But the economy 's slower growth this year also means the outlook for corporate profits `` is n't good , '' he says .

But the economy 's slower growth <date>this year</date> also means the outlook for corporate profits `` is n't good , '' he says .


`` So it 's a very mixed bag . ''


Thus , he concludes , `` This is not a good environment to be fully invested '' in stocks .


`` If I had come into Friday on margin or with very little cash in the portfolios , I would not do any buying .

`` If I had come into <date>Friday</date> on margin or with very little cash in the portfolios , I would not do any buying .


But we came into Friday with a conservative portfolio , so I would look to do some modest buying '' on behalf of clients . ``

But we came into <date>Friday</date> with a conservative portfolio , so I would look to do some modest buying '' on behalf of clients . ``


We 're going to look for some of the better - known companies that got clocked '' Friday .

We 're going to look for some of the better - known companies that got clocked '' <date>Friday</date> .


John Kenneth Galbraith .

<person>John Kenneth Galbraith .</person>


`` This is the latest manifestation of the capacity of the financial community for recurrent insanity , '' says Mr. Galbraith , an economist .

`` This is the latest manifestation of the capacity of the financial community for recurrent insanity , '' says Mr. <person>Galbraith</person> , an economist .


`` I see this as a reaction to the whole junk bond explosion , '' he says .


`` The explosion of junk bonds and takeovers has lodged a lot of insecure securities in the hands of investors and loaded the corporations that are the objects of takeovers or feared takeovers with huge amounts of debt rather than equity .


This has both made investors uneasy and the corporations more vulnerable . ''


Nevertheless , he says a depression does n't appear likely .


`` There is more resiliency in the economy at large than we commonly suppose , '' he says .


`` It takes more error now to have a major depression than back in the Thirties -- much as the financial community and the government may try . ''

`` It takes more error now to have a major depression than back in the <date>Thirties</date> -- much as the financial community and the government may try . ''


Mario Gabelli .


New York money manager Mario Gabelli , an expert at spotting takeover candidates , says that takeovers are n't totally gone .

<gpe>New York</gpe> money manager <person>Mario Gabelli</person> , an expert at spotting takeover candidates , says that takeovers are n't totally gone .


`` Companies are still going to buy companies around the world , '' he says .


Examples are `` Ford looking at Jaguar , BellSouth looking at LIN Broadcasting . ''

Examples are `` <org>Ford</org> looking at <org>Jaguar</org> , <org>BellSouth</org> looking at <org>LIN Broadcasting</org> . ''


These sorts of takeovers do n't require junk bonds or big bank loans to finance them , so Mr. Gabelli figures they will continue .

These sorts of takeovers do n't require junk bonds or big bank loans to finance them , so Mr. <person>Gabelli</person> figures they will continue .


`` The market was up 35 % since -LCB- President -RCB- Bush took office , '' Mr. Gabelli says , so a correction was to be expected .

`` The market was up <percent>35 %</percent> since -LCB- President -RCB- <person>Bush</person> took office , '' Mr. <person>Gabelli</person> says , so a correction was to be expected .


He thinks another crash is `` unlikely , '' and says he was `` nibbling at '' selected stocks during Friday 's plunge .

He thinks another crash is `` unlikely , '' and says he was `` nibbling at '' selected stocks during <date>Friday</date> 's plunge .


`` Stocks that were thrown out just on an emotional basis are a great opportunity -LCB- this -RCB- week for guys like me , '' he says .

`` Stocks that were thrown out just on an emotional basis are a great opportunity -LCB- this -RCB- <date>week</date> for guys like me , '' he says .


Jim Rogers .


`` It seems to me that this is the pin that has finally pricked the balloon , '' says Mr. Rogers , a professor of finance at Columbia University and former co-manager of one of the most successful hedge funds in history , Quantum Fund .

`` It seems to me that this is the pin that has finally pricked the balloon , '' says Mr. <person>Rogers</person> , a professor of finance at <org>Columbia University</org> and former co-manager of <cardinal>one</cardinal> of the most successful hedge funds in history , <org>Quantum Fund</org> .


He sees `` economic problems , financial problems '' ahead for the U.S. , with a fairly strong possibility of a recession .

He sees `` economic problems , financial problems '' ahead for the <gpe>U.S.</gpe> , with a fairly strong possibility of a recession .


`` Friday you could n't sell dollars , '' he says .

`` <date>Friday</date> you could n't sell dollars , '' he says .


Dealers `` would give you a quote , but then refuse to make the trade . ''


If the dollar stays weak , he says , that will add to inflationary pressures in the U.S. and make it hard for the Federal Reserve Board to ease interest rates very much .

If the dollar stays weak , he says , that will add to inflationary pressures in the <gpe>U.S.</gpe> and make it hard for <org>the Federal Reserve Board</org> to ease interest rates very much .


Mr. Rogers wo n't decide what to do today until he sees how the London and Tokyo markets go .

Mr. <person>Rogers</person> wo n't decide what to do <date>today</date> until he sees how the <gpe>London</gpe> and <gpe>Tokyo</gpe> markets go .


He recommends that investors sell takeover - related stocks , but hang on to some other stocks -- especially utilities , which often do well during periods of economic weakness .


Frank Curzio .


Many people now claim to have predicted the 1987 crash .

Many people now claim to have predicted the <date>1987</date> crash .


Queens newsletter writer Francis X. Curzio actually did it : He stated in writing in September 1987 that the Dow Jones Industrial Average was likely to decline about 500 points the following month .

<gpe>Queens</gpe> newsletter writer <person>Francis X. Curzio</person> actually did it : He stated in writing in <date>September 1987</date> that the Dow Jones Industrial Average was likely to decline <cardinal>about 500</cardinal> points <date>the following month</date> .


Mr. Curzio says what happens now will depend a good deal on the Federal Reserve Board .

Mr. <person>Curzio</person> says what happens now will depend a good deal on <org>the Federal Reserve Board</org> .


If it promptly cuts the discount rate it charges on loans to banks , he says , `` That could quiet things down . ''


If not , `` We could go to 2200 very soon . ''

If not , `` We could go to <cardinal>2200</cardinal> very soon . ''


Frank W. Terrizzi .


Stock prices `` would still have to go down some additional amount before we become positive on stocks , '' says Mr. Terrizzi , president and managing director of Renaissance Investment Management Inc. in Cincinnati .

Stock prices `` would still have to go down some additional amount before we become positive on stocks , '' says Mr. <person>Terrizzi</person> , president and managing director of <org>Renaissance Investment Management Inc.</org> in <gpe>Cincinnati</gpe> .


Renaissance , which manages about $ 1.8 billion , drew stiff criticism from many clients earlier this year because it pulled entirely out of stocks at the beginning of the year and thus missed a strong rally .

<org>Renaissance</org> , which manages <money>about $ 1.8 billion</money> , drew stiff criticism from many clients <date>earlier this year</date> because it pulled entirely out of stocks at <date>the beginning of the year</date> and thus missed a strong rally .


Renaissance is keeping its money entirely in cash equivalents , primarily U.S. Treasury bills .

<org>Renaissance</org> is keeping its money entirely in cash equivalents , primarily <gpe>U.S.</gpe> <org>Treasury</org> bills .


`` T - bills probably are the right place to be , '' he says .


Regarding the Oct. 3 letter to the editor from Rep. Tom Lantos , chairman of the House Subcommittee on Employment and Housing , alleging :

Regarding the <date>Oct. 3</date> letter to the editor from Rep. <person>Tom Lantos</person> , chairman of <org>the House Subcommittee on Employment and Housing</org> , alleging :


1 . That your Sept. 28 editorial `` Kangaroo Committees '' was factually inaccurate and deliberately misleading .

<cardinal>1</cardinal> . That your <date>Sept. 28</date> editorial `` <work_of_art>Kangaroo Committees</work_of_art> '' was factually inaccurate and deliberately misleading .


I thought your editorial was factually accurate and deliberately elucidative .


2 . That Mr. Lantos supported the rights of the witnesses to take the Fifth Amendment .

<cardinal>2</cardinal> . That Mr. <person>Lantos</person> supported the rights of the witnesses to take <law>the Fifth Amendment</law> .


Yes , he did .


As I watched him on C - Span , I heard him speak those lovely words about the Bill of Rights , which he quotes from the transcript of the hearings .

As I watched him on <org>C - Span</org> , I heard him speak those lovely words about <law>the Bill of Rights</law> , which he quotes from the transcript of the hearings .


He did repeat those nice platitudes several times as an indication of his support for the Constitution .

He did repeat those nice platitudes several times as an indication of his support for the <law>Constitution</law> .


He used about 56 words defending the witnesses ' constitutional rights .

He used <cardinal>about 56</cardinal> words defending the witnesses ' constitutional rights .


Unfortunately , by my rough guess , he used better than 5,000 words heaping scorn on the witnesses for exercising the Fifth .

Unfortunately , by my rough guess , he used better than <cardinal>5,000</cardinal> words heaping scorn on the witnesses for exercising the <law>Fifth</law> .


He sandwiched his praise of constitutional meat between large loaves of bilious commentary .


As your editorial rightly pointed out , Samuel Pierce , former HUD secretary , and Lance Wilson , Mr. Pierce 's former aide , `` are currently being held up to scorn for taking the Fifth Amendment .

As your editorial rightly pointed out , <person>Samuel Pierce</person> , former <org>HUD</org> secretary , and <person>Lance Wilson</person> , Mr. <person>Pierce</person> 's former aide , `` are currently being held up to scorn for taking <law>the Fifth Amendment</law> .


'' That certainly is not the supposed `` distorted reading '' indicated by Mr. Lantos .

'' That certainly is not the supposed `` distorted reading '' indicated by Mr. <person>Lantos</person> .


3 . That his `` committee does not deal with any possible criminal activity at HUD .

<cardinal>3</cardinal> . That his `` committee does not deal with any possible criminal activity at <org>HUD</org> .


My colleagues and I fully realize we are not a court ... etc . ''


Absolute rubbish .


By any `` reasonable man '' criterion , Mr. Lantos and his colleagues have a whole bunch of people tried and convicted .

By any `` reasonable man '' criterion , Mr. <person>Lantos</person> and his colleagues have a whole bunch of people tried and convicted .


Apparently , their verdict is in .


Right now they 're pursuing evidence .


That 's not a bad way to proceed , just somewhat different from standard American practice .

That 's not a bad way to proceed , just somewhat different from standard <norp>American</norp> practice .


How was that practice referred to when I was in school ?


Ah , yes , something called a Star Chamber .

Ah , yes , something called <org>a Star Chamber</org> .


Of course , Mr. Lantos doth protest that his subcommittee simply seeks information for legislative change .

Of course , Mr. <person>Lantos</person> doth protest that his subcommittee simply seeks information for legislative change .


No doubt that 's partially true .


Everything that Mr. Lantos says in his letter is partially true .

Everything that Mr. <person>Lantos</person> says in his letter is partially true .


He 's right about his subcommittee 's responsibilities when it comes to obtaining information from prior HUD officials .

He 's right about his subcommittee 's responsibilities when it comes to obtaining information from prior <org>HUD</org> officials .


But if his explanation of motivation is true , why is his investigation so oriented as to identify criminal activity ?


Why not simply questions designed to identify sources and causes of waste and inefficiency ?


Such as , what happened when Congress wanted to know about $ 400 toilet seats or whatever they supposedly cost ?

Such as , what happened when <org>Congress</org> wanted to know about $ <money>400</money> toilet seats or whatever they supposedly cost ?


No , Mr. Lantos 's complaints simply wo n't wash .

No , Mr. <person>Lantos</person> 's complaints simply wo n't wash .


4 . That the Journal defends `` the sleaze , fraud , waste , embezzlement , influence - peddling and abuse of the public that took place while Mr. Pierce was secretary of HUD , '' etc. and so forth .

<cardinal>4</cardinal> . That the <org>Journal</org> defends `` the sleaze , fraud , waste , embezzlement , influence - peddling and abuse of the public that took place while Mr. <person>Pierce</person> was secretary of <org>HUD</org> , '' etc. and so forth .


No , to my mind , the Journal did not `` defend sleaze , fraud , waste , embezzlement , influence - peddling and abuse of the public trust ... ''

No , to my mind , the <org>Journal</org> did not `` defend sleaze , fraud , waste , embezzlement , influence - peddling and abuse of the public trust ... ''


it defended appropriate constitutional safeguards and practical common sense .


The problem , which the Journal so rightly pointed out in a number of articles , is not the likes of Mr. Lantos , who after all is really a bit player on the stage , but the attempt by Congress to enhance itself into a quasi-parliamentary / judicial body .

The problem , which the <org>Journal</org> so rightly pointed out in a number of articles , is not the likes of Mr. <person>Lantos</person> , who after all is really a bit player on the stage , but the attempt by <org>Congress</org> to enhance itself into a quasi-parliamentary / judicial body .


-LRB- Of course , we 've also got a judiciary that seeks the same objective . -RRB-


The system is the problem , not an individual member .


Individuals can always have their hands slapped .


It 's when such slapping does n't occur that we 've got trouble .


I do not by any means defend HUD management .

I do not by any means defend <org>HUD</org> management .


But I think the kind of congressional investigation that has been pursued is a far greater danger to American notions of liberty and freedom than any incompetency -LRB- and , yes , maybe criminality -RRB- within HUD could possibly generate .

But I think the kind of congressional investigation that has been pursued is a far greater danger to <norp>American</norp> notions of liberty and freedom than any incompetency -LRB- and , yes , maybe criminality -RRB- within <org>HUD</org> could possibly generate .


The last time I saw a similar congressional hearing was when `` Tail Gunner Joe '' McCarthy did his work .

The last time I saw a similar congressional hearing was when <person>`` Tail Gunner Joe '' McCarthy</person> did his work .


Raymond Weber


Parsippany , N.J .

<gpe>Parsippany</gpe> , <gpe>N.J .</gpe>


I disagree with the statement by Mr. Lantos that one should not draw an adverse inference against former HUD officials who assert their Fifth Amendment privilege against self - incrimination in congressional hearings .

I disagree with the statement by Mr. <person>Lantos</person> that one should not draw an adverse inference against former <org>HUD</org> officials who assert their <law>Fifth Amendment</law> privilege against self - incrimination in congressional hearings .


The Fifth Amendment states in relevant part that no person `` shall be compelled , in any criminal case , to be a witness against himself . ''

<law>The Fifth Amendment</law> states in relevant part that no person `` shall be compelled , in any criminal case , to be a witness against himself . ''


This privilege against self - incrimination precludes the drawing of an adverse inference against a criminal defendant who chooses not to testify .


Thus , in a criminal case , a prosecutor can not comment on a defendant 's failure to testify nor can the defendant be compelled to take the stand as a witness , thus forcing him to `` take the Fifth . ''

Thus , in a criminal case , a prosecutor can not comment on a defendant 's failure to testify nor can the defendant be compelled to take the stand as a witness , thus forcing him to `` take the <law>Fifth</law> . ''


The privilege , however , has been limited in accordance with its plain language to protect the defendant in criminal matters only .


The Supreme Court and some states have specifically recognized that `` the Fifth Amendment does not preclude the inference where the privilege is claimed by a party to a civil cause . ''

<org>The Supreme Court</org> and some states have specifically recognized that `` <law>the Fifth Amendment</law> does not preclude the inference where the privilege is claimed by a party to a civil cause . ''


Baxter v. Palmingiano , 425 U.S. 308 -LRB- 1976 -RRB- .

<person>Baxter</person> v. <person>Palmingiano</person> , <law>425 U.S. 308</law> -LRB- <date>1976</date> -RRB- .


Thus , in a civil case , a defendant may be called as a witness , he may be forced to testify or take the Fifth , and his taking of the Fifth may permit the drawing of an adverse inference against him in the civil matter .

Thus , in a civil case , a defendant may be called as a witness , he may be forced to testify or take the <law>Fifth</law> , and his taking of the <law>Fifth</law> may permit the drawing of an adverse inference against him in the civil matter .


He may take the Fifth in a civil matter only if he has a good faith and justifiable belief that his testimony may subject him to criminal prosecution .

He may take the <law>Fifth</law> in a civil matter only if he has a good faith and justifiable belief that his testimony may subject him to criminal prosecution .


Allowing the defendant to take the Fifth in a civil matter is not based on a constitutional right to refuse to testify where one 's testimony harms him in the civil matter , but because the testimony in the civil matter could be unconstitutionally used against him in a subsequent criminal prosecution .

Allowing the defendant to take the <law>Fifth</law> in a civil matter is not based on a constitutional right to refuse to testify where one 's testimony harms him in the civil matter , but because the testimony in the civil matter could be unconstitutionally used against him in a subsequent criminal prosecution .


Absent the risk of such prosecution , a court may order the defendant to testify .


Thus , when Mr. Pierce asserted the Fifth in a noncriminal proceeding , particularly after presumably receiving extensive advice from legal counsel , one must conclude that he held a good - faith , justifiable belief that his testimony could be used against him in a subsequent criminal prosecution .

Thus , when Mr. <person>Pierce</person> asserted the <law>Fifth</law> in a noncriminal proceeding , particularly after presumably receiving extensive advice from legal counsel , <cardinal>one</cardinal> must conclude that he held a good - faith , justifiable belief that his testimony could be used against him in a subsequent criminal prosecution .


The subcommittee , Congress and the American public have every right to draw the adverse inference and to concur with Mr. Pierce 's own belief that his testimony could help convict him of a crime .

The subcommittee , <org>Congress</org> and the <norp>American</norp> public have every right to draw the adverse inference and to concur with Mr. <person>Pierce</person> 's own belief that his testimony could help convict him of a crime .


Drawing the adverse inference in a noncriminal congressional hearing does not offend the Fifth Amendment shield against self - incrimination .

Drawing the adverse inference in a noncriminal congressional hearing does not offend the <law>Fifth Amendment</law> shield against self - incrimination .


Clark S. Spalsbury Jr .

<person>Clark S. Spalsbury Jr .</person>


Estes Park , Colo .

<gpe>Estes Park</gpe> , <gpe>Colo</gpe> .


It was Friday the 13th , and the stock market plummeted nearly 200 points .

It was <date>Friday the 13th</date> , and the stock market plummeted <cardinal>nearly 200</cardinal> points .


Just a coincidence ?


Or is triskaidekaphobia -- fear of the number 13 -- justified ?

Or is triskaidekaphobia -- fear of the number <cardinal>13</cardinal> -- justified ?


In academia , a so - called Friday the 13th effect has been set up and shot down by different professors .

In academia , a so - called <date>Friday the 13th</date> effect has been set up and shot down by different professors .


Robert Kolb and Ricardo Rodriguez , professors of finance at the University of Miami , found evidence that the market is spooked by Friday the 13th .

<person>Robert Kolb</person> and <person>Ricardo Rodriguez</person> , professors of finance at <org>the University of Miami</org> , found evidence that the market is spooked by <date>Friday the 13th</date> .


But their study , which spanned the 1962 - 85 period , has since been shown to be jinxed by an unlucky choice of data .

But their study , which spanned the <date>1962 - 85</date> period , has since been shown to be jinxed by an unlucky choice of data .


In the '70s , the market took falls nine times in a row on Friday the you - know - what .

In <date>the '70s</date> , the market took falls <cardinal>nine</cardinal> times in a row on <date>Friday the you - know - what</date> .


But the date tends to be a plus , not a minus , for stocks , according to Yale Hirsch , a collector of stock market lore .

But the date tends to be a plus , not a minus , for stocks , according to <person>Yale Hirsch</person> , a collector of stock market lore .


Another study found that the 82 Fridays the 13th in the 1940 - 1987 period had higher than average returns -- higher even than Fridays in general , which tend to be strong days for stock prices .

Another study found that the <cardinal>82</cardinal> <date>Fridays the 13th</date> in the <date>1940 - 1987</date> period had higher than average returns -- higher even than <date>Fridays</date> in general , which tend to be strong <date>days</date> for stock prices .


On the only other Friday the 13th this year , the Dow Jones Industrial Average rose about four points .

On <date>the only other Friday the 13th this year</date> , the Dow Jones Industrial Average rose <cardinal>about four</cardinal> points .


Professor Kolb says the original study , titled Friday the 13th , Part VII , was published tongue - in - cheek .

Professor <person>Kolb</person> says the original study , titled <work_of_art>Friday the 13th , Part VII</work_of_art> , was published tongue - in - cheek .


In a similar vein , he adds that the anniversary of the 1987 crash and Saturday 's full moon could have played a part , too , in Friday 's market activity .

In a similar vein , he adds that the anniversary of the <date>1987</date> crash and <date>Saturday</date> 's full moon could have played a part , too , in <date>Friday</date> 's market activity .


Friday , October 13 , 1989


The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions .

The key <gpe>U.S.</gpe> and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions .


PRIME RATE :


10 1/2 % .


The base rate on corporate loans at large U.S. money center commercial banks .

The base rate on corporate loans at large <gpe>U.S.</gpe> money center commercial banks .


FEDERAL FUNDS :


8 13/16 % high , 8 1/2 % low , 8 5/8 % near closing bid , 8 3/4 % offered .

<percent>8 13/16 %</percent> high , <percent>8 1/2 %</percent> low , <percent>8 5/8 %</percent> near closing bid , <percent>8 3/4 %</percent> offered .


Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more .

Reserves traded among commercial banks for overnight use in amounts of <money>$ 1 million</money> or more .


Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc .

Source : <org>Fulton Prebon -LRB- U.S.A . -RRB- Inc</org> .


DISCOUNT RATE :


7 % .


The charge on loans to depository institutions by the New York Federal Reserve Bank .

The charge on loans to depository institutions by <org>the New York Federal Reserve Bank</org> .


CALL MONEY :


9 3/4 % to 10 % .


The charge on loans to brokers on stock exchange collateral .


COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. :

COMMERCIAL PAPER placed directly by <org>General Motors Acceptance Corp.</org> :


8.60 % 30 to 44 days ; 8.55 % 45 to 59 days ; 8.375 % 60 to 79 days ; 8.50 % 80 to 89 days ; 8.25 % 90 to 119 days ; 8.125 % 120 to 149 days ; 8 % 150 to 179 days ; 7.625 % 180 to 270 days .

<percent>8.60 %</percent> <date>30 to 44 days</date> ; <percent>8.55 %</percent> <date>45 to 59 days</date> ; <percent>8.375 %</percent> <date>60 to 79 days</date> ; <percent>8.50 %</percent> <date>80 to 89 days</date> ; <percent>8.25 %</percent> <date>90 to 119 days</date> ; <percent>8.125 %</percent> <date>120 to 149 days</date> ; <percent>8 %</percent> <date>150 to 179 days</date> ; <percent>7.625 %</percent> <date>180 to 270 days</date> .


COMMERCIAL PAPER :


High - grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 :

High - grade unsecured notes sold through dealers by major corporations in multiples of $ <money>1,000</money> :


8.65 % 30 days ; 8.55 % 60 days ; 8.55 % 90 days .

<percent>8.65 %</percent> <date>30 days</date> ; <percent>8.55 %</percent> <date>60 days</date> ; <percent>8.55 %</percent> <date>90 days</date> .


CERTIFICATES OF DEPOSIT :


8.15 % one month ; 8.15 % two months ; 8.13 % three months ; 8.11 % six months ; 8.08 % one year .

<percent>8.15 %</percent> <date>one month</date> ; <percent>8.15 %</percent> <date>two months</date> ; <percent>8.13 %</percent> <date>three months</date> ; <percent>8.11 %</percent> <date>six months</date> ; <percent>8.08 %</percent> <date>one year</date> .


Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s , usually on amounts of $ 1 million and more .

Average of top rates paid by major <gpe>New York</gpe> banks on primary new issues of negotiable C.D.s , usually on amounts of <money>$ 1 million</money> and more .


The minimum unit is $ 100,000 .

The minimum unit is $ <money>100,000</money> .


Typical rates in the secondary market :


8.65 % one month ; 8.65 % three months ; 8.55 % six months .

<percent>8.65 %</percent> <date>one month</date> ; <percent>8.65 %</percent> <date>three months</date> ; <percent>8.55 %</percent> <date>six months</date> .


BANKERS ACCEPTANCES :


8.52 % 30 days ; 8.37 % 60 days ; 8.15 % 90 days ; 7.98 % 120 days ; 7.92 % 150 days ; 7.80 % 180 days .

<percent>8.52 %</percent> <date>30 days</date> ; <percent>8.37 %</percent> <date>60 days</date> ; <percent>8.15 %</percent> <date>90 days</date> ; <percent>7.98 %</percent> <date>120 days</date> ; <percent>7.92 %</percent> <date>150 days</date> ; <percent>7.80 %</percent> <date>180 days</date> .


Negotiable , bank - backed business credit instruments typically financing an import order .


LONDON LATE EURODOLLARS :


8 13/16 % to 8 11/16 % one month ; 8 13/16 % to 8 11/16 % two months ; 8 13/16 % to 8 11/16 % three months ; 8 3/4 % to 8 5/8 % four months ; 8 11/16 % to 8 9/16 % five months ; 8 5/8 % to 8 1/2 % six months .

<percent>8 13/16 % to 8 11/16 %</percent> <date>one month</date> ; <percent>8 13/16 % to 8 11/16 %</percent> <date>two months</date> ; <percent>8 13/16 % to 8 11/16 %</percent> <date>three months</date> ; <percent>8 3/4 % to 8 5/8 %</percent> <date>four months</date> ; <percent>8 11/16 % to 8 9/16 %</percent> <date>five months</date> ; <percent>8 5/8 % to 8 1/2 %</percent> <date>six months</date> .


LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- :

<gpe>LONDON</gpe> INTERBANK OFFERED RATES -LRB- LIBOR -RRB- :


8 3/4 % one month ; 8 3/4 % three months ; 8 9/16 % six months ; 8 9/16 % one year .

<percent>8 3/4 %</percent> <date>one month</date> ; <percent>8 3/4 %</percent> <date>three months</date> ; <percent>8 9/16 %</percent> <date>six months</date> ; <percent>8 9/16 %</percent> <date>one year</date> .


The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks .

The average of interbank offered rates for dollar deposits in the <gpe>London</gpe> market based on quotations at <cardinal>five</cardinal> major banks .


FOREIGN PRIME RATES :


Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % .

<gpe>Canada</gpe> <percent>13.50 %</percent> ; <gpe>Germany</gpe> <percent>8.50 %</percent> ; <gpe>Japan</gpe> <percent>4.875 %</percent> ; <gpe>Switzerland</gpe> <percent>8.50 %</percent> ; <gpe>Britain</gpe> <percent>15 %</percent> .


These rate indications are n't directly comparable ; lending practices vary widely by location .


TREASURY BILLS :


Results of the Tuesday , October 10 , 1989 , auction of short - term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million :

Results of the <date>Tuesday , October 10 , 1989 ,</date> auction of short - term <gpe>U.S.</gpe> government bills , sold at a discount from face value in units of $ <money>10,000</money> to <money>$ 1 million</money> :


7.63 % 13 weeks ; 7.60 % 26 weeks .

<percent>7.63 %</percent> <date>13 weeks</date> ; <percent>7.60 %</percent> <date>26 weeks</date> .


FEDERAL HOME LOAN MORTGAGE CORP . -LRB- Freddie Mac -RRB- :

<org>FEDERAL HOME LOAN MORTGAGE CORP .</org> -LRB- <org>Freddie Mac</org> -RRB- :


Posted yields on 30 - year mortgage commitments for delivery within 30 days .

Posted yields on <date>30 - year</date> mortgage commitments for delivery within <date>30 days</date> .


9.91 % , standard conventional fixedrate mortgages ; 7.875 % , 2 % rate capped one - year adjustable rate mortgages .

<percent>9.91 %</percent> , standard conventional fixedrate mortgages ; <percent>7.875 %</percent> , <percent>2 %</percent> rate capped <date>one - year</date> adjustable rate mortgages .


Source : Telerate Systems Inc .

Source : <org>Telerate Systems Inc</org> .


FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- :

<org>FEDERAL NATIONAL MORTGAGE ASSOCIATION</org> -LRB- <org>Fannie Mae</org> -RRB- :


Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB-

Posted yields on <date>30 year</date> mortgage commitments for delivery within <date>30 days</date> -LRB- priced at par -RRB-


9.86 % , standard conventional fixed - rate mortgages ; 8.85 % , 6/2 rate capped one - year adjustable rate mortgages .

<percent>9.86 %</percent> , standard conventional fixed - rate mortgages ; <percent>8.85 %</percent> , <cardinal>6/2</cardinal> rate capped <date>one - year</date> adjustable rate mortgages .


Source : Telerate Systems Inc .


MERRILL LYNCH READY ASSETS TRUST :

<org>MERRILL LYNCH</org> READY ASSETS TRUST :


8.33 % .


Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns .

Annualized average rate of return after expenses for <date>the past 30 days</date> ; not a forecast of future returns .


Pension funds , insurers and other behemoths of the investing world said they began scooping up stocks during Friday 's market rout .

Pension funds , insurers and other behemoths of the investing world said they began scooping up stocks during <date>Friday</date> 's market rout .


And they plan to buy more today .

And they plan to buy more <date>today</date> .


Rightly or wrongly , many giant institutional investors appear to be fighting the latest war by applying the lesson they learned in the October 1987 crash : Buying at the bottom pays off .

Rightly or wrongly , many giant institutional investors appear to be fighting the latest war by applying the lesson they learned in the <date>October 1987</date> crash : Buying at the bottom pays off .


To be sure , big investors might put away their checkbooks in a hurry if stocks open sharply lower today .

To be sure , big investors might put away their checkbooks in a hurry if stocks open sharply lower <date>today</date> .


They could still panic and bail out of the market .


But their 1987 performance indicates that they wo n't abandon stocks unless conditions get far worse .

But their <date>1987</date> performance indicates that they wo n't abandon stocks unless conditions get far worse .


`` Last time , we got rewarded for going out and buying stocks when the panic was the worst , '' said John W. Rogers , president of Chicago - based Ariel Capital Management Inc. , which manages $ 1.1 billion of stocks .

`` Last time , we got rewarded for going out and buying stocks when the panic was the worst , '' said <person>John W. Rogers</person> , president of <gpe>Chicago</gpe> - based <org>Ariel Capital Management Inc.</org> , which manages <money>$ 1.1 billion</money> of stocks .


Mr. Rogers spent half his cash on hand Friday for `` our favorite stocks that have fallen apart . ''

Mr. <person>Rogers</person> spent half his cash on hand <date>Friday</date> for `` our favorite stocks that have fallen apart . ''


He expects to invest the rest if the market weakens further .


Denver - based portfolio manager James Craig was n't daunted when Friday 's rout shaved $ 40 million from the value of the $ 752 million Janus Fund he oversees .

<gpe>Denver</gpe> - based portfolio manager <person>James Craig</person> was n't daunted when <date>Friday</date> 's rout shaved <money>$ 40 million</money> from the value of the <money>$ 752 million</money> Janus Fund he oversees .


`` I waited to make sure all the program trades had kicked through , '' he said .


Then he jumped into the market :


`` I spent $ 30 million in the last half - hour . ''

`` I spent <money>$ 30 million</money> in <time>the last half - hour</time> . ''


Other money managers also opened their wallets .


`` I was buying at the close -LRB- Friday -RRB- and I 'll be buying again because I know we 're getting good value , '' said Frederick A. Moran , president of Moran Asset Management Inc. , Greenwich , Conn .

`` I was buying at the close -LRB- <date>Friday</date> -RRB- and I 'll be buying again because I know we 're getting good value , '' said <person>Frederick A. Moran</person> , president of <org>Moran Asset Management Inc.</org> , <gpe>Greenwich</gpe> , <gpe>Conn</gpe> .


`` There is no justification on the fundamental level for this crash . ''


Unlike mutual funds , which can be forced to sell stockholdings when investors rush to withdraw money , big investors such as pension funds and insurance companies can decide to ride out market storms without jettisoning stock .


Most often , they do just that , because stocks have proved to be the best - performing long - term investment , attracting about $ 1 trillion from pension funds alone .

Most often , they do just that , because stocks have proved to be the best - performing long - term investment , attracting <money>about $ 1 trillion</money> from pension funds alone .


`` If you bought after the crash , you did very very well off the bottom , '' said Stephen B. Timbers , chief investment officer of Chicago - based Kemper Financial Services Inc .

`` If you bought after the crash , you did very very well off the bottom , '' said <person>Stephen B. Timbers</person> , chief investment officer of <gpe>Chicago</gpe> - based <org>Kemper Financial Services Inc</org> .


The $ 56 billion California Public Employees Retirement System , for one , added $ 1 billion to its stock portfolio two years ago .

The <money>$ 56 billion</money> <org>California Public Employees Retirement System</org> , for <cardinal>one</cardinal> , added <money>$ 1 billion</money> to its stock portfolio <date>two years ago</date> .


`` The last crash taught institutional investors that they have to be long - term holders , and that they ca n't react to short - term events , good or bad , '' said Stephen L. Nesbitt , senior vice president for the pension consultants Wilshire Associates in Santa Monica , Calif .

`` The last crash taught institutional investors that they have to be long - term holders , and that they ca n't react to short - term events , good or bad , '' said <person>Stephen L. Nesbitt</person> , senior vice president for the pension consultants <org>Wilshire Associates</org> in <gpe>Santa Monica</gpe> , <gpe>Calif</gpe> .


`` Those that pulled out -LRB- of stocks -RRB- regretted it , '' he said , `` so I doubt you 'll see any significant changes '' in institutional portfolios as a result of Friday 's decline .

`` Those that pulled out -LRB- of stocks -RRB- regretted it , '' he said , `` so I doubt you 'll see any significant changes '' in institutional portfolios as a result of <date>Friday</date> 's decline .


Stocks , as measured by the Standard & Poor 's 500 - stock index , have been stellar performers this year , rising 27.97 % before Friday 's plunge , excluding dividends .

Stocks , as measured by <org>the Standard & Poor 's</org> <cardinal>500</cardinal> - stock index , have been stellar performers <date>this year</date> , rising <percent>27.97 %</percent> before <date>Friday</date> 's plunge , excluding dividends .


Even Friday 's slump leaves investors ahead more than 20 % , well above the annual average for stocks over several decades .

Even <date>Friday</date> 's slump leaves investors ahead <percent>more than 20 %</percent> , well above the <date>annual</date> average for stocks over <date>several decades</date> .


`` You could go down 400 points and still have a good year in the market , '' said James D. Awad , president of New York - based BMI Capital Corp .

`` You could go down <cardinal>400</cardinal> points and still have <date>a good year</date> in the market , '' said <person>James D. Awad</person> , president of <gpe>New York</gpe> - based <org>BMI Capital Corp</org> .


Mr. Awad , however , worries that the market `` could go down 800 or 900 points in the next few days .

Mr. <person>Awad</person> , however , worries that the market `` could go down <cardinal>800</cardinal> or <cardinal>900</cardinal> points in <date>the next few days</date> .


It can happen before you can turn around . ''


He said he discerns many parallels with 1987 , including the emphasis on takeover stocks and the re-emergence of computerized program trading .

He said he discerns many parallels with <date>1987</date> , including the emphasis on takeover stocks and the re-emergence of computerized program trading .


`` The only thing you do n't have , '' he said , `` is the ` portfolio insurance ' phenomenon overlaid on the rest . ''


Most institutional investors have abandoned the portfolio insurance hedging technique , which is widely thought to have worsened the 1987 crash .

Most institutional investors have abandoned the portfolio insurance hedging technique , which is widely thought to have worsened the <date>1987</date> crash .


Not really insurance , this tactic was designed to soften the blow of declining stock prices and generate an offsetting profit by selling waves of S&P futures contracts .

Not really insurance , this tactic was designed to soften the blow of declining stock prices and generate an offsetting profit by selling waves of <org>S&P</org> futures contracts .


In its severest test , the $ 60 billion of portfolio insurance in effect in the 1987 crash did n't work , as stock buyers disappeared and stock and futures prices became disconnected .

In its severest test , the <money>$ 60 billion</money> of portfolio insurance in effect in the <date>1987</date> crash did n't work , as stock buyers disappeared and stock and futures prices became disconnected .


Even without portfolio insurance , market conditions were grim Friday , money managers said .

Even without portfolio insurance , market conditions were grim <date>Friday</date> , money managers said .


Neil Weisman , whose New York - based Chilmark Capital Partners had converted 85 % of its $ 220 million investment pool to cash in recent months , said he was besieged by Wall Street firms Friday asking him to take stock off their hands .

<person>Neil Weisman</person> , whose <gpe>New York</gpe> - based <org>Chilmark Capital Partners</org> had converted <percent>85 %</percent> of its <money>$ 220 million</money> investment pool to cash in <date>recent months</date> , said he was besieged by Wall Street firms <date>Friday</date> asking him to take stock off their hands .


`` We got calls from big block houses asking us if we want to make bids on anything , '' said Mr. Weisman , who , happy with his returns on investments chalked up earlier , declined the offers .

`` We got calls from big block houses asking us if we want to make bids on anything , '' said Mr. <person>Weisman</person> , who , happy with his returns on investments chalked up earlier , declined the offers .


Mr. Weisman predicts stocks will appear to stabilize in the next few days before declining again , trapping more investors .

Mr. <person>Weisman</person> predicts stocks will appear to stabilize in <date>the next few days</date> before declining again , trapping more investors .


`` I think it will be a rigor mortis rally , '' he said .


Meanwhile , Friday brought a reprieve for money managers whose investment styles had put them at odds with the market rally .

Meanwhile , <date>Friday</date> brought a reprieve for money managers whose investment styles had put them at odds with the market rally .


Especially gleeful were the short sellers , who have been pounded by this year 's market climb .

Especially gleeful were the short sellers , who have been pounded by this <date>year</date> 's market climb .


The shorts sell borrowed shares , hoping to profit by replacing them later at a lower price .


The nation 's largest short - selling operation is Feshbach Brothers , Palo Alto , Calif. , which said last May that its short positions had shown losses of 10 % for the year up to that point .

The nation 's largest short - selling operation is <org>Feshbach Brothers</org> , <gpe>Palo Alto</gpe> , <gpe>Calif.</gpe> , which said <date>last May</date> that its short positions had shown losses of <percent>10 %</percent> for <date>the year</date> up to that point .


All that now has changed .


`` We 're ahead for the year because of Friday , '' said the firm 's Kurt Feshbach .

`` We 're ahead for <date>the year</date> because of <date>Friday</date> , '' said the firm 's <person>Kurt Feshbach</person> .


`` We 're not making a killing , but we had a good day .

`` We 're not making a killing , but we had <date>a good day</date> .


Food and Drug Administration spokesman Jeff Nesbit said the agency has turned over evidence in a criminal investigation concerning Vitarine Pharmaceuticals Inc. to the U.S. Attorney 's office in Baltimore .

<org>Food and Drug Administration</org> spokesman <person>Jeff Nesbit</person> said the agency has turned over evidence in a criminal investigation concerning <org>Vitarine Pharmaceuticals Inc.</org> to the <gpe>U.S.</gpe> Attorney 's office in <gpe>Baltimore</gpe> .


Neither Vitarine nor any of the Springfield Gardens , N.Y. , company 's officials or employees have been charged with any crimes .

Neither <org>Vitarine</org> nor any of the <gpe>Springfield Gardens</gpe> , <gpe>N.Y.</gpe> , company 's officials or employees have been charged with any crimes .


Vitarine won approval to market a version of a blood pressure medicine but acknowledged that it substituted a SmithKline Beecham PLC product as its own in tests .

<org>Vitarine</org> won approval to market a version of a blood pressure medicine but acknowledged that it substituted a <org>SmithKline Beecham PLC</org> product as its own in tests .


Mr. Nesbit also said the FDA has asked Bolar Pharmaceutical Co. to recall at the retail level its urinary tract antibiotic .

Mr. <person>Nesbit</person> also said the <org>FDA</org> has asked <org>Bolar Pharmaceutical Co.</org> to recall at the retail level its urinary tract antibiotic .


But so far the company has n't complied with that request , the spokesman said .


Bolar , the subject of a criminal investigation by the FDA and the Inspector General 's office of the Health and Human Services Department , only agreed to recall two strengths of its version of Macrodantin `` as far down as direct customers , mostly wholesalers , '' Mr. Nesbit said .

<org>Bolar</org> , the subject of a criminal investigation by the <org>FDA</org> and the Inspector General 's office of <org>the Health and Human Services Department</org> , only agreed to recall <cardinal>two</cardinal> strengths of its version of <product>Macrodantin</product> `` as far down as direct customers , mostly wholesalers , '' Mr. <person>Nesbit</person> said .


Bolar , of Copiague , N.Y. , earlier began a voluntary recall of both its 100 milligram and 50 milligram versions of the drug .

<org>Bolar</org> , of <gpe>Copiague</gpe> , <gpe>N.Y.</gpe> , earlier began a voluntary recall of both its <quantity>100 milligram</quantity> and <quantity>50 milligram</quantity> versions of the drug .


The FDA has said it presented evidence it uncovered to the company indicating that Bolar substituted the brand - name product for its own to gain government approval to sell generic versions of Macrodantin .

The <org>FDA</org> has said it presented evidence it uncovered to the company indicating that <org>Bolar</org> substituted the brand - name product for its own to gain government approval to sell generic versions of <product>Macrodantin</product> .


Bolar has denied that it switched the brand - name product for its own in such testing .

<org>Bolar</org> has denied that it switched the brand - name product for its own in such testing .


The West German retailer ASKO Deutsche Kaufhaus AG plans to challenge the legality of a widely employed anti-takeover defense of companies in the Netherlands .

The <norp>West German</norp> retailer <org>ASKO Deutsche Kaufhaus AG</org> plans to challenge the legality of a widely employed anti-takeover defense of companies in the <gpe>Netherlands</gpe> .


The eventual court decision could become a landmark in Dutch corporate law because the lawsuit ASKO plans to file would be the first to challenge the entire principle and practice of companies issuing voting preferred shares to management - controlled trusts to dilute voting power of common stockholders .

The eventual court decision could become a landmark in <norp>Dutch</norp> corporate law because the lawsuit <org>ASKO</org> plans to file would be the <ordinal>first</ordinal> to challenge the entire principle and practice of companies issuing voting preferred shares to management - controlled trusts to dilute voting power of common stockholders .


Up to now only specific aspects of these defenses have been challenged , though unsuccessfully , ASKO 's Dutch lawyers noted .

Up to now only specific aspects of these defenses have been challenged , though unsuccessfully , <org>ASKO</org> 's <norp>Dutch</norp> lawyers noted .


Should the courts uphold the validity of this type of defense , ASKO will then ask the court to overturn such a vote - diluting maneuver recently deployed by Koninklijke Ahold NV .

Should the courts uphold the validity of this type of defense , <org>ASKO</org> will then ask the court to overturn such a vote - diluting maneuver recently deployed by <org>Koninklijke Ahold NV</org> .


ASKO says the Dutch - based international food retailer had n't reasonable grounds to issue preferred stock to a friendly trust and thus dilute the worth and voting power of ASKO and other shareholders .

<org>ASKO</org> says the <norp>Dutch</norp> - based international food retailer had n't reasonable grounds to issue preferred stock to a friendly trust and thus dilute the worth and voting power of <org>ASKO</org> and other shareholders .


Speaking through its Dutch lawyers , ASKO also disclosed it holds a 15 % stake in Ahold .

Speaking through its <norp>Dutch</norp> lawyers , <org>ASKO</org> also disclosed it holds a <percent>15 %</percent> stake in <org>Ahold</org> .


It was previously thought ASKO held a 13.6 % stake that was accumulated since July .

It was previously thought <org>ASKO</org> held a <percent>13.6 %</percent> stake that was accumulated since <date>July</date> .


A spokesman for Ahold said his company is confident of its own position and the propriety of the preferred - share issue .

A spokesman for <org>Ahold</org> said his company is confident of its own position and the propriety of the preferred - share issue .


He termed ASKO 's legal actions as `` unproductive '' to international cooperation among European retailers .

He termed <org>ASKO</org> 's legal actions as `` unproductive '' to international cooperation among <norp>European</norp> retailers .


Chase Manhattan Bank Chairman Willard Butcher is a conservative banker and a loyal Republican , but on Friday morning he had few kind words for President Bush 's economic policy - making .

<org>Chase Manhattan Bank</org> Chairman <person>Willard Butcher</person> is a conservative banker and a loyal <norp>Republican</norp> , but on <date>Friday</date> <time>morning</time> he had few kind words for President <person>Bush</person> 's economic policy - making .


`` There are some very significant issues out there , such as the fiscal deficit , the trade deficit , our relations with Japan , that have to be the subject of major initiatives , '' he said in an interview .

`` There are some very significant issues out there , such as the fiscal deficit , the trade deficit , our relations with <gpe>Japan</gpe> , that have to be the subject of major initiatives , '' he said in an interview .


`` I 'd like to see that initiative , and I have n't .


There is n't a big shot , an agenda . ''


A few hours later , the stock market dropped 190 points .

<time>A few hours later</time> , the stock market dropped <cardinal>190</cardinal> points .


Politicians tried to finger each other for the blame , although many analysts doubt that Washington was singly responsible for Wall Street 's woes .

Politicians tried to finger each other for the blame , although many analysts doubt that <gpe>Washington</gpe> was singly responsible for Wall Street 's woes .


But Mr. Butcher 's comments make one thing clear : Some on Wall Street wonder if anyone is in charge of economic policy .

But Mr. <person>Butcher</person> 's comments make one thing clear : Some on Wall Street wonder if anyone is in charge of economic policy .


Consider this :


-- By 11:59 p.m. tonight , President Bush must order $ 16 billion of automatic , across - the - board cuts in government spending to comply with the Gramm - Rudman budget law .

-- By <time>11:59 p.m. tonight</time> , President <person>Bush</person> must order <money>$ 16 billion</money> of automatic , across - the - board cuts in government spending to comply with the <law>Gramm - Rudman</law> budget law .


The cuts are necessary because Congress and the administration have failed to reach agreement on a deficit - cutting bill .

The cuts are necessary because <org>Congress</org> and the administration have failed to reach agreement on a deficit - cutting bill .


`` We simply do n't have strong leadership to try to reduce the deficit and make tough choices , '' House Budget Committee Chairman Leon Panetta -LRB- D. , Calif . -RRB- said yesterday on NBC News 's `` Meet the Press . ''

`` We simply do n't have strong leadership to try to reduce the deficit and make tough choices , '' <org>House Budget Committee</org> Chairman <person>Leon Panetta</person> -LRB- <norp>D.</norp> , <gpe>Calif .</gpe> -RRB- said <date>yesterday</date> on <org>NBC News 's</org> `` <work_of_art>Meet the Press</work_of_art> . ''


-- For the last two weeks , the Bush administration and the Federal Reserve have been engaged in a semi-public battle over international economic policy .

-- For the last <date>two weeks</date> , the <person>Bush</person> administration and <org>the Federal Reserve</org> have been engaged in a semi-public battle over international economic policy .


The administration has been trying to push the dollar lower ; the Fed has been resisting .

The administration has been trying to push the dollar lower ; the <org>Fed</org> has been resisting .


`` One of the things that continues to worry me is this monetary warfare between the Treasury Department and the Federal Reserve Board , '' said Lawrence Kudlow , a Bear , Stearns & Co. economist , on ABC 's `` This Week . ''

`` One of the things that continues to worry me is this monetary warfare between <org>the Treasury Department</org> and <org>the Federal Reserve Board</org> , '' said <person>Lawrence Kudlow</person> , a <org>Bear , Stearns & Co.</org> economist , on <org>ABC</org> 's `` <work_of_art>This Week</work_of_art> . ''


-- The administration has sent out confusing signals about its response to a recent spate of airline takeovers .


Last month , Transportation Secretary Sam Skinner forced Northwest Airlines to reduce a stake held by KLM Royal Dutch Airlines .

<date>Last month</date> , <org>Transportation</org> Secretary <person>Sam Skinner</person> forced <org>Northwest Airlines</org> to reduce a stake held by <org>KLM Royal Dutch Airlines</org> .


But he has since run into opposition from the Treasury and the White House over that decision .

But he has since run into opposition from the <org>Treasury</org> and <org>the White House</org> over that decision .


And he has kept mum on how his decision might affect a bid for United Airlines , which includes a big stake by British Airways PLC .

And he has kept mum on how his decision might affect a bid for <org>United Airlines</org> , which includes a big stake by <org>British Airways PLC</org> .


Some analysts say uncertainty about Washington 's anti-takeover policy was one reason that financing for the United Airlines takeover fell through -- the event that triggered the market drop .

Some analysts say uncertainty about <gpe>Washington</gpe> 's anti-takeover policy was <cardinal>one</cardinal> reason that financing for the <org>United Airlines</org> takeover fell through -- the event that triggered the market drop .


In many ways , the backdrop to Friday 's stock decline is eerily similar to that of October 1987 's 508 - point crash .

In many ways , the backdrop to <date>Friday</date> 's stock decline is eerily similar to that of <date>October 1987 's</date> <cardinal>508</cardinal> - point crash .


Then , as now , the budget debate was behind schedule and automatic spending cuts were within days of taking hold .

Then , as now , the budget debate was behind schedule and automatic spending cuts were within <date>days</date> of taking hold .


The Treasury was locked in a battle over international economic policy , although at that time it was with West German officials rather than the Federal Reserve .

The <org>Treasury</org> was locked in a battle over international economic policy , although at that time it was with <norp>West German</norp> officials rather than <org>the Federal Reserve</org> .


And concern about official actions aimed at takeovers -- then by the tax - writing House Ways and Means Committee rather than the Transportation Department -- were making markets nervous .

And concern about official actions aimed at takeovers -- then by the tax - writing <org>House Ways and Means Committee</org> rather than <org>the Transportation Department</org> -- were making markets nervous .


The 1987 crash brought the Reagan administration and Democratic lawmakers to the table for the first budget summit , resulting in a two - year plan to reduce the deficit by more than $ 76 billion -- even though the deficit actually rose by nearly $ 12 billion during that period .

The <date>1987</date> crash brought the <person>Reagan</person> administration and <norp>Democratic</norp> lawmakers to the table for the <ordinal>first</ordinal> budget summit , resulting in a <date>two - year</date> plan to reduce the deficit by <money>more than $ 76 billion</money> -- even though the deficit actually rose by nearly <money>$ 12 billion</money> during that period .


But , barring further drops in the market this week , a similar outcome does n't seem likely this year .

But , barring further drops in the market <date>this week</date> , a similar outcome does n't seem likely <date>this year</date> .


Lawmakers and administration officials agree that Friday 's drop , by itself , is n't enough to force both sides back to the table to try to reach a deficit - reduction agreement that would be more serious and more far - reaching than last spring 's gimmick - ridden plan , which still is n't fully implemented .

Lawmakers and administration officials agree that <date>Friday</date> 's drop , by itself , is n't enough to force both sides back to the table to try to reach a deficit - reduction agreement that would be more serious and more far - reaching than <date>last spring 's</date> gimmick - ridden plan , which still is n't fully implemented .


One of the biggest reasons that new talks are n't likely to come about is that , as everyone learned in 1987 , the economy and the market can survive a one - day 508 - point tumble .

<cardinal>One</cardinal> of the biggest reasons that new talks are n't likely to come about is that , as everyone learned in <date>1987</date> , the economy and the market can survive a <date>one - day</date> <cardinal>508</cardinal> - point tumble .


`` Everybody thought we were looking at a repetition of 1929 , that we were looking at a recession , '' Rep. Panetta said yesterday in an interview .

`` Everybody thought we were looking at a repetition of <date>1929</date> , that we were looking at a recession , '' Rep. <person>Panetta</person> said <date>yesterday</date> in an interview .


`` That did not happen .


They learned they could survive it without much problem . ''


But administration officials privately agree with Mr. Panetta , who said a precipitous drop this week `` is going to force the president and Congress to take a much harder look at fiscal policy . ''

But administration officials privately agree with Mr. <person>Panetta</person> , who said a precipitous drop <date>this week</date> `` is going to force the president and <org>Congress</org> to take a much harder look at fiscal policy . ''


In that case , there will be plenty of blame to go around .


`` There is an underlying concern on the part of the American people -- and there should be - that the administration has not gone far enough in cutting this deficit and that Congress has been unwilling to cut what the administration asked us to cut , '' said Senate Finance Committee Chairman Lloyd Bentsen -LRB- D. , Texas -RRB- .

`` There is an underlying concern on the part of the <norp>American</norp> people -- and there should be - that the administration has not gone far enough in cutting this deficit and that <org>Congress</org> has been unwilling to cut what the administration asked us to cut , '' said <org>Senate Finance Committee</org> Chairman <person>Lloyd Bentsen</person> -LRB- <norp>D.</norp> , <gpe>Texas</gpe> -RRB- .


Nevertheless , it clearly will take more than Friday 's 190 - point decline to overcome the bitter feelings that have developed between lawmakers and White House Budget Director Richard Darman over the capital - gains fight .

Nevertheless , it clearly will take more than <date>Friday</date> 's <cardinal>190</cardinal> - point decline to overcome the bitter feelings that have developed between lawmakers and <org>White House</org> Budget Director <person>Richard Darman</person> over the capital - gains fight .


Hill Democrats are particularly angry over Mr. Bush 's claim that the capital - gains cut was part of April 's budget accord and his insistence on combining it with the deficit - reduction legislation .

<org>Hill</org> <norp>Democrats</norp> are particularly angry over Mr. <person>Bush</person> 's claim that the capital - gains cut was part of <date>April</date> 's budget accord and his insistence on combining it with the deficit - reduction legislation .


`` There is no prospect of any so - called grand compromise or deal next year because the administration simply did n't live up to this year 's deal , '' Senate Majority Leader George Mitchell -LRB- D. , Maine -RRB- said yesterday on CBS News 's `` Face the Nation . ''

`` There is no prospect of any so - called grand compromise or deal <date>next year</date> because the administration simply did n't live up to this <date>year</date> 's deal , '' <org>Senate</org> Majority Leader <person>George Mitchell</person> -LRB- <norp>D.</norp> , <gpe>Maine</gpe> -RRB- said <date>yesterday</date> on <org>CBS News 's</org> `` <work_of_art>Face the Nation</work_of_art> . ''


During last week 's maneuverings on the deficit - cutting bill and the capital - gains issue , there were signs that Senate Republicans and the administration were at odds .

During <date>last week 's</date> maneuverings on the deficit - cutting bill and the capital - gains issue , there were signs that <org>Senate</org> <norp>Republicans</norp> and the administration were at odds .


At the very moment that Senate Republicans were negotiating a deal to exclude capital gains from the deficit - reduction legislation , White House spokesman Marlin Fitzwater told reporters that it was the president 's policy to include it .

At the very moment that <org>Senate</org> <norp>Republicans</norp> were negotiating a deal to exclude capital gains from the deficit - reduction legislation , <org>White House</org> spokesman <person>Marlin Fitzwater</person> told reporters that it was the president 's policy to include it .


When an agreement was reached to strip capital gains from the legislation , Oregon Sen. Bob Packwood , the ranking GOP member of the tax - writing Senate Finance Committee , hailed it .

When an agreement was reached to strip capital gains from the legislation , <gpe>Oregon</gpe> Sen. <person>Bob Packwood</person> , the ranking <org>GOP</org> member of the tax - writing <org>Senate Finance Committee</org> , hailed it .


Asked if the administration agreed , he curtly replied : `` The adminstration will have to speak for itself . ''


Friday 's market tumble could spur action on reconciling the House and Senate versions of the deficit - reduction measure , a process that is n't expected to begin until tomorrow at the soonest .

<date>Friday</date> 's market tumble could spur action on reconciling the <org>House</org> and <org>Senate</org> versions of the deficit - reduction measure , a process that is n't expected to begin until <date>tomorrow</date> at the soonest .


Senate Republicans expressed the hope that the House would follow the lead of the Senate , which on Friday agreed to drop a variety of spending measures and tax breaks that would have increased the fiscal 1990 deficit .

<org>Senate</org> <norp>Republicans</norp> expressed the hope that the <org>House</org> would follow the lead of the <org>Senate</org> , which on <date>Friday</date> agreed to drop a variety of spending measures and tax breaks that would have increased the <date>fiscal 1990</date> deficit .


`` The market needs a strong signal that we 're serious about deficit reduction , and the best way to do that is for the House of Representatives to strip their bill '' of similar provisions , Sen. Warren Rudman -LRB- R. , N.H . -RRB- . said yesterday .

`` The market needs a strong signal that we 're serious about deficit reduction , and the best way to do that is for <org>the House of Representatives</org> to strip their bill '' of similar provisions , Sen. <person>Warren Rudman</person> -LRB- <norp>R.</norp> , <gpe>N.H .</gpe> -RRB- . said <date>yesterday</date> .


The White House Office of Management and Budget , whose calculations determine whether the Gramm - Rudman targets are met , estimated that the House - passed deficit - reduction measure would cut the fiscal 1990 shortfall by $ 6.2 billion , almost half of the Congressional Budget Office 's estimate of $ 11.0 billion .

<org>The White House Office of Management and Budget</org> , whose calculations determine whether the <law>Gramm - Rudman</law> targets are met , estimated that the <org>House</org> - passed deficit - reduction measure would cut the <date>fiscal 1990</date> shortfall by <money>$ 6.2 billion</money> , <cardinal>almost half</cardinal> of <org>the Congressional Budget Office 's</org> estimate of <money>$ 11.0 billion</money> .


Rep. Panetta said that OMB 's figure would still be enough to avoid permanent across - the - board cuts , but added : `` We 're getting very close to the margins here . ''

Rep. <person>Panetta</person> said that <org>OMB</org> 's figure would still be enough to avoid permanent across - the - board cuts , but added : `` We 're getting very close to the margins here . ''


No one in Washington was willing to take the blame for provoking Friday 's drop in the stock market .

No one in <gpe>Washington</gpe> was willing to take the blame for provoking <date>Friday</date> 's drop in the stock market .


But some players were quick to seize the moment .


Before the sun had set on Friday , Richard Rahn , the supply - side chief economist of the U.S. Chamber of Commerce , issued a statement attributing the drop in stock prices to the Senate decision to postpone action on capital gains .

Before the sun had set on <date>Friday</date> , <person>Richard Rahn</person> , the supply - side chief economist of the <gpe>U.S.</gpe> <org>Chamber of Commerce</org> , issued a statement attributing the drop in stock prices to the <org>Senate</org> decision to postpone action on capital gains .


`` Investors , who had been holding assets in anticipation of a more favorable time to sell , were spooked , '' he said .


`` There have been many preposterous reasons advanced to support a capital - gains tax cut , '' Sen. Mitchell said during his television appearance , `` but I suggest that is perhaps more than any of the others .

`` There have been many preposterous reasons advanced to support a capital - gains tax cut , '' Sen. <person>Mitchell</person> said during his television appearance , `` but I suggest that is perhaps more than any of the others .


Honeywell Inc. and International Business Machines Corp. received Air Force contracts to develop integrated circuits for use in space .

<org>Honeywell Inc.</org> and <org>International Business Machines Corp.</org> received <org>Air Force</org> contracts to develop integrated circuits for use in space .


Honeywell 's contract totaled $ 69.7 million , and IBM 's $ 68.8 million .

<org>Honeywell</org> 's contract totaled <money>$ 69.7 million</money> , and <org>IBM</org> 's <money>$ 68.8 million</money> .


Boeing Co. received a $ 46.7 million Air Force contract for developing cable systems for the Minuteman Missile .

<org>Boeing Co.</org> received a <money>$ 46.7 million</money> <org>Air Force</org> contract for developing cable systems for <product>the Minuteman Missile</product> .


General Dynamics Corp. received a $ 29 million Air Force contract for electronic - warfare training sets .

<org>General Dynamics Corp.</org> received a <money>$ 29 million</money> <org>Air Force</org> contract for electronic - warfare training sets .


Grumman Corp. received an $ 18.1 million Navy contract to upgrade aircraft electronics .

<org>Grumman Corp.</org> received an <money>$ 18.1 million</money> <org>Navy</org> contract to upgrade aircraft electronics .


Avco Corp. received an $ 11.8 million Army contract for helicopter engines .

<org>Avco Corp.</org> received an <money>$ 11.8 million</money> <org>Army</org> contract for helicopter engines .


Sharp increases in the price of fresh produce caused Spain 's September consumer price index to shoot up 1.1 % from the previous month , pushing the annual rate of inflation to 6.8 % , the National Institute of Statistics said Friday .

Sharp increases in the price of fresh produce caused <gpe>Spain</gpe> 's <date>September</date> consumer price index to shoot up <percent>1.1 %</percent> from <date>the previous month</date> , pushing the <date>annual</date> rate of inflation to <percent>6.8 %</percent> , <org>the National Institute of Statistics</org> said <date>Friday</date> .


The monthly increase is the highest recorded in the past four years .

The <date>monthly</date> increase is the highest recorded in <date>the past four years</date> .


The index , which registered 156.8 at the end of September , has a base of 100 set in 1983 and is n't seasonally adjusted .

The index , which registered <cardinal>156.8</cardinal> at <date>the end of September</date> , has a base of <cardinal>100</cardinal> set in <date>1983</date> and is n't <date>seasonally</date> adjusted .


Prices have risen 5.9 % in the first nine months of the year , outstripping both the initial 3 % inflation goal set by the government of Socialist Prime Minister Felipe Gonzalez and the second , revised goal of 5.8 % .

Prices have risen <percent>5.9 %</percent> in <date>the first nine months of the year</date> , outstripping both the initial <percent>3 %</percent> inflation goal set by the government of <norp>Socialist</norp> Prime Minister <person>Felipe Gonzalez</person> and the <ordinal>second</ordinal> , revised goal of <percent>5.8 %</percent> .


Japan 's wholesale prices in September rose 3.3 % from a year earlier and were up 0.4 % from the previous month , the Bank of Japan announced Friday .

<gpe>Japan</gpe> 's wholesale prices in <date>September</date> rose <percent>3.3 %</percent> from <date>a year earlier</date> and were up <percent>0.4 %</percent> from <date>the previous month</date> , <org>the Bank of Japan</org> announced <date>Friday</date> .


The wholesale price index stood at 90.1 , compared with a 1985 base of 100 .

The wholesale price index stood at <cardinal>90.1</cardinal> , compared with a <date>1985</date> base of <cardinal>100</cardinal> .


Ford Motor Co. said it acquired 5 % of the shares in Jaguar PLC .

<org>Ford Motor Co.</org> said it acquired <percent>5 %</percent> of the shares in <org>Jaguar PLC</org> .


Jaguar , the London Stock Exchange and the U.S. Securities and Exchange Commission are being notified of the transactions , the company said .

<org>Jaguar</org> , <org>the London Stock Exchange</org> and <org>the U.S. Securities and Exchange Commission</org> are being notified of the transactions , the company said .


The U.S. Federal Trade Commission advised Ford last week that it would n't raise any objection to the acquisition of as much as 15 % of Jaguar shares .

<org>The U.S. Federal Trade Commission</org> advised <org>Ford</org> <date>last week</date> that it would n't raise any objection to the acquisition of <percent>as much as 15 %</percent> of <org>Jaguar</org> shares .


The No. 2 auto maker disclosed last month that it wants to buy as much as 15 % of the British luxury - car maker , the maximum allowed under current United Kingdom government restrictions .

The No. <cardinal>2</cardinal> auto maker disclosed <date>last month</date> that it wants to buy <percent>as much as 15 %</percent> of the <norp>British</norp> luxury - car maker , the maximum allowed under current <gpe>United Kingdom</gpe> government restrictions .


General Motors Corp. said it had discussed the possibility of a joint venture with Jaguar before Ford began buying shares .

<org>General Motors Corp.</org> said it had discussed the possibility of a joint venture with <org>Jaguar</org> before <org>Ford</org> began buying shares .


GM said it still is talking with Jaguar about acquiring a minority interest .

<org>GM</org> said it still is talking with <org>Jaguar</org> about acquiring a minority interest .


Investors who bought stock with borrowed money -- that is , `` on margin '' -- may be more worried than most following Friday 's market drop .

Investors who bought stock with borrowed money -- that is , `` on margin '' -- may be more worried than most following <date>Friday</date> 's market drop .


That 's because their brokers can require them to sell some shares or put up more cash to enhance the collateral backing their loans .


In October 1987 , these margin calls were thought to have contributed to the downward spiral of the stock market .

In <date>October 1987</date> , these margin calls were thought to have contributed to the downward spiral of the stock market .


Typically , a margin call occurs when the price of a stock falls below 75 % of its original value .

Typically , a margin call occurs when the price of a stock falls below <percent>75 %</percent> of its original value .


If the investor does n't put up the extra cash to satisfy the call , the brokerage firm may begin liquidating the securities .


But some big brokerage firms said they do n't expect major problems as a result of margin calls .


Margin calls since Friday `` have been higher than usual , but reasonable , '' a spokesman for Shearson Lehman Hutton Inc. said .

Margin calls since <date>Friday</date> `` have been higher than usual , but reasonable , '' a spokesman for <org>Shearson Lehman Hutton Inc.</org> said .


Merrill Lynch & Co. officials `` do n't expect -LCB- margin calls -RCB- to be as big a factor as in 1987 '' because fewer individual investors are buying stock on margin , a spokesman said .

<org>Merrill Lynch & Co.</org> officials `` do n't expect -LCB- margin calls -RCB- to be as big a factor as in <date>1987</date> '' because fewer individual investors are buying stock on margin , a spokesman said .


Hugo Quackenbush , senior vice president at Charles Schwab Corp. , the San Francisco - based discount brokerage firm , said he did n't expect any immediate problems with margin calls for Schwab customers .

<person>Hugo Quackenbush</person> , senior vice president at <org>Charles Schwab Corp.</org> , the <gpe>San Francisco</gpe> - based discount brokerage firm , said he did n't expect any immediate problems with margin calls for <org>Schwab</org> customers .


He said Schwab had increased margin requirements `` so customers have more of a cushion . ''

He said <org>Schwab</org> had increased margin requirements `` so customers have more of a cushion . ''


He added : `` We learned a lesson in 1987 about volatility .

He added : `` We learned a lesson in <date>1987</date> about volatility .


Avis Inc. , following rival Hertz Corp. 's lead , said it is backing out of frequent - flier programs with three airlines .

<org>Avis Inc.</org> , following rival <org>Hertz Corp.</org> 's lead , said it is backing out of frequent - flier programs with <cardinal>three</cardinal> airlines .


The Garden City , N.Y. , car - rental company said it wo n't renew contracts with NWA Inc. 's Northwest Airlines unit , Pan Am Corp. 's Pan American World Airways unit and Midway Airlines at the end of this year .

The <gpe>Garden City</gpe> , <gpe>N.Y.</gpe> , car - rental company said it wo n't renew contracts with <org>NWA Inc. 's</org> <org>Northwest Airlines</org> unit , <org>Pan Am Corp. 's</org> <org>Pan American World Airways</org> unit and <org>Midway Airlines</org> at <date>the end of this year</date> .


But it remains involved in programs with AMR Corp. 's American Airlines unit and Delta Air Lines .

But it remains involved in programs with <org>AMR Corp. 's</org> <org>American Airlines</org> unit and <org>Delta Air Lines</org> .


Industry estimates put Avis 's annual cost of all five programs at between $ 8 million and $ 14 million .

Industry estimates put <org>Avis</org> 's annual cost of all <cardinal>five</cardinal> programs at <money>between $ 8 million and $ 14 million</money> .


A spokesman for Avis would n't specify the costs but said the three airlines being dropped account for `` far less than half '' of the total .

A spokesman for <org>Avis</org> would n't specify the costs but said the <cardinal>three</cardinal> airlines being dropped account for `` <cardinal>far less than half</cardinal> '' of the total .


Budget Rent a Car Corp. , of Chicago , and National Car Rental Systems Inc. , of Minneapolis , both said they had no plans to follow suit .

<org>Budget Rent a Car Corp.</org> , of <gpe>Chicago</gpe> , and <org>National Car Rental Systems Inc.</org> , of <gpe>Minneapolis</gpe> , both said they had no plans to follow suit .


In fact , Budget indicated it saw some benefit to staying involved in these programs , in which renters earn frequent - flier miles and fliers can get car - rental discounts .

In fact , <org>Budget</org> indicated it saw some benefit to staying involved in these programs , in which renters earn frequent - flier miles and fliers can get car - rental discounts .


`` I can not see how this news by Hertz and Avis can not benefit Budget 's programs , '' said Bob Wilson , Budget 's vice president , marketing planning .

`` I can not see how this news by <org>Hertz</org> and <org>Avis</org> can not benefit <org>Budget</org> 's programs , '' said <person>Bob Wilson</person> , <org>Budget</org> 's vice president , marketing planning .


Northwest and Midway are two of the five airlines with which Budget has agreements .

<org>Northwest</org> and <org>Midway</org> are <cardinal>two</cardinal> of the <cardinal>five</cardinal> airlines with which <org>Budget</org> has agreements .


National also participates in the Northwest frequent - flier program along with four other airlines , including Delta and USAir Group Inc. 's USAir unit .

<org>National</org> also participates in the <org>Northwest</org> frequent - flier program along with <cardinal>four</cardinal> other airlines , including <org>Delta</org> and <org>USAir Group Inc. 's</org> <org>USAir</org> unit .


A month ago , Hertz , of Park Ridge , N.J. , said that it would drop its marketing agreements at year end with Delta , America West and Texas Air Corp. 's Continental Airlines and Eastern Airlines , and that pacts with American Airlines , UAL Inc 's United Airlines and USAir also would be ended ... sometime after Dec. 31 .

<date>A month ago</date> , <org>Hertz</org> , of <gpe>Park Ridge</gpe> , <gpe>N.J.</gpe> , said that it would drop its marketing agreements at <date>year end</date> with <org>Delta</org> , <org>America West</org> and <org>Texas Air Corp. 's</org> <org>Continental Airlines</org> and <org>Eastern Airlines</org> , and that pacts with <org>American Airlines</org> , <org>UAL Inc 's</org> <org>United Airlines</org> and <org>USAir</org> also would be ended ... sometime after <date>Dec. 31</date> .


At the time , Hertz said its annual fees to those airlines amounted to $ 20 million and that the value of redeemed awards topped $ 15 million .

At the time , <org>Hertz</org> said its <date>annual</date> fees to those airlines amounted to <money>$ 20 million</money> and that the value of redeemed awards topped <money>$ 15 million</money> .


Analysts and competitors , however , doubt the numbers were that high .


Budget said its frequent - flier costs are `` substantially below '' Avis 's level .

<org>Budget</org> said its frequent - flier costs are `` substantially below '' <org>Avis</org> 's level .


Robert D. Cardillo , Avis vice president of marketing , said , `` The proliferation and costs attached to -LCB- frequent - flier programs -RCB- have significantly diminished their value . ''

<person>Robert D. Cardillo</person> , <org>Avis</org> vice president of marketing , said , `` The proliferation and costs attached to -LCB- frequent - flier programs -RCB- have significantly diminished their value . ''


This year has been difficult for both Hertz and Avis , said Charles Finnie , car - rental industry analyst at Alex . Brown & Sons .

<date>This year</date> has been difficult for both <org>Hertz</org> and <org>Avis</org> , said <person>Charles Finnie</person> , car - rental industry analyst at <org>Alex . Brown & Sons</org> .


`` They 've been looking to get their costs down , and this is a fairly sensible way to do it , '' he said .


CBS Inc. is cutting `` The Pat Sajak Show '' down to one hour from its current 90 minutes .

<org>CBS Inc.</org> is cutting `` <work_of_art>The Pat Sajak Show</work_of_art> '' down to <time>one hour</time> from its current <time>90 minutes</time> .


CBS insisted the move was n't a setback for the program , which is the network 's first entry into the late - night talk show format since 1972 .

<org>CBS</org> insisted the move was n't a setback for the program , which is the network 's first entry into the late - night talk show format since <date>1972</date> .


`` I have every intention of making this the best possible show and having it run one hour is the best way to it , '' said Rod Perth , who was named vice president of late night entertainment in August .

`` I have every intention of making this the best possible show and having it run <time>one hour</time> is the best way to it , '' said <person>Rod Perth</person> , who was named vice president of <time>late night</time> entertainment in <date>August</date> .


`` This will raise the energy level of the show . ''


CBS will continue to program action - adventure shows to follow the Sajak hour .

<org>CBS</org> will continue to program action - adventure shows to follow the <person>Sajak</person> <time>hour</time> .


But CBS News will extend its four - hour `` Nightwatch '' by 30 minutes and begin at 1:30 a.m .

But <org>CBS News</org> will extend its <date>four - hour</date> `` <work_of_art>Nightwatch</work_of_art> '' by <time>30 minutes</time> and begin at <time>1:30 a.m</time> .


The show , despite a promising start , has slipped badly in the weekly ratings as compiled by A.C. Nielsen Co. , finishing far below `` Tonight '' on NBC , a unit of General Electric Co. , and `` Nightline '' on ABC - TV , a unit of Capital Cities / ABC Inc .

The show , despite a promising start , has slipped badly in the <date>weekly</date> ratings as compiled by <org>A.C. Nielsen Co.</org> , finishing far below `` <work_of_art>Tonight</work_of_art> '' on <org>NBC</org> , a unit of <org>General Electric Co.</org> , and `` <work_of_art>Nightline</work_of_art> '' on <org>ABC - TV</org> , a unit of <org>Capital Cities / ABC Inc</org> .


Further fractioning the late - night audience is the addition of the `` Arsenio Hall Show , '' syndicated by Paramount Communications Inc .

Further fractioning the late - night audience is the addition of the `` <work_of_art>Arsenio Hall Show</work_of_art> , '' syndicated by <org>Paramount Communications Inc</org> .


The China 's handicapped sports cause has undergone the several stages of conceptualization , growth and expansion , and is currently rising .

The <gpe>China</gpe> 's handicapped sports cause has undergone the several stages of conceptualization , growth and expansion , and is currently rising .


The holding of the 6th Far East and South Pacific Disabled Games will provide more impetus for this trend .

The holding of the <ordinal>6th</ordinal> <event>Far East and South Pacific Disabled Games</event> will provide more impetus for this trend .


Each development step of handicapped sports can not be separated from the concern and support of the Party and the government .

Each development step of handicapped sports can not be separated from the concern and support of the <org>Party</org> and the government .


At the beginning of the establishment of the People 's Republic of China , social welfare services and schools for blind children and deaf people were established successively everywhere .

At the beginning of the establishment of <gpe>the People 's Republic of China</gpe> , social welfare services and schools for blind children and deaf people were established successively everywhere .


Welfare factories developed activities such as broadcast exercises , etc. and schools established physical education .


As a part of the cause for the disabled , disabled sports began to grow .


Every year , the nation allocates special funds to be used in developing handicapped sports activities .


Nationwide handicapped sports games began to be held in the late 1950's .

Nationwide handicapped sports games began to be held in <date>the late 1950's</date> .


The games accelerated improvement and drove popularization .


The handicapped sports cause has gradually grown .


Since the reform and opening up , the Chinese economy has developed rapidly .

Since the reform and opening up , the <norp>Chinese</norp> economy has developed rapidly .


This enabled more people to put money and material resource into the disabled sports cause .


In the short 10 years , the cause has achieved success of attention from China and abroad .

In <date>the short 10 years</date> , the cause has achieved success of attention from <gpe>China</gpe> and abroad .


It is reasonable to believe that the disabled cause will be increasingly recognized and supported as China 's overall national strength escalates .

It is reasonable to believe that the disabled cause will be increasingly recognized and supported as <gpe>China</gpe> 's overall national strength escalates .


The handicapped sports cause will also have broad development .


The establishment and healthiness of disabled sports organizations provide organizational assurance for the development of the sports cause for handicapped people .


The Chinese Injured and Disabled People Sports Association -LRB- renamed to the Chinese Disabled Sports Association in 1990 -RRB- was established in October , 1983 .

<org>The Chinese Injured and Disabled People Sports Association</org> -LRB- renamed to <org>the Chinese Disabled Sports Association</org> in <date>1990</date> -RRB- was established in <date>October , 1983</date> .


After this a succession of handicapped sports organizations were established throughout China .

After this a succession of handicapped sports organizations were established throughout <gpe>China</gpe> .


In 1985 , the Chinese Mentally Impaired and Blind Sports Associations were also established .

In <date>1985</date> , <org>the Chinese Mentally Impaired and Blind Sports Associations</org> were also established .


Having organization and leadership , activities such as the games and competitions , etc. were increasingly and frequently held .


The enthusiasm of handicapped people participating in the sports activities was unprecedentedly increasing , sports levels continually improve and the reserve force is growing .


Three National Disabled Games were held respectively in Hefei , Tangshan and Guangzhou .

<cardinal>Three</cardinal> <event>National Disabled Games</event> were held respectively in <gpe>Hefei</gpe> , <gpe>Tangshan</gpe> and <gpe>Guangzhou</gpe> .


The scale became larger and larger and the level became higher and higher .


The games have received more broad attention and support of the public , and have attracted more disabled people to take part in the events .


Since 1984 the Chinese Disabled Sports Association has become a member of 8 international disabled sports organizations successively , such as the International Para Olympic Committee , etc. and has established relations with disabled sports organizations in various countries and areas and taken part in international events such as the Special Olympic Games , etc .

<date>Since 1984</date> <org>the Chinese Disabled Sports Association</org> has become a member of <cardinal>8</cardinal> international disabled sports organizations successively , such as <org>the International Para Olympic Committee</org> , etc. and has established relations with disabled sports organizations in various countries and areas and taken part in international events such as <event>the Special Olympic Games</event> , etc .


In competitions and contacts , disabled Chinese people have revealed extraordinary physical abilities , achieved excellent results , enhanced friendship with disabled people from various countries and areas and contributed to the development of physical activities for disabled people around the world .

In competitions and contacts , disabled <norp>Chinese</norp> people have revealed extraordinary physical abilities , achieved excellent results , enhanced friendship with disabled people from various countries and areas and contributed to the development of physical activities for disabled people around the world .


" The Guaranteed Law for Disabled Persons in the People 's Republic of China " , which was drafted and implemented in 1991 , stipulates to organize and support disabled people to develop mass sports activities , to hold special games and to participate in important international competitions and communication .

<law>" The Guaranteed Law for Disabled Persons in the People 's Republic of China "</law> , which was drafted and implemented in <date>1991</date> , stipulates to organize and support disabled people to develop mass sports activities , to hold special games and to participate in important international competitions and communication .


The guarantee of the law has and will continue to boost the vigorous development of the sports cause for China 's disabled .

The guarantee of the law has and will continue to boost the vigorous development of the sports cause for <gpe>China</gpe> 's disabled .


Holding the 6th Asia - Pacific Special Olympic Games in Beijing will motivate all of society to better understand and support disabled sports .

Holding the <ordinal>6th</ordinal> <event>Asia - Pacific Special Olympic Games</event> in <gpe>Beijing</gpe> will motivate all of society to better understand and support disabled sports .


It will make the public more conscious of helping disabled people and encourage more disabled people to take part in physical activities .


It will , therefore , greatly assist in the development of the sports cause for China 's disabled .

It will , therefore , greatly assist in the development of the sports cause for <gpe>China</gpe> 's disabled .


Truly , the foundation of disabled sports in China is not very strong , popularization is not yet widespread , and compared with some developed countries , still has a large gap .

Truly , the foundation of disabled sports in <gpe>China</gpe> is not very strong , popularization is not yet widespread , and compared with some developed countries , still has a large gap .


However , the " impact " of the Far South Games foreshadows a bright future for this civilized and progressive cause .

However , the " impact " of <event>the Far South Games</event> foreshadows a bright future for this civilized and progressive cause .


-LRB- End -RRB-


In the script " Mongolian handicapped athletes prepare for the Far South Sports Meet " broadcast today , the " Sports Association Chairman Lahagewasu " at the end of paragraph three should be changed to " Sports Association Chairman Lahagewasulen " .

In the script " <norp>Mongolian</norp> handicapped athletes prepare for <event>the Far South Sports Meet</event> " broadcast <date>today</date> , the " <org>Sports Association</org> Chairman Lahagewasu " at the end of paragraph three should be changed to " <org>Sports Association</org> Chairman <person>Lahagewasulen</person> " .


Xinhua News Agency , August 31st .

<org>Xinhua News Agency</org> , <date>August 31st</date> .


Xinhua News Agency , Jinan , September 2nd , by reporter Baixin Zhang

<org>Xinhua News Agency</org> , <gpe>Jinan</gpe> , <date>September 2nd</date> , by reporter <person>Baixin Zhang</person>


Laiwu City of Shandong Province has established a cell structure cultivation center inside the agricultural new high level technology development and model zones , to introduce and tame improved breeds of nurseries , flowers and vegetables from home and abroad .

<gpe>Laiwu City</gpe> of <gpe>Shandong Province</gpe> has established a cell structure cultivation center inside the agricultural new high level technology development and model zones , to introduce and tame improved breeds of nurseries , flowers and vegetables from home and abroad .


In the past two years , more than 50 new breeds such as melons , vegetables , flowers and fruit trees , etc. have successively been introduced from countries such as US and Japan , etc. and has bred 3.5 million improved nurseries .

In <date>the past two years</date> , <cardinal>more than 50</cardinal> new breeds such as melons , vegetables , flowers and fruit trees , etc. have successively been introduced from countries such as <gpe>US</gpe> and <gpe>Japan</gpe> , etc. and has bred <cardinal>3.5 million</cardinal> improved nurseries .


According to understanding , currently Shandong has established ten agricultural new high level technology development and model zones similar to that of Laiwu City .

According to understanding , currently <gpe>Shandong</gpe> has established <cardinal>ten</cardinal> agricultural new high level technology development and model zones similar to that of <gpe>Laiwu City</gpe> .


A government official of Shandong Province told this reporter that this province established agricultural new high level technology development and model zones beginning in 1992 , whose main purpose is to accelerate the transformation of agricultural new high level technology achievements through introducing agricultural new high level technologies from home and abroad to carry out development in order to provide effective models for agricultural production and rural economy development to promote the transformation of traditional agriculture into modern agriculture .

A government official of <gpe>Shandong Province</gpe> told this reporter that this province established agricultural new high level technology development and model zones beginning in <date>1992</date> , whose main purpose is to accelerate the transformation of agricultural new high level technology achievements through introducing agricultural new high level technologies from home and abroad to carry out development in order to provide effective models for agricultural production and rural economy development to promote the transformation of traditional agriculture into modern agriculture .


Currently , ten agricultural new high level technology development and model zones have designated 180,000 mu of land to become the central model zone .

Currently , <cardinal>ten</cardinal> agricultural new high level technology development and model zones have designated <quantity>180,000 mu</quantity> of land to become the central model zone .


To accelerate construction of the model zones , Shandong Province has totally invested capital of more than 62 million yuan , with a construction area reaching 218,000 square meters .

To accelerate construction of the model zones , <gpe>Shandong Province</gpe> has totally invested capital of more than <money>62 million yuan</money> , with a construction area reaching <quantity>218,000 square meters</quantity> .


The model zones have basically implemented the four conveniences of water , electricity , roads and telecommunications .

The model zones have basically implemented the <cardinal>four</cardinal> conveniences of water , electricity , roads and telecommunications .


In the agricultural new high level technology development and model zone of Zibo City in the Zhangdian District , plan to establish a agricultural scientific research training institute , a breeding area for improved agricultural varieties , an organic vegetable area , a quality orchard , the fine stock breeding farm , etc .

In the agricultural new high level technology development and model zone of <gpe>Zibo City</gpe> in <gpe>the Zhangdian District</gpe> , plan to establish a agricultural scientific research training institute , a breeding area for improved agricultural varieties , an organic vegetable area , a quality orchard , the fine stock breeding farm , etc .


Not only are some of the most advanced domestic agricultural technologies here , but also new varieties introduced from foreign countries .


In the past two years , the ten agricultural new high level technology development and model zones have promoted more than a hundred new agricultural varieties , developed 23 new high level technology projects entering the zone , and reaped better economic benefits and social benefits .

In <date>the past two years</date> , the <cardinal>ten</cardinal> agricultural new high level technology development and model zones have promoted <cardinal>more than a hundred</cardinal> new agricultural varieties , developed <cardinal>23</cardinal> new high level technology projects entering the zone , and reaped better economic benefits and social benefits .


The Weihai agricultural new high level technology development and model zone introduced a new potato variety , and after cultivation and breeding , has provided 50,000 kg of potatoes to society this year .

The <gpe>Weihai</gpe> agricultural new high level technology development and model zone introduced a new potato variety , and after cultivation and breeding , has provided <quantity>50,000 kg</quantity> of potatoes to society <date>this year</date> .


They have also bred 200,000 toxin - free fruit tree nurseries .

They have also bred <cardinal>200,000</cardinal> toxin - free fruit tree nurseries .


New high level technology development and model zones have become Shandong 's agricultural " model gardens " .

New high level technology development and model zones have become <gpe>Shandong</gpe> 's agricultural " model gardens " .


Many peasants often come here to learn techniques and purchase quality varieties .


The modeling and leading effects of the model zones have become larger and larger .


Laiwu City has established a detoxification production base to carry out nursery detoxification on traditional products such as shallot , ginger and garlic , and after detoxification , the output of shallot , ginger and garlic has increased more than doubled .

<gpe>Laiwu City</gpe> has established a detoxification production base to carry out nursery detoxification on traditional products such as shallot , ginger and garlic , and after detoxification , the output of shallot , ginger and garlic has increased more than doubled .


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Xinhua News Agency , Shanghai , August 31st , by reporter Jierong Zhou

<org>Xinhua News Agency</org> , <gpe>Shanghai</gpe> , <date>August 31st</date> , by reporter <person>Jierong Zhou</person>