Pierre/NNP
Vinken/NNP
,/,
61/CD
years/NNS
old/JJ
,/,
will/MD
join/VB
the/DT
board/NN
as/IN
a/DT
nonexecutive/JJ
director/NN
Nov./NNP
29/CD
./.
Mr./NNP
Vinken/NNP
is/VBZ
chairman/NN
of/IN
Elsevier/NNP
N.V./NNP
,/,
the/DT
Dutch/NNP
publishing/VBG
group/NN
./.
Rudolph/NNP
Agnew/NNP
,/,
55/CD
years/NNS
old/JJ
and/CC
former/JJ
chairman/NN
of/IN
Consolidated/NNP
Gold/NNP
Fields/NNP
PLC/NNP
,/,
was/VBD
named/VBN
a/DT
nonexecutive/JJ
director/NN
of/IN
this/DT
British/JJ
industrial/JJ
conglomerate/NN
./.
A/DT
form/NN
of/IN
asbestos/NN
once/RB
used/VBN
to/TO
make/VB
Kent/NNP
cigarette/NN
filters/NNS
has/VBZ
caused/VBN
a/DT
high/JJ
percentage/NN
of/IN
cancer/NN
deaths/NNS
among/IN
a/DT
group/NN
of/IN
workers/NNS
exposed/VBN
to/TO
it/PRP
more/RBR
than/IN
30/CD
years/NNS
ago/IN
,/,
researchers/NNS
reported/VBD
./.
The/DT
asbestos/NN
fiber/NN
,/,
crocidolite/NN
,/,
is/VBZ
unusually/RB
resilient/JJ
once/IN
it/PRP
enters/VBZ
the/DT
lungs/NNS
,/,
with/IN
even/RB
brief/JJ
exposures/NNS
to/TO
it/PRP
causing/VBG
symptoms/NNS
that/WDT
show/VBP
up/IN
decades/NNS
later/JJ
,/,
researchers/NNS
said/VBD
./.
Lorillard/NNP
Inc./NNP
,/,
the/DT
unit/NN
of/IN
New/JJ
York-based/JJ
Loews/NNP
Corp./NNP
that/WDT
makes/VBZ
Kent/NNP
cigarettes/NNS
,/,
stopped/VBD
using/VBG
crocidolite/NN
in/IN
its/PRP$
Micronite/NN
cigarette/NN
filters/NNS
in/IN
1956/CD
./.
Although/IN
preliminary/JJ
findings/NNS
were/VBD
reported/VBN
more/RBR
than/IN
a/DT
year/NN
ago/IN
,/,
the/DT
latest/JJS
results/NNS
appear/VBP
in/IN
today/NN
's/POS
New/NNP
England/NNP
Journal/NNP
of/IN
Medicine/NNP
,/,
a/DT
forum/NN
likely/JJ
to/TO
bring/VB
new/JJ
attention/NN
to/TO
the/DT
problem/NN
./.
A/DT
Lorillard/NNP
spokewoman/NN
said/VBD
,/,
``/``
This/DT
is/VBZ
an/DT
old/JJ
story/NN
./.
We/PRP
're/VBP
talking/VBG
about/IN
years/NNS
ago/IN
before/IN
anyone/NN
heard/VBD
of/IN
asbestos/NN
having/VBG
any/DT
questionable/JJ
properties/NNS
./.
There/EX
is/VBZ
no/DT
asbestos/NN
in/IN
our/PRP$
products/NNS
now/RB
./.
''/''
Neither/DT
Lorillard/NNP
nor/CC
the/DT
researchers/NNS
who/WP
studied/VBD
the/DT
workers/NNS
were/VBD
aware/JJ
of/IN
any/DT
research/NN
on/IN
smokers/NNS
of/IN
the/DT
Kent/NNP
cigarettes/NNS
./.
``/``
We/PRP
have/VBP
no/DT
useful/JJ
information/NN
on/IN
whether/IN
users/NNS
are/VBP
at/IN
risk/NN
,/,
''/''
said/VBD
James/NNP
A./NNP
Talcott/NNP
of/IN
Boston/NNP
's/POS
Dana-Farber/NNP
Cancer/NNP
Institute/NNP
./.
Dr./NNP
Talcott/NNP
led/VBD
a/DT
team/NN
of/IN
researchers/NNS
from/IN
the/DT
National/NNP
Cancer/NNP
Institute/NNP
and/CC
the/DT
medical/JJ
schools/NNS
of/IN
Harvard/NNP
University/NNP
and/CC
Boston/NNP
University/NNP
./.
The/DT
Lorillard/NNP
spokeswoman/NN
said/VBD
asbestos/NN
was/VBD
used/VBN
in/IN
``/``
very/RB
modest/JJ
amounts/NNS
''/''
in/IN
making/VBG
paper/NN
for/IN
the/DT
filters/NNS
in/IN
the/DT
early/JJ
1950s/CD
and/CC
replaced/VBN
with/IN
a/DT
different/JJ
type/NN
of/IN
filter/NN
in/IN
1956/CD
./.
From/IN
1953/CD
to/TO
1955/CD
,/,
9.8/CD
billion/CD
Kent/NNP
cigarettes/NNS
with/IN
the/DT
filters/NNS
were/VBD
sold/VBN
,/,
the/DT
company/NN
said/VBD
./.
Among/IN
33/CD
men/NNS
who/WP
worked/VBD
closely/RB
with/IN
the/DT
substance/NN
,/,
28/CD
have/VBP
died/VBN
--/:
more/JJ
than/IN
three/CD
times/NNS
the/DT
expected/VBN
number/NN
./.
Four/CD
of/IN
the/DT
five/CD
surviving/VBG
workers/NNS
have/VBP
asbestos-related/JJ
diseases/NNS
,/,
including/VBG
three/CD
with/IN
recently/RB
diagnosed/VBN
cancer/NN
./.
The/DT
total/NN
of/IN
18/CD
deaths/NNS
from/IN
malignant/JJ
mesothelioma/NN
,/,
lung/NN
cancer/NN
and/CC
asbestosis/NN
was/VBD
far/RB
higher/JJR
than/IN
expected/VBN
,/,
the/DT
researchers/NNS
said/VBD
./.
``/``
The/DT
morbidity/NN
rate/NN
is/VBZ
a/DT
striking/JJ
finding/NN
among/IN
those/DT
of/IN
us/PRP
who/WP
study/VBP
asbestos-related/JJ
diseases/NNS
,/,
''/''
said/VBD
Dr./NNP
Talcott/NNP
./.
The/DT
percentage/NN
of/IN
lung/NN
cancer/NN
deaths/NNS
among/IN
the/DT
workers/NNS
at/IN
the/DT
West/NNP
Groton/NNP
,/,
Mass./NNP
,/,
paper/NN
factory/NN
appears/VBZ
to/TO
be/VB
the/DT
highest/JJS
for/IN
any/DT
asbestos/NN
workers/NNS
studied/VBN
in/IN
Western/JJ
industrialized/VBN
countries/NNS
,/,
he/PRP
said/VBD
./.
The/DT
plant/NN
,/,
which/WDT
is/VBZ
owned/VBN
by/IN
Hollingsworth/NNP
&/CC
Vose/NNP
Co./NNP
,/,
was/VBD
under/IN
contract/NN
with/IN
Lorillard/NN
to/TO
make/VB
the/DT
cigarette/NN
filters/NNS
./.
The/DT
finding/NN
probably/RB
will/MD
support/VB
those/DT
who/WP
argue/VBP
that/IN
the/DT
U.S./NNP
should/MD
regulate/VB
the/DT
class/NN
of/IN
asbestos/NN
including/VBG
crocidolite/NN
more/RBR
stringently/RB
than/IN
the/DT
common/JJ
kind/NN
of/IN
asbestos/NN
,/,
chrysotile/NN
,/,
found/VBN
in/IN
most/JJS
schools/NNS
and/CC
other/JJ
buildings/NNS
,/,
Dr./NNP
Talcott/NNP
said/VBD
./.
The/DT
U.S./NNP
is/VBZ
one/CD
of/IN
the/DT
few/JJ
industrialized/VBN
nations/NNS
that/WDT
does/VBZ
n't/RB
have/VB
a/DT
higher/JJR
standard/NN
of/IN
regulation/NN
for/IN
the/DT
smooth/JJ
,/,
needle-like/JJ
fibers/NNS
such/JJ
as/IN
crocidolite/NN
that/WDT
are/VBP
classified/VBN
as/IN
amphobiles/NNS
,/,
according/VBG
to/TO
Brooke/NNP
T./NNP
Mossman/NNP
,/,
a/DT
professor/NN
of/IN
pathlogy/NN
at/IN
the/DT
University/NNP
of/IN
Vermont/NNP
College/NNP
of/IN
Medicine/NNP
./.
More/RBR
common/JJ
chrysotile/NN
fibers/NNS
are/VBP
curly/JJ
and/CC
are/VBP
more/RBR
easily/RB
rejected/VBN
by/IN
the/DT
body/NN
,/,
Dr./NNP
Mossman/NNP
explained/VBD
./.
In/IN
July/NNP
,/,
the/DT
Environmental/NNP
Protection/NNP
Agency/NNP
imposed/VBD
a/DT
gradual/JJ
ban/NN
on/IN
virtually/RB
all/DT
uses/NNS
of/IN
asbestos/NN
./.
By/IN
1997/CD
,/,
almost/RB
all/DT
remaining/VBG
uses/NNS
of/IN
cancer-causing/JJ
asbestos/NN
will/MD
be/VB
outlawed/VBN
./.
About/IN
160/CD
workers/NNS
at/IN
a/DT
factory/NN
that/WDT
made/VBD
paper/NN
for/IN
the/DT
Kent/NNP
filters/NNS
were/VBD
exposed/VBN
to/TO
asbestos/NN
in/IN
the/DT
1950s/CD
./.
Areas/NNS
of/IN
the/DT
factory/NN
were/VBD
particularly/RB
dusty/JJ
where/WRB
the/DT
crocidolite/NN
was/VBD
used/VBN
./.
Workers/NNS
dumped/VBD
large/JJ
burlap/NN
sacks/NNS
of/IN
the/DT
imported/VBN
material/NN
into/IN
a/DT
huge/JJ
bin/NN
,/,
poured/VBD
in/IN
cotton/NN
and/CC
acetate/NN
fibers/NNS
and/CC
mechanically/RB
mixed/VBD
the/DT
dry/JJ
fibers/NNS
in/IN
a/DT
process/NN
used/VBN
to/TO
make/VB
filters/NNS
./.
Workers/NNS
described/VBD
``/``
clouds/NNS
of/IN
blue/JJ
dust/NN
''/''
that/WDT
hung/VBD
over/IN
parts/NNS
of/IN
the/DT
factory/NN
,/,
even/RB
though/IN
exhaust/NN
fans/NNS
ventilated/VBD
the/DT
area/NN
./.
``/``
There/EX
's/VBZ
no/DT
question/NN
that/IN
some/DT
of/IN
those/DT
workers/NNS
and/CC
managers/NNS
contracted/VBD
asbestos-related/JJ
diseases/NNS
,/,
''/''
said/VBD
Darrell/NNP
Phillips/NNP
,/,
vice/NN
president/NN
of/IN
human/JJ
resources/NNS
for/IN
Hollingsworth/NNP
&/CC
Vose/NNP
./.
``/``
But/CC
you/PRP
have/VBP
to/TO
recognize/VB
that/IN
these/DT
events/NNS
took/VBD
place/NN
35/CD
years/NNS
ago/IN
./.
It/PRP
has/VBZ
no/DT
bearing/NN
on/IN
our/PRP$
work/NN
force/NN
today/NN
./.
''/''
Yields/NNS
on/IN
money-market/JJ
mutual/JJ
funds/NNS
continued/VBD
to/TO
slide/VB
,/,
amid/IN
signs/NNS
that/IN
portfolio/NN
managers/NNS
expect/VBP
further/JJ
declines/NNS
in/IN
interest/NN
rates/NNS
./.
The/DT
average/JJ
seven-day/JJ
compound/NN
yield/NN
of/IN
the/DT
400/CD
taxable/JJ
funds/NNS
tracked/VBN
by/IN
IBC/NNP
's/POS
Money/NNP
Fund/NNP
Report/NNP
eased/VBD
a/DT
fraction/NN
of/IN
a/DT
percentage/NN
point/NN
to/TO
8.45/CD
%/NN
from/IN
8.47/CD
%/NN
for/IN
the/DT
week/NN
ended/VBD
Tuesday/NNP
./.
Compound/NN
yields/NNS
assume/VBP
reinvestment/NN
of/IN
dividends/NNS
and/CC
that/IN
the/DT
current/JJ
yield/NN
continues/VBZ
for/IN
a/DT
year/NN
./.
Average/JJ
maturity/NN
of/IN
the/DT
funds/NNS
'/POS
investments/NNS
lengthened/VBD
by/IN
a/DT
day/NN
to/TO
41/CD
days/NNS
,/,
the/DT
longest/JJS
since/IN
early/JJ
August/NNP
,/,
according/VBG
to/TO
Donoghue/NNP
's/POS
./.
Longer/JJR
maturities/NNS
are/VBP
thought/VBN
to/TO
indicate/VB
declining/VBG
interest/NN
rates/NNS
because/IN
they/PRP
permit/VBP
portfolio/NN
managers/NNS
to/TO
retain/VB
relatively/RB
higher/JJR
rates/NNS
for/IN
a/DT
longer/JJR
period/NN
./.
Shorter/JJR
maturities/NNS
are/VBP
considered/VBN
a/DT
sign/NN
of/IN
rising/VBG
rates/NNS
because/IN
portfolio/NN
managers/NNS
can/MD
capture/VB
higher/JJR
rates/NNS
sooner/RB
./.
The/DT
average/JJ
maturity/NN
for/IN
funds/NNS
open/JJ
only/RB
to/TO
institutions/NNS
,/,
considered/VBN
by/IN
some/DT
to/TO
be/VB
a/DT
stronger/JJR
indicator/NN
because/IN
those/DT
managers/NNS
watch/VBP
the/DT
market/NN
closely/RB
,/,
reached/VBD
a/DT
high/JJ
point/NN
for/IN
the/DT
year/NN
--/:
33/CD
days/NNS
./.
Nevertheless/RB
,/,
said/VBD
Brenda/NNP
Malizia/NNP
Negus/NNP
,/,
editor/NN
of/IN
Money/NNP
Fund/NNP
Report/NNP
,/,
yields/NNS
``/``
may/MD
blip/VB
up/RP
again/RB
before/IN
they/PRP
blip/VBP
down/RP
''/''
because/IN
of/IN
recent/JJ
rises/NNS
in/IN
short-term/JJ
interest/NN
rates/NNS
./.
The/DT
yield/NN
on/IN
six-month/JJ
Treasury/NNP
bills/NNS
sold/VBN
at/IN
Monday/NNP
's/POS
auction/NN
,/,
for/IN
example/NN
,/,
rose/VBD
to/TO
8.04/CD
%/NN
from/IN
7.90/CD
%/NN
./.
Despite/IN
recent/JJ
declines/NNS
in/IN
yields/NNS
,/,
investors/NNS
continue/VBP
to/TO
pour/VB
cash/NN
into/IN
money/NN
funds/NNS
./.
Assets/NNS
of/IN
the/DT
400/CD
taxable/JJ
funds/NNS
grew/VBD
by/IN
$/$
1.5/CD
billion/CD
during/IN
the/DT
latest/JJS
week/NN
,/,
to/TO
$/$
352.7/CD
billion/CD
./.
Typically/RB
,/,
money-fund/NN
yields/NNS
beat/VBP
comparable/JJ

short-term/JJ
investments/NNS
because/IN
portfolio/NN
managers/NNS
can/MD
vary/VB
maturities/NNS
and/CC
go/VB
after/IN
the/DT
highest/JJS
rates/NNS
./.
The/DT
top/JJ
money/NN
funds/NNS
are/VBP
currently/RB
yielding/VBG
well/RB
over/IN
9/CD
%/NN
./.
Dreyfus/NNP
World-Wide/NNP
Dollar/NNP
,/,
the/DT
top-yielding/JJ
fund/NN
,/,
had/VBD
a/DT
seven-day/JJ
compound/NN
yield/NN
of/IN
9.37/CD
%/NN
during/IN
the/DT
latest/JJS
week/NN
,/,
down/RB
from/IN
9.45/CD
%/NN
a/DT
week/NN
earlier/JJR
./.
It/PRP
invests/VBZ
heavily/RB
in/IN
dollar-denominated/JJ
securities/NNS
overseas/RB
and/CC
is/VBZ
currently/RB
waiving/VBG
management/NN
fees/NNS
,/,
which/WDT
boosts/VBZ
its/PRP$
yield/NN
./.
The/DT
average/JJ
seven-day/JJ
simple/JJ
yield/NN
of/IN
the/DT
400/CD
funds/NNS
was/VBD
8.12/CD
%/NN
,/,
down/RB
from/IN
8.14/CD
%/NN
./.
The/DT
30-day/JJ
simple/JJ
yield/NN
fell/VBD
to/TO
an/DT
average/JJ
8.19/CD
%/NN
from/IN
8.22/CD
%/NN
;/:
the/DT
30-day/JJ
compound/NN
yield/NN
slid/VBD
to/TO
an/DT
average/JJ
8.53/CD
%/NN
from/IN
8.56/CD
%/NN
./.
J.P./NNP
Bolduc/NNP
,/,
vice/NN
chairman/NN
of/IN
W.R./NNP
Grace/NNP
&/CC
Co./NNP
,/,
which/WDT
holds/VBZ
a/DT
83.4/CD
%/NN
interest/NN
in/IN
this/DT
energy-services/JJ
company/NN
,/,
was/VBD
elected/VBN
a/DT
director/NN
./.
He/PRP
succeeds/VBZ
Terrence/NNP
D./NNP
Daniels/NNP
,/,
formerly/RB
a/DT
W.R./NNP
Grace/NNP
vice/NN
chairman/NN
,/,
who/WP
resigned/VBD
./.
W.R./NNP
Grace/NNP
holds/VBZ
three/CD
of/IN
Grace/NNP
Energy/NNP
's/POS
seven/CD
board/NN
seats/NNS
./.
Pacific/NNP
First/NNP
Financial/NNP
Corp./NNP
said/VBD
shareholders/NNS
approved/VBD
its/PRP$
acquisition/NN
by/IN
Royal/NNP
Trustco/NNP
Ltd./NNP
of/IN
Toronto/NNP
for/IN
$/$
27/CD
a/DT
share/NN
,/,
or/CC
$/$
212/CD
million/CD
./.
The/DT
thrift/NN
holding/VBG
company/NN
said/VBD
it/PRP
expects/VBZ
to/TO
obtain/VB
regulatory/JJ
approval/NN
and/CC
complete/VB
the/DT
transaction/NN
by/IN
year-end/NN
./.
McDermott/NNP
International/NNP
Inc./NNP
said/VBD
its/PRP$
Babcock/NNP
&/CC
Wilcox/NNP
unit/NN
completed/VBD
the/DT
sale/NN
of/IN
its/PRP$
Bailey/NNP
Controls/NNP
Operations/NNP
to/TO
Finmeccanica/NNP
S.p/NNP
./.
A./NNP
for/IN
$/$
295/CD
million/CD
./.
Finmeccanica/NNP
is/VBZ
an/DT
Italian/JJ
state-owned/JJ
holding/VBG
company/NN
with/IN
interests/NNS
in/IN
the/DT
mechanical/JJ
engineering/NN
industry/NN
./.
Bailey/NNP
Controls/NNP
,/,
based/VBN
in/IN
Wickliffe/NNP
,/,
Ohio/NNP
,/,
makes/VBZ
computerized/JJ
industrial/JJ
controls/NNS
systems/NNS
./.
It/PRP
employs/VBZ
2,700/CD
people/NNS
and/CC
has/VBZ
annual/JJ
revenue/NN
of/IN
about/IN
$/$
370/CD
million/CD
./.
The/DT
federal/JJ
government/NN
suspended/VBD
sales/NNS
of/IN
U.S./NNP
savings/NNS
bonds/NNS
because/IN
Congress/NNP
has/VBZ
n't/RB
lifted/VBN
the/DT
ceiling/NN
on/IN
government/NN
debt/NN
./.
Until/IN
Congress/NNP
acts/VBZ
,/,
the/DT
government/NN
has/VBZ
n't/RB
any/DT
authority/NN
to/TO
issue/VB
new/JJ
debt/NN
obligations/NNS
of/IN
any/DT
kind/NN
,/,
the/DT
Treasury/NNP
said/VBD
./.
The/DT
government/NN
's/POS
borrowing/NN
authority/NN
dropped/VBD
at/IN
midnight/NN
Tuesday/NNP
to/TO
$/$
2.80/CD
trillion/CD
from/IN
$/$
2.87/CD
trillion/CD
./.
Legislation/NN
to/TO
lift/VB
the/DT
debt/NN
ceiling/NN
is/VBZ
ensnarled/VBN
in/IN
the/DT
fight/NN
over/IN
cutting/VBG
capital-gains/JJ
taxes/NNS
./.
The/DT
House/NNP
has/VBZ
voted/VBN
to/TO
raise/VB
the/DT
ceiling/NN
to/TO
$/$
3.1/CD
trillion/CD
,/,
but/CC
the/DT
Senate/NNP
is/VBZ
n't/RB
expected/VBN
to/TO
act/VB
until/IN
next/JJ
week/NN
at/IN
the/DT
earliest/JJS
./.
The/DT
Treasury/NNP
said/VBD
the/DT
U.S./NNP
will/MD
default/VB
on/IN
Nov./NNP
9/CD
if/IN
Congress/NNP
does/VBZ
n't/RB
act/VB
by/IN
then/RB
./.
Clark/NNP
J./NNP
Vitulli/NNP
was/VBD
named/VBN
senior/JJ
vice/NN
president/NN
and/CC
general/JJ
manager/NN
of/IN
this/DT
U.S./NNP
sales/NNS
and/CC
marketing/NN
arm/NN
of/IN
Japanese/JJ
auto/NN
maker/NN
Mazda/NNP
Motor/NNP
Corp/NNP
./.
In/IN
the/DT
new/JJ
position/NN
he/PRP
will/MD
oversee/VB
Mazda/NNP
's/POS
U.S./NNP
sales/NNS
,/,
service/NN
,/,
parts/NNS
and/CC
marketing/NN
operations/NNS
./.
Previously/RB
,/,
Mr./NNP
Vitulli/NNP
,/,
43/CD
years/NNS
old/JJ
,/,
was/VBD
general/JJ
marketing/NN
manager/NN
of/IN
Chrysler/NNP
Corp./NNP
's/POS
Chrysler/NNP
division/NN
./.
He/PRP
had/VBD
been/VBN
a/DT
sales/NNS
and/CC
marketing/NN
executive/NN
with/IN
Chrysler/NNP
for/IN
20/CD
years/NNS
./.
When/WRB
it/PRP
's/VBZ
time/NN
for/IN
their/PRP$
biannual/JJ
powwow/NN
,/,
the/DT
nation/NN
's/POS
manufacturing/VBG
titans/NNS
typically/RB
jet/VBP
off/RP
to/TO
the/DT
sunny/JJ
confines/NNS
of/IN
resort/NN
towns/NNS
like/IN
Boca/NNP
Raton/NNP
and/CC
Hot/NNP
Springs/NNP
./.
Not/RB
this/DT
year/NN
./.
The/DT
National/NNP
Association/NNP
of/IN
Manufacturers/NNP
settled/VBD
on/IN
the/DT
Hoosier/NNP
capital/NN
of/IN
Indianapolis/NNP
for/IN
its/PRP$
fall/NN
board/NN
meeting/NN
./.
And/CC
the/DT
city/NN
decided/VBD
to/TO
treat/VB
its/PRP$
guests/NNS
more/JJR
like/IN
royalty/NN
or/CC
rock/NN
stars/NNS
than/IN
factory/NN
owners/NNS
./.
The/DT
idea/NN
,/,
of/IN
course/NN
:/:
to/TO
prove/VB
to/TO
125/CD
corporate/JJ
decision/NN
makers/NNS
that/IN
the/DT
buckle/NN
on/IN
the/DT
Rust/NNP
Belt/NNP
is/VBZ
n't/RB
so/RB
rusty/JJ
after/IN
all/DT
,/,
that/IN
it/PRP
's/VBZ
a/DT
good/JJ
place/NN
for/IN
a/DT
company/NN
to/TO
expand/VB
./.
On/IN
the/DT
receiving/VBG
end/NN
of/IN
the/DT
message/NN
were/VBD
officials/NNS
from/IN
giants/NNS
like/IN
Du/NNP
Pont/NNP
and/CC
Maytag/NNP
,/,
along/IN
with/IN
lesser/JJR
knowns/NNS
like/IN
Trojan/NNP
Steel/NNP
and/CC
the/DT
Valley/NNP
Queen/NNP
Cheese/NNP
Factory/NNP
./.
For/IN
starters/NNS
,/,
the/DT
executives/NNS
joined/VBD
Mayor/NNP
William/NNP
H./NNP
Hudnut/NNP
III/NNP
for/IN
an/DT
evening/NN
of/IN
the/DT
Indianapolis/NNP
Symphony/NNP
Orchestra/NNP
and/CC
a/DT
guest/NN
pianist-comedian/NN
Victor/NNP
Borge/NNP
./.
Champagne/NN
and/CC
dessert/NN
followed/VBD
./.
The/DT
next/JJ
morning/NN
,/,
with/IN
a/DT
police/NN
escort/NN
,/,
busloads/NNS
of/IN
executives/NNS
and/CC
their/PRP$
wives/NNS
raced/VBD
to/TO
the/DT
Indianapolis/NNP
Motor/NNP
Speedway/NNP
,/,
unimpeded/JJ
by/IN
traffic/NN
or/CC
red/JJ
lights/NNS
./.
The/DT
governor/NN
could/MD
n't/RB
make/VB
it/PRP
,/,
so/IN
the/DT
lieutenant/NN
governor/NN
welcomed/VBD
the/DT
special/JJ
guests/NNS
./.
A/DT
buffet/NN
breakfast/NN
was/VBD
held/VBN
in/IN
the/DT
museum/NN
,/,
where/WRB
food/NN
and/CC
drinks/NNS
are/VBP
banned/VBN
to/TO
everyday/JJ
visitors/NNS
./.
Then/RB
,/,
in/IN
the/DT
guests/NNS
'/POS
honor/NN
,/,
the/DT
speedway/NN
hauled/VBD
out/IN
four/CD
drivers/NNS
,/,
crews/NNS
and/CC
even/RB
the/DT
official/JJ
Indianapolis/NNP
500/CD
announcer/NN
for/IN
a/DT
10-lap/JJ
exhibition/NN
race/NN
./.
After/IN
the/DT
race/NN
,/,
Fortune/NNP
500/CD
executives/NNS
drooled/VBD
like/IN
schoolboys/NNS
over/IN
the/DT
cars/NNS
and/CC
drivers/NNS
./.
No/DT
dummies/NNS
,/,
the/DT
drivers/NNS
pointed/VBD
out/IN
they/PRP
still/RB
had/VBD
space/NN
on/IN
their/PRP$
machines/NNS
for/IN
another/DT
sponsor/NN
's/POS
name/NN
or/CC
two/CD
./.
Back/RB
downtown/NN
,/,
the/DT
execs/NNS
squeezed/VBD
in/IN
a/DT
few/JJ
meetings/NNS
at/IN
the/DT
hotel/NN
before/IN
boarding/VBG
the/DT
buses/NNS
again/RB
./.
This/DT
time/NN
,/,
it/PRP
was/VBD
for/IN
dinner/NN
and/CC
dancing/NN
--/:
a/DT
block/NN
away/RB
./.
Under/IN
the/DT
stars/NNS
and/CC
moons/NNS
of/IN
the/DT
renovated/VBN
Indiana/NNP
Roof/NNP
ballroom/NN
,/,
nine/CD
of/IN
the/DT
hottest/JJS
chefs/NNS
in/IN
town/NN
fed/VBD
them/PRP
Indiana/NNP
duckling/NN
mousseline/NN
,/,
lobster/NN
consomme/NN
,/,
veal/NN
mignon/NN
and/CC
chocolate/JJ
terrine/NN
with/IN
a/DT
raspberry/NN
sauce/NN
./.
Knowing/VBG
a/DT
tasty/JJ
--/:
and/CC
free/JJ
--/:
meal/NN
when/WRB
they/PRP
eat/VBP
one/CD
,/,
the/DT
executives/NNS
gave/VBD
the/DT
chefs/NNS
a/DT
standing/JJ
ovation/NN
./.
More/JJR
than/IN
a/DT
few/JJ
CEOs/NNS
say/VBP
the/DT
red-carpet/JJ
treatment/NN
tempts/VBZ
them/PRP
to/TO
return/VB
to/TO
a/DT
heartland/NN
city/NN
for/IN
future/JJ
meetings/NNS
./.
But/CC
for/IN
now/RB
,/,
they/PRP
're/VBP
looking/VBG
forward/RB
to/TO
their/PRP$
winter/NN
meeting/NN
--/:
Boca/NNP
in/IN
February/NNP
./.
South/NNP
Korea/NNP
registered/VBD
a/DT
trade/NN
deficit/NN
of/IN
$/$
101/CD
million/CD
in/IN
October/NNP
,/,
reflecting/VBG
the/DT
country/NN
's/POS
economic/JJ
sluggishness/NN
,/,
according/VBG
to/TO
government/NN
figures/NNS
released/VBD
Wednesday/NNP
./.
Preliminary/JJ
tallies/NNS
by/IN
the/DT
Trade/NNP
and/CC
Industry/NNP
Ministry/NNP
showed/VBD
another/DT
trade/NN
deficit/NN
in/IN
October/NNP
,/,
the/DT
fifth/JJ
monthly/JJ
setback/NN
this/DT
year/NN
,/,
casting/VBG
a/DT
cloud/NN
on/IN
South/NNP
Korea/NNP
's/POS
export-oriented/JJ
economy/NN
./.
Exports/NNS
in/IN
October/NNP
stood/VBD
at/IN
$/$
5.29/CD
billion/CD
,/,
a/DT
mere/JJ
0.7/CD
%/NN
increase/NN
from/IN
a/DT
year/NN
earlier/JJR
,/,
while/IN
imports/NNS
increased/VBD
sharply/RB
to/TO
$/$
5.39/CD
billion/CD
,/,
up/RB
20/CD
%/NN
from/IN
last/JJ
October/NNP
./.
South/NNP
Korea/NNP
's/POS
economic/JJ
boom/NN
,/,
which/WDT
began/VBD
in/IN
1986/CD
,/,
stopped/VBD
this/DT
year/NN
because/IN
of/IN
prolonged/VBN
labor/NN
disputes/NNS
,/,
trade/NN
conflicts/NNS
and/CC
sluggish/JJ
exports/NNS
./.
Government/NN
officials/NNS
said/VBD
exports/NNS
at/IN
the/DT
end/NN
of/IN
the/DT
year/NN
would/MD
remain/VB
under/IN
a/DT
government/NN
target/NN
of/IN
$/$
68/CD
billion/CD
./.
Despite/IN
the/DT
gloomy/JJ
forecast/NN
,/,
South/NNP
Korea/NNP
has/VBZ
recorded/VBN
a/DT
trade/NN
surplus/NN
of/IN
$/$
71/CD
million/CD
so/IN
far/IN
this/DT
year/NN
./.
From/IN
January/NNP
to/TO
October/NNP
,/,
the/DT
nation/NN
's/POS
accumulated/VBN
exports/NNS
increased/VBD
4/CD
%/NN
from/IN
the/DT
same/JJ
period/NN
last/JJ
year/NN
to/TO
$/$
50.45/CD
billion/CD
./.
Imports/NNS
were/VBD
at/IN
$/$
50.38/CD
billion/CD
,/,
up/RB
19/CD
%/NN
./.
Newsweek/NNP
,/,
trying/VBG
to/TO
keep/VB
pace/NN
with/IN
rival/JJ
Time/NNP
magazine/NN
,/,
announced/VBD
new/JJ
advertising/NN
rates/NNS
for/IN
1990/CD
and/CC
said/VBD
it/PRP
will/MD
introduce/VB
a/DT
new/JJ
incentive/NN
plan/NN
for/IN
advertisers/NNS
./.
The/DT
new/JJ
ad/NN
plan/NN
from/IN
Newsweek/NNP
,/,
a/DT
unit/NN
of/IN
the/DT
Washington/NNP
Post/NNP
Co./NNP
,/,
is/VBZ
the/DT
second/JJ
incentive/NN
plan/NN
the/DT
magazine/NN
has/VBZ
offered/VBN
advertisers/NNS
in/IN
three/CD
years/NNS
./.
Plans/NNS
that/WDT
give/VBP
advertisers/NNS
discounts/NNS
for/IN
maintaining/VBG
or/CC
increasing/VBG
ad/NN
spending/NN
have/VBP
become/VBN
permanent/JJ
fixtures/NNS
at/IN
the/DT
news/NN
weeklies/NNS
and/CC
underscore/VBP
the/DT
fierce/JJ
competition/NN
between/IN
Newsweek/NNP
,/,
Time/NNP
Warner/NNP
Inc./NNP
's/POS
Time/NNP
magazine/NN
,/,
and/CC
Mortimer/NNP
B./NNP
Zuckerman/NNP
's/POS
U.S./NNP
News/NNP
&/CC
World/NNP
Report/NNP
./.
Alan/NNP
Spoon/NNP
,/,
recently/RB
named/VBN
Newsweek/NNP
president/NN
,/,
said/VBD
Newsweek/NNP
's/POS
ad/NN
rates/NNS
would/MD
increase/VB
5/CD
%/NN
in/IN
January/NNP
./.
A/DT
full/JJ
,/,
four-color/JJ
page/NN
in/IN
Newsweek/NNP
will/MD
cost/VB
$/$
100,980/CD
./.
In/IN
mid-October/NNP
,/,
Time/NNP
magazine/NN
lowered/VBD
its/PRP$
guaranteed/VBN
circulation/NN
rate/NN
base/NN
for/IN
1990/CD
while/IN
not/RB
increasing/VBG
ad/NN
page/NN
rates/NNS
;/:
with/IN
a/DT
lower/JJR
circulation/NN
base/NN
,/,
Time/NNP
's/POS
ad/NN
rate/NN
will/MD
be/VB
effectively/RB
7.5/CD
%/NN
higher/JJR
per/IN
subscriber/NN
;/:
a/DT
full/JJ
page/NN
in/IN
Time/NNP
costs/VBZ
about/IN
$/$
120,000/CD
./.
U.S./NNP
News/NNP
has/VBZ
yet/RB
to/TO
announce/VB
its/PRP$
1990/CD
ad/NN
rates/NNS
./.
Newsweek/NNP
said/VBD
it/PRP
will/MD
introduce/VB
the/DT
Circulation/NNP
Credit/NNP
Plan/NNP
,/,
which/WDT
awards/VBZ
space/NN
credits/NNS
to/TO
advertisers/NNS
on/IN
``/``
renewal/NN
advertising/NN
./.
''/''
The/DT
magazine/NN
will/MD
reward/VB
with/IN
``/``
page/NN
bonuses/NNS
''/''
advertisers/NNS
who/WP
in/IN
1990/CD
meet/VBP
or/CC
exceed/VBP
their/PRP$
1989/CD
spending/NN
,/,
as/RB
long/RB
as/IN
they/PRP
spent/VBD
$/$
325,000/CD
in/IN
1989/CD
and/CC
$/$
340,000/CD
in/IN
1990/CD
./.
Mr./NNP
Spoon/NNP
said/VBD
the/DT
plan/NN
is/VBZ
not/RB
an/DT
attempt/NN
to/TO
shore/VB
up/IN
a/DT
decline/NN
in/IN
ad/NN
pages/NNS
in/IN
the/DT
first/JJ
nine/CD
months/NNS
of/IN
1989/CD
;/:
Newsweek/NNP
's/POS
ad/NN
pages/NNS
totaled/VBD
1,620/CD
,/,
a/DT
drop/NN
of/IN
3.2/CD
%/NN
from/IN
last/JJ
year/NN
,/,
according/VBG
to/TO
Publishers/NNP
Information/NNP
Bureau/NNP
./.
``/``
What/WP
matters/VBZ
is/VBZ
what/WP
advertisers/NNS
are/VBP
paying/VBG
per/IN
page/NN
,/,
and/CC
in/IN
that/DT
department/NN
we/PRP
are/VBP
doing/VBG
fine/RB
this/DT
fall/NN
,/,
''/''
said/VBD
Mr./NNP
Spoon/NNP
./.
Both/DT
Newsweek/NNP
and/CC
U.S./NNP
News/NNP
have/VBP
been/VBN
gaining/VBG
circulation/NN
in/IN
recent/JJ
years/NNS
without/IN
heavy/JJ
use/NN
of/IN
electronic/JJ
giveaways/NNS
to/TO
subscribers/NNS
,/,
such/JJ
as/IN
telephones/NNS
or/CC
watches/NNS
./.
However/RB
,/,
none/NN
of/IN
the/DT
big/JJ
three/CD
weeklies/NNS
recorded/VBD
circulation/NN
gains/NNS
recently/RB
./.
According/VBG
to/TO
Audit/NNP
Bureau/NNP
of/IN
Circulations/NNP
,/,
Time/NNP
,/,
the/DT
largest/JJS
newsweekly/RB
,/,
had/VBD
average/JJ
circulation/NN
of/IN
4,393,237/CD
,/,
a/DT
decrease/NN
of/IN
7.3/CD
%/NN
./.
Newsweek/NNP
's/POS
circulation/NN
for/IN
the/DT
first/JJ
six/CD
months/NNS
of/IN
1989/CD
was/VBD
3,288,453/CD
,/,
flat/JJ
from/IN
the/DT
same/JJ
period/NN
last/JJ
year/NN
./.
U.S./NNP
News/NNP
'/POS
circulation/NN
in/IN
the/DT
same/JJ
time/NN
was/VBD
2,303,328/CD
,/,
down/RB
2.6/CD
%/NN
./.
New/NNP
England/NNP
Electric/NNP
System/NNP
bowed/VBD
out/IN
of/IN
the/DT
bidding/NN
for/IN
Public/NNP
Service/NNP
Co./NNP
of/IN
New/NNP
Hampshire/NNP
,/,
saying/VBG
that/IN
the/DT
risks/NNS
were/VBD
too/RB
high/JJ
and/CC
the/DT
potential/JJ
payoff/NN
too/RB
far/RB
in/IN
the/DT
future/NN
to/TO
justify/VB
a/DT
higher/JJR
offer/NN
./.
The/DT
move/NN
leaves/VBZ
United/NNP
Illuminating/NNP
Co./NNP
and/CC
Northeast/NNP
Utilities/NNP
as/IN
the/DT
remaining/VBG
outside/JJ
bidders/NNS
for/IN
PS/NNP
of/IN
New/NNP
Hampshire/NNP
,/,
which/WDT
also/RB
has/VBZ
proposed/VBN
an/DT
internal/JJ
reorganization/NN
plan/NN
in/IN
Chapter/NN
11/CD
bankruptcy/NN
proceedings/NNS
under/IN
which/WDT
it/PRP
would/MD
remain/VB
an/DT
independent/JJ
company/NN
./.
New/NNP
England/NNP
Electric/NNP
,/,
based/VBN
in/IN
Westborough/NNP
,/,
Mass./NNP
,/,
had/VBD
offered/VBN
$/$
2/CD
billion/CD
to/TO
acquire/VB
PS/NNP
of/IN
New/NNP
Hampshire/NNP
,/,
well/RB
below/IN
the/DT
$/$
2.29/CD
billion/CD
value/NN
United/NNP
Illuminating/NNP
places/NNS
on/IN
its/PRP$
bid/NN
and/CC
the/DT
$/$
2.25/CD
billion/CD
Northeast/NNP
says/VBZ
its/PRP$
bid/NN
is/VBZ
worth/IN
./.
United/NNP
Illuminating/NNP
is/VBZ
based/VBN
in/IN
New/NNP
Haven/NNP
,/,
Conn./NNP
,/,
and/CC
Northeast/NNP
is/VBZ
based/VBN
in/IN
Hartford/NNP
,/,
Conn/NNP
./.
PS/NNP
of/IN
New/NNP
Hampshire/NNP
,/,
Manchester/NNP
,/,
N.H./NNP
,/,
values/VBZ
its/PRP$
internal/JJ
reorganization/NN
plan/NN
at/IN
about/IN
$/$
2.2/CD
billion/CD
./.
John/NNP
Rowe/NNP
,/,
president/NN
and/CC
chief/JJ
executive/JJ
officer/NN
of/IN
New/NNP
England/NNP
Electric/NNP
,/,
said/VBD
the/DT
company/NN
's/POS
return/NN
on/IN
equity/NN
could/MD
suffer/VB
if/IN
it/PRP
made/VBD
a/DT
higher/JJR
bid/NN
and/CC
its/PRP$
forecasts/NNS
related/VBN
to/TO
PS/NNP
of/IN
New/NNP
Hampshire/NNP
--/:
such/JJ
as/IN
growth/NN
in/IN
electricity/NN
demand/NN
and/CC
improved/VBN
operating/NN
efficiencies/NNS
--/:
did/VBD
n't/RB
come/VB
true/JJ
./.
``/``
When/WRB
we/PRP
evaluated/VBD
raising/VBG
our/PRP$
bid/NN
,/,
the/DT
risks/NNS
seemed/VBD
substantial/JJ
and/CC
persistent/JJ
over/IN
the/DT
next/JJ
five/CD
years/NNS
,/,
and/CC
the/DT
rewards/NNS
seemed/VBD
a/DT
long/JJ
way/NN
out/IN
./.
That/WDT
got/VBD
hard/RB
to/TO
take/VB
,/,
''/''
he/PRP
added/VBD
./.
Mr./NNP
Rowe/NNP
also/RB
noted/VBD
that/IN
political/JJ
concerns/NNS
also/RB
worried/VBN
New/NNP
England/NNP
Electric/NNP
./.
No/DT
matter/NN
who/WP
owns/VBZ
PS/NNP
of/IN
New/NNP
Hampshire/NNP
,/,
after/IN
it/PRP
emerges/VBZ
from/IN
bankruptcy/NN
proceedings/NNS
its/PRP$
rates/NNS
will/MD
be/VB
among/IN
the/DT
highest/JJS
in/IN
the/DT
nation/NN
,/,
he/PRP
said/VBD
./.
``/``
That/DT
attracts/VBZ
attention/NN
.../:
it/PRP
was/VBD
just/RB
another/DT
one/CD
of/IN
the/DT
risk/NN
factors/NNS
''/''
that/WDT
led/VBD
to/TO
the/DT
company/NN
's/POS
decision/NN
to/TO
withdraw/VB
from/IN
the/DT
bidding/NN
,/,
he/PRP
added/VBD
./.
Wilbur/NNP
Ross/NNP
Jr./NNP
of/IN
Rothschild/NNP
Inc./NNP
,/,
the/DT
financial/JJ
adviser/NN
to/TO
the/DT
troubled/JJ
company/NN
's/POS
equity/NN
holders/NNS
,/,
said/VBD
the/DT
withdrawal/NN
of/IN
New/NNP
England/NNP
Electric/NNP
might/MD
speed/VB
up/IN
the/DT
reorganization/NN
process/NN
./.
The/DT
fact/NN
that/IN
New/NNP
England/NNP
proposed/VBD
lower/JJR
rate/NN
increases/NNS
--/:
4.8/CD
%/NN
over/IN
seven/CD
years/NNS
against/IN
around/IN
5.5/CD
%/NN
boosts/NNS
proposed/VBN
by/IN
the/DT
other/JJ
two/CD
outside/JJ
bidders/NNS
--/:
complicated/IN
negotiations/NNS
with/IN
state/NN
officials/NNS
,/,
Mr./NNP
Ross/NNP
asserted/VBD
./.
``/``
Now/RB
the/DT
field/NN
is/VBZ
less/RBR
cluttered/VBN
,/,
''/''
he/PRP
added/VBD
./.
Separately/RB
,/,
the/DT
Federal/NNP
Energy/NNP
Regulatory/NNP
Commission/NNP
turned/VBD
down/IN
for/IN
now/RB
a/DT
request/NN
by/IN
Northeast/NNP
seeking/VBG
approval/NN
of/IN
its/PRP$
possible/JJ
purchase/NN
of/IN
PS/NNP
of/IN
New/NNP
Hampshire/NNP
./.
Northeast/NNP
said/VBD
it/PRP
would/MD
refile/VB
its/PRP$
request/NN
and/CC
still/RB
hopes/VBZ
for/IN
an/DT
expedited/VBN
review/NN
by/IN
the/DT
FERC/NNP
so/IN
that/IN
it/PRP
could/MD
complete/VB
the/DT
purchase/NN
by/IN
next/JJ
summer/NN
if/IN
its/PRP$
bid/NN
is/VBZ
the/DT
one/NN
approved/VBD
by/IN
the/DT
bankruptcy/NN
court/NN
./.
PS/NNP
of/IN
New/NNP
Hampshire/NNP
shares/NNS
closed/VBD
yesterday/NN
at/IN
$/$
3.75/CD
,/,
off/IN
25/CD
cents/NNS
,/,
in/IN
New/NNP
York/NNP
Stock/NNP
Exchange/NNP
composite/JJ
trading/NN
./.
Norman/NNP
Ricken/NNP
,/,
52/CD
years/NNS
old/JJ
and/CC
former/JJ
president/NN
and/CC
chief/NN
operating/VBG
officer/NN
of/IN
Toys/NNPS
``/``
R/NNP
''/''
Us/NNP
Inc./NNP
,/,
and/CC
Frederick/NNP
Deane/NNP
Jr./NNP
,/,
63/CD
,/,
chairman/NN
of/IN
Signet/NNP
Banking/NNP
Corp./NNP
,/,
were/VBD
elected/VBN
directors/NNS
of/IN
this/DT
consumer/NN
electronics/NNS
and/CC
appliances/NNS
retailing/NN
chain/NN
./.
They/PRP
succeed/VBP
Daniel/NNP
M./NNP
Rexinger/NNP
,/,
retired/VBN
Circuit/NNP
City/NNP
executive/JJ
vice/NN
president/NN
,/,
and/CC
Robert/NNP
R./NNP
Glauber/NNP
,/,
U.S./NNP
Treasury/NNP
undersecretary/NN
,/,
on/IN
the/DT
12-member/JJ
board/NN
./.
Commonwealth/NNP
Edison/NNP
Co./NNP
was/VBD
ordered/VBN
to/TO
refund/VB
about/IN
$/$
250/CD
million/CD
to/TO
its/PRP$
current/JJ
and/CC
former/JJ
ratepayers/NNS
for/IN
illegal/JJ
rates/NNS
collected/VBN
for/IN
cost/NN
overruns/NNS
on/IN
a/DT
nuclear/JJ
power/NN
plant/NN
./.
The/DT
refund/NN
was/VBD
about/IN
$/$
55/CD
million/CD
more/JJR
than/IN
previously/RB
ordered/VBN
by/IN
the/DT
Illinois/NNP
Commerce/NNP
Commission/NNP
and/CC
trade/NN
groups/NNS
said/VBD
it/PRP
may/MD
be/VB
the/DT
largest/JJS
ever/RB
required/VBN
of/IN
a/DT
state/NN
or/CC
local/JJ
utility/NN
./.
State/NN
court/NN
Judge/NNP
Richard/NNP
Curry/NNP
ordered/VBD
Edison/NNP
to/TO
make/VB
average/JJ
refunds/NNS
of/IN
about/IN
$/$
45/CD
to/TO
$/$
50/CD
each/DT
to/TO
Edison/NNP
customers/NNS
who/WP
have/VBP
received/VBN
electric/JJ
service/NN
since/IN
April/NNP
1986/CD
,/,
including/VBG
about/IN
two/CD
million/CD
customers/NNS
who/WP
have/VBP
moved/VBN
during/IN
that/DT
period/NN
./.
Judge/NNP
Curry/NNP
ordered/VBD
the/DT
refunds/NNS
to/TO
begin/VB
Feb./NNP
1/CD
and/CC
said/VBD
that/IN
he/PRP
would/MD
n't/RB
entertain/VB
any/DT
appeals/NNS
or/CC
other/JJ
attempts/NNS
to/TO
block/VB
his/PRP$
order/NN
by/IN
Commonwealth/NNP
Edison/NNP
./.
``/``
The/DT
refund/NN
pool/NN
.../:
may/MD
not/RB
be/VB
held/VBN
hostage/NN
through/IN
another/DT
round/NN
of/IN
appeals/NNS
,/,
''/''
Judge/NNP
Curry/NNP
said/VBD
./.
Commonwealth/NNP
Edison/NNP
said/VBD
it/PRP
is/VBZ
already/RB
appealing/VBG
the/DT
underlying/VBG
commission/NN
order/NN
and/CC
is/VBZ
considering/VBG
appealing/VBG
Judge/NNP
Curry/NNP
's/POS
order/NN
./.
The/DT
exact/JJ
amount/NN
of/IN
the/DT
refund/NN
will/MD
be/VB
determined/VBN
next/JJ
year/NN
based/VBN
on/IN
actual/JJ
collections/NNS
made/VBN
until/IN
Dec./NNP
31/CD
of/IN
this/DT
year/NN
./.
Commonwealth/NNP
Edison/NNP
said/VBD
the/DT
ruling/NN
could/MD
force/VB
it/PRP
to/TO
slash/VB
its/PRP$
1989/CD
earnings/NNS
by/IN
$/$
1.55/CD
a/DT
share/NN
./.
For/IN
1988/CD
,/,
Commonwealth/NNP
Edison/NNP
reported/VBD
earnings/NNS
of/IN
$/$
737.5/CD
million/CD
,/,
or/CC
$/$
3.01/CD
a/DT
share/NN
./.
A/DT
Commonwealth/NNP
Edison/NNP
spokesman/NN
said/VBD
that/IN
tracking/VBG
down/RP
the/DT
two/CD
million/CD
customers/NNS
whose/WP$
addresses/NNS
have/VBP
changed/VBN
during/IN
the/DT
past/JJ
3/CD
1\/2/CD
years/NNS
would/MD
be/VB
``/``
an/DT
administrative/JJ
nightmare/NN
./.
''/''
In/IN
New/NNP
York/NNP
Stock/NNP
Exchange/NNP
composite/JJ
trading/NN
yesterday/NN
,/,
Commonwealth/NNP
Edison/NNP
closed/VBD
at/IN
$/$
38.375/CD
,/,
down/RB
12.5/CD
cents/NNS
./.
The/DT
$/$
2.5/CD
billion/CD
Byron/NNP
1/CD
plant/NN
near/IN
Rockford/NNP
,/,
Ill./NNP
,/,
was/VBD
completed/VBN
in/IN
1985/CD
./.
In/IN
a/DT
disputed/VBN
1985/CD
ruling/NN
,/,
the/DT
Commerce/NNP
Commission/NNP
said/VBD
Commonwealth/NNP
Edison/NNP
could/MD
raise/VB
its/PRP$
electricity/NN
rates/NNS
by/IN
$/$
49/CD
million/CD
to/TO
pay/VB
for/IN
the/DT
plant/NN
./.
But/CC
state/NN
courts/NNS
upheld/VBD
a/DT
challenge/NN
by/IN
consumer/NN
groups/NNS
to/TO
the/DT
commission/NN
's/POS
rate/NN
increase/NN
and/CC
found/VBD
the/DT
rates/NNS
illegal/JJ
./.
The/DT
Illinois/NNP
Supreme/NNP
Court/NNP
ordered/VBD
the/DT
commission/NN
to/TO
audit/VB
Commonwealth/NNP
Edison/NNP
's/POS
construction/NN
expenses/NNS
and/CC
refund/VB
any/DT
unreasonable/JJ
expenses/NNS
./.
The/DT
utility/NN
has/VBZ
been/VBN
collecting/VBG
for/IN
the/DT
plant/NN
's/POS
construction/NN
cost/NN
from/IN
its/PRP$
3.1/CD
million/CD
customers/NNS
subject/JJ
to/TO
a/DT
refund/NN
since/IN
1986/CD
./.
In/IN
August/NNP
,/,
the/DT
commission/NN
ruled/VBD
that/IN
between/IN
$/$
190/CD
million/CD
and/CC
$/$
195/CD
million/CD
of/IN
the/DT
plant/NN
's/POS
construction/NN
cost/NN
was/VBD
unreasonable/JJ
and/CC
should/MD
be/VB
refunded/VBN
,/,
plus/CC
interest/NN
./.
In/IN
his/PRP$
ruling/NN
,/,
Judge/NNP
Curry/NNP
added/VBD
an/DT
additional/JJ
$/$
55/CD
million/CD
to/TO
the/DT
commission/NN
's/POS
calculations/NNS
./.
Last/JJ
month/NN
,/,
Judge/NNP
Curry/NNP
set/VBD
the/DT
interest/NN
rate/NN
on/IN
the/DT
refund/NN
at/IN
9/CD
%/NN
./.
Commonwealth/NNP
Edison/NNP
now/RB
faces/VBZ
an/DT
additional/JJ
court-ordered/JJ
refund/NN
on/IN
its/PRP$
summer\/winter/JJ
rate/NN
differential/JJ
collections/NNS
that/IN
the/DT
Illinois/NNP
Appellate/NNP
Court/NNP
has/VBZ
estimated/VBN
at/IN
$/$
140/CD
million/CD
./.
And/CC
consumer/NN
groups/NNS
hope/VBP
that/IN
Judge/NNP
Curry/NNP
's/POS
Byron/NNP
1/CD
order/NN
may/MD
set/VB
a/DT
precedent/NN
for/IN
a/DT
second/JJ
nuclear/JJ
rate/NN
case/NN
involving/VBG
Commonwealth/NNP
Edison/NNP
's/POS
Braidwood/NNP
2/CD
plant/NN
./.
Commonwealth/NNP
Edison/NNP
is/VBZ
seeking/VBG
about/IN
$/$
245/CD
million/CD
in/IN
rate/NN
increases/NNS
to/TO
pay/VB
for/IN
Braidwood/NNP
2/CD
./.
The/DT
commission/NN
is/VBZ
expected/VBN
to/TO
rule/VB
on/IN
the/DT
Braidwood/NNP
2/CD
case/NN
by/IN
year/NN
end/NN
./.
Last/JJ
year/NN
Commonwealth/NNP
Edison/NNP
had/VBD
to/TO
refund/VB
$/$
72.7/CD
million/CD
for/IN
poor/JJ
performance/NN
of/IN
its/PRP$
LaSalle/NNP
I/NNP
nuclear/JJ
plant/NN
./.
Japan/NNP
's/POS
domestic/JJ
sales/NNS
of/IN
cars/NNS
,/,
trucks/NNS
and/CC
buses/NNS
in/IN
October/NNP
rose/VBD
18/CD
%/NN
from/IN
a/DT
year/NN
earlier/JJR
to/TO
500,004/CD
units/NNS
,/,
a/DT
record/NN
for/IN
the/DT
month/NN
,/,
the/DT
Japan/NNP
Automobile/NNP
Dealers/NNPS
'/POS
Association/NNP
said/VBD
./.
The/DT
strong/JJ
growth/NN
followed/VBD
year-to-year/JJ
increases/NNS
of/IN
21/CD
%/NN
in/IN
August/NNP
and/CC
12/CD
%/NN
in/IN
September/NNP
./.
The/DT
monthly/JJ
sales/NNS
have/VBP
been/VBN
setting/VBG
records/NNS
every/DT
month/NN
since/IN
March/NNP
./.
October/NNP
sales/NNS
,/,
compared/VBN
with/IN
the/DT
previous/JJ
month/NN
,/,
inched/VBD
down/RB
0.4/CD
%/NN
./.
Sales/NNS
of/IN
passenger/NN
cars/NNS
grew/VBD
22/CD
%/NN
from/IN
a/DT
year/NN
earlier/JJR
to/TO
361,376/CD
units/NNS
./.
Sales/NNS
of/IN
medium-sized/JJ
cars/NNS
,/,
which/WDT
benefited/VBD
from/IN
price/NN
reductions/NNS
arising/VBG
from/IN
introduction/NN
of/IN
the/DT
consumption/NN
tax/NN
,/,
more/RBR
than/IN
doubled/VBD
to/TO
30,841/CD
units/NNS
from/IN
13,056/CD
in/IN
October/NNP
1988/CD
./.
Texas/NNP
Instruments/NNPS
Japan/NNP
Ltd./NNP
,/,
a/DT
unit/NN
of/IN
Texas/NNP
Instruments/NNPS
Inc./NNP
,/,
said/VBD
it/PRP
opened/VBD
a/DT
plant/NN
in/IN
South/NNP
Korea/NNP
to/TO
manufacture/VB
control/NN
devices/NNS
./.
The/DT
new/JJ
plant/NN
,/,
located/VBN
in/IN
Chinchon/NNP
about/IN
60/CD
miles/NNS
from/IN
Seoul/NNP
,/,
will/MD
help/VB
meet/VB
increasing/VBG
and/CC
diversifying/VBG
demand/NN
for/IN
control/NN
products/NNS
in/IN
South/NNP
Korea/NNP
,/,
the/DT
company/NN
said/VBD
./.
The/DT
plant/NN
will/MD
produce/VB
control/NN
devices/NNS
used/VBN
in/IN
motor/NN
vehicles/NNS
and/CC
household/NN
appliances/NNS
./.
The/DT
survival/NN
of/IN
spinoff/NN
Cray/NNP
Computer/NNP
Corp./NNP
as/IN
a/DT
fledgling/NN
in/IN
the/DT
supercomputer/NN
business/NN
appears/VBZ
to/TO
depend/VB
heavily/RB
on/IN
the/DT
creativity/NN
--/:
and/CC
longevity/NN
--/:
of/IN
its/PRP$
chairman/NN
and/CC
chief/NN
designer/NN
,/,
Seymour/NNP
Cray/NNP
./.
Not/RB
only/RB
is/VBZ
development/NN
of/IN
the/DT
new/JJ
company/NN
's/POS
initial/JJ
machine/NN
tied/VBD
directly/RB
to/TO
Mr./NNP
Cray/NNP
,/,
so/RB
is/VBZ
its/PRP$
balance/NN
sheet/NN
./.
Documents/NNS
filed/VBN
with/IN
the/DT
Securities/NNPS
and/CC
Exchange/NNP
Commission/NNP
on/IN
the/DT
pending/VBG
spinoff/NN
disclosed/VBD
that/IN
Cray/NNP
Research/NNP
Inc./NNP
will/MD
withdraw/VB
the/DT
almost/RB
$/$
100/CD
million/CD
in/IN
financing/NN
it/PRP
is/VBZ
providing/VBG
the/DT
new/JJ
firm/NN
if/IN
Mr./NNP
Cray/NNP
leaves/VBZ
or/CC
if/IN
the/DT
product-design/JJ
project/NN
he/PRP
heads/VBZ
is/VBZ
scrapped/VBN
./.
The/DT
documents/NNS
also/RB
said/VBD
that/IN
although/IN
the/DT
64-year-old/JJ
Mr./NNP
Cray/NNP
has/VBZ
been/VBN
working/VBG
on/IN
the/DT
project/NN
for/IN
more/RBR
than/IN
six/CD
years/NNS
,/,
the/DT
Cray-3/NNP
machine/NN
is/VBZ
at/IN
least/JJS
another/DT
year/NN
away/RB
from/IN
a/DT
fully/RB
operational/JJ
prototype/NN
./.
Moreover/JJR
,/,
there/EX
have/VBP
been/VBN
no/DT
orders/NNS
for/IN
the/DT
Cray-3/NNP
so/RB
far/RB
,/,
though/IN
the/DT
company/NN
says/VBZ
it/PRP
is/VBZ
talking/VBG
with/IN
several/JJ
prospects/NNS
./.
While/IN
many/JJ
of/IN
the/DT
risks/NNS
were/VBD
anticipated/VBN
when/WRB
Minneapolis-based/JJ
Cray/NNP
Research/NNP
first/RB
announced/VBD
the/DT
spinoff/NN
in/IN
May/NNP
,/,
the/DT
strings/NNS
it/PRP
attached/VBD
to/TO
the/DT
financing/NN
had/VBD
n't/RB
been/VBN
made/VBN
public/JJ
until/IN
yesterday/NN
./.
``/``
We/PRP
did/VBD
n't/RB
have/VB
much/RB
of/IN
a/DT
choice/NN
,/,
''/''
Cray/NNP
Computer/NNP
's/POS
chief/NN
financial/JJ
officer/NN
,/,
Gregory/NNP
Barnum/NNP
,/,
said/VBD
in/IN
an/DT
interview/NN
./.
``/``
The/DT
theory/NN
is/VBZ
that/IN
Seymour/NNP
is/VBZ
the/DT
chief/JJ
designer/NN
of/IN
the/DT
Cray-3/NNP
,/,
and/CC
without/IN
him/PRP
it/PRP
could/MD
not/RB
be/VB
completed/VBN
./.
Cray/NNP
Research/NNP
did/VBD
not/RB
want/VB
to/TO
fund/VB
a/DT
project/NN
that/WDT
did/VBD
not/RB
include/VB
Seymour/NNP
./.
''/''
The/DT
documents/NNS
also/RB
said/VBD
that/IN
Cray/NNP
Computer/NNP
anticipates/VBZ
needing/VBG
perhaps/RB
another/DT
$/$
120/CD
million/CD
in/IN
financing/NN
beginning/VBG
next/JJ
September/NNP
./.
But/CC
Mr./NNP
Barnum/NNP
called/VBD
that/IN
``/``
a/DT
worst-case/JJ
''/''
scenario/NN
./.
The/DT
filing/NN
on/IN
the/DT
details/NNS
of/IN
the/DT
spinoff/NN
caused/VBD
Cray/NNP
Research/NNP
stock/NN
to/TO
jump/VB
$/$
2.875/CD
yesterday/NN
to/TO
close/VB
at/IN
$/$
38/CD
in/IN
New/NNP
York/NNP
Stock/NNP
Exchange/NNP
composite/JJ
trading/NN
./.
Analysts/NNS
noted/VBD
yesterday/NN
that/IN
Cray/NNP
Research/NNP
's/POS
decision/NN
to/TO
link/VB
its/PRP$
$/$
98.3/CD
million/CD
promissory/JJ
note/NN
to/TO
Mr./NNP
Cray/NNP
's/POS
presence/NN
will/MD
complicate/VB
a/DT
valuation/NN
of/IN
the/DT
new/JJ
company/NN
./.
``/``
It/PRP
has/VBZ
to/TO
be/VB
considered/VBN
as/IN
an/DT
additional/JJ
risk/NN
for/IN
the/DT
investor/NN
,/,
''/''
said/VBD
Gary/NNP
P./NNP
Smaby/NNP
of/IN
Smaby/NNP
Group/NNP
Inc./NNP
,/,
Minneapolis/NNP
./.
``/``
Cray/NNP
Computer/NNP
will/MD
be/VB
a/DT
concept/NN
stock/NN
,/,
''/''
he/PRP
said/VBD
./.
``/``
You/PRP
either/RB
believe/VBP
Seymour/NNP
can/MD
do/VB
it/PRP
again/RB
or/CC
you/PRP
do/VBP
n't/RB
./.
''/''
Besides/IN
the/DT
designer/NN
's/POS
age/NN
,/,
other/JJ
risk/NN
factors/NNS
for/IN
Mr./NNP
Cray/NNP
's/POS
new/JJ
company/NN
include/VBP
the/DT
Cray-3/NNP
's/POS
tricky/JJ
,/,
unproven/JJ
chip/NN
technology/NN
./.
The/DT
SEC/NNP
documents/NNS
describe/VBP
those/DT
chips/NNS
,/,
which/WDT
are/VBP
made/VBN
of/IN
gallium/NN
arsenide/NN
,/,
as/IN
being/VBG
so/RB
fragile/JJ
and/CC
minute/JJ
they/PRP
will/MD
require/VB
special/JJ
robotic/JJ
handling/NN
equipment/NN
./.
In/IN
addition/NN
,/,
the/DT
Cray-3/NNP
will/MD
contain/VB
16/CD
processors/NNS
--/:
twice/RB
as/RB
many/JJ
as/IN
the/DT
largest/JJS
current/JJ
supercomputer/NN
./.
Cray/NNP
Computer/NNP
also/RB
will/MD
face/VB
intense/JJ
competition/NN
,/,
not/RB
only/RB
from/IN
Cray/NNP
Research/NNP
,/,
which/WDT
has/VBZ
about/RB
60/CD
%/NN
of/IN
the/DT
world-wide/JJ
supercomputer/NN
market/NN
and/CC
which/WDT
is/VBZ
expected/VBN
to/TO
roll/VB
out/RP
the/DT
C-90/NN
machine/NN
,/,
a/DT
direct/JJ
competitor/NN
with/IN
the/DT
Cray-3/NNP
,/,
in/IN
1991/CD
./.
The/DT
spinoff/NN
also/RB
will/MD
compete/VB
with/IN
International/NNP
Business/NNP
Machines/NNPS
Corp./NNP
and/CC
Japan/NNP
's/POS
Big/JJ
Three/CD
--/:
Hitachi/NNP
Ltd./NNP
,/,
NEC/NNP
Corp./NNP
and/CC
Fujitsu/NNP
Ltd/NNP
./.
The/DT
new/JJ
company/NN
said/VBD
it/PRP
believes/VBZ
there/EX
are/VBP
fewer/JJR
than/IN
100/CD
potential/JJ
customers/NNS
for/IN
supercomputers/NNS
priced/VBN
between/IN
$/$
15/CD
million/CD
and/CC
$/$
30/CD
million/CD
--/:
presumably/RB
the/DT
Cray-3/NNP
price/NN
range/NN
./.
Under/IN
terms/NNS
of/IN
the/DT
spinoff/NN
,/,
Cray/NNP
Research/NNP
stockholders/NNS
are/VBP
to/TO
receive/VB
one/CD
Cray/NNP
Computer/NNP
share/NN
for/IN
every/DT
two/CD
Cray/NNP
Research/NNP
shares/NNS
they/PRP
own/VBP
in/IN
a/DT
distribution/NN
expected/VBN
to/TO
occur/VB
in/IN
about/IN
two/CD
weeks/NNS
./.
No/DT
price/NN
for/IN
the/DT
new/JJ
shares/NNS
has/VBZ
been/VBN
set/VBN
./.
Instead/RB
,/,
the/DT
companies/NNS
will/MD
leave/VB
it/PRP
up/IN
to/TO
the/DT
marketplace/NN
to/TO
decide/VB
./.
Cray/NNP
Computer/NNP
has/VBZ
applied/VBN
to/TO
trade/VB
on/IN
Nasdaq/NNP
./.
Analysts/NNS
calculate/VBP
Cray/NNP
Computer/NNP
's/POS
initial/JJ
book/NN
value/NN
at/IN
about/IN
$/$
4.75/CD
a/DT
share/NN
./.
Along/IN
with/IN
the/DT
note/NN
,/,
Cray/NNP
Research/NNP
is/VBZ
transferring/VBG
about/IN
$/$
53/CD
million/CD
in/IN
assets/NNS
,/,
primarily/RB
those/DT
related/VBN
to/TO
the/DT
Cray-3/CD
development/NN
,/,
which/WDT
has/VBZ
been/VBN
a/DT
drain/NN
on/IN
Cray/NNP
Research/NNP
's/POS
earnings/NNS
./.
Pro-forma/JJ
balance/NN
sheets/NNS
clearly/RB
show/VBP
why/WRB
Cray/NNP
Research/NNP
favored/VBD
the/DT
spinoff/NN
./.
Without/IN
the/DT
Cray-3/NNP
research/NN
and/CC
development/NN
expenses/NNS
,/,
the/DT
company/NN
would/MD
have/VB
been/VBN
able/JJ
to/TO
report/VB
a/DT
profit/NN
of/IN
$/$
19.3/CD
million/CD
for/IN
the/DT
first/JJ
half/DT
of/IN
1989/CD
rather/RB
than/IN
the/DT
$/$
5.9/CD
million/CD
it/PRP
posted/VBD
./.
On/IN
the/DT
other/JJ
hand/NN
,/,
had/VBD
it/PRP
existed/VBN
then/RB
,/,
Cray/NNP
Computer/NNP
would/MD
have/VB
incurred/VBN
a/DT
$/$
20.5/CD
million/CD
loss/NN
./.
Mr./NNP
Cray/NNP
,/,
who/WP
could/MD
n't/RB
be/VB
reached/VBN
for/IN
comment/NN
,/,
will/MD
work/VB
for/IN
the/DT
new/JJ
Colorado/NNP
Springs/NNPS
,/,
Colo./NNP
,/,
company/NN
as/IN
an/DT
independent/JJ
contractor/NN
--/:
the/DT
arrangement/NN
he/PRP
had/VBD
with/IN
Cray/NNP
Research/NNP
./.
Regarded/VBN
as/IN
the/DT
father/NN
of/IN
the/DT
supercomputer/NN
,/,
Mr./NNP
Cray/NNP
was/VBD
paid/VBN
$/$
600,000/CD
at/IN
Cray/NNP
Research/NNP
last/JJ
year/NN
./.
At/IN
Cray/NNP
Computer/NNP
,/,
he/PRP
will/MD
be/VB
paid/VBN
$/$
240,000/CD
./.
Besides/IN
Messrs./NNP
Cray/NNP
and/CC
Barnum/NNP
,/,
other/JJ
senior/JJ
management/NN
at/IN
the/DT
company/NN
includes/VBZ
Neil/NNP
Davenport/NNP
,/,
47/CD
,/,
president/NN
and/CC
chief/NN
executive/NN
officer/NN
;/:
Joseph/NNP
M./NNP
Blanchard/NNP
,/,
37/CD
,/,
vice/NN
president/NN
,/,
engineering/NN
;/:
Malcolm/NNP
A./NN
Hammerton/NNP
,/,
40/CD
,/,
vice/NN
president/NN
,/,
software/NN
;/:
and/CC
Douglas/NNP
R./NNP
Wheeland/NNP
,/,
45/CD
,/,
vice/NN
president/NN
,/,
hardware/NN
./.
All/DT
came/VBD
from/IN
Cray/NNP
Research/NNP
./.
Cray/NNP
Computer/NNP
,/,
which/WDT
currently/RB
employs/VBZ
241/CD
people/NNS
,/,
said/VBD
it/PRP
expects/VBZ
a/DT
work/NN
force/NN
of/IN
450/CD
by/IN
the/DT
end/NN
of/IN
1990/CD
./.
John/NNP
R./NNP
Stevens/NNP
,/,
49/CD
years/NNS
old/JJ
,/,
was/VBD
named/VBN
senior/JJ
executive/NN
vice/NN
president/NN
and/CC
chief/NN
operating/VBG
officer/NN
,/,
both/DT
new/JJ
positions/NNS
./.
He/PRP
will/MD
continue/VB
to/TO
report/VB
to/TO
Donald/NNP
Pardus/NNP
,/,
president/NN
and/CC
chief/NN
executive/NN
officer/NN
./.
Mr./NNP
Stevens/NNP
was/VBD
executive/NN
vice/NN
president/NN
of/IN
this/DT
electric-utility/NN
holding/NN
company/NN
./.
Arthur/NNP
A./NNP
Hatch/NNP
,/,
59/CD
,/,
was/VBD
named/VBN
executive/NN
vice/NN
president/NN
of/IN
the/DT
company/NN
./.
He/PRP
was/VBD
previously/RB
president/NN
of/IN
the/DT
company/NN
's/POS
Eastern/NNP
Edison/NNP
Co./NNP
unit/NN
./.
John/NNP
D./NNP
Carney/NNP
,/,
45/CD
,/,
was/VBD
named/VBN
to/TO
succeed/VB
Mr./NNP
Hatch/NNP
as/IN
president/NN
of/IN
Eastern/NNP
Edison/NNP
./.
Previously/RB
he/PRP
was/VBD
vice/RB
president/NN
of/IN
Eastern/NNP
Edison/NNP
./.
Robert/NNP
P./NNP
Tassinari/NNP
,/,
63/CD
,/,
was/VBD
named/VBN
senior/JJ
vice/NN
president/NN
of/IN
Eastern/NNP
Utilities/NNPS
./.
He/PRP
was/VBD
previously/RB
vice/NN
president/NN
./.
The/DT
U.S./NNP
,/,
claiming/VBG
some/DT
success/NN
in/IN
its/PRP$
trade/NN
diplomacy/NN
,/,
removed/VBD
South/NNP
Korea/NNP
,/,
Taiwan/NNP
and/CC
Saudi/NNP
Arabia/NNP
from/IN
a/DT
list/NN
of/IN
countries/NNS
it/PRP
is/VBZ
closely/RB
watching/VBG
for/IN
allegedly/RB
failing/VBG
to/TO
honor/VB
U.S./NNP
patents/NNS
,/,
copyrights/NNS
and/CC
other/JJ
intellectual-property/JJ
rights/NNS
./.
However/RB
,/,
five/CD
other/JJ
countries/NNS
--/:
China/NNP
,/,
Thailand/NNP
,/,
India/NNP
,/,
Brazil/NNP
and/CC
Mexico/NNP
--/:
will/MD
remain/VB
on/IN
that/DT
so-called/JJ
priority/NN
watch/NN
list/NN
as/IN
a/DT
result/NN
of/IN
an/DT
interim/JJ
review/NN
,/,
U.S./NNP
Trade/NNP
Representative/NNP
Carla/NNP
Hills/NNP
announced/VBD
./.
Under/IN
the/DT
new/JJ
U.S./NNP
trade/NN
law/NN
,/,
those/DT
countries/NNS
could/MD
face/VB
accelerated/JJ
unfair-trade/JJ
investigations/NNS
and/CC
stiff/JJ
trade/NN
sanctions/NNS
if/IN
they/PRP
do/VBP
n't/RB
improve/VB
their/PRP$
protection/NN
of/IN
intellectual/JJ
property/NN
by/IN
next/JJ
spring/NN
./.
Mrs./NNP
Hills/NNP
said/VBD
many/JJ
of/IN
the/DT
25/CD
countries/NNS
that/IN
she/PRP
placed/VBD
under/IN
varying/VBG
degrees/NNS
of/IN
scrutiny/NN
have/VBP
made/VBN
``/``
genuine/JJ
progress/NN
''/''
on/IN
this/DT
touchy/JJ
issue/NN
./.
She/PRP
said/VBD
there/EX
is/VBZ
``/``
growing/VBG
realization/NN
''/''
around/IN
the/DT
world/NN
that/DT
denial/NN
of/IN
intellectual-property/JJ
rights/NNS
harms/VBZ
all/DT
trading/VBG
nations/NNS
,/,
and/CC
particularly/RB
the/DT
``/``
creativity/NN
and/CC
inventiveness/NN
of/IN
an/DT
country/NN
's/POS
own/JJ
citizens/NNS
./.
''/''
U.S./NNP
trade/NN
negotiators/NNS
argue/VBP
that/IN
countries/NNS
with/IN
inadequate/JJ
protections/NNS
for/IN
intellectual-property/JJ
rights/NNS
could/MD
be/VB
hurting/VBG
themselves/PRP
by/IN
discouraging/VBG
their/PRP$
own/JJ
scientists/NNS
and/CC
authors/NNS
and/CC
by/IN
deterring/VBG
U.S./NNP
high-technology/NN
firms/NNS
from/IN
investing/VBG
or/CC
marketing/VBG
their/PRP$
best/JJS
products/NNS
there/RB
./.
Mrs./NNP
Hills/NNP
lauded/VBD
South/NNP
Korea/NNP
for/IN
creating/VBG
an/DT
intellectual-property/JJ
task/NN
force/NN
and/CC
special/JJ
enforcement/NN
teams/NNS
of/IN
police/NN
officers/NNS
and/CC
prosecutors/NNS
trained/VBN
to/TO
pursue/VB
movie/NN
and/CC
book/NN
pirates/NNS
./.
Seoul/NNP
also/RB
has/VBZ
instituted/VBN
effective/JJ
search-and-seizure/JJ
procedures/NNS
to/TO
aid/VB
these/DT
teams/NNS
,/,
she/PRP
said/VBD
./.
Taiwan/NNP
has/VBZ
improved/VBN
its/PRP$
standing/NN
with/IN
the/DT
U.S./NNP
by/IN
initialing/VBG
a/DT
bilateral/JJ
copyright/NN
agreement/NN
,/,
amending/VBG
its/PRP$
trademark/NN
law/NN
and/CC
introducing/VBG
legislation/NN
to/TO
protect/VB
foreign/JJ
movie/NN
producers/NNS
from/IN
unauthorized/JJ
showings/NNS
of/IN
their/PRP$
films/NNS
./.
That/DT
measure/NN
could/MD
compel/VB
Taipei/NNP
's/POS
growing/VBG
number/NN
of/IN
small/JJ
video-viewing/JJ
parlors/NNS
to/TO
pay/VB
movie/NN
producers/NNS
for/IN
showing/VBG
their/PRP$
films/NNS
./.
Saudi/NNP
Arabia/NNP
,/,
for/IN
its/PRP$
part/NN
,/,
has/VBZ
vowed/VBN
to/TO
enact/VB
a/DT
copyright/NN
law/NN
compatible/JJ
with/IN
international/JJ
standards/NNS
and/CC
to/TO
apply/VB
the/DT
law/NN
to/TO
computer/NN
software/NN
as/RB
well/RB
as/IN
to/TO
literary/JJ
works/NNS
,/,
Mrs./NNP
Hills/NNP
said/VBD
./.
These/DT
three/CD
countries/NNS
are/VBP
n't/RB
completely/RB
off/IN
the/DT
hook/NN
,/,
though/RB
./.
They/PRP
will/MD
remain/VB
on/IN
a/DT
lower-priority/JJ
list/NN
that/WDT
includes/VBZ
17/CD
other/JJ
countries/NNS
./.
Those/DT
countries/NNS
--/:
including/IN
Japan/NNP
,/,
Italy/NNP
,/,
Canada/NNP
,/,
Greece/NNP
and/CC
Spain/NNP
--/:
are/VBP
still/RB
of/IN
some/DT
concern/NN
to/TO
the/DT
U.S./NNP
but/CC
are/VBP
deemed/VBN
to/TO
pose/VB
less-serious/JJ
problems/NNS
for/IN
American/JJ
patent/NN
and/CC
copyright/NN
owners/NNS
than/IN
those/DT
on/IN
the/DT
``/``
priority/NN
''/''
list/NN
./.
Gary/NNP
Hoffman/NNP
,/,
a/DT
Washington/NNP
lawyer/NN
specializing/VBG
in/IN
intellectual-property/JJ
cases/NNS
,/,
said/VBD
the/DT
threat/NN
of/IN
U.S./NNP
retaliation/NN
,/,
combined/VBN
with/IN
a/DT
growing/VBG
recognition/NN
that/IN
protecting/VBG
intellectual/JJ
property/NN
is/VBZ
in/IN
a/DT
country/NN
's/POS
own/JJ
interest/NN
,/,
prompted/VBD
the/DT
improvements/NNS
made/VBN
by/IN
South/NNP
Korea/NNP
,/,
Taiwan/NNP
and/CC
Saudi/NNP
Arabia/NNP
./.
``/``
What/WP
this/DT
tells/VBZ
us/PRP
is/VBZ
that/DT
U.S./NNP
trade/NN
law/NN
is/VBZ
working/VBG
,/,
''/''
he/PRP
said/VBD
./.
He/PRP
said/VBD
Mexico/NNP
could/MD
be/VB
one/CD
of/IN
the/DT
next/JJ
countries/NNS
to/TO
be/VB
removed/VBN
from/IN
the/DT
priority/NN
list/NN
because/IN
of/IN
its/PRP$
efforts/NNS
to/TO
craft/VB
a/DT
new/JJ
patent/NN
law/NN
./.
Mrs./NNP
Hills/NNP
said/VBD
that/IN
the/DT
U.S./NNP
is/VBZ
still/RB
concerned/VBN
about/IN
``/``
disturbing/JJ
developments/NNS
in/IN
Turkey/NNP
and/CC
continuing/VBG
slow/JJ
progress/NN
in/IN
Malaysia/NNP
./.
''/''
She/PRP
did/VBD
n't/RB
elaborate/JJ
,/,
although/IN
earlier/JJR
U.S./NNP
trade/NN
reports/NNS
have/VBP
complained/VBN
of/IN
videocassette/NN
piracy/NN
in/IN
Malaysia/NNP
and/CC
disregard/NN
for/IN
U.S./NNP
pharmaceutical/JJ
patents/NNS
in/IN
Turkey/NNP
./.
The/DT
1988/CD
trade/NN
act/NN
requires/VBZ
Mrs./NNP
Hills/NNP
to/TO
issue/VB
another/DT
review/NN
of/IN
the/DT
performance/NN
of/IN
these/DT
countries/NNS
by/IN
April/NNP
30/CD
./.
So/IN
far/RB
,/,
Mrs./NNP
Hills/NNP
has/VBZ
n't/RB
deemed/VBD
any/DT
cases/NNS
bad/JJ
enough/RB
to/TO
merit/VB
an/DT
accelerated/VBN
investigation/NN
under/IN
the/DT
so-called/JJ
special/JJ
301/CD
provision/NN
of/IN
the/DT
act/NN
./.
Argentina/NNP
said/VBD
it/PRP
will/MD
ask/VB
creditor/NN
banks/NNS
to/TO
halve/VB
its/PRP$
foreign/JJ
debt/NN
of/IN
$/$
64/CD
billion/CD
--/:
the/DT
third-highest/JJS
in/IN
the/DT
developing/VBG
world/NN
./.
The/DT
declaration/NN
by/IN
Economy/NNP
Minister/NNP
Nestor/NNP
Rapanelli/NNP
is/VBZ
believed/VBN
to/TO
be/VB
the/DT
first/JJ
time/NN
such/JJ
an/DT
action/NN
has/VBZ
been/VBN
called/VBN
for/IN
by/IN
an/DT
Argentine/JJ
official/NN
of/IN
such/JJ
stature/NN
./.
The/DT
Latin/NNP
American/NNP
nation/NN
has/VBZ
paid/VBN
very/RB
little/RB
on/IN
its/PRP$
debt/NN
since/IN
early/JJ
last/JJ
year/NN
./.
``/``
Argentina/NNP
aspires/VBZ
to/TO
reach/VB
a/DT
reduction/NN
of/IN
50/CD
%/NN
in/IN
the/DT
value/NN
of/IN
its/PRP$
external/JJ
debt/NN
,/,
''/''
Mr./NNP
Rapanelli/NNP
said/VBD
through/IN
his/PRP$
spokesman/NN
,/,
Miguel/NNP
Alurralde/NNP
./.
Mr./NNP
Rapanelli/NNP
met/VBD
in/IN
August/NNP
with/IN
U.S./NNP
Assistant/NNP
Treasury/NNP
Secretary/NNP
David/NNP
Mulford/NNP
./.
Argentine/JJ
negotiator/NN
Carlos/NNP
Carballo/NNP
was/VBD
in/IN
Washington/NNP
and/CC
New/NNP
York/NNP
this/DT
week/NN
to/TO
meet/VB
with/IN
banks/NNS
./.
Mr./NNP
Rapanelli/NNP
recently/RB
has/VBZ
said/VBD
the/DT
government/NN
of/IN
President/NNP
Carlos/NNP
Menem/NNP
,/,
who/WP
took/VBD
office/NN
July/NNP
8/CD
,/,
feels/VBZ
a/DT
significant/JJ
reduction/NN
of/IN
principal/NN
and/CC
interest/NN
is/VBZ
the/DT
only/JJ
way/NN
the/DT
debt/NN
problem/NN
may/MD
be/VB
solved/VBN
./.
But/CC
he/PRP
has/VBZ
not/RB
said/VBD
before/IN
that/IN
the/DT
country/NN
wants/VBZ
half/PDT
the/DT
debt/NN
forgiven/VBN
./.
its/PRP$
centennial/NN
year/NN
,/,
The/NNP
Wall/NNP
Street/NNP
Journal/NNP
will/MD
report/VB
events/NNS
of/IN
the/DT
past/JJ
century/NN
that/WDT
stand/VBP
as/IN
milestones/NNS
of/IN
American/JJ
business/NN
history/NN
./.
THREE/CD
COMPUTERS/NNS
THAT/WDT
CHANGED/VBD
the/DT
face/NN
of/IN
personal/JJ
computing/NN
were/VBD
launched/VBN
in/IN
1977/CD
./.
That/DT
year/NN
the/DT
Apple/NNP
II/NNP
,/,
Commodore/NNP
Pet/NNP
and/CC
Tandy/NNP
TRS-80/NNP
came/VBD
to/TO
market/NN
./.
The/DT
computers/NNS
were/VBD
crude/JJ
by/IN
today/NN
's/POS
standards/NNS
./.
Apple/NNP
II/NNP
owners/NNS
,/,
for/IN
example/NN
,/,
had/VBD
to/TO
use/VB
their/PRP$
television/NN
sets/NNS
as/IN
screens/NNS
and/CC
stored/VBD
data/NNS
on/IN
audiocassettes/NNS
./.
But/CC
Apple/NNP
II/NNP
was/VBD
a/DT
major/JJ
advance/NN
from/IN
Apple/NNP
I/NNP
,/,
which/WDT
was/VBD
built/VBN
in/IN
a/DT
garage/NN
by/IN
Stephen/NNP
Wozniak/NNP
and/CC
Steven/NNP
Jobs/NNP
for/IN
hobbyists/NNS
such/JJ
as/IN
the/DT
Homebrew/NNP
Computer/NNP
Club/NNP
./.
In/IN
addition/NN
,/,
the/DT
Apple/NNP
II/NNP
was/VBD
an/DT
affordable/JJ
$/$
1,298/CD
./.
Crude/JJ
as/IN
they/PRP
were/VBD
,/,
these/DT
early/JJ
PCs/NNS
triggered/VBD
explosive/JJ
product/NN
development/NN
in/IN
desktop/NN
models/NNS
for/IN
the/DT
home/NN
and/CC
office/NN
./.
Big/JJ
mainframe/NN
computers/NNS
for/IN
business/NN
had/VBD
been/VBN
around/IN
for/IN
years/NNS
./.
But/CC
the/DT
new/JJ
1977/CD
PCs/NNS
--/:
unlike/JJ
earlier/JJR
built-from-kit/JJ
types/NNS
such/JJ
as/IN
the/DT
Altair/NNP
,/,
Sol/NNP
and/CC
IMSAI/NNP
--/:
had/VBD
keyboards/NNS
and/CC
could/MD
store/VB
about/IN
two/CD
pages/NNS
of/IN
data/NNS
in/IN
their/PRP$
memories/NNS
./.
Current/JJ
PCs/NNS
are/VBP
more/RBR
than/IN
50/CD
times/NNS
faster/JJR
and/CC
have/VBP
memory/NN
capacity/NN
500/CD
times/NNS
greater/JJR
than/IN
their/PRP$
1977/CD
counterparts/NNS
./.
There/EX
were/VBD
many/JJ
pioneer/NN
PC/NN
contributors/NNS
./.
William/NNP
Gates/NNP
and/CC
Paul/NNP
Allen/NNP
in/IN
1975/CD
developed/VBD
an/DT
early/JJ
language-housekeeper/JJ
system/NN
for/IN
PCs/NNS
,/,
and/CC
Gates/NNP
became/VBD
an/DT
industry/NN
billionaire/NN
six/CD
years/NNS
after/IN
IBM/NNP
adapted/VBD
one/CD
of/IN
these/DT
versions/NNS
in/IN
1981/CD
./.
Alan/NNP
F./NNP
Shugart/NNP
,/,
currently/RB
chairman/NN
of/IN
Seagate/NNP
Technology/NNP
,/,
led/VBD
the/DT
team/NN
that/WDT
developed/VBD
the/DT
disk/NN
drives/NNS
for/IN
PCs/NNS
./.
Dennis/NNP
Hayes/NNP
and/CC
Dale/NNP
Heatherington/NNP
,/,
two/CD
Atlanta/NNP
engineers/NNS
,/,
were/VBD
co-developers/NNS
of/IN
the/DT
internal/JJ
modems/NNS
that/WDT
allow/VBP
PCs/NNS
to/TO
share/VB
data/NNS
via/IN
the/DT
telephone/NN
./.
IBM/NNP
,/,
the/DT
world/NN
leader/NN
in/IN
computers/NNS
,/,
did/VBD
n't/RB
offer/VB
its/PRP$
first/JJ
PC/NN
until/IN
August/NNP
1981/CD
as/IN
many/JJ
other/JJ
companies/NNS
entered/VBD
the/DT
market/NN
./.
Today/NN
,/,
PC/NN
shipments/NNS
annually/RB
total/VBP
some/DT
$/$
38.3/CD
billion/CD
world-wide/JJ
./.
F.H./NNP
Faulding/NNP
&/CC
Co./NNP
,/,
an/DT
Australian/JJ
pharmaceuticals/NNS
company/NN
,/,
said/VBD
its/PRP$
Moleculon/NNP
Inc./NNP
affiliate/NN
acquired/VBD
Kalipharma/NNP
Inc./NNP
for/IN
$/$
23/CD
million/CD
./.
Kalipharma/NNP
is/VBZ
a/DT
New/JJ
Jersey-based/JJ
pharmaceuticals/NNS
concern/NN
that/WDT
sells/VBZ
products/NNS
under/IN
the/DT
Purepac/NNP
label/NN
./.
Faulding/NNP
said/VBD
it/PRP
owns/VBZ
33/CD
%/NN
of/IN
Moleculon/NNP
's/POS
voting/NN
stock/NN
and/CC
has/VBZ
an/DT
agreement/NN
to/TO
acquire/VB
an/DT
additional/JJ
19/CD
%/NN
./.
That/DT
stake/NN
,/,
together/RB
with/IN
its/PRP$
convertible/JJ
preferred/VBN
stock/NN
holdings/NNS
,/,
gives/VBZ
Faulding/NNP
the/DT
right/NN
to/TO
increase/VB
its/PRP$
interest/NN
to/TO
70/CD
%/NN
of/IN
Moleculon/NNP
's/POS
voting/NN
stock/NN
./.
Oil/NN
production/NN
from/IN
Australia/NNP
's/POS
Bass/NNP
Strait/NNP
fields/NNS
will/MD
be/VB
raised/VBN
by/IN
11,000/CD
barrels/NNS
a/DT
day/NN
to/TO
about/IN
321,000/CD
barrels/NNS
with/IN
the/DT
launch/NN
of/IN
the/DT
Whiting/NNP
field/NN
,/,
the/DT
first/JJ
of/IN
five/CD
small/JJ
fields/NNS
scheduled/VBN
to/TO
be/VB
brought/VBN
into/IN
production/NN
before/IN
the/DT
end/NN
of/IN
1990/CD
./.
Esso/NNP
Australia/NNP
Ltd./NNP
,/,
a/DT
unit/NN
of/IN
New/JJ
York-based/JJ
Exxon/NNP
Corp./NNP
,/,
and/CC
Broken/NNP
Hill/NNP
Pty./NNP
operate/VBP
the/DT
fields/NNS
in/IN
a/DT
joint/JJ
venture/NN
./.
Esso/NNP
said/VBD
the/DT
Whiting/NNP
field/NN
started/VBD
production/NN
Tuesday/NNP
./.
Output/NN
will/MD
be/VB
gradually/RB
increased/VBN
until/IN
it/PRP
reaches/VBZ
about/IN
11,000/CD
barrels/NNS
a/DT
day/NN
./.
The/DT
field/NN
has/VBZ
reserves/NNS
of/IN
21/CD
million/CD
barrels/NNS
./.
Reserves/NNS
for/IN
the/DT
five/CD
new/JJ
fields/NNS
total/VBP
50/CD
million/CD
barrels/NNS
./.
The/DT
Perch/NNP
and/CC
Dolphin/NNP
fields/NNS
are/VBP
expected/VBN
to/TO
start/VB
producing/VBG
early/JJ
next/JJ
year/NN
,/,
and/CC
the/DT
Seahorse/NNP
and/CC
Tarwhine/NNP
fields/NNS
later/JJ
next/JJ
year/NN
./.
Esso/NN
said/VBD
the/DT
fields/NNS
were/VBD
developed/VBN
after/IN
the/DT
Australian/JJ
government/NN
decided/VBD
in/IN
1987/CD
to/TO
make/VB
the/DT
first/JJ
30/CD
million/CD
barrels/NNS
from/IN
new/JJ
fields/NNS
free/JJ
of/IN
excise/JJ
tax/NN
./.
R.P./NNP
Scherer/NNP
Corp./NNP
said/VBD
it/PRP
completed/VBD
the/DT
$/$
10.2/CD
million/CD
sale/NN
of/IN
its/PRP$
Southern/NNP
Optical/NNP
subsidiary/NN
to/TO
a/DT
group/NN
led/VBD
by/IN
the/DT
unit/NN
's/POS
president/NN
,/,
Thomas/NNP
R./NNP
Sloan/NNP
,/,
and/CC
other/JJ
managers/NNS
./.
Following/VBG
the/DT
acquisition/NN
of/IN
R.P./NNP
Scherer/NNP
by/IN
a/DT
buy-out/JJ
group/NN
led/VBN
by/IN
Shearson/NNP
Lehman/NNP
Hutton/NNP
earlier/JJR
this/DT
year/NN
,/,
the/DT
maker/NN
of/IN
gelatin/NN
capsules/NNS
decided/VBD
to/TO
divest/VB
itself/PRP
of/IN
certain/JJ
of/IN
its/PRP$
non-encapsulating/JJ
businesses/NNS
./.
The/DT
sale/NN
of/IN
Southern/NNP
Optical/NNP
is/VBZ
a/DT
part/NN
of/IN
the/DT
program/NN
./.
The/DT
White/NNP
House/NNP
said/VBD
President/NNP
Bush/NNP
has/VBZ
approved/VBN
duty-free/JJ
treatment/NN
for/IN
imports/NNS
of/IN
certain/JJ
types/NNS
of/IN
watches/NNS
that/WDT
are/VBP
n't/RB
produced/VBN
in/IN
``/``
significant/JJ
quantities/NNS
''/''
in/IN
the/DT
U.S./NNP
,/,
the/DT
Virgin/NNP
Islands/NNPS
and/CC
other/JJ
U.S./NNP
possessions/NNS
./.
The/DT
action/NN
came/VBD
in/IN
response/NN
to/TO
a/DT
petition/NN
filed/VBN
by/IN
Timex/NNP
Inc./NNP
for/IN
changes/NNS
in/IN
the/DT
U.S./NNP
Generalized/NNP
System/NNP
of/IN
Preferences/NNPS
for/IN
imports/NNS
from/IN
developing/VBG
nations/NNS
./.
Previously/RB
,/,
watch/NN
imports/NNS
were/VBD
denied/VBN
such/JJ
duty-free/JJ
treatment/NN
./.
Timex/NNP
had/VBD
requested/VBN
duty-free/JJ
treatment/NN
for/IN
many/JJ
types/NNS
of/IN
watches/NNS
,/,
covered/VBN
by/IN
58/CD
different/JJ
U.S./NNP
tariff/NN
classifications/NNS
./.
The/DT
White/NNP
House/NNP
said/VBD
Mr./NNP
Bush/NNP
decided/VBD
to/TO
grant/VB
duty-free/JJ
status/NN
for/IN
18/CD
categories/NNS
,/,
but/CC
turned/VBD
down/RP
such/JJ
treatment/NN
for/IN
other/JJ
types/NNS
of/IN
watches/NNS
``/``
because/RB
of/IN
the/DT
potential/NN
for/IN
material/NN
injury/NN
to/TO
watch/VB
producers/NNS
located/VBN
in/IN
the/DT
U.S./NNP
and/CC
the/DT
Virgin/NNP
Islands/NNPS
./.
''/''
Timex/NNP
is/VBZ
a/DT
major/JJ
U.S./NNP
producer/NN
and/CC
seller/NN
of/IN
watches/NNS
,/,
including/VBG
low-priced/JJ
battery-operated/JJ
watches/NNS
assembled/VBN
in/IN
the/DT
Philippines/NNP
and/CC
other/JJ
developing/VBG
nations/NNS
covered/VBN
by/IN
the/DT
U.S./NNP
tariff/NN
preferences/NNS
./.
U.S./NNP
trade/NN
officials/NNS
said/VBD
the/DT
Philippines/NNP
and/CC
Thailand/NNP
would/MD
be/VB
the/DT
main/JJ
beneficiaries/NNS
of/IN
the/DT
president/NN
's/POS
action/NN
./.
Imports/NNS
of/IN
the/DT
types/NNS
of/IN
watches/NNS
that/WDT
now/RB
will/MD
be/VB
eligible/JJ
for/IN
duty-free/JJ
treatment/NN
totaled/VBD
about/IN
$/$
37.3/CD
million/CD
in/IN
1988/CD
,/,
a/DT
relatively/RB
small/JJ
share/NN
of/IN
the/DT
$/$
1.5/CD
billion/CD
in/IN
U.S./NNP
watch/NN
imports/NNS
that/DT
year/NN
,/,
according/VBG
to/TO
an/DT
aide/NN
to/TO
U.S./NNP
Trade/NNP
Representative/NNP
Carla/NNP
Hills/NNP
./.
Magna/NNP
International/NNP
Inc./NNP
's/POS
chief/JJ
financial/JJ
officer/NN
,/,
James/NNP
McAlpine/NNP
,/,
resigned/JJ
and/CC
its/PRP$
chairman/NN
,/,
Frank/NNP
Stronach/NNP
,/,
is/VBZ
stepping/VBG
in/IN
to/TO
help/VB
turn/VB
the/DT
automotive-parts/JJ
manufacturer/NN
around/IN
,/,
the/DT
company/NN
said/VBD
./.
Mr./NNP
Stronach/NNP
will/MD
direct/VB
an/DT
effort/NN
to/TO
reduce/VB
overhead/NN
and/CC
curb/VB
capital/NN
spending/NN
``/``
until/IN
a/DT
more/RBR
satisfactory/JJ
level/NN
of/IN
profit/NN
is/VBZ
achieved/VBN
and/CC
maintained/VBN
,/,
''/''
Magna/NNP
said/VBD
./.
Stephen/NNP
Akerfeldt/NNP
,/,
currently/RB
vice/NN
president/NN
finance/NN
,/,
will/MD
succeed/VB
Mr./NNP
McAlpine/NNP
./.
An/DT
ambitious/JJ
expansion/NN
has/VBZ
left/VBN
Magna/NNP
with/IN
excess/JJ
capacity/NN
and/CC
a/DT
heavy/JJ
debt/NN
load/NN
as/IN
the/DT
automotive/JJ
industry/NN
enters/VBZ
a/DT
downturn/NN
./.
The/DT
company/NN
has/VBZ
reported/VBN
declines/NNS
in/IN
operating/NN
profit/NN
in/IN
each/DT
of/IN
the/DT
past/JJ
three/CD
years/NNS
,/,
despite/IN
steady/JJ
sales/NNS
growth/NN
./.
Magna/NNP
recently/RB
cut/VBD
its/PRP$
quarterly/JJ
dividend/NN
in/IN
half/DT
and/CC
the/DT
company/NN
's/POS
Class/NNP
A/NNP
shares/NNS
are/VBP
wallowing/VBG
far/RB
below/IN
their/PRP$
52-week/JJ
high/NN
of/IN
16.125/CD
Canadian/JJ
dollars/NNS
US$/$
13.73/CD
On/IN
the/DT
Toronto/NNP
Stock/NNP
Exchange/NNP
yesterday/NN
,/,
Magna/NNP
shares/NNS
closed/VBD
up/IN
37.5/CD
Canadian/JJ
cents/NNS
to/TO
C$/$
9.625/CD
./.
Mr./NNP
Stronach/NNP
,/,
founder/NN
and/CC
controlling/VBG
shareholder/NN
of/IN
Magna/NNP
,/,
resigned/VBD
as/IN
chief/NN
executive/NN
officer/NN
last/JJ
year/NN
to/TO
seek/VB
,/,
unsuccessfully/RB
,/,
a/DT
seat/NN
in/IN
Canada/NNP
's/POS
Parliament/NNP
./.
Analysts/NNS
said/VBD
Mr./NNP
Stronach/NNP
wants/VBZ
to/TO
resume/VB
a/DT
more/RBR
influential/JJ
role/NN
in/IN
running/VBG
the/DT
company/NN
./.
They/PRP
expect/VBP
him/PRP
to/TO
cut/VB
costs/NNS
throughout/IN
the/DT
organization/NN
./.
The/DT
company/NN
said/VBD
Mr./NNP
Stronach/NNP
will/MD
personally/RB
direct/VB
the/DT
restructuring/NN
,/,
assisted/VBN
by/IN
Manfred/NNP
Gingl/NNP
,/,
president/NN
and/CC
chief/NN
executive/NN
./.
Neither/DT
they/PRP
nor/CC
Mr./NNP
McAlpine/NNP
could/MD
be/VB
reached/VBN
for/IN
comment/NN
./.
Magna/NNP
said/VBD
Mr./NNP
McAlpine/NNP
resigned/VBD
to/TO
pursue/VB
a/DT
consulting/NN
career/NN
,/,
with/IN
Magna/NNP
as/IN
one/CD
of/IN
his/PRP$
clients/NNS
./.
Lord/NNP
Chilver/NNP
,/,
63-year-old/JJ
chairman/NN
of/IN
English/NNP
China/NNP
Clays/NNP
PLC/NNP
,/,
was/VBD
named/VBN
a/DT
nonexecutive/JJ
director/NN
of/IN
this/DT
British/JJ
chemical/NN
company/NN
./.
Japanese/JJ
investors/NNS
nearly/RB
single-handedly/RB
bought/VBD
up/RP
two/CD
new/JJ
mortgage/NN
securities-based/JJ
mutual/JJ
funds/NNS
totaling/VBG
$/$
701/CD
million/CD
,/,
the/DT
U.S./NNP
Federal/NNP
National/NNP
Mortgage/NNP
Association/NNP
said/VBD
./.
The/DT
purchases/NNS
show/VBP
the/DT
strong/JJ
interest/NN
of/IN
Japanese/JJ
investors/NNS
in/IN
U.S./NNP
mortgage-based/JJ
instruments/NNS
,/,
Fannie/NNP
Mae/NNP
's/POS
chairman/NN
,/,
David/NNP
O./NNP
Maxwell/NNP
,/,
said/VBD
at/IN
a/DT
news/NN
conference/NN
./.
He/PRP
said/VBD
more/RBR
than/IN
90/CD
%/NN
of/IN
the/DT
funds/NNS
were/VBD
placed/VBN
with/IN
Japanese/JJ
institutional/JJ
investors/NNS
./.
The/DT
rest/NN
went/VBD
to/TO
investors/NNS
from/IN
France/NNP
and/CC
Hong/NNP
Kong/NNP
./.
Earlier/JJR
this/DT
year/NN
,/,
Japanese/JJ
investors/NNS
snapped/VBD
up/RP
a/DT
similar/JJ
,/,
$/$
570/CD
million/CD
mortgage-backed/JJ
securities/NNS
mutual/JJ
fund/NN
./.
That/DT
fund/NN
was/VBD
put/VBN
together/RB
by/IN
Blackstone/NNP
Group/NNP
,/,
a/DT
New/NNP
York/NNP
investment/NN
bank/NN
./.
The/DT
latest/JJS
two/CD
funds/NNS
were/VBD
assembled/VBN
jointly/RB
by/IN
Goldman/NNP
,/,
Sachs/NNP
&/CC
Co./NNP
of/IN
the/DT
U.S./NNP
and/CC
Japan/NNP
's/POS
Daiwa/NNP
Securities/NNPS
Co/NNP
./.
The/DT
new/JJ
,/,
seven-year/JJ
funds/NNS
--/:
one/CD
offering/VBG
a/DT
fixed-rate/JJ
return/NN
and/CC
the/DT
other/JJ
with/IN
a/DT
floating-rate/JJ
return/NN
linked/VBN
to/TO
the/DT
London/NNP
interbank/NN
offered/VBD
rate/NN
--/:
offer/VBP
two/CD
key/JJ
advantages/NNS
to/TO
Japanese/JJ
investors/NNS
./.
First/JJ
,/,
they/PRP
are/VBP
designed/VBN
to/TO
eliminate/VB
the/DT
risk/NN
of/IN
prepayment/NN
--/:
mortgage-backed/JJ
securities/NNS
can/MD
be/VB
retired/VBN
early/RB
if/IN
interest/NN
rates/NNS
decline/VBP
,/,
and/CC
such/JJ
prepayment/NN
forces/VBZ
investors/NNS
to/TO
redeploy/VB
their/PRP$
money/NN
at/IN
lower/JJR
rates/NNS
./.
Second/JJ
,/,
they/PRP
channel/VBP
monthly/JJ
mortgage/NN
payments/NNS
into/IN
semiannual/JJ
payments/NNS
,/,
reducing/VBG
the/DT
administrative/JJ
burden/NN
on/IN
investors/NNS
./.
By/IN
addressing/VBG
those/DT
problems/NNS
,/,
Mr./NNP
Maxwell/NNP
said/VBD
,/,
the/DT
new/JJ
funds/NNS
have/VBP
become/VBN
``/``
extremely/RB
attractive/JJ
to/TO
Japanese/JJ
and/CC
other/JJ
investors/NNS
outside/IN
the/DT
U.S/NNP
./.
''/''
Such/JJ
devices/NNS
have/VBP
boosted/VBN
Japanese/JJ
investment/NN
in/IN
mortgage-backed/JJ
securities/NNS
to/TO
more/RBR
than/IN
1/CD
%/NN
of/IN
the/DT
$/$
900/CD
billion/CD
in/IN
such/JJ
instruments/NNS
outstanding/JJ
,/,
and/CC
their/PRP$
purchases/NNS
are/VBP
growing/VBG
at/IN
a/DT
rapid/JJ
rate/NN
./.
They/PRP
also/RB
have/VBP
become/VBN
large/JJ
purchasers/NNS
of/IN
Fannie/NNP
Mae/NNP
's/POS
corporate/JJ
debt/NN
,/,
buying/VBG
$/$
2.4/CD
billion/CD
in/IN
Fannie/NNP
Mae/NNP
bonds/NNS
during/IN
the/DT
first/JJ
nine/CD
months/NNS
of/IN
the/DT
year/NN
,/,
or/CC
almost/RB
a/DT
tenth/NN
of/IN
the/DT
total/JJ
amount/NN
issued/VBN
./.
James/NNP
L./NNP
Pate/NNP
,/,
54-year-old/JJ
executive/NN
vice/NN
president/NN
,/,
was/VBD
named/VBN
a/DT
director/NN
of/IN
this/DT
oil/NN
concern/NN
,/,
expanding/VBG
the/DT
board/NN
to/TO
14/CD
members/NNS
./.
LTV/NNP
Corp./NNP
said/VBD
a/DT
federal/JJ
bankruptcy/NN
court/NN
judge/NN
agreed/VBD
to/TO
extend/VB
until/IN
March/NNP
8/CD
,/,
1990/CD
,/,
the/DT
period/NN
in/IN
which/WDT
the/DT
steel/NN
,/,
aerospace/NN
and/CC
energy/NN
products/NNS
company/NN
has/VBZ
the/DT
exclusive/JJ
right/NN
to/TO
file/VB
a/DT
reorganization/NN
plan/NN
./.
The/DT
company/NN
is/VBZ
operating/VBG
under/IN
Chapter/NN
11/CD
of/IN
the/DT
federal/JJ
Bankruptcy/NNP
Code/NNP
,/,
giving/VBG
it/PRP
court/NN
protection/NN
from/IN
creditors/NNS
'/POS
lawsuits/NNS
while/IN
it/PRP
attempts/VBZ
to/TO
work/VB
out/RP
a/DT
plan/NN
to/TO
pay/VB
its/PRP$
debts/NNS
./.
Italian/JJ
chemical/NN
giant/NN
Montedison/NNP
S.p.A./NNP
,/,
through/IN
its/PRP$
Montedison/NNP
Acquisition/NNP
N.V./NNP
indirect/JJ
unit/NN
,/,
began/VBD
its/PRP$
$/$
37-a-share/JJ
tender/NN
offer/NN
for/IN
all/DT
the/DT
common/JJ
shares/NNS
outstanding/JJ
of/IN
Erbamont/NNP
N.V./NNP
,/,
a/DT
maker/NN
of/IN
pharmaceuticals/NNS
incorporated/VBN
in/IN
the/DT
Netherlands/NNPS
./.
The/DT
offer/NN
,/,
advertised/VBN
in/IN
today/NN
's/POS
editions/NNS
of/IN
The/DT
Wall/NNP
Street/NNP
Journal/NNP
,/,
is/VBZ
scheduled/VBN
to/TO
expire/VB
at/IN
the/DT
end/NN
of/IN
November/NNP
./.
Montedison/NN
currently/RB
owns/VBZ
about/IN
72/CD
%/NN
of/IN
Erbamont/NN
's/POS
common/JJ
shares/NNS
outstanding/JJ
./.
The/DT
offer/NN
is/VBZ
being/VBG
launched/VBN
pursuant/JJ
to/TO
a/DT
previously/RB
announced/VBN
agreement/NN
between/IN
the/DT
companies/NNS
./.
Japan/NNP
's/POS
reserves/NNS
of/IN
gold/NN
,/,
convertible/JJ
foreign/JJ
currencies/NNS
,/,
and/CC
special/JJ
drawing/NN
rights/NNS
fell/VBD
by/IN
a/DT
hefty/JJ
$/$
1.82/CD
billion/CD
in/IN
October/NNP
to/TO
$/$
84.29/CD
billion/CD
,/,
the/DT
Finance/NNP
Ministry/NNP
said/VBD
./.
The/DT
total/NN
marks/VBZ
the/DT
sixth/JJ
consecutive/JJ
monthly/JJ
decline/NN
./.
The/DT
protracted/JJ
downturn/NN
reflects/VBZ
the/DT
intensity/NN
of/IN
Bank/NNP
of/IN
Japan/NNP
yen-support/JJ
intervention/NN
since/IN
June/NNP
,/,
when/WRB
the/DT
U.S./NNP
currency/NN
temporarily/RB
surged/VBD
above/IN
the/DT
150.00/CD
yen/NNS
level/NN
./.
The/DT
announcement/NN
follows/VBZ
a/DT
sharper/JJR
$/$
2.2/CD
billion/CD
decline/NN
in/IN
the/DT
country/NN
's/POS
foreign/JJ
reserves/NNS
in/IN
September/NNP
to/TO
$/$
86.12/CD
billion/CD
./.
Pick/VB
a/DT
country/NN
,/,
any/DT
country/NN
./.
It/PRP
's/VBZ
the/DT
latest/JJS
investment/NN
craze/NN
sweeping/VBG
Wall/NNP
Street/NNP
:/:
a/DT
rash/NN
of/IN
new/JJ
closed-end/JJ
country/NN
funds/NNS
,/,
those/DT
publicly/RB
traded/VBN
portfolios/NNS
that/WDT
invest/VBP
in/IN
stocks/NNS
of/IN
a/DT
single/JJ
foreign/JJ
country/NN
./.
No/RB
fewer/JJR
than/IN
24/CD
country/NN
funds/NNS
have/VBP
been/VBN
launched/VBN
or/CC
registered/VBN
with/IN
regulators/NNS
this/DT
year/NN
,/,
triple/RB
the/DT
level/NN
of/IN
all/DT
of/IN
1988/CD
,/,
according/VBG
to/TO
Charles/NNP
E./NNP
Simon/NNP
&/CC
Co./NNP
,/,
a/DT
Washington-based/JJ
research/NN
firm/NN
./.
The/DT
turf/NN
recently/RB
has/VBZ
ranged/VBN
from/IN
Chile/NNP
to/TO
Austria/NNP
to/TO
Portugal/NNP
./.
Next/JJ
week/NN
,/,
the/DT
Philippine/NNP
Fund/NNP
's/POS
launch/NN
will/MD
be/VB
capped/VBN
by/IN
a/DT
visit/NN
by/IN
Philippine/JJ
President/NNP
Corazon/NNP
Aquino/NNP
--/:
the/NNP
first/JJ
time/NN
a/DT
head/NN
of/IN
state/NN
has/VBZ
kicked/VBN
off/RP
an/DT
issue/NN
at/IN
the/DT
Big/NNP
Board/NNP
here/RB
./.
The/DT
next/JJ
province/NN
?/.
``/``
Anything/NN
's/VBZ
possible/JJ
--/:
how/WRB
about/RP
the/DT
New/NNP
Guinea/NNP
Fund/NNP
?/.
''/''
quips/VBZ
George/NNP
Foot/NNP
,/,
a/DT
managing/VBG
partner/NN
at/IN
Newgate/NNP
Management/NNP
Associates/NNP
of/IN
Northampton/NNP
,/,
Mass/NNP
./.
The/DT
recent/JJ
explosion/NN
of/IN
country/NN
funds/NNS
mirrors/VBZ
the/DT
``/``
closed-end/JJ
fund/NN
mania/NN
''/''
of/IN
the/DT
1920s/NNS
,/,
Mr./NNP
Foot/NNP
says/VBZ
,/,
when/WRB
narrowly/RB
focused/VBN
funds/NNS
grew/VBD
wildly/RB
popular/JJ
./.
They/PRP
fell/VBD
into/IN
oblivion/NN
after/IN
the/DT
1929/CD
crash/NN
./.
Unlike/IN
traditional/JJ
open-end/JJ
mutual/JJ
funds/NNS
,/,
most/RBS
of/IN
these/DT
one-country/JJ
portfolios/NNS
are/VBP
the/DT
``/``
closed-end/JJ
''/''
type/NN
,/,
issuing/VBG
a/DT
fixed/VBN
number/NN
of/IN
shares/NNS
that/WDT
trade/VBP
publicly/RB
./.
The/DT
surge/NN
brings/VBZ
to/TO
nearly/RB
50/CD
the/DT
number/NN
of/IN
country/NN
funds/NNS
that/WDT
are/VBP
or/CC
soon/RB
will/MD
be/VB
listed/VBN
in/IN
New/NNP
York/NNP
or/CC
London/NNP
./.
These/DT
funds/NNS
now/RB
account/VBP
for/IN
several/JJ
billions/NNS
of/IN
dollars/NNS
in/IN
assets/NNS
./.
``/``
People/NNS
are/VBP
looking/VBG
to/TO
stake/VB
their/PRP$
claims/NNS
''/''
now/RB
before/RB
the/DT
number/NN
of/IN
available/JJ
nations/NNS
runs/VBZ
out/RP
,/,
says/VBZ
Michael/NNP
Porter/NNP
,/,
an/DT
analyst/NN
at/IN
Smith/NNP
Barney/NNP
,/,
Harris/NNP
Upham/NNP
&/CC
Co./NNP
,/,
New/NNP
York/NNP
./.
Behind/IN
all/DT
the/DT
hoopla/NN
is/VBZ
some/DT
heavy-duty/JJ
competition/NN
./.
As/IN
individual/JJ
investors/NNS
have/VBP
turned/VBN
away/RB
from/IN
the/DT
stock/NN
market/NN
over/IN
the/DT
years/NNS
,/,
securities/NNS
firms/NNS
have/VBP
scrambled/VBN
to/TO
find/VB
new/JJ
products/NNS
that/WDT
brokers/NNS
find/VBP
easy/JJ
to/TO
sell/VB
./.
And/CC
the/DT
firms/NNS
are/VBP
stretching/VBG
their/PRP$
nets/NNS
far/RB
and/CC
wide/RB
to/TO
do/VB
it/PRP
./.
Financial/JJ
planners/NNS
often/RB
urge/VBP
investors/NNS
to/TO
diversify/VB
and/CC
to/TO
hold/VB
a/DT
smattering/NN
of/IN
international/JJ
securities/NNS
./.
And/CC
many/JJ
emerging/VBG
markets/NNS
have/VBP
outpaced/VBN
more/RBR
mature/JJ
markets/NNS
,/,
such/JJ
as/IN
the/DT
U.S./NNP
and/CC
Japan/NNP
./.
Country/NN
funds/NNS
offer/VBP
an/DT
easy/JJ
way/NN
to/TO
get/VB
a/DT
taste/NN
of/IN
foreign/JJ
stocks/NNS
without/IN
the/DT
hard/JJ
research/NN
of/IN
seeking/VBG
out/RP
individual/JJ
companies/NNS
./.
But/CC
it/PRP
does/VBZ
n't/RB
take/VB
much/JJ
to/TO
get/VB
burned/VBN
./.
Political/JJ
and/CC
currency/NN
gyrations/NNS
can/MD
whipsaw/VB
the/DT
funds/NNS
./.
Another/DT
concern/NN
:/:
The/DT
funds/NNS
'/POS
share/NN
prices/NNS
tend/VBP
to/TO
swing/VB
more/RBR
than/IN
the/DT
broader/JJR
market/NN
./.
When/WRB
the/DT
stock/NN
market/NN
dropped/VBD
nearly/RB
7/CD
%/NN
Oct./NNP
13/CD
,/,
for/IN
instance/NN
,/,
the/DT
Mexico/NNP
Fund/NNP
plunged/VBD
about/RB
18/CD
%/NN
and/CC
the/DT
Spain/NNP
Fund/NNP
fell/VBD
16/CD
%/NN
./.
And/CC
most/JJS
country/NN
funds/NNS
were/VBD
clobbered/VBN
more/RBR
than/IN
most/JJS
stocks/NNS
after/IN
the/DT
1987/CD
crash/NN
./.
What/WP
's/VBZ
so/RB
wild/JJ
about/IN
the/DT
funds/NNS
'/POS
frenzy/NN
right/RB
now/RB
is/VBZ
that/IN
many/JJ
are/VBP
trading/VBG
at/IN
historically/RB
fat/JJ
premiums/NNS
to/TO
the/DT
value/NN
of/IN
their/PRP$
underlying/JJ
portfolios/NNS
./.
After/IN
trading/VBG
at/IN
an/DT
average/JJ
discount/NN
of/IN
more/JJR
than/IN
20/CD
%/NN
in/IN
late/JJ
1987/CD
and/CC
part/NN
of/IN
last/JJ
year/NN
,/,
country/NN
funds/NNS
currently/RB
trade/VBP
at/IN
an/DT
average/JJ
premium/NN
of/IN
6/CD
%/NN
./.
The/DT
reason/NN
:/:
Share/NN
prices/NNS
of/IN
many/JJ
of/IN
these/DT
funds/NNS
this/DT
year/NN
have/VBP
climbed/VBN
much/RB
more/RBR
sharply/RB
than/IN
the/DT
foreign/JJ
stocks/NNS
they/PRP
hold/VBP
./.
It/PRP
's/VBZ
probably/RB
worth/IN
paying/VBG
a/DT
premium/NN
for/IN
funds/NNS
that/WDT
invest/VBP
in/IN
markets/NNS
that/WDT
are/VBP
partially/RB
closed/VBN
to/TO
foreign/JJ
investors/NNS
,/,
such/JJ
as/IN
South/NNP
Korea/NNP
,/,
some/DT
specialists/NNS
say/VBP
./.
But/CC
some/DT
European/JJ
funds/NNS
recently/RB
have/VBP
skyrocketed/VBN
;/:
Spain/NNP
Fund/NNP
has/VBZ
surged/VBN
to/TO
a/DT
startling/JJ
120/CD
%/NN
premium/NN
./.
It/PRP
has/VBZ
been/VBN
targeted/VBN
by/IN
Japanese/JJ
investors/NNS
as/IN
a/DT
good/JJ
long-term/JJ
play/NN
tied/VBN
to/TO
1992/CD
's/POS
European/JJ
economic/JJ
integration/NN
./.
And/CC
several/JJ
new/JJ
funds/NNS
that/WDT
are/VBP
n't/RB
even/RB
fully/RB
invested/VBN
yet/RB
have/VBP
jumped/VBN
to/TO
trade/VB
at/IN
big/JJ
premiums/NNS
./.
``/``
I/PRP
'm/VBP
very/RB
alarmed/VBN
to/TO
see/VB
these/DT
rich/JJ
valuations/NNS
,/,
''/''
says/VBZ
Smith/NNP
Barney/NNP
's/POS
Mr./NNP
Porter/NNP
./.
The/DT
newly/RB
fattened/VBN
premiums/NNS
reflect/VBP
the/DT
increasingly/RB
global/JJ
marketing/NN
of/IN
some/DT
country/NN
funds/NNS
,/,
Mr./NNP
Porter/NNP
suggests/VBZ
./.
Unlike/IN
many/JJ
U.S./NNP
investors/NNS
,/,
those/DT
in/IN
Asia/NNP
or/CC
Europe/NNP
seeking/VBG
foreign-stock/JJ
exposure/NN
may/MD
be/VB
less/RBR
resistant/JJ
to/TO
paying/VBG
higher/JJR
prices/NNS
for/IN
country/NN
funds/NNS
./.
``/``
There/EX
may/MD
be/VB
an/DT
international/JJ
viewpoint/NN
cast/VBN
on/IN
the/DT
funds/NNS
listed/VBN
here/RB
,/,
''/''
Mr./NNP
Porter/NNP
says/VBZ
./.
Nonetheless/RB
,/,
plenty/JJ
of/IN
U.S./NNP
analysts/NNS
and/CC
money/NN
managers/NNS
are/VBP
aghast/JJ
at/IN
the/DT
lofty/JJ
trading/NN
levels/NNS
of/IN
some/DT
country/NN
funds/NNS
./.
They/PRP
argue/VBP
that/IN
U.S./NNP
investors/NNS
often/RB
can/MD
buy/VB
American/JJ
depositary/JJ
receipts/NNS
on/IN
the/DT
big/JJ
stocks/NNS
in/IN
many/JJ
funds/NNS
;/:
these/DT
so-called/JJ
ADRs/NNPS
represent/VBP
shares/NNS
of/IN
foreign/JJ
companies/NNS
traded/VBN
in/IN
the/DT
U.S/NNP
./.
That/DT
way/NN
investors/NNS
can/MD
essentially/RB
buy/VB
the/DT
funds/NNS
without/IN
paying/VBG
the/DT
premium/NN
./.
For/IN
people/NNS
who/WP
insist/VBP
on/RP
jumping/VBG
in/RB
now/RB
to/TO
buy/VB
the/DT
funds/NNS
,/,
Newgate/NNP
's/POS
Mr./NNP
Foot/NNP
says/VBZ
:/:
``/``
The/DT
only/JJ
advice/NN
I/PRP
have/VBP
for/IN
these/DT
folks/NNS
is/VBZ
that/IN
those/DT
who/WP
come/VBP
to/TO
the/DT
party/NN
late/RB
had/VBD
better/RBR
be/VB
ready/JJ
to/TO
leave/VB
quickly/RB
./.
''/''
The/DT
U.S./NNP
and/CC
Soviet/NNP
Union/NNP
are/VBP
holding/VBG
technical/JJ
talks/NNS
about/IN
possible/JJ
repayment/NN
by/IN
Moscow/NNP
of/IN
$/$
188/CD
million/CD
in/IN
pre-Communist/JJ
Russian/JJ
debts/NNS
owed/VBD
to/TO
the/DT
U.S./NNP
government/NN
,/,
the/DT
State/NNP
Department/NNP
said/VBD
./.
If/IN
the/DT
debts/NNS
are/VBP
repaid/VBN
,/,
it/PRP
could/MD
clear/VB
the/DT
way/NN
for/IN
Soviet/JJ
bonds/NNS
to/TO
be/VB
sold/VBN
in/IN
the/DT
U.S/NNP
./.
However/RB
,/,
after/IN
two/CD
meetings/NNS
with/IN
the/DT
Soviets/NNS
,/,
a/DT
State/NNP
Department/NNP
spokesman/NN
said/VBD
that/IN
it/PRP
's/VBZ
``/``
too/RB
early/RB
to/TO
say/VB
''/''
whether/IN
that/DT
will/MD
happen/VB
./.
Coincident/JJ
with/IN
the/DT
talks/NNS
,/,
the/DT
State/NNP
Department/NNP
said/VBD
it/PRP
has/VBZ
permitted/VBN
a/DT
Soviet/JJ
bank/NN
to/TO
open/VB
a/DT
New/NNP
York/NNP
branch/NN
./.
The/DT
branch/NN
of/IN
the/DT
Bank/NNP
for/IN
Foreign/NNP
Economic/NNP
Affairs/NNP
was/VBD
approved/VBN
last/JJ
spring/NN
and/CC
opened/VBD
in/IN
July/NNP
./.
But/CC
a/DT
Soviet/JJ
bank/NN
here/RB
would/MD
be/VB
crippled/VBN
unless/IN
Moscow/NNP
found/VBD
a/DT
way/NN
to/TO
settle/VB
the/DT
$/$
188/CD
million/CD
debt/NN
,/,
which/WDT
was/VBD
lent/VBN
to/TO
the/DT
country/NN
's/POS
short-lived/JJ
democratic/JJ
Kerensky/NNP
government/NN
before/IN
the/DT
Communists/NNS
seized/VBD
power/NN
in/IN
1917/CD
./.
Under/IN
a/DT
1934/CD
law/NN
,/,
the/DT
Johnson/NNP
Debt/NNP
Default/NNP
Act/NNP
,/,
as/RB
amended/VBN
,/,
it/PRP
's/VBZ
illegal/JJ
for/IN
Americans/NNS
to/TO
extend/VB
credit/NN
to/TO
countries/NNS
in/IN
default/NN
to/TO
the/DT
U.S./NNP
government/NN
,/,
unless/IN
they/PRP
are/VBP
members/NNS
of/IN
the/DT
World/NNP
Bank/NNP
and/CC
International/NNP
Monetary/NNP
Fund/NNP
./.
The/DT
U.S.S.R./NNP
belongs/VBZ
to/TO
neither/DT
organization/NN
./.
Moscow/NNP
has/VBZ
settled/VBN
pre-1917/JJ
debts/NNS
with/IN
other/JJ
countries/NNS
in/IN
recent/JJ
years/NNS
at/IN
less/JJR
than/IN
face/NN
value/NN
./.
The/DT
State/NNP
Department/NNP
stressed/VBD
the/DT
pre-1933/JJ
debts/NNS
as/IN
the/DT
key/NN
to/TO
satisfying/VBG
the/DT
Johnson/NNP
Act/NNP
./.
But/CC
the/DT
Soviets/NNS
might/MD
still/RB
face/VB
legal/JJ
obstacles/NNS
to/TO
raising/VBG
money/NN
in/IN
the/DT
U.S./NNP
until/IN
they/PRP
settle/VBP
hundreds/NNS
of/IN
millions/NNS
of/IN
dollars/NNS
in/IN
additional/JJ
debt/NN
still/RB
outstanding/JJ
from/IN
the/DT
World/NNP
War/NNP
II/NNP
lend-lease/JJ
program/NN
./.
In/IN
another/DT
reflection/NN
that/IN
the/DT
growth/NN
of/IN
the/DT
economy/NN
is/VBZ
leveling/VBG
off/RP
,/,
the/DT
government/NN
said/VBD
that/IN
orders/NNS
for/IN
manufactured/VBN
goods/NNS
and/CC
spending/NN
on/IN
construction/NN
failed/VBD
to/TO
rise/VB
in/IN
September/NNP
./.
Meanwhile/RB
,/,
the/DT
National/NNP
Association/NNP
of/IN
Purchasing/NNP
Management/NNP
said/VBD
its/PRP$
latest/JJS
survey/NN
indicated/VBD
that/IN
the/DT
manufacturing/NN
economy/NN
contracted/VBD
in/IN
October/NNP
for/IN
the/DT
sixth/JJ
consecutive/JJ
month/NN
./.
Its/PRP$
index/NN
inched/VBD
up/RB
to/TO
47.6/CD
%/NN
in/IN
October/NNP
from/IN
46/CD
%/NN
in/IN
September/NNP
./.
Any/DT
reading/NN
below/IN
50/CD
%/NN
suggests/VBZ
the/DT
manufacturing/NN
sector/NN
is/VBZ
generally/RB
declining/VBG
./.
The/DT
purchasing/VBG
managers/NNS
,/,
however/RB
,/,
also/RB
said/VBD
that/IN
orders/NNS
turned/VBD
up/RB
in/IN
October/NNP
after/IN
four/CD
months/NNS
of/IN
decline/NN
./.
Factories/NNS
booked/VBD
$/$
236.74/CD
billion/CD
in/IN
orders/NNS
in/IN
September/NNP
,/,
nearly/RB
the/DT
same/JJ
as/IN
the/DT
$/$
236.79/CD
billion/CD
in/IN
August/NNP
,/,
the/DT
Commerce/NNP
Department/NNP
said/VBD
./.
If/IN
not/RB
for/IN
a/DT
59.6/CD
%/NN
surge/NN
in/IN
orders/NNS
for/IN
capital/NN
goods/NNS
by/IN
defense/NN
contractors/NNS
,/,
factory/NN
orders/NNS
would/MD
have/VB
fallen/VBN
2.1/CD
%/NN
./.
In/IN
a/DT
separate/JJ
report/NN
,/,
the/DT
department/NN
said/VBD
construction/NN
spending/NN
ran/VBD
at/IN
an/DT
annual/JJ
rate/NN
of/IN
$/$
415.6/CD
billion/CD
,/,
not/RB
significantly/RB
different/JJ
from/IN
the/DT
$/$
415.8/CD
billion/CD
reported/VBN
for/IN
August/NNP
./.
Private/JJ
construction/NN
spending/NN
was/VBD
down/RB
,/,
but/CC
government/NN
building/NN
activity/NN
was/VBD
up/RB
./.
The/DT
figures/NNS
in/IN
both/DT
reports/NNS
were/VBD
adjusted/VBN
to/TO
remove/VB
the/DT
effects/NNS
of/IN
usual/JJ
seasonal/JJ
patterns/NNS
,/,
but/CC
were/VBD
n't/RB
adjusted/VBN
for/IN
inflation/NN
./.
Kenneth/NNP
Mayland/NNP
,/,
economist/NN
for/IN
Society/NNP
Corp./NNP
,/,
a/DT
Cleveland/NNP
bank/NN
,/,
said/VBD
demand/NN
for/IN
exports/NNS
of/IN
factory/NN
goods/NNS
is/VBZ
beginning/VBG
to/TO
taper/VB
off/RP
./.
At/IN
the/DT
same/JJ
time/NN
,/,
the/DT
drop/NN
in/IN
interest/NN
rates/NNS
since/IN
the/DT
spring/NN
has/VBZ
failed/VBN
to/TO
revive/VB
the/DT
residential/JJ
construction/NN
industry/NN
./.
``/``
What/WP
sector/NN
is/VBZ
stepping/VBG
forward/RB
to/TO
pick/VB
up/RP
the/DT
slack/NN
?/.
''/''
he/PRP
asked/VBD
./.
``/``
I/PRP
draw/VBP
a/DT
blank/NN
./.
''/''
By/IN
most/JJS
measures/NNS
,/,
the/DT
nation/NN
's/POS
industrial/JJ
sector/NN
is/VBZ
now/RB
growing/VBG
very/RB
slowly/RB
--/:
if/IN
at/IN
all/DT
./.
Factory/NN
payrolls/NNS
fell/VBD
in/IN
September/NNP
./.
So/RB
did/VBD
the/DT
Federal/NNP
Reserve/NNP
Board/NNP
's/POS
industrial-production/JJ
index/NN
./.
Yet/CC
many/JJ
economists/NNS
are/VBP
n't/RB
predicting/VBG
that/IN
the/DT
economy/NN
is/VBZ
about/IN
to/TO
slip/VB
into/IN
recession/NN
./.
They/PRP
cite/VBP
a/DT
lack/NN
of/IN
``/``
imbalances/NNS
''/''
that/WDT
provide/VBP
early/JJ
warning/NN
signals/NNS
of/IN
a/DT
downturn/NN
./.
Inventories/NNS
are/VBP
closely/RB
watched/VBN
for/IN
such/JJ
clues/NNS
,/,
for/IN
instance/NN
./.
Economists/NNS
say/VBP
a/DT
buildup/NN
in/IN
inventories/NNS
can/MD
provoke/VB
cutbacks/NNS
in/IN
production/NN
that/WDT
can/MD
lead/VB
to/TO
a/DT
recession/NN
./.
But/CC
yesterday/NN
's/POS
factory/NN
orders/NNS
report/NN
had/VBD
good/JJ
news/NN
on/IN
that/DT
front/NN
:/:
it/PRP
said/VBD
factory/NN
inventories/NNS
fell/VBD
0.1/CD
%/NN
in/IN
September/NNP
,/,
the/DT
first/JJ
decline/NN
since/IN
February/NNP
1987/CD
./.
``/``
This/DT
conforms/VBZ
to/TO
the/DT
`/``
soft/JJ
landing/NN
'/''
scenario/NN
,/,
''/''
said/VBD
Elliott/NNP
Platt/NNP
,/,
an/DT
economist/NN
at/IN
Donaldson/NNP
,/,
Lufkin/NNP
&/CC
Jenrette/NNP
Securities/NNP
Corp/NNP
./.
``/``
I/PRP
do/VBP
n't/RB
see/VB
any/DT
signs/NNS
that/IN
inventories/NNS
are/VBP
excessive/JJ
./.
''/''
A/DT
soft/JJ
landing/NN
is/VBZ
an/DT
economic/JJ
slowdown/NN
that/WDT
eases/VBZ
inflation/NN
without/IN
leading/VBG
to/TO
a/DT
recession/NN
./.
The/DT
department/NN
said/VBD
orders/NNS
for/IN
nondurable/JJ
goods/NNS
--/:
those/DT
intended/VBN
to/TO
last/VB
fewer/JJR
than/IN
three/CD
years/NNS
--/:
fell/VBD
0.3/CD
%/NN
in/IN
September/NNP
to/TO
$/$
109.73/CD
billion/CD
after/RB
climbing/VBG
0.9/CD
%/NN
the/DT
month/NN
before/RB
./.
Orders/NNS
for/IN
durable/JJ
goods/NNS
were/VBD
up/RB
0.2/CD
%/NN
to/TO
$/$
127.03/CD
billion/CD
after/IN
rising/VBG
3.9/CD
%/NN
the/DT
month/NN
before/RB
./.
The/DT
department/NN
previously/RB
estimated/VBD
that/IN
durable-goods/NNS
orders/NNS
fell/VBD
0.1/CD
%/NN
in/IN
September/NNP
./.
Factory/NN
shipments/NNS
fell/VBD
1.6/CD
%/NN
to/TO
$/$
234.4/CD
billion/CD
after/IN
rising/VBG
5.4/CD
%/NN
in/IN
August/NNP
./.
Shipments/NNS
have/VBP
been/VBN
relatively/RB
level/JJ
since/IN
January/NNP
,/,
the/DT
Commerce/NNP
Department/NNP
noted/VBD
./.
Manufacturers/NNS
'/POS
backlogs/NNS
of/IN
unfilled/JJ
orders/NNS
rose/VBD
0.5/CD
%/NN
in/IN
September/NNP
to/TO
$/$
497.34/CD
billion/CD
,/,
helped/VBN
by/IN
strength/NN
in/IN
the/DT
defense/NN
capital/NN
goods/NNS
sector/NN
./.
Excluding/VBG
these/DT
orders/NNS
,/,
backlogs/NNS
declined/VBD
0.3/CD
%/NN
./.
In/IN
its/PRP$
construction/NN
spending/NN
report/NN
,/,
the/DT
Commerce/NNP
Department/NNP
said/VBD
residential/JJ
construction/NN
,/,
which/WDT
accounts/VBZ
for/IN
nearly/RB
half/NN
of/IN
all/DT
construction/NN
spending/NN
,/,
was/VBD
off/JJ
0.9/CD
%/NN
in/IN
September/NNP
to/TO
an/DT
annual/JJ
rate/NN
of/IN
$/$
191.9/CD
billion/CD
./.
David/NNP
Berson/NNP
,/,
economist/NN
for/IN
the/DT
Mortgage/NNP
Bankers/NNP
Association/NNP
,/,
predicted/VBD
the/DT
drop/NN
in/IN
interest/NN
rates/NNS
eventually/RB
will/MD
boost/VB
spending/NN
on/IN
single-family/JJ
homes/NNS
,/,
but/CC
probably/RB
not/RB
until/IN
early/JJ
next/JJ
year/NN
./.
Spending/NN
on/IN
private/JJ
,/,
nonresidential/JJ
construction/NN
was/VBD
off/JJ
2.6/CD
%/NN
to/TO
an/DT
annual/JJ
rate/NN
of/IN
$/$
99.1/CD
billion/CD
with/IN
no/DT
sector/NN
showing/VBG
strength/NN
./.
Government/NNP
construction/NN
spending/NN
rose/VBD
4.3/CD
%/NN
to/TO
$/$
88/CD
billion/CD
./.
After/RB
adjusting/VBG
for/IN
inflation/NN
,/,
the/DT
Commerce/NNP
Department/NNP
said/VBD
construction/NN
spending/NN
did/VBD
n't/RB
change/VB
in/IN
September/NNP
./.
For/IN
the/DT
first/JJ
nine/CD
months/NNS
of/IN
the/DT
year/NN
,/,
total/JJ
construction/NN
spending/NN
ran/VBD
about/RB
2/CD
%/NN
above/IN
last/JJ
year/NN
's/POS
level/NN
./.
The/DT
government/NN
's/POS
construction/NN
spending/NN
figures/NNS
contrast/VBP
with/IN
a/DT
report/NN
issued/VBD
earlier/RBR
in/IN
the/DT
week/NN
by/IN
McGraw-Hill/NNP
Inc./NNP
's/POS
F.W./NNP
Dodge/NNP
Group/NNP
./.
Dodge/NNP
reported/VBD
an/DT
8/CD
%/NN
increase/NN
in/IN
construction/NN
contracts/NNS
awarded/VBN
in/IN
September/NNP
./.
The/DT
goverment/NN
counts/VBZ
money/NN
as/IN
it/PRP
is/VBZ
spent/VBN
;/:
Dodge/NNP
counts/VBZ
contracts/NNS
when/WRB
they/PRP
are/VBP
awarded/VBN
./.
The/DT
government/NN
includes/VBZ
money/NN
spent/VBN
on/IN
residential/JJ
renovation/NN
;/:
Dodge/NNP
does/VBZ
n't/RB
./.
Although/IN
the/DT
purchasing/NN
managers/NNS
'/POS
index/NN
continues/VBZ
to/TO
indicate/VB
a/DT
slowing/VBG
economy/NN
,/,
it/PRP
is/VBZ
n't/RB
signaling/VBG
an/DT
imminent/JJ
recession/NN
,/,
said/VBD
Robert/NNP
Bretz/NNP
,/,
chairman/NN
of/IN
the/DT
association/NN
's/POS
survey/NN
committee/NN
and/CC
director/NN
of/IN
materials/NNS
management/NN
at/IN
Pitney/NNP
Bowes/NNP
Inc./NNP
,/,
Stamford/NNP
,/,
Conn/NNP
./.
He/PRP
said/VBD
the/DT
index/NN
would/MD
have/VB
to/TO
be/VB
in/IN
the/DT
low/JJ
40/CD
%/NN
range/NN
for/IN
several/JJ
months/NNS
to/TO
be/VB
considered/VBN
a/DT
forecast/NN
of/IN
recession/NN
./.
The/DT
report/NN
offered/VBD
new/JJ
evidence/NN
that/IN
the/DT
nation/NN
's/POS
export/NN
growth/NN
,/,
though/IN
still/RB
continuing/VBG
,/,
may/MD
be/VB
slowing/VBG
./.
Only/RB
19/CD
%/NN
of/IN
the/DT
purchasing/VBG
managers/NNS
reported/VBD
better/JJR
export/NN
orders/NNS
in/IN
October/NNP
,/,
down/RB
from/IN
27/CD
%/NN
in/IN
September/NNP
./.
And/CC
8/CD
%/NN
said/VBD
export/NN
orders/NNS
were/VBD
down/RB
last/JJ
month/NN
,/,
compared/VBN
with/IN
6/CD
%/NN
the/DT
month/NN
before/RB
./.
The/DT
purhasing/NN
managers/NNS
'/POS
report/NN
also/RB
added/VBD
evidence/NN
that/IN
inflation/NN
is/VBZ
under/IN
control/NN
./.
For/IN
the/DT
fifth/JJ
consecutive/JJ
month/NN
,/,
purchasing/VBG
managers/NNS
said/VBD
prices/NNS
for/IN
the/DT
goods/NNS
they/PRP
purchased/VBD
fell/VBD
./.
The/DT
decline/NN
was/VBD
even/RB
steeper/JJR
than/IN
in/IN
September/NNP
./.
They/PRP
also/RB
said/VBD
that/IN
vendors/NNS
were/VBD
delivering/VBG
goods/NNS
more/RBR
quickly/RB
in/IN
October/NNP
than/IN
they/PRP
had/VBD
for/IN
each/DT
of/IN
the/DT
five/CD
previous/JJ
months/NNS
./.
Economists/NNS
consider/VBP
that/DT
a/DT
sign/NN
that/IN
inflationary/JJ
pressures/NNS
are/VBP
abating/VBG
./.
When/WRB
demand/NN
is/VBZ
stronger/JJR
than/IN
suppliers/NNS
can/MD
handle/VB
and/CC
delivery/NN
times/NNS
lengthen/VBP
,/,
prices/NNS
tend/VBP
to/TO
rise/VB
./.
The/DT
purchasing/NN
managers/NNS
'/POS
report/NN
is/VBZ
based/VBN
on/IN
data/NNS
provided/VBN
by/IN
more/RBR
than/IN
250/CD
purchasing/NN
executives/NNS
./.
Each/DT
of/IN
the/DT
survey/NN
's/POS
indicators/NNS
gauges/VBZ
the/DT
difference/NN
between/IN
the/DT
number/NN
of/IN
purchasers/NNS
reporting/VBG
improvement/NN
in/IN
a/DT
particular/JJ
area/NN
and/CC
the/DT
number/NN
reporting/VBG
a/DT
worsening/NN
./.
For/IN
the/DT
first/JJ
time/NN
,/,
the/DT
October/NNP
survey/NN
polled/VBD
members/NNS
on/IN
imports/NNS
./.
It/PRP
found/VBD
that/IN
of/IN
the/DT
73/CD
%/NN
who/WP
import/VBP
,/,
10/CD
%/NN
said/VBD
they/PRP
imported/VBD
more/RBR
in/IN
October/NNP
and/CC
12/CD
%/NN
said/VBD
they/PRP
imported/VBD
less/JJR
than/IN
the/DT
previous/JJ
month/NN
./.
While/IN
acknowledging/VBG
one/CD
month/NN
's/POS
figures/NNS
do/VBP
n't/RB
prove/VB
a/DT
trend/NN
,/,
Mr./NNP
Bretz/NNP
said/VBD
,/,
``/``
It/PRP
does/VBZ
lead/VB
you/PRP
to/TO
suspect/VB
imports/NNS
are/VBP
going/VBG
down/RB
,/,
or/CC
at/IN
least/JJS
not/RB
increasing/VBG
that/RB
much/RB
./.
''/''
Items/NNS
listed/VBN
as/IN
being/VBG
in/IN
short/JJ
supply/NN
numbered/VBD
only/RB
about/RB
a/DT
dozen/NN
,/,
but/CC
they/PRP
included/VBD
one/CD
newcomer/NN
:/:
milk/NN
and/CC
milk/NN
powder/NN
./.
``/``
It/PRP
's/VBZ
an/DT
odd/JJ
thing/NN
to/TO
put/VB
on/IN
the/DT
list/NN
,/,
''/''
Mr./NNP
Bretz/NNP
noted/VBD
./.
He/PRP
said/VBD
that/IN
for/IN
the/DT
second/JJ
month/NN
in/IN
a/DT
row/NN
,/,
food/NN
processors/NNS
reported/VBD
a/DT
shortage/NN
of/IN
nonfat/JJ
dry/JJ
milk/NN
./.
They/PRP
blamed/VBD
increased/VBN
demand/NN
for/IN
dairy/NN
products/NNS
at/IN
a/DT
time/NN
of/IN
exceptionally/RB
high/JJ
U.S./NNP
exports/NNS
of/IN
dry/JJ
milk/NN
,/,
coupled/VBN
with/IN
very/RB
low/JJ
import/NN
quotas/NNS
./.
Pamela/NNP
Sebastian/NNP
in/IN
New/NNP
York/NNP
contributed/VBD
to/TO
this/DT
article/NN
./.
Here/RB
are/VBP
the/DT
Commerce/NNP
Department/NNP
's/POS
figures/NNS
for/IN
construction/NN
spending/NN
in/IN
billions/NNS
of/IN
dollars/NNS
at/IN
seasonally/RB
adjusted/VBN
annual/JJ
rates/NNS
./.
Here/RB
are/VBP
the/DT
Commerce/NNP
Department/NNP
's/POS
latest/JJS
figures/NNS
for/IN
manufacturers/NNS
in/IN
billions/NNS
of/IN
dollars/NNS
,/,
seasonally/RB
adjusted/VBN
./.
Judging/VBG
from/IN
the/DT
Americana/NNS
in/IN
Haruki/NNP
Murakami/NNP
's/POS
``/``
A/DT
Wild/NNP
Sheep/NNP
Chase/NNP
''/''
(/(
Kodansha/NNP
,/,
320/CD
pages/NNS
,/,
$/$
18.95/CD
baby/NN
boomers/NNS
on/IN
both/DT
sides/NNS
of/IN
the/DT
Pacific/NNP
have/VBP
a/DT
lot/NN
in/IN
common/NN
./.
Although/IN
set/VBN
in/IN
Japan/NNP
,/,
the/DT
novel/NN
's/POS
texture/NN
is/VBZ
almost/RB
entirely/RB
Western/JJ
,/,
especially/RB
American/JJ
./.
Characters/NNS
drink/VBP
Salty/NNP
Dogs/NNP
,/,
whistle/VBP
``/``
Johnny/NNP
B./NNP
Goode/NNP
''/''
and/CC
watch/VBP
Bugs/NNP
Bunny/NNP
reruns/NNS
./.
They/PRP
read/VBP
Mickey/NNP
Spillane/NNP
and/CC
talk/VBP
about/IN
Groucho/NNP
and/CC
Harpo/NNP
./.
They/PRP
worry/VBP
about/IN
their/PRP$
careers/NNS
,/,
drink/VBP
too/RB
much/RB
and/CC
suffer/VBP
through/IN
broken/VBN
marriages/NNS
and/CC
desultory/JJ
affairs/NNS
./.
This/DT
is/VBZ
Japan/NNP
?/.
For/IN
an/DT
American/JJ
reader/NN
,/,
part/NN
of/IN
the/DT
charm/NN
of/IN
this/DT
engaging/JJ
novel/NN
should/MD
come/VB
in/IN
recognizing/VBG
that/IN
Japan/NNP
is/VBZ
n't/RB
the/DT
buttoned-down/JJ
society/NN
of/IN
contemporary/JJ
American/JJ
lore/NN
./.
It/PRP
's/VBZ
also/RB
refreshing/VBG
to/TO
read/VB
a/DT
Japanese/JJ
author/NN
who/WP
clearly/RB
does/VBZ
n't/RB
belong/VB
to/TO
the/DT
self-aggrandizing/JJ
``/``
we-Japanese/JJ
''/''
school/NN
of/IN
writers/NNS
who/WP
perpetuate/VBP
the/DT
notion/NN
of/IN
the/DT
unique/JJ
Japanese/NN
,/,
unfathomable/JJ
by/IN
outsiders/NNS
./.
If/IN
``/``
A/DT
Wild/NNP
Sheep/NNP
Chase/NNP
''/''
carries/VBZ
an/DT
implicit/JJ
message/NN
for/IN
international/JJ
relations/NNS
,/,
it/PRP
's/VBZ
that/IN
the/DT
Japanese/NNS
are/VBP
more/RBR
like/IN
us/PRP
than/IN
most/JJS
of/IN
us/PRP
think/VBP
./.
That/DT
's/VBZ
not/RB
to/TO
say/VB
that/IN
the/DT
nutty/JJ
plot/NN
of/IN
``/``
A/DT
Wild/NNP
Sheep/NNP
Chase/NNP
''/''
is/VBZ
rooted/VBN
in/IN
reality/NN
./.
It/PRP
's/VBZ
imaginative/JJ
and/CC
often/RB
funny/JJ
./.
A/DT
disaffected/JJ
,/,
hard-drinking/JJ
,/,
nearly-30/JJ
hero/NN
sets/VBZ
off/IN
for/IN
snow/NN
country/NN
in/IN
search/NN
of/IN
an/DT
elusive/JJ
sheep/NN
with/IN
a/DT
star/NN
on/IN
its/PRP$
back/NN
at/IN
the/DT
behest/NN
of/IN
a/DT
sinister/JJ
,/,
erudite/JJ
mobster/NN
with/IN
a/DT
Stanford/NNP
degree/NN
./.
He/PRP
has/VBZ
in/IN
tow/NN
his/PRP$
prescient/JJ
girlfriend/NN
,/,
whose/WP$
sassy/JJ
retorts/NNS
mark/VBP
her/PRP
as/IN
anything/NN
but/CC
a/DT
docile/JJ
butterfly/NN
./.
Along/IN
the/DT
way/NN
,/,
he/PRP
meets/VBZ
a/DT
solicitous/JJ
Christian/JJ
chauffeur/NN
who/WP
offers/VBZ
the/DT
hero/NN
God/NNP
's/POS
phone/NN
number/NN
;/:
and/CC
the/DT
Sheep/NNP
Man/NNP
,/,
a/DT
sweet/JJ
,/,
roughhewn/JJ
figure/NN
who/WP
wears/VBZ
--/:
what/WP
else/RB
--/:
a/JJ
sheepskin/NN
./.
The/DT
40-year-old/JJ
Mr./NNP
Murakami/NNP
is/VBZ
a/DT
publishing/NN
sensation/NN
in/IN
Japan/NNP
./.
A/DT
more/RBR
recent/JJ
novel/NN
,/,
``/``
Norwegian/NNP
Wood/NNP
''/''
(/(
every/DT
Japanese/NN
under/IN
40/CD
seems/VBZ
to/TO
be/VB
fluent/JJ
in/IN
Beatles/NNP
lyrics/NNS
four/CD
million/CD
copies/NNS
since/IN
Kodansha/NNP
published/VBD
it/PRP
in/IN
1987/CD
./.
But/CC
he/PRP
is/VBZ
just/RB
one/CD
of/IN
several/JJ
youthful/JJ
writers/NNS
--/:
Tokyo/NNP
's/POS
brat/NN
pack/NN
--/:
who/WP
are/VBP
dominating/VBG
the/DT
best-seller/NN
charts/NNS
in/IN
Japan/NNP
./.
Their/PRP$
books/NNS
are/VBP
written/VBN
in/IN
idiomatic/JJ
,/,
contemporary/JJ
language/NN
and/CC
usually/RB
carry/VBP
hefty/JJ
dashes/NNS
of/IN
Americana/NNS
./.
In/IN
Robert/NNP
Whiting/NNP
's/POS
``/``
You/PRP
Gotta/NNP
Have/NNP
Wa/,
''/''
(/(
Macmillan/NNP
,/,
339/CD
pages/NNS
,/,
$/$
17.95/CD
the/DT
Beatles/NNP
give/VBP
way/NN
to/TO
baseball/NN
,/,
in/IN
the/DT
Nipponese/JJ
version/NN
we/PRP
would/MD
be/VB
hard/RB
put/VBN
to/TO
call/VB
a/DT
``/``
game/NN
./.
''/''
As/IN
Mr./NNP
Whiting/NNP
describes/VBZ
it/PRP
,/,
Nipponese/JJ
baseball/NN
is/VBZ
a/DT
``/``
mirror/NN
of/IN
Japan/NNP
's/POS
fabled/JJ
virtues/NNS
of/IN
hard/JJ
work/NN
and/CC
harmony/NN
./.
''/''
``/``
Wa/NNP
''/''
is/VBZ
Japanese/NNP
for/IN
``/``
team/NN
spirit/NN
''/''
and/CC
Japanese/JJ
ballplayers/NNS
have/VBP
miles/NNS
and/CC
miles/NNS
of/IN
it/PRP
./.
A/DT
player/NN
's/POS
commitment/NN
to/TO
practice/NN
and/CC
team/NN
image/NN
is/VBZ
as/RB
important/JJ
as/IN
his/PRP$
batting/NN
average/NN
./.
Polls/NNS
once/RB
named/VBD
Tokyo/NNP
Giants/NNP
star/NN
Tatsunori/NNP
Hara/NNP
,/,
a/DT
``/``
humble/JJ
,/,
uncomplaining/JJ
,/,
obedient/JJ
soul/NN
,/,
''/''
as/IN
the/DT
male/JJ
symbol/NN
of/IN
Japan/NNP
./.
But/CC
other/JJ
than/IN
the/DT
fact/NN
that/DT
besuboru/FW
is/VBZ
played/VBN
with/IN
a/DT
ball/NN
and/CC
a/DT
bat/NN
,/,
it/PRP
's/VBZ
unrecognizable/JJ
:/:
Fans/NNS
politely/RB
return/VBP
foul/JJ
balls/NNS
to/TO
stadium/NN
ushers/NNS
;/:
the/DT
strike/NN
zone/NN
expands/VBZ
depending/VBG
on/IN
the/DT
size/NN
of/IN
the/DT
hitter/NN
;/:
ties/NNS
are/VBP
permitted/VBN
--/:
even/JJ
welcomed/VBN
--/:
since/IN
they/PRP
honorably/RB
sidestep/VBP
the/DT
shame/NN
of/IN
defeat/NN
;/:
players/NNS
must/MD
abide/VB
by/IN
strict/JJ
rules/NNS
of/IN
conduct/NN
even/RB
in/IN
their/PRP$
personal/JJ
lives/NNS
--/:
players/NNS
for/IN
the/DT
Tokyo/NNP
Giants/NNP
,/,
for/IN
example/NN
,/,
must/MD
always/RB
wear/VB
ties/NNS
when/WRB
on/IN
the/DT
road/NN
./.
``/``
You/PRP
Gotta/NNP
Have/NNP
Wa/NNP
''/''
is/VBZ
the/DT
often/RB
amusing/JJ
chronicle/NN
of/IN
how/WRB
American/JJ
ballplayers/NNS
,/,
rationed/VBN
to/TO
two/CD
per/IN
team/NN
,/,
fare/VBP
in/IN
Japan/NNP
./.
Despite/IN
the/DT
enormous/JJ
sums/NNS
of/IN
money/NN
they/PRP
're/VBP
paid/VBN
to/TO
stand/VB
up/RP
at/IN
a/DT
Japanese/JJ
plate/NN
,/,
a/DT
good/JJ
number/NN
decide/VBP
it/PRP
's/VBZ
not/RB
worth/JJ
it/PRP
and/CC
run/VBP
for/IN
home/NN
./.
``/``
Funny/NNP
Business/NNP
''/''
(/(
Soho/NNP
,/,
228/CD
pages/NNS
,/,
$/$
17.95/CD
Gary/NNP
Katzenstein/NNP
is/VBZ
anything/NN
but/RB
./.
It/PRP
's/VBZ
the/DT
petulant/JJ
complaint/NN
of/IN
an/DT
impudent/JJ
American/NN
whom/WP
Sony/NNP
hosted/VBD
for/IN
a/DT
year/NN
while/IN
he/PRP
was/VBD
on/IN
a/DT
Luce/NNP
Fellowship/NNP
in/IN
Tokyo/NNP
--/:
to/IN
the/DT
regret/NN
of/IN
both/DT
parties/NNS
./.
In/IN
sometimes/RB
amusing/JJ
,/,
more/RBR
often/RB
supercilious/JJ
,/,
even/RB
vicious/JJ
passages/NNS
,/,
Mr./NNP
Katzenstein/NNP
describes/VBZ
how/WRB
Sony/NNP
invades/VBZ
even/RB
the/DT
most/RBS
mundane/JJ
aspects/NNS
of/IN
its/PRP$
workers/NNS
'/POS
lives/NNS
--/:
at/IN
the/DT
regimented/JJ
office/NN
,/,
where/WRB
employees/NNS
are/VBP
assigned/VBN
lunch/NN
partners/NNS
--/:
and/JJ
at/IN
``/``
home/NN
''/''
in/IN
the/DT
austere/JJ
company/NN
dormitory/NN
run/VBN
by/IN
a/DT
prying/JJ
caretaker/NN
./.
Some/DT
of/IN
his/PRP$
observations/NNS
about/IN
Japanese/JJ
management/NN
style/NN
are/VBP
on/IN
the/DT
mark/NN
./.
It/PRP
's/VBZ
probably/RB
true/JJ
that/IN
many/JJ
salarymen/NNS
put/VBN
in/IN
unproductive/JJ
overtime/NN
just/RB
for/IN
the/DT
sake/NN
of/IN
solidarity/NN
,/,
that/IN
the/DT
system/NN
is/VBZ
so/RB
hierarchical/JJ
that/IN
only/RB
the/DT
assistant/JJ
manager/NN
can/MD
talk/VB
to/TO
the/DT
manager/NN
and/CC
the/DT
manager/NN
to/TO
the/DT
general/JJ
manager/NN
,/,
and/CC
that/IN
Sony/NNP
was/VBD
chary/JJ
of/IN
letting/VBG
a/DT
young/JJ
,/,
short-term/JJ
American/JJ
employee/NN
take/VB
on/IN
any/DT
responsibility/NN
./.
All/DT
of/IN
this/DT
must/MD
have/VB
been/VBN
enormously/RB
frustrating/VBG
to/TO
Mr./NNP
Katzenstein/NNP
,/,
who/WP
went/VBD
to/TO
Sony/NNP
with/IN
degrees/NNS
in/IN
business/NN
and/CC
computer/NN
science/NN
and/CC
was/VBD
raring/JJ
to/TO
invent/VB
another/DT
Walkman/NNP
./.
But/CC
Sony/NNP
ultimately/RB
took/VBD
a/DT
lesson/NN
from/IN
the/DT
American/JJ
management/NN
books/NNS
and/CC
fired/VBD
Mr./NNP
Katzenstein/NNP
,/,
after/IN
he/PRP
committed/VBD
the/DT
social/JJ
crime/NN
of/IN
making/VBG
an/DT
appointment/NN
to/TO
see/VB
the/DT
venerable/JJ
Akio/NNP
Morita/NNP
,/,
founder/NN
of/IN
Sony/NNP
./.
It/PRP
's/VBZ
a/DT
shame/NN
their/PRP$
meeting/NN
never/RB
took/VBD
place/NN
./.
Mr./NNP
Katzenstein/NNP
certainly/RB
would/MD
have/VB
learned/VBD
something/NN
,/,
and/CC
it/PRP
's/VBZ
even/RB
possible/JJ
Mr./NNP
Morita/NNP
would/MD
have/VB
too/RB
./.
Ms./NNP
Kirkpatrick/NNP
,/,
the/DT
Journal/NNP
's/POS
deputy/NN
editorial/NN
features/NNS
editor/NN
,/,
worked/VBD
in/IN
Tokyo/NNP
for/IN
three/CD
years/NNS
./.
More/JJR
and/CC
more/JJR
corners/NNS
of/IN
the/DT
globe/NN
are/VBP
becoming/VBG
free/JJ
of/IN
tobacco/NN
smoke/NN
./.
In/IN
Singapore/NNP
,/,
a/DT
new/JJ
law/NN
requires/VBZ
smokers/NNS
to/TO
put/VB
out/RP
their/PRP$
cigarettes/NNS
before/IN
entering/VBG
restaurants/NNS
,/,
department/NN
stores/NNS
and/CC
sports/NNS
centers/NNS
or/CC
face/VB
a/DT
$/$
250/CD
fine/NN
./.
Discos/NNS
and/CC
private/JJ
clubs/NNS
are/VBP
exempt/JJ
from/IN
the/DT
ban/NN
,/,
and/CC
smoking/NN
will/MD
be/VB
permitted/VBN
in/IN
bars/NNS
except/IN
during/IN
meal/NN
hours/NNS
,/,
an/DT
official/NN
said/VBD
./.
Singapore/NNP
already/RB
bans/VBZ
smoking/NN
in/IN
all/DT
theaters/NNS
,/,
buses/NNS
,/,
public/JJ
elevators/NNS
,/,
hospitals/NNS
and/CC
fast-food/NN
restaurants/NNS
./.
In/IN
Malaysia/NNP
,/,
Siti/NNP
Zaharah/NNP
Sulaiman/NNP
,/,
a/DT
deputy/NN
minister/NN
in/IN
the/DT
prime/JJ
minister/NN
's/POS
office/NN
,/,
launched/VBD
a/DT
``/``
No-Smoking/NNP
Week/NNP
''/''
at/IN
the/DT
Mara/NNP
Institute/NNP
of/IN
Technology/NNP
near/IN
Kuala/NNP
Lumpur/NNP
and/CC
urged/VBD
other/JJ
schools/NNS
to/TO
ban/VB
on-campus/JJ
smoking/NN
./.
South/NNP
Korea/NNP
has/VBZ
different/JJ
concerns/NNS
./.
In/IN
Seoul/NNP
,/,
officials/NNS
began/VBD
visiting/VBG
about/RB
26,000/CD
cigarette/NN
stalls/NNS
to/TO
remove/VB
illegal/JJ
posters/NNS
and/CC
signboards/NNS
advertising/VBG
imported/VBN
cigarettes/NNS
./.
South/NNP
Korea/NNP
has/VBZ
opened/VBN
its/PRP$
market/NN
to/TO
foreign/JJ
cigarettes/NNS
but/CC
restricts/VBZ
advertising/NN
to/TO
designated/VBN
places/NNS
./.
A/DT
marketing/NN
study/NN
indicates/VBZ
that/IN
Hong/NNP
Kong/NNP
consumers/NNS
are/VBP
the/DT
most/RBS
materialistic/JJ
in/IN
the/DT
14/CD
major/JJ
markets/NNS
where/WRB
the/DT
survey/NN
was/VBD
carried/VBN
out/RP
./.
The/DT
study/NN
by/IN
the/DT
Backer/NNP
Spielvogel/NNP
Bates/NNP
ad/NN
agency/NN
also/RB
found/VBD
that/IN
the/DT
colony/NN
's/POS
consumers/NNS
feel/VBP
more/RBR
pressured/JJ
than/IN
those/DT
in/IN
any/DT
of/IN
the/DT
other/JJ
surveyed/VBN
markets/NNS
,/,
which/WDT
include/VBP
the/DT
U.S./NNP
and/CC
Japan/NNP
./.
The/DT
survey/NN
found/VBD
that/IN
nearly/RB
half/NN
of/IN
Hong/NNP
Kong/NNP
consumers/NNS
espouse/VBP
what/WP
it/PRP
identified/VBD
as/IN
materialistic/JJ
values/NNS
,/,
compared/VBN
with/IN
about/RB
one-third/JJ
in/IN
Japan/NNP
and/CC
the/DT
U.S/NNP
./.
More/JJR
than/IN
three/CD
in/IN
five/CD
said/VBD
they/PRP
are/VBP
under/IN
a/DT
great/JJ
deal/NN
of/IN
stress/NN
most/JJS
of/IN
the/DT
time/NN
,/,
compared/VBN
with/IN
less/JJR
than/IN
one/CD
in/IN
two/CD
U.S./NNP
consumers/NNS
and/CC
one/CD
in/IN
four/CD
in/IN
Japan/NNP
./.
The/DT
Thai/NNP
cabinet/NN
endorsed/VBD
Finance/NNP
Minister/NNP
Pramual/NNP
Sabhavasu/NNP
's/POS
proposal/NN
to/TO
build/VB
a/DT
$/$
19/CD
million/CD
conference/NN
center/NN
for/IN
a/DT
joint/JJ
meeting/NN
of/IN
the/DT
World/NNP
Bank/NNP
and/CC
International/NNP
Monetary/NNP
Fund/NNP
two/CD
years/NNS
from/IN
now/RB
./.
The/DT
meeting/NN
,/,
which/WDT
is/VBZ
expected/VBN
to/TO
draw/VB
20,000/CD
to/TO
Bangkok/NNP
,/,
was/VBD
going/VBG
to/TO
be/VB
held/VBN
at/IN
the/DT
Central/NNP
Plaza/NNP
Hotel/NNP
,/,
but/CC
the/DT
government/NN
balked/VBD
at/IN
the/DT
hotel/NN
's/POS
conditions/NNS
for/IN
undertaking/VBG
necessary/JJ
expansion/NN
./.
A/DT
major/JJ
concern/NN
about/IN
the/DT
current/JJ
plan/NN
is/VBZ
whether/IN
the/DT
new/JJ
center/NN
can/MD
be/VB
built/VBN
in/IN
such/JJ
a/DT
short/JJ
time/NN
./.
Yasser/NNP
Arafat/NNP
has/VBZ
written/VBN
to/TO
the/DT
chairman/NN
of/IN
the/DT
International/NNP
Olympic/NNP
Committee/NNP
asking/VBG
him/PRP
to/TO
back/VB
a/DT
Palestinian/JJ
bid/NN
to/TO
join/VB
the/DT
committee/NN
,/,
the/DT
Palestine/NNP
Liberation/NNP
Organization/NNP
news/NN
agency/NN
WAFA/NNP
said/VBD
./.
An/DT
official/NN
of/IN
the/DT
Palestinian/NNP
Olympic/NNP
Committee/NNP
said/VBD
the/DT
committee/NN
first/RB
applied/VBD
for/IN
membership/NN
in/IN
1979/CD
and/CC
renewed/VBD
its/PRP$
application/NN
in/IN
August/NNP
of/IN
this/DT
year/NN
./.
The/DT
PLO/NNP
in/IN
recent/JJ
months/NNS
has/VBZ
been/VBN
trying/VBG
to/TO
join/VB
international/JJ
organizations/NNS
but/CC
failed/VBD
earlier/RBR
this/DT
year/NN
to/TO
win/VB
membership/NN
in/IN
the/DT
World/NNP
Health/NNP
Organization/NNP
and/CC
the/DT
World/NNP
Tourism/NNP
Organization/NNP
./.
A/DT
Beijing/NNP
food-shop/JJ
assistant/NN
has/VBZ
become/VBN
the/DT
first/JJ
mainland/NN
Chinese/NN
to/TO
get/VB
AIDS/NNP
through/IN
sex/NN
,/,
the/DT
People/NNP
's/POS
Daily/NNP
said/VBD
./.
It/PRP
said/VBD
the/DT
man/NN
,/,
whom/WP
it/PRP
did/VBD
not/RB
name/VB
,/,
had/VBD
been/VBN
found/VBN
to/TO
have/VB
the/DT
disease/NN
after/IN
hospital/NN
tests/NNS
./.
Once/RB
the/DT
disease/NN
was/VBD
confirmed/VBN
,/,
all/DT
the/DT
man/NN
's/POS
associates/NNS
and/CC
family/NN
were/VBD
tested/VBN
,/,
but/CC
none/NN
have/VBP
so/RB
far/RB
been/VBN
found/VBN
to/TO
have/VB
AIDS/NNP
,/,
the/DT
newspaper/NN
said/VBD
./.
The/DT
man/NN
had/VBD
for/IN
a/DT
long/JJ
time/NN
had/VBN
``/``
a/DT
chaotic/JJ
sex/NN
life/NN
,/,
''/''
including/VBG
relations/NNS
with/IN
foreign/JJ
men/NNS
,/,
the/DT
newspaper/NN
said/VBD
./.
The/DT
Polish/JJ
government/NN
increased/VBD
home/NN
electricity/NN
charges/NNS
by/IN
150/CD
%/NN
and/CC
doubled/VBD
gas/NN
prices/NNS
./.
The/DT
official/JJ
news/NN
agency/NN
PAP/NNP
said/VBD
the/DT
increases/NNS
were/VBD
intended/VBN
to/TO
bring/VB
unrealistically/RB
low/JJ
energy/NN
charges/NNS
into/IN
line/NN
with/IN
production/NN
costs/NNS
and/CC
compensate/VB
for/IN
a/DT
rise/NN
in/IN
coal/NN
prices/NNS
./.
In/IN
happier/JJR
news/NN
,/,
South/NNP
Korea/NNP
,/,
in/IN
establishing/VBG
diplomatic/JJ
ties/NNS
with/IN
Poland/NNP
yesterday/NN
,/,
announced/VBD
$/$
450/CD
million/CD
in/IN
loans/NNS
to/TO
the/DT
financially/RB
strapped/VBN
Warsaw/NNP
government/NN
./.
In/IN
a/DT
victory/NN
for/IN
environmentalists/NNS
,/,
Hungary/NNP
's/POS
parliament/NN
terminated/VBD
a/DT
multibillion-dollar/JJ
River/NNP
Danube/NNP
dam/NN
being/VBG
built/VBN
by/IN
Austrian/JJ
firms/NNS
./.
The/DT
Nagymaros/NNP
dam/NN
was/VBD
designed/VBN
to/TO
be/VB
twinned/VBN
with/IN
another/DT
dam/NN
,/,
now/RB
nearly/RB
complete/JJ
,/,
100/CD
miles/NNS
upstream/RB
in/IN
Czechoslovakia/NNP
./.
In/IN
ending/VBG
Hungary/NNP
's/POS
part/NN
of/IN
the/DT
project/NN
,/,
Parliament/NNP
authorized/VBD
Prime/NNP
Minister/NNP
Miklos/NNP
Nemeth/NNP
to/TO
modify/VB
a/DT
1977/CD
agreement/NN
with/IN
Czechoslovakia/NNP
,/,
which/WDT
still/RB
wants/VBZ
the/DT
dam/NN
to/TO
be/VB
built/VBN
./.
Mr./NNP
Nemeth/NNP
said/VBD
in/IN
parliament/NN
that/IN
Czechoslovakia/NNP
and/CC
Hungary/NNP
would/MD
suffer/VB
environmental/JJ
damage/NN
if/IN
the/DT
twin/NN
dams/NNS
were/VBD
built/VBN
as/IN
planned/VBN
./.
Czechoslovakia/NNP
said/VBD
in/IN
May/NNP
it/PRP
could/MD
seek/VB
$/$
2/CD
billion/CD
from/IN
Hungary/NNP
if/IN
the/DT
twindam/NN

contract/NN
were/VBD
broken/VBN
./.
The/DT
Czech/JJ
dam/NN
ca/MD
n't/RB
be/VB
operated/VBN
solely/RB
at/IN
peak/NN
periods/NNS
without/IN
the/DT
Nagymaros/NNP
project/NN
./.
A/DT
painting/NN
by/IN
August/NNP
Strindberg/NNP
set/VBD
a/DT
Scandinavian/JJ
price/NN
record/NN
when/WRB
it/PRP
sold/VBD
at/IN
auction/NN
in/IN
Stockholm/NNP
for/IN
$/$
2.44/CD
million/CD
./.
``/``
Lighthouse/NNP
II/NNP
''/''
was/VBD
painted/VBN
in/IN
oils/NNS
by/IN
the/DT
playwright/NN
in/IN
1901/CD
.../:
After/IN
years/NNS
of/IN
decline/NN
,/,
weddings/NNS
in/IN
France/NNP
showed/VBD
a/DT
2.2/CD
%/NN
upturn/NN
last/JJ
year/NN
,/,
with/IN
6,000/CD
more/JJR
couples/NNS
exchanging/VBG
rings/NNS
in/IN
1988/CD
than/IN
in/IN
the/DT
previous/JJ
year/NN
,/,
the/DT
national/JJ
statistics/NNS
office/NN
said/VBD
./.
But/CC
the/DT
number/NN
of/IN
weddings/NNS
last/JJ
year/NN
--/:
271,124/CD
--/:
was/VBD
still/RB
well/RB
below/IN
the/DT
400,000/CD
registered/VBN
in/IN
1972/CD
,/,
the/DT
last/JJ
year/NN
of/IN
increasing/VBG
marriages/NNS
./.
BRAMALEA/NNP
Ltd./NNP
said/VBD
it/PRP
agreed/VBD
to/TO
issue/VB
100/CD
million/CD
Canadian/JJ
dollars/NNS
US$/$
85.1/CD
million/CD
10.5/CD
%/NN
senior/JJ
debentures/NNS
due/JJ
Nov./NNP
30/CD
,/,
1999/CD
,/,
together/RB
with/IN
100,000/CD
bond/NN
purchase/NN
warrants/NNS
./.
The/DT
Toronto-based/JJ
real/JJ
estate/NN
concern/NN
said/VBD
each/DT
bond/NN
warrant/NN
entitles/VBZ
the/DT
holder/NN
to/TO
buy/VB
C$/$
1,000/CD
principal/NN
amount/NN
of/IN
debentures/NNS
at/IN
par/NN
plus/CC
accrued/VBN
interest/NN
to/TO
the/DT
date/NN
of/IN
purchase/NN
./.
The/DT
warrants/NNS
expire/VBP
Nov./NNP
30/CD
,/,
1990/CD
./.
The/DT
issue/NN
will/MD
be/VB
swapped/VBN
into/IN
fixed-rate/JJ
U.S./NNP
dollars/NNS
at/IN
a/DT
rate/NN
the/DT
company/NN
said/VBD
is/VBZ
less/JJR
than/IN
9/CD
%/NN
;/:
a/DT
spokesman/NN
declined/VBD
to/TO
elaborate/VB
./.
Lead/JJ
underwriters/NNS
for/IN
the/DT
issue/NN
are/VBP
Scotia/NNP
McLeod/NNP
Inc./NNP
and/CC
RBC/NNP
Dominion/NNP
Securities/NNP
Inc./NNP
,/,
both/DT
Toronto-based/JJ
investment/NN
dealers/NNS
./.
Bramalea/NNP
said/VBD
it/PRP
expects/VBZ
to/TO
complete/VB
the/DT
issue/NN
by/IN
the/DT
end/NN
of/IN
the/DT
month/NN
./.
As/IN
an/DT
actor/NN
,/,
Charles/NNP
Lane/NNP
is/VBZ
n't/RB
the/DT
inheritor/NN
of/IN
Charlie/NNP
Chaplin/NNP
's/POS
spirit/NN
./.
Steve/NNP
Martin/NNP
has/VBZ
already/RB
laid/VBN
his/PRP$
claim/NN
to/TO
that/DT
./.
But/CC
it/PRP
is/VBZ
Mr./NNP
Lane/NNP
,/,
as/IN
movie/NN
director/NN
,/,
producer/NN
and/CC
writer/NN
,/,
who/WP
has/VBZ
been/VBN
obsessed/VBN
with/IN
refitting/VBG
Chaplin/NNP
's/POS
Little/NNP
Tramp/NNP
in/IN
a/DT
contemporary/JJ
way/NN
./.
In/IN
1976/CD
,/,
as/IN
a/DT
film/NN
student/NN
at/IN
the/DT
Purchase/NNP
campus/NN
of/IN
the/DT
State/NNP
University/NNP
of/IN
New/NNP
York/NNP
,/,
Mr./NNP
Lane/NNP
shot/VBD
``/``
A/DT
Place/NNP
in/IN
Time/NNP
,/,
''/''
a/DT
36-minute/JJ
black-and-white/JJ
film/NN
about/IN
a/DT
sketch/NN
artist/NN
,/,
a/DT
man/NN
of/IN
the/DT
streets/NNS
./.
Now/RB
,/,
13/CD
years/NNS
later/RBR
,/,
Mr./NNP
Lane/NNP
has/VBZ
revived/VBN
his/PRP$
Artist/NNP
in/IN
a/DT
full-length/JJ
movie/NN
called/VBN
``/``
Sidewalk/NNP
Stories/NNP
,/,
''/''
a/DT
poignant/JJ
piece/NN
of/IN
work/NN
about/IN
a/DT
modern-day/JJ
tramp/NN
./.
Of/IN
course/NN
,/,
if/IN
the/DT
film/NN
contained/VBD
dialogue/NN
,/,
Mr./NNP
Lane/NNP
's/POS
Artist/NNP
would/MD
be/VB
called/VBN
a/DT
homeless/JJ
person/NN
./.
So/RB
would/MD
the/DT
Little/NNP
Tramp/NNP
,/,
for/IN
that/DT
matter/NN
./.
I/PRP
say/VBP
``/``
contained/VBD
dialogue/NN
''/''
because/IN
``/``
Sidewalk/NNP
Stories/NNP
''/''
is/VBZ
n't/RB
really/RB
silent/JJ
at/IN
all/DT
./.
Composer/NN
Marc/NNP
Marder/NNP
,/,
a/DT
college/NN
friend/NN
of/IN
Mr./NNP
Lane/NNP
's/POS
who/WP
earns/VBZ
his/PRP$
living/NN
playing/VBG
the/DT
double/JJ
bass/NN
in/IN
classical/JJ
music/NN
ensembles/NNS
,/,
has/VBZ
prepared/VBN
an/DT
exciting/JJ
,/,
eclectic/JJ
score/NN
that/WDT
tells/VBZ
you/PRP
what/WP
the/DT
characters/NNS
are/VBP
thinking/VBG
and/CC
feeling/VBG
far/RB
more/RBR
precisely/RB
than/IN
intertitles/NNS
,/,
or/CC
even/RB
words/NNS
,/,
would/MD
./.
Much/RB
of/IN
Mr./NNP
Lane/NNP
's/POS
film/NN
takes/VBZ
a/DT
highly/RB
romanticized/VBN
view/NN
of/IN
life/NN
on/IN
the/DT
streets/NNS
no/DT
more/RBR
romanticized/VBN
than/IN
Mr./NNP
Chaplin/NNP
's/POS
notion/NN
of/IN
the/DT
Tramp/NNP
as/IN
the/DT
good-hearted/JJ
free/JJ
spirit/NN
Filmed/VBN
in/IN
lovely/JJ
black/NN
and/CC
white/NN
by/IN
Bill/NNP
Dill/NNP
,/,
the/DT
New/NNP
York/NNP
streets/NNS
of/IN
``/``
Sidewalk/NNP
Stories/NNP
''/''
seem/VBP
benign/JJ
./.
On/IN
Wall/NNP
Street/NNP
men/NNS
and/CC
women/NNS
walk/VBP
with/IN
great/JJ
purpose/NN
,/,
noticing/VBG
one/CD
another/DT
only/RB
when/WRB
they/PRP
jostle/VBP
for/IN
cabs/NNS
./.
The/DT
Artist/NNP
hangs/VBZ
out/RP
in/IN
Greenwich/NNP
Village/NNP
,/,
on/IN
a/DT
strip/NN
of/IN
Sixth/NNP
Avenue/NNP
populated/VBN
by/IN
jugglers/NNS
,/,
magicians/NNS
and/CC
other/JJ
good-natured/JJ
hustlers/NNS
./.
This/DT
clearly/RB
is/VBZ
not/RB
real/JJ
life/NN
:/:
no/DT
crack/NN
dealers/NNS
,/,
no/DT
dead-eyed/JJ
men/NNS
selling/VBG
four-year-old/JJ
copies/NNS
of/IN
Cosmopolitan/NNP
,/,
no/DT
one/PRP
curled/VBD
up/RP
in/IN
a/DT
cardboard/NN
box/NN
./.
The/DT
Artist/NNP
has/VBZ
his/PRP$
routine/NN
./.
He/PRP
spends/VBZ
his/PRP$
days/NNS
sketching/VBG
passers-by/NNS
,/,
or/CC
trying/VBG
to/TO
./.
At/IN
night/NN
he/PRP
returns/VBZ
to/TO
the/DT
condemned/VBN
building/NN
he/PRP
calls/VBZ
home/NN
./.
His/PRP$
life/NN
,/,
including/VBG
his/PRP$
skirmishes/NNS
with/IN
a/DT
competing/VBG
sketch/NN
artist/NN
,/,
seems/VBZ
carefree/JJ
./.
He/PRP
is/VBZ
his/PRP$
own/JJ
man/NN
./.
Then/RB
,/,
just/RB
as/IN
the/DT
Tramp/NNP
is/VBZ
given/VBN
a/DT
blind/JJ
girl/NN
to/TO
cure/VB
in/IN
``/``
City/NNP
Lights/NNP
,/,
''/''
the/DT
Artist/NNP
is/VBZ
put/VBN
in/IN
charge/NN
of/IN
returning/VBG
a/DT
two-year-old/JJ
waif/NN
Nicole/NNP
Alysia/NNP
whose/WP$
father/NN
has/VBZ
been/VBN
murdered/VBN
by/IN
thugs/NNS
,/,
to/TO
her/PRP$
mother/NN
./.
This/DT
cute/JJ
child/NN
turns/VBZ
out/RP
to/TO
be/VB
a/DT
blessing/NN
and/CC
a/DT
curse/NN
./.
She/PRP
gives/VBZ
the/DT
Artist/NNP
a/DT
sense/NN
of/IN
purpose/NN
,/,
but/CC
also/RB
alerts/VBZ
him/PRP
to/TO
the/DT
serious/JJ
inadequacy/NN
of/IN
his/PRP$
vagrant/JJ
life/NN
./.
The/DT
beds/NNS
at/IN
the/DT
Bowery/NNP
Mission/NNP
seem/VBP
far/JJ
drearier/RBR
when/WRB
he/PRP
has/VBZ
to/TO
tuck/VB
a/DT
little/JJ
girl/NN
into/IN
one/CD
of/IN
them/PRP
at/IN
night/NN
./.
To/TO
further/RBR
load/VB
the/DT
stakes/NNS
,/,
Mr./NNP
Lane/NNP
dreamed/VBD
up/RP
a/DT
highly/RB
improbable/JJ
romance/NN
for/IN
the/DT
Artist/NNP
,/,
with/IN
a/DT
young/JJ
woman/NN
who/WP
owns/VBZ
her/PRP$
own/JJ
children/NNS
's/POS
shop/NN
and/CC
who/WP
lives/VBZ
in/IN
an/DT
expensive/JJ
high-rise/JJ
apartment/NN
building/NN
./.
This/DT
story/NN
line/NN
might/MD
resonate/VB
more/RBR
strongly/RB
if/IN
Mr./NNP
Lane/NNP
had/VBD
as/RB
strong/JJ
a/DT
presence/NN
in/IN
front/NN
of/IN
the/DT
camera/NN
as/IN
he/PRP
does/VBZ
behind/IN
it/PRP
./.
Mr./NNP
Lane/NNP
's/POS
final/JJ
purpose/NN
is/VBZ
n't/RB
to/TO
glamorize/VB
the/DT
Artist/NNP
's/POS
vagabond/NN
existence/NN
./.
He/PRP
has/VBZ
a/DT
point/NN
he/PRP
wants/VBZ
to/TO
make/VB
,/,
and/CC
he/PRP
makes/VBZ
it/PRP
,/,
with/IN
a/DT
great/JJ
deal/NN
of/IN
force/NN
./.
The/DT
movie/NN
ends/VBZ
with/IN
sound/NN
,/,
the/DT
sound/NN
of/IN
street/NN
people/NNS
talking/VBG
,/,
and/CC
there/EX
is/VBZ
n't/RB
anything/NN
whimsical/JJ
or/CC
enviable/JJ
in/IN
those/DT
rough/JJ
,/,
beaten/JJ
voices/NNS
./.
The/DT
French/JJ
film/NN
maker/NN
Claude/NNP
Chabrol/NNP
has/VBZ
managed/VBN
another/DT
kind/NN
of/IN
weird/JJ
achievement/NN
with/IN
his/PRP$
``/``
Story/NNP
of/IN
Women/NNP
./.
''/''
He/PRP
has/VBZ
made/VBN
a/DT
harsh/JJ
,/,
brilliant/JJ
picture/NN
--/:
one/CD
that/WDT
's/VBZ
captivating/JJ
--/:
about/IN
a/DT
character/NN
who/WP
,/,
viewed/VBN
from/IN
the/DT
most/RBS
sympathetic/JJ
angle/NN
,/,
would/MD
seem/VB
disagreeable/JJ
./.
Yet/RB
this/DT
woman/NN
,/,
Marie-Louise/NNP
Giraud/NNP
,/,
carries/VBZ
historical/JJ
significance/NN
,/,
both/DT
as/IN
one/CD
of/IN
the/DT
last/JJ
women/NNS
to/TO
be/VB
executed/VBN
in/IN
France/NNP
and/CC
as/IN
a/DT
symbol/NN
of/IN
the/DT
Vichy/NNP
government/NN
's/POS
hypocrisy/NN
./.
While/IN
Vichy/NNP
collaborated/VBD
with/IN
the/DT
Germans/NNS
during/IN
World/NNP
War/NNP
II/NNP
in/IN
the/DT
deaths/NNS
of/IN
thousands/NNS
of/IN
Resistance/NNP
fighters/NNS
and/CC
Jews/NNS
,/,
its/PRP$
officials/NNS
needed/VBD
a/DT
diversionary/JJ
symbolic/JJ
traitor/NN
./.
Marie-Louise/NNP
,/,
a/DT
small-time/JJ
abortionist/NN
,/,
was/VBD
their/PRP$
woman/NN
./.
She/PRP
became/VBD
an/DT
abortionist/NN
accidentally/RB
,/,
and/CC
continued/VBD
because/IN
it/PRP
enabled/VBD
her/PRP
to/TO
buy/VB
jam/NN
,/,
cocoa/NN
and/CC
other/JJ
war-rationed/JJ
goodies/NNS
./.
She/PRP
was/VBD
untrained/JJ
and/CC
,/,
in/IN
one/CD
botched/JJ
job/NN
killed/VBD
a/DT
client/NN
./.
Her/PRP$
remorse/NN
was/VBD
shallow/JJ
and/CC
brief/JJ
./.
Although/IN
she/PRP
was/VBD
kind/JJ
and/CC
playful/JJ
to/TO
her/PRP$
children/NNS
,/,
she/PRP
was/VBD
dreadful/JJ
to/TO
her/PRP$
war-damaged/JJ
husband/NN
;/:
she/PRP
openly/RB
brought/VBD
her/PRP$
lover/NN
into/IN
their/PRP$
home/NN
./.
As/IN
presented/VBN
by/IN
Mr./NNP
Chabrol/NNP
,/,
and/CC
played/VBN
with/IN
thin-lipped/JJ
intensity/NN
by/IN
Isabelle/NNP
Huppert/NNP
,/,
Marie-Louise/NNP
Marie/NNP
Latour/NNP
in/IN
the/DT
film/NN
a/DT
nice/JJ
person/NN
./.
But/CC
she/PRP
did/VBD
n't/RB
deserve/VB
to/TO
have/VB
her/PRP$
head/NN
chopped/VBN
off/RP
./.
There/EX
is/VBZ
very/RB
little/JJ
to/TO
recommend/VB
``/``
Old/NNP
Gringo/NNP
,/,
''/''
a/DT
confused/JJ
rendering/NN
of/IN
the/DT
Carlos/NNP
Fuentes/NNP
novel/NN
of/IN
the/DT
Mexican/NNP
Revolution/NNP
./.
Most/JJS
of/IN
the/DT
picture/NN
is/VBZ
taken/VBN
up/RP
with/IN
endless/JJ
scenes/NNS
of/IN
many/JJ
people/NNS
either/CC
fighting/VBG
or/CC
eating/VBG
and/CC
drinking/VBG
to/TO
celebrate/VB
victory/NN
./.
I/PRP
mention/VBP
the/DT
picture/NN
only/RB
because/IN
many/JJ
bad/JJ
movies/NNS
have/VBP
a/DT
bright/JJ
spot/NN
,/,
and/CC
this/DT
one/CD
has/VBZ
Gregory/NNP
Peck/NNP
,/,
in/IN
a/DT
marvelously/RB
loose/JJ
and/CC
energetic/JJ
portrayal/NN
of/IN
an/DT
old/JJ
man/NN
who/WP
wants/VBZ
to/TO
die/VB
the/DT
way/NN
he/PRP
wants/VBZ
to/TO
die/VB
./.
Video/NNP
Tip/NNP
:/:
Before/IN
seeing/VBG
``/``
Sidewalk/NNP
Stories/NNP
,/,
''/''
take/VB
a/DT
look/NN
at/IN
``/``
City/NNP
Lights/NNP
,/,
''/''
Chaplin/NNP
's/POS
Tramp/NNP
at/IN
his/PRP$
finest/JJS
./.
Boeing/NNP
Co./NNP
said/VBD
it/PRP
is/VBZ
discussing/VBG
plans/NNS
with/IN
three/CD
of/IN
its/PRP$
regular/JJ
Japanese/JJ
suppliers/NNS
to/TO
possibly/RB
help/VB
build/VB
a/DT
larger/JJR
version/NN
of/IN
its/PRP$
popular/JJ
767/CD
twin-jet/NN
./.
The/DT
discussions/NNS
are/VBP
still/RB
in/IN
preliminary/JJ
stages/NNS
,/,
and/CC
the/DT
specific/JJ
details/NNS
have/VBP
n't/RB
been/VBN
worked/VBN
out/RP
between/IN
the/DT
Seattle/NNP
aerospace/NN
company/NN
and/CC
Kawasaki/NNP
Heavy/NNP
Industries/NNP
Ltd./NNP
,/,
Mitsubishi/NNP
Heavy/NNP
Industries/NNP
Ltd./NNP
and/CC
Fuji/NNP
Heavy/NNP
Industries/NNP
Ltd/NNP
./.
The/DT
three/CD
Japanese/JJ
companies/NNS
build/VBP
the/DT
body/NN
sections/NNS
of/IN
the/DT
767/CD
,/,
accounting/VBG
for/IN
a/DT
combined/JJ
15/CD
%/NN
of/IN
the/DT
aircraft/NN
./.
Japanese/JJ
press/NN
reports/NNS
have/VBP
speculated/VBN
that/IN
the/DT
Japanese/JJ
contribution/NN
could/MD
rise/VB
to/TO
between/IN
20/CD
%/NN
and/CC
25/CD
%/NN
under/IN
the/DT
new/JJ
program/NN
./.
If/IN
Boeing/NNP
goes/VBZ
ahead/RB
with/IN
the/DT
larger/JJR
767/CD
,/,
the/DT
plane/NN
could/MD
hit/VB
the/DT
market/NN
in/IN
the/DT
mid-1990s/NNS
./.
This/DT
is/VBZ
the/DT
year/NN
the/DT
negative/JJ
ad/NN
,/,
for/IN
years/NNS
a/DT
secondary/JJ
presence/NN
in/IN
most/JJS
political/JJ
campaigns/NNS
,/,
became/VBD
the/DT
main/JJ
event/NN
./.
The/DT
irony/NN
is/VBZ
that/IN
the/DT
attack/NN
commercial/NN
,/,
after/IN
getting/VBG
a/DT
boost/NN
in/IN
last/JJ
year/NN
's/POS
presidential/JJ
campaign/NN
,/,
has/VBZ
come/VBN
of/IN
age/NN
in/IN
an/DT
off-off/JJ
election/NN
year/NN
with/IN
only/RB
a/DT
few/JJ
contests/NNS
scattered/VBN
across/IN
the/DT
country/NN
./.
But/IN
in/IN
the/DT
three/CD
leading/VBG
political/JJ
contests/NNS
of/IN
1989/CD
,/,
the/DT
negative/JJ
ads/NNS
have/VBP
reached/VBN
new/JJ
levels/NNS
of/IN
hostility/NN
,/,
raising/VBG
fears/NNS
that/IN
this/DT
kind/NN
of/IN
mudslinging/NN
,/,
empty/JJ
of/IN
significant/JJ
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,/,
is/VBZ
ushering/VBG
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a/DT
new/JJ
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./.
``/``
Now/RB
,/,
''/''
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Joseph/NNP
Napolitan/NNP
,/,
a/DT
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,/,
``/``
the/DT
idea/NN
is/VBZ
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attack/VB
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,/,
last/RB
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always/RB
./.
''/''
A/DT
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the/DT
first/JJ
stirrings/NNS
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politics/NNS
,/,
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the/DT
dawn/NN
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the/DT
television/NN
age/NN
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a/DT
sometimes-tawdry/JJ
art/NN
form/NN
in/IN
1988/CD
,/,
has/VBZ
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./.
``/``
To/TO
get/VB
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's/POS
attention/NN
these/DT
days/NNS
,/,
''/''
says/VBZ
Douglas/NNP
Bailey/NNP
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a/DT
political/JJ
consultant/NN
,/,
``/``
your/PRP$
TV/NN
ad/NN
needs/VBZ
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be/VB
bold/JJ
and/CC
entertaining/JJ
,/,
and/CC
,/,
more/RBR
often/RB
than/IN
not/RB
,/,
that/WDT
means/VBZ
confrontational/JJ
./.
And/CC
,/,
unlike/IN
a/DT
few/JJ
years/NNS
ago/RB
,/,
you/PRP
do/VBP
n't/RB
even/RB
have/VB
to/TO
worry/VB
whether/IN
the/DT
ad/NN
is/VBZ
truthful/JJ
./.
''/''
In/IN
1989/CD
,/,
as/RB
often/RB
as/IN
not/RB
,/,
the/DT
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major/JJ
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are/VBP
prompted/VBN
by/IN
the/DT
ads/NNS
themselves/PRP
./.
Take/VB
a/DT
look/NN
,/,
then/RB
,/,
at/IN
the/DT
main/JJ
attack/NN
commercials/NNS
that/WDT
set/VBD
the/DT
tone/NN
for/IN
Tuesday/NNP
's/POS
elections/NNS
in/IN
New/NNP
York/NNP
City/NNP
,/,
New/NNP
Jersey/NNP
and/CC
Virginia/NNP
:/:
New/NNP
York/NNP
City/NNP
:/:
The/DT
screen/NN
fills/VBZ
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a/DT
small/JJ
,/,
tight/JJ
facial/JJ
shot/NN
of/IN
David/NNP
Dinkins/NNP
,/,
Democratic/JJ
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mayor/NN
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./.
``/``
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four/CD
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years/NNS
,/,
''/''
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disembodied/JJ
male/NN
voice/NN
./.
And/CC
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,/,
paid/VBN
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by/IN
Republican/NNP
Rudolph/NNP
Giuliani/NNP
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produced/VBN
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Roger/NNP
Ailes/NNP
,/,
the/DT
master/NN
of/IN
negative/JJ
TV/NN
ads/NNS
,/,
really/RB
gets/VBZ
down/RB
to/TO
business/NN
./.
Mr./NNP
Dinkins/NNP
,/,
the/DT
ad/NN
charges/VBZ
,/,
also/RB
failed/VBD
to/TO
report/VB
his/PRP$
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,/,
hid/VBD
his/PRP$
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a/DT
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company/NN
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a/DT
convicted/VBN
kidnapper/NN
``/``
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a/DT
phony/JJ
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no/DT
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,/,
no/DT
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./.
''/''
``/``
David/NNP
Dinkins/NNP
,/,
''/''
says/VBZ
the/DT
kicker/NN
,/,
``/``
Why/WRB
does/VBZ
he/PRP
always/RB
wait/VB
until/IN
he/PRP
's/VBZ
caught/VBN
?/.
''/''
``/``
Nasty/JJ
innuendoes/NNS
,/,
''/''
says/VBZ
John/NNP
Siegal/NNP
,/,
Mr./NNP
Dinkins/NNP
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``/``
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corruption/NN
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exist/VB
./.
''/''
Stung/VBN
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the/DT
Giuliani/NNP
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Mr./NNP
Dinkins/NNP
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consultants/NNS
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Robert/NNP
Shrum/NNP
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David/NNP
Doak/NNP
,/,
finally/RB
unleashed/VBD
a/DT
negative/JJ
ad/NN
of/IN
their/PRP$
own/JJ
./.
The/DT
screen/NN
shows/VBZ
two/CD
distorted/JJ
,/,
unrecognizable/JJ
photos/NNS
,/,
presumably/RB
of/IN
two/CD
politicians/NNS
./.
``/``
Compare/VB
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candidates/NNS
for/IN
mayor/NN
,/,
''/''
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the/DT
announcer/NN
./.
``/``
One/NN
says/VBZ
he/PRP
's/VBZ
for/IN
banning/VBG
cop-killer/JJ
bullets/NNS
./.
The/DT
other/JJ
has/VBZ
opposed/VBN
a/DT
ban/NN
on/IN
cop-killer/JJ
bullets/NNS
./.
One/NN
claims/VBZ
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's/VBZ
pro-choice/JJ
./.
The/DT
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a/DT
woman/NN
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right/NN
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choose/VB
./.
''/''
``/``
Funny/JJ
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,/,
''/''
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the/DT
kicker/NN
,/,
``/``
both/DT
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are/VBP
named/VBN
Rudolph/NNP
Giuliani/NNP
./.
''/''
Who/WP
's/VBZ
telling/VBG
the/DT
truth/NN
?/.
Everybody/NN
--/:
and/IN
nobody/NN
./.
It/PRP
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a/DT
classic/JJ
situation/NN
of/IN
ads/NNS
that/WDT
are/VBP
true/JJ
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always/RB
fully/RB
accurate/JJ
./.
Mr./NNP
Dinkins/NNP
did/VBD
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``/``
oversight/NN
''/''
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he/PRP
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being/VBG
considered/VBN
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a/DT
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job/NN
./.
He/PRP
was/VBD
on/IN
the/DT
board/NN
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an/DT
insurance/NN
company/NN
with/IN
financial/JJ
problems/NNS
,/,
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he/PRP
insists/VBZ
he/PRP
made/VBD
no/DT
secret/NN
of/IN
it/PRP
./.
The/DT
city/NN
's/POS
Campaign/NNP
Finance/NNP
Board/NNP
has/VBZ
refused/VBN
to/TO
pay/VB
Mr./NNP
Dinkins/NNP
$/$
95,142/CD
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matching/JJ
funds/NNS
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his/PRP$
campaign/NN
records/NNS
are/VBP
incomplete/JJ
./.
The/DT
campaign/NN
has/VBZ
blamed/VBN
these/DT
reporting/NN
problems/NNS
on/IN
computer/NN
errors/NNS
./.
And/CC
,/,
says/VBZ
Mr./NNP
Dinkins/NNP
,/,
he/PRP
did/VBD
n't/RB
know/VB
the/DT
man/NN
his/PRP$
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for/IN
a/DT
get-out-the-vote/JJ
effort/NN
had/VBD
been/VBN
convicted/VBN
of/IN
kidnapping/NN
./.
But/CC
,/,
say/VBP
Mr./NNP
Dinkins/NNP
's/POS
managers/NNS
,/,
he/PRP
did/VBD
have/VB
an/DT
office/NN
and/CC
his/PRP$
organization/NN
did/VBD
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members/NNS
./.
Mr./NNP
Giuliani/NNP
's/POS
campaign/NN
chairman/NN
,/,
Peter/NNP
Powers/NNP
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Dinkins/NNP
ad/NN
is/VBZ
``/``
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./.
''/''
The/DT
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he/PRP
argues/VBZ
,/,
``/``
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Giuliani/NNP
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always/RB
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pro-choice/JJ
,/,
even/RB
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he/PRP
has/VBZ
personal/JJ
reservations/NNS
./.
They/PRP
know/VBP
he/PRP
is/VBZ
generally/RB
opposed/VBN
to/TO
cop-killer/JJ
bullets/NNS
,/,
but/CC
that/IN
he/PRP
had/VBD
some/DT
reservations/NNS
about/IN
the/DT
language/NN
in/IN
the/DT
legislation/NN
./.
''/''
Virginia/NNP
:/:
Democratic/JJ
Lt./NNP
Gov./NNP
Douglas/NNP
Wilder/NNP
opened/VBD
his/PRP$
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with/IN
Republican/JJ
Marshall/NNP
Coleman/NNP
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an/DT
abortion/NN
commercial/NN
produced/VBN
by/IN
Frank/NNP
Greer/NNP
that/IN
analysts/NNS
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every/DT
political/JJ
persuasion/NN
agree/VBP
was/VBD
a/DT
tour/NN
de/FW
force/NN
./.
Against/IN
a/DT
shot/NN
of/IN
Monticello/NNP
superimposed/VBN
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an/DT
American/JJ
flag/NN
,/,
an/DT
announcer/NN
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the/DT
``/``
strong/JJ
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freedom/NN
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individual/JJ
liberty/NN
''/''
that/IN
Virginians/NNPS
have/VBP
nurtured/VBN
for/IN
generations/NNS
./.
Then/RB
,/,
just/RB
as/IN
an/DT
image/NN
of/IN
the/DT
statue/NN
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Thomas/NNP
Jefferson/NNP
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from/IN
the/DT
screen/NN
,/,
the/DT
announcer/NN
continues/VBZ
:/:
``/``
On/IN
the/DT
issue/NN
of/IN
abortion/NN
,/,
Marshall/NNP
Coleman/NNP
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take/VB
away/RB
your/PRP$
right/NN
to/TO
choose/VB
and/CC
give/VB
it/PRP
to/TO
the/DT
politicians/NNS
./.
''/''
That/DT
commercial/JJ
--/:
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said/VBD
Mr./NNP
Coleman/NNP
wanted/VBD
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take/VB
away/RB
the/DT
right/NN
of/IN
abortion/NN
``/``
even/RB
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cases/NNS
of/IN
rape/NN
and/CC
incest/NN
,/,
''/''
a/DT
charge/NN
Mr./NNP
Coleman/NNP
denies/VBZ
--/:
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the/DT
dynamics/NNS
of/IN
the/DT
campaign/NN
,/,
transforming/VBG
it/PRP
,/,
at/IN
least/JJS
in/IN
part/NN
,/,
into/IN
a/DT
referendum/NN
on/IN
abortion/NN
./.
The/DT
ad/NN
prompted/VBD
Mr./NNP
Coleman/NNP
,/,
the/DT
former/JJ
Virginia/NNP
attorney/NN
general/NN
,/,
to/TO
launch/VB
a/DT
series/NN
of/IN
advertisements/NNS
created/VBN
by/IN
Bob/NNP
Goodman/NNP
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designed/VBN
to/TO
shake/VB
Mr./NNP
Wilder/NNP
's/POS
support/NN
among/IN
the/DT
very/JJ
women/NNS
who/WP
were/VBD
attracted/VBN
by/IN
the/DT
abortion/NN
ad/NN
./.
The/DT
Coleman/NNP
counterattack/NN
featured/VBD
a/DT
close-up/NN
of/IN
a/DT
young/JJ
woman/NN
in/IN
shadows/NNS
and/CC
the/DT
ad/NN
suggested/VBD
that/IN
she/PRP
was/VBD
recalling/VBG
an/DT
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courtroom/NN
ordeal/NN
./.
A/DT
voice/NN
says/VBZ
,/,
``/``
C'mon/VB
,/,
now/RB
,/,
do/VBP
n't/RB
you/PRP
have/VB
boyfriends/NNS
?/.
''/''
Then/RB
an/DT
announcer/NN
interjects/VBZ
:/:
``/``
It/PRP
was/VBD
Douglas/NNP
Wilder/NNP
who/WP
introduced/VBD
a/DT
bill/NN
to/TO
force/VB
rape/NN
victims/NNS
age/NN
13/CD
and/CC
younger/JJR
to/TO
be/VB
interrogated/VBN
about/IN
their/PRP$
private/JJ
lives/NNS
by/IN
lawyers/NNS
for/IN
accused/VBN
rapists/NNS
./.
So/RB
the/DT
next/JJ
time/NN
Mr./NNP
Wilder/NNP
talks/VBZ
about/IN
the/DT
rights/NNS
of/IN
women/NNS
,/,
ask/VB
him/PRP
about/IN
this/DT
law/NN
he/PRP
tried/VBD
to/TO
pass/VB
./.
''/''
Mr./NNP
Wilder/NNP
did/VBD
introduce/VB
such/JJ
legislation/NN
17/CD
years/NNS
ago/RB
,/,
but/CC
he/PRP
did/VBD
so/RB
at/IN
the/DT
request/NN
of/IN
a/DT
constituent/NN
,/,
a/DT
common/JJ
legislative/JJ
technique/NN
used/VBN
by/IN
lawmakers/NNS
./.
The/DT
legislation/NN
itself/PRP
noted/VBD
that/IN
it/PRP
was/VBD
introduced/VBN
``/``
by/IN
request/NN
,/,
''/''
and/CC
in/IN
1983/CD
Mr./NNP
Wilder/NNP
introduced/VBD
a/DT
bill/NN
to/TO
protect/VB
rape/NN
victims/NNS
from/IN
unfounded/JJ
interrogation/NN
./.
``/``
People/NNS
have/VBP
grown/VBN
tired/JJ
of/IN
these/DT
ads/NNS
and/CC
Coleman/NNP
has/VBZ
gotten/VBN
the/DT
stigma/NN
of/IN
being/VBG
a/DT
negative/JJ
campaigner/NN
,/,
''/''
says/VBZ
Mark/NNP
Rozell/NNP
,/,
a/DT
political/JJ
scientist/NN
at/IN
Mary/NNP
Washington/NNP
College/NNP
./.
``/``
Wilder/NNP
has/VBZ
managed/VBN
to/TO
get/VB
across/RP
the/DT
idea/NN
that/IN
Coleman/NNP
will/MD
say/VB
anything/NN
to/TO
get/VB
elected/VBN
governor/NN
and/CC
--/:
more/RBR
important/JJ
--/:
has/VBZ
been/VBN
able/JJ
to/TO
put/VB
the/DT
onus/NN
for/IN
all/PDT
the/DT
negative/JJ
campaigning/NN
on/IN
Coleman/NNP
./.
''/''
Mr./NNP
Coleman/NNP
said/VBD
this/DT
week/NN
that/IN
he/PRP
would/MD
devote/VB
the/DT
remainder/NN
of/IN
the/DT
political/JJ
season/NN
to/TO
positive/JJ
campaigning/NN
,/,
but/CC
the/DT
truce/NN
lasted/VBD
only/RB
hours/NNS
./.
By/IN
Tuesday/NNP
night/NN
,/,
television/NN
stations/NNS
were/VBD
carrying/VBG
new/JJ
ads/NNS
featuring/VBG
Mr./NNP
Coleman/NNP
himself/PRP
raising/VBG
questions/NNS
about/IN
Mr./NNP
Wilder/NNP
's/POS
sensitivity/NN
to/TO
rape/NN
victims/NNS
./.
New/NNP
Jersey/NNP
:/:
The/DT
attacks/NNS
began/VBD
when/WRB
Democratic/JJ
Rep./NNP
James/NNP
Florio/NNP
aired/VBD
an/DT
ad/NN
featuring/VBG
a/DT
drawing/NN
of/IN
Pinocchio/NNP
and/CC
a/DT
photograph/NN
of/IN
Mr./NNP
Florio/NNP
's/POS
rival/NN
,/,
Republican/JJ
Rep./NNP
Jim/NNP
Courter/NNP
./.
``/``
Remember/VB
Pinocchio/NNP
?/.
''/''
says/VBZ
a/DT
female/JJ
voice/NN
./.
``/``
Consider/VB
Jim/NNP
Courter/NNP
./.
''/''
And/CC
then/RB
this/DT
commercial/NN
,/,
produced/VBN
by/IN
Bob/NNP
Squier/NNP
,/,
gets/VBZ
down/IN
to/TO
its/PRP$
own/JJ
mean/JJ
and/CC
dirty/JJ
business/NN
./.
Pictures/NNS
of/IN
rusted/VBN
oil/NN
drums/NNS
swim/VBP
into/IN
focus/NN
,/,
and/CC
the/DT
female/JJ
voice/NN
purrs/VBZ
,/,
``/``
That/DT
hazardous/JJ
waste/NN
on/IN
his/PRP$
{/(
Mr./NNP
Courter/NNP
's/POS
}/)
property/NN
--/:
the/DT
neighbors/NNS
are/VBP
suing/VBG
for/IN
consumer/NN
fraud/NN
./.
''/''
And/CC
the/DT
nose/NN
on/IN
Mr./NNP
Courter/NNP
's/POS
face/NN
grows/VBZ
./.
The/DT
only/JJ
fraud/NN
involved/VBN
,/,
cry/VBP
Mr./NNP
Courter/NNP
's/POS
partisans/NNS
,/,
is/VBZ
the/DT
Florio/NNP
commercial/NN
itself/PRP
,/,
and/CC
so/RB
the/DT
Courter/NNP
campaign/NN
has/VBZ
responded/VBN
with/IN
its/PRP$
own/JJ
Pinocchio/NNP
commercial/NN
,/,
produced/VBN
by/IN
Mr./NNP
Ailes/NNP
./.
In/IN
this/DT
one/NN
,/,
the/DT
screen/NN
fills/VBZ
with/IN
photographs/NNS
of/IN
both/DT
candidates/NNS
./.
``/``
Who/WP
's/VBZ
really/RB
lying/VBG
?/.
''/''
asks/VBZ
a/DT
female/JJ
voice/NN
./.
``/``
Florio/NNP
's/VBZ
lying/VBG
,/,
''/''
the/DT
voice/NN
goes/VBZ
on/RP
,/,
because/IN
``/``
the/DT
barrel/NN
on/IN
Courter/NNP
's/POS
land/NN
.../:
contained/VBD
heating/NN
oil/NN
,/,
was/VBD
cleaned/VBN
up/RP
and/CC
caused/VBD
no/DT
pollution/NN
./.
''/''
Mr./NNP
Courter/NNP
's/POS
long/JJ
nose/NN
shrinks/VBZ
while/IN
Mr./NNP
Florio/NNP
's/POS
grows/VBZ
./.
Who/WP
's/VBZ
telling/VBG
the/DT
truth/NN
?/.
Stephen/NNP
Salmore/NNP
,/,
a/DT
political/JJ
scientist/NN
at/IN
New/NNP
Jersey/NNP
's/POS
Eagleton/NNP
Institute/NNP
,/,
says/VBZ
it/PRP
's/VBZ
another/DT
example/NN
of/IN
an/DT
ad/NN
that/WDT
's/VBZ
true/JJ
but/CC
not/RB
fully/RB
accurate/JJ
./.
Barrels/NNS
were/VBD
dumped/VBN
on/IN
the/DT
Courter/NNP
property/NN
,/,
a/DT
complaint/NN
was/VBD
made/VBN
,/,
but/CC
there/EX
is/VBZ
no/DT
evidence/NN
the/DT
barrels/NNS
were/VBD
a/DT
serious/JJ
threat/NN
to/TO
the/DT
environment/NN
./.
Even/RB
so/RB
,/,
according/VBG
to/TO
Mr./NNP
Salmore/NNP
,/,
the/DT
ad/NN
was/VBD
``/``
devastating/VBG
''/''
because/IN
it/PRP
raised/VBD
questions/NNS
about/IN
Mr./NNP
Courter/NNP
's/POS
credibility/NN
./.
But/CC
it/PRP
's/VBZ
building/VBG
on/IN
a/DT
long/JJ
tradition/NN
./.
In/IN
1966/CD
,/,
on/IN
route/NN
to/TO
a/DT
re-election/NN
rout/NN
of/IN
Democrat/NNP
Frank/NNP
O'Connor/NNP
,/,
GOP/NNP
Gov./NNP
Nelson/NNP
Rockefeller/NNP
of/IN
New/NNP
York/NNP
appeared/VBD
in/IN
person/NN
saying/VBG
,/,
``/``
If/IN
you/PRP
want/VBP
to/TO
keep/VB
the/DT
crime/NN
rates/NNS
high/JJ
,/,
O'Connor/NNP
is/VBZ
your/PRP$
man/NN
./.
''/''
A/DT
seat/NN
on/IN
the/DT
Chicago/NNP
Board/NNP
of/IN
Trade/NNP
was/VBD
sold/VBN
for/IN
$/$
350,000/CD
,/,
down/RB
$/$
16,000/CD
from/IN
the/DT
previous/JJ
sale/NN
last/JJ
Friday/NNP
./.
Seats/NNS
currently/RB
are/VBP
quoted/VBN
at/IN
$/$
331,000/CD
,/,
bid/NN
,/,
and/CC
$/$
350,000/CD
,/,
asked/VBN
./.
The/DT
record/JJ
price/NN
for/IN
a/DT
full/JJ
membership/NN
on/IN
the/DT
exchange/NN
is/VBZ
$/$
550,000/CD
,/,
set/VBN
Aug./NNP
31/CD
,/,
1987/CD
./.
Japanese/JJ
investment/NN
in/IN
Southeast/NNP
Asia/NNP
is/VBZ
propelling/VBG
the/DT
region/NN
toward/IN
economic/JJ
integration/NN
./.
Interviews/NNS
with/IN
analysts/NNS
and/CC
business/NN
people/NNS
in/IN
the/DT
U.S./NNP
suggest/VBP
that/IN
Japanese/JJ
capital/NN
may/MD
produce/VB
the/DT
economic/JJ
cooperation/NN
that/IN
Southeast/JJ
Asian/JJ
politicians/NNS
have/VBP
pursued/VBN
in/IN
fits/NNS
and/CC
starts/NNS
for/IN
decades/NNS
./.
But/CC
Japan/NNP
's/POS
power/NN
in/IN
the/DT
region/NN
also/RB
is/VBZ
sparking/VBG
fears/NNS
of/IN
domination/NN
and/CC
posing/VBG
fresh/JJ
policy/NN
questions/NNS
./.
The/DT
flow/NN
of/IN
Japanese/JJ
funds/NNS
has/VBZ
set/VBN
in/IN
motion/NN
``/``
a/DT
process/NN
whereby/WRB
these/DT
economies/NNS
will/MD
be/VB
knitted/VBN
together/RB
by/IN
the/DT
great/JJ
Japanese/JJ
investment/NN
machine/NN
,/,
''/''
says/VBZ
Robert/NNP
Hormats/NNP
,/,
vice/NN
chairman/NN
of/IN
Goldman/NNP
Sachs/NNP
International/NNP
Corp/NNP
./.
In/IN
the/DT
past/JJ
five/CD
years/NNS
,/,
Japanese/JJ
companies/NNS
have/VBP
tripled/VBN
their/PRP$
commitments/NNS
in/IN
Asia/NNP
to/TO
$/$
5.57/CD
billion/CD
./.
In/IN
Thailand/NNP
,/,
for/IN
example/NN
,/,
the/DT
government/NN
's/POS
Board/NNP
of/IN
Investment/NNP
approved/VBD
$/$
705.6/CD
million/CD
of/IN
Japanese/JJ