s.87.001.870320-0160.2.2>
Turnover remained thin .PERIOD
</s>
</p>
<p.87.001.870320-0160.3>
<s.87.001.870320-0160.3.1>
"DOUBLE-QUOTE The markets have been very quiet ,COMMA and they're probably going to remain that way until Treasurys get a little more volatile ,COMMA "DOUBLE-QUOTE said a trader for one major U. S. investment bank .PERIOD
</s>
</p>
<p.87.001.870320-0160.4>
<s.87.001.870320-0160.4.1>
Floating -HYPHEN rate notes posted gains for the third day in a row .PERIOD
</s>
<s.87.001.870320-0160.4.2>
Some U. S. bank issues were half a point higher ,COMMA while sovereign issues were up marginally .PERIOD
</s>
</p>
<p.87.001.870320-0160.5>
<s.87.001.870320-0160.5.1>
But volume remained thin ,COMMA according to specialists .PERIOD
</s>
<s.87.001.870320-0160.5.2>
There were some retail orders ,COMMA but most trading involved professionals .PERIOD
</s>
</p>
<p.87.001.870320-0160.6>
<s.87.001.870320-0160.6.1>
The only major new dollar -HYPHEN denominated issue appeared to have found strong demand .PERIOD
</s>
<s.87.001.870320-0160.6.2>
Nomura International Finance P. L. C. launched one hundred fifty million dollars of seven and one quarter %PERCENT ,COMMA five -HYPHEN year Eurobonds via Nomura International Limited .PERIOD
</s>
<s.87.001.870320-0160.6.3>
The bonds are guaranteed by the parent company ,COMMA Nomura Securities Company ,COMMA and carry a triple -HYPHEN A rating by Standard &AMPERSAND Poor's Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0159.1>
<s.87.001.870320-0159.1.1>
Seagram Company posted a nineteen %PERCENT increase in net income for its fiscal fourth quarter ,COMMA as profit from spirits and wine operations rose sharply from depressed year -HYPHEN earlier levels .PERIOD
</s>
</p>
<p.87.001.870320-0159.2>
<s.87.001.870320-0159.2.1>
Net for the quarter ended January thirty first grew to ninety two .POINT nine million dollars ,COMMA or ninety eight cents a share ,COMMA from seventy eight .POINT three million dollars ,COMMA or eighty two cents a share ,COMMA the year earlier .PERIOD
</s>
</p>
<p.87.001.870320-0159.3>
<s.87.001.870320-0159.3.1>
The distiller said pre -HYPHEN tax operating profit rose eighty two %PERCENT to twenty seven .POINT seven million dollars from fifteen .POINT two million dollars for the quarter .PERIOD
</s>
<s.87.001.870320-0159.3.2>
Sales increased nineteen %PERCENT to one .POINT oh four billion dollars from eight hundred seventy .POINT four million dollars .PERIOD
</s>
<s.87.001.870320-0159.3.3>
Profit from spirits and wine operations rose to twenty three .POINT five million dollars from one hundred four thousand dollars .PERIOD
</s>
<s.87.001.870320-0159.3.4>
A spokeswoman noted that year -HYPHEN earlier after -HYPHEN tax results were depressed by imposition of higher excise taxes .PERIOD
</s>
</p>
<p.87.001.870320-0159.4>
<s.87.001.870320-0159.4.1>
The company's results also were largely affected by results of Du Pont Company ,COMMA Wilmington ,COMMA Delaware .PERIOD
</s>
<s.87.001.870320-0159.4.2>
Seagram owns a twenty two .POINT five %PERCENT stake in the large chemical and energy concern .PERIOD
</s>
<s.87.001.870320-0159.4.3>
Equity in unremitted earnings of Du Pont fell twenty nine %PERCENT to twenty nine .POINT three million dollars from forty one .POINT three million dollars ,COMMA while dividend income rose slightly to forty .POINT four million dollars from thirty seven .POINT nine million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0159.5>
<s.87.001.870320-0159.5.1>
Seagram earlier this month agreed to sell several of its wine operations for about two hundred million dollars to Vintners International Company ,COMMA a new concern formed by the unit's former president and other investors .PERIOD
</s>
<s.87.001.870320-0159.5.2>
The sale involved Seagram's moderately priced domestic brands .PERIOD
</s>
<s.87.001.870320-0159.5.3>
The company said it is retaining more expensive wine brands .PERIOD
</s>
</p>
<p.87.001.870320-0159.6>
<s.87.001.870320-0159.6.1>
For the full year ,COMMA net rose thirty three %PERCENT to four hundred twenty three .POINT five million dollars ,COMMA or four dollars and forty five cents a share ,COMMA from three hundred nineteen .POINT one million dollars ,COMMA or three dollars and forty four cents a share ,COMMA mainly reflecting Du Pont's sharply improved earnings .PERIOD
</s>
<s.87.001.870320-0159.6.2>
Seagram's sales rose thirteen %PERCENT to three .POINT three four billion dollars from two .POINT nine seven billion dollars .PERIOD
</s>
</p>
<p.87.001.870320-0159.7>
<s.87.001.870320-0159.7.1>
Seagram's unremitted earnings from Du Pont for the year more than doubled to one hundred sixty nine .POINT one million dollars from seventy five .POINT seven million dollars a year ago .PERIOD
</s>
<s.87.001.870320-0159.7.2>
After -HYPHEN tax dividends rose to one hundred fifty four .POINT one million dollars from one hundred fifty .POINT eight million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0159.8>
<s.87.001.870320-0159.8.1>
Pre -HYPHEN tax operating profit for the year fell ten %PERCENT to one hundred ninety two .POINT eight million dollars from two hundred fourteen .POINT seven million dollars .PERIOD
</s>
<s.87.001.870320-0159.8.2>
Profit from spirits and wine rose three .POINT six %PERCENT ,COMMA however ,COMMA to one hundred two .POINT eight million dollars from ninety nine .POINT two million dollars .PERIOD
</s>
<s.87.001.870320-0159.8.3>
Profit included nonrecurring charges of thirty five million dollars associated with the sale of several wine operations and a planned reorganization of spirits operations in the U. S. .PERIOD
</s>
<s.87.001.870320-0159.8.4>
Much of the effect of the charges was offset by a related reduction of tax expense by twenty seven .POINT seven million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0158.1>
<s.87.001.870320-0158.1.1>
Xerox Corporation ,COMMA one of the last die -HYPHEN hard supporters of an American corporate presence in South Africa ,COMMA finally succumbed to pressures here and abroad and said it will sell its South African unit .PERIOD
</s>
</p>
<p.87.001.870320-0158.2>
<s.87.001.870320-0158.2.1>
Xerox said its fifty one %PERCENT -HYPHEN owned Rank Xerox unit ,COMMA whose forty nine %PERCENT partner is Rank Organisation P. L. C. ,COMMA a Britain -HYPHEN based leisure and hotel company ,COMMA will sell the local business to Altron Group ,COMMA a big South African electronics firm .PERIOD
</s>
<s.87.001.870320-0158.2.2>
Terms weren't disclosed for the sale ,COMMA which is to be completed by May first .PERIOD
</s>
</p>
<p.87.001.870320-0158.3>
<s.87.001.870320-0158.3.1>
The pullout culminates more than a year of agonizing at Xerox ,COMMA which in December held off a final decision as executives searched for a new approach that might let them stay in the racially troubled land .PERIOD
</s>
<s.87.001.870320-0158.3.2>
And the move is unlikely to ease the pressure from activists ,COMMA who criticized Xerox's plans yesterday to let the unit continue selling photocopiers in South Africa after its sale .PERIOD
</s>
</p>
<p.87.001.870320-0158.4>
<s.87.001.870320-0158.4.1>
"DOUBLE-QUOTE It's a perfect example of a decision that basically pleases no one ,COMMA "DOUBLE-QUOTE David T. Kearns ,COMMA Xerox chairman ,COMMA said in an interview .PERIOD
</s>
</p>
<p.87.001.870320-0158.5>
<s.87.001.870320-0158.5.1>
Nor does it please him .PERIOD
</s>
<s.87.001.870320-0158.5.2>
Mr. Kearns was one of industry's most vocal proponents of the notion that only by staying can companies help end apartheid and repression in South Africa .PERIOD
</s>
<s.87.001.870320-0158.5.3>
His voice grew lonelier late last year when two other outspoken chairmen --DASH Roger B. Smith of General Motors Corporation and International Business Machines Corporation's John F. Akers --DASH reversed course and pulled out .PERIOD
</s>
</p>
<p.87.001.870320-0158.6>
<s.87.001.870320-0158.6.1>
Mr. Kearns said he still feels staying put is best for South Africa's twenty three million blacks .PERIOD
</s>
<s.87.001.870320-0158.6.2>
But he now says leaving is what is best for Xerox .PERIOD
</s>
<s.87.001.870320-0158.6.3>
"DOUBLE-QUOTE It was clear things were continuing to deteriorate on all fronts ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0158.6.4>
The nation's economy and social climate were worsening ;SEMI-COLON pro -HYPHEN disinvestment groups' criticism was rising ;SEMI-COLON and Xerox was beginning to lose sales in the U. S. to local governments that were banning contracts with companies doing business there .PERIOD
</s>
</p>
<p.87.001.870320-0158.7>
<s.87.001.870320-0158.7.1>
The departure by Xerox ,COMMA the fourteenth -HYPHEN largest U. S. employer in South Africa ,COMMA comes at a critical time for U. S. firms .PERIOD
</s>
<s.87.001.870320-0158.7.2>
The pace of pullouts is accelerating ,COMMA as pressure groups that once praised any departure now say simply leaving isn't enough .PERIOD
</s>
<s.87.001.870320-0158.7.3>
The Reagan administration's patient approach toward the South African government has been all but dismissed ,COMMA even by a Reagan -HYPHEN appointed advisory panel .PERIOD
</s>
<s.87.001.870320-0158.7.4>
And a May thirty first deadline looms for U. S. companies that follow the Sullivan Principles ,COMMA fairness tenets that for ten years provided a moral ground for profiting from sales in South Africa .PERIOD
</s>
</p>
<p.87.001.870320-0158.8>
<s.87.001.870320-0158.8.1>
The Reverend Leon H. Sullivan ,COMMA founder of the principles ,COMMA has said he will urge U. S. companies to leave South Africa if apartheid hasn't ended by May thirty first --DASH a seemingly impossible prospect .PERIOD
</s>
<s.87.001.870320-0158.8.2>
That might lead to waves of new withdrawals .PERIOD
</s>
</p>
<p.87.001.870320-0158.9>
<s.87.001.870320-0158.9.1>
Xerox ,COMMA based in Stamford ,COMMA Connecticut ,COMMA became the twenty fourth company to announce or complete a withdrawal in the first three months of this year .PERIOD
</s>
<s.87.001.870320-0158.9.2>
That compares with forty nine corporations in all of nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0158.9.3>
The Washington -HYPHEN based Investor Responsibility Research Center says one hundred eighty two U. S. companies retain South African units and haven't announced shutdown plans ;SEMI-COLON the total was two hundred sixty seven companies less than a year ago .PERIOD
</s>
</p>
<p.87.001.870320-0158.10>
<s.87.001.870320-0158.10.1>
The financial impact on Xerox will be puny --DASH the unit provided less than one %PERCENT of Xerox's nine .POINT seven eight billion dollars of annual sales .PERIOD
</s>
<s.87.001.870320-0158.10.2>
Indeed ,COMMA Xerox may have been more alarmed by the financial effects of staying .PERIOD
</s>
<s.87.001.870320-0158.10.3>
Last fall Xerox lost out on a photocopier contract with the Pittsburgh school board ,COMMA which wouldn't buy from South Africa -HYPHEN linked companies .PERIOD
</s>
</p>
<p.87.001.870320-0158.11>
<s.87.001.870320-0158.11.1>
The lost sales were "DOUBLE-QUOTE certainly a lot more than a few thousand dollars ,COMMA "DOUBLE-QUOTE Mr. Kearns said ,COMMA "DOUBLE-QUOTE and it is something we saw increasing "DOUBLE-QUOTE unless Xerox pulled out .PERIOD
</s>
<s.87.001.870320-0158.11.2>
But he conceded he still may lose sales to such cities as Los Angeles ,COMMA which has even tougher rules excluding companies that let their products be sold in South Africa even though they have shed direct investments there .PERIOD
</s>
</p>
<p.87.001.870320-0158.12>
<s.87.001.870320-0158.12.1>
Most U. S. companies retain distribution agreements with the units they leave behind .PERIOD
</s>
<s.87.001.870320-0158.12.2>
Eastman Kodak Company is one of the few that left and ended all product sales in South Africa .PERIOD
</s>
<s.87.001.870320-0158.12.3>
Richard Knight of the American Committee on Africa said cities will "DOUBLE-QUOTE see that Kodak is clean and Xerox isn't .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0158.13>
<s.87.001.870320-0158.13.1>
But Mr. Kearns countered that blocking all sales would leave workers without jobs and hurt the local units of customers Xerox supplies world -HYPHEN wide .PERIOD
</s>
</p>
<p.87.001.870320-0158.14>
<s.87.001.870320-0158.14.1>
The criticism of Xerox comes despite the unusual efforts it made in pulling out .PERIOD
</s>
<s.87.001.870320-0158.14.2>
It negotiated a promise from the buyer that the unit's eight hundred -HYPHEN plus employees won't lose their jobs .PERIOD
</s>
<s.87.001.870320-0158.14.3>
It also is forming a foundation run by black leaders that will spend five hundred thousand dollars a year on social programs after Xerox leaves .PERIOD
</s>
</p>
<p.87.001.870320-0157.1>
<s.87.001.870320-0157.1.1>
ECONOMIC GROWTH starts to gather steam ,COMMA forecasters say .PERIOD
</s>
</p>
<p.87.001.870320-0157.2>
<s.87.001.870320-0157.2.1>
Chase Econometrics puts G. N. P. first -HYPHEN quarter growth at about a two .POINT five %PERCENT annual pace ,COMMA up from the paltry one .POINT one %PERCENT in nineteen eighty six's fourth quarter ;SEMI-COLON Wharton Econometric Forecasting is somewhat more bullish .PERIOD
</s>
<s.87.001.870320-0157.2.2>
Both say inventory building will help offset sluggish consumer outlays and weak capital spending .PERIOD
</s>
<s.87.001.870320-0157.2.3>
White House economist Sprinkel sticks to his three .POINT two %PERCENT prediction for the year .PERIOD
</s>
</p>
<p.87.001.870320-0157.3>
<s.87.001.870320-0157.3.1>
Some suggest that tax reform is causing short -HYPHEN term weakness in business investment ,COMMA consumer spending and commercial construction .PERIOD
</s>
<s.87.001.870320-0157.3.2>
National Association of Manufacturers economist Jerry Jasinowski sees a "DOUBLE-QUOTE quite large "DOUBLE-QUOTE negative effect for the first half of the year .PERIOD
</s>
<s.87.001.870320-0157.3.3>
But public and private forecasters say that most of the problems are only temporary .PERIOD
</s>
</p>
<p.87.001.870320-0157.4>
<s.87.001.870320-0157.4.1>
Officials say the chief question remains the impact of the dollar's decline .PERIOD
</s>
<s.87.001.870320-0157.4.2>
"DOUBLE-QUOTE Trade is our bottom line ,COMMA "DOUBLE-QUOTE says Commerce Undersecretary Robert Ortner .PERIOD
</s>
</p>
<p.87.001.870320-0157.5>
<s.87.001.870320-0157.5.1>
BUSH STILL STUMBLES in the 'SINGLE-QUOTE eighty eight race ,COMMA while Hart dominates the Democrats .PERIOD
</s>
</p>
<p.87.001.870320-0157.6>
<s.87.001.870320-0157.6.1>
A new Wall Street Journal /SLASH N. B. C. News poll shows Bush's G. O. P. support plummeting to twenty eight %PERCENT from forty three %PERCENT last August ;SEMI-COLON Dole climbs to twenty three %PERCENT from ten %PERCENT .PERIOD
</s>
<s.87.001.870320-0157.6.2>
Bush's favorable ratings still exceed his negatives ,COMMA but fifty four %PERCENT of the public think that being Reagan's vice president has hurt his presidential prospects .PERIOD
</s>
<s.87.001.870320-0157.6.3>
His hopes of breaking out of his political doldrums were further damaged by a "DOUBLE-QUOTE sixty Minutes "DOUBLE-QUOTE interview last weekend .PERIOD
</s>
</p>
<p.87.001.870320-0157.7>
<s.87.001.870320-0157.7.1>
Democrat Hart ,COMMA with thirty six %PERCENT ,COMMA has four times more support than his nearest competitor ,COMMA Jesse Jackson ;SEMI-COLON the poll shows Massachusetts Governor Dukakis next with five %PERCENT .PERIOD
</s>
<s.87.001.870320-0157.7.2>
Among all voters ,COMMA Hart beats both Bush and Dole and ,COMMA by forty one %PERCENT to thirty six %PERCENT ,COMMA voters prefer a Democratic to a Republican president in nineteen eighty eight .PERIOD
</s>
<s.87.001.870320-0157.7.3>
But the Colorado Democrat's leftover debt from nineteen eighty four still plagues him .PERIOD
</s>
</p>
<p.87.001.870320-0157.8>
<s.87.001.870320-0157.8.1>
WARMING TREND ?QUESTION-MARK
</s>
<s.87.001.870320-0157.8.2>
The U. S. seeks a thaw with North Korea .PERIOD
</s>
</p>
<p.87.001.870320-0157.9>
<s.87.001.870320-0157.9.1>
The recent decision to let U. S. diplomats talk to North Korean counterparts followed intelligence reports that Pyongyang wants to break out of its international isolation .PERIOD
</s>
<s.87.001.870320-0157.9.2>
The U. S. also feels pressure from China ,COMMA which has improved its relations with Seoul and wants the U. S. to reciprocate .PERIOD
</s>
</p>
<p.87.001.870320-0157.10>
<s.87.001.870320-0157.10.1>
Officials also hope to slow North Korea's recent moves toward the Soviets and reduce chances for an Olympic boycott .PERIOD
</s>
<s.87.001.870320-0157.10.2>
But South Korea balks at U. S. advice to respond more favorably to recent overtures .PERIOD
</s>
<s.87.001.870320-0157.10.3>
It fears that the north is only trying to foment domestic unrest through the peace noises .PERIOD
</s>
</p>
<p.87.001.870320-0157.11>
<s.87.001.870320-0157.11.1>
"DOUBLE-QUOTE We've warned the U. S. that it won't get anywhere with North Korea ,COMMA "DOUBLE-QUOTE says a South Korean official .PERIOD
</s>
</p>
<p.87.001.870320-0157.12>
<s.87.001.870320-0157.12.1>
BOTTOMING OUT ?QUESTION-MARK
</s>
<s.87.001.870320-0157.12.2>
Federal regulators say their list of problem banks ,COMMA which grew by one a day in nineteen eighty six ,COMMA appears to be growing at about half that rate this year .PERIOD
</s>
<s.87.001.870320-0157.12.3>
But major troubles remain in the oil states ,COMMA and F. D. I. C. Chairman Seidman says that a record two hundred or more banks could go under this year .PERIOD
</s>
</p>
<p.87.001.870320-0157.13>
<s.87.001.870320-0157.13.1>
MEESE'S TACTICS on judgeships draw fire from Senate G. O. P. moderates .PERIOD
</s>
<s.87.001.870320-0157.13.2>
They complain he is dragging his feet and trying to see that only highly conservative candidates are named .PERIOD
</s>
<s.87.001.870320-0157.13.3>
Pennsylvania's Heinz complains to chief of staff Baker ,COMMA so far without results .PERIOD
</s>
<s.87.001.870320-0157.13.4>
Some members also suspect Meese of torpedoing ex -HYPHEN Senator .PERIOD
</s>
<s.87.001.870320-0157.13.5>
Gorton's chances .PERIOD
</s>
</p>
<p.87.001.870320-0157.14>
<s.87.001.870320-0157.14.1>
OFF AND RUNNING :COLON The Brookings Institution's Robert Reischauer is the early favorite to head the Congressional Budget Office .PERIOD
</s>
<s.87.001.870320-0157.14.2>
But the search is on hold while Congress wrestles with the budget ;SEMI-COLON other candidates under consideration include congressional aides Van Ooms and Edward Gramlich ,COMMA Brookings's Joseph Pechman and Henry Aaron ,COMMA and the Urban Institute's Isabel Sawhill .PERIOD
</s>
</p>
<p.87.001.870320-0157.16>
<s.87.001.870320-0157.16.1>
DEMOCRATS JOSTLE over trade with an eye on the presidential race .PERIOD
</s>
</p>
<p.87.001.870320-0157.18>
<s.87.001.870320-0157.18.1>
Babbitt ,COMMA who once used National Guard troops in a mining strike ,COMMA now proposes stiff tariffs for nations that don't reduce their trade surpluses .PERIOD
</s>
<s.87.001.870320-0157.18.2>
Dukakis doesn't favor tariffs but says the U. S. may have to resort to "DOUBLE-QUOTE tough stuff "DOUBLE-QUOTE sometimes .PERIOD
</s>
<s.87.001.870320-0157.18.3>
Gephardt hopes for a public fight over his stringent amendment to the Ways and Means trade bill .PERIOD
</s>
</p>
<p.87.001.870320-0157.19>
<s.87.001.870320-0157.19.1>
Some say Gephardt's posturing hampers the panel's work .PERIOD
</s>
<s.87.001.870320-0157.19.2>
"DOUBLE-QUOTE If he weren't running for president ,COMMA it would be easier to deal with him ,COMMA "DOUBLE-QUOTE says Democratic Representative Gibbons .PERIOD
</s>
</p>
<p.87.001.870320-0157.20>
<s.87.001.870320-0157.20.1>
MINOR MEMOS :COLON Bad news ,COMMA worse news :COLON New Hampshire G. O. P. Senator Rudman says polls in his state show that presidential hopeful Alexander Haig "DOUBLE-QUOTE is unknown ,COMMA but he has strong negatives. "DOUBLE-QUOTE ...ELLIPSIS
</s>
<s.87.001.870320-0157.20.2>
Associate Attorney General Stephen Trott will perform with his old singing group ,COMMA the Highwaymen ,COMMA at a reunion concert .PERIOD
</s>
<s.87.001.870320-0157.20.3>
The group had a gold record in nineteen sixty one ,COMMA for "DOUBLE-QUOTE Michael ,COMMA Row the Boat Ashore. "DOUBLE-QUOTE ...ELLIPSIS
</s>
<s.87.001.870320-0157.20.4>
Asked how to pay for extra spending proposals ,COMMA Speaker Wright suggests a request to the Sultan of Brunei .PERIOD
</s>
</p>
<p.87.001.870320-0156.1>
<s.87.001.870320-0156.1.1>
Migrating Canada geese have always flown over the New York suburb of Greenwich ,COMMA Connecticut .PERIOD
</s>
<s.87.001.870320-0156.1.2>
About a dozen years ago ,COMMA many decided to become full -HYPHEN time residents .PERIOD
</s>
</p>
<p.87.001.870320-0156.2>
<s.87.001.870320-0156.2.1>
Greenwich has water ,COMMA meadows and bird -HYPHEN lovers who are generous with their gourmet bread crumbs .PERIOD
</s>
<s.87.001.870320-0156.2.2>
But plagued by goose droppings on its beach ,COMMA the town finally brought out its biggest gun :COLON a yacht -HYPHEN club cannon .PERIOD
</s>
<s.87.001.870320-0156.2.3>
The booms from blanks failed to budge the birds from some of America's choicest real estate .PERIOD
</s>
</p>
<p.87.001.870320-0156.3>
<s.87.001.870320-0156.3.1>
"DOUBLE-QUOTE We have passed a law against feeding the birds now ,COMMA but who's going to arrest someone for feeding a goose ?QUESTION-MARK "DOUBLE-QUOTE says Greenwich's equivalent of a mayor ,COMMA First Selectman John B. Margenot Junior .PERIOD
</s>
</p>
<p.87.001.870320-0156.4>
<s.87.001.870320-0156.4.1>
As America's corporate elite sees it ,COMMA the birds know a good thing .PERIOD
</s>
<s.87.001.870320-0156.4.2>
Of all the suburbs where top executives have flocked since World War two ,COMMA none has attracted so many as this town of sixty thousand ,COMMA a fifty one -HYPHEN minute train ride from midtown Manhattan .PERIOD
</s>
</p>
<p.87.001.870320-0156.5>
<s.87.001.870320-0156.5.1>
"DOUBLE-QUOTE In terms of the number of chief executive officers of major companies who live there ,COMMA no other place comes close ,COMMA "DOUBLE-QUOTE says Thomas J. Neff ,COMMA president of the executive recruiters Spencer Stuart &AMPERSAND Associates and himself a Greenwich resident .PERIOD
</s>
<s.87.001.870320-0156.5.2>
The town today can claim --DASH besides such celebrities as David Stockman and Diana Ross --DASH current or recent chief executives of Exxon Corporation ,COMMA Citicorp ,COMMA General Electric Company ,COMMA American Express Company ,COMMA PepsiCo Incorporated ,COMMA G. T. E. Corporation ,COMMA Union Pacific Corporation ,COMMA Combustion Engineering Incorporated and others .PERIOD
</s>
</p>
<p.87.001.870320-0156.8>
<s.87.001.870320-0156.8.1>
On the surface ,COMMA big white neo -HYPHEN Colonial houses on vast lawns make this town look as if it might never change .PERIOD
</s>
<s.87.001.870320-0156.8.2>
But Greenwich ,COMMA like other executive towns ,COMMA is changing .PERIOD
</s>
</p>
<p.87.001.870320-0156.9>
<s.87.001.870320-0156.9.1>
For one thing ,COMMA the affluent have become more so .PERIOD
</s>
<s.87.001.870320-0156.9.2>
Membership in a single country club was once a luxury .PERIOD
</s>
<s.87.001.870320-0156.9.3>
Now ,COMMA many residents belong to two or even three .PERIOD
</s>
</p>
<p.87.001.870320-0156.10>
<s.87.001.870320-0156.10.1>
"DOUBLE-QUOTE The yacht club near us is only open in summer ,COMMA so we belong to another one for winter entertainment ,COMMA "DOUBLE-QUOTE says the wife of a recently retired New York mining executive .PERIOD
</s>
<s.87.001.870320-0156.10.2>
In Vermont ,COMMA where they summer ,COMMA the couple belong to yet another club .PERIOD
</s>
</p>
<p.87.001.870320-0156.11>
<s.87.001.870320-0156.11.1>
Life in the clubs is changing ,COMMA too .PERIOD
</s>
<s.87.001.870320-0156.11.2>
Reflecting today's exercise craze ,COMMA strenuous sports such as tennis and squash are gaining ground fast ,COMMA says John Moreland ,COMMA general manager of the Greenwich Country Club .PERIOD
</s>
<s.87.001.870320-0156.11.3>
Interest in gourmet dining is rising .PERIOD
</s>
<s.87.001.870320-0156.11.4>
When the club recently scheduled a two hundred dollar -HYPHEN a -HYPHEN couple dinner ,COMMA it had to draw up a waiting list .PERIOD
</s>
<s.87.001.870320-0156.11.5>
"DOUBLE-QUOTE Ten years ago ,COMMA this wouldn't have gone over ,COMMA "DOUBLE-QUOTE Mr. Moreland says .PERIOD
</s>
</p>
<p.87.001.870320-0156.12>
<s.87.001.870320-0156.12.1>
Greenwich homeowners have plenty of assets ,COMMA on paper at least ,COMMA to cover their bills for pheasant terrine .PERIOD
</s>
<s.87.001.870320-0156.12.2>
Soaring real estate values have seen to that .PERIOD
</s>
<s.87.001.870320-0156.12.3>
Last year ,COMMA one in seven houses sold there fetched more than one million dollars ,COMMA and one went for more than eleven million dollars .PERIOD
</s>
<s.87.001.870320-0156.12.4>
A service station owner says he recently sold his house there for five hundred thousand dollars to build a better one .PERIOD
</s>
</p>
<p.87.001.870320-0156.13>
<s.87.001.870320-0156.13.1>
Simple clapboard houses on ordinary city lots can still be found --DASH at two hundred fifty thousand dollars .PERIOD
</s>
<s.87.001.870320-0156.13.2>
More Greenwichers than in the past have bought one or more "DOUBLE-QUOTE second homes "DOUBLE-QUOTE in New England ,COMMA Florida ,COMMA the Caribbean or New York City .PERIOD
</s>
<s.87.001.870320-0156.13.3>
"DOUBLE-QUOTE The person who used to have two houses now has four ,COMMA "DOUBLE-QUOTE says Carl W. Menk ,COMMA chairman of Canny ,COMMA Bowen Incorporated ,COMMA executive recruiters in New York .PERIOD
</s>
</p>
<p.87.001.870320-0156.14>
<s.87.001.870320-0156.14.1>
The standard of living for children seems to have risen even more .PERIOD
</s>
<s.87.001.870320-0156.14.2>
Instead of parking the kids with Grandma ,COMMA parents take them to Europe ;SEMI-COLON Mr. Neff's two sons are traveling with him to the Bahamas this spring and to England this summer .PERIOD
</s>
</p>
<p.87.001.870320-0156.15>
<s.87.001.870320-0156.15.1>
About half the students at Greenwich High own or have access to a home computer ,COMMA says David Quattrone ,COMMA headmaster .PERIOD
</s>
</p>
<p.87.001.870320-0156.16>
<s.87.001.870320-0156.16.1>
Girls' lacrosse isn't the only vehicle for foreign adventure .PERIOD
</s>
<s.87.001.870320-0156.16.2>
The school's idea of a Western Civilization class trip is a yearly pilgrimage to France ,COMMA Italy or Greece ,COMMA and about a third of the class goes .PERIOD
</s>
<s.87.001.870320-0156.16.3>
Of seven hundred seniors ,COMMA five hundred have parking permits ,COMMA according to Mr. Quattrone .PERIOD
</s>
<s.87.001.870320-0156.16.4>
But ,COMMA he adds ,COMMA "DOUBLE-QUOTE only a few "DOUBLE-QUOTE have Mercedes -HYPHEN Benzes or B. M. W.s .PERIOD
</s>
</p>
<p.87.001.870320-0156.17>
<s.87.001.870320-0156.17.1>
"DOUBLE-QUOTE Kids here can grow up with an unbalanced view of what the world is like ,COMMA "DOUBLE-QUOTE says Stephen Brecher ,COMMA partner in the accounting firm of Peat ,COMMA Marwick ,COMMA Mitchell &AMPERSAND Company in New York .PERIOD
</s>
<s.87.001.870320-0156.17.2>
But like many parents there ,COMMA he says the quality of the school system was a "DOUBLE-QUOTE key reason "DOUBLE-QUOTE he moved to Greenwich .PERIOD
</s>
</p>
<p.87.001.870320-0156.18>
<s.87.001.870320-0156.18.1>
In fact ,COMMA executive suburbs such as Greenwich seem to be holding their coveted position in U. S. education .PERIOD
</s>
<s.87.001.870320-0156.18.2>
A few years ago ,COMMA a survey of college admissions officers and high school principals ranked the high school there in the nation's top twelve .PERIOD
</s>
</p>
<p.87.001.870320-0156.19>
<s.87.001.870320-0156.19.1>
About a quarter of the students qualify for advanced college placement in at least one subject .PERIOD
</s>
<s.87.001.870320-0156.19.2>
Around two hundred of the high school students a year take calculus ,COMMA commonly a college -HYPHEN level course ,COMMA Mr. Quattrone says .PERIOD
</s>
<s.87.001.870320-0156.19.3>
Teachers earn as much as forty five thousand dollars a year ,COMMA and their classes average only twenty students each .PERIOD
</s>
</p>
<p.87.001.870320-0156.21>
<s.87.001.870320-0156.21.1>
Students are concerned with doing well .PERIOD
</s>
<s.87.001.870320-0156.21.2>
But many suffer from "DOUBLE-QUOTE fear that they won't be able to match their parents' achievements ,COMMA "DOUBLE-QUOTE says Norman A. Pedersen ,COMMA headmaster of Brunswick .PERIOD
</s>
</p>
<p.87.001.870320-0156.22>
<s.87.001.870320-0156.22.1>
"DOUBLE-QUOTE The parents don't have to say a word ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0156.22.2>
"DOUBLE-QUOTE It's in the culture .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0156.22.3>
The pressure to perform contributes to teenage drinking and drug -HYPHEN taking ,COMMA some Greenwichers say .PERIOD
</s>
<s.87.001.870320-0156.22.4>
Others point to busy parents' frequent absences for business or pleasure .PERIOD
</s>
</p>
<p.87.001.870320-0156.23>
<s.87.001.870320-0156.23.1>
"DOUBLE-QUOTE The party scene revolves around houses where parents are absent for the weekend ,COMMA "DOUBLE-QUOTE Mr. Quattrone says .PERIOD
</s>
</p>
<p.87.001.870320-0156.24>
<s.87.001.870320-0156.24.1>
Whatever the causes ,COMMA the problems worry Greenwich .PERIOD
</s>
<s.87.001.870320-0156.24.2>
In a poll of four thousand ,COMMA three hundred fifty five youngsters three years ago ,COMMA fifteen %PERCENT of the high school seniors --DASH and four %PERCENT of the seventh graders --DASH said they used marijuana at least once a week .PERIOD
</s>
<s.87.001.870320-0156.24.3>
Moreover ,COMMA fifty seven %PERCENT of seniors and twelve %PERCENT of eighth -HYPHEN graders said they drank at least once a week .PERIOD
</s>
<s.87.001.870320-0156.24.4>
Five percent of the town's eighth -HYPHEN graders said they were getting drunk or high on liquor at least once a week .PERIOD
</s>
</p>
<p.87.001.870320-0156.25>
<s.87.001.870320-0156.25.1>
One parent recalls a high school student so drunk he passed out in class --DASH at ten a. m. .PERIOD
</s>
<s.87.001.870320-0156.25.2>
In a thriving volunteer program called Safe Rides ,COMMA teen -HYPHEN agers give rides to other youngsters too drunk to drive .PERIOD
</s>
</p>
<p.87.001.870320-0156.26>
<s.87.001.870320-0156.26.1>
"DOUBLE-QUOTE You just can't overestimate the problem ,COMMA "DOUBLE-QUOTE says the Reverend John W. Bishop ,COMMA rector of Christ Episcopal Church .PERIOD
</s>
<s.87.001.870320-0156.26.2>
But the youngsters aren't alone in their problem .PERIOD
</s>
<s.87.001.870320-0156.26.3>
An Alcoholics Anonymous group that meets at the church Friday evenings is so packed "DOUBLE-QUOTE you can't find a parking place ,COMMA "DOUBLE-QUOTE Father Bishop says .PERIOD
</s>
</p>
<p.87.001.870320-0156.27>
<s.87.001.870320-0156.27.1>
In at least one important way ,COMMA the pressure on adults is easing significantly in towns such as Greenwich .PERIOD
</s>
<s.87.001.870320-0156.27.2>
As more companies move to the suburbs ,COMMA hundreds of executives are putting the train ride to the city behind them .PERIOD
</s>
</p>
<p.87.001.870320-0156.28>
<s.87.001.870320-0156.28.1>
"DOUBLE-QUOTE Ten years ago ,COMMA the bulk of people who commuted went to New York ,COMMA "DOUBLE-QUOTE says Mr. Moreland ,COMMA the country club manager .PERIOD
</s>
<s.87.001.870320-0156.28.2>
"DOUBLE-QUOTE Now ,COMMA more than half commute to towns in the area .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0156.29>
<s.87.001.870320-0156.29.1>
Life also is changing in other ways .PERIOD
</s>
<s.87.001.870320-0156.29.2>
Even among women in their fifties who are married to senior executives ,COMMA about a quarter now hold jobs ,COMMA Father Bishop estimates .PERIOD
</s>
<s.87.001.870320-0156.29.3>
And of Greenwich women in their thirties and forties married to executives ,COMMA probably sixty %PERCENT to seventy %PERCENT have jobs ,COMMA he says .PERIOD
</s>
</p>
<p.87.001.870320-0156.30>
<s.87.001.870320-0156.30.1>
"DOUBLE-QUOTE After people ask you what you are up to seven hundred fifty times ,COMMA you think ,COMMA 'SINGLE-QUOTE Now I have to be up to something ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE says Cecie Munkenbeck ,COMMA wife of a corporate executive who started a landscape design career in her late fifties .PERIOD
</s>
</p>
<p.87.001.870320-0156.31>
<s.87.001.870320-0156.31.1>
The environmental movement is thriving .PERIOD
</s>
<s.87.001.870320-0156.31.2>
If there is one thing that America's premier corporate bedroom doesn't want ,COMMA it seems to be more business .PERIOD
</s>
<s.87.001.870320-0156.31.3>
In recent years ,COMMA several companies ,COMMA such as Chesebrough -HYPHEN Pond's Incorporated ,COMMA have moved their headquarters to Greenwich or nearby towns .PERIOD
</s>
<s.87.001.870320-0156.31.4>
To try to hold down congestion ,COMMA Greenwich imposed two moratoriums on office building in the past decade ;SEMI-COLON and after each one was lifted ,COMMA restrictions were tightened .PERIOD
</s>
</p>
<p.87.001.870320-0156.32>
<s.87.001.870320-0156.32.1>
"DOUBLE-QUOTE My biggest source of complaints is expansion of office buildings ,COMMA "DOUBLE-QUOTE Mr. Margenot ,COMMA the first selectman ,COMMA says .PERIOD
</s>
<s.87.001.870320-0156.32.2>
Now ,COMMA Greenwich is fighting the proposed expansion of a corporate headquarters just across the city line in Stamford .PERIOD
</s>
<s.87.001.870320-0156.32.3>
Workers driving to the office crowd a Greenwich street ,COMMA residents say .PERIOD
</s>
<s.87.001.870320-0156.32.4>
Some even propose making the street one -HYPHEN way :COLON away from the office in the morning ,COMMA toward it in the afternoon .PERIOD
</s>
</p>
<p.87.001.870320-0156.33>
<s.87.001.870320-0156.33.1>
In the long run ,COMMA another change now taking place may become the most significant one :COLON The people of Greenwich are becoming more diverse .PERIOD
</s>
</p>
<p.87.001.870320-0156.34>
<s.87.001.870320-0156.34.1>
As in some other suburbs favored by corporate elites ,COMMA many residents years ago resisted selling their homes to Jews .PERIOD
</s>
<s.87.001.870320-0156.34.2>
Even today ,COMMA many country clubs have few Jewish members .PERIOD
</s>
</p>
<p.87.001.870320-0156.35>
<s.87.001.870320-0156.35.1>
But Greenwich's Jewish population has grown to between four thousand and five thousand --DASH triple the figure of twenty years ago ,COMMA says Rabbi Hillel Silverman ,COMMA leader of a Jewish congregation there .PERIOD
</s>
<s.87.001.870320-0156.35.2>
He says Jews no longer encounter problems buying homes in Greenwich .PERIOD
</s>
</p>
<p.87.001.870320-0156.36>
<s.87.001.870320-0156.36.1>
At Greenwich High School ,COMMA minority -HYPHEN group enrollment ,COMMA about equally divided among black ,COMMA Hispanic and Asian students ,COMMA has climbed to ten %PERCENT of the student body from six .POINT five %PERCENT in nineteen eighty ,COMMA Mr. Quattrone says .PERIOD
</s>
<s.87.001.870320-0156.36.2>
The minorities' representation in the total town population is smaller but still significant .PERIOD
</s>
</p>
<p.87.001.870320-0156.37>
<s.87.001.870320-0156.37.1>
Many descendants of black servants live in modest Greenwich frame houses ,COMMA and a few more middle -HYPHEN class blacks are moving in .PERIOD
</s>
<s.87.001.870320-0156.37.2>
But as real estate prices rise ,COMMA black and white residents are coming to share a fear that their children won't live as adults in the kind of town they knew as children .PERIOD
</s>
</p>
<p.87.001.870320-0156.38>
<s.87.001.870320-0156.38.1>
Nancy C. Brown ,COMMA a black town official whose husband's family has lived there for three generations ,COMMA says her son "DOUBLE-QUOTE would love to live in Greenwich .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0156.38.2>
The son ,COMMA a computer graphics artist ,COMMA has bought a house in nearby --DASH but less expensive --DASH Stamford .PERIOD
</s>
</p>
<p.87.001.870320-0156.39>
<s.87.001.870320-0156.39.1>
"DOUBLE-QUOTE There's no question about it ,COMMA "DOUBLE-QUOTE she says ,COMMA "DOUBLE-QUOTE people have a real fear of being squeezed out .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0156.40>
<s.87.001.870320-0156.40.1>
Mr. Ricklefs ,COMMA based in The Wall Street Journal's New York bureau ,COMMA is a national correspondent .PERIOD
</s>
</p>
<p.87.001.870320-0155.1>
<s.87.001.870320-0155.1.1>
Genex Corporation said it recruited Gary E. Frashier as president and chief executive officer in an effort to "DOUBLE-QUOTE improve the image "DOUBLE-QUOTE of the struggling biotechnology concern .PERIOD
</s>
</p>
<p.87.001.870320-0155.2>
<s.87.001.870320-0155.2.1>
Mr. Frashier ,COMMA fifty years old ,COMMA has been chairman and chief executive officer of Continental Water Systems Corporation ,COMMA a San Antonio ,COMMA Texas -HYPHEN based unit of Olin Corporation ,COMMA which produces ultra -HYPHEN pure water for scientific use .PERIOD
</s>
<s.87.001.870320-0155.2.2>
He succeeds J. Leslie Glick ,COMMA forty six ,COMMA who resigned in January at the behest of Genex's chairman and largest stockholder ,COMMA Robert F. Johnson .PERIOD
</s>
</p>
<p.87.001.870320-0155.3>
<s.87.001.870320-0155.3.1>
Genex hopes Mr. Frashier can restructure the company by shedding some lackluster operations and pushing for new products .PERIOD
</s>
<s.87.001.870320-0155.3.2>
"DOUBLE-QUOTE He has the kind of commercial savvy we need ,COMMA "DOUBLE-QUOTE said a company official .PERIOD
</s>
<s.87.001.870320-0155.3.3>
"DOUBLE-QUOTE He understands the industrial markets we serve .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0155.4>
<s.87.001.870320-0155.4.1>
Under Mr. Glick ,COMMA Genex had pinned most of its hopes on Proto ,COMMA an enzyme -HYPHEN based drain cleaner that isn't corrosive .PERIOD
</s>
<s.87.001.870320-0155.4.2>
That Proto strategy had been to build a broad customer base among hospitals ,COMMA colleges ,COMMA restaurants and various other institutions .PERIOD
</s>
</p>
<p.87.001.870320-0155.5>
<s.87.001.870320-0155.5.1>
But Mr. Frashier considers that approach too fragmented to be effective .PERIOD
</s>
<s.87.001.870320-0155.5.2>
"DOUBLE-QUOTE I don't think cleaning products are the future for Genex ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0155.5.3>
Genex has held talks with several companies about selling the Proto license ,COMMA Mr. Frashier said ,COMMA but he declined to identify any prospective buyers .PERIOD
</s>
</p>
<p.87.001.870320-0155.6>
<s.87.001.870320-0155.6.1>
Genex has been floundering since nineteen eighty five ,COMMA when it lost a big contract to supply raw materials for aspartame ,COMMA an artificial sweetener made by Monsanto Company's G. D. Searle &AMPERSAND Company unit .PERIOD
</s>
<s.87.001.870320-0155.6.2>
Sales to Searle had accounted for fifty eight %PERCENT of Genex's annual revenue .PERIOD
</s>
<s.87.001.870320-0155.6.3>
The loss of the contract forced Genex to dismiss forty %PERCENT of its work force and post a fifteen .POINT nine million dollar loss that year .PERIOD
</s>
<s.87.001.870320-0155.6.4>
For the first nine months of nineteen eighty six ,COMMA Genex reported a loss of two .POINT four million dollars .PERIOD
</s>
<s.87.001.870320-0155.6.5>
Earlier this month ,COMMA the company arranged a four million dollar line of credit with four venture -HYPHEN capital groups .PERIOD
</s>
</p>
<p.87.001.870320-0155.8>
<s.87.001.870320-0155.8.1>
"DOUBLE-QUOTE I think our chances of commercial success are greater in these areas (LEFT-PAREN than in cleaning products )RIGHT-PAREN ,COMMA though we have to do it carefully and thoroughly ,COMMA "DOUBLE-QUOTE Mr. Frashier said .PERIOD
</s>
</p>
<p.87.001.870320-0155.9>
<s.87.001.870320-0155.9.1>
A chemical engineer by training ,COMMA Mr. Frashier is a former executive of Loctite Corporation ,COMMA an adhesives maker ,COMMA and once headed three divisions of Millipore Corporation ,COMMA a maker of purification and separation products .PERIOD
</s>
<s.87.001.870320-0155.9.2>
In nineteen eighty four ,COMMA he organized a management buyout of one of those divisions ,COMMA Continental Water Systems ,COMMA which Olin acquired recently .PERIOD
</s>
</p>
<p.87.001.870320-0155.10>
<s.87.001.870320-0155.10.1>
Mr. Frashier ,COMMA who also was named a director at Genex ,COMMA doesn't expect any quick fixes at the company .PERIOD
</s>
<s.87.001.870320-0155.10.2>
"DOUBLE-QUOTE I wouldn't call myself a turnaround specialist ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0155.10.3>
"DOUBLE-QUOTE I plan to be here for the long haul .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0154.1>
<s.87.001.870320-0154.1.1>
A federal judge appointed Eugene Anderson ,COMMA a former assistant U. S. attorney in Manhattan ,COMMA as trustee for the city's primary concrete workers union .PERIOD
</s>
</p>
<p.87.001.870320-0154.2>
<s.87.001.870320-0154.2.1>
Mr. Anderson ,COMMA a partner at Anderson ,COMMA Russell ,COMMA Kill &AMPERSAND Olick in New York ,COMMA will serve from April sixth ,COMMA nineteen eighty seven to late nineteen ninety .PERIOD
</s>
<s.87.001.870320-0154.2.2>
As previously reported ,COMMA the union --DASH the District Council of Cement and Concrete Workers ,COMMA Laborers International Union of North America ,COMMA and the district's Local six A --DASH agreed to the unusual trusteeship to settle civil racketeering charges alleging organized -HYPHEN crime connections .PERIOD
</s>
</p>
<p.87.001.870320-0153.1>
<s.87.001.870320-0153.1.1>
Most top executives have a little weekend place where they can escape the pressures of the office .PERIOD
</s>
<s.87.001.870320-0153.1.2>
Raul Gardini's retreat is a dozen -HYPHEN room "DOUBLE-QUOTE palazzo "DOUBLE-QUOTE built in one thousand ,COMMA four hundred eighty seven on Venice's Grand Canal ,COMMA just a gondola's ride from Saint Mark's Square .PERIOD
</s>
</p>
<p.87.001.870320-0153.2>
<s.87.001.870320-0153.2.1>
Nouveau this is not .PERIOD
</s>
<s.87.001.870320-0153.2.2>
The silver -HYPHEN haired ,COMMA lightly tanned Mr. Gardini ,COMMA chairman of Italy's Ferruzzi Group ,COMMA entertains a visitor at Ca'Dario in a room that glows in a riot of seventeenth -HYPHEN century and eighteenth -HYPHEN century furniture ,COMMA a nineteenth -HYPHEN century copy of a fifteenth -HYPHEN century ceramic stove and a Murano glass chandelier .PERIOD
</s>
<s.87.001.870320-0153.2.3>
Pouring ten -HYPHEN year -HYPHEN old brandy from a crystal decanter ,COMMA Mr. Gardini shares his thoughts on his work style .PERIOD
</s>
</p>
<p.87.001.870320-0153.3>
<s.87.001.870320-0153.3.1>
"DOUBLE-QUOTE I work as long as I need to ,COMMA but not for the sake of working ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0153.4>
<s.87.001.870320-0153.4.1>
Ferruzzi ,COMMA with interests in sugar ,COMMA chemical and agricultural businesses ,COMMA is Italy's third largest private company and an increasing power in European industry .PERIOD
</s>
<s.87.001.870320-0153.4.2>
It is an enterprise with eight billion dollars a year in sales and fifteen thousand employees .PERIOD
</s>
<s.87.001.870320-0153.4.3>
It also is one that the fifty two -HYPHEN year -HYPHEN old Mr. Gardini manages to escape from --DASH Venice is some eighty miles from his office and principal home in Ravennan --DASH early every weekend .PERIOD
</s>
<s.87.001.870320-0153.4.4>
There's a telephone in the wood -HYPHEN paneled elevator that serves Ca'Dario's wood -HYPHEN paneled dining room ,COMMA but Mr. Gardini gives the distinct impression that any calls had better be important .PERIOD
</s>
<s.87.001.870320-0153.4.5>
"DOUBLE-QUOTE I trust my managers ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0153.4.6>
"DOUBLE-QUOTE I leave them to do their jobs .PERIOD
</s>
<s.87.001.870320-0153.4.7>
Management is people ,COMMA and what counts is results .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.5>
<s.87.001.870320-0153.5.1>
Executives everywhere value results .PERIOD
</s>
<s.87.001.870320-0153.5.2>
But European executives such as Mr. Gardini ,COMMA more than their American counterparts ,COMMA also value a style that enables them to imbue their enterprises with their personalities ,COMMA to revel in their culture and history ,COMMA to take their weekends and four or five weeks of vacation a year and still get the job done .PERIOD
</s>
</p>
<p.87.001.870320-0153.6>
<s.87.001.870320-0153.6.1>
"DOUBLE-QUOTE The American executive is probably harder working than the Italian or French one ,COMMA "DOUBLE-QUOTE says Egon Zehnder ,COMMA an international management consultant based in Zurich .PERIOD
</s>
<s.87.001.870320-0153.6.2>
"DOUBLE-QUOTE It's rare to see a top American executive take more than two weeks vacation straight .PERIOD
</s>
<s.87.001.870320-0153.6.3>
But you can't reach anybody in August in France or Italy .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.8>
<s.87.001.870320-0153.8.1>
Although individual executives often defy national stereotypes ,COMMA experience shows that a certain reality underlies them .PERIOD
</s>
<s.87.001.870320-0153.8.2>
The stereotypes class German executives as strict followers of the rules ,COMMA formal and correct to the point of coolness with employees and clients .PERIOD
</s>
<s.87.001.870320-0153.8.3>
Swiss executives also adhere to the rules but smile occasionally .PERIOD
</s>
<s.87.001.870320-0153.8.4>
The French honor some rules ,COMMA smile and make sure the wine is properly served at lunch .PERIOD
</s>
</p>
<p.87.001.870320-0153.9>
<s.87.001.870320-0153.9.1>
But the Italians ,COMMA ah ...ELLIPSIS .PERIOD
</s>
</p>
<p.87.001.870320-0153.11>
<s.87.001.870320-0153.11.1>
These days in Italy the stereotype is bending a little ,COMMA and Mr. Gardini prides himself on being part of the vanguard of a new breed of professional manager ,COMMA not at all a part of the "DOUBLE-QUOTE establishment ,COMMA "DOUBLE-QUOTE the few old families that still run much of Italian industry .PERIOD
</s>
</p>
<p.87.001.870320-0153.12>
<s.87.001.870320-0153.12.1>
Born into a Ravenna farming family ,COMMA Mr. Gardini studied agricultural science in school and joined Ferruzzi in nineteen fifty five .PERIOD
</s>
<s.87.001.870320-0153.12.2>
Two years later ,COMMA he married the daughter of the firm's founder ,COMMA Serafino Ferruzzi .PERIOD
</s>
<s.87.001.870320-0153.12.3>
At the time ,COMMA the agricultural firm's affairs were cloaked in a tradition of secrecy and reticence .PERIOD
</s>
<s.87.001.870320-0153.12.4>
Its recent purchase of a twenty five %PERCENT interest in Montedison ,COMMA the publicly traded chemical giant ,COMMA has changed that .PERIOD
</s>
<s.87.001.870320-0153.12.5>
Ferruzzi has muscled its way into the industrial establishment ,COMMA and the mystery that surrounded the firm has begun to dissolve .PERIOD
</s>
</p>
<p.87.001.870320-0153.13>
<s.87.001.870320-0153.13.1>
The company finally created a public relations department ,COMMA for example .PERIOD
</s>
<s.87.001.870320-0153.13.2>
Several affiliates are now publicly traded and must disclose their finances .PERIOD
</s>
<s.87.001.870320-0153.13.3>
Mr. Gardini ,COMMA thrust into public view ,COMMA often is being referred to as Italy's third industrial titan ,COMMA joining Fiat's Gianni Agnelli and Olivetti's Carlo De Benedetti .PERIOD
</s>
<s.87.001.870320-0153.13.4>
While their wealth still may exceed his ,COMMA Mr. Gardini certainly has become one of the tiny fraction of Italians whose income would make them multimillionaires anywhere .PERIOD
</s>
</p>
<p.87.001.870320-0153.14>
<s.87.001.870320-0153.14.1>
The senior titans ,COMMA Messrs. .PERIOD
</s>
<s.87.001.870320-0153.14.2>
Agnelli and De Benedetti ,COMMA spend a lot of their off -HYPHEN hours at seminars and colloquiums ,COMMA expounding on their management philosophy and world view .PERIOD
</s>
<s.87.001.870320-0153.14.3>
Mr. Gardini shuns such affairs ,COMMA preferring to curl up with a good book at Ca'Dario .PERIOD
</s>
<s.87.001.870320-0153.14.4>
His reading centers on agriculture and sports ,COMMA but he also tackles Faulkner ,COMMA Dos Passos and Hemingway ,COMMA in translation .PERIOD
</s>
<s.87.001.870320-0153.14.5>
He is a fervent duck hunter .PERIOD
</s>
</p>
<p.87.001.870320-0153.15>
<s.87.001.870320-0153.15.1>
Unlike most other top executives in Italy ,COMMA Mr. Gardini doesn't speak English ,COMMA though he is fluent in French .PERIOD
</s>
<s.87.001.870320-0153.15.2>
He also has managed to avoid being pigeonholed and nicknamed by the media .PERIOD
</s>
<s.87.001.870320-0153.15.3>
Mr. Agnelli is "DOUBLE-QUOTE the Lawyer .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0153.15.4>
Mr. De Benedetti is "DOUBLE-QUOTE the Engineer .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0153.15.5>
Mr. Gardini has been called "DOUBLE-QUOTE the Farmer "DOUBLE-QUOTE and "DOUBLE-QUOTE the Pharaoh ,COMMA "DOUBLE-QUOTE the latter for reasons that have vaguely to do with his financial ability ,COMMA but neither epithet has stuck .PERIOD
</s>
</p>
<p.87.001.870320-0153.16>
<s.87.001.870320-0153.16.1>
Mr. Gardini smiles broadly over that .PERIOD
</s>
<s.87.001.870320-0153.16.2>
"DOUBLE-QUOTE I'm delighted that I can't be categorized ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0153.16.3>
"DOUBLE-QUOTE I'm different .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.17>
<s.87.001.870320-0153.17.1>
He is different ,COMMA too ,COMMA in his approach to running the show .PERIOD
</s>
<s.87.001.870320-0153.17.2>
Mr. Agnelli ,COMMA Fiat's patriarch ,COMMA leaves no doubt as to who is in charge of all aspects of the business .PERIOD
</s>
<s.87.001.870320-0153.17.3>
A show of control is less important to Mr. Gardini .PERIOD
</s>
<s.87.001.870320-0153.17.4>
While he seems totally self -HYPHEN assured ,COMMA he can also be reticent .PERIOD
</s>
<s.87.001.870320-0153.17.5>
He is more charming than charismatic .PERIOD
</s>
</p>
<p.87.001.870320-0153.18>
<s.87.001.870320-0153.18.1>
"DOUBLE-QUOTE People here always are saying that I'm the new boss of this company or that company that we acquire ,COMMA "DOUBLE-QUOTE Mr. Gardini says ,COMMA tapping his eighth Winston of the evening into a crystal ashtray ,COMMA his right eyelid drooping almost shut .PERIOD
</s>
<s.87.001.870320-0153.18.2>
"DOUBLE-QUOTE I'm not the boss at all .PERIOD
</s>
<s.87.001.870320-0153.18.3>
The managers are the bosses .PERIOD
</s>
<s.87.001.870320-0153.18.4>
They report to me ,COMMA sure ,COMMA but the day -HYPHEN to -HYPHEN day concerns are theirs ,COMMA not mine .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.19>
<s.87.001.870320-0153.19.1>
The executive says he generally keeps his dealings confined to a core group of ten or so executives at the Ravenna headquarters ,COMMA which is located in Serafino Ferruzzi's old home .PERIOD
</s>
<s.87.001.870320-0153.19.2>
He prefers to visit his executives in their offices ,COMMA not summon them to his ,COMMA and when he visits Ferruzzi facilities he has no special office set aside for himself .PERIOD
</s>
<s.87.001.870320-0153.19.3>
"DOUBLE-QUOTE Just give me a chair and I can get done what I need to ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0153.20>
<s.87.001.870320-0153.20.1>
Mr. Gardini has dealt with American executives .PERIOD
</s>
<s.87.001.870320-0153.20.2>
He seems to differ most from them in his longer -HYPHEN term thinking ,COMMA which envisions the distant past as well as the distant future .PERIOD
</s>
<s.87.001.870320-0153.20.3>
He shudders at the image of a U. S. executive at a chrome -HYPHEN topped desk in a steel and glass skyscraper "DOUBLE-QUOTE with the computer screen flashing three -HYPHEN month projections .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0153.20.4>
He says :COLON "DOUBLE-QUOTE It's all too short -HYPHEN term in the U. S. Nothing connects .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.21>
<s.87.001.870320-0153.21.1>
During weekends at Ca'Dario --DASH and some weekday mornings before work ,COMMA when he arises at six a. m. to stroll to the office at eight --DASH Mr. Gardini enjoys the luxury of simply thinking .PERIOD
</s>
</p>
<p.87.001.870320-0153.22>
<s.87.001.870320-0153.22.1>
Europe's business future lies in pan -HYPHEN European companies ,COMMA Mr. Gardini believes ,COMMA and he is trying to make Ferruzzi one of them .PERIOD
</s>
<s.87.001.870320-0153.22.2>
It already owns Beghin -HYPHEN Say ,COMMA the French sugar maker. (LEFT-PAREN Ferruzzi was recently blocked in its bid for control of S. &AMPERSAND W. Berisford Limited ,COMMA parent of British Sugar Corporation ,COMMA which would have made the Italian company the world's biggest sugar producer ,COMMA with twenty five %PERCENT of the European market .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0153.23>
<s.87.001.870320-0153.23.1>
Pan -HYPHEN European companies such as that ,COMMA Mr. Gardini believes ,COMMA will be big enough competitors to play in the same league with American and Japanese industrial giants .PERIOD
</s>
<s.87.001.870320-0153.23.2>
He also thinks about taking Ferruzzi public .PERIOD
</s>
<s.87.001.870320-0153.23.3>
Sooner or later ,COMMA he says ,COMMA it must become publicly held .PERIOD
</s>
</p>
<p.87.001.870320-0153.24>
<s.87.001.870320-0153.24.1>
As Mr. Gardini talks ,COMMA the weekend draws to a close .PERIOD
</s>
<s.87.001.870320-0153.24.2>
He hops into Ca'Dario's motor launch for the thirty -HYPHEN minute ride to Venice's airport ,COMMA where Ferruzzi's nine -HYPHEN seater jet takes him to Paris for a business meeting .PERIOD
</s>
<s.87.001.870320-0153.24.3>
"DOUBLE-QUOTE We've got to think wider and broader ,COMMA not just Italian ,COMMA "DOUBLE-QUOTE he says during the flight .PERIOD
</s>
<s.87.001.870320-0153.24.4>
"DOUBLE-QUOTE That goes for cultural and philosophical interests ,COMMA not just business .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.25>
<s.87.001.870320-0153.25.1>
For instance ,COMMA Mr. Gardini says ,COMMA he is worried increasingly by pollution in Europe and the need to find new solutions ,COMMA rather than ,COMMA as in the past ,COMMA export waste down rivers or out smokestacks to drift across borders .PERIOD
</s>
<s.87.001.870320-0153.25.2>
Ferruzzi has invested heavily in ethanol plants ,COMMA including one that just opened in Louisiana ,COMMA which turn surplus grains and sugar into a gasoline additive that replaces lead .PERIOD
</s>
<s.87.001.870320-0153.25.3>
If ethanol catches on ,COMMA it would be profitable as well as ecologically sound .PERIOD
</s>
</p>
<p.87.001.870320-0153.26>
<s.87.001.870320-0153.26.1>
Beyond ethanol ,COMMA Mr. Gardini also expounds thoughtfully and passionately on the need to solve North -HYPHEN South tensions while continuing to improve agricultural productivity .PERIOD
</s>
<s.87.001.870320-0153.26.2>
He worries about South America ,COMMA which he calls "DOUBLE-QUOTE a real disaster ,COMMA "DOUBLE-QUOTE and about agricultural trade tensions between the U. S. and Europe ,COMMA which he calls "DOUBLE-QUOTE a real war .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.27>
<s.87.001.870320-0153.27.1>
These problems must be solved "DOUBLE-QUOTE by heads "DOUBLE-QUOTE --DASH he taps his --DASH "DOUBLE-QUOTE not fists .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0153.27.2>
He talks of the "DOUBLE-QUOTE new agriculture ,COMMA "DOUBLE-QUOTE a variation of the "DOUBLE-QUOTE Green Revolution ,COMMA "DOUBLE-QUOTE involving different crops for different needs .PERIOD
</s>
<s.87.001.870320-0153.27.3>
Ferruzzi ,COMMA for its part ,COMMA single -HYPHEN handedly launched soybean production in Italy and is trying to start a cotton -HYPHEN growing industry there .PERIOD
</s>
<s.87.001.870320-0153.27.4>
"DOUBLE-QUOTE These ,COMMA "DOUBLE-QUOTE he says ,COMMA "DOUBLE-QUOTE are the sorts of things that mean something .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0153.28>
<s.87.001.870320-0153.28.1>
Mr. Revzin is The Wall Street Journal's Paris bureau chief .PERIOD
</s>
</p>
<p.87.001.870320-0152.1>
<s.87.001.870320-0152.1.1>
General Motors Corporation said it has extended to April sixth the rebates it is offering on Chevrolet models .PERIOD
</s>
</p>
<p.87.001.870320-0152.2>
<s.87.001.870320-0152.2.1>
The incentive program ,COMMA which involves rebates of as much as one thousand dollars ,COMMA was announced January twenty third and was to expire March eleventh .PERIOD
</s>
<s.87.001.870320-0152.2.2>
The program was extended to March thirty first and then to April sixth .PERIOD
</s>
</p>
<p.87.001.870320-0152.3>
<s.87.001.870320-0152.3.1>
G. M. said it decided to extend its program after Ford Motor Company extended incentives on some of its models to April sixth .PERIOD
</s>
</p>
<p.87.001.870320-0151.1>
<s.87.001.870320-0151.1.1>
Aluminum Company of America said it signed a letter of intent to sell its American Powdered Metals Company unit to R. W. Technology Incorporated Terms weren't disclosed .PERIOD
</s>
</p>
<p.87.001.870320-0150.1>
<s.87.001.870320-0150.1.1>
American Electric Power Company said its Ohio Power Company unit will redeem forty thousand of the one hundred seventy seven thousand ,COMMA seven hundred sixty shares outstanding of its Series A fourteen %PERCENT cumulative preferred stock .PERIOD
</s>
</p>
<p.87.001.870320-0150.2>
<s.87.001.870320-0150.2.1>
The Canton -HYPHEN based electric utility will redeem the shares June first at one hundred dollars a share .PERIOD
</s>
<s.87.001.870320-0150.2.2>
Redemption of twenty thousand shares is being made under terms of the sinking fund established for retirement of the series ,COMMA while the remaining twenty thousand shares are being redeemed under the company's non -HYPHEN cumulative option .PERIOD
</s>
</p>
<p.87.001.870320-0149.1>
<s.87.001.870320-0149.1.1>
Bombay Palace Restaurants Incorporated and Lifestyle Restaurants Incorporated amended their merger agreement ,COMMA reducing to about seven .POINT five million dollars from nine million dollars the amount that Bombay Palace will pay for Lifestyle .PERIOD
</s>
</p>
<p.87.001.870320-0149.2>
<s.87.001.870320-0149.2.1>
Under the amended accord ,COMMA Bombay Palace will offer one share of its common stock for every six Lifestyle shares outstanding .PERIOD
</s>
<s.87.001.870320-0149.2.2>
The initial pact ,COMMA signed February nineteenth ,COMMA called for a one -HYPHEN for -HYPHEN five ratio .PERIOD
</s>
</p>
<p.87.001.870320-0149.3>
<s.87.001.870320-0149.3.1>
Bombay Palace ,COMMA which owns and operates Indian restaurants ,COMMA said it reduced the offer after closer examination of past performance and prospects for Lifestyle ,COMMA which operates Beefsteak Charlie's restaurants .PERIOD
</s>
<s.87.001.870320-0149.3.2>
Both companies are based here .PERIOD
</s>
<s.87.001.870320-0149.3.3>
Lifestyle officials couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870320-0149.4>
<s.87.001.870320-0149.4.1>
Also ,COMMA Lifestyle will pay five hundred seventy five dollars plus accrued interest for each of its thirteen %PERCENT convertible subordinated debentures instead of the five hundred fifty dollars plus accrued interest it had initially offered .PERIOD
</s>
<s.87.001.870320-0149.4.2>
The offer ends April fourteenth .PERIOD
</s>
</p>
<p.87.001.870320-0149.5>
<s.87.001.870320-0149.5.1>
The transaction remains subject to several conditions ,COMMA including approval of Lifestyle's holders ,COMMA a favorable opinion from Lifestyle's investment banker ,COMMA and certain regulatory consents .PERIOD
</s>
</p>
<p.87.001.870320-0149.6>
<s.87.001.870320-0149.6.1>
In national over -HYPHEN the -HYPHEN counter trading yesterday ,COMMA Bombay Palace closed at seven .POINT eight seven five dollars ,COMMA down twelve .POINT five cents .PERIOD
</s>
<s.87.001.870320-0149.6.2>
In American Stock Exchange composite trading ,COMMA Lifestyle closed at ninety three .POINT seven five cents ,COMMA down eighteen .POINT seven five cents .PERIOD
</s>
</p>
<p.87.001.870320-0148.1>
<s.87.001.870320-0148.1.1>
Allegheny International Incorporated said its banks agreed to extend their waiver of certain net -HYPHEN worth covenants to April twenty ninth from March eighteenth .PERIOD
</s>
</p>
<p.87.001.870320-0148.2>
<s.87.001.870320-0148.2.1>
Allegheny ,COMMA which had indicated it was seeking the agreement ,COMMA said it is negotiating with banks to extend the waiver beyond April twenty ninth and believes the banks will grant the extension .PERIOD
</s>
<s.87.001.870320-0148.2.2>
Net worth is assets minus liabilities .PERIOD
</s>
</p>
<p.87.001.870320-0148.3>
<s.87.001.870320-0148.3.1>
The consumer and high -HYPHEN technology industrial products concern agreed last week to go private in a leveraged buyout arranged by a unit of First Boston Corporation .PERIOD
</s>
<s.87.001.870320-0148.3.2>
The transaction is valued at about five hundred million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0147.1>
<s.87.001.870320-0147.1.1>
"DOUBLE-QUOTE You know ,COMMA Phil ,COMMA there are times in a man's career when ...ELLIPSIS
</s>
<s.87.001.870320-0147.1.2>
I mean ,COMMA it's always important to consider your options ,COMMA and I think it's more and more important in your career now .PERIOD
</s>
<s.87.001.870320-0147.1.3>
You know ,COMMA Phil ,COMMA there are a lot of reasons for it ,COMMA and I guess I'm not saying this very well ,COMMA and as a matter of fact ,COMMA I'm operating on orders from on high --DASH but I think you should accelerate the process of keeping your options open .PERIOD
</s>
<s.87.001.870320-0147.1.4>
Decisions are being made ,COMMA if you know what I mean .PERIOD
</s>
</p>
<p.87.001.870320-0147.2>
<s.87.001.870320-0147.2.1>
"DOUBLE-QUOTE Listen ,COMMA Phil ,COMMA if you want to continue this ,COMMA let's go have a drink .PERIOD
</s>
<s.87.001.870320-0147.2.2>
But I'll tell you now ,COMMA you've been loyal to us for fifteen years ,COMMA that's real loyalty ,COMMA and I know this is tough .PERIOD
</s>
<s.87.001.870320-0147.2.3>
But as strange as it may seem ,COMMA Phil ,COMMA just remember this is the first day of the rest of your life .PERIOD
</s>
<s.87.001.870320-0147.2.4>
Really ,COMMA that's all I have to say ,COMMA except that while this is an ending ,COMMA it's not like an ending -HYPHEN ending ,COMMA you know .PERIOD
</s>
<s.87.001.870320-0147.2.5>
You'll get your checks for a while ,COMMA at least .PERIOD
</s>
<s.87.001.870320-0147.2.6>
Look ,COMMA this is Friday .PERIOD
</s>
<s.87.001.870320-0147.2.7>
On Monday ,COMMA I'll see Personnel and find out just how long you'll get 'em .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.3>
<s.87.001.870320-0147.3.1>
By now ,COMMA Phil may have caught the drift .PERIOD
</s>
<s.87.001.870320-0147.3.2>
He's being fired by his well -HYPHEN intentioned superior --DASH in a mock firing staged by Steven G. Harrison ,COMMA a New York outplacement consultant .PERIOD
</s>
</p>
<p.87.001.870320-0147.4>
<s.87.001.870320-0147.4.1>
It's a sloppy firing that a beginning firer can easily manage .PERIOD
</s>
<s.87.001.870320-0147.4.2>
But the supreme test of executive skill is firing with grace .PERIOD
</s>
<s.87.001.870320-0147.4.3>
It happens to be the most dreaded test of executive skill ,COMMA too .PERIOD
</s>
</p>
<p.87.001.870320-0147.6>
<s.87.001.870320-0147.6.1>
Peter Lewis ,COMMA chairman and chief executive officer of Progressive Insurance Company in Cleveland ,COMMA says that firing his president of thirteen years in nineteen eighty three "DOUBLE-QUOTE was tougher than divorcing my wife .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.7>
<s.87.001.870320-0147.7.1>
"DOUBLE-QUOTE Fire "DOUBLE-QUOTE is a four -HYPHEN letter word ,COMMA and the implications aren't lost on most executives .PERIOD
</s>
<s.87.001.870320-0147.7.2>
"DOUBLE-QUOTE We ought to get that word out of the lexicon ,COMMA "DOUBLE-QUOTE says A. Robert Abboud ,COMMA former chairman of First Chicago Corporation .PERIOD
</s>
<s.87.001.870320-0147.7.3>
"DOUBLE-QUOTE It's a crudity .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.7.4>
The word crept into common usage about one hundred years ago as a pun on "DOUBLE-QUOTE discharge .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.7.5>
By now ,COMMA "DOUBLE-QUOTE discharge "DOUBLE-QUOTE has become a euphemism ,COMMA along with newer ones like "DOUBLE-QUOTE terminate ,COMMA "DOUBLE-QUOTE "DOUBLE-QUOTE dismiss ,COMMA "DOUBLE-QUOTE and "DOUBLE-QUOTE let go .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.7.6>
Sooner or later ,COMMA no doubt ,COMMA unwanted employees will simply be "DOUBLE-QUOTE outplaced .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.8>
<s.87.001.870320-0147.8.1>
Humor is said to succeed by exposing frightening or indelicate realities of the human condition in the form of hyperbole ,COMMA or slapstick .PERIOD
</s>
<s.87.001.870320-0147.8.2>
Cartoonist Chic Young and his son and successor ,COMMA Dean Young ,COMMA made the firing scenes in their comic strip ,COMMA "DOUBLE-QUOTE Blondie ,COMMA "DOUBLE-QUOTE a part of American folklore .PERIOD
</s>
<s.87.001.870320-0147.8.3>
Firing is a way of life at Dithers &AMPERSAND Company ,COMMA where Julius C. Dithers ,COMMA founder of the construction concern ,COMMA has axed Dagwood Bumstead hundreds of times over the years .PERIOD
</s>
</p>
<p.87.001.870320-0147.9>
<s.87.001.870320-0147.9.1>
Mr. Dithers's style is to creep up on Dagwood ,COMMA who is often either tardy or asleep at work ,COMMA and yell in his ear .PERIOD
</s>
<s.87.001.870320-0147.9.2>
Then he follows up with a swift kick in the pants ,COMMA or he literally tosses Dagwood out of the office .PERIOD
</s>
</p>
<p.87.001.870320-0147.10>
<s.87.001.870320-0147.10.1>
It hardly needs saying that no one in American business fires quite like Mr. Dithers .PERIOD
</s>
<s.87.001.870320-0147.10.2>
But ,COMMA says Dean Young ,COMMA "DOUBLE-QUOTE A lot of people tell me he's the quintessential boss .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.11>
<s.87.001.870320-0147.11.1>
The reason is simple :COLON If "DOUBLE-QUOTE fire "DOUBLE-QUOTE is ,COMMA as Mr. Abboud says ,COMMA a "DOUBLE-QUOTE crudity ,COMMA "DOUBLE-QUOTE firing is a hostile act ;SEMI-COLON Mr. Dithers shows just how hostile .PERIOD
</s>
<s.87.001.870320-0147.11.2>
Firing threatens an employee and his family with the loss of their livelihood .PERIOD
</s>
<s.87.001.870320-0147.11.3>
It illuminates a grim fact that the employee is viewed as an economic factor ,COMMA and a not very productive one at that .PERIOD
</s>
<s.87.001.870320-0147.11.4>
Never is it a joy .PERIOD
</s>
</p>
<p.87.001.870320-0147.12>
<s.87.001.870320-0147.12.1>
Firing with grace --DASH with style --DASH takes all that into account but minimizes the consequences that lie within the power of the employer to manage .PERIOD
</s>
<s.87.001.870320-0147.12.2>
Simple kindness may move employers to master the art of firing .PERIOD
</s>
<s.87.001.870320-0147.12.3>
But there are other motives .PERIOD
</s>
<s.87.001.870320-0147.12.4>
The way an employee is fired affects the motivation and morale of remaining employees ,COMMA as well as potential employees .PERIOD
</s>
<s.87.001.870320-0147.12.5>
It may damage the company's reputation with customers who deal with the fired employee .PERIOD
</s>
<s.87.001.870320-0147.12.6>
It may result in expensive litigation .PERIOD
</s>
<s.87.001.870320-0147.12.7>
It may also affect the company's reputation among shareholders and others .PERIOD
</s>
</p>
<p.87.001.870320-0147.13>
<s.87.001.870320-0147.13.1>
Mr. Abboud says that tactful firing requires "DOUBLE-QUOTE a sense of artistry and maybe a little guile .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.13.2>
At First Chicago ,COMMA he says ,COMMA "DOUBLE-QUOTE I was sometimes guilty of not gilding the lily ,COMMA of coming right to the heart of the matter .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.13.3>
Yet his directness earned him a reputation for abrasiveness .PERIOD
</s>
<s.87.001.870320-0147.13.4>
He himself was forced to resign as First Chicago's chairman at a board meeting in nineteen eighty .PERIOD
</s>
</p>
<p.87.001.870320-0147.14>
<s.87.001.870320-0147.14.1>
To avoid brutality ,COMMA some executives ,COMMA like Phil's superior ,COMMA become too oblique when firing .PERIOD
</s>
<s.87.001.870320-0147.14.2>
"DOUBLE-QUOTE I wrote a note (LEFT-PAREN firing )RIGHT-PAREN one of my headquarters workers whose job had been eliminated by a new computer .PERIOD
</s>
<s.87.001.870320-0147.14.3>
But she didn't catch on in the slightest ,COMMA "DOUBLE-QUOTE says C. Robertson Trowbridge ,COMMA president of Yankee Publishing Incorporated ,COMMA in Dublin ,COMMA N. H. .PERIOD
</s>
<s.87.001.870320-0147.14.4>
"DOUBLE-QUOTE Two weeks later she was still there .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.15>
<s.87.001.870320-0147.15.1>
Mr. Trowbridge violated one rule of firing by doing it in writing rather than in person .PERIOD
</s>
<s.87.001.870320-0147.15.2>
But he observes two other rules to make firing easier .PERIOD
</s>
<s.87.001.870320-0147.15.3>
For one ,COMMA he doesn't hire friends or relatives of friends .PERIOD
</s>
<s.87.001.870320-0147.15.4>
He once had to fire the wife of a man who played in a band with him on weekends .PERIOD
</s>
<s.87.001.870320-0147.15.5>
"DOUBLE-QUOTE You don't want to alienate your clarinet player ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0147.15.6>
Second ,COMMA he doesn't fire on Friday .PERIOD
</s>
<s.87.001.870320-0147.15.7>
"DOUBLE-QUOTE I don't want to wonder all weekend how he's taking it at his home ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0147.15.8>
"DOUBLE-QUOTE It's better to do it on Monday ,COMMA and give him the whole week to chase down his pals and pick up on some new leads .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.16>
<s.87.001.870320-0147.16.1>
Others say Tuesday is better .PERIOD
</s>
<s.87.001.870320-0147.16.2>
If a firing is scheduled for Monday ,COMMA the boss is still likely to spend all weekend fretting over the prospect --DASH and the boss's morale is important ,COMMA too .PERIOD
</s>
</p>
<p.87.001.870320-0147.17>
<s.87.001.870320-0147.17.1>
Half an hour before lunchtime is probably the most propitious time ,COMMA says Mr. Harrison ,COMMA who is president of Lee Hecht Harrison Incorporated in New York .PERIOD
</s>
<s.87.001.870320-0147.17.2>
That's because the employee will probably want to leave the office for a while afterward .PERIOD
</s>
</p>
<p.87.001.870320-0147.18>
<s.87.001.870320-0147.18.1>
Mr. Harrison's firm has prepared a brochure called "DOUBLE-QUOTE Termination Guidelines :COLON How to Avoid the Pitfalls .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.18.2>
It stresses planning .PERIOD
</s>
<s.87.001.870320-0147.18.3>
Before firing ,COMMA for example ,COMMA the employer should write a letter explaining the employee's separation benefits ;SEMI-COLON the shock of being fired is likely to obliterate or garble the explanation he gets during his firing .PERIOD
</s>
<s.87.001.870320-0147.18.4>
The employer should give the employee the letter immediately after the firing .PERIOD
</s>
</p>
<p.87.001.870320-0147.19>
<s.87.001.870320-0147.19.1>
For most executives ,COMMA the hardest thing is what to say .PERIOD
</s>
<s.87.001.870320-0147.19.2>
Mr. Harrison suggests that Phil's boss should have said something like this :COLON
</s>
</p>
<p.87.001.870320-0147.20>
<s.87.001.870320-0147.20.1>
"DOUBLE-QUOTE Phil ,COMMA we have reached a decision ,COMMA although it is not the happiest .PERIOD
</s>
<s.87.001.870320-0147.20.2>
Effective now ,COMMA you are no longer employed here .PERIOD
</s>
</p>
<p.87.001.870320-0147.21>
<s.87.001.870320-0147.21.1>
"DOUBLE-QUOTE Some of the reasons you already know .PERIOD
</s>
<s.87.001.870320-0147.21.2>
But the important thing now is what comes next .PERIOD
</s>
<s.87.001.870320-0147.21.3>
We'll give you help in getting employment .PERIOD
</s>
<s.87.001.870320-0147.21.4>
Just because it didn't work out here doesn't mean it won't work out elsewhere .PERIOD
</s>
<s.87.001.870320-0147.21.5>
I'm giving you a paper explaining your benefits ,COMMA including salary continuation and outplacement counseling .PERIOD
</s>
<s.87.001.870320-0147.21.6>
You will have about four months' salary ,COMMA including vacation time ,COMMA and your medical benefits will continue while you're on salary .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.22>
<s.87.001.870320-0147.22.1>
Some executives would rather begin by reciting the employee's virtues and recalling his contributions to the company .PERIOD
</s>
<s.87.001.870320-0147.22.2>
But one executive who tried that says the "DOUBLE-QUOTE firee "DOUBLE-QUOTE interrupted him to ask for a raise .PERIOD
</s>
<s.87.001.870320-0147.22.3>
"DOUBLE-QUOTE You must first tell the person outright that this talk isn't to discuss whether he's leaving but the circumstances of his departure ,COMMA "DOUBLE-QUOTE says Charles C. Jett ,COMMA a Chicago executive recruiter .PERIOD
</s>
</p>
<p.87.001.870320-0147.23>
<s.87.001.870320-0147.23.1>
Above all ,COMMA Mr. Harrison says ,COMMA the person doing the firing should avoid buckpassing (LEFT-PAREN "DOUBLE-QUOTE I'm operating on orders from on high "DOUBLE-QUOTE )RIGHT-PAREN and platitudes (LEFT-PAREN "DOUBLE-QUOTE This is the first day of the rest of your life .PERIOD "DOUBLE-QUOTE )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0147.24>
<s.87.001.870320-0147.24.1>
Still ,COMMA says Daniel T. Carroll ,COMMA former president and chief executive officer of Hoover Universal Incorporated ,COMMA in Ann Arbor ,COMMA Michigan ,COMMA it's never easy .PERIOD
</s>
<s.87.001.870320-0147.24.2>
"DOUBLE-QUOTE You can teach what happens in a firing episode ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0147.24.3>
"DOUBLE-QUOTE But each one is so different that the advice may be misleading .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0147.25>
<s.87.001.870320-0147.25.1>
Mr. Carroll himself was fired from Hoover ,COMMA now a subsidiary of Johnson Controls Incorporated ,COMMA Milwaukee ,COMMA in nineteen eighty two .PERIOD
</s>
<s.87.001.870320-0147.25.2>
"DOUBLE-QUOTE It was very brief ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0147.25.3>
"DOUBLE-QUOTE The directors didn't want to go in the direction I wanted .PERIOD
</s>
<s.87.001.870320-0147.25.4>
They asked for my resignation .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0147.25.5>
Today he is his own boss as an independent consultant in Ann Arbor .PERIOD
</s>
<s.87.001.870320-0147.25.6>
"DOUBLE-QUOTE There's no one here to fire me ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0147.26>
<s.87.001.870320-0147.26.1>
Mr. Johnson is a staff reporter in The Wall Street Journal's Chicago bureau .PERIOD
</s>
</p>
<p.87.001.870320-0146.1>
<s.87.001.870320-0146.1.1>
Amcast Industrial Corporation said it sold its Newnam division to a new company formed by employees .PERIOD
</s>
<s.87.001.870320-0146.1.2>
The purchase price wasn't disclosed .PERIOD
</s>
</p>
<p.87.001.870320-0146.2>
<s.87.001.870320-0146.2.1>
The sale consists of an Amcast plant in Kendallville ,COMMA Indiana ,COMMA with about three hundred employees .PERIOD
</s>
<s.87.001.870320-0146.2.2>
Amcast ,COMMA a maker of metal cast products ,COMMA said the sale is a result of its decision to exit the gray iron castings business .PERIOD
</s>
<s.87.001.870320-0146.2.3>
The plant makes castings for the auto and commercial air conditioning and refrigeration industries .PERIOD
</s>
</p>
<p.87.001.870320-0146.3>
<s.87.001.870320-0146.3.1>
L. W. Ladehoff ,COMMA Amcast chairman and chief executive officer ,COMMA said the division was marginally profitable .PERIOD
</s>
<s.87.001.870320-0146.3.2>
It represented about eight %PERCENT of Amcast's two hundred twenty nine million dollars in sales in its fiscal year ended August thirty first .PERIOD
</s>
</p>
<p.87.001.870320-0145.1>
<s.87.001.870320-0145.1.1>
Prudential Insurance Company of America sold seven office and showroom buildings totaling four hundred thousand square feet of space and twenty five acres of land in Miami's Airport Corporate Center to Tishman Speyer Properties for more than thirty million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0144.1>
<s.87.001.870320-0144.1.1>
Only one woman heads a Fortune five hundred company today .PERIOD
</s>
<s.87.001.870320-0144.1.2>
And Katharine Graham of the Washington Post Company inherited the job ,COMMA which both her father and her husband held .PERIOD
</s>
</p>
<p.87.001.870320-0144.2>
<s.87.001.870320-0144.2.1>
Soon ,COMMA however ,COMMA Fortune five hundred directors may be turning more and more to women when they tap new chief executive officers .PERIOD
</s>
<s.87.001.870320-0144.2.2>
"DOUBLE-QUOTE It's inevitable ,COMMA "DOUBLE-QUOTE says Rand Corporation economist James P. Smith .PERIOD
</s>
<s.87.001.870320-0144.2.3>
"DOUBLE-QUOTE Large numbers of women are in the middle -HYPHEN management pipeline now ,COMMA and in ten years you'll see far more than one in the C. E. O. ranks .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.3>
<s.87.001.870320-0144.3.1>
Executive women on the rise are choosing untraditional routes to the top .PERIOD
</s>
<s.87.001.870320-0144.3.2>
Instead of climbing a single corporate ladder rung by rung ,COMMA some women are zigzagging their way higher ,COMMA moving from company to company ,COMMA industry to industry or from the private sector to public service and back again .PERIOD
</s>
<s.87.001.870320-0144.3.3>
Others are departing from the usual big business management routes to nurture --DASH or acquire --DASH companies of their own .PERIOD
</s>
<s.87.001.870320-0144.3.4>
And some women develop so much expertise in new ,COMMA technology -HYPHEN linked fields that they can't be overlooked .PERIOD
</s>
</p>
<p.87.001.870320-0144.4>
<s.87.001.870320-0144.4.1>
Here are five of the women who ,COMMA experts say ,COMMA stand a better -HYPHEN than -HYPHEN even chance of becoming Fortune five hundred chief executives by nineteen ninety seven :COLON
</s>
</p>
<p.87.001.870320-0144.5>
<s.87.001.870320-0144.5.1>
Vice President ,COMMA Operations ,COMMA Apple Computer Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0144.6>
<s.87.001.870320-0144.6.1>
Her dream was to run a factory and combine "DOUBLE-QUOTE the best manufacturing technology with the best people -HYPHEN management .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0144.6.2>
When she joined Apple Computer Incorporated in nineteen eighty one as controller of the Macintosh division ,COMMA she struck a pact with company founder Steven Jobs to let her run the new Macintosh plant if she built the best finance team in the industry .PERIOD
</s>
</p>
<p.87.001.870320-0144.7>
<s.87.001.870320-0144.7.1>
Today ,COMMA thirty four -HYPHEN year -HYPHEN old Deborah A. Coleman is known throughout Silicon Valley as a high -HYPHEN technology manufacturing wizard .PERIOD
</s>
<s.87.001.870320-0144.7.2>
At Apple's Fremont ,COMMA California ,COMMA Macintosh plant ,COMMA where several of her predecessors had been fired ,COMMA she ended production havoc in six months --DASH eliminating computer -HYPHEN driven equipment that wasn't "DOUBLE-QUOTE people friendly ,COMMA "DOUBLE-QUOTE slashing inventory and boosting productivity .PERIOD
</s>
</p>
<p.87.001.870320-0144.8>
<s.87.001.870320-0144.8.1>
"DOUBLE-QUOTE A lot of what I did was common sense ,COMMA "DOUBLE-QUOTE says Ms. Coleman ,COMMA who routinely pulled everyone in the plant together to set monthly goals and ,COMMA as she puts it ,COMMA "DOUBLE-QUOTE foster a shared vision .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0144.8.2>
As a result ,COMMA assembly line workers agreed to work twelve -HYPHEN hour shifts at times to meet certain production schedules ,COMMA and the labor rate was reduced to less than thirty minutes for each Macintosh .PERIOD
</s>
</p>
<p.87.001.870320-0144.9>
<s.87.001.870320-0144.9.1>
Promoted to vice president of manufacturing in nineteen eighty five ,COMMA Ms. Coleman promptly reduced Apple's inventory thirty seven %PERCENT ,COMMA introduced new delivery schedules and cut the number of vendors the company uses more than one -HYPHEN third ,COMMA to less than three hundred .PERIOD
</s>
</p>
<p.87.001.870320-0144.10>
<s.87.001.870320-0144.10.1>
Currently in charge of Apple's plants in Ireland ,COMMA Singapore and California ,COMMA the single Ms. Coleman ,COMMA who holds an M. B. A. from Stanford University ,COMMA hopes to "DOUBLE-QUOTE work myself out of this job within two years .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0144.10.2>
She predicts that as Apple grows ,COMMA the company will be reorganized into separate business units ,COMMA "DOUBLE-QUOTE and I wouldn't mind running one of those major businesses .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.11>
<s.87.001.870320-0144.11.1>
Chairman and C. E. O. -HYPHEN Elect ,COMMA Banc One --DASH Cleveland Unit .PERIOD
</s>
</p>
<p.87.001.870320-0144.12>
<s.87.001.870320-0144.12.1>
She has moved from the private sector to public service and back again ,COMMA jumping several management rungs each time .PERIOD
</s>
<s.87.001.870320-0144.12.2>
The leap Karen Horn will make next month from president of the Federal Reserve Bank of Cleveland to chairman and chief executive officer of Banc One Corporation's Cleveland unit ,COMMA with one .POINT four billion dollars in assets ,COMMA will make her the highest -HYPHEN ranking woman in U. S. banking .PERIOD
</s>
</p>
<p.87.001.870320-0144.13>
<s.87.001.870320-0144.13.1>
The forty three -HYPHEN year -HYPHEN old Mrs. Horn is known as a consummate strategist and crisis manager .PERIOD
</s>
<s.87.001.870320-0144.13.2>
At the Fed she helped resolve Ohio's thrift crisis in nineteen eighty five ,COMMA when the failure of Home State Savings Bank triggered a panic and prompted the closing of dozens of privately insured thrifts .PERIOD
</s>
<s.87.001.870320-0144.13.3>
She quickly scattered regulators across the state to identify troubled thrifts .PERIOD
</s>
<s.87.001.870320-0144.13.4>
Recognizing that Ohio's insurance pool wouldn't even cover Home State's losses ,COMMA she also instituted a plan to monitor deposit withdrawals at the other institutions insured by the fund to forestall other failures .PERIOD
</s>
</p>
<p.87.001.870320-0144.14>
<s.87.001.870320-0144.14.1>
But it is her ability to lead others that should help Mrs. Horn strengthen Banc One and that makes her an attractive potential candidate to head a non -HYPHEN banking concern .PERIOD
</s>
<s.87.001.870320-0144.14.2>
"DOUBLE-QUOTE She has a presence that drives the best in people ,COMMA "DOUBLE-QUOTE says Linda Page ,COMMA Ohio's banking commissioner .PERIOD
</s>
<s.87.001.870320-0144.14.3>
"DOUBLE-QUOTE She'll look at you in a very engaging way and say ,COMMA 'SINGLE-QUOTE Tell me about that .PERIOD 'SINGLE-QUOTE
</s>
<s.87.001.870320-0144.14.4>
You can see her mind churning with thoughts ,COMMA but she always makes you feel that you're helping resolve the problem .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.15>
<s.87.001.870320-0144.15.1>
Mrs. Horn says she devotes as much time as possible to her husband of twenty one years and their four -HYPHEN year -HYPHEN old son .PERIOD
</s>
<s.87.001.870320-0144.15.2>
But she rejects the label "DOUBLE-QUOTE superwoman .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0144.15.3>
"DOUBLE-QUOTE I haven't met one yet ,COMMA "DOUBLE-QUOTE she says .PERIOD
</s>
<s.87.001.870320-0144.15.4>
"DOUBLE-QUOTE I do a lot of things at home and in business ,COMMA but I have a lot of people helping me .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.16>
<s.87.001.870320-0144.16.1>
President and C. E. O. ,COMMA U. S. A. Network
</s>
</p>
<p.87.001.870320-0144.17>
<s.87.001.870320-0144.17.1>
She started her career as a television producer in Milwaukee and soon concluded that "DOUBLE-QUOTE the best way to get to the top for a woman is to start at the top with a business of her own .PERIOD
</s>
<s.87.001.870320-0144.17.2>
If I'd stayed in Milwaukee ,COMMA I never would have made it to station manager .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.18>
<s.87.001.870320-0144.18.1>
Kay Koplovitz founded U. S. A. Network in nineteen eighty and shaped it to become the Number one cable network in terms of viewership and the first to use on -HYPHEN air advertisers .PERIOD
</s>
<s.87.001.870320-0144.18.2>
Today the network provides around -HYPHEN the -HYPHEN clock programming to thirty three million households through eight thousand ,COMMA five hundred systems .PERIOD
</s>
<s.87.001.870320-0144.18.3>
And with revenue last year of about eighty million dollars ,COMMA U. S. A. Network --DASH jointly owned by Time Incorporated ,COMMA Gulf &AMPERSAND Western Incorporated's Paramount Pictures Corporation unit and M. C. A. Incorporated --DASH is continuing to grow twenty %PERCENT to thirty %PERCENT annually .PERIOD
</s>
</p>
<p.87.001.870320-0144.19>
<s.87.001.870320-0144.19.1>
What has set U. S. A. Network apart is its diverse programming .PERIOD
</s>
<s.87.001.870320-0144.19.2>
Ms. Koplovitz ,COMMA who is forty one ,COMMA was the first to negotiate national cable rights to major -HYPHEN league sports .PERIOD
</s>
<s.87.001.870320-0144.19.3>
She also launched an award -HYPHEN winning children's program series as well as adult dramas and movies .PERIOD
</s>
</p>
<p.87.001.870320-0144.20>
<s.87.001.870320-0144.20.1>
"DOUBLE-QUOTE Instead of simply carving out one little niche like a lot of cable companies ,COMMA she's taken on a mix of distinguished programming ,COMMA "DOUBLE-QUOTE says Mel Harris ,COMMA president of Paramount's television group and a member of U. S. A. Network's executive committee .PERIOD
</s>
<s.87.001.870320-0144.20.2>
"DOUBLE-QUOTE She could handle a Fortune five hundred board .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.22>
<s.87.001.870320-0144.22.1>
She familiarized the U. S. with the French name Dior and changed Dior's image from matronly to youthful .PERIOD
</s>
<s.87.001.870320-0144.22.2>
Her strategy boasted an advertising campaign that featured the escapades of a raffish menage a trois .PERIOD
</s>
</p>
<p.87.001.870320-0144.23>
<s.87.001.870320-0144.23.1>
While company licensees at first were nervous that the ads were too risque ,COMMA the campaign hooked consumers .PERIOD
</s>
<s.87.001.870320-0144.23.2>
Under Colombe Nicholas's direction ,COMMA revenue at Christian Dior America has more than doubled in the past six years ,COMMA to three hundred fifteen million dollars in nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0144.23.3>
The number of licensees making Dior products has jumped forty five %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0144.24>
<s.87.001.870320-0144.24.1>
Before taking over Dior's American arm ,COMMA the forty one -HYPHEN year -HYPHEN old Ms. Nicholas spent ten years in New York retailing --DASH at Macy's and Bloomingdale's and at Bonwit Teller ,COMMA where she was vice president of merchandising .PERIOD
</s>
<s.87.001.870320-0144.24.2>
But she believes her international background --DASH and fluency in French --DASH gave her the edge over several contenders for the Dior job .PERIOD
</s>
</p>
<p.87.001.870320-0144.25>
<s.87.001.870320-0144.25.1>
The eldest daughter of an Ohio -HYPHEN businessman father and a French mother ,COMMA Ms. Nicholas spent part of her childhood in Switzerland .PERIOD
</s>
<s.87.001.870320-0144.25.2>
At her father's insistence ,COMMA she also acquired a law degree .PERIOD
</s>
<s.87.001.870320-0144.25.3>
"DOUBLE-QUOTE I hated law school ,COMMA but now I thank my father every day ,COMMA "DOUBLE-QUOTE she says .PERIOD
</s>
<s.87.001.870320-0144.25.4>
"DOUBLE-QUOTE I learned how to think analytically .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.26>
<s.87.001.870320-0144.26.1>
Married to art collector Leonard Rosenberg ,COMMA Ms. Nicholas describes herself as "DOUBLE-QUOTE very goal -HYPHEN focused "DOUBLE-QUOTE and "DOUBLE-QUOTE a risk taker ,COMMA "DOUBLE-QUOTE but isn't a workaholic ,COMMA she says .PERIOD
</s>
<s.87.001.870320-0144.26.2>
She rarely gets to her office before nine thirty a. m. and says ,COMMA "DOUBLE-QUOTE When I meet someone who tells me they've been up since five ,COMMA jogged ten miles and gotten five kids off to school ,COMMA I ask ,COMMA 'SINGLE-QUOTE Where's the coffee ?QUESTION-MARK 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.27>
<s.87.001.870320-0144.27.1>
Since it isn't likely that Christian Dior America will be spun off or go public ,COMMA Ms. Nicholas would have to move to another company to become a Fortune five hundred C. E. O. .PERIOD
</s>
<s.87.001.870320-0144.27.2>
A multinational marketing concern would be her most likely move ,COMMA executive recruiters say .PERIOD
</s>
<s.87.001.870320-0144.27.3>
She doesn't rule out that possibility ,COMMA but says she also is considering a switch to politics .PERIOD
</s>
<s.87.001.870320-0144.27.4>
"DOUBLE-QUOTE We need more women in government ,COMMA "DOUBLE-QUOTE she says ,COMMA "DOUBLE-QUOTE and a business background there could be very relevant .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.28>
<s.87.001.870320-0144.28.1>
She calls herself "DOUBLE-QUOTE the first woman to succeed at the takeover game ,COMMA "DOUBLE-QUOTE a strategy that she figures was her swiftest route to the top .PERIOD
</s>
</p>
<p.87.001.870320-0144.29>
<s.87.001.870320-0144.29.1>
Determined to head a large company ,COMMA Linda Wachner last year spearheaded a leveraged buyout of Warnaco Incorporated ,COMMA the Bridgeport ,COMMA Connecticut -HYPHEN based apparel manufacturer of Hathaway shirts ,COMMA Pringle sweaters and a score of other well -HYPHEN known brands .PERIOD
</s>
<s.87.001.870320-0144.29.2>
Her goal is to make Warnaco "DOUBLE-QUOTE the foremost apparel conglomerate in the world "DOUBLE-QUOTE by doubling last year's sales of five hundred seventy five million dollars in five years .PERIOD
</s>
<s.87.001.870320-0144.29.3>
By then ,COMMA the forty one -HYPHEN year -HYPHEN old executive predicts ,COMMA the company ,COMMA which is Fortune five hundred in size ,COMMA could go public .PERIOD
</s>
</p>
<p.87.001.870320-0144.30>
<s.87.001.870320-0144.30.1>
Ms. Wachner's marketing and turnaround expertise should serve her well .PERIOD
</s>
<s.87.001.870320-0144.30.2>
As vice president of Warnaco's Warner bras unit twelve years ago ,COMMA she revolutionized that business by developing wireless bras and displaying them not in the customary boxes but simply on hangers .PERIOD
</s>
<s.87.001.870320-0144.30.3>
Later ,COMMA as president of Beatrice Companies .PERIOD 'SINGLE-QUOTE
</s>
<s.87.001.870320-0144.30.4>
Max Factor cosmetics business ,COMMA she nursed the faltering unit back to health ,COMMA launching Le Jardin ,COMMA Factor's first successful new perfume in years .PERIOD
</s>
</p>
<p.87.001.870320-0144.31>
<s.87.001.870320-0144.31.1>
At Warnaco ,COMMA where she puts in fourteen -HYPHEN hour days ,COMMA Ms. Wachner has installed new managers and designers ,COMMA and cut overhead by consolidating divisions .PERIOD
</s>
<s.87.001.870320-0144.31.2>
She shops in at least one department store each day "DOUBLE-QUOTE to see what the competition is selling ,COMMA "DOUBLE-QUOTE often dragging Warnaco executives with her .PERIOD
</s>
</p>
<p.87.001.870320-0144.32>
<s.87.001.870320-0144.32.1>
When she isn't visiting Warnaco plants or Paris fashion shows ,COMMA Ms. Wachner ,COMMA a widow ,COMMA shuttles between apartments in Los Angeles and New York .PERIOD
</s>
<s.87.001.870320-0144.32.2>
She doesn't mind being called "DOUBLE-QUOTE tough "DOUBLE-QUOTE and "DOUBLE-QUOTE driven "DOUBLE-QUOTE by some subordinates ,COMMA she says ,COMMA "DOUBLE-QUOTE as long as that means driven for a reason .PERIOD
</s>
</p>
<p.87.001.870320-0144.33>
<s.87.001.870320-0144.33.1>
"DOUBLE-QUOTE To make it to the top ,COMMA "DOUBLE-QUOTE she says ,COMMA "DOUBLE-QUOTE you've got to want it with all your heart .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0144.34>
<s.87.001.870320-0144.34.1>
Ms. Hymowitz is deputy chief of The Wall Street Journal's Pittsburgh bureau .PERIOD
</s>
</p>
<p.87.001.870320-0143.1>
<s.87.001.870320-0143.1.1>
Xerox Corporation was awarded a thirty six million dollar Navy contract for word -HYPHEN processing equipment .PERIOD
</s>
</p>
<p.87.001.870320-0143.2>
<s.87.001.870320-0143.2.1>
Rockwell International Corporation received a thirty three .POINT one million dollar Air Force contract for developing missile -HYPHEN guidance and missile -HYPHEN control systems .PERIOD
</s>
</p>
<p.87.001.870320-0143.3>
<s.87.001.870320-0143.3.1>
General Dynamics Corporation received Air Force contracts totaling twenty seven .POINT five million dollars for F. -HYPHEN sixteen aircraft improvements and laboratory facilities .PERIOD
</s>
</p>
<p.87.001.870320-0143.4>
<s.87.001.870320-0143.4.1>
Advanced Technology Incorporated got an eighteen .POINT six million dollar Navy contract for shipbuilding support services .PERIOD
</s>
</p>
<p.87.001.870320-0143.5>
<s.87.001.870320-0143.5.1>
White Engines Incorporated was issued a fifteen .POINT five million dollar Army contract for truck engines .PERIOD
</s>
</p>
<p.87.001.870320-0142.1>
<s.87.001.870320-0142.1.1>
AmeriTrust Corporation ,COMMA facing the prospect of a takeover ,COMMA may be moving to erect some defenses .PERIOD
</s>
</p>
<p.87.001.870320-0142.2>
<s.87.001.870320-0142.2.1>
The Cleveland -HYPHEN based regional bank holding company ,COMMA Ohio's third -HYPHEN largest ,COMMA said it plans to split its stock two -HYPHEN for -HYPHEN one ,COMMA raise its dividend and more than double the number of authorized but unissued shares .PERIOD
</s>
<s.87.001.870320-0142.2.2>
In addition ,COMMA AmeriTrust said it intends to stagger the terms of its directors .PERIOD
</s>
</p>
<p.87.001.870320-0142.3>
<s.87.001.870320-0142.3.1>
Analysts said the steps --DASH though not unusual for a regional banking concern -HYPHEN indicate that AmeriTrust is readying defenses against an investor group that has bought a nine .POINT six %PERCENT stake in it .PERIOD
</s>
</p>
<p.87.001.870320-0142.4>
<s.87.001.870320-0142.4.1>
Jerry V. Jarrett ,COMMA chairman and chief executive officer ,COMMA said he will ask directors to boost to fifty cents a share from forty four cents ,COMMA on a pre -HYPHEN split basis ,COMMA the quarterly payout on common stock .PERIOD
</s>
<s.87.001.870320-0142.4.2>
Analysts said the proposed increase is larger than they expected .PERIOD
</s>
</p>
<p.87.001.870320-0142.5>
<s.87.001.870320-0142.5.1>
AmeriTrust said it will propose to shareholders at its annual meeting May fourteenth the stock split and staggered terms for its twenty five -HYPHEN member board .PERIOD
</s>
<s.87.001.870320-0142.5.2>
The split would double the number of shares outstanding to forty one .POINT eight million .PERIOD
</s>
</p>
<p.87.001.870320-0142.6>
<s.87.001.870320-0142.6.1>
In addition ,COMMA the banking concern said it will ask holders to approve an increase in the number of authorized but unissued shares to one hundred million --DASH more than double the number of shares outstanding after allowing for the split .PERIOD
</s>
</p>
<p.87.001.870320-0142.7>
<s.87.001.870320-0142.7.1>
As previously reported ,COMMA a group led by Alfred Lerner ,COMMA a banking and real estate executive with holdings in Baltimore and Cleveland ,COMMA disclosed this week that it had acquired a nine .POINT six %PERCENT stake in AmeriTrust .PERIOD
</s>
<s.87.001.870320-0142.7.2>
Mr. Lerner ,COMMA who wouldn't say whether the group plans a takeover bid ,COMMA has asked the Federal Reserve Bank of Cleveland for permission to buy as much as twenty four .POINT nine %PERCENT of AmeriTrust stock .PERIOD
</s>
</p>
<p.87.001.870320-0142.8>
<s.87.001.870320-0142.8.1>
An Ameritrust spokesman said the additional authorized shares may be used for a "DOUBLE-QUOTE variety of reasons "DOUBLE-QUOTE not connected to defending the company from a takeover ,COMMA including acquisitions .PERIOD
</s>
<s.87.001.870320-0142.8.2>
The banking concern added that it still has no indication that Mr. Lerner's interest is hostile .PERIOD
</s>
</p>
<p.87.001.870320-0142.9>
<s.87.001.870320-0142.9.1>
Frank Barkocy ,COMMA a Merrill Lynch Capital Markets analyst ,COMMA said AmeriTrust is likely to resist a takeover .PERIOD
</s>
<s.87.001.870320-0142.9.2>
"DOUBLE-QUOTE They feel they are developing critical mass and can choose their own partner ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0142.9.3>
He added that ,COMMA given uncertainty over the Lerner group's motives ,COMMA AmeriTrust appears to be "DOUBLE-QUOTE getting prepared for contingencies .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0142.10>
<s.87.001.870320-0142.10.1>
Jeffrey L. Cohn ,COMMA a Drexel Burnham Lambert Incorporated analyst ,COMMA termed AmeriTrust's actions "DOUBLE-QUOTE pretty mild "DOUBLE-QUOTE defensive measures that won't hamper any potential acquirer .PERIOD
</s>
<s.87.001.870320-0142.10.2>
"DOUBLE-QUOTE Even with a staggered board ,COMMA AmeriTrust is amazingly free of shark repellent ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0142.11>
<s.87.001.870320-0142.11.1>
AmeriTrust ,COMMA one of the nation's most strongly capitalized banks ,COMMA had eleven .POINT oh seven billion dollars in assets at the end of nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870320-0141.1>
<s.87.001.870320-0141.1.1>
London share prices declined on the news that the British government would sell its remaining thirty two %PERCENT stake in British Petroleum Company Tokyo stocks also fell .PERIOD
</s>
</p>
<p.87.001.870320-0141.2>
<s.87.001.870320-0141.2.1>
London shares declined from trading's start in the wake of Wednesday's announcement by the government .PERIOD
</s>
<s.87.001.870320-0141.2.2>
The one hundred -HYPHEN share index ,COMMA which edged up zero .POINT three point Wednesday ,COMMA closed down fifteen .POINT six points ,COMMA at nineteen ninety one .PERIOD
</s>
<s.87.001.870320-0141.2.3>
The Financial Times industrial -HYPHEN share index fell seven .POINT nine to one thousand ,COMMA five hundred eighty one .POINT six .PERIOD
</s>
</p>
<p.87.001.870320-0141.3>
<s.87.001.870320-0141.3.1>
The government said the sale would be "DOUBLE-QUOTE subject to market conditions .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0141.3.2>
It is presumed that the sale is contingent on the ruling Conservative Party winning the next election .PERIOD
</s>
<s.87.001.870320-0141.3.3>
A national vote must be held before June nineteen eighty eight but is expected sometime this year .PERIOD
</s>
</p>
<p.87.001.870320-0141.4>
<s.87.001.870320-0141.4.1>
The government will move "DOUBLE-QUOTE probably sooner rather than later "DOUBLE-QUOTE to sell the B. P. stake ,COMMA worth the equivalent of seven .POINT five seven billion dollars at yesterday's close ,COMMA because of the recent strength in oil prices ,COMMA a dealer said .PERIOD
</s>
</p>
<p.87.001.870320-0141.5>
<s.87.001.870320-0141.5.1>
At that value ,COMMA the sale would be the largest of the government's privatization efforts this year and would put a substantial demand on the market's financial resources ,COMMA dealers said .PERIOD
</s>
</p>
<p.87.001.870320-0141.6>
<s.87.001.870320-0141.6.1>
Still ,COMMA it would only temporarily deter the market's upward trend ,COMMA they said .PERIOD
</s>
<s.87.001.870320-0141.6.2>
"DOUBLE-QUOTE I don't think the bull market is over by any means ,COMMA "DOUBLE-QUOTE one said .PERIOD
</s>
</p>
<p.87.001.870320-0141.7>
<s.87.001.870320-0141.7.1>
The one hundred -HYPHEN share index opened down seventeen .POINT five points .PERIOD
</s>
<s.87.001.870320-0141.7.2>
It struggled higher and was down only six .POINT oh shortly before noon .PERIOD
</s>
<s.87.001.870320-0141.7.3>
But it couldn't sustain even that level during the slack period around midday .PERIOD
</s>
</p>
<p.87.001.870320-0141.8>
<s.87.001.870320-0141.8.1>
The B. P. news has been "DOUBLE-QUOTE used as an excuse by the market -HYPHEN makers to put the market a little bit lower ,COMMA "DOUBLE-QUOTE a dealer at County Securities said .PERIOD
</s>
<s.87.001.870320-0141.8.2>
"DOUBLE-QUOTE It's more marking -HYPHEN down of stocks by the market -HYPHEN makers than actual business being done .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0141.9>
<s.87.001.870320-0141.9.1>
"DOUBLE-QUOTE The market -HYPHEN makers were looking for levels at which they could do some business ,COMMA "DOUBLE-QUOTE a trader observed .PERIOD
</s>
</p>
<p.87.001.870320-0141.10>
<s.87.001.870320-0141.10.1>
Also ,COMMA investors probably wanted a few more days of reflection to get a clearer idea of the budget's impact and where British interest rates are headed ,COMMA a dealer said .PERIOD
</s>
</p>
<p.87.001.870320-0141.11>
<s.87.001.870320-0141.11.1>
Cadbury Schweppes was one issue that rose .PERIOD
</s>
<s.87.001.870320-0141.11.2>
There were rumors that General Cinema Corporation had sold its eight .POINT three %PERCENT stake in Cadbury to R. J. R. Nabisco Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0141.12>
<s.87.001.870320-0141.12.1>
After the close of trading in London ,COMMA a General Cinema spokesman said the company doesn't comment on rumors .PERIOD
</s>
<s.87.001.870320-0141.12.2>
Meanwhile ,COMMA a source close to the company said the rumors weren't true .PERIOD
</s>
</p>
<p.87.001.870320-0141.13>
<s.87.001.870320-0141.13.1>
The gold mines index rose six .POINT one points to three hundred fifty .POINT four .PERIOD
</s>
</p>
<p.87.001.870320-0141.14>
<s.87.001.870320-0141.14.1>
Meanwhile ,COMMA Tokyo stocks slipped in heavy trading as buying from institutional investors eased in the face of upcoming settlement and valuation dates .PERIOD
</s>
</p>
<p.87.001.870320-0141.15>
<s.87.001.870320-0141.15.1>
The Nikkei stock average ,COMMA which surged one hundred ninety .POINT three three points Wednesday ,COMMA fell sixty .POINT seven four points to twenty one thousand ,COMMA six hundred forty four .POINT three two after two consecutive days of record closes .PERIOD
</s>
</p>
<p.87.001.870320-0141.16>
<s.87.001.870320-0141.16.1>
The stock exchange index ,COMMA which rose seventeen .POINT oh five Wednesday ,COMMA fell sixteen .POINT four nine to one thousand ,COMMA eight hundred fifty eight .POINT three one yesterday .PERIOD
</s>
<s.87.001.870320-0141.16.2>
Volume was about one .POINT four billion shares ,COMMA down from a record two .POINT four billion Wednesday .PERIOD
</s>
</p>
<p.87.001.870320-0141.17>
<s.87.001.870320-0141.17.1>
The fiscal year valuation today for tokkin funds as well as half -HYPHEN year settlements for several large securities firms sparked widespread selling after a bullish start ,COMMA traders said .PERIOD
</s>
<s.87.001.870320-0141.17.2>
Tokkin funds are similar to U. S. mutual funds .PERIOD
</s>
<s.87.001.870320-0141.17.3>
Institutions preparing for book closings also limited their buying ,COMMA contributing to the drop in trading .PERIOD
</s>
</p>
<p.87.001.870320-0141.18>
<s.87.001.870320-0141.18.1>
The easing turnover sidelined other investors worried about a possible correction in the Nikkei average following recent surges ,COMMA traders said .PERIOD
</s>
<s.87.001.870320-0141.18.2>
In the fifteen sessions before yesterday's ,COMMA the average successively posted record -HYPHEN closing streaks of five days ,COMMA four days and two days .PERIOD
</s>
</p>
<p.87.001.870320-0140.1>
<s.87.001.870320-0140.1.1>
"DOUBLE-QUOTE If you're a narc ,COMMA you're dead .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.2>
<s.87.001.870320-0140.2.1>
The words ,COMMA uttered calmly by a menacing -HYPHEN looking man with a heavy black beard ,COMMA hang in the bar's smoky air .PERIOD
</s>
<s.87.001.870320-0140.2.2>
"DOUBLE-QUOTE If you're a narc ,COMMA "DOUBLE-QUOTE he repeats with emphasis ,COMMA "DOUBLE-QUOTE you're dead .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.3>
<s.87.001.870320-0140.3.1>
I glance at my partner for the evening ,COMMA Edward Probst ,COMMA a three hundred twenty -HYPHEN pound undercover detective in a blue -HYPHEN jeans jacket with a pistol tucked in the small of his back .PERIOD
</s>
<s.87.001.870320-0140.3.2>
This type of talk shouldn't frighten me ,COMMA except that tonight I ,COMMA too ,COMMA am a narcotics agent .PERIOD
</s>
<s.87.001.870320-0140.3.3>
And now I am supposed to walk outside to a parked car --DASH my first "DOUBLE-QUOTE solo "DOUBLE-QUOTE --DASH and buy a half -HYPHEN gram of cocaine .PERIOD
</s>
</p>
<p.87.001.870320-0140.4>
<s.87.001.870320-0140.4.1>
It is the "DOUBLE-QUOTE final exam "DOUBLE-QUOTE at a class run by Professional Law Enforcement Incorporated ,COMMA a detective agency that does drug -HYPHEN surveillance work for small towns ,COMMA high schools and some major corporations .PERIOD
</s>
<s.87.001.870320-0140.4.2>
Agents of P. L. E. ,COMMA a unit of privately held Massey Burch Investment Group Incorporated of Nashville ,COMMA Tennessee ,COMMA in recent months were behind more than two hundred drug and other arrests at several General Motors Corporation plants and one hundred thirty seven arrests at or near a Whirlpool Corporation facility in Arkansas .PERIOD
</s>
<s.87.001.870320-0140.4.3>
P. L. E. let this reporter attend a two -HYPHEN week training course for prospective agents ,COMMA at the end of which ,COMMA if possible ,COMMA each trainee is to make a drug buy as part of a sheriff's -HYPHEN department undercover operation .PERIOD
</s>
</p>
<p.87.001.870320-0140.5>
<s.87.001.870320-0140.5.1>
Things go wrong as soon as we reach the car .PERIOD
</s>
<s.87.001.870320-0140.5.2>
"DOUBLE-QUOTE Do a snort ,COMMA "DOUBLE-QUOTE urges the dealer ,COMMA drawing from his jacket a thimble -HYPHEN sized vial filled with white powder .PERIOD
</s>
<s.87.001.870320-0140.5.3>
"DOUBLE-QUOTE It's what you'll be buying .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.6>
<s.87.001.870320-0140.6.1>
I had practiced faking cocaine use in a hotel mirror for days in anticipation of this moment .PERIOD
</s>
<s.87.001.870320-0140.6.2>
But my hands tremble as I fumble with the vial and a coke spoon disguised as a key .PERIOD
</s>
<s.87.001.870320-0140.6.3>
Recalling a tip ,COMMA I bob my head in the seat as I draw the spoon to my nose ,COMMA feigning fear of being seen by passing police .PERIOD
</s>
<s.87.001.870320-0140.6.4>
With the dealer's gaze momentarily diverted ,COMMA I sniff ,COMMA a bit too violently ,COMMA while secretly sliding the white powder off onto my left thumb .PERIOD
</s>
<s.87.001.870320-0140.6.5>
Quickly I wipe my thumb on my pants while running the spoon over my gums .PERIOD
</s>
</p>
<p.87.001.870320-0140.7>
<s.87.001.870320-0140.7.1>
"DOUBLE-QUOTE You seem a little bit too much in a hurry ,COMMA "DOUBLE-QUOTE the dealer says .PERIOD
</s>
<s.87.001.870320-0140.7.2>
"DOUBLE-QUOTE That makes me nervous .PERIOD
</s>
<s.87.001.870320-0140.7.3>
I don't even think you snorted that .PERIOD
</s>
<s.87.001.870320-0140.7.4>
Mind if I see some I. D. .PERIOD ?QUESTION-MARK "DOUBLE-QUOTE
</s>
<s.87.001.870320-0140.7.5>
Foolishly ,COMMA I produce my wallet ,COMMA flashing my driver's license and my library card .PERIOD
</s>
</p>
<p.87.001.870320-0140.8>
<s.87.001.870320-0140.8.1>
But I balk when he suggests we snort a "DOUBLE-QUOTE line ,COMMA "DOUBLE-QUOTE a procedure that is very hard to fake .PERIOD
</s>
<s.87.001.870320-0140.8.2>
"DOUBLE-QUOTE Are we going to do the deal or not ?QUESTION-MARK "DOUBLE-QUOTE
</s>
<s.87.001.870320-0140.8.3>
I ask ,COMMA not needing to fake my fear and anger .PERIOD
</s>
<s.87.001.870320-0140.8.4>
"DOUBLE-QUOTE Let's just go back inside .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.9>
<s.87.001.870320-0140.9.1>
Inside ,COMMA we walk to a bathroom to complete the buy .PERIOD
</s>
<s.87.001.870320-0140.9.2>
Here the deal is nearly blown again :COLON Not only am I forced to run outside to break a twenty dollar bill ,COMMA but also I hand over the fifty dollars before being given the vial ,COMMA a cardinal sin for a narc .PERIOD
</s>
<s.87.001.870320-0140.9.3>
Still ,COMMA I manage to do the deal .PERIOD
</s>
</p>
<p.87.001.870320-0140.10>
<s.87.001.870320-0140.10.1>
My elation at that ,COMMA however ,COMMA vanishes an hour later .PERIOD
</s>
<s.87.001.870320-0140.10.2>
I learn that the deal was phony :COLON The "DOUBLE-QUOTE coke "DOUBLE-QUOTE isn't coke ,COMMA and the "DOUBLE-QUOTE dealer "DOUBLE-QUOTE is a P. L. E. man .PERIOD
</s>
<s.87.001.870320-0140.10.3>
He is Gary Smith ,COMMA a detective who later permits me to accompany him during part of an undercover drug investigation in Mason ,COMMA Ohio .PERIOD
</s>
</p>
<p.87.001.870320-0140.11>
<s.87.001.870320-0140.11.1>
The instructors explain that a trainee needs to be observed doing what he believes is a real drug deal .PERIOD
</s>
<s.87.001.870320-0140.11.2>
P. L. E.'s training ,COMMA while not nearly as rigorous as the monthslong courses given federal Drug Enforcement Agency agents ,COMMA is considered superior to that of many small agencies that only dabble in undercover work .PERIOD
</s>
</p>
<p.87.001.870320-0140.12>
<s.87.001.870320-0140.12.1>
It is supervised by the portly Mr. Probst and another agent ,COMMA Harry Sweigart .PERIOD
</s>
<s.87.001.870320-0140.12.2>
Mr. Probst ,COMMA like a tourist checking his wallet ,COMMA frequently flicks his hand to the pistol at his belt .PERIOD
</s>
<s.87.001.870320-0140.12.3>
He has reason to be jumpy :COLON He has recently busted eight members of a motorcycle gang after living with two of them for months ;SEMI-COLON he hears they have put a price on his head .PERIOD
</s>
</p>
<p.87.001.870320-0140.13>
<s.87.001.870320-0140.13.1>
In the class besides me are two detectives and an eighteen -HYPHEN year -HYPHEN old woman targeted for undercover work in high schools .PERIOD
</s>
<s.87.001.870320-0140.13.2>
Most recruits are police officers ,COMMA and the first step is to "DOUBLE-QUOTE de -HYPHEN cop "DOUBLE-QUOTE them .PERIOD
</s>
<s.87.001.870320-0140.13.3>
Shed immediately are black leather belts and black oxfords .PERIOD
</s>
<s.87.001.870320-0140.13.4>
The class is told to avoid jargon like "DOUBLE-QUOTE perpetrator .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0140.13.5>
Even posture may be changed .PERIOD
</s>
<s.87.001.870320-0140.13.6>
"DOUBLE-QUOTE Don't walk with one arm swinging ,COMMA "DOUBLE-QUOTE one new agent is told .PERIOD
</s>
<s.87.001.870320-0140.13.7>
"DOUBLE-QUOTE It's a cop walk .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.14>
<s.87.001.870320-0140.14.1>
Trainees ,COMMA between learning to identify drugs and practicing buys before a video camera ,COMMA hear lectures on topics ranging from how to discourage being frisked while wearing a tape recorder (LEFT-PAREN "DOUBLE-QUOTE You gay ?QUESTION-MARK "DOUBLE-QUOTE sometimes works )RIGHT-PAREN to the quickest way to test the purity of cocaine (LEFT-PAREN coke rubbed between the fingers for a minute will disappear ,COMMA leaving behind the "DOUBLE-QUOTE cut ,COMMA "DOUBLE-QUOTE any kind of powder used to dilute it )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0140.14.2>
Tips range from the useful (LEFT-PAREN "DOUBLE-QUOTE stay away from cellular phones ;SEMI-COLON neighbors can listen in "DOUBLE-QUOTE )RIGHT-PAREN to the obvious (LEFT-PAREN "DOUBLE-QUOTE fistfights don't look good ;SEMI-COLON plus ,COMMA you may get whipped "DOUBLE-QUOTE )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0140.15>
<s.87.001.870320-0140.15.1>
A seminar on pretending to use cocaine is a near -HYPHEN fiasco .PERIOD
</s>
<s.87.001.870320-0140.15.2>
Scott ,COMMA a beefy police reservist from Michigan ,COMMA repeatedly tips a cocaine spoon ,COMMA showering rivulets of Sweet 'N Low down his shirt -HYPHEN front .PERIOD
</s>
<s.87.001.870320-0140.15.3>
Instructors warn me against my habit of dusting the "DOUBLE-QUOTE cocaine "DOUBLE-QUOTE off the table top .PERIOD
</s>
<s.87.001.870320-0140.15.4>
"DOUBLE-QUOTE Do that for real and you'll have eight guys sniffing at your feet ,COMMA "DOUBLE-QUOTE one says .PERIOD
</s>
</p>
<p.87.001.870320-0140.16>
<s.87.001.870320-0140.16.1>
The toughest task for some new agents ,COMMA officers who may scorn drug users ,COMMA is simply asking to buy drugs .PERIOD
</s>
<s.87.001.870320-0140.16.2>
"DOUBLE-QUOTE Some cops just can't do it ,COMMA "DOUBLE-QUOTE says Mr. Probst with a shrug .PERIOD
</s>
<s.87.001.870320-0140.16.3>
The approach should be indirect and nonthreatening .PERIOD
</s>
<s.87.001.870320-0140.16.4>
Not "DOUBLE-QUOTE I hear you have some coke ,COMMA "DOUBLE-QUOTE but "DOUBLE-QUOTE Know anybody who has some coke ?QUESTION-MARK "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.17>
<s.87.001.870320-0140.17.1>
And always haggle .PERIOD
</s>
<s.87.001.870320-0140.17.2>
"DOUBLE-QUOTE Most cops will buy anything at any price ,COMMA "DOUBLE-QUOTE says Mr. Sweigart .PERIOD
</s>
<s.87.001.870320-0140.17.3>
"DOUBLE-QUOTE Do that and you're made {LEFT-BRACE exposed }RIGHT-BRACE .PERIOD
</s>
<s.87.001.870320-0140.17.4>
Talk 'em down .PERIOD
</s>
<s.87.001.870320-0140.17.5>
You'll look better to the dopers ,COMMA and the city or company will love you for saving them money .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.18>
<s.87.001.870320-0140.18.1>
To acquire the tools of their trade ,COMMA such as copies of High Times magazine to scatter around their home ,COMMA new operatives visit a "DOUBLE-QUOTE head shop "DOUBLE-QUOTE filled with hundreds of carved and metal pipes ,COMMA colorful glass "DOUBLE-QUOTE bongs "DOUBLE-QUOTE for pot -HYPHEN smoking ,COMMA and drug stashes in the form of soft -HYPHEN drink and tennis -HYPHEN ball cans with screw tops .PERIOD
</s>
<s.87.001.870320-0140.18.2>
Don ,COMMA a tough -HYPHEN talking homicide detective from Akron ,COMMA Ohio ,COMMA squats before a glass case and chooses two coke spoons and a kit for cutting cocaine .PERIOD
</s>
<s.87.001.870320-0140.18.3>
"DOUBLE-QUOTE Jeez ,COMMA "DOUBLE-QUOTE he whispers ,COMMA "DOUBLE-QUOTE it's so funny standing here .PERIOD
</s>
<s.87.001.870320-0140.18.4>
I used to bust guys carrying this stuff and think ,COMMA 'SINGLE-QUOTE You dirtball .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.19>
<s.87.001.870320-0140.19.1>
Not all excursions go smoothly .PERIOD
</s>
<s.87.001.870320-0140.19.2>
One night Mr. Probst ,COMMA who sometimes feels compelled to revisit the scenes of his buys ,COMMA tows us into the darkened streets of a rundown area in West Dayton to the clubhouse of a motorcycle gang .PERIOD
</s>
<s.87.001.870320-0140.19.3>
A blue Gremlin pulls behind us as we drive by .PERIOD
</s>
<s.87.001.870320-0140.19.4>
Circling to pass again ,COMMA we meet the car at an intersection .PERIOD
</s>
<s.87.001.870320-0140.19.5>
A bearded face reminiscent of killer Charles Manson peers into our car ,COMMA craning at us as we go by .PERIOD
</s>
<s.87.001.870320-0140.19.6>
"DOUBLE-QUOTE Oh man ,COMMA I busted that guy ,COMMA "DOUBLE-QUOTE Mr. Probst says .PERIOD
</s>
<s.87.001.870320-0140.19.7>
"DOUBLE-QUOTE Hurry up .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0140.19.8>
Five quick turns later we leave the neighborhood .PERIOD
</s>
</p>
<p.87.001.870320-0140.20>
<s.87.001.870320-0140.20.1>
"DOUBLE-QUOTE What a rush ,COMMA "DOUBLE-QUOTE Don says from the back seat .PERIOD
</s>
</p>
<p.87.001.870320-0140.21>
<s.87.001.870320-0140.21.1>
"DOUBLE-QUOTE Really ,COMMA "DOUBLE-QUOTE Mr. Probst says ,COMMA staring ahead ,COMMA touching his gun .PERIOD
</s>
</p>
<p.87.001.870320-0140.22>
<s.87.001.870320-0140.22.1>
Undercover agents spend a lot of time looking for drugs ,COMMA but sometimes the drugs find them first .PERIOD
</s>
<s.87.001.870320-0140.22.2>
One evening a group of narcs and narc trainees gathers at a striptease bar for drinks and debriefing .PERIOD
</s>
<s.87.001.870320-0140.22.3>
Talk of "DOUBLE-QUOTE coke "DOUBLE-QUOTE and "DOUBLE-QUOTE buys "DOUBLE-QUOTE apparently attracts attention .PERIOD
</s>
<s.87.001.870320-0140.22.4>
Before long ,COMMA a scantily clad dancer cozies up in a chair next to me .PERIOD
</s>
</p>
<p.87.001.870320-0140.23>
<s.87.001.870320-0140.23.1>
"DOUBLE-QUOTE You like coke ?QUESTION-MARK "DOUBLE-QUOTE she coos .PERIOD
</s>
<s.87.001.870320-0140.23.2>
I nod ,COMMA and negotiations begin .PERIOD
</s>
<s.87.001.870320-0140.23.3>
"DOUBLE-QUOTE My dealer comes in at two .PERIOD
</s>
<s.87.001.870320-0140.23.4>
Fifty dollars a half -HYPHEN gram .PERIOD
</s>
<s.87.001.870320-0140.23.5>
It's got crystals .PERIOD
</s>
<s.87.001.870320-0140.23.6>
It's just up from Florida .PERIOD
</s>
<s.87.001.870320-0140.23.7>
You'll love it .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0140.24>
<s.87.001.870320-0140.24.1>
A few detectives favor buying the drugs ,COMMA but to do so would violate the rule against making a buy without clear authority from local law -HYPHEN enforcement officials .PERIOD
</s>
<s.87.001.870320-0140.24.2>
Besides ,COMMA we've had plenty to drink .PERIOD
</s>
<s.87.001.870320-0140.24.3>
After somebody mutters ,COMMA "DOUBLE-QUOTE Honey ,COMMA we're cops ,COMMA "DOUBLE-QUOTE the group quickly walks out of the dimly lit club ,COMMA leaving the would -HYPHEN be dealer gaping .PERIOD
</s>
</p>
<p.87.001.870320-0140.25>
<s.87.001.870320-0140.25.1>
(LEFT-PAREN See related story :COLON "DOUBLE-QUOTE Cover Story :COLON Drug Detective's Stint In Small Town Blends Risk ,COMMA Dilemma ,COMMA Ennui --DASH Gary Smith Dresses Scruffily ,COMMA Hangs Out ,COMMA Buys Dope --DASH And Calls Home at three a. m. --DASH The Climax of 'SINGLE-QUOTE Mason Vice 'SINGLE-QUOTE "DOUBLE-QUOTE --DASH W. S. J. March twentieth ,COMMA nineteen eighty seven )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0139.1>
<s.87.001.870320-0139.1.1>
In the corner of Professor Shinichi Uchida's laboratory at the University of Tokyo ,COMMA across from the bottles of liquid nitrogen ,COMMA stands a bunk bed .PERIOD
</s>
</p>
<p.87.001.870320-0139.2>
<s.87.001.870320-0139.2.1>
Until recently it was little used .PERIOD
</s>
<s.87.001.870320-0139.2.2>
Then ,COMMA on February fifteenth ,COMMA a University of Houston press conference announced the latest breakthrough in the science of superconductivity ,COMMA a development with potentially enormous commercial applications .PERIOD
</s>
</p>
<p.87.001.870320-0139.3>
<s.87.001.870320-0139.3.1>
The lab and its bunks here seldom have been empty since .PERIOD
</s>
</p>
<p.87.001.870320-0139.4>
<s.87.001.870320-0139.4.1>
For three weeks Professor Uchida's twelve -HYPHEN researcher team worked around the clock ,COMMA seven days a week to duplicate the Houston results .PERIOD
</s>
<s.87.001.870320-0139.4.2>
Sleeping in shifts ,COMMA they cooked their meals in a tiny kitchenette while their latest batch of experimental ceramic pellets baked in the lab's kiln .PERIOD
</s>
</p>
<p.87.001.870320-0139.5>
<s.87.001.870320-0139.5.1>
In other labs ,COMMA in company board rooms and in the offices of the powerful Ministry of Trade and Industry ,COMMA or M. I. T. I. ,COMMA the Houston breakthrough has galvanized Japan .PERIOD
</s>
<s.87.001.870320-0139.5.2>
Scientists ,COMMA industrialists and government officials have responded frantically ,COMMA convinced they can ,COMMA and must ,COMMA walk away with the commercial applications .PERIOD
</s>
<s.87.001.870320-0139.5.3>
"DOUBLE-QUOTE When it comes time to make something out of it ,COMMA "DOUBLE-QUOTE predicts Professor Shoji Tanaka ,COMMA who is Professor Uchida's boss ,COMMA "DOUBLE-QUOTE the Japanese will have the upper hand .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.6>
<s.87.001.870320-0139.6.1>
In the U. S. ,COMMA by contrast ,COMMA the reaction has been more measured .PERIOD
</s>
<s.87.001.870320-0139.6.2>
Labs are busy ,COMMA but there isn't any nationally coordinated drive for commercialization .PERIOD
</s>
<s.87.001.870320-0139.6.3>
Leaders in superconductivity research caution that much science remains to be done first .PERIOD
</s>
<s.87.001.870320-0139.6.4>
"DOUBLE-QUOTE You must keep in mind that the scientific scene is changing so rapidly that to decide (LEFT-PAREN on specific applications )RIGHT-PAREN on the basis of what is known today would be a mistake ,COMMA "DOUBLE-QUOTE says John Armstrong ,COMMA director of the research division at International Business Machines Corporation .PERIOD
</s>
<s.87.001.870320-0139.6.5>
It would also be wrong ,COMMA he thinks ,COMMA "DOUBLE-QUOTE to turn this into a race between East and West .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.7>
<s.87.001.870320-0139.7.1>
Here in Tokyo ,COMMA however ,COMMA the race is already on ,COMMA showing once again the competitive drive and speed with which Japan can seize on Western science .PERIOD
</s>
</p>
<p.87.001.870320-0139.8>
<s.87.001.870320-0139.8.1>
New materials that conduct electricity at warmer temperatures with almost no loss of power ,COMMA have "DOUBLE-QUOTE opened a fantastic world of future industries ,COMMA "DOUBLE-QUOTE says Masatoshi Urashima ,COMMA a M. I. T. I. official .PERIOD
</s>
<s.87.001.870320-0139.8.2>
Because previous superconductors operated only at extremely low and expensive -HYPHEN to -HYPHEN maintain temperatures ,COMMA the new materials make economical the creation of tiny ,COMMA superfast computers ,COMMA magnetically floating trains ,COMMA long -HYPHEN distance power lines that don't waste electricity and even appliances that use almost no power .PERIOD
</s>
</p>
<p.87.001.870320-0139.9>
<s.87.001.870320-0139.9.1>
The discovery meshes with technologies Japan has refined for years .PERIOD
</s>
<s.87.001.870320-0139.9.2>
Japan has a train using superconductivity that is almost ready for commercial use .PERIOD
</s>
<s.87.001.870320-0139.9.3>
It travels at more than two hundred fifty miles an hour while hovering five inches above a track on a magnetic cushion created by superconducting coils .PERIOD
</s>
<s.87.001.870320-0139.9.4>
Japan's shipbuilders ,COMMA meanwhile ,COMMA have spent twenty three million dollars to build a fast ship propelled by superconducting magnets .PERIOD
</s>
</p>
<p.87.001.870320-0139.10>
<s.87.001.870320-0139.10.1>
N. E. C. Corporation and others already have produced prototypes of superconducting computer chips ;SEMI-COLON the West gave up trying to do so four years ago .PERIOD
</s>
<s.87.001.870320-0139.10.2>
Such giant electronics concerns as Hitachi Limited are supplying the West with millions of dollars of superconducting equipment .PERIOD
</s>
<s.87.001.870320-0139.10.3>
And Japan's leading role in industrial ceramics will help it develop ceramic superconductors .PERIOD
</s>
<s.87.001.870320-0139.10.4>
"DOUBLE-QUOTE A lot of revolutionary things are going to come up and a lot of it is going to come from Japan ,COMMA "DOUBLE-QUOTE says David L. Keller ,COMMA a technology analyst with James Capel &AMPERSAND Company ,COMMA a British securities firm .PERIOD
</s>
<s.87.001.870320-0139.10.5>
"DOUBLE-QUOTE The Japanese will dramatically lead the rest of the world .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.11>
<s.87.001.870320-0139.11.1>
The Japanese government already is organizing that .PERIOD
</s>
<s.87.001.870320-0139.11.2>
Four days after the Houston bombshell ,COMMA Japan's Science and Technology Agency announced its intent to form a research consortium of Japanese companies ,COMMA universities and government labs .PERIOD
</s>
<s.87.001.870320-0139.11.3>
A week later ,COMMA the consortium was in place ,COMMA including such industrial giants as N. E. C. ,COMMA Toshiba Corporation ,COMMA Nippon Steel Corporation and Mitsubishi Electric Corporation "DOUBLE-QUOTE We've gathered all the leading -HYPHEN edge researchers in superconductivity in Japan ,COMMA "DOUBLE-QUOTE says Koji Yamaguchi ,COMMA the agency official overseeing research .PERIOD
</s>
<s.87.001.870320-0139.11.4>
"DOUBLE-QUOTE We need to get everybody together to share information and decide how to move .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.12>
<s.87.001.870320-0139.12.1>
M. I. T. I. ,COMMA the agency that picks and funds national projects like the one that helped Japanese makers dominate the memory chip business ,COMMA began moving on the day of the announcement .PERIOD
</s>
<s.87.001.870320-0139.12.2>
It already is polishing up an existing feasibility study on a superconducting power plant and plans to have a working model built by nineteen ninety two .PERIOD
</s>
</p>
<p.87.001.870320-0139.13>
<s.87.001.870320-0139.13.1>
"DOUBLE-QUOTE The objective is to organize industry to get the jump on the West in applications and commercialization for a huge new market ,COMMA "DOUBLE-QUOTE says Nihon Keizai Shimbun ,COMMA Japan's leading business daily .PERIOD
</s>
<s.87.001.870320-0139.13.2>
The earliest application ,COMMA researchers say ,COMMA could be superconducting computer chips that would enable creation of a shoe box -HYPHEN sized supercomputer .PERIOD
</s>
<s.87.001.870320-0139.13.3>
I. B. M. and most other U. S. companies abandoned research in nineteen eighty three on the chips ,COMMA called Josephson Junction devices ,COMMA partly because of the complications of cooling with helium .PERIOD
</s>
<s.87.001.870320-0139.13.4>
That left N. E. C. ,COMMA Hitachi and a M. I. T. I. lab to refine the technology with little foreign competition .PERIOD
</s>
</p>
<p.87.001.870320-0139.14>
<s.87.001.870320-0139.14.1>
For all the government -HYPHEN inspired organization ,COMMA Japan's research labs didn't wait for government orders when they heard the news from Houston last month .PERIOD
</s>
</p>
<p.87.001.870320-0139.15>
<s.87.001.870320-0139.15.1>
At the University of Tokyo ,COMMA Mr. Uchida sat his researchers down in front of a large periodic table of the elements .PERIOD
</s>
<s.87.001.870320-0139.15.2>
For hours they debated which elements Houston could possibly have used .PERIOD
</s>
<s.87.001.870320-0139.15.3>
While they were still guessing ,COMMA a rumor came over the phone that the material was fluoric .PERIOD
</s>
<s.87.001.870320-0139.15.4>
Students ran out and bought fluorinated chemicals .PERIOD
</s>
<s.87.001.870320-0139.15.5>
For three days they tried out hundreds of combinations until they found the rumor was false .PERIOD
</s>
</p>
<p.87.001.870320-0139.16>
<s.87.001.870320-0139.16.1>
Acting on another tip that the Houston material was dark green ,COMMA the researchers mixed all the plausible chemicals that would become green when fired ,COMMA again with no success. (LEFT-PAREN The material needs to be fired further until it is black ,COMMA they found later .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0139.16.2>
Then a news report said a Chinese lab had achieved superconductivity at one hundred degrees Kelvin (LEFT-PAREN minus one hundred seventy three degrees Celsius )RIGHT-PAREN using a ceramic with ytterbium in it and researchers attacked that .PERIOD
</s>
<s.87.001.870320-0139.16.3>
The report proved wrong --DASH the element was yttrium. (LEFT-PAREN Ironically ,COMMA the University of Tokyo lab later found ,COMMA by coincidence ,COMMA that ytterbium works .PERIOD
</s>
<s.87.001.870320-0139.16.4>
The lab patented the discovery .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0139.17>
<s.87.001.870320-0139.17.1>
Finally at two a. m. March first ,COMMA they got superconductivity .PERIOD
</s>
<s.87.001.870320-0139.17.2>
"DOUBLE-QUOTE It was an other -HYPHEN worldly experience ,COMMA "DOUBLE-QUOTE says Professor Uchida .PERIOD
</s>
<s.87.001.870320-0139.17.3>
They drank a toast and launched back into another week of experiments ,COMMA this time to refine the resulting ceramic .PERIOD
</s>
<s.87.001.870320-0139.17.4>
On March eighth they announced a purified form .PERIOD
</s>
<s.87.001.870320-0139.17.5>
On Wednesday the lab finally took a holiday .PERIOD
</s>
</p>
<p.87.001.870320-0139.18>
<s.87.001.870320-0139.18.1>
Meanwhile ,COMMA labs at Tohoko University ,COMMA Hokkaido University and a government research facility in Tokyo have burst forth with rapid -HYPHEN fire announcements of their advances in superconductivity .PERIOD
</s>
<s.87.001.870320-0139.18.2>
They and other labs have been snatching up the ingredients for superconductors so fast that there are shortages .PERIOD
</s>
<s.87.001.870320-0139.18.3>
Suppliers have run out of yttrium ,COMMA for example ,COMMA and labs must wait three weeks for orders to be filled .PERIOD
</s>
</p>
<p.87.001.870320-0139.19>
<s.87.001.870320-0139.19.1>
Professor Uchida's lab has been flooded by calls and visits from companies .PERIOD
</s>
<s.87.001.870320-0139.19.2>
Sumitomo Electric Industries Limited researchers brought in some rudimentary wire made from superconducting ceramic .PERIOD
</s>
<s.87.001.870320-0139.19.3>
Engineers from Toshiba ,COMMA Fujitsu Limited and Hitachi have visited the lab to keep watch on developments. "DOUBLE-QUOTE Company people have the conviction that ths s. finally the real thing .PERIOD
</s>
<s.87.001.870320-0139.19.4>
A lot are starting to pick it up ...ELLIPSIS .PERIOD
</s>
<s.87.001.870320-0139.19.5>
They see tha superconductivity is a sure thing and the want to get on to application ,COMMA "DOUBLE-QUOTE says rof .PERIOD
</s>
<s.87.001.870320-0139.19.6>
Uchida .PERIOD
</s>
<s.87.001.870320-0139.19.7>
"DOUBLE-QUOTE Everybody's going to be doing it --DASH steelmakers ,COMMA cemical companies ,COMMA computer makers ,COMMA cement makers .PERIOD
</s>
<s.87.001.870320-0139.19.8>
They'll all be getting in to apply this ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0139.20>
<s.87.001.870320-0139.20.1>
Of course ,COMMA there is scientific and commercial excitement in the U. S. ,COMMA too ,COMMA but it's less frenetic and isn't centrally controlled .PERIOD
</s>
<s.87.001.870320-0139.20.2>
Scientists say indications of an incipient breakthrough came as early as April nineteen eighty six ,COMMA when researchers at I. B. M.'s laboratory in Zurich ,COMMA Switzerland ,COMMA reported they had achieved superconductivity in a new class of materials ,COMMA the metal oxide ceramics .PERIOD
</s>
<s.87.001.870320-0139.20.3>
This galvanized researchers throughout the world .PERIOD
</s>
<s.87.001.870320-0139.20.4>
By November ,COMMA the Japanese and Chinese had confirmed the I. B. M. discovery and by December ,COMMA scientists in Houston and at American Telephone &AMPERSAND Telegraph Company's Bell Laboratories were reporting important advances with the new materials .PERIOD
</s>
</p>
<p.87.001.870320-0139.21>
<s.87.001.870320-0139.21.1>
About five thousand physicists jammed the ballroom of the Hilton Hotel in New York Wednesday night for an unprecedented special session on superconductors at the annual meeting of the American Physical Society .PERIOD
</s>
<s.87.001.870320-0139.21.2>
They listened to the presentation of sixty papers on superconductivity research done largely within the last two to three months .PERIOD
</s>
<s.87.001.870320-0139.21.3>
Although scientists from U. S. universities dominated the program ,COMMA there were reports from I. B. M. ,COMMA Bell Labs ,COMMA Westinghouse Electric Corporation and Exxon Corporation as well as from Japanese ,COMMA Chinese and Canadian scientists .PERIOD
</s>
</p>
<p.87.001.870320-0139.22>
<s.87.001.870320-0139.22.1>
The breakthrough generated tremendous excitement among Bell Labs scientists ,COMMA says Robert A. Laudise ,COMMA director of the laboratories' inorganic chemistry branch .PERIOD
</s>
<s.87.001.870320-0139.22.2>
"DOUBLE-QUOTE Usually ,COMMA research managers are coaching people to do this or that ,COMMA "DOUBLE-QUOTE Mr. Laudise notes .PERIOD
</s>
<s.87.001.870320-0139.22.3>
"DOUBLE-QUOTE But in this case we had people coming around from all different disciplines wanting to know if there was anything in this for their area ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0139.23>
<s.87.001.870320-0139.23.1>
"DOUBLE-QUOTE We've had a lot of people going without sleep ,COMMA "DOUBLE-QUOTE Mr. Laudise says .PERIOD
</s>
<s.87.001.870320-0139.23.2>
But he agrees with I. B. M.'s Mr. Armstrong that it's still too soon for anyone to settle on specific applications of the superconductors .PERIOD
</s>
<s.87.001.870320-0139.23.3>
"DOUBLE-QUOTE We're not trying to make any specific devices or systems ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0139.24>
<s.87.001.870320-0139.24.1>
Bell Labs researchers are ,COMMA however ,COMMA trying to fabricate various superconducting materials into experimental devices .PERIOD
</s>
<s.87.001.870320-0139.24.2>
At Wednesday's A. P. S. meeting they displayed a superconductor in the form of a flexible ceramic tape that can be formed and then hardened into a shape to fit a superconducting device .PERIOD
</s>
<s.87.001.870320-0139.24.3>
"DOUBLE-QUOTE When you try to make things ,COMMA it challenges your understanding of the materials ,COMMA "DOUBLE-QUOTE explains Mr. Laudise .PERIOD
</s>
<s.87.001.870320-0139.24.4>
While "DOUBLE-QUOTE it is mainly a scientific race ...ELLIPSIS we're well aware of the competitive aspects "DOUBLE-QUOTE of the research ,COMMA he says .PERIOD
</s>
<s.87.001.870320-0139.24.5>
Patent applications are filed as rapidly as possible and scientists don't always disclose all their findings in open scientific meetings ,COMMA he notes .PERIOD
</s>
</p>
<p.87.001.870320-0139.25>
<s.87.001.870320-0139.25.1>
Researchers at General Electric Company's big research and development center in Schnectady ,COMMA N. Y. ,COMMA agree that it's too soon to jump into an industrial competition with anyone ,COMMA including the Japanese .PERIOD
</s>
</p>
<p.87.001.870320-0139.26>
<s.87.001.870320-0139.26.1>
"DOUBLE-QUOTE In the materials field ,COMMA the events of the last several weeks have been quite spectacular ,COMMA but in the applications sense ,COMMA the jury is still very much out ,COMMA "DOUBLE-QUOTE says Michael Jefferies ,COMMA manager in the center's engineering physics laboratory .PERIOD
</s>
</p>
<p.87.001.870320-0139.27>
<s.87.001.870320-0139.27.1>
Until recently ,COMMA the G. E. lab didn't have a group of scientists working on superconducting materials .PERIOD
</s>
<s.87.001.870320-0139.27.2>
"DOUBLE-QUOTE But we're now trying to confirm and duplicate the results that are being reported ,COMMA "DOUBLE-QUOTE Mr. Jefferies says .PERIOD
</s>
</p>
<p.87.001.870320-0139.28>
<s.87.001.870320-0139.28.1>
Guy Donaruma ,COMMA vice president for research at the University of Alabama in Huntsville ,COMMA says governmental agencies and private concerns have shown a keen interest in the university's superconductivity research ,COMMA which duplicated the Houston breakthrough .PERIOD
</s>
</p>
<p.87.001.870320-0139.29>
<s.87.001.870320-0139.29.1>
"DOUBLE-QUOTE Wherever I go around town somebody buttonholes me and asks how we're coming along or when can we use this ,COMMA "DOUBLE-QUOTE Mr. Donaruma says .PERIOD
</s>
<s.87.001.870320-0139.29.2>
Some inquiries have come from the space and defense related agencies in the area ,COMMA including the Marshall Space Flight Center and the U. S. Army Missile Command ,COMMA he says .PERIOD
</s>
<s.87.001.870320-0139.29.3>
Some Southern utilities also have made inquiries regarding possible uses applicable to more efficient means of transmitting power ,COMMA he adds .PERIOD
</s>
</p>
<p.87.001.870320-0139.30>
<s.87.001.870320-0139.30.1>
In Palo Alto ,COMMA California ,COMMA where Stanford University recently announced a breakthrough in fabricating a superconducting thin film ,COMMA useful in electronic devices ,COMMA a news conference last week was packed with industry people .PERIOD
</s>
<s.87.001.870320-0139.30.2>
Several other scientists have called for more information for use in making a superpowerful magnet used by geological researchers .PERIOD
</s>
<s.87.001.870320-0139.30.3>
Niels Reimers ,COMMA director of Stanford's technology licensing office ,COMMA said ,COMMA however ,COMMA that he hasn't been fielding many industry inquiries .PERIOD
</s>
</p>
<p.87.001.870320-0139.31>
<s.87.001.870320-0139.31.1>
In Japan ,COMMA however ,COMMA companies that already sell conventional superconducting wire to the U. S. have begun crash programs to commercialize the new discovery .PERIOD
</s>
<s.87.001.870320-0139.31.2>
Fujikura Limited and Sumitomo Electric ,COMMA for example ,COMMA say they have developed rudimentary wire out of the new ceramic ,COMMA despite skepticism among some scientists that the material won't lend itself to wiremaking .PERIOD
</s>
<s.87.001.870320-0139.31.3>
"DOUBLE-QUOTE As makers ,COMMA we've got to pick it up ,COMMA "DOUBLE-QUOTE says a Sumitomo spokesman .PERIOD
</s>
<s.87.001.870320-0139.31.4>
"DOUBLE-QUOTE And we're moving on it .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.32>
<s.87.001.870320-0139.32.1>
Like their U. S. counterparts ,COMMA Japanese makers temper their euphoria with warnings that too little is known about the new ceramic superconductor to tell when and how the material will be commercialized .PERIOD
</s>
</p>
<p.87.001.870320-0139.33>
<s.87.001.870320-0139.33.1>
Aside from possible problems in forming brittle ceramic into wire ,COMMA the new superconductor still can't handle enough current to be used in heavy applications such as power plants .PERIOD
</s>
<s.87.001.870320-0139.33.2>
Superconductors also don't work well with alternating current ,COMMA the type of electricity used in most of the world's power equipment .PERIOD
</s>
</p>
<p.87.001.870320-0139.34>
<s.87.001.870320-0139.34.1>
But Japanese labs are convinced they can solve the problems over the next several years .PERIOD
</s>
<s.87.001.870320-0139.34.2>
Now that the West has made the basic breakthrough ,COMMA they say ,COMMA the ball is in their court .PERIOD
</s>
<s.87.001.870320-0139.34.3>
"DOUBLE-QUOTE It will be difficult and will take time ,COMMA "DOUBLE-QUOTE says Kasumasa Togano ,COMMA a government scientist .PERIOD
</s>
<s.87.001.870320-0139.34.4>
"DOUBLE-QUOTE But that's precisely where Japan's labs and makers have the edge .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.35>
<s.87.001.870320-0139.35.1>
Still ,COMMA he and other researchers admit to a twinge of hurt pride .PERIOD
</s>
<s.87.001.870320-0139.35.2>
"DOUBLE-QUOTE To be honest ,COMMA we're following in the footsteps of the U. S. ,COMMA "DOUBLE-QUOTE Mr. Togano says .PERIOD
</s>
<s.87.001.870320-0139.35.3>
"DOUBLE-QUOTE Here ,COMMA again ,COMMA the originality is coming from the West .PERIOD
</s>
<s.87.001.870320-0139.35.4>
We have a measure of sadness about that .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0139.36>
<s.87.001.870320-0139.36.1>
Jerry E. Bishop in New York contributed to this article .PERIOD
</s>
</p>
<p.87.001.870320-0138.1>
<s.87.001.870320-0138.1.1>
The American chief executive officer is a different breed .PERIOD
</s>
</p>
<p.87.001.870320-0138.2>
<s.87.001.870320-0138.2.1>
He's more no -HYPHEN frills nineteen fifties than Yuppified nineteen eighties ,COMMA more meat -HYPHEN and -HYPHEN potatoes than "DOUBLE-QUOTE cuisine minceur "DOUBLE-QUOTE ,COMMA more comfortable in blue suit ,COMMA white shirt and red tie than in the fashions of the times .PERIOD
</s>
</p>
<p.87.001.870320-0138.3>
<s.87.001.870320-0138.3.1>
If he were a movie star ,COMMA he'd be Spencer Tracy --DASH not Cary Grant and certainly not one of the casually dressed and startlingly young -HYPHEN looking box -HYPHEN office biggies of today .PERIOD
</s>
<s.87.001.870320-0138.3.2>
Like Tracy ,COMMA he carries extra weight around his waist ,COMMA and like Tracy ,COMMA he owns up to it .PERIOD
</s>
</p>
<p.87.001.870320-0138.4>
<s.87.001.870320-0138.4.1>
He's a man for the long haul .PERIOD
</s>
<s.87.001.870320-0138.4.2>
Almost one -HYPHEN third of the three hundred fifty one respondents to a Wall Street Journal survey on executive style said they have never worked for a company other than the one they now lead .PERIOD
</s>
<s.87.001.870320-0138.4.3>
And forty three %PERCENT of them were with their company for more than sixteen years before becoming C. E. O. .PERIOD
</s>
</p>
<p.87.001.870320-0138.5>
<s.87.001.870320-0138.5.1>
The survey --DASH which targeted the C. E. O.s of the Fortune five hundred industrial companies and three hundred fifty of the Fortune five hundred service companies --DASH found that in their personal lives as well as their business careers ,COMMA these men go against the grain of the evanescent nineteen eighties .PERIOD
</s>
</p>
<p.87.001.870320-0138.6>
<s.87.001.870320-0138.6.1>
In a time when it seems that all sorts of things from automobiles to relationships don't last as long as they used to ,COMMA more than eighty %PERCENT of the C. E. O.s have been married only once ,COMMA and roughly the same percentage have been married longer than twenty years .PERIOD
</s>
<s.87.001.870320-0138.6.2>
Just over a third have four or more children --DASH a plurality over those who have two or three. (LEFT-PAREN A tiny four %PERCENT have only one child ,COMMA and two %PERCENT have none .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0138.7>
<s.87.001.870320-0138.7.1>
All of the survey respondents were male ;SEMI-COLON so few women lead large U. S. corporations that many survey questions were written with a male respondent in mind ,COMMA angering some women who read them .PERIOD
</s>
<s.87.001.870320-0138.7.2>
Not only has the women's movement not put women at the top of the nation's largest corporations ,COMMA it also hasn't had much impact on chief executives' spouses .PERIOD
</s>
<s.87.001.870320-0138.7.3>
More than ninety %PERCENT of respondents' spouses in the survey don't work outside the home .PERIOD
</s>
</p>
<p.87.001.870320-0138.8>
<s.87.001.870320-0138.8.1>
The fathers of today's C. E. O.s had a wide range of careers --DASH policemen ,COMMA doctors ,COMMA lawyers ,COMMA journalists ,COMMA engineers .PERIOD
</s>
<s.87.001.870320-0138.8.2>
But more had business executives for fathers than anything else .PERIOD
</s>
</p>
<p.87.001.870320-0138.9>
<s.87.001.870320-0138.9.1>
They come from all regions of the U. S. ,COMMA but none of the respondents grew up in Maine ,COMMA North Dakota ,COMMA Montana ,COMMA Wyoming ,COMMA Arizona ,COMMA Nevada ,COMMA Alaska or Hawaii .PERIOD
</s>
<s.87.001.870320-0138.9.2>
New York produced fifteen %PERCENT of the chief executives ,COMMA the highest single -HYPHEN state total .PERIOD
</s>
<s.87.001.870320-0138.9.3>
Just under three %PERCENT of them grew up abroad .PERIOD
</s>
</p>
<p.87.001.870320-0138.10>
<s.87.001.870320-0138.10.1>
Their personal habits wouldn't surprise a Rip Van Winkle waking up after snoozing through the upheavals of the sixties and seventies --DASH except ,COMMA perhaps ,COMMA for the lack of cigarette smoke in the executive suite .PERIOD
</s>
<s.87.001.870320-0138.10.2>
Only seven %PERCENT smoke cigarettes .PERIOD
</s>
</p>
<p.87.001.870320-0138.11>
<s.87.001.870320-0138.11.1>
But they like to have a drink .PERIOD
</s>
<s.87.001.870320-0138.11.2>
Only eight %PERCENT are teetotalers .PERIOD
</s>
<s.87.001.870320-0138.11.3>
For the rest ,COMMA the most popular drinks are wine and Scotch .PERIOD
</s>
<s.87.001.870320-0138.11.4>
A martini is the drink of choice for only seven %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0138.12>
<s.87.001.870320-0138.12.1>
These clearly are affluent men .PERIOD
</s>
<s.87.001.870320-0138.12.2>
They like expensive cars ,COMMA and for all their Main Street traits ,COMMA almost half of them are deserting Detroit for foreign car makes .PERIOD
</s>
<s.87.001.870320-0138.12.3>
Overwhelmingly ,COMMA the first cars they ever bought were Fords and Chevys .PERIOD
</s>
<s.87.001.870320-0138.12.4>
But now ,COMMA only half of them prefer U. S. -HYPHEN built autos .PERIOD
</s>
<s.87.001.870320-0138.12.5>
On their wrists ,COMMA you're most likely to find a Seiko watch .PERIOD
</s>
</p>
<p.87.001.870320-0138.13>
<s.87.001.870320-0138.13.1>
When they buy the blue suits ,COMMA white shirts and red ties they favor ,COMMA they're most likely to get them at Brooks Brothers .PERIOD
</s>
<s.87.001.870320-0138.13.2>
Still ,COMMA a quarter of them have suits and shirts custom made ,COMMA and a good sprinkling favor tailors in London or Hong Kong .PERIOD
</s>
<s.87.001.870320-0138.13.3>
Another sprinkling have stuck to less glamorous haberdasheries such as Wallach's .PERIOD
</s>
</p>
<p.87.001.870320-0138.14>
<s.87.001.870320-0138.14.1>
But a few break away from the pattern of their peers to indulge an offbeat hobby .PERIOD
</s>
<s.87.001.870320-0138.14.2>
There's a bagpiper and a couple of banjo players .PERIOD
</s>
<s.87.001.870320-0138.14.3>
Two men list curling among their favorite sports .PERIOD
</s>
<s.87.001.870320-0138.14.4>
A handful relax by cooking .PERIOD
</s>
<s.87.001.870320-0138.14.5>
Two raise orchids ,COMMA and one carves duck decoys .PERIOD
</s>
</p>
<p.87.001.870320-0138.15>
<s.87.001.870320-0138.15.1>
If you could live in any city ,COMMA where would it be ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0137.1>
<s.87.001.870320-0137.1.1>
William Gates ,COMMA founder and chairman of Microsoft Corporation ,COMMA became the personal computer industry's first billion -HYPHEN dollar man yesterday .PERIOD
</s>
</p>
<p.87.001.870320-0137.2>
<s.87.001.870320-0137.2.1>
The thirty one -HYPHEN year -HYPHEN old Harvard University dropout holds eleven million ,COMMA eighteen thousand ,COMMA nine hundred fifty five shares ,COMMA or about a forty two %PERCENT stake in Microsoft ,COMMA which supplies ,COMMA among other things ,COMMA the internal program that controls the basic functions of International Business Machines Incorporated's P. C. line of personal computers and compatible machines .PERIOD
</s>
</p>
<p.87.001.870320-0137.3>
<s.87.001.870320-0137.3.1>
The magic number for the billion -HYPHEN dollar mark for Mr. Gates's stake was a share price of ninety dollars and seventy five cents ,COMMA and the stock rose above and dipped below that level during the day .PERIOD
</s>
<s.87.001.870320-0137.3.2>
Microsoft finally closed at ninety one dollars and twenty five cents ,COMMA up one dollar and seventy five cents ,COMMA in national over -HYPHEN the -HYPHEN counter trading ,COMMA which brought the value of his stake to one billion ,COMMA five million ,COMMA four hundred seventy nine thousand ,COMMA six hundred forty three dollars and seventy five cents .PERIOD
</s>
</p>
<p.87.001.870320-0137.4>
<s.87.001.870320-0137.4.1>
Mr. Gates ,COMMA who was traveling in South America ,COMMA wasn't available for comment on his new distinction .PERIOD
</s>
<s.87.001.870320-0137.4.2>
In recent months ,COMMA colleagues and competitors had begun to jokingly refer to Mr. Gates as "DOUBLE-QUOTE Billion Dollar Bill "DOUBLE-QUOTE as the paper value of his fortune swelled .PERIOD
</s>
</p>
<p.87.001.870320-0137.5>
<s.87.001.870320-0137.5.1>
Mr. Gates is the biggest beneficiary of an astonishing run -HYPHEN up in the price of Microsoft shares .PERIOD
</s>
<s.87.001.870320-0137.5.2>
The shares ,COMMA which first were offered to the public a little more than a year ago for twenty one dollars each ,COMMA have been outpacing the booming stock markets in recent months ,COMMA and have nearly doubled in value since the end of the year .PERIOD
</s>
</p>
<p.87.001.870320-0137.6>
<s.87.001.870320-0137.6.1>
"DOUBLE-QUOTE Is there a premium in the stock price because of Bill Gates ?QUESTION-MARK "DOUBLE-QUOTE asked Richard Sherlund ,COMMA an analyst who follows the company for Goldman ,COMMA Sachs &AMPERSAND Company .PERIOD
</s>
<s.87.001.870320-0137.6.2>
"DOUBLE-QUOTE I'd have to say yes ,COMMA because he is considered one of the brightest people in the industry .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0137.6.3>
Mr. Sherlund also said Microsoft's role "DOUBLE-QUOTE at the focal point of the personal computer industry "DOUBLE-QUOTE --DASH supplying operating system software to both I. B. M. and other manufacturers --DASH has driven market enthusiasm for the stock .PERIOD
</s>
</p>
<p.87.001.870320-0137.7>
<s.87.001.870320-0137.7.1>
Not even the founders of Apple Computer Incorporated ,COMMA Steven P. Jobs and Steve Wozniak ,COMMA came close to building billion -HYPHEN dollar fortunes in personal computers ,COMMA even though they practically fathered that industry .PERIOD
</s>
</p>
<p.87.001.870320-0137.8>
<s.87.001.870320-0137.8.1>
In high -HYPHEN technology businesses ,COMMA only H. Ross Perot ,COMMA who founded Electronic Data Systems Corporation ,COMMA now the data -HYPHEN processing services division of General Motors Corporation ,COMMA and David Packard and William Hewlett ,COMMA founders of computer and scientific instrument maker Hewlett -HYPHEN Packard Company ,COMMA have the distinction of building personal fortunes estimated to exceed one billion dollars .PERIOD
</s>
</p>
<p.87.001.870320-0136.1>
<s.87.001.870320-0136.1.1>
The following issues were filed recently with the Securities and Exchange Commission :COLON
</s>
</p>
<p.87.001.870320-0136.2>
<s.87.001.870320-0136.2.1>
AMERICAN CAN COMPANY ,COMMA shelf filing of five hundred million dollars of debt securities .PERIOD
</s>
</p>
<p.87.001.870320-0136.3>
<s.87.001.870320-0136.3.1>
FEDERAL PAPER BOARD COMPANY ,COMMA one hundred forty million dollars of cumulative convertible preferred stock ,COMMA via First Boston Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0136.4>
<s.87.001.870320-0136.4.1>
J. &AMPERSAND J. SNACK FOODS CORPORATION ,COMMA twenty five million dollars of convertible debentures ,COMMA via Advest Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0136.5>
<s.87.001.870320-0136.5.1>
LOMAS MORTGAGE CORPORATION ,COMMA an offering of four million common shares ,COMMA via Merrill Lynch Capital Markets .PERIOD
</s>
</p>
<p.87.001.870320-0136.6>
<s.87.001.870320-0136.6.1>
A. B. M. GOLD CORPORATION ,COMMA initial public offering of six million common shares ,COMMA via PaineWebber Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0135.1>
<s.87.001.870320-0135.1.1>
Despite a veto threat from President Reagan ,COMMA the Senate passed an eighty eight billion dollar highway bill ,COMMA but it postponed action on a separate measure to allow states to raise the speed limit to sixty five miles an hour on most rural interstate highways .PERIOD
</s>
</p>
<p.87.001.870320-0135.2>
<s.87.001.870320-0135.2.1>
The seventy nine to seventeen Senate vote on the House -HYPHEN Senate conference report came a day after the House approved the legislation by an overwhelming four hundred seven to seventeen .PERIOD
</s>
<s.87.001.870320-0135.2.2>
Both votes indicate Congress could override a presidential veto .PERIOD
</s>
<s.87.001.870320-0135.2.3>
The House voted separately two hundred seventeen to two hundred six to permit states to raise the speed limit to sixty five mph from fifty five mph on most rural interstate highways .PERIOD
</s>
</p>
<p.87.001.870320-0135.3>
<s.87.001.870320-0135.3.1>
The president ,COMMA in his veto message to Senate Majority Leader Robert Byrd (LEFT-PAREN D. ,COMMA West Virginia )RIGHT-PAREN ,COMMA expressed "DOUBLE-QUOTE grave concerns "DOUBLE-QUOTE about the cost of the legislation --DASH particularly for more than one hundred fifty special highway construction projects and for mass transit programs .PERIOD
</s>
</p>
<p.87.001.870320-0135.4>
<s.87.001.870320-0135.4.1>
Mr. Reagan said that over the five -HYPHEN year life of the bill ,COMMA the mass -HYPHEN transit funding would exceed his budget request by nine .POINT one billion dollars .PERIOD
</s>
<s.87.001.870320-0135.4.2>
While he noted that he "DOUBLE-QUOTE strongly "DOUBLE-QUOTE supported allowing states to raise the speed limit ,COMMA he said that "DOUBLE-QUOTE overall ,COMMA the measure is seriously flawed .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0135.5>
<s.87.001.870320-0135.5.1>
To eliminate Mr. Reagan's objections to the bill ,COMMA Senate Minority Leader Robert Dole (LEFT-PAREN R. ,COMMA Kansas )RIGHT-PAREN said an amendment would be offered to the speed -HYPHEN limit provision when it comes up on the floor ,COMMA probably today .PERIOD
</s>
<s.87.001.870320-0135.5.2>
The amendment ,COMMA he said ,COMMA may be the four -HYPHEN year ,COMMA sixty five billion dollar highway bill that the Senate passed earlier this year .PERIOD
</s>
</p>
<p.87.001.870320-0135.6>
<s.87.001.870320-0135.6.1>
Although that bill greatly exceeded the administration's budget request for mass transit ,COMMA it didn't contain any extra funding for special highway projects .PERIOD
</s>
<s.87.001.870320-0135.6.2>
The House -HYPHEN Senate conference report contains about eight hundred ninety million dollars in new federal funding for these projects ;SEMI-COLON the money would be in addition to the states' regular shares of federal highway aid .PERIOD
</s>
</p>
<p.87.001.870320-0135.7>
<s.87.001.870320-0135.7.1>
By using the speed -HYPHEN limit provision to amend the highway conference report ,COMMA Senator Dole would circumvent the procedural ban on amendments to conference reports and appease the administration .PERIOD
</s>
<s.87.001.870320-0135.7.2>
But the action ,COMMA if successful ,COMMA also could jeopardize the highway legislation because the House ,COMMA which has fought fiercely for the special highway projects ,COMMA would have to approve the changes .PERIOD
</s>
</p>
<p.87.001.870320-0135.8>
<s.87.001.870320-0135.8.1>
"DOUBLE-QUOTE The bill as is ,COMMA and only the bill as is ,COMMA can be passed by the Congress ,COMMA "DOUBLE-QUOTE said Senator Daniel Patrick Moynihan (LEFT-PAREN D. ,COMMA N. Y. )RIGHT-PAREN ,COMMA floor manager for the bill .PERIOD
</s>
</p>
<p.87.001.870320-0135.9>
<s.87.001.870320-0135.9.1>
Administration insiders concede Senator Dole's effort to change the highway bill by amending the speed -HYPHEN limit provision is a long shot .PERIOD
</s>
<s.87.001.870320-0135.9.2>
That's partly because senators from the West who are sympathetic to cost concerns about the highway bill don't want to jeopardize the speed -HYPHEN limit measure by changing it .PERIOD
</s>
</p>
<p.87.001.870320-0135.10>
<s.87.001.870320-0135.10.1>
But even if Senator Dole's gambit fails ,COMMA these officials said ,COMMA the exercise could help sustain a presidential veto of the highway bill later .PERIOD
</s>
<s.87.001.870320-0135.10.2>
The reasoning is that the Senate would be more likely to vote to sustain a veto if it were clear that the president supported the original ,COMMA Senate -HYPHEN passed highway bill .PERIOD
</s>
</p>
<p.87.001.870320-0135.11>
<s.87.001.870320-0135.11.1>
That bill would authorize about fifty three billion dollars for highways and thirteen billion dollars for mass transit over a four -HYPHEN year period .PERIOD
</s>
<s.87.001.870320-0135.11.2>
The House -HYPHEN Senate conference report would authorize about seventy billion dollars for highways and eighteen billion dollars for transit over five years .PERIOD
</s>
</p>
<p.87.001.870320-0134.1>
<s.87.001.870320-0134.1.1>
Waste Management Incorporated ,COMMA which had said it wouldn't sweeten its twenty seven dollar -HYPHEN a -HYPHEN share bid for ChemLawn Corporation and had insisted the offer was "DOUBLE-QUOTE fair and fully priced ,COMMA "DOUBLE-QUOTE said it is ready to boost the bid to thirty three dollars a share .PERIOD
</s>
</p>
<p.87.001.870320-0134.2>
<s.87.001.870320-0134.2.1>
But Wall Street didn't seem satisfied as traders drove ChemLawn's stock price above the proposed bid .PERIOD
</s>
<s.87.001.870320-0134.2.2>
Such activity usually indicates that the market expects a higher bid or a new suitor .PERIOD
</s>
</p>
<p.87.001.870320-0134.3>
<s.87.001.870320-0134.3.1>
ChemLawn declined to comment ,COMMA but a spokesman said the company was likely to respond to the offer today .PERIOD
</s>
<s.87.001.870320-0134.3.2>
The Columbus ,COMMA Ohio -HYPHEN based lawn -HYPHEN care concern has been seeking other purchasers since earlier this month ,COMMA when it rejected Waste Management's twenty seven dollar -HYPHEN a -HYPHEN share bid as "DOUBLE-QUOTE inadequate .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0134.3.3>
Waste Management announced that surprise tender offer in late February .PERIOD
</s>
</p>
<p.87.001.870320-0134.4>
<s.87.001.870320-0134.4.1>
Under the new plan ,COMMA the Oak Brook ,COMMA Illinois -HYPHEN based waste hauler said it would pay thirty three dollars for each of ChemLawn's about ten million shares ,COMMA or about three hundred thirty million dollars ,COMMA if ChemLawn promptly agrees to be acquired at that price .PERIOD
</s>
</p>
<p.87.001.870320-0134.5>
<s.87.001.870320-0134.5.1>
In national over -HYPHEN the -HYPHEN counter trading yesterday ,COMMA ChemLawn common shares closed at thirty four .POINT one two five dollars ,COMMA up two dollars and twenty five cents .PERIOD
</s>
<s.87.001.870320-0134.5.2>
In composite trading on the New York Stock Exchange ,COMMA Waste Management closed at seventy six .POINT three seven five dollars ,COMMA up one dollar and fifty cents .PERIOD
</s>
</p>
<p.87.001.870320-0134.6>
<s.87.001.870320-0134.6.1>
A Waste Management spokesman declined to say why the company did an about -HYPHEN face and raised the bid .PERIOD
</s>
</p>
<p.87.001.870320-0134.7>
<s.87.001.870320-0134.7.1>
"DOUBLE-QUOTE Waste Management probably initially thought twenty seven dollars was high enough that it would be a pre -HYPHEN emptive bid ,COMMA "DOUBLE-QUOTE said Clarke Walser ,COMMA an analyst with Chicago Corporation .PERIOD
</s>
<s.87.001.870320-0134.7.2>
In mid -HYPHEN February ,COMMA immediately before Waste Management's offer ,COMMA ChemLawn shares were trading between sixteen dollars and eighteen dollars .PERIOD
</s>
<s.87.001.870320-0134.7.3>
But the stock instantly jumped above Waste Management's twenty seven dollar -HYPHEN a -HYPHEN share offer to twenty nine .POINT six two five dollar bid .PERIOD
</s>
<s.87.001.870320-0134.7.4>
It has gradually risen since .PERIOD
</s>
<s.87.001.870320-0134.7.5>
Waste Management may have been worried by ChemLawn's announcement in mid -HYPHEN March that it was in talks with various parties on the possible sale of the company ,COMMA Mr. Walser said .PERIOD
</s>
</p>
<p.87.001.870320-0134.8>
<s.87.001.870320-0134.8.1>
Acquiring ChemLawn would expand Waste Management's residential -HYPHEN services business from trash collection into lawn spraying .PERIOD
</s>
<s.87.001.870320-0134.8.2>
Analysts have said that Waste Management has been looking for acquisitions in the outdoor -HYPHEN services industry ,COMMA and the company is well -HYPHEN armed financially to pursue them .PERIOD
</s>
<s.87.001.870320-0134.8.3>
The Waste Management spokesman said the company would pay for ChemLawn with cash and short -HYPHEN term debt .PERIOD
</s>
<s.87.001.870320-0134.8.4>
He declined to elaborate .PERIOD
</s>
</p>
<p.87.001.870320-0133.1>
<s.87.001.870320-0133.1.1>
(LEFT-PAREN "DOUBLE-QUOTE ...ELLIPSIS a new addition at Boston University is the Center for the Study of Disinformation. "DOUBLE-QUOTE --DASH News item )RIGHT-PAREN :COLON
</s>
</p>
<p.87.001.870320-0133.2>
<s.87.001.870320-0133.2.1>
To disinform .PERIOD
</s>
</p>
<p.87.001.870320-0133.3>
<s.87.001.870320-0133.3.1>
Of advanced misleading .PERIOD
</s>
</p>
<p.87.001.870320-0133.4>
<s.87.001.870320-0133.4.1>
--DASH Dow Richardson .PERIOD
</s>
</p>
<p.87.001.870320-0133.5>
<s.87.001.870320-0133.5.1>
Unfortunately ,COMMA some folks can't tell what they think until they hear what they say .PERIOD
</s>
</p>
<p.87.001.870320-0133.6>
<s.87.001.870320-0133.6.1>
--DASH Arnold H. Glasow .PERIOD
</s>
</p>
<p.87.001.870320-0133.7>
<s.87.001.870320-0133.7.1>
Convenience food :COLON anything you find in the front of the fridge .PERIOD
</s>
</p>
<p.87.001.870320-0133.8>
<s.87.001.870320-0133.8.1>
--DASH Rose Sands .PERIOD
</s>
</p>
<p.87.001.870320-0132.1>
<s.87.001.870320-0132.1.1>
We have witnessed startling events in U. S. foreign policy during the past year .PERIOD
</s>
<s.87.001.870320-0132.1.2>
The Reykjavik summit produced what appeared to be a total repudiation of America's basic security posture by proposing the total abolition of ballistic missiles by nineteen ninety six .PERIOD
</s>
<s.87.001.870320-0132.1.3>
The Iran -HYPHEN contra affair repudiated America's basic position of not dealing with terrorist governments and not paying ransom for hostages .PERIOD
</s>
</p>
<p.87.001.870320-0132.2>
<s.87.001.870320-0132.2.1>
These abrupt foreign -HYPHEN policy shifts followed less noticed but equally abrupt shifts in economic policy .PERIOD
</s>
<s.87.001.870320-0132.2.2>
From nineteen eighty to nineteen eighty four ,COMMA the U. S. followed a deliberate policy of driving up the value of the dollar and interpreting its fifty %PERCENT rise as a reflection of American strength ;SEMI-COLON in nineteen eighty five ,COMMA the U. S. shifted gears and proceeded to drive the dollar down at least as much in order to regain American competitiveness .PERIOD
</s>
<s.87.001.870320-0132.2.3>
To resolve the Third World debt problem ,COMMA it supported an austerity policy sponsored by the International Monetary Fund from nineteen eighty to nineteen eighty four ,COMMA and then switched to a growth -HYPHEN oriented policy in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0132.3>
<s.87.001.870320-0132.3.1>
Consistency ,COMMA in and of itself ,COMMA is not necessarily a virtue .PERIOD
</s>
<s.87.001.870320-0132.3.2>
But when the world's leading economic and military power shifts gears as brutally and dramatically as the U. S. has done in areas vital to its allies as well as its adversaries ,COMMA the result is an inevitable loss of America's ability to provide leadership .PERIOD
</s>
<s.87.001.870320-0132.3.3>
To this we must add the dynamics created by a presidential election in nineteen eighty eight .PERIOD
</s>
</p>
<p.87.001.870320-0132.4>
<s.87.001.870320-0132.4.1>
There is no purely American solution to any of our major economic problems .PERIOD
</s>
<s.87.001.870320-0132.4.2>
The U. S. cannot afford a recession that would drive its deficits to more than three hundred billion dollars and possibly cause a crash in the value of the dollar as well as in the stock and bond markets .PERIOD
</s>
<s.87.001.870320-0132.4.3>
The result could be massive domestic and international banking defaults ,COMMA a world recession and political instability in large parts of the globe .PERIOD
</s>
<s.87.001.870320-0132.4.4>
Avoiding such a catastrophe will involve a delicate combination of coordinated domestic and international efforts :COLON
</s>
</p>
<p.87.001.870320-0132.5>
<s.87.001.870320-0132.5.1>
--DASH The U. S. must cut its budget deficit with new taxes and reductions in expenditures .PERIOD
</s>
</p>
<p.87.001.870320-0132.6>
<s.87.001.870320-0132.6.1>
--DASH To counteract the risk of recession ,COMMA it must reduce interest rates and run an easier monetary policy .PERIOD
</s>
</p>
<p.87.001.870320-0132.7>
<s.87.001.870320-0132.7.1>
--DASH To avoid a collapse of the dollar ,COMMA Japan and Europe will have to stimulate growth ,COMMA cut taxes and interest rates .PERIOD
</s>
</p>
<p.87.001.870320-0132.8>
<s.87.001.870320-0132.8.1>
--DASH And to promote growth in the Third World ,COMMA the U. S. ,COMMA Japan and Western Europe will have to agree on an aggressive plan of debt restructuring and new capital for the debtor countries .PERIOD
</s>
</p>
<p.87.001.870320-0132.9>
<s.87.001.870320-0132.9.1>
It is hard to see how any of this could happen in a traditional U. S. presidential election year .PERIOD
</s>
<s.87.001.870320-0132.9.2>
Under normal circumstances ,COMMA even if the next president were willing to embrace such an agenda it probably would not see the light of day until nineteen ninety .PERIOD
</s>
<s.87.001.870320-0132.9.3>
That may well be too late .PERIOD
</s>
</p>
<p.87.001.870320-0132.10>
<s.87.001.870320-0132.10.1>
In the foreign -HYPHEN policy field ,COMMA events are similarly crowding the U. S. Developments in the Soviet Union suggest a desire on the part of General Secretary Mikhail Gorbachev for a massive effort to modernize the Soviet economy ,COMMA which can happen only with the West's cooperation .PERIOD
</s>
<s.87.001.870320-0132.10.2>
For the first time since World War two ,COMMA it is possible that arms -HYPHEN control negotiations ,COMMA tied to economic and trade negotiations ,COMMA could change the internal dynamics of the Soviet Union and ,COMMA possibly ,COMMA the overall relationship between the U. S. and the Soviet Union .PERIOD
</s>
<s.87.001.870320-0132.10.3>
The volatile stituation in the Middle East requires firm and steady leadership from the U. S. together with Europe ,COMMA both for international security reasons and for America's coming dependence on Mideastern oil .PERIOD
</s>
</p>
<p.87.001.870320-0132.11>
<s.87.001.870320-0132.11.1>
How is all this affected by next year's presidential election ?QUESTION-MARK
</s>
<s.87.001.870320-0132.11.2>
Politicians have a tendency to re -HYPHEN create the last election just as generals have a tendency to fight the last war .PERIOD
</s>
<s.87.001.870320-0132.11.3>
By that wisdom ,COMMA on the domestic front ,COMMA the Democratic presidential candidates will refuse to discuss any increase in taxes and the Republican candidates will duck the issue of possible cutbacks in Social Security and other entitlements .PERIOD
</s>
<s.87.001.870320-0132.11.4>
That will clearly doom any serious action on the budget deficit until nineteen ninety .PERIOD
</s>
</p>
<p.87.001.870320-0132.12>
<s.87.001.870320-0132.12.1>
On the international front ,COMMA neither Democrats nor Republicans will want to deal with Third World debt restructuring while the farm sector ,COMMA the energy sector and other parts of the U. S. economy are in difficulty .PERIOD
</s>
<s.87.001.870320-0132.12.2>
As for American ties with the Soviets ,COMMA Republicans will outdo each other as to hawkishness and Democrats will fear to be perceived as "DOUBLE-QUOTE soft on communism .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0132.13>
<s.87.001.870320-0132.13.1>
The presidential candidates in nineteen eighty eight will have to decide whether to be realistic and truthful about what the U. S. is facing ,COMMA thereby running the risk of political suicide .PERIOD
</s>
<s.87.001.870320-0132.13.2>
Or ,COMMA they will have to make promises they cannot possibly keep and ,COMMA therefore ,COMMA be unable to govern if elected .PERIOD
</s>
</p>
<p.87.001.870320-0132.14>
<s.87.001.870320-0132.14.1>
One way to avoid these alternatives would be to try to create a consensus among moderate Republican and Democratic leaders on certain aspects of an agenda for the next president .PERIOD
</s>
<s.87.001.870320-0132.14.2>
This could be done by establishing a bipartisan congressional commission modeled on the Temporary National Economic Commission set up by Franklin Roosevelt in nineteen thirty eight to study the country's economic problems .PERIOD
</s>
</p>
<p.87.001.870320-0132.15>
<s.87.001.870320-0132.15.1>
The commission could consist of ,COMMA say ,COMMA four members of Congress ,COMMA four businessmen and four academicians .PERIOD
</s>
<s.87.001.870320-0132.15.2>
They would be evenly split between Republicans and Democrats and would represent ideologically moderate wings of their parties .PERIOD
</s>
<s.87.001.870320-0132.15.3>
Their task would be to identify the main issues and to establish the next president's priorities .PERIOD
</s>
<s.87.001.870320-0132.15.4>
Even if the commission did not reach a consensus on how to solve the major economic problems ,COMMA it could lay out options that could influence the campaign debate .PERIOD
</s>
</p>
<p.87.001.870320-0132.16>
<s.87.001.870320-0132.16.1>
With respect to the deficit ,COMMA the alternatives of higher income taxes or new types of consumption taxes would leave a great deal of room for argument --DASH as would mechanisms to make certain that new taxes do not translate into new spending .PERIOD
</s>
<s.87.001.870320-0132.16.2>
When it comes to trade ,COMMA the options would probably include a further lowering of the dollar ,COMMA temporary tariffs ,COMMA or some forms of limited industrial policies .PERIOD
</s>
<s.87.001.870320-0132.16.3>
As for interest rates and the Federal Reserve ,COMMA the commission could debate monetary policy and ,COMMA one would hope ,COMMA come up with an unanimous recommendation to continue Paul Volcker for another term .PERIOD
</s>
</p>
<p.87.001.870320-0132.17>
<s.87.001.870320-0132.17.1>
With respect to entitlements ,COMMA the alternative of means testings or taxing affluent recipients should be examined .PERIOD
</s>
<s.87.001.870320-0132.17.2>
And as for Third World debt ,COMMA the options could include government involvement as part of a major restructuring program of the type recommended by Senator Bill Bradley (LEFT-PAREN D. ,COMMA N. J. )RIGHT-PAREN or the continuation of rollovers together with some version of the current Baker Plan .PERIOD
</s>
</p>
<p.87.001.870320-0132.18>
<s.87.001.870320-0132.18.1>
While a commission would provide a reasonable framework for debate of the economic alternatives and allow the candidates to present their vision of America within such a framework ,COMMA it would also provide the domestic framework within which Americans could debate the critical foreign -HYPHEN policy issue of the nineteen eighty eight campaign --DASH namely ,COMMA America's long -HYPHEN term relationship with the Soviet Union .PERIOD
</s>
</p>
<p.87.001.870320-0132.19>
<s.87.001.870320-0132.19.1>
In the final analysis ,COMMA the next president will be elected on the voters' belief in his character and his competence .PERIOD
</s>
<s.87.001.870320-0132.19.2>
If the country wishes to elect a radical of the right or of the left ,COMMA so be it .PERIOD
</s>
<s.87.001.870320-0132.19.3>
But if the country wishes to elect a moderate ,COMMA at least let us provide him with some of the tools to do the job :COLON a realistic program for his election and bipartisan support for his governance .PERIOD
</s>
</p>
<p.87.001.870320-0132.20>
<s.87.001.870320-0132.20.1>
Mr. Rohatyn is a senior partner in Lazard Freres &AMPERSAND Company and chairman of New York's Municipal Assistance Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0131.1>
<s.87.001.870320-0131.1.1>
A membership on the New York Mercantile Exchange sold at one hundred fifty thousand dollars ,COMMA down from one hundred fifty five thousand dollars paid for a seat in a February seventeenth sale ,COMMA but far above the eighty thousand dollars paid for one on March nineteenth ,COMMA nineteen eighty six .PERIOD
</s>
</p>
<p.87.001.870320-0131.2>
<s.87.001.870320-0131.2.1>
Currently ,COMMA memberships are being quoted at one hundred thirty five thousand dollar bid and one hundred fifty five thousand dollars asked ,COMMA according to an exchange spokeswoman .PERIOD
</s>
</p>
<p.87.001.870320-0130.1>
<s.87.001.870320-0130.1.1>
L. T. V. Corporation agreed to revise its cash management procedures ,COMMA satisfying its unsecured creditors and allowing it to secure one hundred million dollars of new bank financing .PERIOD
</s>
</p>
<p.87.001.870320-0130.2>
<s.87.001.870320-0130.2.1>
The complex bank financing agreement ,COMMA which is expected to be filed today in bankruptcy court in New York ,COMMA had drawn objections from L. T. V.'s unsecured creditors and the Pension Benefit Guaranty Corporation ,COMMA the federal agency that insures corporate pensions ,COMMA because it tinkered with some aspects of L. T. V.'s cash management procedures while leaving others alone .PERIOD
</s>
</p>
<p.87.001.870320-0130.3>
<s.87.001.870320-0130.3.1>
The big steel ,COMMA aerospace and energy concern has been operating since last July with protection from creditors' lawsuits ,COMMA under Chapter eleven of the federal Bankruptcy Code ,COMMA while it works out a plan to pay debt .PERIOD
</s>
<s.87.001.870320-0130.3.2>
Since the financing package was first filed with the court last December ,COMMA bankers ,COMMA creditors and L. T. V. officials have spent hundreds of hours at the bargaining table reworking the cash management procedures .PERIOD
</s>
</p>
<p.87.001.870320-0130.4>
<s.87.001.870320-0130.4.1>
As part of the initial agreement between L. T. V. and the twenty two -HYPHEN member bank group ,COMMA the company had agreed to restrict the profits it would funnel from its successful aerospace and defense unit to its troubled steel and energy products units .PERIOD
</s>
<s.87.001.870320-0130.4.2>
In the first year ,COMMA L. T. V. could transfer seventy seven million dollars from the aerospace and defense unit to the parent company ,COMMA plus fifty %PERCENT of the unit's profits in future years .PERIOD
</s>
</p>
<p.87.001.870320-0130.5>
<s.87.001.870320-0130.5.1>
That aspect of the accord wasn't changed ,COMMA the banks and creditors said .PERIOD
</s>
<s.87.001.870320-0130.5.2>
Most of the changes involved reporting mechanisms ,COMMA whereby L. T. V. has agreed to provide detailed information to its creditors about many of its cash transfers ,COMMA they said .PERIOD
</s>
<s.87.001.870320-0130.5.3>
L. T. V. declined to comment until the agreement is filed with the bankruptcy court .PERIOD
</s>
</p>
<p.87.001.870320-0130.6>
<s.87.001.870320-0130.6.1>
With the revisions ,COMMA a creditors' spokesman said ,COMMA "DOUBLE-QUOTE If any movement is made that we feel impairs the ability of the unsecured creditors to protect their interests ,COMMA we'll have enough notice to go into court .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0130.7>
<s.87.001.870320-0130.7.1>
The pension agency ,COMMA which has taken over L. T. V.'s four big steel pension funds ,COMMA also had been concerned that the banks' agreement to repackage about four hundred thirty five million dollars of secured debt and letters of credit constituted a reorganization plan of sorts .PERIOD
</s>
<s.87.001.870320-0130.7.2>
Attorneys representing L. T. V.'s banks said language in the agreement was changed and clarified to make it clear that the debts were still considered to be so -HYPHEN called pre -HYPHEN petition claims ,COMMA which can't be paid outside of a formal reorganization plan .PERIOD
</s>
</p>
<p.87.001.870320-0130.8>
<s.87.001.870320-0130.8.1>
L. T. V.'s Chapter eleven filing cited huge interest and pension costs ,COMMA and continuing problems at its beleaguered steel unit ,COMMA the nation's second -HYPHEN largest .PERIOD
</s>
<s.87.001.870320-0130.8.2>
The company plans to reorganize around its aerospace and defense unit .PERIOD
</s>
</p>
<p.87.001.870320-0130.9>
<s.87.001.870320-0130.9.1>
L. T. V. had urged quick approval of the agreement in January ,COMMA saying it needed the new one hundred million dollars in financing for letters of credit to support foreign sales of military and drilling equipment .PERIOD
</s>
</p>
<p.87.001.870320-0129.1>
<s.87.001.870320-0129.1.1>
Bobbie Brooks Incorporated said its board approved an anti -HYPHEN takeover plan involving the distribution of stock -HYPHEN purchase rights to shareholders .PERIOD
</s>
</p>
<p.87.001.870320-0129.2>
<s.87.001.870320-0129.2.1>
Under the plan ,COMMA holders of common stock will receive the right to buy one share at an exercise price of four dollars and fifty cents for each share they hold .PERIOD
</s>
<s.87.001.870320-0129.2.2>
The rights are exercisable if a suitor acquires or makes a tender offer for at least twenty %PERCENT of the stock .PERIOD
</s>
<s.87.001.870320-0129.2.3>
The maker of women's clothing said it isn't aware of any takeover interest in the company .PERIOD
</s>
</p>
<p.87.001.870320-0128.1>
<s.87.001.870320-0128.1.1>
B. C. E. Development Corporation expects first -HYPHEN quarter earnings to rise from the year earlier ,COMMA partly because of eighteen million dollars (LEFT-PAREN Canadian )RIGHT-PAREN in pre -HYPHEN tax profit from the sale of two Canadian properties ,COMMA Jack Poole ,COMMA president ,COMMA said after the annual meeting .PERIOD
</s>
</p>
<p.87.001.870320-0128.2>
<s.87.001.870320-0128.2.1>
B. C. E. ,COMMA a real estate concern ,COMMA is sixty eight %PERCENT -HYPHEN owned by Bell Canada Enterprises Incorporated ,COMMA Montreal .PERIOD
</s>
<s.87.001.870320-0128.2.2>
Comparable first -HYPHEN quarter results aren't yet available for nineteen eighty six because the company is changing its fiscal year to December thirty first from October thirty first .PERIOD
</s>
</p>
<p.87.001.870320-0127.1>
<s.87.001.870320-0127.1.1>
Boyd L. Jefferies ,COMMA chairman of Jefferies Group Incorporated ,COMMA the Los Angeles -HYPHEN based brokerage firm that pioneered off -HYPHEN market trading and became a major force in takeovers ,COMMA agreed to plead guilty to two felony counts of securities law violations .PERIOD
</s>
</p>
<p.87.001.870320-0127.2>
<s.87.001.870320-0127.2.1>
And ,COMMA according to people familiar with the government's investigation ,COMMA Mr. Jefferies also has implicated others in the securities industry's rapidly widening scandal ,COMMA including individuals believed to have manipulated the price of an offering by American Express Company of Fireman's Fund Corporation securities last year .PERIOD
</s>
</p>
<p.87.001.870320-0127.3>
<s.87.001.870320-0127.3.1>
Mr. Jefferies also settled ,COMMA without admitting guilt ,COMMA related charges by the Securities and Exchange Commission that he engaged in multiple violations of securities laws as a participant in a market manipulation scheme ,COMMA and in a separate scheme with takeover speculator Ivan F. Boesky to "DOUBLE-QUOTE park "DOUBLE-QUOTE stock .PERIOD
</s>
</p>
<p.87.001.870320-0127.4>
<s.87.001.870320-0127.4.1>
Parking stock occurs when an investor buys stock for another who doesn't want to be identified as the owner .PERIOD
</s>
<s.87.001.870320-0127.4.2>
The S. E. C. charged that ,COMMA in certain cases ,COMMA Mr. Jefferies helped mask Mr. Boesky's identity ,COMMA and that in others the arrangement was reversed .PERIOD
</s>
</p>
<p.87.001.870320-0127.5>
<s.87.001.870320-0127.5.1>
The developments are dramatic confirmation that the government's investigation has moved far beyond insider trading .PERIOD
</s>
<s.87.001.870320-0127.5.2>
People familiar with the investigation said Mr. Jefferies ,COMMA who is cooperating fully with the government ,COMMA has described other instances of parking and stock manipulation ,COMMA suggesting that the illegal practices have been widespread on Wall Street .PERIOD
</s>
</p>
<p.87.001.870320-0127.6>
<s.87.001.870320-0127.6.1>
In a letter to shareholders of publicly traded Jefferies Group ,COMMA Mr. Jefferies ,COMMA who resigned yesterday as chairman ,COMMA said ,COMMA "DOUBLE-QUOTE I fully accept sole responsibility for these transactions "DOUBLE-QUOTE and "DOUBLE-QUOTE it is with deep personal sorrow and regret that I leave the company that has been my life for the past twenty five years .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0127.6.2>
He emphasized that neither he nor the company engaged in insider trading and didn't breach "DOUBLE-QUOTE any trust or confidence placed in us by our customers .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0127.7>
<s.87.001.870320-0127.7.1>
As part of his settlement ,COMMA the fifty six -HYPHEN year -HYPHEN old Mr. Jefferies was barred from the securities industry for at least five years and placed his personal thirteen %PERCENT stake in Jefferies Group in a voting trust .PERIOD
</s>
</p>
<p.87.001.870320-0127.8>
<s.87.001.870320-0127.8.1>
Frank Baxter ,COMMA fifty ,COMMA who has been president and chief operating officer of Jefferies ,COMMA became the new chief executive .PERIOD
</s>
</p>
<p.87.001.870320-0127.9>
<s.87.001.870320-0127.9.1>
In national over -HYPHEN the -HYPHEN counter trading ,COMMA Jefferies's shares closed at eleven dollars ,COMMA down twenty five cents .PERIOD
</s>
</p>
<p.87.001.870320-0127.10>
<s.87.001.870320-0127.10.1>
The S. E. C. also censured Jefferies &AMPERSAND Company ,COMMA the company's securities trading unit ,COMMA and ordered the unit to retain an outside consultant to review its procedures designed to detect violations of securities laws .PERIOD
</s>
<s.87.001.870320-0127.10.2>
No fines were imposed .PERIOD
</s>
<s.87.001.870320-0127.10.3>
On Wall Street ,COMMA the penalties were generally deemed to be light ,COMMA given the scope of the offenses charged ,COMMA and suggest that Mr. Jefferies's cooperation is important to the government .PERIOD
</s>
</p>
<p.87.001.870320-0127.11>
<s.87.001.870320-0127.11.1>
The market manipulation charge was the most startling of the offenses alleged yesterday by the S. E. C. because it has nothing to do with Mr. Boesky or insider trading ,COMMA and implicates other individuals and firms .PERIOD
</s>
<s.87.001.870320-0127.11.2>
Mr. Jefferies was charged with manipulating the price of a stock involved in a nineteen eighty six secondary public stock offering at the request of an unnamed person .PERIOD
</s>
<s.87.001.870320-0127.11.3>
Allegedly ,COMMA he bought huge blocks of the stock at or near the close of trading to boost its price ,COMMA thereby affecting the price of the public offering the next day .PERIOD
</s>
</p>
<p.87.001.870320-0127.12>
<s.87.001.870320-0127.12.1>
The S. E. C. refused to identify the person or the companies involved .PERIOD
</s>
<s.87.001.870320-0127.12.2>
But people familiar with the government's investigation said the transaction described is an eight -HYPHEN million unit offering of stock and warrants of Fireman's Fund by American Express last May .PERIOD
</s>
<s.87.001.870320-0127.12.3>
American Express received three hundred thirty two million dollars from the offering ,COMMA which was underwritten by a syndicate led by Salomon Brothers Incorporated and Shearson Lehman Brothers Incorporated ,COMMA an American Express subsidiary .PERIOD
</s>
</p>
<p.87.001.870320-0127.13>
<s.87.001.870320-0127.13.1>
According to the S. E. C. charges ,COMMA Jefferies ,COMMA at the request of the unnamed individual ,COMMA agreed to drive up the stock price by buying the blocks .PERIOD
</s>
<s.87.001.870320-0127.13.2>
In return ,COMMA the person agreed to indemnify Jefferies for any loss incurred in buying and holding the stock .PERIOD
</s>
<s.87.001.870320-0127.13.3>
Jefferies subsequently sold its shares at a loss and was reimbursed .PERIOD
</s>
<s.87.001.870320-0127.13.4>
To disguise the payment ,COMMA Jefferies issued a fraudulent invoice to the person for alleged "DOUBLE-QUOTE investment banking services ,COMMA "DOUBLE-QUOTE and later ,COMMA at the person's request ,COMMA issued another fraudulent invoice to someone else .PERIOD
</s>
</p>
<p.87.001.870320-0127.14>
<s.87.001.870320-0127.14.1>
The people familiar with the case wouldn't identify any of the individuals involved ,COMMA but said the person who initiated the arrangement had ties to officials of American Express .PERIOD
</s>
<s.87.001.870320-0127.14.2>
The S. E. C. noted that the issuer had received firm commitments from its underwriters for the offering ,COMMA meaning that the underwriters bore the risks of any decline in the price of the stock just before the offering .PERIOD
</s>
</p>
<p.87.001.870320-0127.15>
<s.87.001.870320-0127.15.1>
Neither American Express ,COMMA Shearson ,COMMA Salomon nor any individuals at those firms were charged with wrongdoing in connection with the Jefferies case .PERIOD
</s>
<s.87.001.870320-0127.15.2>
Both the S. E. C. and the U. S. attorney's office said investigations of the offering are continuing .PERIOD
</s>
</p>
<p.87.001.870320-0127.16>
<s.87.001.870320-0127.16.1>
Spokesmen for American Express and Salomon Brothers declined to comment .PERIOD
</s>
</p>
<p.87.001.870320-0127.17>
<s.87.001.870320-0127.17.1>
The "DOUBLE-QUOTE parking "DOUBLE-QUOTE charges ,COMMA while extensive ,COMMA came as less of a surprise .PERIOD
</s>
<s.87.001.870320-0127.17.2>
This newspaper reported last November that Mr. Jefferies was under investigation ,COMMA and later disclosed that a three million dollar payment from Ivan F. Boesky Corporation to Jefferies was being examined by the S. E. C. as part of a suspected parking scheme .PERIOD
</s>
<s.87.001.870320-0127.17.3>
That invoice ,COMMA purportedly for "DOUBLE-QUOTE investment advisory and corporate financial services ,COMMA "DOUBLE-QUOTE was identified yesterday by the S. E. C. as an important part of the alleged parking scheme between Mr. Boesky and Mr. Jefferies .PERIOD
</s>
<s.87.001.870320-0127.17.4>
The similar fraudulent invoice prepared by Mr. Jefferies in connection with the market manipulation scheme is entirely separate ,COMMA the S. E. C. alleged .PERIOD
</s>
</p>
<p.87.001.870320-0127.18>
<s.87.001.870320-0127.18.1>
As alleged by the S. E. C. ,COMMA Boesky and Jefferies entities secretly held stock positions belonging to the other ,COMMA and agreed to "DOUBLE-QUOTE buy back "DOUBLE-QUOTE the positions and reimburse each other for carrying costs and any losses incurred on the holdings .PERIOD
</s>
<s.87.001.870320-0127.18.2>
Periodically ,COMMA the two netted out the profits on the holdings ,COMMA the S. E. C. charged .PERIOD
</s>
</p>
<p.87.001.870320-0127.19>
<s.87.001.870320-0127.19.1>
The agency charged that in one instance last March ,COMMA involving a twenty seven million dollar ,COMMA five hundred thousand -HYPHEN share position in G. D. Searle &AMPERSAND Company parked by Mr. Boesky with Jefferies ,COMMA the price dropped about seven dollars a share ,COMMA and Mr. Jefferies demanded that Mr. Boesky buy back the stake and repay him immediately for part of the loss .PERIOD
</s>
<s.87.001.870320-0127.19.2>
Mr. Boesky did so ,COMMA giving Mr. Jefferies the payment of about three million dollars ,COMMA and Mr. Jefferies in turn supplied Mr. Boesky with the phony invoice ,COMMA the S. E. C. charged .PERIOD
</s>
</p>
<p.87.001.870320-0127.20>
<s.87.001.870320-0127.20.1>
The S. E. C. charged that besides Searle ,COMMA Mr. Boesky parked with Jefferies an eleven .POINT seven million dollar ,COMMA eight hundred ten thousand -HYPHEN share position in Cooper Laboratories Incorporated and a seventeen .POINT three million dollar ,COMMA six hundred thousand -HYPHEN share position in Southland Financial Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0127.21>
<s.87.001.870320-0127.21.1>
Mr. Jefferies ,COMMA in turn ,COMMA parked with Boesky entities positions in American Broadcasting Companies ,COMMA Ideal Basic Industries Incorporated ,COMMA I. T. T. Corporation ,COMMA Phillips Petroleum Company ,COMMA Pioneer Corporation and Texas Oil &AMPERSAND Gas Corporation --DASH a total of forty three million dollars in stock --DASH the S. E. C. alleged .PERIOD
</s>
</p>
<p.87.001.870320-0127.22>
<s.87.001.870320-0127.22.1>
As reported ,COMMA the S. E. C. is also examining a five .POINT three million dollar payment last March from Ivan F. Boesky Corporation to Drexel Burnham Lambert Incorporated .PERIOD
</s>
<s.87.001.870320-0127.22.2>
After the payment was made and questioned by Mr. Boesky's auditors ,COMMA Drexel ,COMMA a major securities firm ,COMMA sent Mr. Boesky an invoice for "DOUBLE-QUOTE consulting and advisory services .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0127.23>
<s.87.001.870320-0127.23.1>
The government is seeking to determine whether the payment was actually part of a parking arrangement involving Mr. Boesky and Drexel similar to the one between Messrs. .PERIOD
</s>
<s.87.001.870320-0127.23.2>
Boesky and Jefferies ,COMMA according to persons familiar with the investigation .PERIOD
</s>
<s.87.001.870320-0127.23.3>
Drexel has repeatedly characterized the payment as an "DOUBLE-QUOTE investment banking fee "DOUBLE-QUOTE and denied any impropriety .PERIOD
</s>
<s.87.001.870320-0127.23.4>
Mr. Jefferies is understood to be providing new details about Drexel's relationship with Jefferies .PERIOD
</s>
</p>
<p.87.001.870320-0127.24>
<s.87.001.870320-0127.24.1>
At a news conference yesterday afternoon ,COMMA U. S. Attorney Rudolph W. Giuliani said Mr. Jefferies will plead guilty "DOUBLE-QUOTE in the very near future "DOUBLE-QUOTE to a criminal violation of margin requirements and aiding and abetting the falsification of the records of a Boesky -HYPHEN controlled brokerage house .PERIOD
</s>
<s.87.001.870320-0127.24.2>
He said it was Mr. Boesky who first implicated Mr. Jefferies .PERIOD
</s>
</p>
<p.87.001.870320-0127.25>
<s.87.001.870320-0127.25.1>
As reported ,COMMA Mr. Boesky has agreed to plead guilty to one felony charge for his role in the scandal .PERIOD
</s>
<s.87.001.870320-0127.25.2>
Mr. Giuliani added that the relationship between the Jefferies case and the massive insider -HYPHEN trading scandal "DOUBLE-QUOTE will become clearer in the next couple of weeks .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0127.26>
<s.87.001.870320-0127.26.1>
The S. E. C. said that ,COMMA among other provisions ,COMMA Mr. Jefferies violated anti -HYPHEN fraud laws ,COMMA disclosure requirements ,COMMA books and record -HYPHEN keeping provisions ,COMMA net capital requirements and margin requirements .PERIOD
</s>
</p>
<p.87.001.870320-0127.27>
<s.87.001.870320-0127.27.1>
As the Justice Department's charges reflect ,COMMA willful violations of many provisions of the securities laws are criminal offenses .PERIOD
</s>
<s.87.001.870320-0127.27.2>
While these laws have long been on the books ,COMMA many on Wall Street have taken a cavalier attitude toward the more technical aspects of securities laws .PERIOD
</s>
</p>
<p.87.001.870320-0127.28>
<s.87.001.870320-0127.28.1>
Peter H. Morrison ,COMMA a partner in the New York law firm of Morrison Cohen &AMPERSAND Singer ,COMMA Mr. Jefferies' lawyer ,COMMA noted that Mr. Jefferies "DOUBLE-QUOTE was accommodating customers .PERIOD
</s>
<s.87.001.870320-0127.28.2>
He grew up in the business accommodating customers .PERIOD
</s>
<s.87.001.870320-0127.28.3>
The rules are changing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0127.29>
<s.87.001.870320-0127.29.1>
William Power contributed to this article .PERIOD
</s>
</p>
<p.87.001.870320-0126.1>
<s.87.001.870320-0126.1.1>
Quaker State Oil Refining Corporation said it signed a one hundred million dollar revolving credit and term loan agreement with a group of six banks led by Mellon Bank ,COMMA a unit of Pittsburgh -HYPHEN based Mellon Bank Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0126.2>
<s.87.001.870320-0126.2.1>
The credit agreement ,COMMA the largest negotiated by the oil refiner and marketer ,COMMA is mainly intended to meet the financing needs of Quaker State's Minit -HYPHEN Lube unit ,COMMA a chain of fast -HYPHEN lubrication service outlets .PERIOD
</s>
<s.87.001.870320-0126.2.2>
The company expects to add one hundred fifty new outlets in nineteen eighty seven at a cost of seventy five million dollars ,COMMA doubling the total of one hundred fifty five at nineteen eighty six's year -HYPHEN end .PERIOD
</s>
</p>
<p.87.001.870320-0126.3>
<s.87.001.870320-0126.3.1>
The credit pact is a four -HYPHEN year revolving credit with an additional four -HYPHEN year term loan amortization agreement .PERIOD
</s>
<s.87.001.870320-0126.3.2>
Interest rate options for Quaker State include borrowing at bank prime rates ,COMMA the London Interbank Offered Rate ,COMMA or at certificate of deposit rates .PERIOD
</s>
</p>
<p.87.001.870320-0125.1>
<s.87.001.870320-0125.1.1>
Clorox Company said Henkel K. G. a. A. plans to increase its Clorox common stock holdings to as much as thirty %PERCENT from a current stake of twenty four .POINT seven %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0125.2>
<s.87.001.870320-0125.2.1>
Dusseldorf ,COMMA West Germany -HYPHEN based Henkel will acquire the shares through purchases on the open market ,COMMA Clorox said ,COMMA and won't increase its position beyond thirty %PERCENT "DOUBLE-QUOTE for the foreseeable future .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0125.3>
<s.87.001.870320-0125.3.1>
Clorox quoted the West German concern as saying Henkel views its holdings in the company as an investment ,COMMA and has no plans to take an active role in Clorox management .PERIOD
</s>
<s.87.001.870320-0125.3.2>
Henkel will continue to have two representatives on Clorox's fifteen -HYPHEN member board .PERIOD
</s>
</p>
<p.87.001.870320-0125.4>
<s.87.001.870320-0125.4.1>
A spokesman said Clorox views Henkel's increased stake as "DOUBLE-QUOTE a good development for the company and its shareholders .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0125.4.2>
He cited a joint venture the two concerns operate in Spain and technology exchanges between the companies as evidence of the "DOUBLE-QUOTE close relationship "DOUBLE-QUOTE between them .PERIOD
</s>
</p>
<p.87.001.870320-0125.5>
<s.87.001.870320-0125.5.1>
Clorox is a grocery products concern that also makes paints ,COMMA stains and products for the food -HYPHEN service industry .PERIOD
</s>
<s.87.001.870320-0125.5.2>
Henkel produces household products and chemical specialties .PERIOD
</s>
</p>
<p.87.001.870320-0125.6>
<s.87.001.870320-0125.6.1>
Henkel currently owns twenty three %PERCENT ,COMMA or an indicated six million ,COMMA one hundred two thousand ,COMMA of Clorox's twenty six .POINT seven million common shares outstanding .PERIOD
</s>
<s.87.001.870320-0125.6.2>
The West German concern also holds a subordinated note convertible into six hundred thousand common shares ,COMMA or an about one .POINT seven %PERCENT additional stake .PERIOD
</s>
</p>
<p.87.001.870320-0125.7>
<s.87.001.870320-0125.7.1>
Clorox said the thirty %PERCENT ceiling on Henkel's stake would include the equivalent shares represented by the note .PERIOD
</s>
</p>
<p.87.001.870320-0125.8>
<s.87.001.870320-0125.8.1>
In New York Stock Exchange composite trading ,COMMA Clorox closed yesterday at sixty one dollars and fifty cents ,COMMA up two .POINT one two five dollars .PERIOD
</s>
</p>
<p.87.001.870320-0124.1>
<s.87.001.870320-0124.1.1>
CareerCom Corporation said it agreed to acquire thirty five vocational schools from Jostens Incorporated for twenty million dollars in cash and one .POINT seven million newly issued shares .PERIOD
</s>
</p>
<p.87.001.870320-0124.2>
<s.87.001.870320-0124.2.1>
Under terms of the agreement ,COMMA Jostens also has options to purchase approximately two hundred twenty five thousand shares of CareerCom's common stock and agreed not to increase its stake in CareerCom's shares above twenty %PERCENT for six years ,COMMA CareerCom said .PERIOD
</s>
<s.87.001.870320-0124.2.2>
Both companies are operators of vocational training schools .PERIOD
</s>
</p>
<p.87.001.870320-0124.3>
<s.87.001.870320-0124.3.1>
The transaction ,COMMA which is expected to be completed by April thirtieth ,COMMA is subject to a final banking commitment ,COMMA Federal Trade Commission clearance and formal board approval .PERIOD
</s>
<s.87.001.870320-0124.3.2>
A board meeting is scheduled for March twenty third ,COMMA CareerCom said .PERIOD
</s>
</p>
<p.87.001.870320-0123.1>
<s.87.001.870320-0123.1.1>
Longshoremen union chief Thomas W. "DOUBLE-QUOTE Teddy "DOUBLE-QUOTE Gleason will retire when his term expires in July .PERIOD
</s>
</p>
<p.87.001.870320-0123.2>
<s.87.001.870320-0123.2.1>
The International Longshoremen's Association ,COMMA of which Mr. Gleason has been president since nineteen sixty three ,COMMA said he will announce his retirement today at a meeting of the union's twenty six -HYPHEN member executive council in Tampa ,COMMA Florida .PERIOD
</s>
<s.87.001.870320-0123.2.2>
The I. L. A. said its eighty six -HYPHEN year -HYPHEN old leader will recommend John M. Bowers ,COMMA the union's executive vice president ,COMMA sixty one ,COMMA to be named as his successor .PERIOD
</s>
</p>
<p.87.001.870320-0123.4>
<s.87.001.870320-0123.4.1>
A third -HYPHEN generation dockworker ,COMMA Mr. Gleason ,COMMA a native New Yorker ,COMMA first joined the union ,COMMA which represents dockworkers on the Atlantic and Gulf coasts ,COMMA in nineteen nineteen .PERIOD
</s>
<s.87.001.870320-0123.4.2>
Through the years ,COMMA Mr. Gleason led the union in several strikes resulting in negotiations that elevated the pay and benefits for longshoremen .PERIOD
</s>
<s.87.001.870320-0123.4.3>
They now earn seventeen dollars an hour ,COMMA or about thirty two thousand ,COMMA three hundred dollars a year .PERIOD
</s>
</p>
<p.87.001.870320-0123.5>
<s.87.001.870320-0123.5.1>
The New York Shipping Association called Mr. Gleason "DOUBLE-QUOTE a forceful and effective advocate of the interest of his union members .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0123.6>
<s.87.001.870320-0123.6.1>
Nowadays ,COMMA there are fewer longshoremen's jobs .PERIOD
</s>
<s.87.001.870320-0123.6.2>
The increased use of containerized shipping ,COMMA where cargo is loaded into containers and then shipped directly to the destination ,COMMA has eliminated much of the handling of cargo at the docks .PERIOD
</s>
<s.87.001.870320-0123.6.3>
The local longshoremen's membership in New York Harbor ,COMMA as high as thirty one thousand ,COMMA five hundred seventy four in nineteen fifty five ,COMMA has now shrunk to about seven thousand ,COMMA three hundred twelve members .PERIOD
</s>
</p>
<p.87.001.870320-0123.7>
<s.87.001.870320-0123.7.1>
For years ,COMMA some of the union's officials have been identified by law enforcement officers as members or associates of organized crime .PERIOD
</s>
<s.87.001.870320-0123.7.2>
In nineteen eighty one ,COMMA when Mr. Gleason testified before a Senate subcommittee investigating racketeering on the waterfront ,COMMA he denied accusations that he was influenced by organized crime .PERIOD
</s>
</p>
<p.87.001.870320-0123.8>
<s.87.001.870320-0123.8.1>
One of the high points in his career was in the mid -HYPHEN nineteen sixties ,COMMA when Mr. Gleason helped the union negotiate a contract with guaranteed annual -HYPHEN income provisions .PERIOD
</s>
<s.87.001.870320-0123.8.2>
In the latest round of negotiations ,COMMA held in nineteen eighty six ,COMMA the union was forced to accept wage concessions in order to be competitive with the growing number of low -HYPHEN cost nonunion stevedoring operations .PERIOD
</s>
<s.87.001.870320-0123.8.3>
Under the nineteen eighty six contract ,COMMA the union agreed to a wage freeze for the first two years .PERIOD
</s>
</p>
<p.87.001.870320-0123.9>
<s.87.001.870320-0123.9.1>
James Kirk ,COMMA director of the port department of the Port Authority of New York and New Jersey ,COMMA noted that the new I. L. A. union leadership will contend with a membership no longer unified under a master wage contract .PERIOD
</s>
<s.87.001.870320-0123.9.2>
In the latest round of negotiations ,COMMA I. L. A. union membership at different ports negotiated separate contracts .PERIOD
</s>
<s.87.001.870320-0123.9.3>
For shippers ,COMMA the regional differences in the I. L. A. salaries "DOUBLE-QUOTE will become a factor in the cost of doing business ,COMMA "DOUBLE-QUOTE Mr. Kirk said .PERIOD
</s>
<s.87.001.870320-0123.9.4>
"DOUBLE-QUOTE It changes the basic ground rules .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0122.1>
<s.87.001.870320-0122.1.1>
Most Americans feel that President Reagan is increasingly less relevant to the governing of the country ,COMMA a new Wall Street Journal /SLASH N. B. C. News poll indicates .PERIOD
</s>
</p>
<p.87.001.870320-0122.2>
<s.87.001.870320-0122.2.1>
The nationwide survey ,COMMA which was conducted from Sunday through Tuesday ,COMMA suggests that Mr. Reagan's recent efforts to reinvigorate his presidency haven't convinced people that he can regain his standing as a strong national leader .PERIOD
</s>
<s.87.001.870320-0122.2.2>
Rather ,COMMA many seem to regard him as being too uninvolved in decision making ,COMMA and unlikely to change .PERIOD
</s>
</p>
<p.87.001.870320-0122.3>
<s.87.001.870320-0122.3.1>
When the two thousand ,COMMA one hundred fifty three adults in the poll were asked to choose who they thought will exert the most influence on the policies and decisions made in the White House during the next two years ,COMMA Mr. Reagan finished third ,COMMA behind new White House Chief of Staff Howard Baker and members of the cabinet .PERIOD
</s>
<s.87.001.870320-0122.3.2>
Only twenty seven %PERCENT thought Mr. Reagan would have the most influence over his own White House .PERIOD
</s>
</p>
<p.87.001.870320-0122.4>
<s.87.001.870320-0122.4.1>
Moreover ,COMMA most people don't believe that Mr. Reagan is capable of changing his management style to meet the criticisms of the Tower Commission's devastating report on the Iran -HYPHEN Contra affair .PERIOD
</s>
<s.87.001.870320-0122.4.2>
Fully fifty six %PERCENT said the president is "DOUBLE-QUOTE too set in his ways "DOUBLE-QUOTE to change ,COMMA while forty %PERCENT said he will alter his management style .PERIOD
</s>
</p>
<p.87.001.870320-0122.5>
<s.87.001.870320-0122.5.1>
That finding follows Mr. Reagan's efforts since the report was issued to show that he is taking command --DASH efforts that have included the replacement of former Chief of Staff Donald Regan with Mr. Baker ,COMMA a nationally televised speech and the appointment of F. B. I. Director William Webster to be director of central intelligence .PERIOD
</s>
<s.87.001.870320-0122.5.2>
Despite all those steps ,COMMA though ,COMMA fifty four %PERCENT of those polled said Mr. Reagan doesn't pay enough attention to major policy issues involving his administration ,COMMA up from forty six %PERCENT in January .PERIOD
</s>
</p>
<p.87.001.870320-0122.6>
<s.87.001.870320-0122.6.1>
The poll wasn't all bad news for the president .PERIOD
</s>
<s.87.001.870320-0122.6.2>
Fifty two percent of those polled say they look to Mr. Reagan for "DOUBLE-QUOTE leadership on the direction the country is going .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0122.6.3>
And sixty five %PERCENT now believe that he is healthy and vigorous enough to be an effective president during the next two years ,COMMA up from sixty %PERCENT in a Journal /SLASH N. B. C. poll in January .PERIOD
</s>
</p>
<p.87.001.870320-0122.7>
<s.87.001.870320-0122.7.1>
But more than three -HYPHEN quarters of those polled think the president isn't as strong a leader now as he was during his first term ,COMMA and a majority --DASH fifty four %PERCENT --DASH now say his performance as president is "DOUBLE-QUOTE only fair "DOUBLE-QUOTE or "DOUBLE-QUOTE poor .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0122.7.2>
In January ,COMMA fifty %PERCENT gave him such unfavorable marks .PERIOD
</s>
</p>
<p.87.001.870320-0122.8>
<s.87.001.870320-0122.8.1>
As in the January poll ,COMMA Americans still believe by a two -HYPHEN to -HYPHEN one margin that Mr. Reagan isn't as fully in charge of his administration as he ought to be .PERIOD
</s>
<s.87.001.870320-0122.8.2>
The public now is even less convinced that he is doing all he can to solve the problems created by the sale of arms to Iran :COLON forty six %PERCENT say yes ,COMMA forty nine %PERCENT say no .PERIOD
</s>
<s.87.001.870320-0122.8.3>
In January ,COMMA fifty %PERCENT said yes and forty two %PERCENT said no .PERIOD
</s>
<s.87.001.870320-0122.8.4>
However ,COMMA fifty two %PERCENT don't think he should resign even if it turns out that he knew about the diversion of funds to the Contras ,COMMA while forty one %PERCENT say he should .PERIOD
</s>
</p>
<p.87.001.870320-0122.9>
<s.87.001.870320-0122.9.1>
There's little good news for the president on policy matters ,COMMA according to the poll .PERIOD
</s>
<s.87.001.870320-0122.9.2>
His policy of aiding the Nicaraguan Contras remains very unpopular :COLON fifty eight %PERCENT disapprove ,COMMA and twenty nine %PERCENT approve .PERIOD
</s>
</p>
<p.87.001.870320-0122.10>
<s.87.001.870320-0122.10.1>
And most say they want a budget compromise with Congress to reduce the federal budget deficit even if it results in a tax increase ,COMMA which Mr. Reagan adamantly opposes .PERIOD
</s>
<s.87.001.870320-0122.10.2>
The poll found that fifty three %PERCENT favor a compromise even if it includes a tax increase ,COMMA while forty %PERCENT don't favor such a compromise .PERIOD
</s>
</p>
<p.87.001.870320-0122.11>
<s.87.001.870320-0122.11.1>
Mr. Reagan's problems seem to have spilled over to the Republican Party .PERIOD
</s>
<s.87.001.870320-0122.11.2>
Those polled are almost evenly divided about which party can best handle the nation's economic problems and relations with the Soviet Union ;SEMI-COLON in the January poll ,COMMA they gave the G. O. P. a strong edge in both areas .PERIOD
</s>
<s.87.001.870320-0122.11.3>
Republicans also have lost ground and now hold only a marginal advantage in the public's rating of which party would better handle inflation and the federal budget deficit .PERIOD
</s>
</p>
<p.87.001.870320-0122.12>
<s.87.001.870320-0122.12.1>
In foreign affairs ,COMMA the poll shows ,COMMA Soviet leader Mikhail Gorbachev's public -HYPHEN relations efforts seem to have had an impact on Americans as well as Russians .PERIOD
</s>
<s.87.001.870320-0122.12.2>
While most of those polled still don't believe the Soviets can be trusted to live up to an agreement to relax tensions ,COMMA the gap is narrowing .PERIOD
</s>
<s.87.001.870320-0122.12.3>
Fifty nine percent now say the Soviets can't be trusted ,COMMA while thirty two %PERCENT say they can ;SEMI-COLON in a similar Journal /SLASH N. B. C. poll last October ,COMMA the margin was seventy four %PERCENT to sixteen %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0122.13>
<s.87.001.870320-0122.13.1>
Nearly half say the arrival of Howard Baker as the new chief of staff makes an agreement on controlling nuclear arms more likely in the next two years ,COMMA while eighteen %PERCENT think it will make an agreement less likely and twelve %PERCENT think it won't have any effect .PERIOD
</s>
</p>
<p.87.001.870320-0122.14>
<s.87.001.870320-0122.14.1>
But there still hasn't been any burst of public optimism that such an accord will actually be attained by the end of Mr. Reagan's term .PERIOD
</s>
<s.87.001.870320-0122.14.2>
More than three times as many people think such an accord isn't likely at all as believe it is very likely --DASH a ratio that is unchanged from last October's survey .PERIOD
</s>
</p>
<p.87.001.870320-0122.15>
<s.87.001.870320-0122.15.1>
'SINGLE-QUOTE During the next two years ,COMMA whom do you think will have the most influence on the policies and decisions made in the White House ?QUESTION-MARK 'SINGLE-QUOTE
</s>
</p>
<p.87.001.870320-0122.18>
<s.87.001.870320-0122.18.1>
Not sure seven %PERCENT
</s>
</p>
<p.87.001.870320-0122.19>
<s.87.001.870320-0122.19.1>
'SINGLE-QUOTE As you may know ,COMMA the Tower Commission report on the Iran -HYPHEN Contra affair criticized some of President Reagan's management practices within the White House .PERIOD
</s>
<s.87.001.870320-0122.19.2>
Do you think Mr. Reagan will change his management style ,COMMA or do you think he is too set in his ways to change ?QUESTION-MARK 'SINGLE-QUOTE
</s>
</p>
<p.87.001.870320-0122.21>
<s.87.001.870320-0122.21.1>
Not sure four %PERCENT
</s>
</p>
<p.87.001.870320-0121.1>
<s.87.001.870320-0121.1.1>
An investor group led by George Soros said it raised its stake in King World Productions Incorporated to eight .POINT one %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0121.2>
<s.87.001.870320-0121.2.1>
In a Securities and Exchange Commission filing ,COMMA the group led by the New York investor said it holds two million ,COMMA four hundred eighty five thousand ,COMMA five hundred ten shares .PERIOD
</s>
<s.87.001.870320-0121.2.2>
The group's most recent transactions include purchases of five hundred eighteen thousand shares from February twenty -HYPHEN fifth through March sixth at eighteen .POINT nine two four dollars to twenty one .POINT two oh three dollars each and sales of nineteen thousand ,COMMA two hundred shares from January eighth through January ninth for sixteen dollars to sixteen dollars and twenty five cents each .PERIOD
</s>
</p>
<p.87.001.870320-0121.3>
<s.87.001.870320-0121.3.1>
The group didn't say in the filing why it increased its stake in the Summit ,COMMA N. J. ,COMMA producer and syndicator of T. V. programs ,COMMA including "DOUBLE-QUOTE Wheel of Fortune .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0121.4>
<s.87.001.870320-0121.4.1>
King World shares fell twelve .POINT five cents ,COMMA to twenty one dollars and seventy five cents ,COMMA in New York Stock Exchange composite trading yesterday .PERIOD
</s>
</p>
<p.87.001.870320-0120.1>
<s.87.001.870320-0120.1.1>
Minnesota financier Irwin Jacobs leaves the office every day at five thirty p. m. --DASH or five forty five p. m. if necessary .PERIOD
</s>
<s.87.001.870320-0120.1.2>
He doesn't think hanging around the office late is a good idea ,COMMA and he rarely works weekends .PERIOD
</s>
</p>
<p.87.001.870320-0120.2>
<s.87.001.870320-0120.2.1>
But the chairman of Minstar Incorporated ,COMMA an investment group he controls ,COMMA puts in a full day's work nonetheless .PERIOD
</s>
<s.87.001.870320-0120.2.2>
He reports to his desk at seven a. m. each day ,COMMA having already finished the morning newspapers and checked up on Europe through a call from his car phone .PERIOD
</s>
</p>
<p.87.001.870320-0120.3>
<s.87.001.870320-0120.3.1>
Chief executive officers are a hardworking lot ,COMMA but you may not know it by looking at them .PERIOD
</s>
<s.87.001.870320-0120.3.2>
You may still be in bed when they're getting their best work done .PERIOD
</s>
<s.87.001.870320-0120.3.3>
A lot of C. E. O.s ,COMMA it seems ,COMMA think they perform best before the sun comes up ,COMMA the coffee wagon comes around ,COMMA or subordinates come in with phone messages ,COMMA memos and meetings .PERIOD
</s>
</p>
<p.87.001.870320-0120.4>
<s.87.001.870320-0120.4.1>
Forty -HYPHEN hour weeks are rare for those at the top ;SEMI-COLON fifty and more hours are more the norm .PERIOD
</s>
<s.87.001.870320-0120.4.2>
In a Wall Street Journal survey of chief executives of the nation's largest corporations ,COMMA nearly two -HYPHEN thirds said they worked between ten and eleven hours a day ,COMMA Monday through Friday .PERIOD
</s>
<s.87.001.870320-0120.4.3>
Most of them also reported working on weekends ;SEMI-COLON nearly sixty %PERCENT claimed between one and five hours of weekend work .PERIOD
</s>
</p>
<p.87.001.870320-0120.5>
<s.87.001.870320-0120.5.1>
How do they cope ?QUESTION-MARK
</s>
<s.87.001.870320-0120.5.2>
C. E. O.s make time where they can find it .PERIOD
</s>
<s.87.001.870320-0120.5.3>
They work in cars ,COMMA trains and planes .PERIOD
</s>
<s.87.001.870320-0120.5.4>
They mull strategy in the shower ,COMMA plot planning by the pool .PERIOD
</s>
<s.87.001.870320-0120.5.5>
Their hardest task :COLON Finding time for themselves .PERIOD
</s>
</p>
<p.87.001.870320-0120.6>
<s.87.001.870320-0120.6.1>
Mr. Jacobs gets up at five thirty a. m. to get everything he wants done .PERIOD
</s>
<s.87.001.870320-0120.6.2>
But he's by no means the earliest bird among his peers .PERIOD
</s>
<s.87.001.870320-0120.6.3>
Fred Carr ,COMMA chairman of First Executive Corporation ,COMMA awakens around five a. m. ,COMMA and Gordon McGovern ,COMMA president and chief executive of Campbell Soup Company ,COMMA routinely rises at four thirty a. m. .PERIOD
</s>
<s.87.001.870320-0120.6.4>
"DOUBLE-QUOTE I grew up in the baking business where you get up early to deliver the bread ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0120.7>
<s.87.001.870320-0120.7.1>
It isn't always easy .PERIOD
</s>
<s.87.001.870320-0120.7.2>
Kenneth Monfort ,COMMA chief executive officer of Monfort of Colorado Incorporated ,COMMA a beef packing concern ,COMMA starts his day at seven a. m. to get a jump on cattle futures markets ,COMMA which are important for his business .PERIOD
</s>
<s.87.001.870320-0120.7.3>
"DOUBLE-QUOTE I'm not a good waker -HYPHEN upper .PERIOD
</s>
<s.87.001.870320-0120.7.4>
I can barely talk when I get up and I practice talking to myself on the way to work ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0120.8>
<s.87.001.870320-0120.8.1>
By coming in early ,COMMA chief executives avoid ,COMMA for a time ,COMMA the demands of the bureaucracy .PERIOD
</s>
<s.87.001.870320-0120.8.2>
"DOUBLE-QUOTE All day long there's a constant stream of people coming through my office telling me what's going on ,COMMA "DOUBLE-QUOTE says Mr. McGovern ,COMMA who does a few hours' work at home before reporting to work at seven thirty a. m. Agrees Jack Reichert ,COMMA chairman ,COMMA president and chief executive of Brunswick Corporation :COLON "DOUBLE-QUOTE I like a little quiet at the beginning of the day and at the end to maintain my sanity .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0120.9>
<s.87.001.870320-0120.9.1>
One problem :COLON Too many other people are catching on to the trick .PERIOD
</s>
<s.87.001.870320-0120.9.2>
"DOUBLE-QUOTE I find I have emigrated to the country of breakfast meetings ,COMMA "DOUBLE-QUOTE says Robert B. Horton ,COMMA chairman and chief executive of Standard Oil Company ,COMMA who until last April was a top executive at British Petroleum in London ,COMMA where such meetings were unusual .PERIOD
</s>
</p>
<p.87.001.870320-0120.10>
<s.87.001.870320-0120.10.1>
"DOUBLE-QUOTE In London I would get to the office by eight or eight fifteen and have a full hour before the telephone rang .PERIOD
</s>
<s.87.001.870320-0120.10.2>
Now I get in at seven thirty and I'm lucky to have fifteen minutes .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0120.11>
<s.87.001.870320-0120.11.1>
Traveling takes a big chunk of a C. E. O.'s time .PERIOD
</s>
<s.87.001.870320-0120.11.2>
Chief Executive magazine reports that its readers take ,COMMA on average ,COMMA twenty four business trips a year .PERIOD
</s>
<s.87.001.870320-0120.11.3>
"DOUBLE-QUOTE In the past seven or eight months ,COMMA I've taken more than one airplane flight a day ,COMMA on average ,COMMA "DOUBLE-QUOTE says Charles E. Cobb Junior ,COMMA chairman and chief executive officer of Arvida Disney Corporation ,COMMA a unit of Walt Disney Company .PERIOD
</s>
</p>
<p.87.001.870320-0120.12>
<s.87.001.870320-0120.12.1>
B. Charles Ames ,COMMA chairman and chief executive of Acme -HYPHEN Cleveland Corporation ,COMMA averages just two days a week in the office .PERIOD
</s>
<s.87.001.870320-0120.12.2>
The rest of the time he's visiting facilities around the world .PERIOD
</s>
<s.87.001.870320-0120.12.3>
Some recent visits included a plant near the Black Forest in Germany and one just outside London .PERIOD
</s>
<s.87.001.870320-0120.12.4>
"DOUBLE-QUOTE It's very important to spend time in the field with the first -HYPHEN line people ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0120.13>
<s.87.001.870320-0120.13.1>
Evenings are often work times ,COMMA too .PERIOD
</s>
<s.87.001.870320-0120.13.2>
"DOUBLE-QUOTE When I leave the office ,COMMA I often don't go home ,COMMA "DOUBLE-QUOTE says James Sylla ,COMMA president of Chevron U. S. A. Incorporated ,COMMA a unit of Chevron Corporation .PERIOD
</s>
<s.87.001.870320-0120.13.3>
On Monday of one recent week he had a meeting in Tulsa ;SEMI-COLON on Wednesday he had dinner with a company management development team back in San Francisco ;SEMI-COLON on Thursday there was a reception and dinner for some Japanese contractors ;SEMI-COLON and on Friday he attended a dinner honoring retirees .PERIOD
</s>
<s.87.001.870320-0120.13.4>
Tuesday night he goofed off and went to a ball game .PERIOD
</s>
</p>
<p.87.001.870320-0120.14>
<s.87.001.870320-0120.14.1>
Some chief executives stop just short of making the office their home .PERIOD
</s>
<s.87.001.870320-0120.14.2>
While he tries not to use his apartment at General Motors Corporation headquarters ,COMMA Chairman Roger Smith does eat breakfast at work to save time .PERIOD
</s>
<s.87.001.870320-0120.14.3>
Warren L. Batts ,COMMA chairman and chief executive of Premark International Incorporated ,COMMA a Northbrook ,COMMA Illinois -HYPHEN based maker of consumer and restaurant products ,COMMA arrives early and exercises at the company .PERIOD
</s>
</p>
<p.87.001.870320-0120.15>
<s.87.001.870320-0120.15.1>
Others bring part of the office home .PERIOD
</s>
<s.87.001.870320-0120.15.2>
Mr. Cobb does long -HYPHEN term planning in the shower .PERIOD
</s>
<s.87.001.870320-0120.15.3>
Paul Frison ,COMMA president and chief executive at LifeCell Corporation ,COMMA a medical supplies company in Houston ,COMMA dictates memos while watching "DOUBLE-QUOTE the more boring part of a baseball game .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0120.15.4>
And on weekends ,COMMA he says ,COMMA if he didn't do paper work by the pool ,COMMA his wife and children "DOUBLE-QUOTE would think I was ill .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0120.16>
<s.87.001.870320-0120.16.1>
Donald Frey ,COMMA chairman and chief executive of Bell &AMPERSAND Howell Company ,COMMA thinks about work problems while making cabinets ,COMMA beds and tables at home .PERIOD
</s>
<s.87.001.870320-0120.16.2>
He scribbles ideas down on nearby napkins or on shreds of newspapers .PERIOD
</s>
<s.87.001.870320-0120.16.3>
Later ,COMMA he says ,COMMA "DOUBLE-QUOTE I take these odd -HYPHEN looking pieces of paper with notes on them ,COMMA and write them out nicely .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0120.17>
<s.87.001.870320-0120.17.1>
"DOUBLE-QUOTE I deliberately live close to the office so I don't waste a lot of time commuting ,COMMA "DOUBLE-QUOTE says Mr. Batts of Premark International .PERIOD
</s>
<s.87.001.870320-0120.17.2>
Others turn the commute into part of the workday .PERIOD
</s>
<s.87.001.870320-0120.17.3>
Mr. Horton of Standard Oil is driven to work from his home about forty minutes east of the company's Cleveland office ;SEMI-COLON the drive gives him "DOUBLE-QUOTE more than an hour of productive time "DOUBLE-QUOTE a day .PERIOD
</s>
</p>
<p.87.001.870320-0120.18>
<s.87.001.870320-0120.18.1>
Samuel J. Heyman ,COMMA chairman and chief executive of G. A. F. Corporation ,COMMA in Wayne ,COMMA N. J. ,COMMA commutes to work by helicopter from his Westport ,COMMA N. J. ,COMMA home ,COMMA cutting the two -HYPHEN hour commute to a half -HYPHEN hour. (LEFT-PAREN He picks up the tab himself .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0120.19>
<s.87.001.870320-0120.19.1>
Most C. E. O.s say they like their schedules .PERIOD
</s>
<s.87.001.870320-0120.19.2>
"DOUBLE-QUOTE I'm thrilled to death that I'm able to work ,COMMA "DOUBLE-QUOTE says Beverly F. Dolan ,COMMA chairman ,COMMA president and chief executive of Textron Incorporated ,COMMA who puts in a ten and one half -HYPHEN hour workday .PERIOD
</s>
<s.87.001.870320-0120.19.3>
"DOUBLE-QUOTE Work isn't work as a negative .PERIOD
</s>
<s.87.001.870320-0120.19.4>
Being able to work is a pleasure .PERIOD
</s>
<s.87.001.870320-0120.19.5>
I truly enjoy what I do .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0120.19.6>
Dean Morton ,COMMA chief operating officer of Hewlett -HYPHEN Packard Company ,COMMA agrees :COLON "DOUBLE-QUOTE Stress is caused by the things you haven't done --DASH not the things you're doing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0120.20>
<s.87.001.870320-0120.20.1>
But others ,COMMA while they enjoy their work ,COMMA feel there's a lot of it .PERIOD
</s>
<s.87.001.870320-0120.20.2>
"DOUBLE-QUOTE I don't feel overworked or overburdened ,COMMA "DOUBLE-QUOTE says David Kosowsky ,COMMA chairman and chief executive of Damon Corporation ,COMMA a medical equipment concern .PERIOD
</s>
<s.87.001.870320-0120.20.3>
"DOUBLE-QUOTE But sometimes I feel like I'm always here .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0119.1>
<s.87.001.870320-0119.1.1>
A group including Robert R. Barker &AMPERSAND Company said it holds a six .POINT nine %PERCENT stake in Moore -HYPHEN Handley Incorporated as an investment .PERIOD
</s>
</p>
<p.87.001.870320-0119.2>
<s.87.001.870320-0119.2.1>
In a Securities and Exchange Commission filing ,COMMA the group including the New York investment partnership said it holds one hundred seventy three thousand ,COMMA one hundred shares of the Pelham ,COMMA Alabama ,COMMA hardware and building products distributor .PERIOD
</s>
<s.87.001.870320-0119.2.2>
These include sixty five thousand shares purchased January nineteenth through March tenth for seven dollars and seventy five cents to seven dollars and eighty eight cents each .PERIOD
</s>
</p>
<p.87.001.870320-0119.3>
<s.87.001.870320-0119.3.1>
Moore -HYPHEN Handley couldn't be reached for comment .PERIOD
</s>
<s.87.001.870320-0119.3.2>
The company's shares rose one dollar ,COMMA to eight dollars and seventy five cents ,COMMA in national over -HYPHEN the -HYPHEN counter trading yesterday .PERIOD
</s>
</p>
<p.87.001.870320-0118.1>
<s.87.001.870320-0118.1.1>
With President Reagan now largely recovered from his prostate surgery ,COMMA his wife Nancy took to the road ,COMMA partly to heal her own wounds .PERIOD
</s>
</p>
<p.87.001.870320-0118.2>
<s.87.001.870320-0118.2.1>
Bruised by negative publicity surrounding her not -HYPHEN so -HYPHEN behind -HYPHEN the -HYPHEN scenes efforts to oust then White House Chief of Staff Donald Regan last month ,COMMA the first lady yesterday returned to a less controversial role :COLON addressing the Parents' Resource Institute for Drug Education's annual conference in Atlanta ,COMMA part of stepped -HYPHEN up travel plans for the next few months .PERIOD
</s>
</p>
<p.87.001.870320-0118.3>
<s.87.001.870320-0118.3.1>
"DOUBLE-QUOTE She's going to jump on the drug bandwagon ,COMMA get out on the road and stop minding the store ,COMMA "DOUBLE-QUOTE says one Republican official knowledgeable about the first lady's strategy to counter recent unfavorable reviews .PERIOD
</s>
<s.87.001.870320-0118.3.2>
"DOUBLE-QUOTE It's partly because her husband is better .PERIOD
</s>
<s.87.001.870320-0118.3.3>
But it's also a lot of damage control .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0118.4>
<s.87.001.870320-0118.4.1>
Not so ,COMMA says Elaine Crispen ,COMMA Mrs. Reagan's spokeswoman .PERIOD
</s>
<s.87.001.870320-0118.4.2>
"DOUBLE-QUOTE It's not new --DASH anything suggesting we're changing her image is just malarky .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0118.4.3>
She notes that Mrs. Reagan's drug efforts are longstanding .PERIOD
</s>
<s.87.001.870320-0118.4.4>
And she asserts that the first lady's image doesn't need any burnishing .PERIOD
</s>
</p>
<p.87.001.870320-0118.5>
<s.87.001.870320-0118.5.1>
But a new Wall Street Journal /SLASH N. B. C. News poll conducted from Sunday through Tuesday suggests the first lady plainly has been hurt by the public's growing perception that she has too much influence over her husband .PERIOD
</s>
<s.87.001.870320-0118.5.2>
Of those polled ,COMMA an unusually high thirty nine %PERCENT thought the president lets himself be influenced too much by his wife ,COMMA fifty three %PERCENT didn't think so and eight %PERCENT weren't sure .PERIOD
</s>
<s.87.001.870320-0118.5.3>
Mrs. Reagan still enjoys a high sixty one %PERCENT overall approval rating ,COMMA but that has fallen thirteen points since last April and her disapproval rating has more than tripled to twenty six %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0118.6>
<s.87.001.870320-0118.6.1>
While only eight %PERCENT of those polled thought Mrs. Reagan should wield "DOUBLE-QUOTE a great deal of influence ,COMMA "DOUBLE-QUOTE thirty eight %PERCENT thought that she currently does ,COMMA a jump of sixteen points since last April .PERIOD
</s>
<s.87.001.870320-0118.6.2>
But if many think she's too influential ,COMMA still only a small minority ,COMMA six %PERCENT ,COMMA think that over the next two years she'll be the main power in the White House .PERIOD
</s>
</p>
<p.87.001.870320-0118.7>
<s.87.001.870320-0118.7.1>
Confidants of the first lady say that she has been frustrated and hurt by the drubbing she received in the days surrounding Mr. Regan's February twenty seventh resignation ,COMMA and she has been anxious to limit any damage .PERIOD
</s>
<s.87.001.870320-0118.7.2>
After New York Times columnist William Safire's March second column charging that her "DOUBLE-QUOTE political interference "DOUBLE-QUOTE was making her husband "DOUBLE-QUOTE appear wimpish and helpless ,COMMA "DOUBLE-QUOTE Mrs. Reagan sought advice about what to do from friends inside and outside the White House ,COMMA among them presidential pollster Richard Wirthlin .PERIOD
</s>
</p>
<p.87.001.870320-0118.8>
<s.87.001.870320-0118.8.1>
Mr. Wirthlin declines to discuss any meetings he might have had with the first lady .PERIOD
</s>
<s.87.001.870320-0118.8.2>
But sources close to the two say that it was agreed that the best tack for Mrs. Reagan to take was to return with renewed vigor to the drug issue ,COMMA and to be very careful about appearing to meddle in substantive policy issues .PERIOD
</s>
<s.87.001.870320-0118.8.3>
Whatever else she does ,COMMA she must not ,COMMA as one source put it ,COMMA "DOUBLE-QUOTE go pounding on (LEFT-PAREN new White House Chief of Staff )RIGHT-PAREN Howard Baker every day .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0118.9>
<s.87.001.870320-0118.9.1>
In this effort to improve her image ,COMMA Mrs. Reagan has had a lot of help ,COMMA both from a spontaneous backlash brought on by media overkill and also from some old friends who led the way on her defense .PERIOD
</s>
<s.87.001.870320-0118.9.2>
One of them ,COMMA Director Charles Z. Wick of the U. S. Information Agency ,COMMA suggests that without ever being asked to ,COMMA her supporters launched a virtual public -HYPHEN relations campaign .PERIOD
</s>
<s.87.001.870320-0118.9.3>
"DOUBLE-QUOTE It was like what we call a 'SINGLE-QUOTE propaganda alert ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE says Mr. Wick .PERIOD
</s>
<s.87.001.870320-0118.9.4>
"DOUBLE-QUOTE You counter it (LEFT-PAREN the negative publicity )RIGHT-PAREN the same way you counter Soviet disinformation :COLON You send out the truth to as widespread an audience as possible .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0118.10>
<s.87.001.870320-0118.10.1>
Thus Mr. Wick and other friends of the first lady fanned out across a dizzying array of television and radio talk shows ,COMMA at the same time filling the op -HYPHEN ed pages and political columns of some of the most prestigious journals in the nation .PERIOD
</s>
<s.87.001.870320-0118.10.2>
Mr. Wick did five television appearances in less than a week .PERIOD
</s>
<s.87.001.870320-0118.10.3>
Mrs. Reagan's former press secretary ,COMMA Sheilah Tate ,COMMA hit the television circuit and also co -HYPHEN authored an op -HYPHEN ed piece for the New York Times with one of the first lady's longtime friends ,COMMA Nancy Reynolds .PERIOD
</s>
<s.87.001.870320-0118.10.4>
Mrs. Reagan was shown an advance copy and gave it her blessing .PERIOD
</s>
</p>
<p.87.001.870320-0118.11>
<s.87.001.870320-0118.11.1>
Similarly ,COMMA pundit George Will ,COMMA who had one of his celebrated lunches recently with Mrs. Reagan ,COMMA devoted part of his March sixth Washington Post column to her defense .PERIOD
</s>
<s.87.001.870320-0118.11.2>
While he criticized her husband for displaying "DOUBLE-QUOTE an essentially passive presidential function "DOUBLE-QUOTE in the Iran -HYPHEN Contra affair ,COMMA he mocked the first lady's critics .PERIOD
</s>
<s.87.001.870320-0118.11.3>
He also offered a helpful example of her reluctance to meddle ,COMMA suggesting that when Howard Baker asked Mrs. Reagan her opinion of the appointment of William Webster to be director of the Central Intelligence Agency ,COMMA "DOUBLE-QUOTE she recoiled ,COMMA saying she did not want to have opinions about everything .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0118.12>
<s.87.001.870320-0118.12.1>
In the process of championing Mrs. Reagan's right to play a role in her husband's affairs ,COMMA her defenders have stirred an outpouring of anti -HYPHEN sexist sentiment ,COMMA not Mrs. Reagan's usual cause .PERIOD
</s>
<s.87.001.870320-0118.12.2>
The first lady's staff has wryly enjoyed the fact that even the Washington Post columnist Judy Mann ,COMMA a tough critic in the past ,COMMA on March sixth called President Reagan "DOUBLE-QUOTE a lucky man "DOUBLE-QUOTE for being married to Nancy .PERIOD
</s>
</p>
<p.87.001.870320-0118.13>
<s.87.001.870320-0118.13.1>
And in making the case for a strong -HYPHEN willed wife ,COMMA Mrs. Reagan's champions may have reopened the so -HYPHEN called gender gap .PERIOD
</s>
<s.87.001.870320-0118.13.2>
More women than men ,COMMA sixty five %PERCENT versus fifty seven %PERCENT according to the most recent poll ,COMMA approve of her .PERIOD
</s>
<s.87.001.870320-0118.13.3>
"DOUBLE-QUOTE There are a lot of unsung ,COMMA powerful wives out there who understand ,COMMA "DOUBLE-QUOTE suggests Michele Davis ,COMMA executive director of the Republican Governors Association .PERIOD
</s>
<s.87.001.870320-0118.13.4>
And apparently ,COMMA a lot of husbands who don't .PERIOD
</s>
</p>
<p.87.001.870320-0118.14>
<s.87.001.870320-0118.14.1>
Do you agree or disagree with the following statement :COLON "DOUBLE-QUOTE President Reagan lets himself be influenced too much by his wife .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0118.15>
<s.87.001.870320-0118.15.1>
The Wall Street Journal /SLASH N. B. C. News poll
</s>
</p>
<p.87.001.870320-0117.1>
<s.87.001.870320-0117.1.1>
Gary Eder ,COMMA formerly a top stockbroker at PaineWebber Incorporated ,COMMA pleaded guilty to criminal charges of conspiracy and creation of false brokerage records .PERIOD
</s>
</p>
<p.87.001.870320-0117.2>
<s.87.001.870320-0117.2.1>
Mr. Eder ,COMMA who resigned as a PaineWebber vice president last month ,COMMA admitted in Manhattan federal court yesterday that he helped various wealthy customers of the firm hide at least seven hundred thousand dollars from the Internal Revenue Service .PERIOD
</s>
<s.87.001.870320-0117.2.2>
Mr. Eder was indicted on the charges last week .PERIOD
</s>
</p>
<p.87.001.870320-0117.3>
<s.87.001.870320-0117.3.1>
Attorneys for Mr. Eder strongly disputed the government's characterization of the crime last week as a "DOUBLE-QUOTE money -HYPHEN laundering scheme .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0117.3.2>
One attorney ,COMMA Michael Feldberg ,COMMA said the case was unrelated to insider trading or possible laundering of illegal profits .PERIOD
</s>
<s.87.001.870320-0117.3.3>
He said Mr. Eder was only helping customers avoid paying taxes .PERIOD
</s>
<s.87.001.870320-0117.3.4>
"DOUBLE-QUOTE The acts occurred years ago before any of the current Wall Street hysteria ,COMMA "DOUBLE-QUOTE Mr. Feldberg said .PERIOD
</s>
</p>
<p.87.001.870320-0117.4>
<s.87.001.870320-0117.4.1>
As part of a plea agreement ,COMMA Mr. Eder ,COMMA forty one years old ,COMMA is cooperating in a continuing investigation .PERIOD
</s>
<s.87.001.870320-0117.4.2>
The government said the money scheme occurred with the "DOUBLE-QUOTE approval and participation "DOUBLE-QUOTE of other PaineWebber supervisors at the branch at one thousand ,COMMA two hundred twenty one Avenue of the Americas in Manhattan .PERIOD
</s>
</p>
<p.87.001.870320-0117.5>
<s.87.001.870320-0117.5.1>
In his appearance before federal Judge Edmund L. Palmieri ,COMMA Mr. Eder said he "DOUBLE-QUOTE absolutely "DOUBLE-QUOTE was guilty of the two counts .PERIOD
</s>
<s.87.001.870320-0117.5.2>
"DOUBLE-QUOTE I'd like to get these charges behind me and move forward with my life ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0117.6>
<s.87.001.870320-0117.6.1>
Though he said he didn't profit directly from the scheme ,COMMA Mr. Eder told Judge Palmieri that the series of transactions did generate extra brokerage commissions for himself .PERIOD
</s>
</p>
<p.87.001.870320-0117.7>
<s.87.001.870320-0117.7.1>
Mr. Eder ,COMMA of Woodmere ,COMMA N. Y. ,COMMA was PaineWebber's most highly paid broker and its biggest producer ,COMMA at any office ,COMMA from nineteen eighty two to nineteen eighty six ,COMMA according to the government .PERIOD
</s>
</p>
<p.87.001.870320-0117.8>
<s.87.001.870320-0117.8.1>
Judge Palmieri released Mr. Eder on his own recognizance and set sentencing for May twenty seventh .PERIOD
</s>
<s.87.001.870320-0117.8.2>
Mr. Eder faces a maximum ten years in prison and a two hundred sixty thousand dollar fine .PERIOD
</s>
</p>
<p.87.001.870320-0117.9>
<s.87.001.870320-0117.9.1>
Separately ,COMMA Bentley P. Whitfield ,COMMA a former account executive and broker at Merrill Lynch &AMPERSAND Company ,COMMA pleaded innocent in Manhattan federal court to mail fraud charges filed against him last week .PERIOD
</s>
<s.87.001.870320-0117.9.2>
Mr. Whitfield ,COMMA thirty one years old ,COMMA denied charges that he diverted eight thousand ,COMMA four hundred dollars intended for Merrill Lynch to his own use .PERIOD
</s>
<s.87.001.870320-0117.9.3>
Mr. Whitfield was released on his own recognizance pending a trial .PERIOD
</s>
</p>
<p.87.001.870320-0116.1>
<s.87.001.870320-0116.1.1>
Life at the top isn't easy .PERIOD
</s>
<s.87.001.870320-0116.1.2>
But life after life at the top poses problems ,COMMA too .PERIOD
</s>
</p>
<p.87.001.870320-0116.2>
<s.87.001.870320-0116.2.1>
The big question :COLON What to do in retirement ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0116.3>
<s.87.001.870320-0116.3.1>
Running a Fortune five hundred company often isn't just a job ,COMMA but a way of life .PERIOD
</s>
<s.87.001.870320-0116.3.2>
At times exhilarating ,COMMA at times numbing ,COMMA it's an endless series of meetings ,COMMA of multimillion -HYPHEN dollar decisions ,COMMA of sixty -HYPHEN hour workweeks ,COMMA of business breakfasts ,COMMA lunches and dinners .PERIOD
</s>
</p>
<p.87.001.870320-0116.4>
<s.87.001.870320-0116.4.1>
For some ,COMMA retirement is a welcome and well -HYPHEN earned respite ,COMMA a time to slow down and do things they never had time to do before .PERIOD
</s>
<s.87.001.870320-0116.4.2>
But for others ,COMMA a life of leisure is a life of boredom .PERIOD
</s>
<s.87.001.870320-0116.4.3>
Indeed ,COMMA many retired top executives return to business within six months ,COMMA according to a nineteen eighty four study by Russell Reynolds Associates Incorporated ,COMMA an executive recruiting firm .PERIOD
</s>
<s.87.001.870320-0116.4.4>
"DOUBLE-QUOTE Leaving it all behind could be a blow to the ego if the individual hasn't accepted the move ,COMMA "DOUBLE-QUOTE says David Merrill ,COMMA who counseled executives before he himself retired from Rohrer ,COMMA Hibler &AMPERSAND Replogle ,COMMA a consulting firm .PERIOD
</s>
</p>
<p.87.001.870320-0116.5>
<s.87.001.870320-0116.5.1>
A glimpse at four former chief executive officers of Fortune five hundred companies --DASH one who really has retired ,COMMA one who is working as hard as ever ,COMMA one who left corporate life abruptly at age fifty five and one who is championing business solutions for social problems --DASH shows how different retirement can be .PERIOD
</s>
</p>
<p.87.001.870320-0116.6>
<s.87.001.870320-0116.6.1>
On a recent winter day ,COMMA the temperature hovered around the freezing mark in Pittsburgh ,COMMA home of Westinghouse Electric Corporation .PERIOD
</s>
<s.87.001.870320-0116.6.2>
But it was a balmy seventy five degrees in the Naples ,COMMA Florida ,COMMA area ,COMMA home of Robert Kirby ,COMMA the company's sixty eight -HYPHEN year -HYPHEN old retired chairman .PERIOD
</s>
</p>
<p.87.001.870320-0116.7>
<s.87.001.870320-0116.7.1>
He got up at six a. m. ,COMMA browsed through the newspaper ,COMMA did the crossword puzzle and monitored his stocks .PERIOD
</s>
<s.87.001.870320-0116.7.2>
After perusing his mail ,COMMA it was out to the golf course adjacent to his spacious Spanish villa -HYPHEN style home for a four -HYPHEN hour round with friends .PERIOD
</s>
<s.87.001.870320-0116.7.3>
In the late afternoon he returned home ,COMMA taped some music (LEFT-PAREN big band jazz is his favorite ,COMMA and he has three thousand tapes )RIGHT-PAREN and enjoyed a quiet dinner (LEFT-PAREN hot dogs and baked beans )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0116.7.4>
Then Mr. Kirby ended the day by plunking himself in front of the television to take in a basketball game and an America's Cup yacht race .PERIOD
</s>
</p>
<p.87.001.870320-0116.8>
<s.87.001.870320-0116.8.1>
Other chief executives may feel lost away from the hustle and bustle of corporate life ,COMMA but not Mr. Kirby ,COMMA who retired in nineteen eighty three after serving nine years as chairman of the electrical equipment and broadcasting concern .PERIOD
</s>
<s.87.001.870320-0116.8.2>
"DOUBLE-QUOTE I don't miss it ,COMMA "DOUBLE-QUOTE Mr. Kirby says .PERIOD
</s>
<s.87.001.870320-0116.8.3>
At Westinghouse ,COMMA he put in twelve -HYPHEN hour to fourteen -HYPHEN hour days --DASH often followed by business dinners --DASH and traveled frequently .PERIOD
</s>
<s.87.001.870320-0116.8.4>
"DOUBLE-QUOTE When you're chairman ,COMMA you have to do things when others want you to do it ,COMMA "DOUBLE-QUOTE Mr. Kirby recalls .PERIOD
</s>
<s.87.001.870320-0116.8.5>
"DOUBLE-QUOTE Down here ,COMMA I set the schedule .PERIOD
</s>
<s.87.001.870320-0116.8.6>
That ,COMMA to me ,COMMA is really great .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0116.9>
<s.87.001.870320-0116.9.1>
Mr. Kirby ,COMMA planning for a life of leisure ,COMMA bought his home in an exclusive enclave of Naples in nineteen eighty one .PERIOD
</s>
<s.87.001.870320-0116.9.2>
"DOUBLE-QUOTE I was really looking forward to being able to relax as much as possible and spend time on things I didn't have time to when I was working ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0116.9.3>
That means golf at least four times a week and frequent dips in his outdoor swimming pool and backyard Jacuzzi .PERIOD
</s>
<s.87.001.870320-0116.9.4>
And each year ,COMMA to escape Florida's steamy weather ,COMMA Mr. Kirby and his wife ,COMMA Barbara ,COMMA spend summers at their home in Pittsburgh .PERIOD
</s>
</p>
<p.87.001.870320-0116.10>
<s.87.001.870320-0116.10.1>
Of course ,COMMA it isn't all the life of Riley for Mr. Kirby .PERIOD
</s>
<s.87.001.870320-0116.10.2>
He stays active as a director of the Professional Golf Association tour ,COMMA a director of Mellon Bank --DASH where ,COMMA he notes ,COMMA he keeps his money --DASH and chairman of the University of Pittsburgh's board ,COMMA among other things .PERIOD
</s>
<s.87.001.870320-0116.10.3>
Still ,COMMA he turns down invitations to serve on other boards ,COMMA and his current obligations require only about fifty meetings a year --DASH far fewer than he had to squeeze into his hectic schedule before retiring .PERIOD
</s>
</p>
<p.87.001.870320-0116.11>
<s.87.001.870320-0116.11.1>
"DOUBLE-QUOTE I'd rather wear out than rust out ,COMMA "DOUBLE-QUOTE declares Kemmons Wilson ,COMMA the founder and former chairman of Memphis ,COMMA Tennessee -HYPHEN based Holiday Inns Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0116.12>
<s.87.001.870320-0116.12.1>
When Mr. Wilson retired in nineteen seventy nine from the company he started twenty seven years earlier ,COMMA it was for all of three weeks --DASH and that was spent recuperating from a heart attack and open heart surgery .PERIOD
</s>
<s.87.001.870320-0116.12.2>
Then it was back to work .PERIOD
</s>
<s.87.001.870320-0116.12.3>
Now seventy four years old ,COMMA Mr. Wilson still puts in twelve -HYPHEN hour days at Kemmons Wilson Company ,COMMA a company that he founded in nineteen thirty five and that his three sons run .PERIOD
</s>
</p>
<p.87.001.870320-0116.13>
<s.87.001.870320-0116.13.1>
By the time he left Holiday Inns (LEFT-PAREN currently named Holiday Corporation )RIGHT-PAREN ,COMMA Kemmons Wilson already owned or had stakes in twenty five businesses ,COMMA from small hotel chains to cemeteries .PERIOD
</s>
<s.87.001.870320-0116.13.2>
The entrepreneurial Mr. Wilson has expanded it by adding a nacho corn chip and jalapeno pepper dip company ,COMMA a time share resort in Florida and a savings and loan association ,COMMA among others .PERIOD
</s>
<s.87.001.870320-0116.13.3>
"DOUBLE-QUOTE I would go crazy if I didn't have anything to do ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0116.14>
<s.87.001.870320-0116.14.1>
Most of the day -HYPHEN to -HYPHEN day operations are left to other executives or partners ,COMMA but Mr. Wilson still keeps tabs on things .PERIOD
</s>
<s.87.001.870320-0116.14.2>
He spends about six hours a day in his office sifting through mail ,COMMA answering telephone messages and dictating letters .PERIOD
</s>
<s.87.001.870320-0116.14.3>
Just like his old office at Holiday Inns ,COMMA his new office has about one hundred awards and plaques hanging from the walls and a large portrait of his mother hanging over his desk .PERIOD
</s>
</p>
<p.87.001.870320-0116.15>
<s.87.001.870320-0116.15.1>
The rest of the time ,COMMA Mr. Wilson visits his nearby businesses to check things out .PERIOD
</s>
<s.87.001.870320-0116.15.2>
Strolling through his Wilson World hotel and conference center recently ,COMMA he was constantly interrupted by onlookers wanting to shake his hand .PERIOD
</s>
<s.87.001.870320-0116.15.3>
Mr. Wilson's family was poor when he was growing up in Memphis ,COMMA but today he is one of the city's best -HYPHEN known citizens .PERIOD
</s>
<s.87.001.870320-0116.15.4>
"DOUBLE-QUOTE We call him Mr. Memphis ,COMMA "DOUBLE-QUOTE says Mayor Richard Hackett ,COMMA who joined Mr. Wilson for soft vanilla ice cream .PERIOD
</s>
</p>
<p.87.001.870320-0116.16>
<s.87.001.870320-0116.16.1>
Several months ago ,COMMA Mr. Wilson took his first extended vacation since nineteen fifty one ,COMMA and even that was just for six days .PERIOD
</s>
<s.87.001.870320-0116.16.2>
But life isn't all work .PERIOD
</s>
<s.87.001.870320-0116.16.3>
To relax ,COMMA he goes hunting with his sons ,COMMA plays tennis and joins the family's weekly Sunday dinner gatherings .PERIOD
</s>
</p>
<p.87.001.870320-0116.18>
<s.87.001.870320-0116.18.1>
Most chief executives retire in their sixties .PERIOD
</s>
<s.87.001.870320-0116.18.2>
Archie McCardell retired --DASH unexpectedly --DASH at fifty five .PERIOD
</s>
</p>
<p.87.001.870320-0116.19>
<s.87.001.870320-0116.19.1>
When Mr. McCardell became chief executive of International Harvester Company in nineteen seventy eight at age fifty one ,COMMA there was every reason to think he would be around for a long time .PERIOD
</s>
<s.87.001.870320-0116.19.2>
But after a lengthy strike and recession led to steep losses at the maker of farm equipment and trucks ,COMMA Mr. McCardell left under a cloud in May nineteen eighty two .PERIOD
</s>
<s.87.001.870320-0116.19.3>
Despite reports that he was ousted ,COMMA Mr. McCardell says he left on his own accord .PERIOD
</s>
<s.87.001.870320-0116.19.4>
"DOUBLE-QUOTE I was relieved .PERIOD
</s>
<s.87.001.870320-0116.19.5>
And I felt no bitterness ,COMMA "DOUBLE-QUOTE he recalls .PERIOD
</s>
</p>
<p.87.001.870320-0116.20>
<s.87.001.870320-0116.20.1>
Still ,COMMA for a while Mr. McCardell didn't know what to do .PERIOD
</s>
<s.87.001.870320-0116.20.2>
Lacking any plans ,COMMA he decided simply to relax and think things over .PERIOD
</s>
<s.87.001.870320-0116.20.3>
For several months ,COMMA he didn't do much more than sleep ,COMMA jog and play golf and tennis .PERIOD
</s>
<s.87.001.870320-0116.20.4>
He slimmed down ,COMMA dropping twenty pounds .PERIOD
</s>
<s.87.001.870320-0116.20.5>
In between the sports ,COMMA he tended to his personal finances ,COMMA setting up trusts for his three children .PERIOD
</s>
</p>
<p.87.001.870320-0116.21>
<s.87.001.870320-0116.21.1>
He passed up opportunities to return to corporate life .PERIOD
</s>
<s.87.001.870320-0116.21.2>
Soon after leaving Harvester (LEFT-PAREN since renamed Navistar International Corporation )RIGHT-PAREN ,COMMA for example ,COMMA Mr. McCardell received offers to become chief executive at several companies .PERIOD
</s>
<s.87.001.870320-0116.21.3>
"DOUBLE-QUOTE I didn't see anything that turned me on ,COMMA "DOUBLE-QUOTE he recalls .PERIOD
</s>
</p>
<p.87.001.870320-0116.22>
<s.87.001.870320-0116.22.1>
Six months after he retired ,COMMA Mr. McCardell's daughter ,COMMA Sandy ,COMMA and her husband asked him to go into business with them and his other two children .PERIOD
</s>
<s.87.001.870320-0116.22.2>
"DOUBLE-QUOTE We thought he was our greatest asset ,COMMA "DOUBLE-QUOTE remembers Raul Arcenas ,COMMA the son -HYPHEN in -HYPHEN law .PERIOD
</s>
<s.87.001.870320-0116.22.3>
Mr. McCardell accepted the offer ,COMMA becoming chairman of ARM Properties Incorporated ,COMMA a residential real estate concern ,COMMA and ARM Enterprises Incorporated ,COMMA a management firm that advises ailing small businesses .PERIOD
</s>
</p>
<p.87.001.870320-0116.23>
<s.87.001.870320-0116.23.1>
At Harvester ,COMMA Mr. McCardell put in thirteen hours a day ,COMMA spent evenings with a briefcase full of work and often took aspirin in the morning to relieve headaches .PERIOD
</s>
<s.87.001.870320-0116.23.2>
"DOUBLE-QUOTE There was no time to do anything other than work ,COMMA "DOUBLE-QUOTE he recalls .PERIOD
</s>
<s.87.001.870320-0116.23.3>
At ARM ,COMMA he usually works seven or eight hours a day ,COMMA most of the time advising family members ,COMMA who handle day -HYPHEN to -HYPHEN day operations .PERIOD
</s>
<s.87.001.870320-0116.23.4>
He often takes off four or five days a month ,COMMA which gives him plenty of time to commute between his ivy -HYPHEN covered mansion in Fairfield ,COMMA Connecticut ,COMMA and homes in Florida ,COMMA Canada and upstate New York ,COMMA and to play golf and tennis .PERIOD
</s>
</p>
<p.87.001.870320-0116.24>
<s.87.001.870320-0116.24.1>
Retiring early ,COMMA Mr. McCardell now says ,COMMA has worked out to his liking .PERIOD
</s>
<s.87.001.870320-0116.24.2>
"DOUBLE-QUOTE Don't wait until you're sixty five ,COMMA "DOUBLE-QUOTE he advises other top executives .PERIOD
</s>
<s.87.001.870320-0116.24.3>
"DOUBLE-QUOTE Do it while you still have energy .PERIOD
</s>
<s.87.001.870320-0116.24.4>
The older you get ,COMMA the less flexible you are .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0116.25>
<s.87.001.870320-0116.25.1>
William Norris vividly remembers his last day as chairman of Control Data Corporation in January nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0116.25.2>
"DOUBLE-QUOTE The day I walked out of my office ,COMMA I felt a little tug in my belly ,COMMA like when I left the (LEFT-PAREN family )RIGHT-PAREN farm in Nebraska to take a job at Westinghouse Electric ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0116.25.3>
"DOUBLE-QUOTE It was the realization that an important chapter in my life had ended .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0116.26>
<s.87.001.870320-0116.26.1>
But not the last chapter .PERIOD
</s>
<s.87.001.870320-0116.26.2>
A year after retiring ,COMMA the seventy five -HYPHEN year -HYPHEN old Mr. Norris --DASH who founded Control Data in nineteen fifty seven --DASH is still going strong .PERIOD
</s>
<s.87.001.870320-0116.26.3>
Instead of beginning a second business career like many retired executives ,COMMA however ,COMMA Mr. Norris is pursuing his avocation --DASH preaching about ways that business can help solve America's problems .PERIOD
</s>
</p>
<p.87.001.870320-0116.27>
<s.87.001.870320-0116.27.1>
To spread his gospel ,COMMA Mr. Norris is giving at least three lectures a month around the U. S. .PERIOD
</s>
<s.87.001.870320-0116.27.2>
His favorite topics :COLON how U. S. computer companies can combat foreign rivals (LEFT-PAREN by sharing technology )RIGHT-PAREN ,COMMA how America can create more jobs (LEFT-PAREN by helping people start and grow small businesses )RIGHT-PAREN and how education can be improved (LEFT-PAREN by expanding computer -HYPHEN based education )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0116.28>
<s.87.001.870320-0116.28.1>
Mr. Norris's proselytizing on these topics resulted in more criticism than praise when he was running Control Data .PERIOD
</s>
<s.87.001.870320-0116.28.2>
Critics inside and outside the company contended that he was so busy promoting these issues that it distracted Control Data from its main business of selling computers ,COMMA and resulted in losses in his final two years at the helm ;SEMI-COLON the company has axed many of his pet programs .PERIOD
</s>
<s.87.001.870320-0116.28.3>
But now ,COMMA though he remains a director of Control Data and is a consultant to the company ,COMMA he can say what he wants without causing grumbles .PERIOD
</s>
</p>
<p.87.001.870320-0116.29>
<s.87.001.870320-0116.29.1>
Because he operates out of a Control Data office across the street from the company's headquarters in Bloomington ,COMMA Minnesota ,COMMA much of his daily routine has stayed the same .PERIOD
</s>
<s.87.001.870320-0116.29.2>
Still ,COMMA some things are different .PERIOD
</s>
<s.87.001.870320-0116.29.3>
"DOUBLE-QUOTE He's as busy as ever ,COMMA but probably a little more relaxed ,COMMA "DOUBLE-QUOTE says Betty Jane ,COMMA his wife for forty three years ,COMMA noting that Mr. Norris has more time to swim ,COMMA fish and go for walks .PERIOD
</s>
<s.87.001.870320-0116.29.4>
"DOUBLE-QUOTE He talks in his sleep less often than he used to .PERIOD
</s>
<s.87.001.870320-0116.29.5>
I interpreted that as tenseness when the company was under a lot of pressure .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0116.30>
<s.87.001.870320-0116.30.1>
Ms. Watkins is a staff reporter in The Wall Street Journal's Boston bureau .PERIOD
</s>
</p>
<p.87.001.870320-0115.1>
<s.87.001.870320-0115.1.1>
The House Budget Committee approved a cutback of nearly eight billion dollars in military spending next year ,COMMA indicating general concurrence with a thirty six billion dollar deficit -HYPHEN reduction proposal floated by Democratic leaders .PERIOD
</s>
</p>
<p.87.001.870320-0115.2>
<s.87.001.870320-0115.2.1>
With Republicans abstaining ,COMMA the Democrat -HYPHEN controlled panel voted thirteen to eight to set military outlays at two hundred eighty two .POINT six billion dollars in fiscal nineteen eighty eight ,COMMA which begins October first .PERIOD
</s>
<s.87.001.870320-0115.2.2>
While that's a six billion dollar increase from this fiscal year's spending ,COMMA it's a seven .POINT nine billion dollar reduction from the two hundred ninety .POINT five billion dollars the Defense Department would have to spend to keep pace with inflation .PERIOD
</s>
</p>
<p.87.001.870320-0115.3>
<s.87.001.870320-0115.3.1>
The vote is a firm rebuke to President Reagan ,COMMA who requested outlays of two hundred ninety eight billion dollars ,COMMA and it is close to the nine billion dollar reduction that House Speaker James Wright (LEFT-PAREN D. ,COMMA Texas )RIGHT-PAREN had proposed .PERIOD
</s>
</p>
<p.87.001.870320-0115.4>
<s.87.001.870320-0115.4.1>
Representative Wright is seeking a deficit -HYPHEN reduction package that would trim nine billion dollars from projected military spending ,COMMA nine billion dollars from nonmilitary outlays and an eighteen billion dollar tax increase in fiscal nineteen eighty eight .PERIOD
</s>
</p>
<p.87.001.870320-0115.5>
<s.87.001.870320-0115.5.1>
Representative Butler Derrick (LEFT-PAREN D. ,COMMA S. C. )RIGHT-PAREN declared the decision "DOUBLE-QUOTE very close "DOUBLE-QUOTE to the package that the Democrats have been considering .PERIOD
</s>
<s.87.001.870320-0115.5.2>
It was supported by both Chairman William Gray (LEFT-PAREN D. ,COMMA Pennsylvania )RIGHT-PAREN and House Majority Leader Thomas Foley (LEFT-PAREN D. ,COMMA Washington )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0115.6>
<s.87.001.870320-0115.6.1>
The military spending figure has been the most controversial and pivotal budget issue .PERIOD
</s>
<s.87.001.870320-0115.6.2>
Conservative Democrats had been resisting so large a cut and ,COMMA in turn ,COMMA liberals had resisted trimming social programs until a significant military reduction was agreed to .PERIOD
</s>
</p>
<p.87.001.870320-0115.7>
<s.87.001.870320-0115.7.1>
The most liberal and most conservative members of the budget panel voted against the figure .PERIOD
</s>
<s.87.001.870320-0115.7.2>
But now that the majority sentiment has been expressed ,COMMA the way is clear for approval soon of the entire thirty six billion dollar deficit -HYPHEN reduction package floated by the Democratic leaders .PERIOD
</s>
</p>
<p.87.001.870320-0115.9>
<s.87.001.870320-0115.9.1>
As illustrated by the split vote in the committee ,COMMA House approval might also involve a fight .PERIOD
</s>
<s.87.001.870320-0115.9.2>
Republicans ,COMMA who were protesting the entire process by refusing to vote yesterday ,COMMA could gang up with conservative Democrats to create problems for any budget resolution that sharply cuts the military .PERIOD
</s>
</p>
<p.87.001.870320-0115.10>
<s.87.001.870320-0115.10.1>
In addition ,COMMA the military spending figure voted yesterday was tentative and might be adjusted later should the Democratic leadership devise a substitute plan .PERIOD
</s>
</p>
<p.87.001.870320-0113.1>
<s.87.001.870320-0113.1.1>
First Financial Management Corporation said it offered to buy Comdata Network Incorporated ,COMMA a Nashville ,COMMA Tennessee -HYPHEN based money transfer concern ,COMMA for cash and stock valued at eighteen dollars a share ,COMMA or three hundred forty two .POINT seven million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0113.2>
<s.87.001.870320-0113.2.1>
First Financial ,COMMA noting that Comdata has signed a letter of intent to be acquired by a New York venture capital concern in a two hundred eighty five .POINT six million dollar transaction ,COMMA said it wouldn't pursue its proposal if it isn't accepted by Comdata directors .PERIOD
</s>
</p>
<p.87.001.870320-0113.3>
<s.87.001.870320-0113.3.1>
A Comdata spokesman said the company had no immediate comment on the offer .PERIOD
</s>
</p>
<p.87.001.870320-0113.4>
<s.87.001.870320-0113.4.1>
Under terms of the offer ,COMMA Comdata holders would receive half a share of First Financial common for each Comdata share ,COMMA provided that the market value of First Financial isn't less than twenty eight dollars a share ,COMMA said First Financial ,COMMA a provider of data processing services and products .PERIOD
</s>
<s.87.001.870320-0113.4.2>
The cash portion would be determined by the average market price of First Financial shares during the period shortly before completion of the transaction .PERIOD
</s>
<s.87.001.870320-0113.4.3>
The formula is designed to limit the cash portion to no more than four dollars per share ,COMMA a First Financial spokeswoman said .PERIOD
</s>
</p>
<p.87.001.870320-0113.5>
<s.87.001.870320-0113.5.1>
M. Tarlton Pittard ,COMMA First Financial's executive vice president and chief financial officer ,COMMA said the company would give only stock for Comdata if its average market price equals or exceeds thirty six dollars a share .PERIOD
</s>
<s.87.001.870320-0113.5.2>
He said the exchange ratio would remain at half a share for each Comdata share should First Financial's average share price exceed thirty six dollars .PERIOD
</s>
</p>
<p.87.001.870320-0113.6>
<s.87.001.870320-0113.6.1>
As previously reported ,COMMA Welsh ,COMMA Carson ,COMMA Anderson &AMPERSAND Stowe ,COMMA the New York -HYPHEN based venture capital concern ,COMMA proposed to buy Comdata for cash or a combination of cash and securities .PERIOD
</s>
<s.87.001.870320-0113.6.2>
Under that proposal ,COMMA holders would receive either fifteen dollars in cash or ten dollars and a unit of securities for each of Comdata's approximately nineteen million common shares outstanding .PERIOD
</s>
<s.87.001.870320-0113.6.3>
The proposal was subject to conditions ,COMMA including Welsh Carson obtaining as much as two hundred million dollars in financing .PERIOD
</s>
</p>
<p.87.001.870320-0113.7>
<s.87.001.870320-0113.7.1>
The Welsh Carson proposal supplanted a Comdata recapitalization proposal ,COMMA under which Comdata would have purchased as many as six million of its common shares for fourteen dollars and fifty cents each .PERIOD
</s>
</p>
<p.87.001.870320-0113.9>
<s.87.001.870320-0113.9.1>
A group led by Rosewood Financial Incorporated ,COMMA a Dallas investment firm ,COMMA holds six .POINT two %PERCENT of Comdata stock and had opposed the recapitalization plan .PERIOD
</s>
<s.87.001.870320-0113.9.2>
A spokesman for Rosewood didn't return a phone call .PERIOD
</s>
</p>
<p.87.001.870320-0113.10>
<s.87.001.870320-0113.10.1>
First Financial said it made an offer at this time in order to allow the Comdata directors to evaluate its offer and the Welsh Carson proposal .PERIOD
</s>
<s.87.001.870320-0113.10.2>
"DOUBLE-QUOTE FFMC believes its proposal affords greater value to the Comdata shareholders ,COMMA "DOUBLE-QUOTE the company said .PERIOD
</s>
</p>
<p.87.001.870320-0113.11>
<s.87.001.870320-0113.11.1>
The proposed transaction would be subject to approval of a definitive agreement by the boards of both companies ,COMMA fairness opinions from the companies' investment bankers and the approval of Comdata holders ,COMMA First Financial said .PERIOD
</s>
</p>
<p.87.001.870320-0112.1>
<s.87.001.870320-0112.1.1>
DOME MINES LIMITED said it completed the sale of seven million common shares at twelve dollars (LEFT-PAREN Canadian )RIGHT-PAREN each ,COMMA for total net proceeds of about seventy nine .POINT eight million dollars ,COMMA to a group of four Toronto -HYPHEN based securities dealers .PERIOD
</s>
<s.87.001.870320-0112.1.2>
Dome ,COMMA a large Toronto -HYPHEN based gold mining concern ,COMMA said about forty four million dollars of the proceeds will be used to repay outstanding bank debt ,COMMA and the balance will be used to improve its cash position .PERIOD
</s>
<s.87.001.870320-0112.1.3>
Dominion Securities Incorporated led the underwriting group .PERIOD
</s>
<s.87.001.870320-0112.1.4>
The shares will be offered for re -HYPHEN sale to the public .PERIOD
</s>
<s.87.001.870320-0112.1.5>
In trading yesterday on the Toronto Stock Exchange ,COMMA Dome Mines closed unchanged at fifteen dollars and fifty cents .PERIOD
</s>
</p>
<p.87.001.870320-0111.1>
<s.87.001.870320-0111.1.1>
AERO SERVICES INTERNATIONAL INCORPORATED said directors suspended the dividend for its fiscal second quarter on its Series A convertible preferred stock because of poor earnings .PERIOD
</s>
<s.87.001.870320-0111.1.2>
The twenty four -HYPHEN cent dividend would have been payable April first on three hundred forty six thousand Series A preferred shares .PERIOD
</s>
<s.87.001.870320-0111.1.3>
The Teterboro ,COMMA N. J. ,COMMA company provides fueling ,COMMA maintenance and other services for aircraft .PERIOD
</s>
<s.87.001.870320-0111.1.4>
Including losses from discontinued operations ,COMMA the company posted a net loss of one hundred three thousand dollars on sales of seventeen .POINT four million dollars for the first quarter ended March seventeenth .PERIOD
</s>
</p>
<p.87.001.870320-0110.1>
<s.87.001.870320-0110.1.1>
N. R. M. ENERGY COMPANY L. P. is offering eight million of two dollar cumulative convertible acquisition preferred units at eighteen dollars each .PERIOD
</s>
<s.87.001.870320-0110.1.2>
Beginning in nineteen ninety two ,COMMA each unit is convertible into five .POINT five common shares at three dollars and twenty seven cents a share ,COMMA Dean Witter Reynolds Incorporated ,COMMA head underwriter ,COMMA said .PERIOD
</s>
<s.87.001.870320-0110.1.3>
The Dallas -HYPHEN based oil and gas partnership said it will use the proceeds mostly to acquire oil and gas interests .PERIOD
</s>
<s.87.001.870320-0110.1.4>
In trading on the American Stock Exchange yesterday ,COMMA N. R. M. common closed unchanged at three dollars and fifty cents .PERIOD
</s>
</p>
<p.87.001.870320-0109.1>
<s.87.001.870320-0109.1.1>
The ringing phones .PERIOD
</s>
<s.87.001.870320-0109.1.2>
The three -HYPHEN hour board meetings .PERIOD
</s>
<s.87.001.870320-0109.1.3>
The drop in earnings .PERIOD
</s>
</p>
<p.87.001.870320-0109.2>
<s.87.001.870320-0109.2.1>
It's all part of the stress -HYPHEN filled life of the chief executive officer .PERIOD
</s>
<s.87.001.870320-0109.2.2>
But how is a frazzled C. E. O. to vent his frustrations at work and still maintain an air of grace under pressure ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0109.3>
<s.87.001.870320-0109.3.1>
Some executives share their secrets for letting off steam :COLON
</s>
</p>
<p.87.001.870320-0109.4>
<s.87.001.870320-0109.4.1>
Quotron Systems Incorporated Chairman Milton E. Mohr likes to skip out on his troubles --DASH literally .PERIOD
</s>
<s.87.001.870320-0109.4.2>
When tension rises ,COMMA the seventy one -HYPHEN year -HYPHEN old executive retires to a small room adjoining his office ,COMMA where he skips rope .PERIOD
</s>
<s.87.001.870320-0109.4.3>
His attire ?QUESTION-MARK
</s>
<s.87.001.870320-0109.4.4>
"DOUBLE-QUOTE I change into an athletic supporter .PERIOD
</s>
<s.87.001.870320-0109.4.5>
Period .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.5>
<s.87.001.870320-0109.5.1>
A half -HYPHEN hour of aerobic activity lets Mr. Mohr get away from the business of running a financial information -HYPHEN services company and allows him a little privacy ;SEMI-COLON he says his secretary hasn't once walked in on him during twenty five years of rope -HYPHEN hopping .PERIOD
</s>
</p>
<p.87.001.870320-0109.6>
<s.87.001.870320-0109.6.1>
After the Spartan regimen ,COMMA which includes several sets of sit -HYPHEN ups and push -HYPHEN ups ,COMMA Mr. Mohr likes to ease back into the heat of executive battle at Quotron (LEFT-PAREN which was acquired last year by Citicorp )RIGHT-PAREN by cooling off reading a newspaper .PERIOD
</s>
</p>
<p.87.001.870320-0109.7>
<s.87.001.870320-0109.7.1>
"DOUBLE-QUOTE To have a little blow -HYPHEN up now and then is O. K. ,COMMA "DOUBLE-QUOTE says Peter M. Hoffman ,COMMA president of Los Angeles -HYPHEN based Carolco Pictures Incorporated ,COMMA the movie company that produced the Rambo films .PERIOD
</s>
</p>
<p.87.001.870320-0109.8>
<s.87.001.870320-0109.8.1>
"DOUBLE-QUOTE It puts you on the animal level ,COMMA as it were ,COMMA "DOUBLE-QUOTE says Mr. Hoffman .PERIOD
</s>
<s.87.001.870320-0109.8.2>
Unlike most of his peers ,COMMA the thirty seven -HYPHEN year -HYPHEN old executive ,COMMA who suffers from a self -HYPHEN described "DOUBLE-QUOTE marginal nervous stomach condition ,COMMA "DOUBLE-QUOTE is quick to admit that he'll yell at someone who pushes him too far .PERIOD
</s>
</p>
<p.87.001.870320-0109.9>
<s.87.001.870320-0109.9.1>
"DOUBLE-QUOTE We try to have an open attitude here so people can go a little nuts or act weird .PERIOD
</s>
<s.87.001.870320-0109.9.2>
We're in the movie business .PERIOD
</s>
<s.87.001.870320-0109.9.3>
We're more relaxed .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.10>
<s.87.001.870320-0109.10.1>
Bring the Mountain to Mohammed
</s>
</p>
<p.87.001.870320-0109.11>
<s.87.001.870320-0109.11.1>
Eli Broad describes his passion for art collecting as "DOUBLE-QUOTE an educational and emotional experience .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.12>
<s.87.001.870320-0109.12.1>
The chairman of Kaufman &AMPERSAND Broad Incorporated ,COMMA who was also the founding chairman of the Los Angeles Museum of Contemporary Art ,COMMA has a personal art collection of about two hundred works and a corporate collection of about six hundred .PERIOD
</s>
</p>
<p.87.001.870320-0109.13>
<s.87.001.870320-0109.13.1>
So when Mr. Broad ,COMMA fifty three ,COMMA needs to let off a little steam ,COMMA he simply strolls the halls of the home -HYPHEN building and insurance company to admire the paintings ,COMMA wall reliefs and posters by Southern California artists .PERIOD
</s>
</p>
<p.87.001.870320-0109.14>
<s.87.001.870320-0109.14.1>
"DOUBLE-QUOTE Although I live with this art ,COMMA "DOUBLE-QUOTE he explains ,COMMA "DOUBLE-QUOTE if I want to feel good and relaxed ,COMMA I'll start looking at the paintings ...ELLIPSIS and get my mind off the business problem before returning to it .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.15>
<s.87.001.870320-0109.15.1>
When H. J. Heinz Company's Anthony O'Reilly needs a break from the problems of the present ,COMMA he turns to the past .PERIOD
</s>
</p>
<p.87.001.870320-0109.16>
<s.87.001.870320-0109.16.1>
The fifty -HYPHEN year -HYPHEN old former rugby player from Dublin says he likes to pick up a history book and read a bit when things get too hectic at the office .PERIOD
</s>
<s.87.001.870320-0109.16.2>
Currently Mr. O'Reilly is tackling a biography of William Gladstone ,COMMA the nineteenth century British prime minister .PERIOD
</s>
</p>
<p.87.001.870320-0109.17>
<s.87.001.870320-0109.17.1>
The chief executive also tells jokes to ease tension in the board room ,COMMA and history is often the source .PERIOD
</s>
<s.87.001.870320-0109.17.2>
One of his favorites :COLON During World War two Winston Churchill reported that "DOUBLE-QUOTE the position "DOUBLE-QUOTE in England was serious but not hopeless ,COMMA "DOUBLE-QUOTE and an Irishman listening said ,COMMA 'SINGLE-QUOTE The position in Ireland was always hopeless ,COMMA but happily never serious .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.18>
<s.87.001.870320-0109.18.1>
When running a chain of restaurants from her Beverly Hills ,COMMA California ,COMMA home gets too hectic for Marilyn Lewis ,COMMA she pampers herself .PERIOD
</s>
</p>
<p.87.001.870320-0109.19>
<s.87.001.870320-0109.19.1>
"DOUBLE-QUOTE Getting my hair done or having my nails done relaxes me ,COMMA "DOUBLE-QUOTE says the fifty six -HYPHEN year -HYPHEN old chairman of Hamburger Hamlets Incorporated .PERIOD
</s>
<s.87.001.870320-0109.19.2>
A beauty break isn't always the best medicine for the athletic executive ,COMMA however .PERIOD
</s>
<s.87.001.870320-0109.19.3>
"DOUBLE-QUOTE You're sitting there on borrowed time ,COMMA and it emphasizes what you haven't done .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.20>
<s.87.001.870320-0109.20.1>
Grandma always said to take your nap .PERIOD
</s>
<s.87.001.870320-0109.20.2>
It's something Armand Hammer hasn't forgotten .PERIOD
</s>
<s.87.001.870320-0109.20.3>
When the eighty eight -HYPHEN year -HYPHEN old chairman and chief executive of Los Angeles -HYPHEN based Occidental Petroleum Corporation wants to relieve stress at the office ,COMMA he catches forty winks .PERIOD
</s>
<s.87.001.870320-0109.20.4>
"DOUBLE-QUOTE I have a pillow and a blanket in my closet ,COMMA "DOUBLE-QUOTE says Doctor Hammer .PERIOD
</s>
<s.87.001.870320-0109.20.5>
"DOUBLE-QUOTE I pull the curtains and I take a nap for fifteen or twenty minutes .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.21>
<s.87.001.870320-0109.21.1>
Paul Oreffice is rarely more than arm's length from a chinning bar .PERIOD
</s>
</p>
<p.87.001.870320-0109.22>
<s.87.001.870320-0109.22.1>
The fifty nine -HYPHEN year -HYPHEN old head of Midland ,COMMA Michigan -HYPHEN based Dow Chemical Company has chinning bars fastened in doorways at his two homes ,COMMA and in his office closet .PERIOD
</s>
<s.87.001.870320-0109.22.2>
But he doesn't use the bars for chin -HYPHEN ups :COLON "DOUBLE-QUOTE I just hang .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.23>
<s.87.001.870320-0109.23.1>
Mr. Oreffice says thirty seconds of hanging by the arms helps relieve the tension that builds up in his neck and back .PERIOD
</s>
<s.87.001.870320-0109.23.2>
He also likes to extend his legs and strengthen his thigh muscles while sitting at his desk ,COMMA an isometric exercise he learned from physical therapists who helped him recover from an old football injury .PERIOD
</s>
</p>
<p.87.001.870320-0109.24>
<s.87.001.870320-0109.24.1>
Even during lengthy board meetings ,COMMA the six -HYPHEN foot ,COMMA one hundred eighty -HYPHEN pound executive remains active ,COMMA tightening and releasing his stomach muscles .PERIOD
</s>
<s.87.001.870320-0109.24.2>
"DOUBLE-QUOTE The great thing about isometrics is that nobody else knows I'm doing it .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0109.24.3>
He says the stress -HYPHEN relieving exercises come in handy "DOUBLE-QUOTE particularly during boring presentations .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.25>
<s.87.001.870320-0109.25.1>
Andy Granatelli says that when he's confronted with a stressful situation at work ,COMMA he simply tells himself that things aren't nearly as bad as they seem .PERIOD
</s>
</p>
<p.87.001.870320-0109.26>
<s.87.001.870320-0109.26.1>
The sixty three -HYPHEN year -HYPHEN old former race car driver now owns and operates a chain of automobile service shops across the Southwest called Tuneup Masters .PERIOD
</s>
<s.87.001.870320-0109.26.2>
The bright side outlook keeps him from getting overheated when he's caught in Los Angeles rush -HYPHEN hour freeway traffic .PERIOD
</s>
</p>
<p.87.001.870320-0109.27>
<s.87.001.870320-0109.27.1>
"DOUBLE-QUOTE I could get upset .PERIOD
</s>
<s.87.001.870320-0109.27.2>
But I say ,COMMA 'SINGLE-QUOTE Look .PERIOD
</s>
<s.87.001.870320-0109.27.3>
All these motors are running now ,COMMA and their motor oil and engines are running down .PERIOD
</s>
<s.87.001.870320-0109.27.4>
They'll need tuneups soon .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.28>
<s.87.001.870320-0109.28.1>
...ELLIPSIS And Look Both Ways Before You Cross the Street
</s>
</p>
<p.87.001.870320-0109.29>
<s.87.001.870320-0109.29.1>
Martin S. Davis sums up his approach to stress -HYPHEN reduction :COLON patience .PERIOD
</s>
</p>
<p.87.001.870320-0109.30>
<s.87.001.870320-0109.30.1>
"DOUBLE-QUOTE There's stress everywhere ...ELLIPSIS .PERIOD
</s>
<s.87.001.870320-0109.30.2>
You cross the street and it's stressful .PERIOD
</s>
<s.87.001.870320-0109.30.3>
So you have the patience and you wait for the light to change ,COMMA "DOUBLE-QUOTE says the fifty nine -HYPHEN year -HYPHEN old chairman and chief executive of New York -HYPHEN based Gulf &AMPERSAND Western Industries Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0109.31>
<s.87.001.870320-0109.31.1>
Mr. Davis says he doesn't let himself get worked up over business problems .PERIOD
</s>
<s.87.001.870320-0109.31.2>
"DOUBLE-QUOTE Part of the job of managing is managing stress ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0109.31.3>
"DOUBLE-QUOTE You learn to have patience ,COMMA and you can handle anything .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.32>
<s.87.001.870320-0109.32.1>
"DOUBLE-QUOTE There was a time earlier in my career when I took myself too seriously ,COMMA "DOUBLE-QUOTE says William J. Popejoy ,COMMA forty eight .PERIOD
</s>
<s.87.001.870320-0109.32.2>
"DOUBLE-QUOTE When things went wrong ,COMMA I was quicker to lash out .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.33>
<s.87.001.870320-0109.33.1>
Now when the chairman and chief executive of Irvine ,COMMA California -HYPHEN based Financial Corporation of America finds stress getting the better of him at work ,COMMA he simply sits back and recalls the more light -HYPHEN hearted moments in his life .PERIOD
</s>
<s.87.001.870320-0109.33.2>
"DOUBLE-QUOTE A little bit of laughter can relieve stress ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0109.34>
<s.87.001.870320-0109.34.1>
Mr. Popejoy was named chairman and chief executive of Financial Corporation ,COMMA holding company for American Savings &AMPERSAND Loan Association ,COMMA the nation's largest thrift ,COMMA in nineteen eighty four after Charles W. Knapp resigned the posts under intense pressure from federal regulators .PERIOD
</s>
<s.87.001.870320-0109.34.2>
Mr. Popejoy reminisces about the letters that flooded his office after he appeared in a television commercial for the thrift .PERIOD
</s>
<s.87.001.870320-0109.34.3>
"DOUBLE-QUOTE One letter said ,COMMA 'SINGLE-QUOTE You have old -HYPHEN time star -HYPHEN like qualities --DASH like Rin Tin Tin .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.35>
<s.87.001.870320-0109.35.1>
He says memories of college athletic days are also good for a chuckle .PERIOD
</s>
<s.87.001.870320-0109.35.2>
Mr. Popejoy remembers one buddy who got "DOUBLE-QUOTE so hyper "DOUBLE-QUOTE before his event at a track -HYPHEN and -HYPHEN field meet that when he went to take off his sweatpants "DOUBLE-QUOTE he took down everything "DOUBLE-QUOTE --DASH in front of hundreds .PERIOD
</s>
</p>
<p.87.001.870320-0109.36>
<s.87.001.870320-0109.36.1>
Why not just face facts and relish the tooth -HYPHEN grinding ,COMMA blood -HYPHEN pumping states of stressful bliss ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0109.37>
<s.87.001.870320-0109.37.1>
"DOUBLE-QUOTE I thrive on it ,COMMA "DOUBLE-QUOTE says Minneapolis investor Irwin Jacobs ,COMMA who has used the company he heads ,COMMA Minstar Incorporated ,COMMA to wage takeover battles against such hefty targets as Borg -HYPHEN Warner Corporation and A. M. F. Incorporated .PERIOD
</s>
<s.87.001.870320-0109.37.2>
While some people like to avoid stressful situations ,COMMA the forty five -HYPHEN year -HYPHEN old executive says ,COMMA "DOUBLE-QUOTE I think of it as a way of life .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0109.38>
<s.87.001.870320-0109.38.1>
He adds ,COMMA however ,COMMA that he and his colleagues "DOUBLE-QUOTE probably create more stress (LEFT-PAREN for others )RIGHT-PAREN than we have "DOUBLE-QUOTE ourselves .PERIOD
</s>
</p>
<p.87.001.870320-0109.39>
<s.87.001.870320-0109.39.1>
Mr. Jefferson is a member of The Wall Street Journal's Los Angeles bureau .PERIOD
</s>
</p>
<p.87.001.870320-0108.1>
<s.87.001.870320-0108.1.1>
DOW CHEMICAL COMPANY said it will issue New Zealand dollar -HYPHEN denominated bonds valued at about fifty six million dollars at current exchange rates .PERIOD
</s>
<s.87.001.870320-0108.1.2>
The Midland ,COMMA Michigan -HYPHEN based chemical concern said the two -HYPHEN year bonds will have a floating interest rate that will not be less than seventeen %PERCENT .PERIOD
</s>
<s.87.001.870320-0108.1.3>
Proceeds will be used to refinance other high -HYPHEN cost debt .PERIOD
</s>
<s.87.001.870320-0108.1.4>
Bear ,COMMA Stearns &AMPERSAND Company and Smith Barney ,COMMA Harris ,COMMA Upham &AMPERSAND Company will be the managing underwriters .PERIOD
</s>
</p>
<p.87.001.870320-0107.1>
<s.87.001.870320-0107.1.1>
R. J. R. Nabisco Incorporated said it will bring back J. Paul Sticht ,COMMA former chairman and chief executive officer ,COMMA as chairman .PERIOD
</s>
</p>
<p.87.001.870320-0107.2>
<s.87.001.870320-0107.2.1>
The appointment was made to provide a stabilizing influence ,COMMA sources said .PERIOD
</s>
<s.87.001.870320-0107.2.2>
R. J. R. has been rocked by change since the beginning of the year ,COMMA when F. Ross Johnson ,COMMA president ,COMMA was named chief executive officer .PERIOD
</s>
</p>
<p.87.001.870320-0107.3>
<s.87.001.870320-0107.3.1>
Mr. Sticht ,COMMA sixty nine years old ,COMMA retired as chairman in nineteen eighty three and is currently an R. J. R. director and chairman of the executive committee .PERIOD
</s>
<s.87.001.870320-0107.3.2>
He will succeed as chairman J. Tylee Wilson ,COMMA fifty five ,COMMA who ,COMMA as previously reported ,COMMA is taking early retirement .PERIOD
</s>
<s.87.001.870320-0107.3.3>
The change is expected to take effect after a board vote on April twenty second ,COMMA the date of R. J. R.'s annual meeting .PERIOD
</s>
</p>
<p.87.001.870320-0107.4>
<s.87.001.870320-0107.4.1>
R. J. R. said Mr. Sticht will be chairman until April nineteen eighty eight ,COMMA when ,COMMA under company retirement policies ,COMMA he will step down at age seventy .PERIOD
</s>
</p>
<p.87.001.870320-0107.5>
<s.87.001.870320-0107.5.1>
The company said the appointment of Mr. Sticht ,COMMA who would focus on the company's external affairs ,COMMA would free Mr. Johnson to concentrate on running the business .PERIOD
</s>
</p>
<p.87.001.870320-0107.6>
<s.87.001.870320-0107.6.1>
R. J. R. said the appointment was suggested by Mr. Johnson .PERIOD
</s>
<s.87.001.870320-0107.6.2>
However ,COMMA the move came as a surprise to those who had considered Mr. Johnson the likely successor to Mr. Wilson .PERIOD
</s>
<s.87.001.870320-0107.6.3>
Mr. Johnson ,COMMA fifty five ,COMMA had already taken swift control of the company ,COMMA engineering the controversial impending move of its headquarters to Atlanta ,COMMA completing the one .POINT two billion dollar sale of its liquor business and launching a study of a possible spinoff of R. J. R.'s tobacco business into a master limited partnership .PERIOD
</s>
</p>
<p.87.001.870320-0107.7>
<s.87.001.870320-0107.7.1>
But neither analysts nor sources close to the company said they thought Mr. Sticht's appointment was designed to put the brakes on Mr. Johnson --DASH or to affect his management of the company .PERIOD
</s>
<s.87.001.870320-0107.7.2>
"DOUBLE-QUOTE Paul Sticht will be a statesman .PERIOD
</s>
<s.87.001.870320-0107.7.3>
He won't be active in management ,COMMA "DOUBLE-QUOTE said an executive close to the company .PERIOD
</s>
<s.87.001.870320-0107.7.4>
"DOUBLE-QUOTE Ross Johnson isn't exactly a stabilizing influence in a new situation .PERIOD
</s>
<s.87.001.870320-0107.7.5>
Paul Sticht is .PERIOD
</s>
<s.87.001.870320-0107.7.6>
When the alligators are in the boat ,COMMA he makes you feel very calm ,COMMA keeps his hand on the tiller and the boat on course .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0107.8>
<s.87.001.870320-0107.8.1>
The appointment of Mr. Sticht ,COMMA who was first named chairman in nineteen seventy nine ,COMMA could be a calming influence on R. J. R.'s tobacco business ,COMMA which in the last three months has been shaken both by management changes and by the possibility of the spinoff .PERIOD
</s>
<s.87.001.870320-0107.8.2>
It could help smooth relations with the Winston -HYPHEN Salem community ,COMMA which has also been badly shaken by R. J. R.'s impending move .PERIOD
</s>
</p>
<p.87.001.870320-0107.9>
<s.87.001.870320-0107.9.1>
The move wasn't seen as a sign of board conflict .PERIOD
</s>
<s.87.001.870320-0107.9.2>
Mr. Johnson has had the support of the board and of Mr. Sticht ,COMMA so powerful a director that some say he has been unofficial chairman all along .PERIOD
</s>
</p>
<p.87.001.870320-0107.10>
<s.87.001.870320-0107.10.1>
This isn't the first time Mr. Sticht has been plucked from the board to serve in a larger role .PERIOD
</s>
<s.87.001.870320-0107.10.2>
In nineteen seventy three ,COMMA a year after having retired as president of Federated Department Stores Incorporated ,COMMA he was named president and chief operating officer of R. J. Reynolds Industries Incorporated ,COMMA where he was already a director .PERIOD
</s>
<s.87.001.870320-0107.10.3>
That positioned him to subsequently become the first non -HYPHEN tobacco chief executive of the company that became R. J. R. ,COMMA and he oversaw its first surge of diversification .PERIOD
</s>
</p>
<p.87.001.870320-0107.11>
<s.87.001.870320-0107.11.1>
This time ,COMMA Mr. Sticht's new duties will include trade ,COMMA customer and government relations ,COMMA and he will be chairman of a council of advisers on the company's international affairs .PERIOD
</s>
</p>
<p.87.001.870320-0107.12>
<s.87.001.870320-0107.12.1>
Mr. Johnson was vice chairman and chief executive officer of Nabisco Brands Incorporated when it was acquired by R. J. Reynolds for four .POINT nine billion dollars in nineteen eighty five .PERIOD
</s>
<s.87.001.870320-0107.12.2>
He became president and chief operating officer of the merged company .PERIOD
</s>
</p>
<p.87.001.870320-0107.13>
<s.87.001.870320-0107.13.1>
In other changes ,COMMA R. J. R. named Mr. Johnson chairman of the executive committee ,COMMA succeeding Mr. Sticht .PERIOD
</s>
<s.87.001.870320-0107.13.2>
James O. Welch Junior ,COMMA chairman and chief executive of the company's Nabisco Brands Incorporated unit ,COMMA was named vice chairman of R. J. R. ,COMMA a title he shares with Edward A. Horrigan ,COMMA chairman and chief executive of R. J. Reynolds Tobacco Company Robert J. Carbonell ,COMMA formerly executive vice president of R. J. R. ,COMMA was named senior executive vice president .PERIOD
</s>
</p>
<p.87.001.870320-0106.1>
<s.87.001.870320-0106.1.1>
General Motors Corporation will temporarily idle three thousand ,COMMA five hundred hourly workers Monday when it halts production to adjust inventories on one of two assembly lines at its Lansing ,COMMA Michigan ,COMMA car assembly plant .PERIOD
</s>
</p>
<p.87.001.870320-0106.2>
<s.87.001.870320-0106.2.1>
The line ,COMMA which builds the compact Buick Somerset and Skylark and the Oldsmobile Calais ,COMMA will be down for two weeks ,COMMA the company said .PERIOD
</s>
<s.87.001.870320-0106.2.2>
G. M. said the shutdown is designed to reduce bulging inventories of unsold cars .PERIOD
</s>
</p>
<p.87.001.870320-0106.3>
<s.87.001.870320-0106.3.1>
Dealers had a one hundred forty six -HYPHEN day supply of unsold Somersets on their lots at the end of February ,COMMA according to Ward's Automotive Reports ,COMMA a trade publication .PERIOD
</s>
<s.87.001.870320-0106.3.2>
That's more than double the sixty -HYPHEN day to sixty five -HYPHEN day supply considered normal .PERIOD
</s>
<s.87.001.870320-0106.3.3>
Unsold inventories of the Calais model stood at eighty three days .PERIOD
</s>
</p>
<p.87.001.870320-0106.4>
<s.87.001.870320-0106.4.1>
Production of the Pontiac version of the cars ,COMMA the Grand Am ,COMMA will continue on the second line at the plant .PERIOD
</s>
<s.87.001.870320-0106.4.2>
That car has been much more popular than its Buick and Olds counterparts ,COMMA with unsold supplies February twenty eighth at only fifty one days .PERIOD
</s>
</p>
<p.87.001.870320-0106.5>
<s.87.001.870320-0106.5.1>
G. M. said it plans to resume output of Chevrolet Camaros and Pontiac Firebirds Monday at its Norwood ,COMMA Ohio ,COMMA car assembly plant after a one -HYPHEN week closing because of material shortages .PERIOD
</s>
</p>
<p.87.001.870320-0106.6>
<s.87.001.870320-0106.6.1>
U. S. car makers are scheduled to build one hundred sixty nine thousand ,COMMA four hundred three cars this week ,COMMA up one .POINT two %PERCENT from one hundred sixty seven thousand ,COMMA four hundred forty three cars last week .PERIOD
</s>
<s.87.001.870320-0106.6.2>
This week's expected output is down four .POINT six %PERCENT from the year -HYPHEN earlier production of one hundred seventy seven thousand ,COMMA five hundred eighty eight .PERIOD
</s>
</p>
<p.87.001.870320-0106.7>
<s.87.001.870320-0106.7.1>
G. M.'s estimated production is up four .POINT six %PERCENT from last week's eighty five thousand ,COMMA eighty seven ;SEMI-COLON Ford Motor Company's total will rise two .POINT six %PERCENT to forty three thousand ,COMMA nine hundred thirty eight ;SEMI-COLON and Chrysler Corporation's will fall thirteen %PERCENT to nineteen thousand ,COMMA four hundred from last week's twenty two thousand ,COMMA three hundred eighty three .PERIOD
</s>
<s.87.001.870320-0106.7.2>
The Chrysler cuts were fairly evenly distributed throughout the company's product line .PERIOD
</s>
</p>
<p.87.001.870320-0106.8>
<s.87.001.870320-0106.8.1>
G. M. said it scheduled one U. S. car assembly plant and four U. S. truck assembly plants for overtime tomorrow .PERIOD
</s>
<s.87.001.870320-0106.8.2>
Ford said it scheduled overtime tomorrow at one U. S. car and one truck assembly plant .PERIOD
</s>
<s.87.001.870320-0106.8.3>
Chrysler said it scheduled two U. S. car assembly plants for overtime Saturday .PERIOD
</s>
<s.87.001.870320-0106.8.4>
Honda Motors Corporation scheduled eight hours of overtime tomorrow at its Marysville ,COMMA Ohio ,COMMA car assembly plant .PERIOD
</s>
</p>
<p.87.001.870320-0105.1>
<s.87.001.870320-0105.1.1>
Moody's Investors Service Incorporated placed ratings on single -HYPHEN A -HYPHEN one senior debt ,COMMA single -HYPHEN A -HYPHEN two subordinated debt ,COMMA single -HYPHEN A -HYPHEN one preferred stock and provisional single -HYPHEN A -HYPHEN one shelf registration debt of this bank holding company under review for possible upgrading .PERIOD
</s>
<s.87.001.870320-0105.1.2>
About one .POINT one billion dollars of securities are affected .PERIOD
</s>
<s.87.001.870320-0105.1.3>
Moody's cited Providence ,COMMA R. I. -HYPHEN based Fleet's proposed merger with Norstar Bancorp and the positive effect it could have on Fleet's core deposit base .PERIOD
</s>
</p>
<p.87.001.870320-0104.1>
<s.87.001.870320-0104.1.1>
PUBLIC SERVICE COMPANY OF INDIANA said it will issue a thirty five million dollar seven .POINT six %PERCENT first mortgage bond ,COMMA series NN ,COMMA due March fifteenth ,COMMA two thousand ,COMMA twelve ,COMMA to Princeton ,COMMA Indiana .PERIOD
</s>
<s.87.001.870320-0104.1.2>
It said the bond serves as collateral for thirty five million dollars of pollution control bonds being issued by Princeton at the same interest rate .PERIOD
</s>
<s.87.001.870320-0104.1.3>
The Plainfield ,COMMA Indiana -HYPHEN based utility said proceeds from the issue will be used to redeem all Series B. pollution control bonds previously issued by the city at twelve and three quarters %PERCENT .PERIOD
</s>
<s.87.001.870320-0104.1.4>
The bonds are being redeemed at a price of one hundred two April first .PERIOD
</s>
<s.87.001.870320-0104.1.5>
The company said it expects to save about one .POINT eight million dollars a year by reducing interest costs .PERIOD
</s>
</p>
<p.87.001.870320-0103.1>
<s.87.001.870320-0103.1.1>
A group that owns six .POINT five %PERCENT of GenCorp Incorporated's stock suggested that the Akron ,COMMA Ohio -HYPHEN based company spin off all of its non -HYPHEN broadcasting assets to shareholders and refuse to pay greenmail to any raider .PERIOD
</s>
</p>
<p.87.001.870320-0103.2>
<s.87.001.870320-0103.2.1>
The spinoff proposal is the reverse of one that GenCorp's management made several years ago to spin off GenCorp's broadcast properties .PERIOD
</s>
</p>
<p.87.001.870320-0103.3>
<s.87.001.870320-0103.3.1>
The investment group ,COMMA which includes New York -HYPHEN based Gabelli Group Incorporated ,COMMA is one of two groups to make a Securities and Exchange Commission filing this week regarding GenCorp ,COMMA a tires ,COMMA plastics ,COMMA aerospace and broadcasting concern .PERIOD
</s>
<s.87.001.870320-0103.3.2>
The Gabelli group advocates the spinoff as a way to "DOUBLE-QUOTE materially narrow the spread between the public price of GenCorp's shares and the underlying value .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0103.4>
<s.87.001.870320-0103.4.1>
The Gabelli filing was made just prior to a surprise tender offer for GenCorp's shares .PERIOD
</s>
<s.87.001.870320-0103.4.2>
As previously reported ,COMMA a group including A. F. G. Industries Incorporated ,COMMA an Irvine ,COMMA California -HYPHEN based glass maker and distributor ,COMMA and Wagner &AMPERSAND Brown ,COMMA a closely held Midland ,COMMA Texas -HYPHEN based oil and gas concern ,COMMA said in an S. E. C. filing Wednesday that they had acquired nine .POINT eight %PERCENT of GenCorp's stock and had launched a one hundred dollar -HYPHEN a -HYPHEN share tender offer for the remainder .PERIOD
</s>
<s.87.001.870320-0103.4.3>
However ,COMMA the two .POINT two billion dollar offer is conditioned upon GenCorp withdrawing a "DOUBLE-QUOTE poison pill "DOUBLE-QUOTE anti -HYPHEN takeover defense and Federal Communications Commission approval of a voting trust arrangement for the broadcast properties .PERIOD
</s>
</p>
<p.87.001.870320-0103.5>
<s.87.001.870320-0103.5.1>
The A. F. G. group said it would sell GenCorp's radio and television properties ,COMMA its soft -HYPHEN drink bottling businesses and the Aerojet General aerospace and defense division .PERIOD
</s>
</p>
<p.87.001.870320-0103.6>
<s.87.001.870320-0103.6.1>
According to the Gabelli S. E. C. filing ,COMMA the group requests that one of its representatives be elected to the GenCorp board to advance the spinoff proposal .PERIOD
</s>
<s.87.001.870320-0103.6.2>
The group said it first raised the proposal at a GenCorp meeting with securities analysts last month ,COMMA but hasn't had a private meeting with GenCorp management to discuss the issue .PERIOD
</s>
</p>
<p.87.001.870320-0103.8>
<s.87.001.870320-0103.8.1>
GenCorp has said it is studying the tender offer and urged shareholders to withhold a decision until March thirty first .PERIOD
</s>
<s.87.001.870320-0103.8.2>
A GenCorp spokesman said the company is aware of the Gabelli filing ,COMMA but didn't have an immediate comment .PERIOD
</s>
</p>
<p.87.001.870320-0103.9>
<s.87.001.870320-0103.9.1>
The company for years has been puzzling over what to do with its broadcast properties .PERIOD
</s>
<s.87.001.870320-0103.9.2>
Several years ago ,COMMA management considered spinning off its broadcast business to end disputes over licenses ,COMMA but the F. C. C. didn't accept that remedy .PERIOD
</s>
<s.87.001.870320-0103.9.3>
Licenses for two of GenCorp's three television stations and all twelve radio stations have been under challenge for two decades .PERIOD
</s>
<s.87.001.870320-0103.9.4>
Challenger groups allege that GenCorp is an unfit broadcaster because the company failed to adequately inform the F. C. C. of allegedly improper campaign contributions and foreign payments .PERIOD
</s>
</p>
<p.87.001.870320-0103.10>
<s.87.001.870320-0103.10.1>
According to the Gabelli filing ,COMMA the group's most recent GenCorp stock transactions included purchases of four hundred eighty two thousand common shares January twelfth through March fifth at seventy one dollars to eighty seven dollars each and sales of eighty nine thousand ,COMMA five hundred fifty six shares January twenty sixth through March seventeenth at seventy one dollars to eighty nine .POINT six three six dollars each .PERIOD
</s>
</p>
<p.87.001.870320-0103.11>
<s.87.001.870320-0103.11.1>
In New York Stock Exchange composite trading yesterday ,COMMA GenCorp shares rose two dollars and fifty cents to close at one hundred nine dollars .PERIOD
</s>
</p>
<p.87.001.870320-0102.1>
<s.87.001.870320-0102.1.1>
M. M. R. HOLDING CORPORATION ,COMMA based in Baton Rouge ,COMMA Louisiana ,COMMA sold one .POINT one million common shares in its initial offering at thirteen dollars and fifty cents each ,COMMA said William Blair &AMPERSAND Company ,COMMA head underwriter .PERIOD
</s>
<s.87.001.870320-0102.1.2>
Proceeds will be used to increase working capital and pay debt ,COMMA the electrical and mechanical specialty contractor said .PERIOD
</s>
</p>
<p.87.001.870320-0101.1>
<s.87.001.870320-0101.1.1>
American Nuclear Corporation said it received a twenty four million dollar preliminary contract to remove uranium mill tailings from an abandoned mill site in Riverton ,COMMA Wyoming .PERIOD
</s>
</p>
<p.87.001.870320-0101.2>
<s.87.001.870320-0101.2.1>
The tailings ,COMMA which are residue from uranium ore in a milling operation ,COMMA will be moved to American Nuclear's licensed tailings disposal facility in central Wyoming ,COMMA the company said .PERIOD
</s>
</p>
<p.87.001.870320-0101.3>
<s.87.001.870320-0101.3.1>
The project will be jointly funded by the U. S. Energy Department and the state of Wyoming .PERIOD
</s>
<s.87.001.870320-0101.3.2>
The Nuclear Regulatory Commission has amended American Nuclear's license to permit the removal ,COMMA according to the uranium exploration and development concern .PERIOD
</s>
</p>
<p.87.001.870320-0101.4>
<s.87.001.870320-0101.4.1>
American Nuclear said the contract is subject to ,COMMA among other things ,COMMA a final agreement to insure that the relocated tailings will be stabilized in accordance with federal regulatory standards .PERIOD
</s>
<s.87.001.870320-0101.4.2>
The contract also is expected to provide assurance that the Energy Department won't assume liability for the disposal site or for material in it that isn't from the abandoned Riverton mine .PERIOD
</s>
</p>
<p.87.001.870320-0100.1>
<s.87.001.870320-0100.1.1>
Back when divorce was shameful ,COMMA corporate America joined the rest of society in labeling men with broken marriages as failures .PERIOD
</s>
<s.87.001.870320-0100.1.2>
For them ,COMMA there was no room at the top .PERIOD
</s>
</p>
<p.87.001.870320-0100.2>
<s.87.001.870320-0100.2.1>
Over time ,COMMA divorce has seeped into every stratum of American life ,COMMA and now most people assume that it no longer carries a stigma .PERIOD
</s>
<s.87.001.870320-0100.2.2>
But in America's executive suites ,COMMA some of the stigma lingers .PERIOD
</s>
</p>
<p.87.001.870320-0100.3>
<s.87.001.870320-0100.3.1>
A superbly qualified man probably wouldn't be denied a top job because of his marital status .PERIOD
</s>
<s.87.001.870320-0100.3.2>
But a divorce won't go unnoticed .PERIOD
</s>
<s.87.001.870320-0100.3.3>
To his superiors ,COMMA it will be a subject of concern and curiosity ;SEMI-COLON they'll want to know how he handled it and how ,COMMA if he hasn't remarried ,COMMA he's handling his new status .PERIOD
</s>
<s.87.001.870320-0100.3.4>
Though divorce is deeply personal ,COMMA when it happens to a corporate executive ,COMMA other people make it their business .PERIOD
</s>
</p>
<p.87.001.870320-0100.4>
<s.87.001.870320-0100.4.1>
Among senior executives of major corporations ,COMMA divorce is still far from common .PERIOD
</s>
<s.87.001.870320-0100.4.2>
A survey by The Wall Street Journal found that the typical chief executive officer of a Fortune five hundred -HYPHEN level company is a fifty eight -HYPHEN year -HYPHEN old man married to a woman who doesn't work outside the home .PERIOD
</s>
<s.87.001.870320-0100.4.3>
And typically ,COMMA he has been married to the same woman for more than twenty years .PERIOD
</s>
<s.87.001.870320-0100.4.4>
All three hundred fifty one of the respondents in the survey were men ,COMMA and only three .POINT four %PERCENT of them were divorced .PERIOD
</s>
<s.87.001.870320-0100.4.5>
Of those who were married ,COMMA only eighteen %PERCENT had been married more than once .PERIOD
</s>
</p>
<p.87.001.870320-0100.5>
<s.87.001.870320-0100.5.1>
The marital picture for women executives is quite different .PERIOD
</s>
<s.87.001.870320-0100.5.2>
According to a recent report by Heidrick &AMPERSAND Struggles Incorporated ,COMMA an executive search firm ,COMMA more than forty %PERCENT of female corporate executives are single ,COMMA separated or divorced .PERIOD
</s>
<s.87.001.870320-0100.5.3>
Among executives ,COMMA a man without family is an anomaly ,COMMA but a woman without family is normal .PERIOD
</s>
</p>
<p.87.001.870320-0100.6>
<s.87.001.870320-0100.6.1>
Age helps explain the low divorce rate among senior corporate men .PERIOD
</s>
<s.87.001.870320-0100.6.2>
Most are older than forty five and thus belong to generations that have a relatively low incidence of divorce .PERIOD
</s>
<s.87.001.870320-0100.6.3>
But a debate simmers about why executive men seem to divorce even less than average .PERIOD
</s>
</p>
<p.87.001.870320-0100.7>
<s.87.001.870320-0100.7.1>
Some believe that men who succeed in the business world are a breed apart ,COMMA able to cope with their personal lives as maturely as they do their business problems .PERIOD
</s>
<s.87.001.870320-0100.7.2>
"DOUBLE-QUOTE My bias is that the person who becomes a C. E. O. is a remarkable ,COMMA unusual guy who has risen above many hazards and problems along the way ,COMMA "DOUBLE-QUOTE says Richard Diedrich ,COMMA manager of the Boston office of Rohrer ,COMMA Hibler &AMPERSAND Replogle ,COMMA a corporate psychology group .PERIOD
</s>
<s.87.001.870320-0100.7.3>
"DOUBLE-QUOTE He stands above the group in terms of general psychological health .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.8>
<s.87.001.870320-0100.8.1>
Others theorize that corporate executives may be so driven by their work that even if their home lives are wretched ,COMMA they simply can't be bothered to get a divorce .PERIOD
</s>
<s.87.001.870320-0100.8.2>
"DOUBLE-QUOTE Guys on the fast track go full bore on their jobs and don't have time to get a divorce ,COMMA "DOUBLE-QUOTE says David Peasback ,COMMA president of Heidrick &AMPERSAND Struggles .PERIOD
</s>
<s.87.001.870320-0100.8.3>
"DOUBLE-QUOTE They're busy ,COMMA active people who can tolerate what other people might not .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.9>
<s.87.001.870320-0100.9.1>
A third group wonders whether executive men ,COMMA like politicians ,COMMA still feel their careers are more likely to flourish if they paint a pretty picture of their home lives .PERIOD
</s>
<s.87.001.870320-0100.9.2>
Twenty years ago ,COMMA the perfect family facade was crucial .PERIOD
</s>
<s.87.001.870320-0100.9.3>
"DOUBLE-QUOTE We all knew people who weren't happy but stayed married because they didn't want a divorce ,COMMA "DOUBLE-QUOTE says Harding Lawrence ,COMMA former chief executive of Braniff Airlines ,COMMA who divorced and remarried in the middle of his career .PERIOD
</s>
</p>
<p.87.001.870320-0100.10>
<s.87.001.870320-0100.10.1>
The topic of divorce still seems to make many senior executives uncomfortable .PERIOD
</s>
<s.87.001.870320-0100.10.2>
To follow up its recent survey ,COMMA The Wall Street Journal telephoned more than a dozen chief executives who have been divorced .PERIOD
</s>
<s.87.001.870320-0100.10.3>
All declined to be interviewed .PERIOD
</s>
<s.87.001.870320-0100.10.4>
Asked why his boss didn't want to be quoted on the subject ,COMMA one executive's assistant said ,COMMA "DOUBLE-QUOTE He feels he is a symbol of this company ,COMMA and he doesn't want this company associated in people's minds with divorce .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.11>
<s.87.001.870320-0100.11.1>
Although that pressure may be subtler now ,COMMA some people argue that it still exists .PERIOD
</s>
<s.87.001.870320-0100.11.2>
"DOUBLE-QUOTE There's definitely an unspoken pressure to keep a marriage together ,COMMA "DOUBLE-QUOTE says Patricia Cook ,COMMA principal at Egon Zehnder International ,COMMA an executive search firm .PERIOD
</s>
<s.87.001.870320-0100.11.3>
"DOUBLE-QUOTE The pressure says if you want to be C. E. O. ,COMMA you have to demonstrate that you're not an ordinary man and not subject to the same vulnerabilities as the rest of the population .PERIOD
</s>
<s.87.001.870320-0100.11.4>
You have to be Mr. Perfect .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.12>
<s.87.001.870320-0100.12.1>
That's a tall order .PERIOD
</s>
<s.87.001.870320-0100.12.2>
From the wife's viewpoint ,COMMA strains are inherent in this kind of marriage .PERIOD
</s>
<s.87.001.870320-0100.12.3>
As a rule ,COMMA the amount of time the husband spends with his wife and family is severely limited .PERIOD
</s>
<s.87.001.870320-0100.12.4>
The husband believes he has to make big sacrifices in his personal and family life to succeed in his career ,COMMA so he makes them .PERIOD
</s>
<s.87.001.870320-0100.12.5>
Sometimes the sacrifices become excessive ,COMMA and the marriage is jeopardized .PERIOD
</s>
</p>
<p.87.001.870320-0100.13>
<s.87.001.870320-0100.13.1>
"DOUBLE-QUOTE My husband usually arrives home exhausted and detached ,COMMA "DOUBLE-QUOTE complains the wife of a Fortune five hundred chief executive who has contemplated divorce .PERIOD
</s>
<s.87.001.870320-0100.13.2>
"DOUBLE-QUOTE Invariably ,COMMA when a crisis occurs at home ,COMMA he is hundreds of miles away and preoccupied .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0100.13.3>
Another discontented wife says :COLON "DOUBLE-QUOTE We participate in activities to enhance his career .PERIOD
</s>
<s.87.001.870320-0100.13.4>
I direct my life according to his needs .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.14>
<s.87.001.870320-0100.14.1>
When a corporation frowns on divorce ,COMMA it usually has less to do with the industry or region of the country than with the man at the helm .PERIOD
</s>
</p>
<p.87.001.870320-0100.15>
<s.87.001.870320-0100.15.1>
Mr. Diedrich remembers the president of a company looking for a successor and considering four or five logical contenders ,COMMA one of whom was on the threshold of divorce .PERIOD
</s>
<s.87.001.870320-0100.15.2>
"DOUBLE-QUOTE The president's attitude was ,COMMA 'SINGLE-QUOTE I'm not sure I want to turn my company over to him ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE Mr. Diedrich says .PERIOD
</s>
<s.87.001.870320-0100.15.3>
"DOUBLE-QUOTE But really he was saying ,COMMA 'SINGLE-QUOTE This position calls for interacting socially and politically with the community ,COMMA and my successor needs an able lady at his side to enable him to do what I've done .PERIOD 'SINGLE-QUOTE
</s>
<s.87.001.870320-0100.15.4>
The president prided himself on having worked a balance between home and work ,COMMA and if he could do it ,COMMA so could other people .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.17>
<s.87.001.870320-0100.17.1>
David Smith ,COMMA managing director of the New York office of Korn /SLASH Ferry International ,COMMA an executive search firm ,COMMA tells of a search for a bank president .PERIOD
</s>
<s.87.001.870320-0100.17.2>
"DOUBLE-QUOTE The client was very specific about almost everything ,COMMA from religion to marital status .PERIOD
</s>
<s.87.001.870320-0100.17.3>
It's not so much that they were against one or the other ;SEMI-COLON it was more to fit into the community .PERIOD
</s>
<s.87.001.870320-0100.17.4>
They told us ,COMMA 'SINGLE-QUOTE The person should have a wife ,COMMA be a family man .PERIOD 'SINGLE-QUOTE "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.18>
<s.87.001.870320-0100.18.1>
Even so ,COMMA the vast majority of recruiters and executives say divorce won't make or break a job candidate anymore .PERIOD
</s>
<s.87.001.870320-0100.18.2>
Ralph Young ,COMMA president of Amasco ,COMMA an executive search firm based in Pittsburgh ,COMMA says that when he got started in the business in nineteen sixty four ,COMMA "DOUBLE-QUOTE We had clients small and large who simply told us they didn't want a divorced man .PERIOD
</s>
<s.87.001.870320-0100.18.3>
Their feeling was ,COMMA if a man can't run his home life ,COMMA he's not capable of running our company .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0100.18.4>
Today ,COMMA he says ,COMMA tolerance is much more widespread .PERIOD
</s>
<s.87.001.870320-0100.18.5>
"DOUBLE-QUOTE We always specifically ask that question (LEFT-PAREN about divorced candidates )RIGHT-PAREN ,COMMA "DOUBLE-QUOTE he says ,COMMA "DOUBLE-QUOTE and the response isn't negative at all .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.19>
<s.87.001.870320-0100.19.1>
That's not to say a man's divorce is irrelevant .PERIOD
</s>
<s.87.001.870320-0100.19.2>
"DOUBLE-QUOTE It's information I want to pass on to the client ,COMMA "DOUBLE-QUOTE Mr. Smith says .PERIOD
</s>
<s.87.001.870320-0100.19.3>
"DOUBLE-QUOTE It's information like how tall he is .PERIOD
</s>
<s.87.001.870320-0100.19.4>
It shouldn't be the deciding factor ,COMMA but it should help the client know the person .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.20>
<s.87.001.870320-0100.20.1>
At companies that prefer to promote from within ,COMMA a man with marriage troubles who is already considered a valued employee is likely to be shown tolerance .PERIOD
</s>
<s.87.001.870320-0100.20.2>
Charles W. Sweet ,COMMA vice president and partner of A. T. Kearney Incorporated ,COMMA a Chicago -HYPHEN based executive search concern ,COMMA recalls an officer in a large company who was granted an indefinite leave to work out his marital problems .PERIOD
</s>
<s.87.001.870320-0100.20.3>
"DOUBLE-QUOTE Ten or fifteen years ago ,COMMA "DOUBLE-QUOTE he says ,COMMA "DOUBLE-QUOTE the company wouldn't have done anything for him .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.21>
<s.87.001.870320-0100.21.1>
It's unlikely that the choice for top job would ever come down to two candidates identical in every way but marital status .PERIOD
</s>
<s.87.001.870320-0100.21.2>
But if it did ,COMMA there's little doubt which one would get it .PERIOD
</s>
<s.87.001.870320-0100.21.3>
"DOUBLE-QUOTE Like in football ,COMMA the good big man is better than the good little man ,COMMA "DOUBLE-QUOTE says Mr. Peasback .PERIOD
</s>
<s.87.001.870320-0100.21.4>
"DOUBLE-QUOTE If you have two identical candidates ,COMMA you'd probably take the one who isn't divorced .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.22>
<s.87.001.870320-0100.22.1>
What's more ,COMMA not all divorces are equal .PERIOD
</s>
<s.87.001.870320-0100.22.2>
A company considering a divorced man for a top job would also want to know the details .PERIOD
</s>
</p>
<p.87.001.870320-0100.23>
<s.87.001.870320-0100.23.1>
"DOUBLE-QUOTE A recent divorce raises the spectre that at night ,COMMA instead of going home to his wife and hearth ,COMMA he's going to go out to discos and stay out late ,COMMA and his energy won't be devoted to the company ,COMMA "DOUBLE-QUOTE Ms. Cook says .PERIOD
</s>
</p>
<p.87.001.870320-0100.24>
<s.87.001.870320-0100.24.1>
A messy divorce is worse .PERIOD
</s>
<s.87.001.870320-0100.24.2>
"DOUBLE-QUOTE If there's some kind of scandal attached to it ,COMMA or if another member of the organization has been dragged in because they're in the same social circles ,COMMA that will leave a residual distaste ,COMMA "DOUBLE-QUOTE says Harry Levinson ,COMMA a psychologist and president of the Levinson Institute in Boston .PERIOD
</s>
</p>
<p.87.001.870320-0100.25>
<s.87.001.870320-0100.25.1>
Undesirable as a recent or messy divorce can be ,COMMA some companies regard men who cheat on their wives as even worse risks .PERIOD
</s>
</p>
<p.87.001.870320-0100.26>
<s.87.001.870320-0100.26.1>
"DOUBLE-QUOTE If a guy's having an affair on the side and spending a lot of time figuring out how to meet the woman ,COMMA he'll be just as diverted from his work ,COMMA "DOUBLE-QUOTE Ms. Cook says .PERIOD
</s>
<s.87.001.870320-0100.26.2>
"DOUBLE-QUOTE Also ,COMMA there's a much greater likelihood that there's going to be a tinge in the company that he's immoral and unethical ,COMMA and if he's that way in his personal life ,COMMA maybe he's that way in his business life .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.27>
<s.87.001.870320-0100.27.1>
But the real pariahs in business ,COMMA the men who will find no less prejudice today than twenty years ago ,COMMA are those who have never been married .PERIOD
</s>
</p>
<p.87.001.870320-0100.28>
<s.87.001.870320-0100.28.1>
"DOUBLE-QUOTE It's not a natural thing for people to get past a certain age and not be married ,COMMA "DOUBLE-QUOTE says Bill Billington ,COMMA chairman of Billington ,COMMA Fox &AMPERSAND Ellis ,COMMA executive recruitment consultants .PERIOD
</s>
</p>
<p.87.001.870320-0100.29>
<s.87.001.870320-0100.29.1>
Ms. Cook says clients always want to know precisely why a candidate has never married .PERIOD
</s>
<s.87.001.870320-0100.29.2>
"DOUBLE-QUOTE If it's a male client ,COMMA the question of gay will be in their minds ,COMMA "DOUBLE-QUOTE she says .PERIOD
</s>
<s.87.001.870320-0100.29.3>
"DOUBLE-QUOTE And only after a face -HYPHEN to -HYPHEN face meeting can the client put that fear to rest .PERIOD
</s>
<s.87.001.870320-0100.29.4>
Most heterosexual men have a hard time dealing with gay men ,COMMA and considering the closeness of the relationship between a chairman and a C. E. O. ,COMMA it would be tough to have the right chemistry between them if one was gay and one wasn't .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.30>
<s.87.001.870320-0100.30.1>
(LEFT-PAREN In the recent Wall Street Journal survey of three hundred fifty one top executives ,COMMA sixty six %PERCENT said they would hesitate to promote someone who is homosexual to management -HYPHEN committee level .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0100.31>
<s.87.001.870320-0100.31.1>
A few companies have overcome such apprehension and have begun recognizing the value of a man unencumbered by family .PERIOD
</s>
<s.87.001.870320-0100.31.2>
"DOUBLE-QUOTE One of our clients was in the process of recruiting someone for a one million dollar -HYPHEN plus job ,COMMA and we asked about preferences ,COMMA "DOUBLE-QUOTE says Jacques Nordeman ,COMMA chairman of Nordeman Grimm Incorporated ,COMMA an executive search firm .PERIOD
</s>
</p>
<p.87.001.870320-0100.32>
<s.87.001.870320-0100.32.1>
"DOUBLE-QUOTE The client said since the person has to travel seventy %PERCENT of the time ,COMMA it would be ideal if the candidate were divorced or single ,COMMA didn't have a family and could concentrate on the job one hundred %PERCENT of the time .PERIOD
</s>
<s.87.001.870320-0100.32.2>
You wouldn't have heard that ten years ago .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.33>
<s.87.001.870320-0100.33.1>
Mr. Nordeman says another recent opening for a top financial executive came down to two distinguished candidates ,COMMA one married with three children and the other recently divorced .PERIOD
</s>
<s.87.001.870320-0100.33.2>
Although the decision wasn't ultimately made because of marital status ,COMMA Mr. Nordeman says ,COMMA the divorced man was hired .PERIOD
</s>
</p>
<p.87.001.870320-0100.34>
<s.87.001.870320-0100.34.1>
"DOUBLE-QUOTE The client knew that the recently divorced person could focus his energies on the new job and there would be no problem getting the family relocated ,COMMA "DOUBLE-QUOTE Mr. Nordeman says .PERIOD
</s>
<s.87.001.870320-0100.34.2>
In hiring executives ,COMMA he says ,COMMA "DOUBLE-QUOTE There could be a real question about whether a person isn't so family -HYPHEN oriented that it could become a hindrance .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0100.35>
<s.87.001.870320-0100.35.1>
Ms. Crossen is a staff reporter in The Wall Street Journal's New York bureau .PERIOD
</s>
</p>
<p.87.001.870320-0099.1>
<s.87.001.870320-0099.1.1>
CANADA NORTHWEST ENERGY LIMITED said it plans to raise thirty two .POINT five million dollars (LEFT-PAREN Canadian )RIGHT-PAREN through a private placement of preferred shares .PERIOD
</s>
<s.87.001.870320-0099.1.2>
The oil and gas company said the issue involves one million shares with a stated value of thirty two dollars and fifty cents each ,COMMA and with an annual dividend rate of five .POINT four %PERCENT .PERIOD
</s>
<s.87.001.870320-0099.1.3>
Proceeds will be used on exploration and development in Canada over the next two years ,COMMA it said .PERIOD
</s>
<s.87.001.870320-0099.1.4>
The shares will be issued on a "DOUBLE-QUOTE flow -HYPHEN through "DOUBLE-QUOTE basis ,COMMA which provides the purchaser with certain tax advantages under Canadian law ,COMMA the Calgary ,COMMA Alberta ,COMMA company said .PERIOD
</s>
<s.87.001.870320-0099.1.5>
It added that the shares will be redeemable after a specified period at a price of twenty five dollars each plus accrued dividends .PERIOD
</s>
<s.87.001.870320-0099.1.6>
The shares are also convertible into common at a conversion price of thirty two dollars and fifty cents a share .PERIOD
</s>
</p>
<p.87.001.870320-0098.1>
<s.87.001.870320-0098.1.1>
MERIDIAN INSURANCE GROUP INCORPORATED is making its initial offering of one .POINT five million common shares at twelve dollars each ,COMMA the Indianapolis ,COMMA Indiana -HYPHEN based insurance company said .PERIOD
</s>
<s.87.001.870320-0098.1.2>
Underwriters led by Prescott ,COMMA Ball &AMPERSAND Turben Incorporated have been granted an option to buy an additional two hundred twenty five thousand shares to cover over -HYPHEN allotments ,COMMA Meridian said .PERIOD
</s>
<s.87.001.870320-0098.1.3>
Proceeds will be used to increase insurance underwriting capacity ,COMMA it said .PERIOD
</s>
</p>
<p.87.001.870320-0097.1>
<s.87.001.870320-0097.1.1>
Cineplex Odeon Corporation said it agreed in principle to acquire all shares of Walter Reade Organization Incorporated from a unit of Coca -HYPHEN Cola Company .PERIOD
</s>
</p>
<p.87.001.870320-0097.2>
<s.87.001.870320-0097.2.1>
Cineplex ,COMMA one of North America's largest theater operators ,COMMA said the price consists of twenty two .POINT five million dollars cash and six hundred fifty two thousand ,COMMA seven hundred forty two common shares .PERIOD
</s>
<s.87.001.870320-0097.2.2>
Cineplex valued the shares at ten million dollars .PERIOD
</s>
<s.87.001.870320-0097.2.3>
Cineplex is fifty %PERCENT -HYPHEN owned by M. C. A. Incorporated ,COMMA a real estate and entertainment concern that owns Universal City Studios .PERIOD
</s>
</p>
<p.87.001.870320-0097.3>
<s.87.001.870320-0097.3.1>
Walter Reade ,COMMA New York ,COMMA owned by Entertainment Holdings Incorporated ,COMMA itself a unit of Atlanta -HYPHEN based Coca -HYPHEN Cola ,COMMA operates an eleven -HYPHEN screen theater circuit at eight locations ,COMMA all in Manhattan .PERIOD
</s>
</p>
<p.87.001.870320-0097.4>
<s.87.001.870320-0097.4.1>
The transaction is subject to board and regulatory approvals .PERIOD
</s>
</p>
<p.87.001.870320-0097.5>
<s.87.001.870320-0097.5.1>
Cineplex also said that R. K. O. Century Warner Incorporated ,COMMA a New York unit ,COMMA will sell its lease for an eight -HYPHEN screen theater complex on Long Island to Loews Corporation for seventeen million dollars .PERIOD
</s>
<s.87.001.870320-0097.5.2>
The price is subject to adjustment .PERIOD
</s>
</p>
<p.87.001.870320-0097.6>
<s.87.001.870320-0097.6.1>
The transactions will be completed concurrently ,COMMA Cineplex said ,COMMA but it didn't indicate a closing date .PERIOD
</s>
</p>
<p.87.001.870320-0097.7>
<s.87.001.870320-0097.7.1>
Cineplex added that Garth Drabinsky ,COMMA chairman ,COMMA president and chief executive officer ,COMMA and Myron Gottlieb ,COMMA vice chairman and chief administrative officer ,COMMA each purchased seven hundred fifty thousand new common shares for seventeen dollars and fifty cents (LEFT-PAREN Canadian )RIGHT-PAREN each ,COMMA or an indicated twenty six .POINT two million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0097.8>
<s.87.001.870320-0097.8.1>
Their total holdings in Cineplex weren't immediately available .PERIOD
</s>
<s.87.001.870320-0097.8.2>
Prior to the transactions reported yesterday ,COMMA Cineplex had fifteen .POINT nine million shares outstanding .PERIOD
</s>
</p>
<p.87.001.870320-0097.9>
<s.87.001.870320-0097.9.1>
Cineplex shares rose twelve .POINT five cents ,COMMA to twenty one .POINT eight seven five dollars ,COMMA in Toronto Stock Exchange trading yesterday .PERIOD
</s>
</p>
<p.87.001.870320-0096.1>
<s.87.001.870320-0096.1.1>
Pay -HYPHEN Fone Systems Incorporated said Lewis Greenwood ,COMMA chairman and president ,COMMA agreed in principle to sell his thirty .POINT two %PERCENT stake to a company controlled by a dissident director .PERIOD
</s>
</p>
<p.87.001.870320-0096.2>
<s.87.001.870320-0096.2.1>
Mr. Greenwood ,COMMA the sixty one -HYPHEN year -HYPHEN old founder of the company ,COMMA said terms of the sale of his four hundred forty seven thousand ,COMMA six hundred Pay -HYPHEN Fone shares to Allied Contractors Incorporated call for Mr. Greenwood to resign as chairman ,COMMA president and a director of the computerized accounting services concern .PERIOD
</s>
<s.87.001.870320-0096.2.2>
Pay -HYPHEN Fone said successors in Mr. Greenwood's corporate posts and as a director haven't been named .PERIOD
</s>
</p>
<p.87.001.870320-0096.3>
<s.87.001.870320-0096.3.1>
Richard Kelton ,COMMA fifty seven -HYPHEN year -HYPHEN old president of closely held Allied Contractors ,COMMA was one of two dissident shareholders elected to Pay -HYPHEN Fone's five -HYPHEN member board last month after a proxy contest .PERIOD
</s>
<s.87.001.870320-0096.3.2>
Allied Contractors is a Santa Monica ,COMMA California -HYPHEN based real estate development ,COMMA construction and management concern .PERIOD
</s>
</p>
<p.87.001.870320-0096.4>
<s.87.001.870320-0096.4.1>
Mr. Kelton said in a statement that he was "DOUBLE-QUOTE gratified "DOUBLE-QUOTE that an agreement was reached with Mr. Greenwood ,COMMA but a spokesman said he wasn't available for further coment .PERIOD
</s>
<s.87.001.870320-0096.4.2>
The spokesman said the Pay -HYPHEN Fone board would meet tomorrow to vote on the proposed transaction between Messrs. .PERIOD
</s>
<s.87.001.870320-0096.4.3>
Greenwood and Kelton .PERIOD
</s>
<s.87.001.870320-0096.4.4>
Their agreement made the transaction subject to approval of shareholders other than Messrs. .PERIOD
</s>
<s.87.001.870320-0096.4.5>
Greenwood and Kelton .PERIOD
</s>
</p>
<p.87.001.870320-0096.5>
<s.87.001.870320-0096.5.1>
Mr. Greenwood said he agreed to sell his shares for six dollars and fifty cents each ,COMMA or a total of two .POINT nine million dollars .PERIOD
</s>
<s.87.001.870320-0096.5.2>
He said that he had attempted to negotiate a sale of his stake at five dollars a share to Mr. Kelton a year ago ,COMMA but that those negotiations had collapsed in November .PERIOD
</s>
</p>
<p.87.001.870320-0096.6>
<s.87.001.870320-0096.6.1>
In composite trading on the American Stock Exchange yesterday ,COMMA Pay -HYPHEN Fone shares closed at five dollars and fifty cents ,COMMA up twelve .POINT five cents .PERIOD
</s>
</p>
<p.87.001.870320-0095.1>
<s.87.001.870320-0095.1.1>
L. Luria &AMPERSAND Sons said it agreed in principle to be the exclusive supplier of merchandise sold through a game and home -HYPHEN shopping show being considered by a "DOUBLE-QUOTE major television network .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0095.2>
<s.87.001.870320-0095.2.1>
L. Luria said a final agreement is subject to several conditions ,COMMA including approval of the show by the network and approval of Luria's board .PERIOD
</s>
<s.87.001.870320-0095.2.2>
The company ,COMMA which operates retail catalog showrooms in Florida ,COMMA declined to name the network or elaborate on the possible terms of an arrangement .PERIOD
</s>
</p>
<p.87.001.870320-0095.3>
<s.87.001.870320-0095.3.1>
L. Luria said the game show under discussion doesn't involve Home Shopping Network Incorporated .PERIOD
</s>
<s.87.001.870320-0095.3.2>
As reported ,COMMA Clearwater ,COMMA Florida -HYPHEN based Home Shopping is planning to launch a game show in June featuring merchandise that can be purchased by television viewers .PERIOD
</s>
</p>
<p.87.001.870320-0095.4>
<s.87.001.870320-0095.4.1>
In American Stock Exchange composite trading yesterday ,COMMA L. Luria shares closed at fourteen .POINT eight seven five dollars ,COMMA up one .POINT three seven five dollars .PERIOD
</s>
</p>
<p.87.001.870320-0094.1>
<s.87.001.870320-0094.1.1>
Pier one Imports Incorporated's largest holder said it intends to again take majority control of the company's voting stock .PERIOD
</s>
</p>
<p.87.001.870320-0094.2>
<s.87.001.870320-0094.2.1>
Reached at a sales meeting in Bal Harbour ,COMMA Florida ,COMMA Clark Johnson ,COMMA Pier one's president and chief executive officer ,COMMA said Intermark Incorporated's proposal is "DOUBLE-QUOTE for the betterment of the stockholders and all of the company .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0094.3>
<s.87.001.870320-0094.3.1>
Intermark ,COMMA which controls forty three .POINT four %PERCENT of Pier one's common ,COMMA said in a Securities and Exchange Commission filing that it plans to buy enough additional Pier one shares on the open market and in private transactions .PERIOD
</s>
<s.87.001.870320-0094.3.2>
Intermark and a subsidiary ,COMMA Pier one Holdings Incorporated ,COMMA also control about forty three %PERCENT of Pier one's zero dollars and twenty five cents preferred outstanding .PERIOD
</s>
</p>
<p.87.001.870320-0094.4>
<s.87.001.870320-0094.4.1>
Mr. Johnson said that Intermark's S. E. C. filing reflects the companies' agreement to allow Intermark to regain a majority stake it held in the Fort Worth ,COMMA Texas ,COMMA specialty retailer for several years until last summer when warrants that diluted Intermark's holdings were exercised .PERIOD
</s>
<s.87.001.870320-0094.4.2>
Pier one recently issued a new class of preferred in a dividend action that was designed to allow Intermark to raise its stake in the company ,COMMA Mr. Johnson said .PERIOD
</s>
</p>
<p.87.001.870320-0094.5>
<s.87.001.870320-0094.5.1>
Intermark is a La Jolla ,COMMA California ,COMMA holding company with interests in specialty retailing ,COMMA commercial printing and consumer products .PERIOD
</s>
</p>
<p.87.001.870320-0094.6>
<s.87.001.870320-0094.6.1>
Pier one shares fell fifty cents ,COMMA to seventeen dollars and fifty cents ,COMMA in New York Stock Exchange composite trading yesterday .PERIOD
</s>
<s.87.001.870320-0094.6.2>
Intermark's shares ended the day unchanged at thirteen .POINT eight seven five dollars in American Stock Exchange composite trading .PERIOD
</s>
</p>
<p.87.001.870320-0093.1>
<s.87.001.870320-0093.1.1>
A series of lawsuits by former Duff &AMPERSAND Phelps Incorporated employees have made the credit rating firm the subject of a local tabloid scandal .PERIOD
</s>
</p>
<p.87.001.870320-0093.2>
<s.87.001.870320-0093.2.1>
The lawsuits were filed in federal district court in Chicago by workers who left the employee -HYPHEN owned firm before its shares were acquired in a buyout .PERIOD
</s>
<s.87.001.870320-0093.2.2>
The suits assert that Duff &AMPERSAND Phelps violated various securities laws in its handling of the buyout ,COMMA which paid two thousand dollars a share .PERIOD
</s>
<s.87.001.870320-0093.2.3>
The suits ask that the departing employees ,COMMA who had to sell their shares at a far lower price when they left the firm ,COMMA be compensated for the difference .PERIOD
</s>
</p>
<p.87.001.870320-0093.3>
<s.87.001.870320-0093.3.1>
The suits are in the news again because a Chicago federal appeals court this week ordered a jury trial for one of suits ,COMMA which the lower court had dismissed .PERIOD
</s>
</p>
<p.87.001.870320-0093.4>
<s.87.001.870320-0093.4.1>
The appellate court opinion by circuit Judge Frank H. Easterbrook recounts an embarrassing tale of how Duff &AMPERSAND Phelps's former controller ,COMMA Carol Franchik ,COMMA was able to swing a different arrangement when she left the company .PERIOD
</s>
</p>
<p.87.001.870320-0093.5>
<s.87.001.870320-0093.5.1>
According to the court opinion ,COMMA Ms. Franchik was fired after the company's board was told she was involved in an affair with Claire Hansen ,COMMA Duff &AMPERSAND Phelps's chairman .PERIOD
</s>
<s.87.001.870320-0093.5.2>
When Ms. Franchik threatened a sex -HYPHEN discrimination suit over the firing ,COMMA the board agreed to make an exception to an existing company policy that departing employees must sell their shares back to the company ,COMMA said a plaintiff's attorney ,COMMA James S. Gordon ,COMMA who cited depositions by board members .PERIOD
</s>
</p>
<p.87.001.870320-0093.6>
<s.87.001.870320-0093.6.1>
Ms. Franchik kept her three hundred shares and later sold them for the full buyout price of two thousand dollars apiece ,COMMA or a total of six hundred thousand dollars .PERIOD
</s>
<s.87.001.870320-0093.6.2>
The former employees who are suing sold their shares for less than one hundred fifty dollars each .PERIOD
</s>
</p>
<p.87.001.870320-0093.7>
<s.87.001.870320-0093.7.1>
Mr. Gordon ,COMMA the attorney for plaintiff Paul Much ,COMMA asserted in his opening argument that Ms. Franchik had access to inside information because of her alleged affair with Mr. Hansen .PERIOD
</s>
<s.87.001.870320-0093.7.2>
In testimony ,COMMA Ms. Franchik acknowledged a personal relationship with her former boss .PERIOD
</s>
<s.87.001.870320-0093.7.3>
Mr. Hansen testified that he told directors he wasn't having an affair .PERIOD
</s>
</p>
<p.87.001.870320-0093.8>
<s.87.001.870320-0093.8.1>
Mr. Hansen declined to comment on the suits .PERIOD
</s>
<s.87.001.870320-0093.8.2>
Ms. Franchik couldn't be reached .PERIOD
</s>
</p>
<p.87.001.870320-0093.9>
<s.87.001.870320-0093.9.1>
The suits have drawn considerable attention in the Chicago business community .PERIOD
</s>
<s.87.001.870320-0093.9.2>
Ms. Franchik has appeared on the front pages of local newspapers wearing a fur coat with a turned up collar as she exited the courtroom .PERIOD
</s>
<s.87.001.870320-0093.9.3>
The publicity could build further with the appellate court's decision .PERIOD
</s>
</p>
<p.87.001.870320-0093.10>
<s.87.001.870320-0093.10.1>
The appeals court sent the suit of James S. Jordan ,COMMA a former Duff &AMPERSAND Phelps analyst ,COMMA back to the lower court for trial ,COMMA saying that as a shareholder in a private company Mr. Jordan should have been privy to information Ms. Franchik apparently had .PERIOD
</s>
<s.87.001.870320-0093.10.2>
The lower court had said in granting summary judgment that the employer had no duty to inform Jordan about the buyout talks .PERIOD
</s>
<s.87.001.870320-0093.10.3>
There have been no court decisions on the other employee suits .PERIOD
</s>
</p>
<p.87.001.870320-0093.11>
<s.87.001.870320-0093.11.1>
According to the appellate court opinion ,COMMA Mr. Jordan quit the Chicago -HYPHEN based company in November nineteen eighty three and went to Houston because of tension between his wife and his mother ,COMMA who also lived in Chicago .PERIOD
</s>
<s.87.001.870320-0093.11.2>
"DOUBLE-QUOTE Our position is that Mr. Jordan would've never left when he did had he been told about the negotiations and the chance that he could've made more than six hundred thousand dollars instead of twenty three thousand dollars ,COMMA "DOUBLE-QUOTE said Thomas Ward ,COMMA his lawyer .PERIOD
</s>
</p>
<p.87.001.870320-0093.12>
<s.87.001.870320-0093.12.1>
When Mr. Jordan left Duff &AMPERSAND Phelps ,COMMA he owned one hundred eighty eight shares and was making installment payments on another sixty two .PERIOD
</s>
<s.87.001.870320-0093.12.2>
The appeals court apparently agreed with Mr. Ward and Mr. Jordan .PERIOD
</s>
<s.87.001.870320-0093.12.3>
"DOUBLE-QUOTE Difficulties with a mother -HYPHEN in -HYPHEN law are a strain ,COMMA but families bear strains greater than that for the prospect of financial gain ,COMMA "DOUBLE-QUOTE wrote Judge Easterbrook .PERIOD
</s>
</p>
<p.87.001.870320-0092.1>
<s.87.001.870320-0092.1.1>
Iomega Corporation ,COMMA citing lower -HYPHEN than -HYPHEN anticipated revenue ,COMMA said it expects to report a first -HYPHEN quarter loss of more than ten million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0092.2>
<s.87.001.870320-0092.2.1>
The maker of data -HYPHEN storage devices for personal computers said also it has reduced its revenue expectations for nineteen eighty seven and anticipates a loss for all of nineteen eighty seven .PERIOD
</s>
<s.87.001.870320-0092.2.2>
The company didn't provide revenue projections or specific figures on the expected loss .PERIOD
</s>
</p>
<p.87.001.870320-0092.3>
<s.87.001.870320-0092.3.1>
Iomega's loss in its first quarter ,COMMA which ends March twenty ninth ,COMMA will put the company in default under the requirements of its bank line of credit ,COMMA unless the requirements are modified .PERIOD
</s>
<s.87.001.870320-0092.3.2>
The company said it is "DOUBLE-QUOTE exploring alternatives "DOUBLE-QUOTE for raising additional funds through a debt or equity financing .PERIOD
</s>
</p>
<p.87.001.870320-0092.4>
<s.87.001.870320-0092.4.1>
An Iomega official said sales of an older -HYPHEN model disk drive have tapered off as customers await the newer model .PERIOD
</s>
<s.87.001.870320-0092.4.2>
The company expects to return to profitability by the fourth quarter ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870320-0092.5>
<s.87.001.870320-0092.5.1>
In nineteen eighty six ,COMMA Iomega had net income of six .POINT four million dollars ,COMMA or forty two cents a share ,COMMA on sales of one hundred twenty five .POINT nine million dollars .PERIOD
</s>
<s.87.001.870320-0092.5.2>
Net included a one .POINT three million dollar tax benefit .PERIOD
</s>
<s.87.001.870320-0092.5.3>
The company recently announced it will receive a qualified opinion from its auditor because of litigation it faces .PERIOD
</s>
</p>
<p.87.001.870320-0092.6>
<s.87.001.870320-0092.6.1>
In national over -HYPHEN the -HYPHEN counter trading yesterday ,COMMA Iomega shares closed at three .POINT one two five dollars ,COMMA down one .POINT one two five dollars .PERIOD
</s>
</p>
<p.87.001.870320-0091.1>
<s.87.001.870320-0091.1.1>
Is nine .POINT one billion dollars enough for Pennzoil Company ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0091.2>
<s.87.001.870320-0091.2.1>
Last month ,COMMA a Texas appeals court panel affirmed nine .POINT one billion dollars of Pennzoil's eleven .POINT one billion dollar judgment against Texaco Incorporated .PERIOD
</s>
<s.87.001.870320-0091.2.2>
The court's only modification in the whopping award came in its reduction of punitive damages to one billion dollars from three billion dollars .PERIOD
</s>
<s.87.001.870320-0091.2.3>
The ruling was widely viewed as favorable to Pennzoil and the company at the time expressed "DOUBLE-QUOTE delight "DOUBLE-QUOTE and "DOUBLE-QUOTE gratitude "DOUBLE-QUOTE at the fact that the court upheld the overwhelming part of the award .PERIOD
</s>
</p>
<p.87.001.870320-0091.3>
<s.87.001.870320-0091.3.1>
In a recent filing in the appeals court ,COMMA however ,COMMA Pennzoil asked the court to reinstate the full three billion dollars in punitive damages .PERIOD
</s>
<s.87.001.870320-0091.3.2>
Pennzoil said its request was in part a formality that would preserve its right to the full award when Texaco appeals the judgment to the Texas Supreme Court .PERIOD
</s>
<s.87.001.870320-0091.3.3>
But Pennzoil also stated that it thinks it has a right to every penny of the original award it won when a jury found that Texaco unlawfully interfered with Pennzoil's merger agreement with Getty Oil Company when Texaco acquired Getty in nineteen eighty four .PERIOD
</s>
</p>
<p.87.001.870320-0091.4>
<s.87.001.870320-0091.4.1>
"DOUBLE-QUOTE I'm not in the habit of giving away two billion dollars ,COMMA "DOUBLE-QUOTE said Joe Jamail ,COMMA Pennzoil's chief counsel ;SEMI-COLON "DOUBLE-QUOTE two billion dollars here ,COMMA two billion dollars thereafter a while it begins to add up .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0091.5>
<s.87.001.870320-0091.5.1>
Mr. Jamail said that even when the reduction of two billion dollars in damages is taken into account ,COMMA the judgment now totals ten .POINT three billion dollars when the accrued interest is included .PERIOD
</s>
</p>
<p.87.001.870320-0091.6>
<s.87.001.870320-0091.6.1>
But Texaco contends that by seeking to have the two billion dollars reinstated ,COMMA Pennzoil had signaled its refusal to comply with the appeals court ruling .PERIOD
</s>
<s.87.001.870320-0091.6.2>
And as a result of what it calls Pennzoil's "DOUBLE-QUOTE conditional compliance ,COMMA "DOUBLE-QUOTE Texaco has moved that the entire case should be retried in a lower court .PERIOD
</s>
<s.87.001.870320-0091.6.3>
"DOUBLE-QUOTE Some states say you can't have your cake and eat it too ,COMMA "DOUBLE-QUOTE said Russell McMains ,COMMA a Texaco attorney who specializes in appellate procedures .PERIOD
</s>
</p>
<p.87.001.870320-0091.7>
<s.87.001.870320-0091.7.1>
Texaco acknowledged that it was attacking on a highly technical point that isn't clearly settled in Texas law .PERIOD
</s>
<s.87.001.870320-0091.7.2>
But the latest skirmish clearly indicates the intensity of the dispute between the two companies ,COMMA with Pennzoil scrambling for every cent it can get ,COMMA and Texaco pursuing every legal remedy it can muster .PERIOD
</s>
</p>
<p.87.001.870320-0091.8>
<s.87.001.870320-0091.8.1>
"DOUBLE-QUOTE We will plow every field ,COMMA "DOUBLE-QUOTE said Mr. McMains .PERIOD
</s>
</p>
<p.87.001.870320-0091.9>
<s.87.001.870320-0091.9.1>
Lawyers not directly involved in the case also said that Texaco appeared to be taking a chance on a long shot .PERIOD
</s>
<s.87.001.870320-0091.9.2>
"DOUBLE-QUOTE It sounds to me like the 'SINGLE-QUOTE grasp at any straw 'SINGLE-QUOTE approach to the situation ,COMMA which is where Texaco is at this point in the case ,COMMA "DOUBLE-QUOTE said Frank W. Morgan ,COMMA a lawyer here who formerly was associate general counsel for Gulf Corporation ,COMMA now a Chevron Corporation unit .PERIOD
</s>
<s.87.001.870320-0091.9.3>
"DOUBLE-QUOTE It sounds highly technical .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0091.10>
<s.87.001.870320-0091.10.1>
Texaco's latest legal attack is based upon the language buried on page one hundred sixty one in the appellate panel's opinion .PERIOD
</s>
<s.87.001.870320-0091.10.2>
The court conditioned the denial of Texaco's motion for new trial upon Pennzoil's agreement to voluntarily drop two billion dollars in punitive damages from the judgment .PERIOD
</s>
<s.87.001.870320-0091.10.3>
Pennzoil at that point indicated it would readily comply with the appellate court ruling .PERIOD
</s>
</p>
<p.87.001.870320-0091.11>
<s.87.001.870320-0091.11.1>
Pennzoil later filed a document called a remittitur in which it agreed to drop two billion dollars --DASH but it also made known its reservations .PERIOD
</s>
<s.87.001.870320-0091.11.2>
In the document ,COMMA Pennzoil said it reserved the right to seek a rehearing on the reduction in damages .PERIOD
</s>
<s.87.001.870320-0091.11.3>
Subsequently ,COMMA Pennzoil filed a motion for rehearing of the punitive damages issue ,COMMA contending that the court had "DOUBLE-QUOTE erroneously applied the Texas law ,COMMA and inappropriately embraced "DOUBLE-QUOTE certain principles of New York law ,COMMA which was also used in the case .PERIOD
</s>
</p>
<p.87.001.870320-0091.12>
<s.87.001.870320-0091.12.1>
Pennzoil's Mr. Jamail contended that Texaco's latest move to have the judgment overturned was a sign of the company's desperation .PERIOD
</s>
<s.87.001.870320-0091.12.2>
"DOUBLE-QUOTE If they had a good case ,COMMA they wouldn't have to reach this deep into the barrel ,COMMA "DOUBLE-QUOTE said Mr. Jamail .PERIOD
</s>
<s.87.001.870320-0091.12.3>
"DOUBLE-QUOTE It's ludicrous .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0091.13>
<s.87.001.870320-0091.13.1>
Texaco acknowledged that its latest legal attack was out of the ordinary ,COMMA but said that wasn't surprising considering the high stakes involved in the case .PERIOD
</s>
<s.87.001.870320-0091.13.2>
"DOUBLE-QUOTE Since there's never been a judgment of this size before ,COMMA I suspect that anything is unusual ,COMMA "DOUBLE-QUOTE said Mr. McMains .PERIOD
</s>
</p>
<p.87.001.870320-0090.1>
<s.87.001.870320-0090.1.1>
SUNSHINE MINING COMPANY said it expects to report a widened fourth -HYPHEN quarter loss of about thirty five million dollars ,COMMA reflecting depressed prices for oil ,COMMA gas and precious metals .PERIOD
</s>
<s.87.001.870320-0090.1.2>
G. Michael Boswell ,COMMA chairman of the Dallas -HYPHEN based concern ,COMMA said the loss includes about fourteen million dollars in nonrecurring charges for ,COMMA among other things ,COMMA asset write -HYPHEN downs and anticipated costs of reopening closed mines .PERIOD
</s>
<s.87.001.870320-0090.1.3>
The company reported a loss of twenty two .POINT one million dollars for the year -HYPHEN earlier fourth quarter .PERIOD
</s>
<s.87.001.870320-0090.1.4>
Revenue for the latest quarter is estimated to have dropped forty eight %PERCENT to thirty one .POINT five million dollars from sixty .POINT two million dollars a year earlier .PERIOD
</s>
</p>
<p.87.001.870320-0089.1>
<s.87.001.870320-0089.1.1>
The House Ways and Means Committee ,COMMA continuing work on trade legislation ,COMMA approved provisions to enhance benefits to workers displaced by imports and to provide new sanctions for U. S. firms against dumped or subsidized imports .PERIOD
</s>
</p>
<p.87.001.870320-0089.2>
<s.87.001.870320-0089.2.1>
But the panel put off until next week consideration of more controversial proposals that would require retaliation against certain unfair trade practices by foreign countries and limit presidential discretion in resolving trade disputes .PERIOD
</s>
</p>
<p.87.001.870320-0089.3>
<s.87.001.870320-0089.3.1>
And Representative Richard Gephardt (LEFT-PAREN D. ,COMMA Missouri )RIGHT-PAREN said he was considering waiting until the legislation moves to the House floor before fighting for his highly charged amendment to force trade retaliation against countries that have huge trade surpluses with the U. S. .PERIOD
</s>
</p>
<p.87.001.870320-0089.4>
<s.87.001.870320-0089.4.1>
The committee worked all day yesterday behind closed doors on a bill offered by its chairman ,COMMA Representative Dan Rostenkowski (LEFT-PAREN D. ,COMMA Illinois )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0089.4.2>
Representative Rostenkowski's proposal ,COMMA which was approved by a Ways and Means subcommittee last week ,COMMA is viewed as less protectionist than the legislation introduced earlier this year .PERIOD
</s>
</p>
<p.87.001.870320-0089.5>
<s.87.001.870320-0089.5.1>
One provision approved by the committee yesterday would increase retraining benefits for workers whose jobs are lost because of imports .PERIOD
</s>
<s.87.001.870320-0089.5.2>
It also would set up a voucher system for payment of these benefits .PERIOD
</s>
</p>
<p.87.001.870320-0089.6>
<s.87.001.870320-0089.6.1>
The committee toughened provisions for dealing with foreign companies that repeatedly "DOUBLE-QUOTE dump "DOUBLE-QUOTE goods --DASH or sell them at unfairly low prices --DASH in the U. S. .PERIOD
</s>
<s.87.001.870320-0089.6.2>
It provided for expedited action on dumping complaints against foreign companies and took steps to make it easier for U. S. companies to bring civil suits against foreign manufacturers .PERIOD
</s>
<s.87.001.870320-0089.6.3>
The panel voted to drop a proposal to establish criminal penalties for dumping violations ,COMMA however .PERIOD
</s>
</p>
<p.87.001.870320-0089.7>
<s.87.001.870320-0089.7.1>
The panel also voted to give the Commerce Department new powers to prevent firms from circumventing anti -HYPHEN dumping orders by shipping their products in parts or through a third country .PERIOD
</s>
</p>
<p.87.001.870320-0089.9>
<s.87.001.870320-0089.9.1>
Under the panel's bill ,COMMA an import -HYPHEN battered industry would be required to devise a plan to return to competitiveness before it could receive such import relief .PERIOD
</s>
<s.87.001.870320-0089.9.2>
But even dying industries could qualify .PERIOD
</s>
<s.87.001.870320-0089.9.3>
The Reagan administration has argued that an industry should be required to demonstrate that it can survive before it can receive such protection .PERIOD
</s>
</p>
<p.87.001.870320-0089.10>
<s.87.001.870320-0089.10.1>
Representative Gephardt ,COMMA a presidential candidate ,COMMA told reporters yesterday that he was determined to push for his amendment ,COMMA which is designed to force such countries as Japan to reduce their large trade surpluses with the U. S. Representative Rostenkowski's proposed bill significantly watered down the proposal .PERIOD
</s>
<s.87.001.870320-0089.10.2>
It simply would require the administration to negotiate with the other country ,COMMA rather than forcing the president to retaliate immediately .PERIOD
</s>
</p>
<p.87.001.870320-0089.11>
<s.87.001.870320-0089.11.1>
"DOUBLE-QUOTE My concern with that approach is that it doesn't give a standard of accountability ,COMMA "DOUBLE-QUOTE Representative Gephardt said .PERIOD
</s>
<s.87.001.870320-0089.11.2>
"DOUBLE-QUOTE I still think I can pass this amendment on the House floor .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0089.12>
<s.87.001.870320-0089.12.1>
Meanwhile ,COMMA a House banking subcommittee approved legislation forbidding foreign firms from becoming primary dealers in U. S. government securities unless their governments give U. S. companies the same right in their countries .PERIOD
</s>
</p>
<p.87.001.870320-0088.1>
<s.87.001.870320-0088.1.1>
Representative John Dingell ,COMMA chairman of the House Energy and Commerce Committee ,COMMA wants to tighten the rule that investors disclose stock holdings of five %PERCENT or more and to lengthen the tender offer period .PERIOD
</s>
</p>
<p.87.001.870320-0088.2>
<s.87.001.870320-0088.2.1>
The proposals will be part of legislation the Michigan Democrat plans to introduce in the wake of Wall Street's insider -HYPHEN trading scandal .PERIOD
</s>
<s.87.001.870320-0088.2.2>
Speaking at the U. S. Chamber of Commerce yesterday ,COMMA Representative Dingell said he will soon introduce separate bills addressing insider -HYPHEN trading problems and the general issue of mergers and acquisitions .PERIOD
</s>
<s.87.001.870320-0088.2.3>
Similar legislation is being drafted in the Senate .PERIOD
</s>
</p>
<p.87.001.870320-0088.3>
<s.87.001.870320-0088.3.1>
"DOUBLE-QUOTE Clearly the amount of stock that triggers disclosure is far too high ,COMMA "DOUBLE-QUOTE Representative Dingell said .PERIOD
</s>
<s.87.001.870320-0088.3.2>
He didn't specify the threshold that will be in his legislative package .PERIOD
</s>
<s.87.001.870320-0088.3.3>
Currently ,COMMA an investor is required to report holdings to the Securities and Exchange Commission after acquiring five %PERCENT or more of a company's stock .PERIOD
</s>
</p>
<p.87.001.870320-0088.4>
<s.87.001.870320-0088.4.1>
The powerful committee chairman also plans to include a provision to extend the tender offer period from the current twenty business days ,COMMA but he didn't specify how long a period he would seek .PERIOD
</s>
<s.87.001.870320-0088.4.2>
"DOUBLE-QUOTE My intention is to increase the time a company has to defend itself ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0088.5>
<s.87.001.870320-0088.5.1>
Representative Dingell expressed concern about the "DOUBLE-QUOTE Chinese walls "DOUBLE-QUOTE that are supposed to separate investment banking firms' risk -HYPHEN arbitrage and mergers -HYPHEN and -HYPHEN acquisitions departments .PERIOD
</s>
<s.87.001.870320-0088.5.2>
"DOUBLE-QUOTE One of the things we'll look at is to see that the Chinese wall works or those on either side will go their separate ways ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0088.6>
<s.87.001.870320-0088.6.1>
But Dingell aides said the lawmaker probably wouldn't consider legislation on the matter until his committee's oversight panel completes its probe of insider -HYPHEN trading abuses ,COMMA including apparent cracks in the "DOUBLE-QUOTE Chinese walls "DOUBLE-QUOTE of some investment banking firms .PERIOD
</s>
</p>
<p.87.001.870320-0088.7>
<s.87.001.870320-0088.7.1>
Representative Dingell reiterated his intention to shorten the period before investors must disclose to the S. E. C. stakes of five %PERCENT or more .PERIOD
</s>
<s.87.001.870320-0088.7.2>
The current ten -HYPHEN day period often allows raiders to make sneak attacks ,COMMA and it allows unfounded rumors about hostile bids to build .PERIOD
</s>
<s.87.001.870320-0088.7.3>
S. E. C. Chairman John Shad also has said he favors shortening the ten -HYPHEN day period .PERIOD
</s>
</p>
<p.87.001.870320-0088.8>
<s.87.001.870320-0088.8.1>
On separate legislation directed at insider trading rather than acquisitions generally ,COMMA Representative Dingell said his goal is "DOUBLE-QUOTE to require more careful and attentive supervision "DOUBLE-QUOTE of employees at securities firms .PERIOD
</s>
<s.87.001.870320-0088.8.2>
And he said he supported giving the S. E. C. greater resources .PERIOD
</s>
</p>
<p.87.001.870320-0087.1>
<s.87.001.870320-0087.1.1>
Three banks in Texas and Montana were closed ,COMMA bringing the number of bank failures this year to forty seven ,COMMA more than twice the number at the same time last year ,COMMA the Federal Deposit Insurance Corporation said .PERIOD
</s>
</p>
<p.87.001.870320-0087.2>
<s.87.001.870320-0087.2.1>
The banks --DASH Red River National Bank in Clarksville ,COMMA Clarksville ,COMMA Texas ;SEMI-COLON Sweeney Bank ,COMMA Sweeney ,COMMA Texas ;SEMI-COLON and Clarks Fork National Bank ,COMMA Fromberg ,COMMA Montana --DASH will reopen today as parts of other institutions .PERIOD
</s>
</p>
<p.87.001.870320-0087.3>
<s.87.001.870320-0087.3.1>
The two offices of Red River National ,COMMA closed by the U. S. Comptroller of the Currency ,COMMA are to reopen as branches of State Bank of DeKalb ,COMMA DeKalb ,COMMA Texas .PERIOD
</s>
<s.87.001.870320-0087.3.2>
The failed bank had assets of twenty two .POINT six million dollars and held twenty two .POINT five million dollars in four thousand ,COMMA seven hundred deposit accounts .PERIOD
</s>
</p>
<p.87.001.870320-0087.4>
<s.87.001.870320-0087.4.1>
Sweeney ,COMMA closed by state banking officials ,COMMA is to become a branch of First State Bank of Louise ,COMMA Louise ,COMMA Texas .PERIOD
</s>
<s.87.001.870320-0087.4.2>
Sweeney had assets of seventeen .POINT seven million dollars and held deposits of seventeen .POINT six million dollars in four thousand ,COMMA eight hundred accounts .PERIOD
</s>
</p>
<p.87.001.870320-0087.5>
<s.87.001.870320-0087.5.1>
Seventeen banks have closed in Texas so far this year .PERIOD
</s>
</p>
<p.87.001.870320-0087.6>
<s.87.001.870320-0087.6.1>
Clarks Fork National ,COMMA also closed by the Comptroller ,COMMA was bought by Yellowstone Bank ,COMMA Laurel ,COMMA Montana .PERIOD
</s>
<s.87.001.870320-0087.6.2>
Customers of Clarks Fork National will automatically become customers of Yellowstone and will be able to conduct business at the failed bank's office briefly .PERIOD
</s>
<s.87.001.870320-0087.6.3>
But that office will eventually close because Montana law doesn't allow banks to operate branches .PERIOD
</s>
</p>
<p.87.001.870320-0087.7>
<s.87.001.870320-0087.7.1>
Clarks Fork National had assets of eight .POINT two million dollars and held deposits of seven .POINT eight million dollars in one thousand ,COMMA five hundred accounts .PERIOD
</s>
<s.87.001.870320-0087.7.2>
It was the first Montana bank to fail this year .PERIOD
</s>
</p>
<p.87.001.870320-0086.1>
<s.87.001.870320-0086.1.1>
Chief executives routinely deal with millions of dollars of other people's money .PERIOD
</s>
<s.87.001.870320-0086.1.2>
But how do they deal with their own ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0086.2>
<s.87.001.870320-0086.2.1>
A glimpse of how top executives handle their personal pocketbooks is offered in interviews with the heads of four companies :COLON James A. Cook of Porsche Cars North America Incorporated ,COMMA John P. Imlay Junior of Management Science America Incorporated ,COMMA Joel B. Leff of Forstmann Leff Associates Incorporated and John C. Merritt of Van Kampen Merritt Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0086.3>
<s.87.001.870320-0086.3.1>
These men earn salaries of two hundred thousand dollars to four hundred thousand dollars a year ,COMMA exclusive of any bonuses .PERIOD
</s>
<s.87.001.870320-0086.3.2>
As a condition of discussing their personal finances ,COMMA however ,COMMA they asked that details of their earnings and their spending habits be kept confidential .PERIOD
</s>
</p>
<p.87.001.870320-0086.4>
<s.87.001.870320-0086.4.1>
There are striking similarities in the way these executives run their financial lives .PERIOD
</s>
<s.87.001.870320-0086.4.2>
One is an aversion to plastic .PERIOD
</s>
<s.87.001.870320-0086.4.3>
All maintained that ,COMMA even before they became successful and wealthy ,COMMA they paid cash for purchases ,COMMA or else paid credit -HYPHEN card balances in full each month to avoid interest .PERIOD
</s>
</p>
<p.87.001.870320-0086.5>
<s.87.001.870320-0086.5.1>
Each also has an accountant and some have other financial advisers ,COMMA but none uses a financial planner .PERIOD
</s>
<s.87.001.870320-0086.5.2>
Most said that they had made it a habit to save regularly ,COMMA even before a fat paycheck made saving a relatively easy task .PERIOD
</s>
</p>
<p.87.001.870320-0086.6>
<s.87.001.870320-0086.6.1>
"DOUBLE-QUOTE I'm much more professional about what I do for Porsche than about what I do for myself ,COMMA "DOUBLE-QUOTE says Mr. Cook ,COMMA C. E. O. of Porsche Cars North America in Reno ,COMMA Nevada .PERIOD
</s>
</p>
<p.87.001.870320-0086.7>
<s.87.001.870320-0086.7.1>
His company is one hundred %PERCENT -HYPHEN owned by Porsche A. G. ,COMMA the European car maker ,COMMA which in turn is largely family owned .PERIOD
</s>
<s.87.001.870320-0086.7.2>
So Mr. Cook ,COMMA fifty nine years old ,COMMA holds no stock in his own employer .PERIOD
</s>
<s.87.001.870320-0086.7.3>
He does own other securities ranging from speculative penny stocks to more middle -HYPHEN of -HYPHEN the -HYPHEN road equities .PERIOD
</s>
</p>
<p.87.001.870320-0086.8>
<s.87.001.870320-0086.8.1>
But he prefers to invest mainly in "DOUBLE-QUOTE things that I don't need to look at every day .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0086.8.2>
Buying individual stocks makes him nervous because "DOUBLE-QUOTE if I go to Europe for two weeks ,COMMA things can happen .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.9>
<s.87.001.870320-0086.9.1>
In the past ,COMMA he has favored real estate ,COMMA mainly as a partner in apartment and hotel ventures .PERIOD
</s>
<s.87.001.870320-0086.9.2>
In light of the new tax law's harsher treatment of most real estate investments ,COMMA he says ,COMMA "DOUBLE-QUOTE I'll be phasing that out .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0086.9.3>
He expects to increase his holdings of mutual funds and to maintain ,COMMA but perhaps scale back ,COMMA his sizable portfolio of municipal bonds .PERIOD
</s>
</p>
<p.87.001.870320-0086.10>
<s.87.001.870320-0086.10.1>
Mr. Cook and his wife (LEFT-PAREN both of whom were previously married )RIGHT-PAREN have seven children .PERIOD
</s>
<s.87.001.870320-0086.10.2>
When the kids reached driving age and wanted cars ,COMMA Mr. Cook at first insisted that they should pay half the cost of a car .PERIOD
</s>
<s.87.001.870320-0086.10.3>
The result was that the cars purchased were "DOUBLE-QUOTE junkers .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.11>
<s.87.001.870320-0086.11.1>
Later on ,COMMA Mr. Cook says ,COMMA he relented and decided to buy his children "DOUBLE-QUOTE decent cars. "DOUBLE-QUOTE (LEFT-PAREN The autos aren't Porsches ,COMMA however .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0086.11.2>
He still requires the children to pay for their own gasoline and insurance .PERIOD
</s>
<s.87.001.870320-0086.11.3>
"DOUBLE-QUOTE Some people would say ,COMMA 'SINGLE-QUOTE Gee ,COMMA you can afford to do that for your kids .PERIOD 'SINGLE-QUOTE
</s>
<s.87.001.870320-0086.11.4>
Well ,COMMA I guess we could .PERIOD
</s>
<s.87.001.870320-0086.11.5>
But this is one way to teach them responsibility .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.12>
<s.87.001.870320-0086.12.1>
For financial advice ,COMMA Mr. Cook turns to the accountant who has served him for many years ,COMMA and who is soon to become a lawyer as well .PERIOD
</s>
<s.87.001.870320-0086.12.2>
That takes some doing ,COMMA since the accountant is in Houston (LEFT-PAREN where Mr. Cook used to live )RIGHT-PAREN and Mr. Cook is in Reno .PERIOD
</s>
<s.87.001.870320-0086.12.3>
"DOUBLE-QUOTE We started out together ,COMMA "DOUBLE-QUOTE Mr. Cook explains ,COMMA "DOUBLE-QUOTE and he's done a good job .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.13>
<s.87.001.870320-0086.13.1>
John Imlay is chief executive of Management Science America ,COMMA an Atlanta -HYPHEN based software and data -HYPHEN processing firm he took public in nineteen eighty one .PERIOD
</s>
<s.87.001.870320-0086.13.2>
Most of his net worth consists of stock in his own company ,COMMA but he has other investments .PERIOD
</s>
</p>
<p.87.001.870320-0086.14>
<s.87.001.870320-0086.14.1>
An array of tax -HYPHEN free bonds is the core of this portfolio .PERIOD
</s>
<s.87.001.870320-0086.14.2>
Then there's timberland and farmland ,COMMA mostly in Georgia .PERIOD
</s>
<s.87.001.870320-0086.14.3>
"DOUBLE-QUOTE I go walk the land "DOUBLE-QUOTE before buying ,COMMA Mr. Imlay says .PERIOD
</s>
<s.87.001.870320-0086.14.4>
"DOUBLE-QUOTE I don't care how excited (LEFT-PAREN the sales people )RIGHT-PAREN are .PERIOD
</s>
<s.87.001.870320-0086.14.5>
When you sink into it up to your knees ,COMMA you know how good it is .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.15>
<s.87.001.870320-0086.15.1>
Mr. Imlay ,COMMA fifty ,COMMA also owns stock in other companies .PERIOD
</s>
<s.87.001.870320-0086.15.2>
"DOUBLE-QUOTE I invest in people ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0086.15.3>
Many of his stocks were chosen because he was impressed with a company's executives during business dealings .PERIOD
</s>
</p>
<p.87.001.870320-0086.16>
<s.87.001.870320-0086.16.1>
Ever since he made three hundred dollars a month as an office -HYPHEN form sales trainee fresh out of school ,COMMA Mr. Imlay says ,COMMA he has followed the "DOUBLE-QUOTE sage advice "DOUBLE-QUOTE of his father and invested ten %PERCENT of his gross income .PERIOD
</s>
<s.87.001.870320-0086.16.2>
His capsule version of his dad's advice :COLON "DOUBLE-QUOTE Put down the alligator shoes and invest the money .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.17>
<s.87.001.870320-0086.17.1>
Like his father ,COMMA he pays cash for most purchases .PERIOD
</s>
<s.87.001.870320-0086.17.2>
He disdains credit cards but uses a debit card occasionally .PERIOD
</s>
</p>
<p.87.001.870320-0086.18>
<s.87.001.870320-0086.18.1>
In addition to a checking account and a cash management account with a brokerage firm ,COMMA he still has a passbook savings account .PERIOD
</s>
<s.87.001.870320-0086.18.2>
Asked why ,COMMA he says he's never gotten around to closing it .PERIOD
</s>
<s.87.001.870320-0086.18.3>
"DOUBLE-QUOTE It's so small it didn't make any difference .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.19>
<s.87.001.870320-0086.19.1>
Mr. Imlay used to use a financial planner ,COMMA but decided he didn't need one since "DOUBLE-QUOTE I was making the decisions anyway .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0086.19.2>
He relies on his own tax adviser ,COMMA who is also the company's secretary -HYPHEN treasurer .PERIOD
</s>
</p>
<p.87.001.870320-0086.20>
<s.87.001.870320-0086.20.1>
Joel Leff is co -HYPHEN chairman of the New York -HYPHEN based money -HYPHEN management firm ,COMMA Forstmann Leff Associates ,COMMA a subsidiary of Guinness Peat Group P. L. C. .PERIOD
</s>
<s.87.001.870320-0086.20.2>
He likes to tell the story about a Wellesley College twenty -HYPHEN year reunion .PERIOD
</s>
</p>
<p.87.001.870320-0086.21>
<s.87.001.870320-0086.21.1>
One woman ,COMMA the story goes ,COMMA showed up in a provocative red dress ,COMMA high heels and cigarette holder .PERIOD
</s>
<s.87.001.870320-0086.21.2>
Picking up clues to a disreputable vocation ,COMMA her classmates asked her what had happened .PERIOD
</s>
<s.87.001.870320-0086.21.3>
"DOUBLE-QUOTE It was either that ,COMMA "DOUBLE-QUOTE said the woman ,COMMA "DOUBLE-QUOTE or dip into capital .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.22>
<s.87.001.870320-0086.22.1>
Mr. Leff ,COMMA fifty one ,COMMA professes a strong dislike for dipping into capital ,COMMA and says he has done it only once ,COMMA during the horrendous market of nineteen seventy four .PERIOD
</s>
<s.87.001.870320-0086.22.2>
Recently married for the third time ,COMMA he says he found it somewhat easier to control household expenditures during the years when he was on his own .PERIOD
</s>
<s.87.001.870320-0086.22.3>
He and his wife take turns paying the bills .PERIOD
</s>
</p>
<p.87.001.870320-0086.24>
<s.87.001.870320-0086.24.1>
He says his favorite investment has always been real estate ,COMMA mainly commercial buildings ,COMMA often with a historical -HYPHEN renovation aspect (LEFT-PAREN and tax advantage )RIGHT-PAREN to the deal .PERIOD
</s>
<s.87.001.870320-0086.24.2>
Despite the new tax law ,COMMA he expects to keep investing in real estate ,COMMA but will demand a higher anticipated rate of return before entering any deal .PERIOD
</s>
</p>
<p.87.001.870320-0086.25>
<s.87.001.870320-0086.25.1>
He also invests in art ,COMMA antique furniture ,COMMA and gold coins .PERIOD
</s>
<s.87.001.870320-0086.25.2>
Gold ,COMMA he says ,COMMA is "DOUBLE-QUOTE traditional and feels nice .PERIOD
</s>
<s.87.001.870320-0086.25.3>
It weighs more than one hundred shares of I. B. M. .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.26>
<s.87.001.870320-0086.26.1>
For financial advice and record keeping ,COMMA Mr. Leff says he has "DOUBLE-QUOTE enough henchmen ,COMMA "DOUBLE-QUOTE including an accountant ,COMMA a tax attorney ,COMMA and a full -HYPHEN time personal bookkeeper .PERIOD
</s>
</p>
<p.87.001.870320-0086.27>
<s.87.001.870320-0086.27.1>
As C. E. O. of Van Kampen Merritt ,COMMA the Lyle ,COMMA Illinois -HYPHEN based investment banking subsidiary of Xerox Corporation and a leading packager of municipal bond unit trusts ,COMMA Jack Merritt hardly needs an allowance .PERIOD
</s>
<s.87.001.870320-0086.27.2>
When he was a youth ,COMMA however ,COMMA his father kept him on a strict one .PERIOD
</s>
</p>
<p.87.001.870320-0086.28>
<s.87.001.870320-0086.28.1>
"DOUBLE-QUOTE In my senior year of high school ,COMMA my father put me on an annual salary and made me get my own checking account ,COMMA "DOUBLE-QUOTE the forty six -HYPHEN year -HYPHEN old Mr. Merritt says .PERIOD
</s>
<s.87.001.870320-0086.28.2>
That arrangement continued into college .PERIOD
</s>
<s.87.001.870320-0086.28.3>
"DOUBLE-QUOTE I had to go out and work .PERIOD
</s>
<s.87.001.870320-0086.28.4>
I ran a laundry business and raked leaves ,COMMA "DOUBLE-QUOTE he recalls .PERIOD
</s>
</p>
<p.87.001.870320-0086.29>
<s.87.001.870320-0086.29.1>
He's making similar demands of his own children .PERIOD
</s>
<s.87.001.870320-0086.29.2>
"DOUBLE-QUOTE It's very important to learn to live within your means .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.30>
<s.87.001.870320-0086.30.1>
To manage his money these days ,COMMA Mr. Merritt ,COMMA who is based in Philadelphia ,COMMA gets some help .PERIOD
</s>
<s.87.001.870320-0086.30.2>
He uses several brokers ,COMMA and likes to "DOUBLE-QUOTE give them some discretion .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0086.30.3>
He prefers bonds to stocks ,COMMA avoids commodities ,COMMA and likes real estate .PERIOD
</s>
<s.87.001.870320-0086.30.4>
He is ,COMMA not surprisingly ,COMMA partial to mutual funds and unit investment trusts .PERIOD
</s>
<s.87.001.870320-0086.30.5>
"DOUBLE-QUOTE If you're running a firm ,COMMA I don't feel you have time to mastermind your investments ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
</p>
<p.87.001.870320-0086.32>
<s.87.001.870320-0086.32.1>
"DOUBLE-QUOTE I believe generally in working with one major supplier ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0086.32.2>
"DOUBLE-QUOTE They're entitled to get some compensation back for their service ,COMMA provided they're offering good service .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0086.33>
<s.87.001.870320-0086.33.1>
Mr. Dorfman reports on personal finance from The Wall Street Journal's New York Bureau .PERIOD
</s>
</p>
<p.87.001.870320-0085.1>
<s.87.001.870320-0085.1.1>
Mellon Bank Corporation ,COMMA the nation's twelfth largest banking concern ,COMMA said it will reduce its work force in an effort to cut costs and boost productivity .PERIOD
</s>
</p>
<p.87.001.870320-0085.2>
<s.87.001.870320-0085.2.1>
The bank holding company declined to estimate the extent of the staff cuts .PERIOD
</s>
<s.87.001.870320-0085.2.2>
It said in a prepared statement that the cuts are a result of an ongoing internal study of the concern and its staffing levels .PERIOD
</s>
<s.87.001.870320-0085.2.3>
Mellon said the review will be completed "DOUBLE-QUOTE over the next several weeks .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0085.3>
<s.87.001.870320-0085.3.1>
The company has been troubled by a growing number of nonperforming foreign and energy loans .PERIOD
</s>
<s.87.001.870320-0085.3.2>
In addition ,COMMA its expenses have grown at a faster pace than those of banks of comparable size .PERIOD
</s>
<s.87.001.870320-0085.3.3>
In nineteen eighty six ,COMMA Mellon's earnings fell nine .POINT one %PERCENT to one hundred eighty three .POINT three million dollars ,COMMA or six dollars and twenty cents a share ,COMMA from two hundred one .POINT seven million dollars ,COMMA or seven dollars and thirteen cents a share ,COMMA in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0085.4>
<s.87.001.870320-0085.4.1>
At the end of nineteen eighty six ,COMMA Mellon had eighteen thousand ,COMMA four hundred nineteen employees ,COMMA with eight thousand ,COMMA eight hundred in its corporate headquarters in Pittsburgh .PERIOD
</s>
<s.87.001.870320-0085.4.2>
Mellon took a fourth -HYPHEN quarter charge of nine million dollars to restructure its foreign lending operation ,COMMA including closing several offices and laying off or transferring workers .PERIOD
</s>
</p>
<p.87.001.870320-0085.5>
<s.87.001.870320-0085.5.1>
In composite trading on the New York Stock Exchange ,COMMA Mellon closed at fifty five .POINT three seven five dollars a share ,COMMA down fifty cents .PERIOD
</s>
</p>
<p.87.001.870320-0084.1>
<s.87.001.870320-0084.1.1>
The "DOUBLE-QUOTE power "DOUBLE-QUOTE office is out .PERIOD
</s>
<s.87.001.870320-0084.1.2>
For the lean ,COMMA mean eighties ,COMMA a chief executive officer can still have good furniture and some appreciating art on the walls ,COMMA but the bottom line is function .PERIOD
</s>
</p>
<p.87.001.870320-0084.2>
<s.87.001.870320-0084.2.1>
How times have changed .PERIOD
</s>
<s.87.001.870320-0084.2.2>
In the early fifties ,COMMA when Elliott White Springs built a headquarters for his textile company in Fort Mill ,COMMA S. C. ,COMMA he wanted it to be the most modern building in the world ,COMMA and his office was a high -HYPHEN tech wonder .PERIOD
</s>
<s.87.001.870320-0084.2.3>
With a touch of a button ,COMMA the chief executive of Springs Industries Incorporated could elevate a portion of the walnut parquet floor until it became a conference table .PERIOD
</s>
<s.87.001.870320-0084.2.4>
Other buttons on his desk opened and closed the one hundred twenty feet of draperies ;SEMI-COLON turned on the television ,COMMA radio or movie projector ;SEMI-COLON activated the security system ;SEMI-COLON operated the lights ;SEMI-COLON and vibrated Mr. Springs's chair .PERIOD
</s>
</p>
<p.87.001.870320-0084.3>
<s.87.001.870320-0084.3.1>
Springs's current chief executive ,COMMA Walter Y. Elisha ,COMMA prefers a different office ,COMMA about half the size and without gadgetry .PERIOD
</s>
<s.87.001.870320-0084.3.2>
His reasons for occupying more modest quarters have little to do with the fact that his company is now public ,COMMA as opposed to Mr. Springs's era .PERIOD
</s>
<s.87.001.870320-0084.3.3>
"DOUBLE-QUOTE I find the less elaborate ,COMMA more functional office better suited to my style ,COMMA "DOUBLE-QUOTE Mr. Elisha says .PERIOD
</s>
</p>
<p.87.001.870320-0084.4>
<s.87.001.870320-0084.4.1>
Mr. Elisha's inclinations reflect a general trend in recent years away from lavish ,COMMA grandiose offices for chief executives .PERIOD
</s>
</p>
<p.87.001.870320-0084.5>
<s.87.001.870320-0084.5.1>
"DOUBLE-QUOTE Chief executives consider what they do in their offices rather than just the looks of them .PERIOD
</s>
<s.87.001.870320-0084.5.2>
They want to make it clear they are working executives ,COMMA not just figureheads ,COMMA "DOUBLE-QUOTE says William Drake ,COMMA a partner at the architectural firm Skidmore Owings &AMPERSAND Merrill in Chicago .PERIOD
</s>
<s.87.001.870320-0084.5.3>
"DOUBLE-QUOTE There used to be much more ceremony involved in entering the C. E. O.'s office .PERIOD
</s>
<s.87.001.870320-0084.5.4>
You walked twenty feet to the grand ,COMMA old man ,COMMA behind this huge mahogany desk empty of papers .PERIOD
</s>
<s.87.001.870320-0084.5.5>
That's a thing of the past .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.6>
<s.87.001.870320-0084.6.1>
Top executives don't want to blend completely into the paneling :COLON they still prefer large ,COMMA corner offices and such traditional trappings as private bathrooms .PERIOD
</s>
<s.87.001.870320-0084.6.2>
But ,COMMA in general ,COMMA they don't want to seem either intimidating or overly opulent .PERIOD
</s>
<s.87.001.870320-0084.6.3>
Communication (LEFT-PAREN with employees )RIGHT-PAREN and accountability (LEFT-PAREN to shareholders )RIGHT-PAREN are the buzzwords .PERIOD
</s>
<s.87.001.870320-0084.6.4>
In these takeover times ,COMMA a too -HYPHEN lavish office just might signal a bloodthirsty raider that there's a profitable opportunity to trim corporate fat .PERIOD
</s>
</p>
<p.87.001.870320-0084.7>
<s.87.001.870320-0084.7.1>
"DOUBLE-QUOTE Some clients do want a palace .PERIOD
</s>
<s.87.001.870320-0084.7.2>
But heads of public companies mostly tell us they don't want the office so nice that people walk in and think ,COMMA 'SINGLE-QUOTE Aha !EXCLAMATION-POINT
</s>
<s.87.001.870320-0084.7.3>
This is where all the money is going ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE says Karen Myers ,COMMA president of Interior Design Development in Costa Mesa ,COMMA California .PERIOD
</s>
<s.87.001.870320-0084.7.4>
The new headquarters of American Express Company in New York's World Financial Center is quite grand ,COMMA and Chairman James D. Robinson the third's paneled office boasts an inlaid marble table ,COMMA antiques and an Oriental rug .PERIOD
</s>
<s.87.001.870320-0084.7.5>
But decorator Robert Metzger remembers Mr. Robinson saying over and over ,COMMA "DOUBLE-QUOTE This item costs too much .PERIOD
</s>
<s.87.001.870320-0084.7.6>
Find something else .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.8>
<s.87.001.870320-0084.8.1>
Indeed ,COMMA big offices may be one factor that spurred raider T. Boone Pickens Junior's move against Diamond Shamrock Corporation Former Chief Executive William H. Bricker enjoyed lavish perks that included several corporate jets .PERIOD
</s>
<s.87.001.870320-0084.8.2>
His office in the company's Dallas headquarters is said to be enormous .PERIOD
</s>
<s.87.001.870320-0084.8.3>
A Diamond Shamrock spokesman says ,COMMA "DOUBLE-QUOTE The offices are quite comfortable but there are no extraordinary appointments or architectural features .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.9>
<s.87.001.870320-0084.9.1>
As for Mr. Pickens's own office at Mesa Limited Partnership in Amarillo ,COMMA Texas ,COMMA "DOUBLE-QUOTE We practice what we preach ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0084.9.2>
"DOUBLE-QUOTE I have a good ,COMMA workable ,COMMA functional desk and a computer .PERIOD
</s>
<s.87.001.870320-0084.9.3>
There are three western paintings on the wall ,COMMA but two of them are for sale because they've appreciated in value .PERIOD
</s>
<s.87.001.870320-0084.9.4>
My office is about twenty feet by eighteen feet ,COMMA and I've had the same office on the fifth floor of a ten -HYPHEN story building for twenty years .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.10>
<s.87.001.870320-0084.10.1>
There are plenty of other leaders setting a no -HYPHEN frills example :COLON The Silicon Valley aesthetic remains spare .PERIOD
</s>
<s.87.001.870320-0084.10.2>
Gordon Moore ,COMMA co -HYPHEN founder of Intel Corporation in nineteen sixty eight and currently its chief executive ,COMMA still occupies a standard issue ,COMMA metal and plastic desk in a cubicle whose walls are no higher than anyone else's .PERIOD
</s>
<s.87.001.870320-0084.10.3>
He has a special chair ,COMMA a spokesman says ,COMMA "DOUBLE-QUOTE but that's because he has a bad back .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.11>
<s.87.001.870320-0084.11.1>
In New York's financial community ,COMMA where lavish offices are the standard ,COMMA John Gutfruend of Salomon Brothers Incorporated spends much of his workday at a semicircular wooden desk on the trading floor .PERIOD
</s>
<s.87.001.870320-0084.11.2>
Nearby is a large ,COMMA private office to which he retreats for meetings .PERIOD
</s>
</p>
<p.87.001.870320-0084.12>
<s.87.001.870320-0084.12.1>
Martin S. Davis ,COMMA the chairman of Gulf &AMPERSAND Western Incorporated ,COMMA says ,COMMA "DOUBLE-QUOTE Everything in my office has got a purpose .PERIOD
</s>
<s.87.001.870320-0084.12.2>
There are enough chairs for people to meet in and enough tables to work on .PERIOD
</s>
<s.87.001.870320-0084.12.3>
Most of the furniture ,COMMA including my antique desk ,COMMA is my own and I've had it for years .PERIOD
</s>
<s.87.001.870320-0084.12.4>
It's a workspace :COLON that's what I'm about .PERIOD
</s>
<s.87.001.870320-0084.12.5>
It's not an entertainment hall .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.13>
<s.87.001.870320-0084.13.1>
Some executives who inherited large ,COMMA imposing offices from an earlier era have taken great pains to make them cosier .PERIOD
</s>
<s.87.001.870320-0084.13.2>
John J. Creedon ,COMMA president and chief executive of Metropolitan Life Insurance Company ,COMMA moved into a twenty two -HYPHEN foot by thirty four -HYPHEN foot office of thirteen -HYPHEN foot high walnut paneling four years ago .PERIOD
</s>
<s.87.001.870320-0084.13.3>
"DOUBLE-QUOTE It's a lot more than I need ,COMMA and if I were to build one it wouldn't be this big ,COMMA "DOUBLE-QUOTE Mr. Creedon says .PERIOD
</s>
</p>
<p.87.001.870320-0084.14>
<s.87.001.870320-0084.14.1>
Rather than greet visitors from behind his huge desk ,COMMA Mr. Creedon prefers to sit in an armchair near a large ,COMMA comfortable couch .PERIOD
</s>
<s.87.001.870320-0084.14.2>
Seated nearby is one of his two plush ,COMMA business -HYPHEN suit -HYPHEN clad Snoopy dolls. (LEFT-PAREN Snoopy appears in commercials for the insurance company .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0084.14.3>
"DOUBLE-QUOTE When I'm sitting behind my desk ,COMMA it might intimidate people ,COMMA "DOUBLE-QUOTE Mr. Creedon says .PERIOD
</s>
<s.87.001.870320-0084.14.4>
"DOUBLE-QUOTE Here ,COMMA we can sit with Snoopy ,COMMA get comfortable ,COMMA and maybe people will relax .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.15>
<s.87.001.870320-0084.15.1>
G. Robert Truex Junior ,COMMA chairman of Rainier Bancorp in Seattle ,COMMA describes his office as "DOUBLE-QUOTE traditional ,COMMA handsome and over -HYPHEN large ,COMMA which makes me uneasy .PERIOD
</s>
<s.87.001.870320-0084.15.2>
I'm not a high -HYPHEN powered guy and I don't pretend I am .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.16>
<s.87.001.870320-0084.16.1>
Mr. Truex encourages people to relax from the moment they arrive at his door ,COMMA walking across a "DOUBLE-QUOTE Beware of Owner "DOUBLE-QUOTE doormat .PERIOD
</s>
<s.87.001.870320-0084.16.2>
Inside his office ,COMMA visitors find an array of music boxes and a vast collection of wind -HYPHEN up toys on the bookcases and credenza .PERIOD
</s>
<s.87.001.870320-0084.16.3>
Peeping out between the leaves of a potted palm is a plush gorilla in a red T. -HYPHEN shirt and a paper crown .PERIOD
</s>
<s.87.001.870320-0084.16.4>
"DOUBLE-QUOTE I've been known to say that he makes the big decisions around here ,COMMA "DOUBLE-QUOTE says Mr. Truex ,COMMA who hastens to add :COLON "DOUBLE-QUOTE Please don't get the impression that because I have these toys that I come to work in a clown hat .PERIOD
</s>
<s.87.001.870320-0084.16.5>
We conduct business here .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.17>
<s.87.001.870320-0084.17.1>
For all the plush menagerie ,COMMA tradition nonetheless remains one of the bywords in executive offices ,COMMA both in furnishings and decorative mementoes ,COMMA which are meant to convey a sense of stability and longevity .PERIOD
</s>
<s.87.001.870320-0084.17.2>
Donald Frey ,COMMA chairman of Bell &AMPERSAND Howell Company of Chicago ,COMMA moved his company to a modern building in nineteen eighty five ,COMMA but in his office he sits at the rolltop desk once used by the company's founder ,COMMA Albert S. Howell .PERIOD
</s>
<s.87.001.870320-0084.17.3>
His telephone is Mr. Howell's nineteen nineteen brass candlestick phone ,COMMA which has been electronically refurbished .PERIOD
</s>
</p>
<p.87.001.870320-0084.18>
<s.87.001.870320-0084.18.1>
"DOUBLE-QUOTE In the last three years or so ,COMMA there has been a return to more conservative environments ,COMMA "DOUBLE-QUOTE says Beverly Russell ,COMMA editor of Interiors magazine .PERIOD
</s>
<s.87.001.870320-0084.18.2>
"DOUBLE-QUOTE Inside many ultramodern skyscrapers rising fifty floors ,COMMA the chairman's office looks like Monticello .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.19>
<s.87.001.870320-0084.19.1>
Indeed ,COMMA the look of paneled walls ,COMMA Oriental rugs and antique wood desks has become so prevalent that some chairmen have rebelled in an effort to stand out ,COMMA and to send a message of distinctiveness .PERIOD
</s>
</p>
<p.87.001.870320-0084.20>
<s.87.001.870320-0084.20.1>
"DOUBLE-QUOTE We have a new and creative company but we also want to convey solidity ,COMMA because we guarantee billions of dollars of debt ,COMMA "DOUBLE-QUOTE says Gerald Friedman ,COMMA chairman and founder of F. G. I. C. Corporation ,COMMA which insures municipal bonds .PERIOD
</s>
<s.87.001.870320-0084.20.2>
F. G. I. C.'s offices aren't quite like anything else in Manhattan's financial district :COLON sleek and modern ,COMMA with black marble tables ,COMMA black lacquer desks and decorative curtain -HYPHEN like cascades of white silk strings from floor to ceiling .PERIOD
</s>
</p>
<p.87.001.870320-0084.21>
<s.87.001.870320-0084.21.1>
Not surprisingly ,COMMA there are still executives who love their perks and power offices .PERIOD
</s>
<s.87.001.870320-0084.21.2>
George Wackenhut of Wackenhut Corporation in Coral Gables ,COMMA Florida ,COMMA a big firm in the security guard field ,COMMA isn't the only chief executive with a barber chair in his private bathroom ,COMMA so his barber can come to him .PERIOD
</s>
<s.87.001.870320-0084.21.3>
In Houston ,COMMA a city of impressive offices ,COMMA it's hard to forget that of J. Hugh Liedtke ,COMMA chairman of Pennzoil Company ,COMMA who sits at the head of a sixteen -HYPHEN foot long desk made of planks from a shipwreck .PERIOD
</s>
<s.87.001.870320-0084.21.4>
Behind the desk in a large display case is his rock collection ,COMMA including geodes the size of basketballs .PERIOD
</s>
</p>
<p.87.001.870320-0084.22>
<s.87.001.870320-0084.22.1>
In the name of intimidation ,COMMA who could better the tactic of a chief executive who asked one design firm to install very bright ,COMMA adjustable lights above the chairs across from his desk ?QUESTION-MARK
</s>
<s.87.001.870320-0084.22.2>
The designer ,COMMA who won't divulge his client's name ,COMMA says :COLON "DOUBLE-QUOTE The C. E. O. could really make a guy sweat .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0084.23>
<s.87.001.870320-0084.23.1>
Ms. Cox reports on arts and entertainment from The Wall Street Journal's New York bureau .PERIOD
</s>
</p>
<p.87.001.870320-0083.1>
<s.87.001.870320-0083.1.1>
Boyd L. Jefferies helped change the rules of the securities game .PERIOD
</s>
<s.87.001.870320-0083.1.2>
But by breaking them ,COMMA he has damaged the reputation of what is probably the most innovative and aggressive stock -HYPHEN trading firm outside of Wall Street .PERIOD
</s>
</p>
<p.87.001.870320-0083.2>
<s.87.001.870320-0083.2.1>
The question now is how deep and lasting the damage will be .PERIOD
</s>
</p>
<p.87.001.870320-0083.3>
<s.87.001.870320-0083.3.1>
Jefferies Group Incorporated ,COMMA the four hundred forty five -HYPHEN employee brokerage holding company of which Mr. Jefferies was chairman and chief executive officer ,COMMA was stunned by his early morning announcement that he planned to plead guilty to two felony counts of violating federal securities laws and that he was resigning .PERIOD
</s>
<s.87.001.870320-0083.3.2>
After Mr. Jefferies's personal announcement to those employees over a national telephone hookup following its normal four fifty a. m. P. S. T. planning meeting ,COMMA the brokerage firm locked the elevators at its Los Angeles headquarters for a time .PERIOD
</s>
</p>
<p.87.001.870320-0083.4>
<s.87.001.870320-0083.4.1>
Within hours ,COMMA the company's new chief executive ,COMMA Frank Baxter ,COMMA was taking calls ,COMMA forcefully arguing that Jefferies would survive and prosper .PERIOD
</s>
<s.87.001.870320-0083.4.2>
"DOUBLE-QUOTE They call this Jefferies Group for a reason ,COMMA "DOUBLE-QUOTE said Mr. Baxter ,COMMA a thirteen -HYPHEN year veteran with the company .PERIOD
</s>
<s.87.001.870320-0083.4.3>
"DOUBLE-QUOTE We have one hundred ninety professionals with personal client relationships .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0083.4.4>
The chairman's post remained vacant .PERIOD
</s>
</p>
<p.87.001.870320-0083.5>
<s.87.001.870320-0083.5.1>
Despite yesterday's travails ,COMMA he added ,COMMA "DOUBLE-QUOTE it was a good day businesswise .PERIOD
</s>
<s.87.001.870320-0083.5.2>
Our clients really came through for us .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.6>
<s.87.001.870320-0083.6.1>
Jefferies is by far the biggest trader in the so -HYPHEN called "DOUBLE-QUOTE third market ,COMMA "DOUBLE-QUOTE in which listed stocks are traded without going through an exchange .PERIOD
</s>
<s.87.001.870320-0083.6.2>
Such trading has grown rapidly with the bull market ,COMMA and as big shareholders looked for fast and discreet ways to profit from the increasingly volatile world securities market .PERIOD
</s>
</p>
<p.87.001.870320-0083.7>
<s.87.001.870320-0083.7.1>
Jefferies ,COMMA a company Mr. Jefferies founded twenty five years ago ,COMMA in nineteen eighty six accounted for about three %PERCENT of the composite volume of all securities listed on the New York Stock Exchange .PERIOD
</s>
<s.87.001.870320-0083.7.2>
Last January ,COMMA the company traded about two %PERCENT of the Big Board composite trading volume ,COMMA or one hundred sixty four million shares ,COMMA for clients that have ranged from pension funds and individual shareholders to major Wall Street arbitragers .PERIOD
</s>
<s.87.001.870320-0083.7.3>
Jefferies makes up about sixty %PERCENT of the entire third market .PERIOD
</s>
</p>
<p.87.001.870320-0083.8>
<s.87.001.870320-0083.8.1>
Mr. Baxter ,COMMA fifty years old ,COMMA who has been president and chief operating officer of Jefferies ,COMMA said the January percentage was lower than last year only because the exchanges did extraordinarily heavy volume during the month .PERIOD
</s>
</p>
<p.87.001.870320-0083.9>
<s.87.001.870320-0083.9.1>
Mr. Jefferies ,COMMA fifty six ,COMMA publicly denied that he had engaged in insider trading when he was subpoenaed last year in the government's broad investigation of the securities business .PERIOD
</s>
<s.87.001.870320-0083.9.2>
Part of a clubby network of major players in the stock market ,COMMA however ,COMMA he succumbed to the temptation to swap illegal favors with some clients ,COMMA including arbitrager Ivan Boesky .PERIOD
</s>
<s.87.001.870320-0083.9.3>
"DOUBLE-QUOTE Boyd has always wanted to accommodate clients ,COMMA "DOUBLE-QUOTE said Mr. Baxter .PERIOD
</s>
</p>
<p.87.001.870320-0083.10>
<s.87.001.870320-0083.10.1>
Mr. Jefferies declined to be interviewed .PERIOD
</s>
<s.87.001.870320-0083.10.2>
In a statement ,COMMA he said :COLON "DOUBLE-QUOTE Something went wrong in our value systems and it is vital that we all learn from my mistakes and those of others .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.11>
<s.87.001.870320-0083.11.1>
Mr. Jefferies has been a spirited trader who seemed more at home on his company's trading desks than its executive offices .PERIOD
</s>
<s.87.001.870320-0083.11.2>
His workday started as early as three a. m. ,COMMA and often ended late --DASH though Mr. Baxter said trades attributable to Mr. Jefferies have accounted for less than five %PERCENT of the company's volume in recent years .PERIOD
</s>
</p>
<p.87.001.870320-0083.12>
<s.87.001.870320-0083.12.1>
Mr. Jefferies had a large following among takeover investors ,COMMA who relied on him to assemble large blocks of stock during corporate battles .PERIOD
</s>
<s.87.001.870320-0083.12.2>
Raiders liked trading with Mr. Jefferies because he moved unusually quickly and secretly and had a big network of contacts among arbitragers and other speculators in takeover stocks .PERIOD
</s>
</p>
<p.87.001.870320-0083.13>
<s.87.001.870320-0083.13.1>
"DOUBLE-QUOTE You felt like Jefferies's trades had to go through less layers of people ,COMMA "DOUBLE-QUOTE said Harold Simmons ,COMMA a Dallas financier who often traded through Mr. Jefferies .PERIOD
</s>
<s.87.001.870320-0083.13.2>
"DOUBLE-QUOTE He could move without disturbing a lot of people ,COMMA and the fewer people who know about these things the better .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.14>
<s.87.001.870320-0083.14.1>
Like many people ,COMMA Mr. Simmons described Mr. Jefferies as a driven ,COMMA intense worker .PERIOD
</s>
<s.87.001.870320-0083.14.2>
"DOUBLE-QUOTE He was always at his desk .PERIOD
</s>
<s.87.001.870320-0083.14.3>
You could always reach him ;SEMI-COLON he worked very long hours ,COMMA "DOUBLE-QUOTE Mr. Simmons said .PERIOD
</s>
<s.87.001.870320-0083.14.4>
He recalled that Mr. Jefferies tracked him down in the middle of a tennis game to try to negotiate the sale of a large block of N. L. Industries Incorporated stock last summer ,COMMA when Mr. Simmons was seeking control of N. L. Mrs. Simmons staved Mr. Jefferies off until her husband finished his game .PERIOD
</s>
</p>
<p.87.001.870320-0083.15>
<s.87.001.870320-0083.15.1>
Some people think Mr. Jefferies's suspension will be a blow to the firm .PERIOD
</s>
<s.87.001.870320-0083.15.2>
Perrin Long ,COMMA a securities industry analyst at Lipper Analytical Securities Corporation in New York ,COMMA estimated that more than one -HYPHEN third of the firm's business is directly attributable to Mr. Jefferies's contacts with wealthy investors and institutions .PERIOD
</s>
</p>
<p.87.001.870320-0083.16>
<s.87.001.870320-0083.16.1>
Mr. Long ,COMMA a longtime acquaintance of Mr. Jefferies ,COMMA described the trader as exceptionally intense .PERIOD
</s>
<s.87.001.870320-0083.16.2>
"DOUBLE-QUOTE Some people are compulsive drinkers or compulsive woman -HYPHEN chasers .PERIOD
</s>
<s.87.001.870320-0083.16.3>
Boyd was a compulsive trader ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0083.16.4>
"DOUBLE-QUOTE Whenever I sat with him at his offices --DASH which had glass windows so he could look out at the trading room --DASH you could sense he'd like the conversation to end as quickly as possible so he could get back onto the trading desk .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.17>
<s.87.001.870320-0083.17.1>
In the nineteen sixties ,COMMA there were many dealers in the third market ,COMMA where trades were often made for lower commissions than exchange members charged .PERIOD
</s>
<s.87.001.870320-0083.17.2>
When commissions were later deregulated ,COMMA many firms dropped out of the business .PERIOD
</s>
</p>
<p.87.001.870320-0083.18>
<s.87.001.870320-0083.18.1>
"DOUBLE-QUOTE They were survivors ,COMMA "DOUBLE-QUOTE one Los Angeles broker said yesterday of the Jefferies firm .PERIOD
</s>
<s.87.001.870320-0083.18.2>
Mr. Jefferies actually sold the company in nineteen sixty nine to Investors Diversified Services Incorporated ,COMMA now a unit of American Express Company ,COMMA for forty four .POINT two million dollars .PERIOD
</s>
<s.87.001.870320-0083.18.3>
But he bought it back four years later --DASH for less than half that price ,COMMA according to associates --DASH and then took the company public in nineteen eighty three .PERIOD
</s>
</p>
<p.87.001.870320-0083.19>
<s.87.001.870320-0083.19.1>
Over the past decade ,COMMA two important trends expanded Jefferies's business :COLON the growing internationalization of markets and the rise of the takeover business .PERIOD
</s>
<s.87.001.870320-0083.19.2>
Suddenly ,COMMA a firm that could make difficult block trades efficiently at unusual hours was in an enviable position .PERIOD
</s>
</p>
<p.87.001.870320-0083.20>
<s.87.001.870320-0083.20.1>
Mr. Jefferies "DOUBLE-QUOTE gained a world -HYPHEN wide institutional following ,COMMA "DOUBLE-QUOTE said Gordon Macklin ,COMMA president of the National Association of Securities Dealers ,COMMA which regulates the over -HYPHEN the -HYPHEN counter industry ,COMMA of which Jefferies was a part .PERIOD
</s>
</p>
<p.87.001.870320-0083.21>
<s.87.001.870320-0083.21.1>
Mr. Jefferies became celebrated for virtuoso trading feats .PERIOD
</s>
<s.87.001.870320-0083.21.2>
In December nineteen eighty two ,COMMA during a sudden halt in Big Board trading in Warner Communications Incorporated ,COMMA Jefferies &AMPERSAND Company ,COMMA Jefferies Group's brokerage unit ,COMMA made an almost exclusive market in Warner shares for about a day .PERIOD
</s>
<s.87.001.870320-0083.21.3>
Working round the clock with traders in Australia ,COMMA Hong Kong ,COMMA Kuwait ,COMMA Switzerland and other places ,COMMA the firm traded three .POINT five million shares in two days .PERIOD
</s>
<s.87.001.870320-0083.21.4>
The message wasn't lost on the Big Board ,COMMA which soon opened a vigorous public -HYPHEN relations campaign against off -HYPHEN board trading ,COMMA and Jefferies in particular .PERIOD
</s>
</p>
<p.87.001.870320-0083.22>
<s.87.001.870320-0083.22.1>
More recently there has been speculation that Jefferies might again be sold .PERIOD
</s>
<s.87.001.870320-0083.22.2>
American Can Company began acquiring Jefferies stock in nineteen eighty five ,COMMA and it currently has the equivalent of a twenty %PERCENT stake in the firm .PERIOD
</s>
<s.87.001.870320-0083.22.3>
Yesterday ,COMMA an American Can spokesman described his company's holding as a "DOUBLE-QUOTE passive investment .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.23>
<s.87.001.870320-0083.23.1>
Mr. Jefferies controls about thirteen %PERCENT of the company ,COMMA but his interest will be placed in a voting trust for at least the next five years ,COMMA during which Mr. Jefferies will be barred from the securities business under a consent agreement with the Securities and Exchange Commission .PERIOD
</s>
</p>
<p.87.001.870320-0083.24>
<s.87.001.870320-0083.24.1>
"DOUBLE-QUOTE I'd be incredibly surprised if he isn't back in the business someday ,COMMA "DOUBLE-QUOTE said Minneapolis investor Irwin Jacobs ,COMMA a friend and business associate of Mr. Jefferies .PERIOD
</s>
<s.87.001.870320-0083.24.2>
From what he had heard about the violations ,COMMA they seemed "DOUBLE-QUOTE more technical than criminal ,COMMA "DOUBLE-QUOTE Mr. Jacobs said .PERIOD
</s>
<s.87.001.870320-0083.24.3>
Half joking ,COMMA he added :COLON "DOUBLE-QUOTE You and I get a parking violation ,COMMA and we get a three dollar ticket .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.25>
<s.87.001.870320-0083.25.1>
Until last year ,COMMA Mr. Jefferies lived in a huge oceanside house --DASH later sold for a reported eight .POINT three million dollars --DASH that had a circular bed that rotated three hundred sixty degrees to take advantage of the view .PERIOD
</s>
<s.87.001.870320-0083.25.2>
He has given heavily to the arts ,COMMA and has two galleries named for him in a Laguna Beach ,COMMA California ,COMMA museum .PERIOD
</s>
</p>
<p.87.001.870320-0083.26>
<s.87.001.870320-0083.26.1>
A spokesman said Mr. Jefferies currently lives in the Palm Springs area ,COMMA about one hundred miles from Los Angeles .PERIOD
</s>
<s.87.001.870320-0083.26.2>
The executive has commuted to work almost every day ,COMMA leaving his home at one thirty a. m. in a chauffeur -HYPHEN driven limousine ,COMMA according to the spokesman .PERIOD
</s>
</p>
<p.87.001.870320-0083.27>
<s.87.001.870320-0083.27.1>
After attending college at the University of California ,COMMA Los Angeles ,COMMA Mr. Jefferies went to work as a cattle manager at a family -HYPHEN owned ranch in Arizona .PERIOD
</s>
<s.87.001.870320-0083.27.2>
He got his start in the securities business with a small brokerage firm in nineteen fifty six .PERIOD
</s>
</p>
<p.87.001.870320-0083.28>
<s.87.001.870320-0083.28.1>
Secrecy has been a major attraction of third -HYPHEN market firms .PERIOD
</s>
<s.87.001.870320-0083.28.2>
Jefferies has routinely identified clients only by a number or letter code to protect their identity .PERIOD
</s>
</p>
<p.87.001.870320-0083.29>
<s.87.001.870320-0083.29.1>
"DOUBLE-QUOTE There is a legitimate confidentiality function .PERIOD
</s>
<s.87.001.870320-0083.29.2>
You never raise the curtain between client A and client B. ,COMMA "DOUBLE-QUOTE said Wade Ambrose ,COMMA vice chairman of Westlake Village ,COMMA California -HYPHEN based Jones &AMPERSAND Associates Incorporated ,COMMA the third -HYPHEN largest trader in the third market .PERIOD
</s>
<s.87.001.870320-0083.29.3>
Referring to his competitor's problems ,COMMA Mr. Ambrose said ,COMMA "DOUBLE-QUOTE If anything ,COMMA our business will be improved .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0083.30>
<s.87.001.870320-0083.30.1>
Despite publicity about Jefferies's role in accumulating and trading stock during takeover battles --DASH often during periods when the exchanges have halted trading --DASH less than ten %PERCENT of the company's volume has come from takeover -HYPHEN related business ,COMMA according to Mr. Baxter .PERIOD
</s>
<s.87.001.870320-0083.30.2>
He said Jefferies has diversified into areas such as convertible bonds and cash management for corporate clients .PERIOD
</s>
</p>
<p.87.001.870320-0083.31>
<s.87.001.870320-0083.31.1>
Howard Marks ,COMMA managing director of Trust Company of the West ,COMMA a Los Angeles investment manager ,COMMA said his firm recently began using Jefferies in its trading of convertible debentures .PERIOD
</s>
<s.87.001.870320-0083.31.2>
"DOUBLE-QUOTE This won't affect our dealings with the firm .PERIOD
</s>
<s.87.001.870320-0083.31.3>
I can only believe this is an isolated instance and not pervasive in Jefferies ,COMMA "DOUBLE-QUOTE he added .PERIOD
</s>
</p>
<p.87.001.870320-0082.1>
<s.87.001.870320-0082.1.1>
Greyhound Corporation said it signed a definitive agreement to buy General Motors Corporation's U. S. transit bus and parts business .PERIOD
</s>
<s.87.001.870320-0082.1.2>
The price wasn't disclosed .PERIOD
</s>
</p>
<p.87.001.870320-0082.2>
<s.87.001.870320-0082.2.1>
Greyhound ,COMMA a food and consumer products company that produces about one thousand buses a year for intercity use ,COMMA said it expects the transaction to be completed in July .PERIOD
</s>
<s.87.001.870320-0082.2.2>
The companies had announced the proposed sale of the G. M. bus making operations in January .PERIOD
</s>
</p>
<p.87.001.870320-0082.3>
<s.87.001.870320-0082.3.1>
G. M. makes forty seven -HYPHEN seat ,COMMA diesel -HYPHEN powered buses for mass -HYPHEN transit use at plants in Pontiac ,COMMA Michigan ,COMMA and Saint Eustache ,COMMA Quebec .PERIOD
</s>
<s.87.001.870320-0082.3.2>
Greyhound said its agreement with G. M. includes the right to purchase the Canadian transit bus and parts business ,COMMA contingent upon reaching a satisfactory labor agreement .PERIOD
</s>
<s.87.001.870320-0082.3.3>
The Detroit -HYPHEN based concern will continue to produce school bus chassis .PERIOD
</s>
</p>
<p.87.001.870320-0082.4>
<s.87.001.870320-0082.4.1>
Separately ,COMMA Greyhound said it completed the previously announced three hundred fifty million dollar sale of its bus lines to a group of investors led by Dallas businessman Fred G. Currey ,COMMA a former president of Trailways Bus Lines Incorporated .PERIOD
</s>
<s.87.001.870320-0082.4.2>
The price consisted of two hundred ninety million dollars in cash and sixty million dollars in securities .PERIOD
</s>
</p>
<p.87.001.870320-0082.5>
<s.87.001.870320-0082.5.1>
Mr. Currey ,COMMA who recently negotiated a labor pact with Greyhound Lines' principal union ,COMMA plans to move the company's headquarters to Dallas this summer .PERIOD
</s>
</p>
<p.87.001.870320-0081.1>
<s.87.001.870320-0081.1.1>
Professional basketball players are thrilled to be elected to the N. B. A. all -HYPHEN star team .PERIOD
</s>
<s.87.001.870320-0081.1.2>
Baseball players exult at inclusion in the Hall of Fame .PERIOD
</s>
<s.87.001.870320-0081.1.3>
So ,COMMA how does Coca -HYPHEN Cola Company's chairman and chief executive officer ,COMMA Roberto Goizueta ,COMMA feel about being named Advertising Age's nineteen eighty six Adman of the Year ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0081.2>
<s.87.001.870320-0081.2.1>
"DOUBLE-QUOTE That's the good news ,COMMA "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0081.2.2>
"DOUBLE-QUOTE The bad news is that last year's was Roger Smith (LEFT-PAREN the beleaguered chairman of General Motors )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0081.2.3>
The media made him a hero ;SEMI-COLON now they're making him a goat .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0081.3>
<s.87.001.870320-0081.3.1>
Perhaps the point is ,COMMA as Mr. Smith told this newspaper recently :COLON "DOUBLE-QUOTE I wasn't as good as they said I was two years ago ,COMMA and I'm not as bad as they say I am now .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0081.4>
<s.87.001.870320-0081.4.1>
Or perhaps the point really should be to examine the very idea of chief executives as heroes :COLON Are they or aren't they ?QUESTION-MARK
</s>
<s.87.001.870320-0081.4.2>
Should they or shouldn't they be ?QUESTION-MARK
</s>
<s.87.001.870320-0081.4.3>
If so ,COMMA whose heroes should they be --DASH shareholders' or society's --DASH and are the two mutually exclusive or compatible ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0081.5>
<s.87.001.870320-0081.5.1>
It's difficult to put a finger on precisely when or exactly why this idea of the C. E. O. as hero emerged .PERIOD
</s>
<s.87.001.870320-0081.5.2>
I mean ,COMMA they rarely hit anything out of the park ,COMMA you can't dance to anything they do ,COMMA and they certainly don't risk their lives to save anybody .PERIOD
</s>
<s.87.001.870320-0081.5.3>
Somehow ,COMMA though ,COMMA I suspect Lee Iacocca is heavily mixed up in current thinking on the subject .PERIOD
</s>
</p>
<p.87.001.870320-0081.6>
<s.87.001.870320-0081.6.1>
When Chrysler Corporation was down for the count ,COMMA Mr. Iacocca took a page from the lives of Joe Namath and Muhammed Ali (LEFT-PAREN both bona fide heroes )RIGHT-PAREN ,COMMA and went before Congress to stage the corporate equivalent of personally guaranteeing he would beat the Colts ,COMMA while simultaneously taunting Sonny Liston .PERIOD
</s>
<s.87.001.870320-0081.6.2>
When Chrysler got up and staggered back to its corner to continue the fight ,COMMA the modern chief executive hero was born .PERIOD
</s>
<s.87.001.870320-0081.6.3>
Forget that the turnaround at Ford Motor Company is in many ways a more impressive business achievement ;SEMI-COLON how many Americans can identify Donald Petersen ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0081.7>
<s.87.001.870320-0081.7.1>
It wouldn't have worked ,COMMA of course ,COMMA if Mr. Iacocca were ugly or poorly spoken .PERIOD
</s>
<s.87.001.870320-0081.7.2>
This is truly the media age ,COMMA a time when there is a place to print or a time to broadcast the most inconsequential doings of anyone remotely deemed to be a "DOUBLE-QUOTE public "DOUBLE-QUOTE person ,COMMA as long as he has a little style .PERIOD
</s>
<s.87.001.870320-0081.7.3>
A friend ,COMMA for example ,COMMA recently suggested an idea for a nationally syndicated local cable T. V. show to be called "DOUBLE-QUOTE Lifestyles of the Nouveau Riche and Not Famous Until Now .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0081.7.4>
And I wouldn't be surprised to see it catch on .PERIOD
</s>
</p>
<p.87.001.870320-0081.8>
<s.87.001.870320-0081.8.1>
Not that Mr. Iacocca's business achievements were without substance .PERIOD
</s>
<s.87.001.870320-0081.8.2>
But who could've foreseen that his coup would inspire some guy to buy an electric shaver company ,COMMA invade our living rooms with commercials about how much he likes the shavers and then write a book starring himself as the C. E. O. hero ?QUESTION-MARK
</s>
<s.87.001.870320-0081.8.3>
Probably anyone who could've predicted that Vanna White would grace the cover of Newsweek .PERIOD
</s>
</p>
<p.87.001.870320-0081.9>
<s.87.001.870320-0081.9.1>
Somewhere in all this ,COMMA that question of style versus substance looms large .PERIOD
</s>
<s.87.001.870320-0081.9.2>
Allen H. Neuharth ,COMMA the chairman and former C. E. O. who built Gannett Company into a media giant ,COMMA is often interviewed about how he shaped the company and how he created U. S. A. Today .PERIOD
</s>
<s.87.001.870320-0081.9.3>
But he's also often asked why he only wears black and white and has black toilets in white bathrooms (LEFT-PAREN he wears gray now in his eminence )RIGHT-PAREN .PERIOD
</s>
</p>
<p.87.001.870320-0081.10>
<s.87.001.870320-0081.10.1>
He says it's just for convenience and to keep from mismatching socks and ties and such .PERIOD
</s>
<s.87.001.870320-0081.10.2>
But we don't believe him ,COMMA do we ?QUESTION-MARK
</s>
<s.87.001.870320-0081.10.3>
This is a matter of style that one suspects he picked up from some role model (LEFT-PAREN is there a little Hugh Hefner in this eccentricity ?QUESTION-MARK )RIGHT-PAREN .PERIOD
</s>
<s.87.001.870320-0081.10.4>
And it leaves him open for detractors who can't find anything wrong with his P. /SLASH E. ratio to say things like :COLON "DOUBLE-QUOTE You can't tell where the sharkskin ends and Al begins .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0081.11>
<s.87.001.870320-0081.11.1>
Mr. Neuharth is one who relishes corporate heroism .PERIOD
</s>
<s.87.001.870320-0081.11.2>
He was thrilled to sit in George Washington's church pew recently and receive the Poor Richard Club Gold Medal ,COMMA placing him alongside the likes of Walt Disney ,COMMA Dwight Eisenhower ,COMMA General David Sarnoff ,COMMA William Paley ,COMMA and ,COMMA of course ,COMMA Lee Iacocca .PERIOD
</s>
</p>
<p.87.001.870320-0081.12>
<s.87.001.870320-0081.12.1>
Yet he concedes that many of his peers don't share such feelings .PERIOD
</s>
<s.87.001.870320-0081.12.2>
"DOUBLE-QUOTE Of the C. E. O.s I know very well ,COMMA the majority have been inclined to not want much public recognition ,COMMA "DOUBLE-QUOTE he says ,COMMA perhaps because "DOUBLE-QUOTE most surveys seem to indicate that the public doesn't hold them (LEFT-PAREN C. E. O.s )RIGHT-PAREN in very high esteem. "DOUBLE-QUOTE (LEFT-PAREN Or is it because the currency of celebrity has been so incredibly debased ?QUESTION-MARK )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0081.13>
<s.87.001.870320-0081.13.1>
In any case ,COMMA as Coke's Mr. Goizueta notes ,COMMA most people don't have any idea what the substance of a C. E. O.'s job is anyway .PERIOD
</s>
</p>
<p.87.001.870320-0081.14>
<s.87.001.870320-0081.14.1>
"DOUBLE-QUOTE Everyone wants to know 'SINGLE-QUOTE What are you going to buy next ?QUESTION-MARK
</s>
<s.87.001.870320-0081.14.2>
What are you going to sell ?QUESTION-MARK ,COMMA 'SINGLE-QUOTE "DOUBLE-QUOTE he says .PERIOD
</s>
<s.87.001.870320-0081.14.3>
"DOUBLE-QUOTE That's what they think a C. E. O. does today .PERIOD
</s>
<s.87.001.870320-0081.14.4>
The media like to focus on singular acts ,COMMA like changing the (LEFT-PAREN Coke )RIGHT-PAREN formula .PERIOD
</s>
<s.87.001.870320-0081.14.5>
This is a huge company to run .PERIOD
</s>
<s.87.001.870320-0081.14.6>
But if we tell them we've had a twenty five %PERCENT compounded return since nineteen eighty one compared to the prior ten years' return of less than one %PERCENT ,COMMA they don't care .PERIOD
</s>
<s.87.001.870320-0081.14.7>
It's not sexy .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0081.15>
<s.87.001.870320-0081.15.1>
He's right ,COMMA of course ,COMMA it's not --DASH unless you're a shareholder .PERIOD
</s>
<s.87.001.870320-0081.15.2>
And even then you're more likely to think of the C. E. O. as having done what you pay him enormously well to do ,COMMA rather than as your hero .PERIOD
</s>
</p>
<p.87.001.870320-0081.16>
<s.87.001.870320-0081.16.1>
Where it gets really confusing ,COMMA though ,COMMA is with the new breed of C. E. O. /SLASH investment banker or "DOUBLE-QUOTE asset player .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0081.16.2>
It's hard to embrace as heroes the folks who have made America's corporate landscape "DOUBLE-QUOTE more efficient on a yield basis "DOUBLE-QUOTE by dismantling or gobbling up all manner of companies without regard to synergy ,COMMA or even compatibility ,COMMA much less such intangible concepts as employee loyalty .PERIOD
</s>
<s.87.001.870320-0081.16.3>
The sole goal and product of their effort is money .PERIOD
</s>
<s.87.001.870320-0081.16.4>
They don't produce anything for society .PERIOD
</s>
<s.87.001.870320-0081.16.5>
They don't run companies ;SEMI-COLON they own them .PERIOD
</s>
<s.87.001.870320-0081.16.6>
Then they sell them and buy some more .PERIOD
</s>
<s.87.001.870320-0081.16.7>
And the marketplace confirms their belief that money conquers all .PERIOD
</s>
</p>
<p.87.001.870320-0081.17>
<s.87.001.870320-0081.17.1>
But they do appear to be the "DOUBLE-QUOTE heroes "DOUBLE-QUOTE if not the soul of the future .PERIOD
</s>
<s.87.001.870320-0081.17.2>
Surveys at the nation's elite business schools show that most future M. B. A.s aspire to "DOUBLE-QUOTE investment banking "DOUBLE-QUOTE or "DOUBLE-QUOTE mergers and acquisitions ,COMMA "DOUBLE-QUOTE as opposed to such mundane pursuits as "DOUBLE-QUOTE manufacturing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0081.18>
<s.87.001.870320-0081.18.1>
Now if you follow such things ,COMMA think about this :COLON What's the difference in the way you feel after you learn that your favorite overpaid N. B. A. power forward has been busted for crack ,COMMA and the way you feel when a rich investment banker is handcuffed and hauled off to jail for insider trading ?QUESTION-MARK
</s>
<s.87.001.870320-0081.18.2>
Personally ,COMMA I'll miss watching the forward's turnaround slammajamma ,COMMA and I'm disappointed that he's so stupid .PERIOD
</s>
<s.87.001.870320-0081.18.3>
On the other hand ,COMMA the shackling of the shark brings a smile to my face .PERIOD
</s>
</p>
<p.87.001.870320-0081.19>
<s.87.001.870320-0081.19.1>
I suspect most of America agrees with me on this .PERIOD
</s>
<s.87.001.870320-0081.19.2>
And that's why most C. E. O.s just can't be heroes even if they want to be .PERIOD
</s>
<s.87.001.870320-0081.19.3>
If they could ,COMMA people would write country songs with titles like :COLON "DOUBLE-QUOTE Mamas don't let your babies grow up to be C. E. O.s .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0081.20>
<s.87.001.870320-0081.20.1>
Mr. Huey is The Wall Street Journal's Atlanta bureau chief .PERIOD
</s>
</p>
<p.87.001.870320-0080.1>
<s.87.001.870320-0080.1.1>
Valero Energy Corporation said a holder group has sold about seven hundred forty one thousand ,COMMA twenty five of its Valero common shares and plans to sell an additional three hundred seventy eight thousand ,COMMA nine hundred shares during the next two months .PERIOD
</s>
</p>
<p.87.001.870320-0080.2>
<s.87.001.870320-0080.2.1>
The shareholders ,COMMA represented by Washington ,COMMA D. C. -HYPHEN based TAG Group U. S. A. Incorporated ,COMMA previously held a total of two million ,COMMA sixty eight thousand ,COMMA nine hundred fifty Valero common shares ,COMMA or about eight %PERCENT of the total outstanding .PERIOD
</s>
<s.87.001.870320-0080.2.2>
After the current and planned sales ,COMMA totaling about one .POINT one million shares ,COMMA TAG would have nine hundred forty nine thousand ,COMMA twenty five shares .PERIOD
</s>
</p>
<p.87.001.870320-0080.3>
<s.87.001.870320-0080.3.1>
A spokesman for Valero ,COMMA a refinery and pipeline concern ,COMMA said that once the sales of the shares are completed ,COMMA TAG intends to continue with an orderly sale of its Valero holdings ,COMMA depending on market conditions .PERIOD
</s>
</p>
<p.87.001.870320-0080.4>
<s.87.001.870320-0080.4.1>
TAG represents a Luxembourg -HYPHEN based investment group ,COMMA Valero said .PERIOD
</s>
<s.87.001.870320-0080.4.2>
TAG acquired its stake in Valero as part of a crude -HYPHEN oil supply transaction .PERIOD
</s>
</p>
<p.87.001.870320-0080.5>
<s.87.001.870320-0080.5.1>
In New York Stock Exchange composite trading yesterday ,COMMA Valero shares closed at eleven dollars and fifty cents ,COMMA up fifty cents .PERIOD
</s>
</p>
<p.87.001.870320-0079.1>
<s.87.001.870320-0079.1.1>
A few months ago when I noted that some parts of America's corporate establishment showed a tendency toward "DOUBLE-QUOTE corpocracy ,COMMA "DOUBLE-QUOTE my remarks seemed to touch a nerve .PERIOD
</s>
</p>
<p.87.001.870320-0079.2>
<s.87.001.870320-0079.2.1>
Many people ,COMMA including many executives ,COMMA expressed strong agreement .PERIOD
</s>
<s.87.001.870320-0079.2.2>
But ,COMMA in some quarters ,COMMA an immediate dfensive reaction was evident .PERIOD
</s>
<s.87.001.870320-0079.2.3>
What struck me most about this defensiveness was the apparent sense of outrage that the subject had even been raised .PERIOD
</s>
<s.87.001.870320-0079.2.4>
Denial of the legitimacy of raising the subject seemed in itself a regrettable symptom .PERIOD
</s>
</p>
<p.87.001.870320-0079.3>
<s.87.001.870320-0079.3.1>
By the same token ,COMMA my remarks needed to be put in a broader perspective .PERIOD
</s>
<s.87.001.870320-0079.3.2>
I certainly did not intend to criticize all of business .PERIOD
</s>
<s.87.001.870320-0079.3.3>
And ,COMMA it would be unfair to suggest that our competitiveness problem should be blamed solely on weakness in part of the corporate culture .PERIOD
</s>
<s.87.001.870320-0079.3.4>
To some degree ,COMMA the corporate culture is a reflection of the larger culture in which it resides .PERIOD
</s>
<s.87.001.870320-0079.3.5>
And problems in one suggest the likelihood of problems in the other .PERIOD
</s>
</p>
<p.87.001.870320-0079.4>
<s.87.001.870320-0079.4.1>
It's not simply that parts of corporate America seem to have turned a "DOUBLE-QUOTE corpocratic "DOUBLE-QUOTE gray .PERIOD
</s>
<s.87.001.870320-0079.4.2>
Sometimes America itself seems to be graying .PERIOD
</s>
</p>
<p.87.001.870320-0079.5>
<s.87.001.870320-0079.5.1>
The idea of a graying America is hard to accept .PERIOD
</s>
<s.87.001.870320-0079.5.2>
America is meant to connote youthful vigor ,COMMA romantic dreams ,COMMA boundless opportunity ,COMMA pioneering spirit .PERIOD
</s>
<s.87.001.870320-0079.5.3>
A graying America seems a contradiction in terms --DASH like Bruce Springsteen in a gray flannel suit .PERIOD
</s>
</p>
<p.87.001.870320-0079.6>
<s.87.001.870320-0079.6.1>
Of course not all is turning to gray .PERIOD
</s>
<s.87.001.870320-0079.6.2>
Even in corporate culture ,COMMA there are still colorful adventurers :COLON Jobs ,COMMA Pickens ,COMMA and Perot ,COMMA for example .PERIOD
</s>
</p>
<p.87.001.870320-0079.7>
<s.87.001.870320-0079.7.1>
These are hardly dull conformists. (LEFT-PAREN When I first met Steve Jobs ,COMMA he had not yet become a media phenom .PERIOD
</s>
<s.87.001.870320-0079.7.2>
I mistakenly greeted one of his older ,COMMA three -HYPHEN piece -HYPHEN suited associates as if he were the chairman of Apple Computer .PERIOD
</s>
<s.87.001.870320-0079.7.3>
It hadn't occurred to me that the then -HYPHEN chairman would be the one in an open shirt ,COMMA wearing what looked like a refined version of Mr. T's neck chains .PERIOD )RIGHT-PAREN
</s>
<s.87.001.870320-0079.7.4>
But the very media attention that Jobs "DOUBLE-QUOTE et al "DOUBLE-QUOTE have received suggests that these flamboyant risk -HYPHEN takers are exceptions who prove a rule :COLON Most corporate leadership is a rather conventional gray .PERIOD
</s>
</p>
<p.87.001.870320-0079.8>
<s.87.001.870320-0079.8.1>
That is not necessarily a bad thing .PERIOD
</s>
<s.87.001.870320-0079.8.2>
An economy cannot afford to have everyone take high risks any more than a nation can have everyone explore new frontiers ,COMMA or a football team can have everyone go out long .PERIOD
</s>
</p>
<p.87.001.870320-0079.9>
<s.87.001.870320-0079.9.1>
But the question still presses itself upon us :COLON Are we becoming a bit too gray --DASH losing our youthful energy and missionary vision as we age ?QUESTION-MARK
</s>
<s.87.001.870320-0079.9.2>
Is our pioneering spirit flagging ?QUESTION-MARK
</s>
</p>
<p.87.001.870320-0079.10>
<s.87.001.870320-0079.10.1>
Clearly ,COMMA the current interest in competitiveness suggests that there is some problem .PERIOD
</s>
<s.87.001.870320-0079.10.2>
Our huge current -HYPHEN account deficit has been a troubling symptom in the eighties .PERIOD
</s>
<s.87.001.870320-0079.10.3>
An even more troubling indicator is our comparative performance in productivity growth .PERIOD
</s>
<s.87.001.870320-0079.10.4>
It has been lagging since the fifties .PERIOD
</s>
</p>
<p.87.001.870320-0079.11>
<s.87.001.870320-0079.11.1>
In the period nineteen fifty to nineteen sixty five ,COMMA total U. S. business productivity grew at three %PERCENT a year .PERIOD
</s>
<s.87.001.870320-0079.11.2>
From nineteen sixty five to nineteen seventy three ,COMMA it grew at about two %PERCENT .PERIOD
</s>
<s.87.001.870320-0079.11.3>
And since nineteen seventy three ,COMMA it has grown at roughly one %PERCENT .PERIOD
</s>
<s.87.001.870320-0079.11.4>
But worse :COLON Our manufacturing productivity has consistently grown more slowly than that of our major trading partners .PERIOD
</s>
<s.87.001.870320-0079.11.5>
From nineteen fifty to nineteen eighty five ,COMMA ours grew at an average of two .POINT five %PERCENT a year .PERIOD
</s>
<s.87.001.870320-0079.11.6>
Japan's grew at eight .POINT four %PERCENT .PERIOD
</s>
<s.87.001.870320-0079.11.7>
Germany's and Italy's grew at five .POINT five %PERCENT ,COMMA France's at five .POINT three %PERCENT and Canada's at three .POINT five %PERCENT .PERIOD
</s>
<s.87.001.870320-0079.11.8>
Even much -HYPHEN maligned Britain surpassed us ,COMMA growing at an average of three .POINT one %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0079.12>
<s.87.001.870320-0079.12.1>
There has been an abundance of excuses and explanations .PERIOD
</s>
<s.87.001.870320-0079.12.2>
Excessive fiscal deficits ,COMMA the run -HYPHEN up of the dollar ,COMMA asymmetry in our openness to imports ,COMMA the L. D. C. debt crisis --DASH all these contributed to our trade deficit .PERIOD
</s>
<s.87.001.870320-0079.12.3>
The destruction of Europe's and Japan's capital stock in World War two --DASH and their associated opportunity to rebuild from scratch --DASH played a part in our productivity lag .PERIOD
</s>
<s.87.001.870320-0079.12.4>
So ,COMMA too ,COMMA did the rise of our service sector (LEFT-PAREN with lower measured productivity growth than manufacturing )RIGHT-PAREN ,COMMA as did the widespread integration in the labor force of previously excluded and undertrained minorities and women .PERIOD
</s>
</p>
<p.87.001.870320-0079.13>
<s.87.001.870320-0079.13.1>
But warmed -HYPHEN over excuses for cold statistics should not lead us to underrate what appears to be a long -HYPHEN term secular trend :COLON In the post -HYPHEN war era ,COMMA we have been losing our edge .PERIOD
</s>
</p>
<p.87.001.870320-0079.14>
<s.87.001.870320-0079.14.1>
Yes ,COMMA America has made remarkable advances .PERIOD
</s>
<s.87.001.870320-0079.14.2>
We have pioneered in areas ranging from biotechnology to the industrialization of space .PERIOD
</s>
<s.87.001.870320-0079.14.3>
In more conventional fields ,COMMA corporate America has managed substantial restructuring .PERIOD
</s>
<s.87.001.870320-0079.14.4>
And the twin deficits ,COMMA fiscal and trade ,COMMA seem to be turning in the right direction .PERIOD
</s>
</p>
<p.87.001.870320-0079.15>
<s.87.001.870320-0079.15.1>
Still ,COMMA we should not delude ourselves into thinking that the troublesome long -HYPHEN term trend will easily be put behind us .PERIOD
</s>
<s.87.001.870320-0079.15.2>
Beyond Japan is Korea ,COMMA along with other rising Asian economic powers .PERIOD
</s>
<s.87.001.870320-0079.15.3>
Beyond the trade deficit is competition in services --DASH as well as an increase in "DOUBLE-QUOTE invisible "DOUBLE-QUOTE returns to foreign owners of U. S. debt and equity .PERIOD
</s>
<s.87.001.870320-0079.15.4>
Beyond a decline in relative economic power is a likely cost in foreign policy .PERIOD
</s>
<s.87.001.870320-0079.15.5>
And if the productivity lag is not reversed ,COMMA America may face an identity problem :COLON As Presidents Kennedy and Reagan have argued ,COMMA America is not meant to be second best .PERIOD
</s>
</p>
<p.87.001.870320-0079.17>
<s.87.001.870320-0079.17.1>
Clearly ,COMMA the symptoms of "DOUBLE-QUOTE corpocracy "DOUBLE-QUOTE are not confined to business .PERIOD
</s>
<s.87.001.870320-0079.17.2>
Some of our most vital support systems seem to be weakening with age .PERIOD
</s>
<s.87.001.870320-0079.17.3>
Our basic educational system ,COMMA for example ,COMMA has become a giant "DOUBLE-QUOTE mediocracy "DOUBLE-QUOTE ,COMMA one of the world's foremost manufacturers of the culturally and competitively mediocre .PERIOD
</s>
</p>
<p.87.001.870320-0079.18>
<s.87.001.870320-0079.18.1>
We seem to have slipped into moral and intellectual complacency --DASH not just in some plush boardrooms ,COMMA but generally .PERIOD
</s>
<s.87.001.870320-0079.18.2>
The work ethic is now rivaled by the leisure ethic ,COMMA the consumption ethic and the "DOUBLE-QUOTE I -HYPHEN can -HYPHEN have -HYPHEN it -HYPHEN all "DOUBLE-QUOTE ethic .PERIOD
</s>
<s.87.001.870320-0079.18.3>
The Yuppie phenomenon is only the most visible outward sign of a pervasive and dull materialism --DASH unconnected with higher purpose ,COMMA divorced from the idealistic tradition that sought to build a shining city upon a hill .PERIOD
</s>
<s.87.001.870320-0079.18.4>
It sometimes seems as if the rising stars of our commercial culture think Americans fought and died to make the world safe for wine coolers ,COMMA the B. M. W. ,COMMA a year -HYPHEN end bonus and designer underwear .PERIOD
</s>
</p>
<p.87.001.870320-0079.19>
<s.87.001.870320-0079.19.1>
Interdependence has risen .PERIOD
</s>
<s.87.001.870320-0079.19.2>
But we still tend to think of ourselves as protected by oceans ,COMMA an isle unto ourselves .PERIOD
</s>
<s.87.001.870320-0079.19.3>
Comforted by our own rising standard of living ,COMMA we have often forgotten to consider how our position is changing relative to other nations .PERIOD
</s>
<s.87.001.870320-0079.19.4>
But more basically :COLON We have often lost sight of our higher standards ,COMMA those that would expand the limits of human potential ,COMMA and give meaning to our endeavors .PERIOD
</s>
</p>
<p.87.001.870320-0079.20>
<s.87.001.870320-0079.20.1>
It is as if we were fading back into the gray self -HYPHEN satisfaction of the fifties .PERIOD
</s>
<s.87.001.870320-0079.20.2>
But the world has changed .PERIOD
</s>
<s.87.001.870320-0079.20.3>
To meet its challenges ,COMMA we need to reawaken the spirit of America's youth .PERIOD
</s>
<s.87.001.870320-0079.20.4>
Self -HYPHEN examination is a useful start .PERIOD
</s>
<s.87.001.870320-0079.20.5>
The trade deficit should do for us now what Sputnik did :COLON infuse not just corporate culture ,COMMA but the larger society ,COMMA with renewed vigor and vision --DASH calling us again to our more vibrant colors .PERIOD
</s>
</p>
<p.87.001.870320-0078.1>
<s.87.001.870320-0078.1.1>
Edith Reich ,COMMA formerly a foreign -HYPHEN trade representative for Dayco Corporation ,COMMA pleaded guilty to defrauding the company of more than twelve million dollars in false commissions .PERIOD
</s>
</p>
<p.87.001.870320-0078.2>
<s.87.001.870320-0078.2.1>
Mrs. Reich ,COMMA sixty three years old ,COMMA admitted in federal court that she and others defrauded Dayco of the money while she represented the company between nineteen seventy nine and nineteen eighty one .PERIOD
</s>
<s.87.001.870320-0078.2.2>
The chemicals ,COMMA plastics and rubber company ,COMMA based in Dayton ,COMMA Ohio ,COMMA recently sold most of its rubber operations and changed its name to Day International .PERIOD
</s>
</p>
<p.87.001.870320-0078.3>
<s.87.001.870320-0078.3.1>
Mrs. Reich was arrested last June .PERIOD
</s>
<s.87.001.870320-0078.3.2>
Prosecutors said she is cooperating in a continuing investigation .PERIOD
</s>
</p>
<p.87.001.870320-0078.4>
<s.87.001.870320-0078.4.1>
As previously reported ,COMMA Mrs. Reich represented Dayco in negotiating and securing orders for the purchase of Dayco goods through Soviet foreign -HYPHEN trade organizations .PERIOD
</s>
<s.87.001.870320-0078.4.2>
In her guilty plea ,COMMA she admitted receiving commissions for more than one hundred million dollars in nonexistent orders for Dayco goods .PERIOD
</s>
</p>
<p.87.001.870320-0078.5>
<s.87.001.870320-0078.5.1>
Mrs. Reich worked for Dayco as president and chief operating officer of Foreign Transactions Corporation and Trachem Company .PERIOD
</s>
<s.87.001.870320-0078.5.2>
She faces a maximum five -HYPHEN year prison term and one thousand dollar fine at sentencing April twenty ninth .PERIOD
</s>
</p>
<p.87.001.870320-0078.6>
<s.87.001.870320-0078.6.1>
Dayco previously won a nineteen million dollar judgment in a civil suit against Mrs. Reich in nineteen eighty four .PERIOD
</s>
<s.87.001.870320-0078.6.2>
The judgment included certain damages in addition to the amount of the commissions .PERIOD
</s>
</p>
<p.87.001.870320-0077.1>
<s.87.001.870320-0077.1.1>
S. J. N. B. Financial Corporation said forty seven -HYPHEN year -HYPHEN old Douglas McLendon resigned as chief executive officer ,COMMA president and a director .PERIOD
</s>
</p>
<p.87.001.870320-0077.2>
<s.87.001.870320-0077.2.1>
The bank holding company wouldn't say why Mr. McLendon ,COMMA who also resigned similar posts with S. J. N. B.'s San Jose National Bank unit ,COMMA left the company .PERIOD
</s>
<s.87.001.870320-0077.2.2>
Mr. McLendon couldn't be reached for comment .PERIOD
</s>
</p>
<p.87.001.870320-0077.3>
<s.87.001.870320-0077.3.1>
Vice Chairman William Pfeifle ,COMMA sixty eight ,COMMA succeeds Mr. McLendon on an interim basis as chief executive and president ,COMMA S. J. N. B. said .PERIOD
</s>
<s.87.001.870320-0077.3.2>
Board membership is reduced to twelve .PERIOD
</s>
</p>
<p.87.001.870320-0077.4>
<s.87.001.870320-0077.4.1>
While declining to discuss the reasons behind Mr. McLendon's departure ,COMMA S. J. N. B.'s chairman ,COMMA Arthur Lund ,COMMA emphasized that the move "DOUBLE-QUOTE doesn't indicate any problem "DOUBLE-QUOTE at the holding company or its units .PERIOD
</s>
<s.87.001.870320-0077.4.2>
The company and its loan portfolio are "DOUBLE-QUOTE in excellent shape ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0077.5>
<s.87.001.870320-0077.5.1>
In nineteen eighty six ,COMMA S. J. N. B. had net income of four hundred seven thousand dollars ,COMMA or thirty four cents a share ,COMMA off thirty five %PERCENT from a year earlier .PERIOD
</s>
<s.87.001.870320-0077.5.2>
Year -HYPHEN end assets were one hundred twenty six .POINT two million dollars .PERIOD
</s>
</p>
<p.87.001.870320-0076.1>
<s.87.001.870320-0076.1.1>
The British pound's rally paused ,COMMA and the U. S. dollar also eased in quiet foreign exchange trading yesterday .PERIOD
</s>
</p>
<p.87.001.870320-0076.2>
<s.87.001.870320-0076.2.1>
Trading was subdued by concern about possible central -HYPHEN bank intervention to prevent exchange rates for both the pound and dollar from venturing beyond the levels of recent dealings .PERIOD
</s>
</p>
<p.87.001.870320-0076.3>
<s.87.001.870320-0076.3.1>
Anxiety about central -HYPHEN bank intrusion into currency markets is caused by last month's exchange -HYPHEN rate stabilization agreement among the U. S. and its top five economic allies ,COMMA traders said .PERIOD
</s>
<s.87.001.870320-0076.3.2>
Most major currencies have traded in a relatively narrow band since the accord by the Group of Six ,COMMA or G. -HYPHEN six ,COMMA was announced in Paris February twenty second .PERIOD
</s>
</p>
<p.87.001.870320-0076.4>
<s.87.001.870320-0076.4.1>
"DOUBLE-QUOTE Despite everyone's expectations that the market would challenge the G. -HYPHEN six's supposed ranges of tolerance ,COMMA the test of their resolve isn't any closer than it was a month ago ,COMMA "DOUBLE-QUOTE said James S. Vick ,COMMA vice president and senior corporate trader at Manufacturers Hanover Trust Company in New York .PERIOD
</s>
</p>
<p.87.001.870320-0076.5>
<s.87.001.870320-0076.5.1>
While overall foreign -HYPHEN exchange activity was light yesterday ,COMMA trading in sterling ,COMMA and especially between sterling and West German marks ,COMMA continued to dominate the market ,COMMA dealers said .PERIOD
</s>
</p>
<p.87.001.870320-0076.6>
<s.87.001.870320-0076.6.1>
"DOUBLE-QUOTE The market is moribund .PERIOD
</s>
<s.87.001.870320-0076.6.2>
It's difficult to see what's going to shake the dollar out of the doldrums .PERIOD
</s>
<s.87.001.870320-0076.6.3>
The only action is in sterling and sterling -HYPHEN Deutsche mark ,COMMA "DOUBLE-QUOTE said Peter Rogers ,COMMA vice president and chief foreign exchange dealer at Banca Nazionale Dell'Agricoltura in New York .PERIOD
</s>
</p>
<p.87.001.870320-0076.7>
<s.87.001.870320-0076.7.1>
Sterling lost ground yesterday as it encountered relatively heavy corporate selling and traders who were reluctant to buy the currency for fear of intervention by the Bank of England .PERIOD
</s>
<s.87.001.870320-0076.7.2>
Concern about the central bank selling pounds was raised Wednesday after Britain's chancellor of the exchequer ,COMMA Nigel Lawson ,COMMA reiterated his opposition to further strengthening of the pound .PERIOD
</s>
<s.87.001.870320-0076.7.3>
"DOUBLE-QUOTE Some people think the Bank of England is holding a sword over sterling ,COMMA and that its potential is limited ,COMMA "DOUBLE-QUOTE Mr. Vick of Manufacturers Hanover said .PERIOD
</s>
</p>
<p.87.001.870320-0076.8>
<s.87.001.870320-0076.8.1>
The pound was unaffected by the favorable news that Britain's unemployment rate fell to eleven .POINT one %PERCENT in February from eleven .POINT three %PERCENT in January .PERIOD
</s>
</p>
<p.87.001.870320-0076.9>
<s.87.001.870320-0076.9.1>
In late New York trading ,COMMA the pound stood at one .POINT six oh oh three dollars ,COMMA down from one .POINT six oh eight oh dollars Wednesday .PERIOD
</s>
<s.87.001.870320-0076.9.2>
Sterling also fell to two .POINT nine three three eight marks ,COMMA from two .POINT nine five one three .PERIOD
</s>
</p>
<p.87.001.870320-0076.10>
<s.87.001.870320-0076.10.1>
The dollar slipped to one .POINT eight three three three marks ,COMMA from one .POINT eight three five four ,COMMA and to one hundred fifty one .POINT four eight Japanese yen ,COMMA from one hundred fifty one .POINT eight six .PERIOD
</s>
</p>
<p.87.001.870320-0076.11>
<s.87.001.870320-0076.11.1>
The dollar's uneventful dealings were due to a lack of consensus about U. S. economic growth prospects ,COMMA compared to the rest of the industrialized world ,COMMA as well as to worries about central bank intervention ,COMMA traders said .PERIOD
</s>
<s.87.001.870320-0076.11.2>
"DOUBLE-QUOTE You don't have any major reason to go in either direction ,COMMA "DOUBLE-QUOTE said Francois Soares -HYPHEN Kemp ,COMMA vice president and chief corporate trader at Credit Lyonnais in New York .PERIOD
</s>
</p>
<p.87.001.870320-0076.12>
<s.87.001.870320-0076.12.1>
In early trading in Tokyo Friday ,COMMA the dollar fell against the Japanese currency to one hundred fifty one .POINT three five yen from one hundred fifty one .POINT four eight yen in New York yesterday afternoon .PERIOD
</s>
</p>
<p.87.001.870320-0076.13>
<s.87.001.870320-0076.13.1>
On the Commodity Exchange in New York ,COMMA gold for March delivery rose twenty cents an ounce to four hundred five dollars and thirty cents in light trading .PERIOD
</s>
<s.87.001.870320-0076.13.2>
The estimated volume was one .POINT eight million ounces .PERIOD
</s>
</p>
<p.87.001.870320-0076.14>
<s.87.001.870320-0076.14.1>
Gold was quoted at four hundred five dollars and sixty cents an ounce in early trading Friday in Hong Kong .PERIOD
</s>
</p>
<p.87.001.870320-0075.1>
<s.87.001.870320-0075.1.1>
MCorp ,COMMA Texas's largest bank holding company ,COMMA said it plans to convert thirty five of its sixty two banking units into branches ,COMMA and it said it realigned its top management .PERIOD
</s>
</p>
<p.87.001.870320-0075.2>
<s.87.001.870320-0075.2.1>
MCorp said it will begin conversion to the branch structure in the El Paso area ,COMMA in the second quarter .PERIOD
</s>
<s.87.001.870320-0075.2.2>
Similar conversions in the Dallas ,COMMA Fort Worth ,COMMA Houston ,COMMA Austin and San Antonio areas will follow .PERIOD
</s>
</p>
<p.87.001.870320-0075.3>
<s.87.001.870320-0075.3.1>
Texas recently changed its banking laws to allow a limited form of branch banking .PERIOD
</s>
<s.87.001.870320-0075.3.2>
Rigid state laws had required each banking facility to be a separately chartered bank and had prohibited branches .PERIOD
</s>
<s.87.001.870320-0075.3.3>
MCorp said that it expects to save money through consolidation of operations .PERIOD
</s>
<s.87.001.870320-0075.3.4>
It also said its customers will benefit from increased convenience and services .PERIOD
</s>
<s.87.001.870320-0075.3.5>
MCorp's plans follow similar announcements by other Texas banking firms .PERIOD
</s>
</p>
<p.87.001.870320-0075.4>
<s.87.001.870320-0075.4.1>
MCorp ,COMMA which has twenty one .POINT nine billion dollars in assets ,COMMA also said it has formed a ten -HYPHEN member management committee to design company policy .PERIOD
</s>
<s.87.001.870320-0075.4.2>
The group consists of Gene H. Bishop ,COMMA chairman and chief executive officer ;SEMI-COLON John T. Cater ,COMMA president and chief operating officer ;SEMI-COLON and eight senior executives each of whom was given the new title of group chairman .PERIOD
</s>
<s.87.001.870320-0075.4.3>
The eight group chairmen and their areas of responsibility are :COLON B. Lamar Ball Junior ,COMMA regional banking ,COMMA retail and marketing ;SEMI-COLON Peter B. Bartholow ,COMMA planning and finance ;SEMI-COLON George L. Clark ,COMMA Dallas region ,COMMA financial institutions and real estate ;SEMI-COLON James B. Gardner ,COMMA corporate banking ,COMMA investments and treasury ;SEMI-COLON J. Thomas Hudgins ,COMMA managed assets ;SEMI-COLON Charles E. McMahen ,COMMA operations and administration ;SEMI-COLON James M. Spellings ,COMMA trust and investment management services ;SEMI-COLON and C. Richard Vermillion Junior ,COMMA Houston region and energy .PERIOD
</s>
<s.87.001.870320-0075.4.4>
MCorp's nineteen managing directors report to group chairmen ,COMMA MCorp said .PERIOD
</s>
</p>
<p.87.001.870320-0074.1>
<s.87.001.870320-0074.1.1>
American Home Shield Corporation said it arranged for the private placement of one .POINT two million common shares previously owned by Ticor Title Insurance Company .PERIOD
</s>
</p>
<p.87.001.870320-0074.2>
<s.87.001.870320-0074.2.1>
The home warranty company issued the shares ,COMMA which represent a seventeen %PERCENT stake in the company ,COMMA to Ticor Title as part of the purchase price when it acquired the Los Angeles -HYPHEN based concern's Ticor Home Warranty Company unit in nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0074.3>
<s.87.001.870320-0074.3.1>
Ticor Title had been American Home Shield's largest holder .PERIOD
</s>
<s.87.001.870320-0074.3.2>
An official said Robinson Humphrey Company of Atlanta placed the stock with fifteen investors ,COMMA none of whom now holds more than two hundred thousand shares .PERIOD
</s>
<s.87.001.870320-0074.3.3>
The price wasn't disclosed .PERIOD
</s>
<s.87.001.870320-0074.3.4>
In national over -HYPHEN the -HYPHEN counter trading yesterday ,COMMA American Shield closed at eight dollars and twenty five cents ,COMMA up twenty five cents .PERIOD
</s>
</p>
<p.87.001.870320-0074.4>
<s.87.001.870320-0074.4.1>
Separately ,COMMA American Home reported fourth -HYPHEN quarter net income rose six %PERCENT to one million dollars ,COMMA or fifteen cents a share ,COMMA from nine hundred sixty nine thousand dollars ,COMMA or fifteen cents a share ,COMMA a year earlier .PERIOD
</s>
<s.87.001.870320-0074.4.2>
Revenue for the quarter rose forty %PERCENT to ten .POINT nine million dollars from seven .POINT eight million dollars a year ago .PERIOD
</s>
</p>
<p.87.001.870320-0073.1>
<s.87.001.870320-0073.1.1>
Phillips Petroleum Company said its global crude oil reserves fell twenty %PERCENT last year ,COMMA while its overall energy reserves slid six %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0073.2>
<s.87.001.870320-0073.2.1>
Analysts say the declines are further indication that Phillips is liquidating at a faster rate than other major oil companies .PERIOD
</s>
<s.87.001.870320-0073.2.2>
Like most oil companies ,COMMA Phillips invested relatively little in exploration last year because of low oil and gas prices .PERIOD
</s>
</p>
<p.87.001.870320-0073.3>
<s.87.001.870320-0073.3.1>
The energy concern also is highly leveraged ,COMMA with long -HYPHEN term debt of five .POINT seven six billion dollars at year's end ,COMMA and has been selling oil and gas properties to reduce its debt load .PERIOD
</s>
</p>
<p.87.001.870320-0073.4>
<s.87.001.870320-0073.4.1>
"DOUBLE-QUOTE It suggests to me that they are fighting an uphill battle and they are losing ,COMMA "DOUBLE-QUOTE says Sanford Margoshes ,COMMA an analyst with Shearson Lehman Brothers Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0073.5>
<s.87.001.870320-0073.5.1>
The disclosure of reserve data in the company's annual report comes on the heels of active trading in Phillips's stock that has pushed the stock price as high as fifteen .POINT six seven five dollars a share --DASH the highest level since early nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0073.6>
<s.87.001.870320-0073.6.1>
Phillips has been the most actively traded stock on the New York Stock Exchange twice this week ,COMMA with more than four million shares changing hands on both Tuesday and Wednesday .PERIOD
</s>
<s.87.001.870320-0073.6.2>
In composite trading ,COMMA Phillips shares dropped twenty five cents to close at fifteen .POINT one two five dollars each on volume of one .POINT seven million shares .PERIOD
</s>
</p>
<p.87.001.870320-0073.7>
<s.87.001.870320-0073.7.1>
Analysts attributed the stock activity to firmer oil prices and more confidence in the company's future ,COMMA but they cautioned that the company's debt still makes it a relatively risky investment .PERIOD
</s>
<s.87.001.870320-0073.7.2>
"DOUBLE-QUOTE I prefer other companies in the energy group ,COMMA "DOUBLE-QUOTE says Edith Barschi ,COMMA a Drexel Burnham Lambert Incorporated analyst .PERIOD
</s>
</p>
<p.87.001.870320-0073.8>
<s.87.001.870320-0073.8.1>
The company said its U. S. oil reserves fell twenty four %PERCENT during nineteen eighty six .PERIOD
</s>
<s.87.001.870320-0073.8.2>
Its U. S. natural gas reserves declined ten %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0073.9>
<s.87.001.870320-0073.9.1>
World -HYPHEN wide ,COMMA however ,COMMA Phillips's gas reserves grew five %PERCENT ,COMMA primarily because of revisions in reserves at the company's Ekofisk field in Norway .PERIOD
</s>
<s.87.001.870320-0073.9.2>
As previously reported ,COMMA the Norway reserves were reduced in nineteen eighty five because Phillips had to reinject natural gas into the field to keep it from subsiding .PERIOD
</s>
<s.87.001.870320-0073.9.3>
The amount of gas reinjected was reduced in nineteen eighty six ,COMMA allowing the company to again count the reserves .PERIOD
</s>
</p>
<p.87.001.870320-0073.10>
<s.87.001.870320-0073.10.1>
The company's global natural gas liquids reserves grew thirteen %PERCENT ,COMMA while its U. S. natural gas liquids reserves increased twenty eight %PERCENT .PERIOD
</s>
</p>
<p.87.001.870320-0073.11>
<s.87.001.870320-0073.11.1>
Overall ,COMMA Phillips reserves declined less than the eleven %PERCENT the company predicted last fall because of the adjustment to the Ekofisk field and because U. S. natural gas and natural gas liquids reserves were higher than initial evaluations indicated .PERIOD
</s>
</p>
<p.87.001.870320-0072.1>
<s.87.001.870320-0072.1.1>
American Motors Corporation's board is to meet again today amid investor speculation --DASH perhaps optimistic --DASH that Chrysler Corporation may be pressured to sweeten its four dollar -HYPHEN a -HYPHEN share bid for the company .PERIOD
</s>
</p>
<p.87.001.870320-0072.2>
<s.87.001.870320-0072.2.1>
Chrysler last week agreed to acquire from Regie Nationale des Usines Renault its forty six .POINT one %PERCENT stake in ailing A. M. C. ,COMMA and proposed to buy the rest of A. M. C. in a stock swap valued at four dollars a share .PERIOD
</s>
<s.87.001.870320-0072.2.2>
The total transaction ,COMMA which includes Chrysler stock ,COMMA bonds and cash ,COMMA is valued at as much as one .POINT one one billion dollars .PERIOD
</s>
</p>
<p.87.001.870320-0072.3>
<s.87.001.870320-0072.3.1>
Yet A. M. C.'s stock ,COMMA which had been trading around three dollars and fifty cents a share ,COMMA immediately jumped above four dollars on news of the proposal and has stubbornly stayed there on heavy volume .PERIOD
</s>
<s.87.001.870320-0072.3.2>
In New York Stock Exchange composite trading yesterday ,COMMA A. M. C. shares closed at four .POINT three seven five dollars ,COMMA up twelve .POINT five cents ,COMMA and Chrysler shares closed at fifty three dollars and fifty cents ,COMMA down twelve .POINT five cents ,COMMA both in light trading .PERIOD
</s>
</p>
<p.87.001.870320-0072.4>
<s.87.001.870320-0072.4.1>
"DOUBLE-QUOTE What the market seems to be saying is that American Motors may hold out for a higher price from Chrysler "DOUBLE-QUOTE for public shareholders ,COMMA said David Healy ,COMMA an analyst with Drexel Burnham Lambert Incorporated .PERIOD
</s>
<s.87.001.870320-0072.4.2>
"DOUBLE-QUOTE The board isn't overwhelmed by the Chrysler offer .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0072.5>
<s.87.001.870320-0072.5.1>
Nor are some Wall Street traders ,COMMA some of whom believe Renault is getting a better deal than other A. M. C. shareholders .PERIOD
</s>
<s.87.001.870320-0072.5.2>
"DOUBLE-QUOTE You might see another dollar "DOUBLE-QUOTE added to Chrysler's per -HYPHEN share offer ,COMMA one arbitrager contended ,COMMA saying his firm took a position in A. M. C. after it topped four dollars a share .PERIOD
</s>
<s.87.001.870320-0072.5.3>
Another arbitrager said her firm bought two hundred thousand shares of A. M. C. for four dollars and twenty five cents each after calculating that Chrysler's agreement with Renault ,COMMA which contains variables based on A. M. C.'s future performance ,COMMA ultimately will give Renault as much as eight dollars to nine dollars a share .PERIOD
</s>
<s.87.001.870320-0072.5.4>
Her firm is gambling that A. M. C. thus will be able to wring more from Chrysler for other shareholders .PERIOD
</s>
</p>
<p.87.001.870320-0072.6>
<s.87.001.870320-0072.6.1>
Not everyone believes in that gamble .PERIOD
</s>
<s.87.001.870320-0072.6.2>
"DOUBLE-QUOTE I'm telling my clients they should sell American Motors shares ,COMMA "DOUBLE-QUOTE said Ronald Glantz ,COMMA an analyst at Montgomery Securities .PERIOD
</s>
<s.87.001.870320-0072.6.3>
"DOUBLE-QUOTE I don't think there's going to be a sweetener .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0072.6.4>
He said that upon completion of the agreement with Renault ,COMMA A. M. C. warrants and junior convertible preferred shares that would be part of the transaction would help give Chrysler control of the board .PERIOD
</s>
<s.87.001.870320-0072.6.5>
Even though Chrysler at that point wouldn't have two -HYPHEN thirds of the voting stock necessary to approve the acquisition ,COMMA he said Chrysler nonetheless might not feel pressured to buy out minority holders ,COMMA though it has said it wants all of A. M. C. A. M. C. has about one hundred sixteen .POINT seven million shares outstanding .PERIOD
</s>
</p>
<p.87.001.870320-0072.7>
<s.87.001.870320-0072.7.1>
Wall Street analysts don't see any other bidders stepping forward ,COMMA though last year Ford Motor Company evaluated and rejected making an offer .PERIOD
</s>
<s.87.001.870320-0072.7.2>
Still ,COMMA A. M. C. has retained Shearson Lehman Brothers Incorporated to review Chrysler's bid .PERIOD
</s>
<s.87.001.870320-0072.7.3>
And if Shearson concludes that four dollars a share is inadequate ,COMMA A. M. C. may gain some additional bargaining leverage .PERIOD
</s>
<s.87.001.870320-0072.7.4>
But Charles Brady ,COMMA an analyst with Oppenheimer &AMPERSAND Company ,COMMA said ,COMMA "DOUBLE-QUOTE I think four dollars (LEFT-PAREN a share )RIGHT-PAREN is going to be accepted as a fair offer .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0072.7.5>
An A. M. C. spokesman said he expects Shearson to present at least a preliminary opinion at today's A. M. C. board meeting .PERIOD
</s>
</p>
<p.87.001.870320-0072.8>
<s.87.001.870320-0072.8.1>
So far ,COMMA A. M. C. has been coy with Chrysler ,COMMA issuing terse news releases saying merely that the Southfield ,COMMA Michigan -HYPHEN based auto maker is evaluating Chrysler's proposal .PERIOD
</s>
<s.87.001.870320-0072.8.2>
A. M. C. executives have said they are frustrated about the timing of the bid ,COMMA contending A. M. C. was just about to turn the corner after a string of troubled years .PERIOD
</s>
<s.87.001.870320-0072.8.3>
The company's Jeep sales are strong and A. M. C. is just now introducing lines of larger Renault cars that could finally give it a position in a broader segment of the auto market --DASH but only if currently skeptical buyers start returning to A. M. C.'s showrooms .PERIOD
</s>
</p>
<p.87.001.870320-0072.9>
<s.87.001.870320-0072.9.1>
Investors "DOUBLE-QUOTE think Chrysler is buying American Motors at the pivotal time ,COMMA "DOUBLE-QUOTE another arbitrage specialist said .PERIOD
</s>
</p>
<p.87.001.870320-0072.10>
<s.87.001.870320-0072.10.1>
Under Chrysler's stock swap offer ,COMMA an A. M. C. holder could get more than four dollars a share if Chrysler's stock exceeds fifty eight dollars and twenty two cents before the shares are exchanged .PERIOD
</s>
<s.87.001.870320-0072.10.2>
Some investors may be gambling on that appreciation and have chosen to buy A. M. C. stock ,COMMA instead of more expensive Chrysler shares ,COMMA because "DOUBLE-QUOTE this is a way of playing Chrysler for four dollars ,COMMA "DOUBLE-QUOTE one source familiar with the acquisition bid said .PERIOD
</s>
<s.87.001.870320-0072.10.3>
Nonetheless ,COMMA Chrysler shares have continued to trade in the low fifties since the proposal was announced .PERIOD
</s>
<s.87.001.870320-0072.10.4>
Chrysler wouldn't say whether it is buying A. M. C. stock .PERIOD
</s>
</p>
<p.87.001.870320-0071.1>
<s.87.001.870320-0071.1.1>
In an attempt to buttress its flagging credibility in the computer industry ,COMMA American Telephone &AMPERSAND Telegraph Company plans a big news conference next Tuesday to showcase new products and its latest top computer executive ,COMMA Vittorio Cassoni .PERIOD
</s>
</p>
<p.87.001.870320-0071.2>
<s.87.001.870320-0071.2.1>
Separately ,COMMA James E. Edwards ,COMMA an A. T. &AMPERSAND T. senior vice president who preceded Mr. Cassoni as head of the computer division ,COMMA said he is leaving the company ,COMMA effective Monday .PERIOD
</s>
</p>
<p.87.001.870320-0071.3>
<s.87.001.870320-0071.3.1>
According to managers in the computer ,COMMA or Data Systems ,COMMA division ,COMMA A. T. &AMPERSAND T. will announce new products that include an addition to its three B. minicomputer line ,COMMA software products to connect its machines to those of International Business Machines Corporation ,COMMA a laser printer ,COMMA the latest version of the Unix V. operating system software and some local area network products .PERIOD
</s>
</p>
<p.87.001.870320-0071.4>
<s.87.001.870320-0071.4.1>
None of the products are technologically significant but mainly catch up with competitors ,COMMA A. T. &AMPERSAND T. managers and consultants said .PERIOD
</s>
<s.87.001.870320-0071.4.2>
The announcements ,COMMA to be made at A. T. &AMPERSAND T. headquarters in three separate meetings with consultants ,COMMA reporters and industry analysts ,COMMA are meant to show that Mr. Cassoni and A. T. &AMPERSAND T. are still serious about selling computers .PERIOD
</s>
<s.87.001.870320-0071.4.3>
The intent ,COMMA A. T. &AMPERSAND T. sources say ,COMMA is to "DOUBLE-QUOTE reassure customers unsettled by events of the past six months "DOUBLE-QUOTE and "DOUBLE-QUOTE convince customers who are still 'SINGLE-QUOTE on the fence 'SINGLE-QUOTE that A. T. &AMPERSAND T. is the right choice .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0071.5>
<s.87.001.870320-0071.5.1>
A. T. &AMPERSAND T.'s credibility in computers has plummeted as it has reshuffled management ,COMMA posted pre -HYPHEN tax nineteen eighty six operating losses of one .POINT two billion dollars in the division ,COMMA and appeared to be de -HYPHEN emphasizing computers in favor of long -HYPHEN distance phone service .PERIOD
</s>
</p>
<p.87.001.870320-0071.6>
<s.87.001.870320-0071.6.1>
Product sales have been dismal recently ;SEMI-COLON according to A. T. &AMPERSAND T. sources ,COMMA the company in January sold a mere two thousand P. C. six thousand ,COMMA three hundred and six thousand ,COMMA three hundred Plus personal computers ,COMMA its most successful machine ,COMMA against a business plan of one hundred twenty thousand for the year .PERIOD
</s>
<s.87.001.870320-0071.6.2>
Last year ,COMMA sources say ,COMMA the company took a one hundred million dollar write -HYPHEN off ,COMMA in two steps ,COMMA on its Unix P. C. ,COMMA and stopped ordering the machine ,COMMA resulting in layoffs and salary cuts at its maker ,COMMA Convergent Technologies Incorporated ,COMMA San Jose ,COMMA California .PERIOD
</s>
</p>
<p.87.001.870320-0071.7>
<s.87.001.870320-0071.7.1>
Several Data Systems executives have quit recently .PERIOD
</s>
<s.87.001.870320-0071.7.2>
John Walsh ,COMMA a vice president in charge of the three B. minicomputer line ,COMMA surprised colleagues in January when he left to join a small West Coast videoconferencing concern .PERIOD
</s>
<s.87.001.870320-0071.7.3>
And just yesterday Mr. Edwards said he is leaving to become president and chief executive officer of TelWatch Incorporated ,COMMA a Boulder ,COMMA Colonel ,COMMA developer of systems to manage networks .PERIOD
</s>
</p>
<p.87.001.870320-0071.8>
<s.87.001.870320-0071.8.1>
"DOUBLE-QUOTE I've escaped ,COMMA "DOUBLE-QUOTE said Mr. Edwards .PERIOD
</s>
<s.87.001.870320-0071.8.2>
Telwatch "DOUBLE-QUOTE had been working on me for the last thirty to thirty five days to see if they could tempt me to leave Big Mama .PERIOD
</s>
<s.87.001.870320-0071.8.3>
I've always had the ambition to run my own company .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0071.9>
<s.87.001.870320-0071.9.1>
Though Mr. Cassoni has a tough job ahead of him ,COMMA he is trying hard to reestablish A. T. &AMPERSAND T.'s credibility .PERIOD
</s>
<s.87.001.870320-0071.9.2>
He attended an important personal computer industry conference in Phoenix ,COMMA Arizona ,COMMA last month --DASH the first year that A. T. &AMPERSAND T. has gone to that particular conference .PERIOD
</s>
<s.87.001.870320-0071.9.3>
"DOUBLE-QUOTE Vittorio seemed a lot more interested in what the industry is doing "DOUBLE-QUOTE than past A. T. &AMPERSAND T. computer executives ,COMMA said John Sculley ,COMMA chairman of Apple Computer Incorporated .PERIOD
</s>
</p>
<p.87.001.870320-0071.10>
<s.87.001.870320-0071.10.1>
Mr. Edwards ,COMMA who cited a number of reasons for A. T. &AMPERSAND T.'s trouble in computers ,COMMA also said he thought Mr. Cassoni's job will be made easier by his coming from Ing .PERIOD
</s>
<s.87.001.870320-0071.10.2>
C. Olivetti &AMPERSAND Company of Italy ,COMMA which has agreed to make and develop all A. T. &AMPERSAND T. personal computers and workstations .PERIOD
</s>
<s.87.001.870320-0071.10.3>
He said he supported the decision made last October to replace him with Mr. Cassoni .PERIOD
</s>
</p>
<p.87.001.870320-0071.11>
<s.87.001.870320-0071.11.1>
In Mr. Cassoni ,COMMA "DOUBLE-QUOTE you aren't bringing in just another outsider .PERIOD
</s>
<s.87.001.870320-0071.11.2>
You are listening to a strategic partner ,COMMA "DOUBLE-QUOTE Mr. Edwards said .PERIOD
</s>
<s.87.001.870320-0071.11.3>
Since Mr. Cassoni arrived ,COMMA "DOUBLE-QUOTE my observation is that the strategic relationship with Olivetti is working better ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0071.11.4>
A. T. &AMPERSAND T. previously had disputes with Olivetti over transfer pricing and marketing strategy .PERIOD
</s>
</p>
<p.87.001.870320-0071.12>
<s.87.001.870320-0071.12.1>
Industry consultants said Mr. Cassoni's approach thus far is to rank products in terms of profitability and cut those that aren't money makers .PERIOD
</s>
<s.87.001.870320-0071.12.2>
"DOUBLE-QUOTE He is either going to make it profitable or they are going to get out of the business ,COMMA and I figure he has two years to do it ,COMMA "DOUBLE-QUOTE said David Taylor ,COMMA a program director at Gartner Group who left A. T. &AMPERSAND T.'s computer division last April .PERIOD
</s>
</p>
<p.87.001.870320-0071.13>
<s.87.001.870320-0071.13.1>
But product managers also grumble that ,COMMA because of directives from Mr. Cassoni's bosses ,COMMA whose experience is in A. T. &AMPERSAND T.'s regulated long -HYPHEN distance business ,COMMA expenses are being restricted so much that they can't adequately serve customers .PERIOD
</s>
<s.87.001.870320-0071.13.2>
According to some ,COMMA each product manager is allowed only three thousand dollars a year for travel and entertainment .PERIOD
</s>
<s.87.001.870320-0071.13.3>
On that budget ,COMMA product managers say ,COMMA they can't determine what customers need ,COMMA let alone sell them anything .PERIOD
</s>
</p>
<p.87.001.870320-0071.14>
<s.87.001.870320-0071.14.1>
An A. T. &AMPERSAND T. spokesman wouldn't comment on specifics ,COMMA but said the company would spend what was necessary to sell products .PERIOD
</s>
</p>
<p.87.001.870320-0071.15>
<s.87.001.870320-0071.15.1>
"DOUBLE-QUOTE If they really restrict them to that ,COMMA there is going to be a lot of time spent over the phone ,COMMA "DOUBLE-QUOTE said Mr. Taylor .PERIOD
</s>
<s.87.001.870320-0071.15.2>
"DOUBLE-QUOTE They won't be able to hold people to that and get products out .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0071.16>
<s.87.001.870320-0071.16.1>
In addition ,COMMA Mr. Cassoni is plagued by the same problem that hurt Mr. Edwards :COLON He doesn't have his own sales force to sell computers ,COMMA but has to rely on a sales force that also sells long distance service ,COMMA modems ,COMMA multiplexers ,COMMA telephones and office switchboards .PERIOD
</s>
</p>
<p.87.001.870320-0071.17>
<s.87.001.870320-0071.17.1>
One source said Mr. Cassoni's boss ,COMMA Sam R. Willcoxon ,COMMA president of the Business Markets Group ,COMMA refused to give him his own sales force .PERIOD
</s>
<s.87.001.870320-0071.17.2>
Unless the company changes its mind ,COMMA the source said ,COMMA "DOUBLE-QUOTE they are going to have a very ,COMMA very hard time being successful in anything except long distance .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0070.1>
<s.87.001.870320-0070.1.1>
A top Securities and Exchange Commission official proposed brief ,COMMA simultaneous trading halts in stock and stock -HYPHEN index markets to combat excessive price volatility .PERIOD
</s>
</p>
<p.87.001.870320-0070.2>
<s.87.001.870320-0070.2.1>
Richard Ketchum ,COMMA head of market regulation for the S. E. C. ,COMMA said such an unprecedented step would eliminate the "DOUBLE-QUOTE potential for a cascade or snowballing effect "DOUBLE-QUOTE in the two markets ,COMMA with heavy selling in stocks and stock -HYPHEN index futures feeding on itself .PERIOD
</s>
</p>
<p.87.001.870320-0070.3>
<s.87.001.870320-0070.3.1>
He proposed the idea at a Futures Industry Association convention here ,COMMA where the stock -HYPHEN price swings often associated with index -HYPHEN futures trading have dominated discussions .PERIOD
</s>
<s.87.001.870320-0070.3.2>
While a market crash is unlikely ,COMMA Mr. Ketchum said ,COMMA the prospect "DOUBLE-QUOTE can't be discarded entirely .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0070.4>
<s.87.001.870320-0070.4.1>
Regulators' struggle to moderate stock -HYPHEN price swings takes on added urgency this afternoon ,COMMA during the quarterly "DOUBLE-QUOTE triple witching hour .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0070.4.2>
Traders and analysts are predicting extremely heavy volume near the close on the New York Stock Exchange ,COMMA when stock -HYPHEN index futures ,COMMA options and individual stock options all expire simultaneously .PERIOD
</s>
</p>
<p.87.001.870320-0070.5>
<s.87.001.870320-0070.5.1>
In a related development ,COMMA Chicago Mercantile Exchange officials discarded a previous plan aimed at addressing the problem .PERIOD
</s>
<s.87.001.870320-0070.5.2>
Bowing to pressure from securities firms ,COMMA Merc officials said at the conference that they have withdrawn a controversial proposal ,COMMA pending with the Commodity Futures Trading Commission ,COMMA to place a twelve -HYPHEN point daily limit on price moves in the Standard &AMPERSAND Poor's five hundred -HYPHEN stock index futures market .PERIOD
</s>
<s.87.001.870320-0070.5.3>
The S. &AMPERSAND P. pit is the biggest index futures market by far ,COMMA accounting for more than seventy five %PERCENT of all stock -HYPHEN index futures volume .PERIOD
</s>
</p>
<p.87.001.870320-0070.6>
<s.87.001.870320-0070.6.1>
Several big securities firms that are members of the Merc objected to the idea ,COMMA predicting that the price limit would become a "DOUBLE-QUOTE self -HYPHEN fulfilling prophecy ,COMMA "DOUBLE-QUOTE William Brodsky ,COMMA the Merc's president ,COMMA said .PERIOD
</s>
<s.87.001.870320-0070.6.2>
Fears that prices would hit the limit could send traders scrambling to close out their positions ,COMMA thereby accelerating the price moves ,COMMA he said .PERIOD
</s>
<s.87.001.870320-0070.6.3>
A "DOUBLE-QUOTE limit move "DOUBLE-QUOTE usually effectively halts trading by drying up bids or offers .PERIOD
</s>
</p>
<p.87.001.870320-0070.7>
<s.87.001.870320-0070.7.1>
Critics of limits also said that once the Merc's Standard &AMPERSAND Poor's five hundred stock -HYPHEN index futures contract had reached its twelve -HYPHEN point limit up or down from the previous day's close ,COMMA traders would simply transfer all their activity to the stock market ,COMMA which trades without limits .PERIOD
</s>
</p>
<p.87.001.870320-0070.8>
<s.87.001.870320-0070.8.1>
An S. E. C. report on the volatility issue is set for release Monday .PERIOD
</s>
<s.87.001.870320-0070.8.2>
The agency studied swings in stock and stock -HYPHEN index prices last September eleventh ,COMMA when the Dow Jones Industrial Average fell one hundred fifteen points in just over an hour before rebounding ,COMMA and on certain days in December and January .PERIOD
</s>
</p>
<p.87.001.870320-0070.9>
<s.87.001.870320-0070.9.1>
Mr. Ketchum said the S. E. C. concluded that a fundamental change in investors' market outlook ,COMMA reflected first in the declining bond market that day ,COMMA was the main reason for the precipitous decline September eleventh and the following day .PERIOD
</s>
</p>
<p.87.001.870320-0070.10>
<s.87.001.870320-0070.10.1>
Arbitrage trading ,COMMA or simultaneous activity in stock -HYPHEN index futures and stocks ,COMMA was "DOUBLE-QUOTE a very substantial part but by no means a predominant part "DOUBLE-QUOTE of the forces driving the decline ,COMMA he said .PERIOD
</s>
</p>
<p.87.001.870320-0070.11>
<s.87.001.870320-0070.11.1>
Mr. Ketchum said his suggestion for a joint trading halt ,COMMA characterized by some industry executives as a trial balloon ,COMMA was his idea ,COMMA although he had discussed it with other senior S. E. C. officials .PERIOD
</s>
</p>
<p.87.001.870320-0070.12>
<s.87.001.870320-0070.12.1>
He proposed the idea ,COMMA Mr. Ketchum said ,COMMA as a way of "DOUBLE-QUOTE building on (LEFT-PAREN Big Board chairman )RIGHT-PAREN John Phelan's suggestion of a safety net "DOUBLE-QUOTE to keep the stock and stock -HYPHEN index futures markets from becoming locked into a precipitous pas de deux .PERIOD
</s>
</p>
<p.87.001.870320-0070.13>
<s.87.001.870320-0070.13.1>
Futures -HYPHEN exchange executives were guarded in their response .PERIOD
</s>
<s.87.001.870320-0070.13.2>
Although Mr. Brodsky said he wasn't aware of Mr. Ketchum's trading -HYPHEN halt proposal before hearing it yesterday ,COMMA he said it was "DOUBLE-QUOTE worth discussing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0070.14>
<s.87.001.870320-0070.14.1>
Lewis Horowitz ,COMMA president of the New York Futures Exchange ,COMMA a Big Board subsidiary that trades stock -HYPHEN index futures and options ,COMMA said he would favor a meeting among stock and futures exchanges to consider the idea .PERIOD
</s>
</p>
<p.87.001.870320-0070.15>
<s.87.001.870320-0070.15.1>
Mr. Ketchum also suggested that futures exchanges should consider allowing securities firms to use their capital to execute large trades that couldn't be accommodated by traders in the futures pits .PERIOD
</s>
<s.87.001.870320-0070.15.2>
He drew a parallel with block trading on the Big Board ,COMMA in which securities firms risk their own capital to match big trades off the trading floor .PERIOD
</s>
</p>
<p.87.001.870320-0070.16>
<s.87.001.870320-0070.16.1>
Futures exchanges had been expected to lobby hard against further regulation at the convention on the grounds that more restrictions would hurt ,COMMA rather than help futures markets .PERIOD
</s>
</p>
<p.87.001.870320-0070.17>
<s.87.001.870320-0070.17.1>
Many futures industry officials are watching to see if additional steps taken by the Merc recently to curb abuses in the S. &AMPERSAND P. five hundred pit will be adopted by ,COMMA or pressed upon ,COMMA other futures exchanges .PERIOD
</s>
<s.87.001.870320-0070.17.2>
The Merc last week announced reforms that ,COMMA if adopted ,COMMA will sharply restrict its S. &AMPERSAND P. five hundred brokers from the industry -HYPHEN wide practice of trading for their own as well as customer accounts .PERIOD
</s>
</p>
<p.87.001.870320-0069.1>
<s.87.001.870320-0069.1.1>
The nation's airlines ended four days of meetings here ,COMMA agreeing to make about two hundred seventy five changes in their summer flight schedules to head off delays during peak times ,COMMA according to Federal Aviation Administration officials .PERIOD
</s>
</p>
<p.87.001.870320-0069.2>
<s.87.001.870320-0069.2.1>
In addition ,COMMA said Edward Faberman ,COMMA deputy chief counsel for the agency ,COMMA the carriers had made about seventy changes immediately before the sessions began and have agreed to try to make more revisions for Chicago's O'Hare International Airport and Dallas -HYPHEN Fort Worth International Airport in coming weeks .PERIOD
</s>
<s.87.001.870320-0069.2.2>
The main carriers at those airports will meet again with the F. A. A. April tenth .PERIOD
</s>
</p>
<p.87.001.870320-0069.3>
<s.87.001.870320-0069.3.1>
The meetings ,COMMA which the F. A. A. supervised ,COMMA convened Monday under a Transportation Department grant of antitrust immunity .PERIOD
</s>
<s.87.001.870320-0069.3.2>
The department contended that the carriers had scheduled too many flights at peak times ,COMMA and that adjustments were needed to prevent delays this summer .PERIOD
</s>
<s.87.001.870320-0069.3.3>
Besides Chicago and Dallas -HYPHEN Fort Worth ,COMMA other airports included in the talks were Atlanta's Hartsfield International Airport ,COMMA Newark ,COMMA N. J. ,COMMA International Airport and Philadelphia International Airport .PERIOD
</s>
</p>
<p.87.001.870320-0069.4>
<s.87.001.870320-0069.4.1>
Mr. Faberman said he was generally pleased with the results of the meetings --DASH except in the case of the Atlanta airport ,COMMA where the carriers fell about ninety changes short of the goal of two hundred ninety revisions .PERIOD
</s>
<s.87.001.870320-0069.4.2>
"DOUBLE-QUOTE We're all a little disappointed about that ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0069.5>
<s.87.001.870320-0069.5.1>
The carriers made about four dozen changes at Chicago ,COMMA one at Dallas -HYPHEN Fort Worth and thirteen each at Newark and Philadelphia .PERIOD
</s>
<s.87.001.870320-0069.5.2>
Mr. Faberman said that he was satisfied with the new schedules for Newark and Philadelphia ,COMMA and that he hoped additional changes at Chicago and Dallas -HYPHEN Fort Worth could be made at the April meeting .PERIOD
</s>
</p>
<p.87.001.870320-0069.6>
<s.87.001.870320-0069.6.1>
The changes agreed to this week will involve the airlines' April -HYPHEN October schedules .PERIOD
</s>
</p>
<p.87.001.870320-0068.1>
<s.87.001.870320-0068.1.1>
As technology stocks go ,COMMA recent history suggests ,COMMA so goes the over -HYPHEN the -HYPHEN counter market .PERIOD
</s>
<s.87.001.870320-0068.1.2>
And O. T. C. technology stock prices have been slipping this month .PERIOD
</s>
</p>
<p.87.001.870320-0068.2>
<s.87.001.870320-0068.2.1>
They are slipping from far loftier price levels than most investors realize they've attained and ,COMMA analysts say ,COMMA that may be one reason why several major categories of O. T. C. technology stocks are particularly vulnerable right now .PERIOD
</s>
</p>
<p.87.001.870320-0068.3>
<s.87.001.870320-0068.3.1>
Technology issues comprise the second biggest group of stocks in the O. T. C. market --DASH some twenty eight %PERCENT of the four thousand ,COMMA six hundred stocks in the O. T. C.'s Nasdaq automated quotation system .PERIOD
</s>
</p>
<p.87.001.870320-0068.4>
<s.87.001.870320-0068.4.1>
While bank and financial stocks outnumber the technology issues ,COMMA embracing one -HYPHEN third of the Nasdaq issues ,COMMA their prices tend to proceed at a more leisurely pace .PERIOD
</s>
<s.87.001.870320-0068.4.2>
When prices of the volatile biotechnology ,COMMA computer and electronic stocks all begin moving rapidly in the same direction ,COMMA up or down ,COMMA they can move the O. T. C. composite five %PERCENT or more in a matter of days .PERIOD
</s>
</p>
<p.87.001.870320-0068.5>
<s.87.001.870320-0068.5.1>
The current weakness in technology is confined to computer -HYPHEN related stocks ,COMMA which have dropped about five %PERCENT in the past few weeks after roaring ahead more than sixty five %PERCENT in the first two months of the year .PERIOD
</s>
<s.87.001.870320-0068.5.2>
Biotechnology and electronics stocks ,COMMA the other two major technology subgroups ,COMMA are still managing to creep ahead .PERIOD
</s>
</p>
<p.87.001.870320-0068.6>
<s.87.001.870320-0068.6.1>
Followers of the computer -HYPHEN related stocks are watching International Business Machines Corporation ,COMMA which is about to disclose details of its clone -HYPHEN proof microcomputers .PERIOD
</s>
<s.87.001.870320-0068.6.2>
I. B. M.'s announcement ,COMMA expected in the first week of April ,COMMA will make clearer which companies will be affected and how .PERIOD
</s>
</p>
<p.87.001.870320-0068.7>
<s.87.001.870320-0068.7.1>
"DOUBLE-QUOTE Investors are trying to guess what effect the new I. B. M. clone -HYPHEN proof microcomputers will have on the various companies ,COMMA "DOUBLE-QUOTE explains Charles Wolf ,COMMA an analyst at First Boston Corporation .PERIOD
</s>
<s.87.001.870320-0068.7.2>
Among the worst hit are some of the disk -HYPHEN drive makers who have benefited from sales related to I. B. M.'s current models .PERIOD
</s>
<s.87.001.870320-0068.7.3>
They have tumbled in price ,COMMA dragging down with them even the stock prices of unrelated companies such as Maxtor Corporation ,COMMA a disk -HYPHEN drive maker whose sales have nothing to do with these I. B. M. models .PERIOD
</s>
</p>
<p.87.001.870320-0068.8>
<s.87.001.870320-0068.8.1>
"DOUBLE-QUOTE Many investors just buy or sell groups ,COMMA "DOUBLE-QUOTE says Mr. Wolf .PERIOD
</s>
</p>
<p.87.001.870320-0068.9>
<s.87.001.870320-0068.9.1>
Despite a slight recovery in the computer issues this week ,COMMA the problem could get worse .PERIOD
</s>
<s.87.001.870320-0068.9.2>
"DOUBLE-QUOTE The market hasn't fully factored in I. B. M. Computer stocks could move down further when the announcement occurs ,COMMA "DOUBLE-QUOTE he adds .PERIOD
</s>
</p>
<p.87.001.870320-0068.10>
<s.87.001.870320-0068.10.1>
Analysts say that the three big groupings of technology stocks don't have an effect on one another ,COMMA but when all three move up together ,COMMA as they have this year ,COMMA they can boost the broad performance measures of the whole O. T. C. market .PERIOD
</s>
<s.87.001.870320-0068.10.2>
Thus ,COMMA this year's more than fifty %PERCENT jump in O. T. C. technology stock prices has been the principal driving force behind a concurrent twenty five %PERCENT rise in the Nasdaq composite index .PERIOD
</s>
</p>
<p.87.001.870320-0068.11>
<s.87.001.870320-0068.11.1>
The huge technology stock price rise ,COMMA verified by a broad Wall Street Journal sampling ,COMMA has been far greater than many investors realize .PERIOD
</s>
<s.87.001.870320-0068.11.2>
That's because the indexes commonly used to gauge technology stock trends ,COMMA such as the Pacific Stock Exchange technology index ,COMMA are imperfect measures of such performance in the O. T. C. market .PERIOD
</s>
<s.87.001.870320-0068.11.3>
The P. S. E. technology measure is up only thirty three %PERCENT this year .PERIOD
</s>
</p>
<p.87.001.870320-0068.12>
<s.87.001.870320-0068.12.1>
The P. S. E. technology index also includes exchange -HYPHEN listed technology stocks ,COMMA which have moved in a different pattern than the O. T. C. issues this year .PERIOD
</s>
<s.87.001.870320-0068.12.2>
I. B. M. alone accounts for five %PERCENT of this P. S. E. index .PERIOD
</s>
<s.87.001.870320-0068.12.3>
And while I. B. M. has driven the O. T. C. computer group prices lower this month ,COMMA its own price has risen five %PERCENT in recent weeks .PERIOD
</s>
</p>
<p.87.001.870320-0068.13>
<s.87.001.870320-0068.13.1>
The O. T. C. subgroup that has proved most volatile over the past few years is biotechnology ,COMMA where stock prices still are moving up a bit .PERIOD
</s>
<s.87.001.870320-0068.13.2>
But ,COMMA some analysts say ,COMMA many of these stocks may now be fully priced and vulnerable .PERIOD
</s>
</p>
<p.87.001.870320-0068.14>
<s.87.001.870320-0068.14.1>
"DOUBLE-QUOTE The stocks are already pretty nicely priced relative to future earnings ,COMMA "DOUBLE-QUOTE says Robert Kupor ,COMMA biotechnology stock analyst with Cable ,COMMA Howse &AMPERSAND Ragen in Seattle .PERIOD
</s>
<s.87.001.870320-0068.14.2>
In fact ,COMMA he says ,COMMA multiples based on estimates of future earnings are about where they were in the second quarter of last year ,COMMA when the biotechnology market peaked .PERIOD
</s>
</p>
<p.87.001.870320-0068.15>
<s.87.001.870320-0068.15.1>
He also says the market in these stocks is psychologically driven ,COMMA with investors reacting to guesses about what the companies may do in nineteen ninety or nineteen ninety two ,COMMA rather than to current performance .PERIOD
</s>
<s.87.001.870320-0068.15.2>
Given that ,COMMA and their lofty price levels ,COMMA Mr. Kupor says he would "DOUBLE-QUOTE not be stunned to see the biotechnology market top out "DOUBLE-QUOTE as a result of "DOUBLE-QUOTE any one or two negative events "DOUBLE-QUOTE such as a delay in federal approval of a drug or a decision in patent law .PERIOD
</s>
</p>
<p.87.001.870320-0068.16>
<s.87.001.870320-0068.16.1>
Stocks now moving the biotechnology group are the biomedical issues ,COMMA including such stocks as Centocor Incorporated ,COMMA up twelve %PERCENT since the beginning of March .PERIOD
</s>
</p>
<p.87.001.870320-0068.17>
<s.87.001.870320-0068.17.1>
Like most other companies gaining ground in this group ,COMMA there is an AIDS play .PERIOD
</s>
<s.87.001.870320-0068.17.2>
Centocor is working on an vaccine against acquired immune deficiency syndrome .PERIOD
</s>
</p>
<p.87.001.870320-0068.18>
<s.87.001.870320-0068.18.1>
Sometimes the connection to AIDS is tenuous .PERIOD
</s>
<s.87.001.870320-0068.18.2>
Amgen Corporation ,COMMA also up sharply in the past few weeks ,COMMA is moving on speculation that a product it is developing to treat anemia may find a large market once the Food and Drug Administration approves azidothymidine ,COMMA or A. Z. T. ,COMMA a proposed AIDS treatment made by Burroughs -HYPHEN Wellcome Company That's because anemia is one of the reported side effects of A. Z. T. .PERIOD
</s>
<s.87.001.870320-0068.18.3>
"DOUBLE-QUOTE The company also has a protein that could be given instead of transfusions ,COMMA making it a double AIDS play ,COMMA "DOUBLE-QUOTE says Mr. Kupor .PERIOD
</s>
<s.87.001.870320-0068.18.4>
"DOUBLE-QUOTE But who knows ?QUESTION-MARK
</s>
<s.87.001.870320-0068.18.5>
Everyone is guessing .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0068.19>
<s.87.001.870320-0068.19.1>
In the electronics group ,COMMA many semiconductor ,COMMA microwave relay and other communications issues have been lackluster performers this month .PERIOD
</s>
<s.87.001.870320-0068.19.2>
But other shares have been advancing so strongly that they are lifting the performance of the group as a whole .PERIOD
</s>
<s.87.001.870320-0068.19.3>
These hot stocks include optical scanning and industrial robot development stocks ,COMMA which were hardest hit in last fall's technology stock sell -HYPHEN off and have been among the last to recover this year .PERIOD
</s>
</p>
<p.87.001.870320-0067.1>
<s.87.001.870320-0067.1.1>
Sometimes a takeover bid isn't really a bid .PERIOD
</s>
</p>
<p.87.001.870320-0067.2>
<s.87.001.870320-0067.2.1>
A spate of conditional acquisition proposals in the past year has confounded Wall Street arbitragers ,COMMA who have lost money betting on "DOUBLE-QUOTE bids "DOUBLE-QUOTE proposed --DASH but never formally made --DASH for such companies as U. S. X. Corporation ,COMMA Lucky Stores Incorporated and Borg -HYPHEN Warner Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0067.3>
<s.87.001.870320-0067.3.1>
Here is an example of what happens :COLON
</s>
</p>
<p.87.001.870320-0067.4>
<s.87.001.870320-0067.4.1>
Last November twenty -HYPHEN fifth ,COMMA Borg -HYPHEN Warner directors received a letter from Minneapolis investor Irwin Jacobs ,COMMA who together with Minstar Incorporated controlled seven .POINT seven %PERCENT of the plastics ,COMMA car parts and chemicals concern and proposed to buy the rest for forty three dollars to forty eight dollars a share .PERIOD
</s>
</p>
<p.87.001.870320-0067.5>
<s.87.001.870320-0067.5.1>
Although the figures he used were quite specific ,COMMA Mr. Jacobs said he wanted to see the books before negotiating a friendly acquisition .PERIOD
</s>
<s.87.001.870320-0067.5.2>
Even though his letter didn't constitute a formal offer ,COMMA it was referred to in news stories as a "DOUBLE-QUOTE bid "DOUBLE-QUOTE or an "DOUBLE-QUOTE offer ,COMMA "DOUBLE-QUOTE and the stock rose one .POINT three seven five dollars ,COMMA to thirty nine dollars ,COMMA in response .PERIOD
</s>
</p>
<p.87.001.870320-0067.6>
<s.87.001.870320-0067.6.1>
But the gulf between the stock price and the figures cited by Mr. Jacobs reflected skepticism that such a bid would really arrive .PERIOD
</s>
<s.87.001.870320-0067.6.2>
The letter was viewed as a move to hasten a restructuring ,COMMA or to spark a bid by another Borg holder ,COMMA G. A. F. Corporation .PERIOD
</s>
</p>
<p.87.001.870320-0067.7>
<s.87.001.870320-0067.7.1>
Since then the company largely has ignored Mr. Jacobs ,COMMA who threatened a hostile tender offer February nineteenth ,COMMA and the stock has lagged behind the market .PERIOD
</s>
</p>
<p.87.001.870320-0067.8>
<s.87.001.870320-0067.8.1>
Such tactics are "DOUBLE-QUOTE in vogue ,COMMA "DOUBLE-QUOTE because they are "DOUBLE-QUOTE a cost efficient way of stirring up the stew ,COMMA "DOUBLE-QUOTE said Arthur Fleischer ,COMMA a merger lawyer at Fried Frank Harris Shriver &AMPERSAND Jacobson .PERIOD
</s>
</p>
<p.87.001.870320-0067.9>
<s.87.001.870320-0067.9.1>
"DOUBLE-QUOTE What is a postage stamp ,COMMA twenty two cents ?QUESTION-MARK "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0067.9.2>
"DOUBLE-QUOTE You can cause a lot of consequences to a company by simply sending a letter .PERIOD
</s>
<s.87.001.870320-0067.9.3>
Basically ,COMMA you may --DASH but not necessarily --DASH put the company in play ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0067.10>
<s.87.001.870320-0067.10.1>
Lawrence Schloss ,COMMA a mergers executive at Donaldson ,COMMA Lufkin &AMPERSAND Jenrette ,COMMA said of those who make the proposals :COLON "DOUBLE-QUOTE Some are your basic greenmail artists .PERIOD
</s>
<s.87.001.870320-0067.10.2>
Some are bona fide buyers who see value but really don't have the appropriate information to make an offer .PERIOD
</s>
<s.87.001.870320-0067.10.3>
And some are a combination of the two .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.11>
<s.87.001.870320-0067.11.1>
In an interview ,COMMA Mr. Jacobs said he didn't write the letter merely to stir the stew or put Borg -HYPHEN Warner in play ,COMMA and said the company has agreed to talk to him .PERIOD
</s>
<s.87.001.870320-0067.11.2>
"DOUBLE-QUOTE Don't assume nothing is happening .PERIOD
</s>
<s.87.001.870320-0067.11.3>
Don't assume we're just sitting here waiting for the phone to ring ,COMMA "DOUBLE-QUOTE he added .PERIOD
</s>
</p>
<p.87.001.870320-0067.12>
<s.87.001.870320-0067.12.1>
But he acknowledged that disclosure of a proposal may put pressure on a company to deal with a suitor .PERIOD
</s>
<s.87.001.870320-0067.12.2>
"DOUBLE-QUOTE I think people who are running certain companies pay more attention to what Wall Street says sometimes .PERIOD
</s>
<s.87.001.870320-0067.12.3>
And if no one knows anything ,COMMA then there's no pressure (LEFT-PAREN for the company )RIGHT-PAREN to say anything .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.13>
<s.87.001.870320-0067.13.1>
In a typical pattern ,COMMA an investor will buy a five %PERCENT stake ,COMMA try to get arbitragers to buy shares ,COMMA and then make a bid "DOUBLE-QUOTE proposal "DOUBLE-QUOTE to focus attention on the potential values .PERIOD
</s>
<s.87.001.870320-0067.13.2>
Mr. Schloss said that target companies must usually hire investment bankers to evaluate the proposal .PERIOD
</s>
<s.87.001.870320-0067.13.3>
"DOUBLE-QUOTE They have a fiduciary obligation to see if it's real and then respond .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.14>
<s.87.001.870320-0067.14.1>
Once in play ,COMMA the target company may negotiate with the "DOUBLE-QUOTE bidder ,COMMA "DOUBLE-QUOTE seek a rescuing suitor ,COMMA or execute a restructuring to boost the stock price .PERIOD
</s>
<s.87.001.870320-0067.14.2>
Plenty of takeover attempts turn into mergers or leveraged buyouts through just such a process .PERIOD
</s>
</p>
<p.87.001.870320-0067.15>
<s.87.001.870320-0067.15.1>
"DOUBLE-QUOTE Maybe it's a way of starting talks with management .PERIOD
</s>
<s.87.001.870320-0067.15.2>
It works if you can find weak management that perceives itself as weak ,COMMA "DOUBLE-QUOTE said Juliusz Sas ,COMMA a special situations analyst at the brokerage house Balis Zorn Gerard Incorporated who has followed the Borg -HYPHEN Warner siege .PERIOD
</s>
<s.87.001.870320-0067.15.3>
"DOUBLE-QUOTE It's like pointing at them with an unloaded gun .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.16>
<s.87.001.870320-0067.16.1>
But for the corporate raider forced to pull the trigger in such a circumstance ,COMMA the results can be an embarrassing "DOUBLE-QUOTE click .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0067.16.2>
That's what happened at the denouement of Asher Edelman's pursuit of Lucky Stores ,COMMA a California grocery chain .PERIOD
</s>
</p>
<p.87.001.870320-0067.17>
<s.87.001.870320-0067.17.1>
Mr. Edelman's pursuit of Lucky had all the twists and turns of a Gothic novel .PERIOD
</s>
<s.87.001.870320-0067.17.2>
After accumulating a reported three %PERCENT stake ,COMMA he proposed a thirty five dollar -HYPHEN a -HYPHEN share friendly purchase in a letter disclosed September twenty fourth .PERIOD
</s>
<s.87.001.870320-0067.17.3>
He demanded that any restructuring be "DOUBLE-QUOTE prompt and efficient .PERIOD
</s>
<s.87.001.870320-0067.17.4>
Lip service will not satisfy me .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.18>
<s.87.001.870320-0067.18.1>
After company officials refused to meet Mr. Edelman ,COMMA Lucky stock peaked at thirty seven .POINT eight seven five dollars in early October on reports that the investor was ready to launch a hostile tender offer .PERIOD
</s>
<s.87.001.870320-0067.18.2>
But he didn't follow through on that threat after Lucky formally rejected the proposal October sixth and began a defensive restructuring and stock buyback .PERIOD
</s>
</p>
<p.87.001.870320-0067.19>
<s.87.001.870320-0067.19.1>
The investor then raised his proposed bid to thirty seven dollars a share .PERIOD
</s>
<s.87.001.870320-0067.19.2>
Lucky rejected it again .PERIOD
</s>
<s.87.001.870320-0067.19.3>
Mr. Edelman dropped his proposal ,COMMA then renewed it again November nineteenth after buying more shares .PERIOD
</s>
<s.87.001.870320-0067.19.4>
But after holders approved the restructuring in late December ,COMMA the stock fell to twenty six dollars .PERIOD
</s>
</p>
<p.87.001.870320-0067.20>
<s.87.001.870320-0067.20.1>
(LEFT-PAREN Mr. Edelman was more determined in his pursuit of Ponderosa Incorporated .PERIOD
</s>
<s.87.001.870320-0067.20.2>
He disclosed a nineteen %PERCENT stake in late November ,COMMA and without further preliminaries ,COMMA launched a tender offer December second that ,COMMA after some sweetening ,COMMA snared the company .PERIOD )RIGHT-PAREN
</s>
</p>
<p.87.001.870320-0067.21>
<s.87.001.870320-0067.21.1>
Two weeks ago ,COMMA Mr. Edelman reached a three -HYPHEN year standstill agreement limiting his Lucky stake to five %PERCENT and barring him from attempting to gain control .PERIOD
</s>
<s.87.001.870320-0067.21.2>
Lucky paid him just two .POINT eight million dollars to cover expenses .PERIOD
</s>
</p>
<p.87.001.870320-0067.22>
<s.87.001.870320-0067.22.1>
Although Lucky shares have rebounded to thirty one .POINT eight seven five dollars ,COMMA they have lagged behind the market since the takeover attempt ,COMMA and some arbitragers are bitter .PERIOD
</s>
<s.87.001.870320-0067.22.2>
"DOUBLE-QUOTE As far as I'm concerned ,COMMA he sold his credibility for two .POINT eight million dollars ,COMMA "DOUBLE-QUOTE said one .PERIOD
</s>
</p>
<p.87.001.870320-0067.23>
<s.87.001.870320-0067.23.1>
Mr. Edelman was out of the country this week and couldn't be reached for comment .PERIOD
</s>
<s.87.001.870320-0067.23.2>
His lawyer ,COMMA Burton Lehman of Schulte Roth &AMPERSAND Zabel ,COMMA said that while Mr. Edelman's proposals "DOUBLE-QUOTE weren't bids in the nature of a tender offer ,COMMA they were serious bids seeking to work out a basis to purchase the company .PERIOD
</s>
<s.87.001.870320-0067.23.3>
But the company rejected each of them and went ahead and did its restructuring .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.24>
<s.87.001.870320-0067.24.1>
Perhaps the most prominent "DOUBLE-QUOTE non -HYPHEN bid "DOUBLE-QUOTE bid was Carl Icahn's run on U. S. X. Mr. Icahn and several other corporate raiders had taken positions in the depressed stock .PERIOD
</s>
<s.87.001.870320-0067.24.2>
On October sixth ,COMMA he proposed a "DOUBLE-QUOTE friendly "DOUBLE-QUOTE thirty one dollar -HYPHEN a -HYPHEN share acquisition ,COMMA subject to a look at the books ,COMMA but threatened a hostile tender if the company didn't accept or undertake a "DOUBLE-QUOTE radical "DOUBLE-QUOTE restructuring .PERIOD
</s>
</p>
<p.87.001.870320-0067.25>
<s.87.001.870320-0067.25.1>
One prominent merger lawyer said arbitragers erroneously "DOUBLE-QUOTE treated Icahn's conditional approach to U. S. Steel as an unconditional bid .PERIOD
</s>
<s.87.001.870320-0067.25.2>
It wasn't a bid .PERIOD
</s>
<s.87.001.870320-0067.25.3>
He said he would make a bid 'SINGLE-QUOTE if -HYPHEN if -HYPHEN if .PERIOD 'SINGLE-QUOTE
</s>
<s.87.001.870320-0067.25.4>
But the Street treated them as a company that was in play .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.26>
<s.87.001.870320-0067.26.1>
Mr. Icahn and U. S. X. management soon became embroiled in a lengthy effort to agree on conditions under which the investor could look at the books .PERIOD
</s>
<s.87.001.870320-0067.26.2>
Then the insider -HYPHEN trading scandals that broke in mid -HYPHEN November tainted his investment banker ,COMMA Drexel Burnham Lambert ,COMMA putting in doubt some raiders' ability to get financing and leaving Mr. Icahn stuck in U. S. X. .PERIOD
</s>
<s.87.001.870320-0067.26.3>
The stock fell to twenty before rebounding on higher oil prices .PERIOD
</s>
<s.87.001.870320-0067.26.4>
In January ,COMMA he abandoned the effort ,COMMA but still owns the stock .PERIOD
</s>
</p>
<p.87.001.870320-0067.27>
<s.87.001.870320-0067.27.1>
This month ,COMMA Mr. Icahn and his Trans World Airlines made a proposal for a bid that got set aside before it was ever made .PERIOD
</s>
<s.87.001.870320-0067.27.2>
T. W. A. bought fifteen %PERCENT of U. S. Air Group stock and suggested it might bid fifty two dollars a share for the whole company after U. S. Air made a bid to acquire Piedmont Aviation .PERIOD
</s>
</p>
<p.87.001.870320-0067.28>
<s.87.001.870320-0067.28.1>
The Icahn move was widely interpreted as an effort to foil a combination that stood to rob him of two choice candidates to merge with --DASH or ,COMMA preferably ,COMMA buy --DASH T. W. A. .PERIOD
</s>
<s.87.001.870320-0067.28.2>
But U. S. Air rejected the bid as "DOUBLE-QUOTE highly conditional ,COMMA "DOUBLE-QUOTE among other things .PERIOD
</s>
<s.87.001.870320-0067.28.3>
After a federal judge blocked further purchases and Piedmont agreed to merge with U. S. Air ,COMMA Mr. Icahn said he wouldn't seek control for the moment .PERIOD
</s>
</p>
<p.87.001.870320-0067.29>
<s.87.001.870320-0067.29.1>
Many bona fide tender offers are contingent on the target company dropping anti -HYPHEN takeover provisions ,COMMA including a bid this week by A. F. G. Industries and Wagner &AMPERSAND Brown for GenCorp .PERIOD
</s>
<s.87.001.870320-0067.29.2>
Takeover experts said it is also legitimate for would -HYPHEN be acquirers to want to see a company's books .PERIOD
</s>
</p>
<p.87.001.870320-0067.30>
<s.87.001.870320-0067.30.1>
But last summer ,COMMA Wagner &AMPERSAND Brown made a proposal for a bid that never went through .PERIOD
</s>
<s.87.001.870320-0067.30.2>
Wagner &AMPERSAND Brown suggested paying fifty dollars a share for Panhandle Eastern Corporation last June thirtieth ,COMMA and the stock initially surged near that price .PERIOD
</s>
</p>
<p.87.001.870320-0067.31>
<s.87.001.870320-0067.31.1>
But Panhandle soon rejected the bid and took a four hundred sixty million dollar charge to settle a dispute with Algeria .PERIOD
</s>
<s.87.001.870320-0067.31.2>
Terms included what amounted to an anti -HYPHEN takeover provision giving the Algerians the right to sell Panhandle stock back to the company at an above -HYPHEN market price .PERIOD
</s>
<s.87.001.870320-0067.31.3>
The stock sank to forty dollars following those moves ,COMMA as investors began to fear Wagner &AMPERSAND Brown wouldn't really make a bid .PERIOD
</s>
</p>
<p.87.001.870320-0067.32>
<s.87.001.870320-0067.32.1>
Possibly fearing another takeover move ,COMMA Panhandle then spun off its most attractive asset ,COMMA Anadarko Petroleum Corporation ,COMMA and the two stocks combined eventually rose well above the fifty dollar figure .PERIOD
</s>
</p>
<p.87.001.870320-0067.33>
<s.87.001.870320-0067.33.1>
A proposed bid in the oil patch that never actually materialized came from Canada's Belzberg family for Ashland Oil Incorporated a year ago .PERIOD
</s>
<s.87.001.870320-0067.33.2>
The Belzbergs said they were prepared to pay sixty dollars a share ,COMMA but later accepted fifty one dollars a share from the company for their nine .POINT two %PERCENT stake .PERIOD
</s>
</p>
<p.87.001.870320-0067.34>
<s.87.001.870320-0067.34.1>
Skeptics are already wondering about a proposal February twenty third from Columbia Ventures ,COMMA a Miami -HYPHEN based partnership that said it might pay nineteen dollars a share for Harnischfeger Industries Incorporated .PERIOD
</s>
<s.87.001.870320-0067.34.2>
The stock ,COMMA which initially ran up to eighteen dollars and twenty five cents on the news ,COMMA has since retreated to seventeen .POINT six two five dollars .PERIOD
</s>
</p>
<p.87.001.870320-0067.35>
<s.87.001.870320-0067.35.1>
Of course ,COMMA how a company treats a proposal varies according to the proposer's identity .PERIOD
</s>
<s.87.001.870320-0067.35.2>
Mr. Schloss of Donaldson ,COMMA Lufkin &AMPERSAND Jenrette said if it's ,COMMA say ,COMMA Texaco Incorporated ,COMMA directors have to consider it seriously .PERIOD
</s>
<s.87.001.870320-0067.35.3>
But ,COMMA as Borg -HYPHEN Warner observed last month :COLON "DOUBLE-QUOTE We do not consider letters from Mr. Jacobs as formal offers or legally binding .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0067.36>
<s.87.001.870320-0067.36.1>
In deciding how to value a target company's stock ,COMMA arbitragers go through a similar thought process .PERIOD
</s>
<s.87.001.870320-0067.36.2>
Even though they have all taken greenmail in the past ,COMMA Messrs. .PERIOD
</s>
<s.87.001.870320-0067.36.3>
Icahn and Jacobs and Canada's Belzbergs have gained credibility by actually buying companies on occasion .PERIOD
</s>
</p>
<p.87.001.870320-0067.37>
<s.87.001.870320-0067.37.1>
However ,COMMA one takeover speculator focuses on the target company instead of on the proposer .PERIOD
</s>
<s.87.001.870320-0067.37.2>
"DOUBLE-QUOTE It doesn't matter whether the bidder is serious ,COMMA "DOUBLE-QUOTE says this arbitrager .PERIOD
</s>
<s.87.001.870320-0067.37.3>
"DOUBLE-QUOTE You look to see whether the target is going to care .PERIOD
</s>
<s.87.001.870320-0067.37.4>
Just look at the board of directors .PERIOD
</s>
<s.87.001.870320-0067.37.5>
People who are from the Boy Scouts of America "DOUBLE-QUOTE aren't likely to put up as much resistance as "DOUBLE-QUOTE someone whose name is on the company .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0066.1>
<s.87.001.870320-0066.1.1>
Vaughn L. Beals Junior got up at a Washington news conference earlier this week and offered to give up what many U. S. chief executives would dearly love to have --DASH a stiff tariff against foreign competitors .PERIOD
</s>
</p>
<p.87.001.870320-0066.2>
<s.87.001.870320-0066.2.1>
The chairman and chief executive officer of Harley -HYPHEN Davidson Incorporated ,COMMA the Milwaukee -HYPHEN based motorcycle maker ,COMMA said his company doesn't need the final year of a five -HYPHEN year tariff aimed at big Japanese motorcycles ,COMMA and he asked the International Trade Commission to cancel it .PERIOD
</s>
</p>
<p.87.001.870320-0066.3>
<s.87.001.870320-0066.3.1>
The move brought immediate praise from Congress and gave a boost to controversial efforts to aid other battered domestic industries with trade legislation .PERIOD
</s>
<s.87.001.870320-0066.3.2>
Mr. Beals's offer to drop the tariff early "DOUBLE-QUOTE is the kind of attitude in American business that we need ,COMMA "DOUBLE-QUOTE says an aide to Senator John Heinz of Pennsylvania ,COMMA a Republican who backed Harley's efforts to get the tariff in nineteen eighty three .PERIOD
</s>
<s.87.001.870320-0066.3.3>
Harley's move shows that a tariff can be a short -HYPHEN term tonic to a company ,COMMA Senator Heinz feels ,COMMA and needn't become a permanent lifeline ,COMMA as opponents to such measures have warned .PERIOD
</s>
</p>
<p.87.001.870320-0066.4>
<s.87.001.870320-0066.4.1>
But the fifty nine -HYPHEN year -HYPHEN old Mr. Beals didn't bring his company back from the brink of collapse by giving away competitive advantages ,COMMA nor is he doing so now .PERIOD
</s>
<s.87.001.870320-0066.4.2>
His plea to terminate the tariff is more intended to portray Harley as a Chrysler Corporation on two wheels .PERIOD
</s>
</p>
<p.87.001.870320-0066.5>
<s.87.001.870320-0066.5.1>
Mr. Beals concedes that the tariff ,COMMA which falls to ten %PERCENT from fifteen %PERCENT April first ,COMMA is at this point worth little or nothing to Harley ,COMMA the only remaining U. S. motorcycle maker .PERIOD
</s>
<s.87.001.870320-0066.5.2>
And some say it was never essential to Harley's survival .PERIOD
</s>
<s.87.001.870320-0066.5.3>
"DOUBLE-QUOTE I think they could have pulled it off without the tariff ,COMMA "DOUBLE-QUOTE says Kevin Bahr ,COMMA a securities analyst who follows Harley at Robert W. Baird &AMPERSAND Company in Milwaukee .PERIOD
</s>
</p>
<p.87.001.870320-0066.6>
<s.87.001.870320-0066.6.1>
Rather ,COMMA Mr. Bahr says ,COMMA it was Harley's streamlining of its manufacturing process and improvement of quality that saved the company .PERIOD
</s>
<s.87.001.870320-0066.6.2>
Some of the measures ,COMMA such as so -HYPHEN called just -HYPHEN in -HYPHEN time inventory control ,COMMA are patterned after Japanese industrial practices .PERIOD
</s>
</p>
<p.87.001.870320-0066.7>
<s.87.001.870320-0066.7.1>
Though Mr. Beals was saying in Washington that the tariff had given Harley a "DOUBLE-QUOTE respite from predatory import practices ,COMMA "DOUBLE-QUOTE the company noted in its stock offering last summer that "DOUBLE-QUOTE the benefits ...ELLIPSIS from the special tariff have been limited .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0066.8>
<s.87.001.870320-0066.8.1>
A spokeswoman at the trade agency said yesterday that Harley hasn't yet filed its request to cancel the tariff and that ,COMMA when it does ,COMMA the agency will need at least three months to research the request and then make a recommendation to President Reagan .PERIOD
</s>
</p>
<p.87.001.870320-0066.9>
<s.87.001.870320-0066.9.1>
Mr. Beals says that making such a request has been under consideration for several months ,COMMA but that he wanted to wait until just before the tariff levels were lowered to ten %PERCENT ,COMMA when the tariff won't be "DOUBLE-QUOTE worth a whole bunch .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0066.10>
<s.87.001.870320-0066.10.1>
Mr. Beals ,COMMA himself an avid rider of Harley's big Electra Glide ,COMMA or "DOUBLE-QUOTE hog "DOUBLE-QUOTE cycles ,COMMA led a management buyout of Harley from its then -HYPHEN parent ,COMMA A. M. F. Incorporated ,COMMA in nineteen eighty one .PERIOD
</s>
<s.87.001.870320-0066.10.2>
Almost immediately ,COMMA high interest rates ,COMMA a soft market for big cycles and a global war for market share among the much bigger Japanese motorcycle brands ,COMMA Honda and Yamaha ,COMMA threatened to send Harley to the junkyard .PERIOD
</s>
</p>
<p.87.001.870320-0066.11>
<s.87.001.870320-0066.11.1>
The two Japanese makers were rapidly introducing new models and cutting prices .PERIOD
</s>
<s.87.001.870320-0066.11.2>
Their U. S. inventories were bulging ,COMMA threatening still more price cuts .PERIOD
</s>
<s.87.001.870320-0066.11.3>
"DOUBLE-QUOTE When the elephants dance ,COMMA the ants get trampled ,COMMA "DOUBLE-QUOTE Mr. Beals says .PERIOD
</s>
<s.87.001.870320-0066.11.4>
Harley also was still dogged by a nineteen seventies reputation for uneven workmanship .PERIOD
</s>
</p>
<p.87.001.870320-0066.12>
<s.87.001.870320-0066.12.1>
President Reagan granted the company tariffs on imported cycles with engines of seven hundred cubic centimeters or bigger ,COMMA known as heavyweight cycles ,COMMA beginning at forty five %PERCENT of wholesale prices and falling year by year to thirty five %PERCENT ,COMMA twenty %PERCENT ,COMMA fifteen %PERCENT ,COMMA ten %PERCENT ,COMMA and ending in April nineteen eighty eight .PERIOD
</s>
</p>
<p.87.001.870320-0066.13>
<s.87.001.870320-0066.13.1>
But ,COMMA Mr. Beals notes ,COMMA that was easily skirted .PERIOD
</s>
<s.87.001.870320-0066.13.2>
Japanese makers quickly began building so -HYPHEN called "DOUBLE-QUOTE tariff busters "DOUBLE-QUOTE --DASH cycles with engines between six hundred ninety and six hundred ninety nine cubic centimeters .PERIOD
</s>
<s.87.001.870320-0066.13.3>
And the glut of Japanese cycles already in the country wasn't affected .PERIOD
</s>
<s.87.001.870320-0066.13.4>
"DOUBLE-QUOTE I'd bet my net worth ,COMMA "DOUBLE-QUOTE Mr. Beals says ,COMMA that some Japanese dealers are still selling "DOUBLE-QUOTE new "DOUBLE-QUOTE cycles that were imported before the tariff .PERIOD
</s>
</p>
<p.87.001.870320-0066.14>
<s.87.001.870320-0066.14.1>
As a result of the improved manufacturing techniques he installed at Harley ,COMMA Mr. Beals's net worth is now considerable .PERIOD
</s>
<s.87.001.870320-0066.14.2>
His fifteen .POINT nine %PERCENT stake in Harley's almost six million shares ,COMMA which went public last summer ,COMMA had a value of about twelve million dollars at yesterday's closing price of thirteen dollars and fifty cents ,COMMA up twenty five cents ,COMMA in American Stock Exchange composite trading .PERIOD
</s>
</p>
<p.87.001.870320-0066.15>
<s.87.001.870320-0066.15.1>
Mr. Bahr says that's a rich price --DASH almost sixteen times nineteen eighty six operating earnings of eighty two cents a share ,COMMA or four .POINT three million dollars --DASH for a company in a mature industry ,COMMA but adds that "DOUBLE-QUOTE there is still kind of a mystique --DASH the only motorcycle company in America .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0066.15.2>
Sales last year were two hundred ninety five .POINT three million dollars and market share rose to about nineteen %PERCENT from a nineteen eighty three low of twelve .POINT five %PERCENT ,COMMA Mr. Beals says .PERIOD
</s>
</p>
<p.87.001.870320-0066.16>
<s.87.001.870320-0066.16.1>
Mr. Beals monitors quality by doing his business travel ,COMMA weather permitting ,COMMA on a "DOUBLE-QUOTE hog .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0066.16.2>
On a recent trip from San Francisco to Denver with his wife ,COMMA Eleanor ,COMMA he discovered a defect in the nineteen eighty six -HYPHEN model seat :COLON the rear ,COMMA or passenger ,COMMA seat tilted forward and Mrs. Beals's helmet kept bumping his whenever he hit the brakes .PERIOD
</s>
<s.87.001.870320-0066.16.3>
They stopped in Reno ,COMMA Nevada ,COMMA to call the factory ,COMMA but test riders there had already found the flaw .PERIOD
</s>
</p>
<p.87.001.870320-0065.1>
<s.87.001.870320-0065.1.1>
Standard &AMPERSAND Poor's Corporation ,COMMA citing concerns about Bethlehem Steel Corporation's survival ,COMMA downgraded its ratings on seven hundred sixty one million dollars of the steelmaker's debt .PERIOD
</s>
</p>
<p.87.001.870320-0065.2>
<s.87.001.870320-0065.2.1>
The rating concern downgraded Bethlehem's senior debt to triple -HYPHEN C. -HYPHEN plus from single -HYPHEN B. -HYPHEN minus and its subordinated debt to triple -HYPHEN C. -HYPHEN minus from triple -HYPHEN C. .PERIOD
</s>
<s.87.001.870320-0065.2.2>
S. &AMPERSAND P. affirmed its single -HYPHEN C. rating on Bethlehem preferred stock .PERIOD
</s>
<s.87.001.870320-0065.2.3>
Dividends on the stock were suspended last year .PERIOD
</s>
</p>
<p.87.001.870320-0065.3>
<s.87.001.870320-0065.3.1>
The actions reflect "DOUBLE-QUOTE concern for Bethlehem's viability over the intermediate term ,COMMA rather than any immediate threat to solvency ,COMMA "DOUBLE-QUOTE S. &AMPERSAND P. said .PERIOD
</s>
</p>
<p.87.001.870320-0065.4>
<s.87.001.870320-0065.4.1>
In light of Bethlehem's "DOUBLE-QUOTE weak financial condition ,COMMA the firm's ability to weather any substantial price competition or a general economic downturn is questionable ,COMMA "DOUBLE-QUOTE S. &AMPERSAND P. said .PERIOD
</s>
</p>
<p.87.001.870320-0065.5>
<s.87.001.870320-0065.5.1>
Choosing bankruptcy ,COMMA "DOUBLE-QUOTE which relieved some of Bethlehem's competitors of their financial burdens ,COMMA "DOUBLE-QUOTE is still an alternative for the company "DOUBLE-QUOTE in the absence of any visible exit from the industry's morass ,COMMA "DOUBLE-QUOTE the rating concern said .PERIOD
</s>
</p>
<p.87.001.870320-0065.6>
<s.87.001.870320-0065.6.1>
The steelmaker's liquidity ,COMMA though ,COMMA is strong relative to requirements this year ,COMMA S. &AMPERSAND P. said .PERIOD
</s>
<s.87.001.870320-0065.6.2>
Bethlehem's cash position improved to four hundred sixty three million dollars at year's end from three hundred ninety five million dollars September thirtieth and ninety nine million dollars at the end of nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0065.7>
<s.87.001.870320-0065.7.1>
But Bethlehem has raised its cash reserves through non -HYPHEN sustainable actions such as selling assets ,COMMA reducing working capital and drawing on bank credit facilities ,COMMA rather than from operations ,COMMA S. &AMPERSAND P. said .PERIOD
</s>
</p>
<p.87.001.870320-0065.8>
<s.87.001.870320-0065.8.1>
A Bethlehem spokesman termed the downgrading "DOUBLE-QUOTE inappropriate "DOUBLE-QUOTE in light of the company's "DOUBLE-QUOTE stability "DOUBLE-QUOTE in the market ,COMMA "DOUBLE-QUOTE realization of the anticipated improvements in our steel operations "DOUBLE-QUOTE and the current liquidity level .PERIOD
</s>
<s.87.001.870320-0065.8.2>
Bethlehem expects to maintain ample liquidity through this year ,COMMA the spokesman said .PERIOD
</s>
</p>
<p.87.001.870320-0064.1>
<s.87.001.870320-0064.1.1>
First Interstate Bancorp ,COMMA which last month dropped a takeover bid for BankAmerica Corporation ,COMMA asked shareholders to approve measures that would facilitate future acquisitions as well as discourage a hostile takeover of itself .PERIOD
</s>
</p>
<p.87.001.870320-0064.2>
<s.87.001.870320-0064.2.1>
Separately ,COMMA the company said in a regulatory filing that it was "DOUBLE-QUOTE premature "DOUBLE-QUOTE to decide whether it would have to reclassify any of its five hundred four million dollars in Brazilian debt as non -HYPHEN accruing ,COMMA following that nation's recent suspension of payments on its foreign debt .PERIOD
</s>
<s.87.001.870320-0064.2.2>
First Interstate said if the loans were reclassified that it would reduce nineteen eighty seven income before taxes by about thirty three .POINT five million dollars .PERIOD
</s>
<s.87.001.870320-0064.2.3>
The company had nineteen eighty six net income of three hundred thirty seven .POINT nine million dollars ,COMMA or seven dollars and nineteen cents a share .PERIOD
</s>
</p>
<p.87.001.870320-0064.3>
<s.87.001.870320-0064.3.1>
In the proxy statement for its April twenty fourth annual meeting ,COMMA First Interstate asked shareholders to approve an increase in authorized common shares to two hundred fifty million from one hundred million .PERIOD
</s>
<s.87.001.870320-0064.3.2>
The bank holding company said the increased number of shares could be used for acquisitions or other unspecified "DOUBLE-QUOTE investment opportunities .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0064.3.3>
It indicated that it currently doesn't have any plans for issuing newly authorized common as part of a takeover .PERIOD
</s>
<s.87.001.870320-0064.3.4>
Other possible uses ,COMMA it said ,COMMA were for future financings ,COMMA stock splits or dividends ,COMMA and employee benefit plans .PERIOD
</s>
</p>
<p.87.001.870320-0064.4>
<s.87.001.870320-0064.4.1>
First Interstate also said the jump in authorized shares would enable it to discourage a hostile takeover by issuing warrants or rights to purchase added shares .PERIOD
</s>
<s.87.001.870320-0064.4.2>
But it said it wasn't aware of any effort to seek control ,COMMA and that it doesn't currently plan to use the shares as a takeover defense .PERIOD
</s>
</p>
<p.87.001.870320-0064.5>
<s.87.001.870320-0064.5.1>
While abandoning its unsolicited three .POINT two three billion dollar takeover offer for San Francisco -HYPHEN based BankAmerica ,COMMA First Interstate has indicated continued interest in expanding outside its current twelve -HYPHEN state territory ,COMMA possibly into Texas .PERIOD
</s>
<s.87.001.870320-0064.5.2>
Several large California banks are changing their charters to give them more clout in dealing with unsolicited overtures ,COMMA reflecting a recent change in California law to allow New York banks to make acquisitions in the state beginning in nineteen ninety one .PERIOD
</s>
</p>
<p.87.001.870320-0064.6>
<s.87.001.870320-0064.6.1>
In composite trading on the New York Stock Exchange ,COMMA First Interstate shares closed at fifty nine dollars and twenty five cents ,COMMA up twelve .POINT five cents .PERIOD
</s>
</p>
<p.87.001.870320-0064.7>
<s.87.001.870320-0064.7.1>
In addition ,COMMA First Interstate disclosed that Charles W. Parry ,COMMA chairman of Aluminum Company of America ,COMMA and L. S. Skaggs ,COMMA chairman of American Stores Company ,COMMA recently resigned as directors .PERIOD
</s>
<s.87.001.870320-0064.7.2>
It said Mr. Skaggs would remain on the company's Utah bank board ,COMMA but didn't give a reason for Mr. Parry's resignation .PERIOD
</s>
<s.87.001.870320-0064.7.3>
It also said Bruce Nordstrom ,COMMA co -HYPHEN chairman of Nordstrom Incorporated ,COMMA didn't seek reelection for personal reasons .PERIOD
</s>
<s.87.001.870320-0064.7.4>
Ralph Davidson ,COMMA Time Incorporated's executive committee chairman ,COMMA was nominated to the board ,COMMA leaving it with fourteen members .PERIOD
</s>
</p>
<p.87.001.870320-0064.8>
<s.87.001.870320-0064.8.1>
Reflecting a recent change in Delaware law ,COMMA First Interstate also proposed to limit director liability for damages in cases of negligent or grossly negligent behavior .PERIOD
</s>
</p>
<p.87.001.870320-0063.1>
<s.87.001.870320-0063.1.1>
A self -HYPHEN assured President Reagan vigorously defended his decision to sell arms to Iran ,COMMA but said he "DOUBLE-QUOTE would not go down that same road again .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0063.2>
<s.87.001.870320-0063.2.1>
In his first news conference in four months ,COMMA Mr. Reagan last night appeared to do what his aides had said he had to do :COLON He confidently fielded a barrage of questions about his secret Iran and Nicaragua policies and remained in command of the half -HYPHEN hour session .PERIOD
</s>
</p>
<p.87.001.870320-0063.3>
<s.87.001.870320-0063.3.1>
The president again denied knowing that profits from the Iran arms sales were diverted to Nicaraguan rebels ,COMMA or Contras .PERIOD
</s>
<s.87.001.870320-0063.3.2>
Asked whether he knew White House aides were directing private aid to the Contras ,COMMA he acknowledged only that he knew private individuals and groups were aiding the insurgents after Congress cut off U. S. aid to them in nineteen eighty four .PERIOD
</s>
<s.87.001.870320-0063.3.3>
"DOUBLE-QUOTE I don't believe it was counter to any law ,COMMA "DOUBLE-QUOTE Mr. Reagan said .PERIOD
</s>
</p>
<p.87.001.870320-0063.4>
<s.87.001.870320-0063.4.1>
The president's performance was in sharp contrast to his previous news conference November nineteenth ,COMMA during which he appeared defensive and unfamiliar with the details of his own Iran policy .PERIOD
</s>
<s.87.001.870320-0063.4.2>
During that earlier session ,COMMA Mr. Reagan repeatedly denied that the U. S. had condoned Israeli arms sales to Iran in nineteen eighty five ,COMMA but aides issued a correction minutes after the news conference ended .PERIOD
</s>
<s.87.001.870320-0063.4.3>
Last night ,COMMA Mr. Reagan said that he simply had misspoken and that he immediately had directed his aides to set the record straight .PERIOD
</s>
</p>
<p.87.001.870320-0063.5>
<s.87.001.870320-0063.5.1>
Asked why he initially told reporters there was "DOUBLE-QUOTE no foundation "DOUBLE-QUOTE to a report that the U. S. had secretly sold arms to Iran ,COMMA the president said he was trying to save the lives of the American hostages in Lebanon and Iranian middlemen whom he believed were helping to free them .PERIOD
</s>
<s.87.001.870320-0063.5.2>
At the time ,COMMA Mr. Reagan said ,COMMA he believed two more hostages were about to be released .PERIOD
</s>
</p>
<p.87.001.870320-0063.6>
<s.87.001.870320-0063.6.1>
"DOUBLE-QUOTE I'm not going to tell falsehoods to the American people ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
<s.87.001.870320-0063.6.2>
"DOUBLE-QUOTE I'll leave that to others .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0063.7>
<s.87.001.870320-0063.7.1>
On several occasions ,COMMA however ,COMMA the president appeared to contradict both Vice President George Bush and his own commission that investigated the Iran -HYPHEN Contra affair .PERIOD
</s>
</p>
<p.87.001.870320-0063.8>
<s.87.001.870320-0063.8.1>
Asked whether Mr. Bush had advised against the Iran policy ,COMMA Mr. Reagan said ,COMMA "DOUBLE-QUOTE Number .PERIOD "DOUBLE-QUOTE
</s>
<s.87.001.870320-0063.8.2>
Mr. Bush ,COMMA on a campaign trip to Michigan last month ,COMMA told reporters that he had "DOUBLE-QUOTE expressed reservations "DOUBLE-QUOTE about the Iran arms policy to "DOUBLE-QUOTE key players "DOUBLE-QUOTE in the administration .PERIOD
</s>
</p>
<p.87.001.870320-0063.9>
<s.87.001.870320-0063.9.1>
Mr. Bush's press secretary Steve Hart last night said the president's statement didn't contradict Mr. Bush's February comments .PERIOD
</s>
<s.87.001.870320-0063.9.2>
Mr. Hart pointed out that Mr. Bush has said on several occasions that he supported the Iran policy .PERIOD
</s>
<s.87.001.870320-0063.9.3>
Mr. Hart wouldn't comment on how that support ,COMMA or the president's comments ,COMMA squared with the "DOUBLE-QUOTE reservations "DOUBLE-QUOTE Mr. Bush has said he expressed .PERIOD
</s>
</p>
<p.87.001.870320-0063.10>
<s.87.001.870320-0063.10.1>
Although the commission ,COMMA headed by former Senator John Tower (LEFT-PAREN R. ,COMMA Texas )RIGHT-PAREN ,COMMA reported that the Iranians had paid far more than market value for U. S. TOW anti -HYPHEN tank missiles ,COMMA Mr. Reagan said the U. S. "DOUBLE-QUOTE asked for twelve million dollars ,COMMA which was the cost --DASH no profit --DASH on those weapons .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0063.11>
<s.87.001.870320-0063.11.1>
The Tower Commission also reported that former National Security Adviser Robert McFarlane testified that Mr. Reagan had given advance approval for Israeli arms sales to Iran in an August nineteen eighty five telephone call .PERIOD
</s>
<s.87.001.870320-0063.11.2>
Last night ,COMMA Mr. Reagan said he didn't think he'd approved the sales in a phone call .PERIOD
</s>
<s.87.001.870320-0063.11.3>
Erroneously recalling Mr. McFarlane's testimony ,COMMA Mr. Reagan last night said his former aide had testified that the approval was given during a meeting at Bethesda Naval Hospital ,COMMA following the president's colon cancer surgery in July nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0063.12>
<s.87.001.870320-0063.12.1>
The Tower Commission also reported that the president changed his account of whether he approved the Israeli sales in advance ,COMMA first saying he did and later saying he didn't recall doing so .PERIOD
</s>
<s.87.001.870320-0063.12.2>
Last night ,COMMA Mr. Reagan said he did approve the sales ,COMMA but couldn't remember when .PERIOD
</s>
</p>
<p.87.001.870320-0063.13>
<s.87.001.870320-0063.13.1>
But when he was asked whether he also could have forgotten that he was told funds from the Iran arms sales were being diverted to the Contras ,COMMA he replied :COLON "DOUBLE-QUOTE Oh no .PERIOD
</s>
<s.87.001.870320-0063.13.2>
You would have heard me from --DASH without opening the door to the office --DASH if I had been told that at any time .PERIOD
</s>
<s.87.001.870320-0063.13.3>
Number .PERIOD
</s>
<s.87.001.870320-0063.13.4>
And I still do not have the answer to that money .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0063.14>
<s.87.001.870320-0063.14.1>
The president declined to say whether he thought former National Security Adviser John Poindexter and former National Security Council aide Oliver North had deceived him by secretly funneling military aid to the Contras .PERIOD
</s>
<s.87.001.870320-0063.14.2>
"DOUBLE-QUOTE I don't know ...ELLIPSIS
</s>
<s.87.001.870320-0063.14.3>
I want to get to the bottom of this and find out all that has happened ,COMMA "DOUBLE-QUOTE he said .PERIOD
</s>
</p>
<p.87.001.870320-0063.15>
<s.87.001.870320-0063.15.1>
But he defended his hands -HYPHEN off management ,COMMA which the Tower board criticized .PERIOD
</s>
<s.87.001.870320-0063.15.2>
"DOUBLE-QUOTE I think that most people in business would agree that it is a proper management style ,COMMA "DOUBLE-QUOTE Mr. Reagan said .PERIOD
</s>
<s.87.001.870320-0063.15.3>
"DOUBLE-QUOTE You get the best people you can to do a job .PERIOD
</s>
<s.87.001.870320-0063.15.4>
Then you don't hang over their shoulder ...ELLIPSIS .PERIOD
</s>
<s.87.001.870320-0063.15.5>
The only time you move is if there's incontrovertible evidence that they are not following policy ,COMMA or they have gone down a road where they are not achieving what we want .PERIOD "DOUBLE-QUOTE
</s>
</p>
<p.87.001.870320-0063.16>
<s.87.001.870320-0063.16.1>
Earlier yesterday ,COMMA it was disclosed that shortly before he tried to commit suicide last month ,COMMA Mr. McFarlane wrote letters to his lawyer ,COMMA Leonard Garment ,COMMA and to three lawmakers ,COMMA asserting that the Saudi Arabian ambassador to the U. S. secretly offered to give one million dollars a month to the Nicaraguan rebels in nineteen eighty four .PERIOD
</s>
</p>
<p.87.001.870320-0063.17>
<s.87.001.870320-0063.17.1>
Mr. McFarlane revealed the offer ,COMMA but not who made it ,COMMA in written testimony last month to the Tower Commission ,COMMA which told of the offer in its report .PERIOD
</s>
<s.87.001.870320-0063.17.2>
Bank records made public this month by Contra leader Adolfo Calero show the insurgents received one million dollars a month from a Swiss bank account between July sixth ,COMMA nineteen eighty four ,COMMA and February seventh ,COMMA nineteen eighty five ,COMMA and a further twenty four million dollars between February twenty seventh and March twenty -HYPHEN fifth ,COMMA nineteen eighty five .PERIOD
</s>
</p>
<p.87.001.870320-0063.18>
<s.87.001.870320-0063.18.1>
Saudi Ambassador Bandar bin Sultan has denied that he or any other Saudi has offered aid to the Contras .PERIOD
</s>
<s.87.001.870320-0063.18.2>
The existence of the letters was disclosed yesterday in the Washington Post and confirmed by Mr. Garment .PERIOD
</s>
</p>
