The following were among Friday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report :

The following were among <date>Friday</date> 's offerings and pricings in the <gpe>U.S.</gpe> and <gpe>non-U.S.</gpe> capital markets , with terms and syndicate manager , as compiled by <org>Dow Jones Capital Markets Report</org> :


Dow Chemical Co. --


$ 150 million of 8.55 % senior notes due Oct. 15 , 2009 , priced at par .

<money>$ 150 million</money> of <percent>8.55 %</percent> senior notes due <date>Oct. 15 , 2009</date> , priced at par .


The issue , which is puttable back to the company at par on Oct. 15 , 1999 , was priced at a spread of 50 basis points above the Treasury 's 10 - year note .

The issue , which is puttable back to the company at par on <date>Oct. 15 , 1999</date> , was priced at a spread of <cardinal>50</cardinal> basis points above the <org>Treasury</org> 's <date>10 - year</date> note .


Rated single - A - 1 by Moody 's Investors Service Inc. and single - A by Standard & Poor 's Corp. , the non-callable issue will be sold through underwriters led by Merrill Lynch Capital Markets .

Rated single - A - <cardinal>1</cardinal> by <org>Moody 's Investors Service Inc.</org> and single - A by <org>Standard & Poor 's Corp.</org> , the non-callable issue will be sold through underwriters led by <org>Merrill Lynch Capital Markets</org> .


Centel Capital Corp. --


$ 150 million of 9 % debentures due Oct. 15 , 2019 , priced at 99.943 to yield 9.008 % .

<money>$ 150 million</money> of <percent>9 %</percent> debentures due <date>Oct. 15 , 2019</date> , priced at <cardinal>99.943</cardinal> to yield <percent>9.008 %</percent> .


The non-callable issue , which can be put back to the company in 1999 , was priced at 99 basis points above the Treasury 's 10 - year note .

The non-callable issue , which can be put back to the company in <date>1999</date> , was priced at <cardinal>99</cardinal> basis points above the <org>Treasury</org> 's <date>10 - year</date> note .


Rated Baa - 1 by Moody 's and triple - B - plus by S&P , the issue will be sold through underwriters led by Morgan Stanley & Co .

Rated Baa - <cardinal>1</cardinal> by <org>Moody 's</org> and triple - B - plus by <org>S&P</org> , the issue will be sold through underwriters led by <org>Morgan Stanley & Co</org> .


Federal Home Loan Mortgage Corp. --

<org>Federal Home Loan Mortgage Corp. --</org>


$ 500 million of Remic mortgage securities offered in 13 classes by Prudential - Bache Securities Inc .

<money>$ 500 million</money> of Remic mortgage securities offered in <cardinal>13</cardinal> classes by <org>Prudential - Bache Securities Inc</org> .


The offering , Series 102 , backed by Freddie Mac 8 1/2 % securities with a weighted average remaining term to maturity of 28.4 years , was priced before the market 's afternoon surge .

The offering , Series <cardinal>102</cardinal> , backed by <org>Freddie Mac</org> <percent>8 1/2 %</percent> securities with a weighted average remaining term to maturity of <date>28.4 years</date> , was priced before the market 's <time>afternoon</time> surge .


Among classes for which details were available , yields ranged from 8.78 % , or 75 basis points over two - year Treasury securities , to 10.05 % , or 200 basis points over 10 - year Treasurys .

Among classes for which details were available , yields ranged from <percent>8.78 %</percent> , or <cardinal>75</cardinal> basis points over <date>two - year</date> <org>Treasury</org> securities , to <percent>10.05 %</percent> , or <cardinal>200</cardinal> basis points over <date>10 - year</date> <org>Treasurys</org> .


Federal Home Loan Mortgage Corp. --


$ 300 million of Remic mortgage securities offered by Citicorp Securities Markets Inc .

<money>$ 300 million</money> of Remic mortgage securities offered by <org>Citicorp Securities Markets Inc</org> .


The offering , Series 101 , is backed by Freddie Mac 9 1/2 % securities .

The offering , Series <cardinal>101</cardinal> , is backed by <org>Freddie Mac</org> <percent>9 1/2 %</percent> securities .


Pricing details were n't immediately available .


$ 200 million of stripped mortgage securities underwritten by BT Securities Corp .

<money>$ 200 million</money> of stripped mortgage securities underwritten by <org>BT Securities Corp</org> .


The agency 's first strips issue , collateralized by Freddie Mac 8 % securities pooled into a single security called a Giant , will be divided into interest - only and principal - only securities .

The agency 's <ordinal>first</ordinal> strips issue , collateralized by <org>Freddie Mac</org> <percent>8 %</percent> securities pooled into a single security called a <org>Giant</org> , will be divided into interest - only and principal - only securities .


The collateral is being sold by a thrift institution .


The principal - only securities will be repackaged by BT Securities into a Freddie Mac Remic , Series 103 , that will have six classes .

The principal - only securities will be repackaged by <org>BT Securities</org> into a <org>Freddie Mac</org> Remic , Series <cardinal>103</cardinal> , that will have <cardinal>six</cardinal> classes .


The interest - only securities will be sold separately by BT Securities .

The interest - only securities will be sold separately by <org>BT Securities</org> .


The principal - only securities pay the principal from the underlying Freddie Mac 8 % securities , while the interest - only securities pay only interest .

The principal - only securities pay the principal from the underlying <org>Freddie Mac</org> <percent>8 %</percent> securities , while the interest - only securities pay only interest .


Freddie Mac said the principal - only securities were priced at 58 1/4 to yield 8.45 % , assuming an average life of eight years and a prepayment of 160 % of the PSA model .

<org>Freddie Mac</org> said the principal - only securities were priced at <cardinal>58 1/4</cardinal> to yield <percent>8.45 %</percent> , assuming an average life of <date>eight years</date> and a prepayment of <percent>160 %</percent> of the <org>PSA</org> model .


The interest - only securities were priced at 35 1/2 to yield 10.72 % .

The interest - only securities were priced at <cardinal>35 1/2</cardinal> to yield <percent>10.72 %</percent> .


There were no major Eurobond or foreign bond offerings in Europe Friday .

There were no major Eurobond or foreign bond offerings in <loc>Europe</loc> <date>Friday</date> .


Measuring cups may soon be replaced by tablespoons in the laundry room .


Procter & Gamble Co. plans to begin testing next month a superconcentrated detergent that will require only a few spoonfuls per washload .

<org>Procter & Gamble Co.</org> plans to begin testing <date>next month</date> a superconcentrated detergent that will require <quantity>only a few spoonfuls</quantity> per washload .


The move stems from lessons learned in Japan where local competitors have had phenomenal success with concentrated soapsuds .

The move stems from lessons learned in <gpe>Japan</gpe> where local competitors have had phenomenal success with concentrated soapsuds .


It also marks P&G 's growing concern that its Japanese rivals , such as Kao Corp. , may bring their superconcentrates to the U.S. .

It also marks <org>P&G</org> 's growing concern that its <norp>Japanese</norp> rivals , such as <org>Kao Corp.</org> , may bring their superconcentrates to the <gpe>U.S.</gpe> .


The Cincinnati consumer - products giant got clobbered two years ago in Japan when Kao introduced a powerful detergent , called Attack , which quickly won a 30 % stake in the Japanese markets .

The <gpe>Cincinnati</gpe> consumer - products giant got clobbered <date>two years ago</date> in <gpe>Japan</gpe> when <org>Kao</org> introduced a powerful detergent , called <product>Attack</product> , which quickly won a <percent>30 %</percent> stake in the <norp>Japanese</norp> markets .


`` They do n't want to get caught again , '' says one industry watcher .

`` They do n't want to get caught again , '' says <cardinal>one</cardinal> industry watcher .


Retailers in Phoenix , Ariz. , say P&G 's new powdered detergent -- to be called Cheer with Color Guard -- will be on shelves in that market by early November .

Retailers in <gpe>Phoenix</gpe> , <gpe>Ariz.</gpe> , say <org>P&G</org> 's new powdered detergent -- to be called <product>Cheer with Color Guard</product> -- will be on shelves in that market by <date>early November</date> .


A P&G spokeswoman confirmed that shipments to Phoenix started late last month .

A <org>P&G</org> spokeswoman confirmed that shipments to <gpe>Phoenix</gpe> started <date>late last month</date> .


She said the company will study results from this market before expanding to others .


Superconcentrates are n't entirely new for P&G .

Superconcentrates are n't entirely new for <org>P&G</org> .


The company introduced a superconcentrated Lemon Cheer in Japan after watching the success of Attack .

The company introduced a superconcentrated <product>Lemon Cheer</product> in <gpe>Japan</gpe> after watching the success of <product>Attack</product> .


When Attack hit the shelves in 1987 , P&G 's share of the Japanese market fell to about 8 % from more than 20 % .

When <product>Attack</product> hit the shelves in <date>1987</date> , <org>P&G</org> 's share of the <norp>Japanese</norp> market fell to <percent>about 8 %</percent> from <percent>more than 20 %</percent> .


With the help of Lemon Cheer , P&G 's share is now estimated to be 12 % .

With the help of <product>Lemon Cheer</product> , <org>P&G</org> 's share is now estimated to be <percent>12 %</percent> .


While the Japanese have embraced the compact packaging and convenience of concentrated products , the true test for P&G will be in the $ 4 billion U.S. detergent market , where growth is slow and liquids have gained prominence over powders .

While the <norp>Japanese</norp> have embraced the compact packaging and convenience of concentrated products , the true test for <org>P&G</org> will be in the <money>$ 4 billion</money> <gpe>U.S.</gpe> detergent market , where growth is slow and liquids have gained prominence over powders .


The company may have chosen to market the product under the Cheer name since it 's already expanded its best - selling Tide into 16 different varieties , including this year 's big hit , Tide with Bleach .

The company may have chosen to market the product under the <product>Cheer</product> name since it 's already expanded its best - selling <product>Tide</product> into <cardinal>16</cardinal> different varieties , including this <date>year</date> 's big hit , <product>Tide with Bleach</product> .


With superconcentrates , however , it is n't always easy to persuade consumers that less is more ; many people tend to dump too much detergent into the washing machine , believing that it takes a cup of powder to really clean the laundry .

With superconcentrates , however , it is n't always easy to persuade consumers that less is more ; many people tend to dump too much detergent into the washing machine , believing that it takes <quantity>a cup</quantity> of powder to really clean the laundry .


In the early 1980s , P&G tried to launch here a concentrated detergent under the Ariel brand name that it markets in Europe .

In <date>the early 1980s</date> , <org>P&G</org> tried to launch here a concentrated detergent under the <product>Ariel</product> brand name that it markets in <loc>Europe</loc> .


But the product , which was n't as concentrated as the new Cheer , bombed in a market test in Denver and was dropped .

But the product , which was n't as concentrated as the new <product>Cheer</product> , bombed in a market test in <gpe>Denver</gpe> and was dropped .


P&G and others also have tried repeatedly to hook consumers on detergent and fabric softener combinations in pouches , but they have n't sold well , despite the convenience .

<org>P&G</org> and others also have tried repeatedly to hook consumers on detergent and fabric softener combinations in pouches , but they have n't sold well , despite the convenience .


But P&G contends the new Cheer is a unique formula that also offers an ingredient that prevents colors from fading .

But <org>P&G</org> contends the new <product>Cheer</product> is a unique formula that also offers an ingredient that prevents colors from fading .


And retailers are expected to embrace the product , in part because it will take up less shelf space .


`` When shelf space was cheap , bigger was better , '' says Hugh Zurkuhlen , an analyst at Salomon Bros .

`` When shelf space was cheap , bigger was better , '' says <person>Hugh Zurkuhlen</person> , an analyst at <org>Salomon Bros</org> .


But with so many brands vying for space , that 's no longer the case .


If the new Cheer sells well , the trend toward smaller packaging is likely to accelerate as competitors follow with their own superconcentrates .

If the new <product>Cheer</product> sells well , the trend toward smaller packaging is likely to accelerate as competitors follow with their own superconcentrates .


Then retailers `` will probably push the -LCB- less - established -RCB- brands out altogether , '' he says .


Competition is bound to get tougher if Kao introduces a product like Attack in the U.S. .

Competition is bound to get tougher if <org>Kao</org> introduces a product like <product>Attack</product> in the <gpe>U.S.</gpe> .


To be sure , Kao would n't have an easy time taking U.S. market share away from the mighty P&G , which has about 23 % of the market .

To be sure , <org>Kao</org> would n't have an easy time taking <gpe>U.S.</gpe> market share away from the mighty <org>P&G</org> , which has <percent>about 23 %</percent> of the market .


Kao officials previously have said they are interested in selling detergents in the U.S. , but so far the company has focused on acquisitions , such as last year 's purchase of Andrew Jergens Co. , a Cincinnati hand - lotion maker .

<org>Kao</org> officials previously have said they are interested in selling detergents in the <gpe>U.S.</gpe> , but so far the company has focused on acquisitions , such as <date>last year 's</date> purchase of <org>Andrew Jergens Co.</org> , a <gpe>Cincinnati</gpe> hand - lotion maker .


It also has a product - testing facility in California .

It also has a product - testing facility in <gpe>California</gpe> .


Some believe P&G 's interest in a superconcentrated detergent goes beyond the concern for the Japanese .

Some believe <org>P&G</org> 's interest in a superconcentrated detergent goes beyond the concern for the <norp>Japanese</norp> .


`` This is something P&G would do with or without Kao , '' says Mr. Zurkuhlen .

`` This is something <org>P&G</org> would do with or without <org>Kao</org> , '' says Mr. <person>Zurkuhlen</person> .


With economic tension between the U.S. and Japan worsening , many Japanese had feared last week 's visit from U.S. Trade Representative Carla Hills .

With economic tension between the <gpe>U.S.</gpe> and <gpe>Japan</gpe> worsening , many <norp>Japanese</norp> had feared <date>last week 's</date> visit from <gpe>U.S.</gpe> Trade Representative <person>Carla Hills</person> .


They expected a new barrage of demands that Japan do something quickly to reduce its trade surplus with the U.S. .

They expected a new barrage of demands that <gpe>Japan</gpe> do something quickly to reduce its trade surplus with the <gpe>U.S.</gpe> .


Instead , they got a discussion of the need for the U.S. and Japan to work together and of the importance of the long - term view .

Instead , they got a discussion of the need for the <gpe>U.S.</gpe> and <gpe>Japan</gpe> to work together and of the importance of the long - term view .


Mrs. Hills ' first trip to Japan as America 's chief trade negotiator had a completely different tone from last month 's visit by Commerce Secretary Robert A. Mosbacher .

Mrs. <person>Hills</person> ' <ordinal>first</ordinal> trip to <gpe>Japan</gpe> as <gpe>America</gpe> 's chief trade negotiator had a completely different tone from <date>last month 's</date> visit by <org>Commerce</org> Secretary <person>Robert A. Mosbacher</person> .


Mr. Mosbacher called for concrete results by next spring in negotiations over fundamental Japanese business practices that supposedly inhibit free trade .

Mr. <person>Mosbacher</person> called for concrete results by <date>next spring</date> in negotiations over fundamental <norp>Japanese</norp> business practices that supposedly inhibit free trade .


He said such results should be `` measurable in dollars and cents '' in reducing the U.S. trade deficit with Japan .

He said such results should be `` measurable in dollars and cents '' in reducing the <gpe>U.S.</gpe> trade deficit with <gpe>Japan</gpe> .


But Mrs. Hills , speaking at a breakfast meeting of the American Chamber of Commerce in Japan on Saturday , stressed that the objective `` is not to get definitive action by spring or summer , it is rather to have a blueprint for action . ''

But Mrs. <person>Hills</person> , speaking at a breakfast meeting of <org>the American Chamber of Commerce</org> in <gpe>Japan</gpe> on <date>Saturday</date> , stressed that the objective `` is not to get definitive action by <date>spring</date> or <date>summer</date> , it is rather to have a blueprint for action . ''


She added that she expected `` perhaps to have a down payment ... some small step to convince the American people and the Japanese people that we 're moving in earnest . ''

She added that she expected `` perhaps to have a down payment ... some small step to convince the <norp>American</norp> people and the <norp>Japanese</norp> people that we 're moving in earnest . ''


How such remarks translate into policy wo n't become clear for months .

How such remarks translate into policy wo n't become clear for <date>months</date> .


American and Japanese officials offered several theories for the difference in approach betwen Mr. Mosbacher and Mrs. Hills .

<norp>American</norp> and <norp>Japanese</norp> officials offered several theories for the difference in approach betwen Mr. <person>Mosbacher</person> and Mrs. <person>Hills</person> .


Many called it simply a contrast in styles .


But some saw it as a classic negotiating tactic .


Others said the Bush administration may feel the rhetoric on both sides is getting out of hand .

Others said the <person>Bush</person> administration may feel the rhetoric on both sides is getting out of hand .


And some said it reflected the growing debate in Washington over pursuing free trade with Japan versus some kind of managed trade .

And some said it reflected the growing debate in <gpe>Washington</gpe> over pursuing free trade with <gpe>Japan</gpe> versus some kind of managed trade .


Asked to compare her visit to Mr. Mosbacher 's , Mrs. Hills replied : `` I did n't hear every word he spoke , but as a general proposition , I think we have a very consistent trade strategy in the Bush administration . ''

Asked to compare her visit to Mr. <person>Mosbacher</person> 's , Mrs. <person>Hills</person> replied : `` I did n't hear every word he spoke , but as a general proposition , I think we have a very consistent trade strategy in the <person>Bush</person> administration . ''


Yet more than one American official who sat in with her during three days of talks with Japanese officials said her tone often was surprisingly `` conciliatory . ''

Yet <cardinal>more than one</cardinal> <norp>American</norp> official who sat in with her during <date>three days</date> of talks with <norp>Japanese</norp> officials said her tone often was surprisingly `` conciliatory . ''


`` I think my line has been very consistent , '' Mrs. Hills said at a news conference Saturday afternoon .

`` I think my line has been very consistent , '' Mrs. <person>Hills</person> said at a news conference <date>Saturday</date> <time>afternoon</time> .


`` I am painted sometimes as ferocious , perhaps because I have a ferocious list of statutes to implement .


I do n't feel very ferocious .


I do n't feel either hard or soft .


I feel committed to the program of opening markets and expanding trade . ''


When she met the local press for the first time on Friday , Mrs. Hills firmly reiterated the need for progress in removing barriers to trade in forest products , satellites and supercomputers , three areas targeted under the Super 301 provision of the 1988 trade bill .

When she met the local press for the <ordinal>first</ordinal> time on <date>Friday</date> , Mrs. <person>Hills</person> firmly reiterated the need for progress in removing barriers to trade in forest products , satellites and supercomputers , <cardinal>three</cardinal> areas targeted under the <law>Super 301</law> provision of the 1988 trade bill .


She highlighted exclusionary business practices that the U.S. government has identified .

She highlighted exclusionary business practices that the <gpe>U.S.</gpe> government has identified .


But her main thrust was to promote the importance of world - wide free trade and open competition .


She said the trade imbalance was mainly due to macroeconomic factors and should n't be tackled by setting quantitative targets .


At her news conference for Japanese reporters , one economics journalist summed up the Japanese sense of relief .

At her news conference for <norp>Japanese</norp> reporters , <cardinal>one</cardinal> economics journalist summed up the <norp>Japanese</norp> sense of relief .


`` My impression was that you would be a scary old lady , '' he said , drawing a few nervous chuckles from his colleagues .


`` But I am relieved to see that you are beautiful and gentle and intelligent and a person of integrity . ''


Mrs. Hills ' remarks did raise questions , at least among some U.S. officials , about what exactly her stance is on U.S. access to the Japanese semiconductor market .

Mrs. <person>Hills</person> ' remarks did raise questions , at least among some <gpe>U.S.</gpe> officials , about what exactly her stance is on <gpe>U.S.</gpe> access to the <norp>Japanese</norp> semiconductor market .


The U.S. share of the Japanese market has been stuck around 10 % for years .

The <gpe>U.S.</gpe> share of the <norp>Japanese</norp> market has been stuck around <percent>10 %</percent> for <date>years</date> .


Many Americans have interpreted a 1986 agreement as assuring U.S. companies a 20 % share by 1991 , but the Japanese have denied making any such promise .

Many <norp>Americans</norp> have interpreted a <date>1986</date> agreement as assuring <gpe>U.S.</gpe> companies a <percent>20 %</percent> share by <date>1991</date> , but the <norp>Japanese</norp> have denied making any such promise .


At one of her news conferences , Mrs. Hills said , `` I believe we can do much better than 20 % . ''

At <cardinal>one</cardinal> of her news conferences , Mrs. <person>Hills</person> said , `` I believe we can do much better than <percent>20 %</percent> . ''


But she stressed , `` I am against managed trade .


I will not enter into an agreement that stipulates to a percentage of the market .


Information International Inc. said it was sued by a buyer of its computerized newspaper - publishing system , alleging that the company failed to correct deficiencies in the system .

<org>Information International Inc.</org> said it was sued by a buyer of its computerized newspaper - publishing system , alleging that the company failed to correct deficiencies in the system .


A spokesman for Information International said the lawsuit by two units of Morris Communications Corp. seeks restitution of the system 's about $ 3 million purchase price and cancellation of a software license provided by the Morris units to Information International for alleged failure to pay royalties .

A spokesman for <org>Information International</org> said the lawsuit by <cardinal>two</cardinal> units of <org>Morris Communications Corp.</org> seeks restitution of the system 's <money>about $ 3 million</money> purchase price and cancellation of a software license provided by the <org>Morris</org> units to <org>Information International</org> for alleged failure to pay royalties .


Information International said it believes that the complaints , filed in federal court in Georgia , are without merit .

<org>Information International</org> said it believes that the complaints , filed in federal court in <gpe>Georgia</gpe> , are without merit .


Closely held Morris Communications is based in Augusta , Ga .

Closely held <org>Morris Communications</org> is based in <gpe>Augusta</gpe> , <gpe>Ga</gpe> .


The units that filed the suit are Southeastern Newspapers Corp. and Florida Publishing Co .

The units that filed the suit are <org>Southeastern Newspapers Corp.</org> and <org>Florida Publishing Co</org> .


Syms Corp. completed the sale of its A. Sulka & Co. subsidiary , a men 's luxury haberdashery , to Luxco Investments .

<org>Syms Corp.</org> completed the sale of its <org>A. Sulka & Co.</org> subsidiary , a men 's luxury haberdashery , to <org>Luxco Investments</org> .


Terms were n't disclosed .


As Syms 's `` core business of off - price retailing grows , a small subsidiary that is operationally unrelated becomes a difficult distraction , '' said Marcy Syms , president of the parent , in a statement .

As <org>Syms</org> 's `` core business of off - price retailing grows , a small subsidiary that is operationally unrelated becomes a difficult distraction , '' said <person>Marcy Syms</person> , president of the parent , in a statement .


A spokeswoman said Sulka operates a total of seven stores in the U.S. and overseas .

A spokeswoman said <org>Sulka</org> operates a total of <cardinal>seven</cardinal> stores in the <gpe>U.S.</gpe> and overseas .


Syms operates 25 off - price apparel stores in the U.S. .

<org>Syms</org> operates <cardinal>25</cardinal> off - price apparel stores in the <gpe>U.S.</gpe> .


The oil industry 's middling profits could persist through the rest of the year .

The oil industry 's middling profits could persist through the rest of <date>the year</date> .


Major oil companies in the next few days are expected to report much less robust earnings than they did for the third quarter a year ago , largely reflecting deteriorating chemical prices and gasoline profitability .

Major oil companies in <date>the next few days</date> are expected to report much less robust earnings than they did for <date>the third quarter a year ago</date> , largely reflecting deteriorating chemical prices and gasoline profitability .


The gasoline picture may improve this quarter , but chemicals are likely to remain weak , industry executives and analysts say , reducing chances that profits could equal their year - earlier performance .

The gasoline picture may improve <date>this quarter</date> , but chemicals are likely to remain weak , industry executives and analysts say , reducing chances that profits could equal their <date>year - earlier</date> performance .


The industry is `` seeing a softening somewhat in volume and certainly in price in petrochemicals , '' Glenn Cox , president of Phillips Petroleum Co. , said in an interview .

The industry is `` seeing a softening somewhat in volume and certainly in price in petrochemicals , '' <person>Glenn Cox</person> , president of <org>Phillips Petroleum Co.</org> , said in an interview .


`` That change will obviously impact third and fourth quarter earnings '' for the industry in general , he added .

`` That change will obviously impact <date>third and fourth quarter</date> earnings '' for the industry in general , he added .


He did n't forecast Phillips 's results .

He did n't forecast <org>Phillips</org> 's results .


But securities analysts say Phillips will be among the companies hard - hit by weak chemical prices and will probably post a drop in third - quarter earnings .

But securities analysts say <org>Phillips</org> will be among the companies hard - hit by weak chemical prices and will probably post a drop in <date>third - quarter</date> earnings .


So , too , many analysts predict , will Exxon Corp. , Chevron Corp. and Amoco Corp .

So , too , many analysts predict , will <org>Exxon Corp.</org> , <org>Chevron Corp.</org> and <org>Amoco Corp</org> .


Typical is what happened to the price of ethylene , a major commodity chemical produced in vast amounts by many oil companies .


It has plunged 13 % since July to around 26 cents a pound .

It has plunged <percent>13 %</percent> since <date>July</date> to <money>around 26 cents</money> a pound .


A year ago ethylene sold for 33 cents , peaking at about 34 cents last December .

<date>A year ago</date> ethylene sold for <money>33 cents</money> , peaking at <money>about 34 cents</money> <date>last December</date> .


A big reason for the chemical price retreat is overexpansion .


Beginning in mid-1987 , prices began accelerating as a growing U.S. economy and the weak dollar spurred demand .

Beginning in <date>mid-1987</date> , prices began accelerating as a growing <gpe>U.S.</gpe> economy and the weak dollar spurred demand .


Companies added capacity furiously .


Now , greatly increased supplies are on the market , while the dollar is stronger , and domestic economic growth is slower .


Third - quarter profits from gasoline were weaker .


`` Refining margins were so good in the third quarter of last year and generally not very good this year , '' said William Randol , a securities analyst at First Boston Corp .

`` Refining margins were so good in <date>the third quarter of last year</date> and generally not very good <date>this year</date> , '' said <person>William Randol</person> , a securities analyst at <org>First Boston Corp</org> .


Oil company refineries ran flat out to prepare for a robust holiday driving season in July and August that did n't materialize .

Oil company refineries ran flat out to prepare for a robust holiday driving season in <date>July</date> and <date>August</date> that did n't materialize .


The excess supply pushed gasoline prices down in that period .


In addition , crude oil prices were up some from a year earlier , further pressuring profitability .

In addition , crude oil prices were up some from <date>a year earlier</date> , further pressuring profitability .


Refiners say margins picked up in September , and many industry officials believe gasoline profits will rebound this quarter , though still not to the level of 1988 's fourth quarter .

Refiners say margins picked up in <date>September</date> , and many industry officials believe gasoline profits will rebound <date>this quarter</date> , though still not to the level of <date>1988 's fourth quarter</date> .


During the 1988 second half , many companies posted record gasoline and chemical profits .

During <date>the 1988 second half</date> , many companies posted record gasoline and chemical profits .


Crude oil production may turn out to be the most surprising element of companies ' earnings this year .

Crude oil production may turn out to be the most surprising element of companies ' earnings <date>this year</date> .


Prices -- averaging roughly $ 2 a barrel higher in the third quarter than a year earlier -- have stayed well above most companies ' expectations .

Prices -- averaging roughly $ <money>2</money> a barrel higher in <date>the third quarter</date> than <date>a year earlier</date> -- have stayed well above most companies ' expectations .


Demand has been much stronger than anticipated , and it typically accelerates in the fourth quarter .

Demand has been much stronger than anticipated , and it typically accelerates in <date>the fourth quarter</date> .


`` We could see higher oil prices this year , '' said Bryan Jacoboski , an analyst at PaineWebber Inc .

`` We could see higher oil prices <date>this year</date> , '' said <person>Bryan Jacoboski</person> , an analyst at <org>PaineWebber Inc</org> .


That will translate into sharply higher production profits , particularly compared with last year when oil prices steadily fell to below $ 13 a barrel in the fourth quarter .

That will translate into sharply higher production profits , particularly compared with <date>last year</date> when oil prices steadily fell to below $ <money>13</money> a barrel in <date>the fourth quarter</date> .


While oil prices have been better than expected , natural gas prices have been worse .


In the third quarter , they averaged about 5 % less than they were in 1988 .

In <date>the third quarter</date> , they averaged <percent>about 5 %</percent> less than they were in <date>1988</date> .


The main reason remains weather .


Last summer was notable for a heat wave and drought that caused utilities to burn more natural gas to feed increased electrical demand from air conditioning use .

<date>Last summer</date> was notable for a heat wave and drought that caused utilities to burn more natural gas to feed increased electrical demand from air conditioning use .


This summer , on the other hand , had milder weather than usual .

<date>This summer</date> , on the other hand , had milder weather than usual .


`` We 've been very disappointed in the performance of natural gas prices , '' said Mr. Cox , Phillips 's president .

`` We 've been very disappointed in the performance of natural gas prices , '' said Mr. <person>Cox</person> , <org>Phillips</org> 's president .


`` The lagging gas price is not going to assist fourth quarter performance as many had expected . ''

`` The lagging gas price is not going to assist <date>fourth quarter</date> performance as many had expected . ''


Going into the fourth quarter , natural gas prices are anywhere from 8 % to 17 % lower than a year earlier .

Going into <date>the fourth quarter</date> , natural gas prices are anywhere from <percent>8 % to 17 %</percent> lower than <date>a year earlier</date> .


For instance , natural gas currently produced along the Gulf Coast is selling on the spot market for around $ 1.47 a thousand cubic feet , down 13 % from $ 1.69 a thousand cubic feet a year ago .

For instance , natural gas currently produced along <loc>the Gulf Coast</loc> is selling on the spot market for <money>around $ 1.47</money> <quantity>a thousand cubic feet</quantity> , down <percent>13 %</percent> from $ <money>1.69</money> <quantity>a thousand cubic feet</quantity> <date>a year ago</date> .


The Bush administration , trying to blunt growing demands from Western Europe for a relaxation of controls on exports to the Soviet bloc , is questioning whether Italy 's Ing . C. Olivetti & Co. supplied militarily valuable technology to the Soviets .

The <person>Bush</person> administration , trying to blunt growing demands from <loc>Western Europe</loc> for a relaxation of controls on exports to the <norp>Soviet</norp> <loc>bloc</loc> , is questioning whether <gpe>Italy</gpe> 's <org>Ing . C. Olivetti & Co.</org> supplied militarily valuable technology to the <norp>Soviets</norp> .


Most of the Western European members of Coordinating Committee on Multilateral Export Controls , the unofficial forum through which the U.S. and its allies align their export - control policies , are expected to argue for more liberal export rules at a meeting to be held in Paris Oct. 25 and 26 .

Most of the <norp>Western European</norp> members of <org>Coordinating Committee on Multilateral Export Controls</org> , the unofficial forum through which the <gpe>U.S.</gpe> and its allies align their export - control policies , are expected to argue for more liberal export rules at a meeting to be held in <gpe>Paris</gpe> <date>Oct. 25</date> and <date>26</date> .


They plan to press specifically for a relaxation of rules governing exports of machine tools , computers and other high - technology products .


But the Bush administration says it wants to see evidence that all Cocom members are complying fully with existing export - control procedures before it will support further liberalization .

But the <person>Bush</person> administration says it wants to see evidence that all <org>Cocom</org> members are complying fully with existing export - control procedures before it will support further liberalization .


To make its point , it is challenging the Italian government to explain reports that Olivetti may have supplied the Soviet Union with sophisticated computer - driven devices that could be used to build parts for combat aircraft .

To make its point , it is challenging the <norp>Italian</norp> government to explain reports that <org>Olivetti</org> may have supplied <gpe>the Soviet Union</gpe> with sophisticated computer - driven devices that could be used to build parts for combat aircraft .


The London Sunday Times , which first reported the U.S. concerns , cited a U.S. intelligence report as the source of the allegations that Olivetti exported $ 25 million in `` embargoed , state - of - the - art , flexible manufacturing systems to the Soviet aviation industry . ''

<org>The London Sunday Times</org> , which first reported the <gpe>U.S.</gpe> concerns , cited a <gpe>U.S.</gpe> intelligence report as the source of the allegations that <org>Olivetti</org> exported <money>$ 25 million</money> in `` embargoed , state - of - the - art , flexible manufacturing systems to the <norp>Soviet</norp> aviation industry . ''


Olivetti reportedly began shipping these tools in 1984 .

<org>Olivetti</org> reportedly began shipping these tools in <date>1984</date> .


A State Department spokesman acknowledged that the U.S. is discussing the allegations with the Italian government and Cocom , but declined to confirm any details .

A <org>State Department</org> spokesman acknowledged that the <gpe>U.S.</gpe> is discussing the allegations with the <norp>Italian</norp> government and <org>Cocom</org> , but declined to confirm any details .


Italian President Francesco Cossiga promised a quick investigation into whether Olivetti broke Cocom rules .

<norp>Italian</norp> President <person>Francesco Cossiga</person> promised a quick investigation into whether <org>Olivetti</org> broke <org>Cocom</org> rules .


President Bush called his attention to the matter during the Italian leader 's visit here last week .

President <person>Bush</person> called his attention to the matter during the <norp>Italian</norp> leader 's visit here <date>last week</date> .


Olivetti has denied that it violated Cocom rules , asserting that the reported shipments were properly licensed by the Italian authorities .

<org>Olivetti</org> has denied that it violated <org>Cocom</org> rules , asserting that the reported shipments were properly licensed by the <norp>Italian</norp> authorities .


Although the legality of these sales is still an open question , the disclosure could n't be better timed to support the position of export - control hawks in the Pentagon and the intelligence community .

Although the legality of these sales is still an open question , the disclosure could n't be better timed to support the position of export - control hawks in the <org>Pentagon</org> and the intelligence community .


`` It seems to me that a story like this breaks just before every important Cocom meeting , '' said a Washington lobbyist for a number of U.S. computer companies .

`` It seems to me that a story like this breaks just before every important <org>Cocom</org> meeting , '' said a <gpe>Washington</gpe> lobbyist for a number of <gpe>U.S.</gpe> computer companies .


The Bush administration has sent conflicting signals about its export - control policies , reflecting unhealed divisions among several competing agencies .

The <person>Bush</person> administration has sent conflicting signals about its export - control policies , reflecting unhealed divisions among several competing agencies .


Last summer , Mr. Bush moved the administration in the direction of gradual liberalization when he told a North Atlantic Treaty Organization meeting that he would allow some exceptions to the Cocom embargo of strategic goods .

<date>Last summer</date> , Mr. <person>Bush</person> moved the administration in the direction of gradual liberalization when he told a <org>North Atlantic Treaty Organization</org> meeting that he would allow some exceptions to the <org>Cocom</org> embargo of strategic goods .


But more recently , the Pentagon and the Commerce Department openly feuded over the extent to which Cocom should liberalize exports of personal computers to the bloc .

But more recently , the <org>Pentagon</org> and <org>the Commerce Department</org> openly feuded over the extent to which <org>Cocom</org> should liberalize exports of personal computers to the <loc>bloc</loc> .


However , these agencies generally agree that the West should be cautious about any further liberalization .


`` There 's no evidence that the Soviet program to -LRB- illegally -RRB- acquire Western technology has diminished , '' said a State Department spokesman .

`` There 's no evidence that the <norp>Soviet</norp> program to -LRB- illegally -RRB- acquire Western technology has diminished , '' said a <org>State Department</org> spokesman .


Financial Corp. of Santa Barbara filed suit against former stock speculator Ivan F. Boesky and Drexel Burnham Lambert Inc. , charging they defrauded the thrift by concealing their relationship when persuading it to buy $ 284 million in high - yield , high - risk junk bonds .

<org>Financial Corp. of Santa Barbara</org> filed suit against former stock speculator <person>Ivan F. Boesky</person> and <org>Drexel Burnham Lambert Inc.</org> , charging they defrauded the thrift by concealing their relationship when persuading it to buy <money>$ 284 million</money> in high - yield , high - risk junk bonds .


In a suit filed in federal court Thursday , the S&L alleged that a `` disproportionate number '' of the bonds it purchased in 1984 declined in value .

In a suit filed in federal court <date>Thursday</date> , the S&L alleged that a `` disproportionate number '' of the bonds it purchased in <date>1984</date> declined in value .


Financial Corp. purchased the bonds , the suit alleged , after Mr. Boesky and Drexel negotiated an agreement for Vagabond Hotels to purchase a 51 % stake in the thrift for about $ 34 million .

<org>Financial Corp.</org> purchased the bonds , the suit alleged , after Mr. <person>Boesky</person> and <org>Drexel</org> negotiated an agreement for <org>Vagabond Hotels</org> to purchase a <percent>51 %</percent> stake in the thrift for <money>about $ 34 million</money> .


Vagabond Hotels was controlled by Mr. Boesky , who currently is serving a prison term for securities violations .

<org>Vagabond Hotels</org> was controlled by Mr. <person>Boesky</person> , who currently is serving a prison term for securities violations .


Officials at Drexel said they had n't seen the suit and thus could n't comment .

Officials at <org>Drexel</org> said they had n't seen the suit and thus could n't comment .


In addition to $ 33 million compensatory damages , the suit seeks $ 100 million in punitive damages .

In addition to <money>$ 33 million</money> compensatory damages , the suit seeks <money>$ 100 million</money> in punitive damages .


Also named in the suit is Ivan F. Boesky Corp. and Northview Corp. , the successor company to Vagabonds Hotels .

Also named in the suit is <org>Ivan F. Boesky Corp.</org> and <org>Northview Corp.</org> , the successor company to <org>Vagabonds Hotels</org> .


Northview officials could n't be located .

<org>Northview</org> officials could n't be located .


Financial Corp. said it agreed to buy the bonds after a representative of Ivan F. Boesky Corp. visited it in November 1983 and said Financial Corp. could improve its financial condition by purchasing the bonds .

<org>Financial Corp.</org> said it agreed to buy the bonds after a representative of <org>Ivan F. Boesky Corp.</org> visited it in <date>November 1983</date> and said <org>Financial Corp.</org> could improve its financial condition by purchasing the bonds .


Shortly before the visit , Mr. Boesky and Drexel representives had met with Financial Corp. officials and had signed a letter of intent to acquire the 51 % stake in the company .

Shortly before the visit , Mr. <person>Boesky</person> and <org>Drexel</org> representives had met with <org>Financial Corp.</org> officials and had signed a letter of intent to acquire the <percent>51 %</percent> stake in the company .


However , the agreement was canceled in June 1984 .

However , the agreement was canceled in <date>June 1984</date> .


Financial Corp. purchased the bonds in at least 70 different transactions in 1984 and since then has realized $ 11 million in losses on them , the company said .

<org>Financial Corp.</org> purchased the bonds in <cardinal>at least 70</cardinal> different transactions in <date>1984</date> and since then has realized <money>$ 11 million</money> in losses on them , the company said .


Ideal Basic Industries Inc. said its directors reached an agreement in principle calling for HOFI North America Inc. to combine its North American cement holdings with Ideal in a transaction that will leave Ideal 's minority shareholders with 12.8 % of the combined company .

<org>Ideal Basic Industries Inc.</org> said its directors reached an agreement in principle calling for <org>HOFI North America Inc.</org> to combine its <norp>North American</norp> cement holdings with <org>Ideal</org> in a transaction that will leave <org>Ideal</org> 's minority shareholders with <percent>12.8 %</percent> of the combined company .


HOFI , the North American holding company of Swiss concern Holderbank Financiere Glaris Ltd. , previously proposed combining its 100 % stake in St. Lawrence Cement Inc. and its 60 % stake in Dundee Cement Co. with its 67 % stake in Ideal .

<org>HOFI</org> , the <norp>North American</norp> holding company of <norp>Swiss</norp> concern <org>Holderbank Financiere Glaris Ltd.</org> , previously proposed combining its <percent>100 %</percent> stake in <org>St. Lawrence Cement Inc.</org> and its <percent>60 %</percent> stake in <org>Dundee Cement Co.</org> with its <percent>67 %</percent> stake in <org>Ideal</org> .


But HOFI 's first offer would have given Ideal 's other shareholders about 10 % of the combined company .

But <org>HOFI</org> 's <ordinal>first</ordinal> offer would have given <org>Ideal</org> 's other shareholders <percent>about 10 %</percent> of the combined company .


Ideal 's directors rejected that offer , although they said they endorsed the merger proposal .

<org>Ideal</org> 's directors rejected that offer , although they said they endorsed the merger proposal .


Under the agreement , HOFI will own 87.2 % of the combined company .

Under the agreement , <org>HOFI</org> will own <percent>87.2 %</percent> of the combined company .


Ideal 's current operations will represent about 39.2 % of the combined company .

<org>Ideal</org> 's current operations will represent <percent>about 39.2 %</percent> of the combined company .


The transaction is subject to a definitive agreement and approval by Ideal shareholders .

The transaction is subject to a definitive agreement and approval by <org>Ideal</org> shareholders .


Ideal said it expects to complete the transaction early next year .

<org>Ideal</org> said it expects to complete the transaction <date>early next year</date> .


While corn and soybean prices have slumped well below their drought - induced peaks of 1988 , wheat prices remain stubbornly high .

While corn and soybean prices have slumped well below their drought - induced peaks of <date>1988</date> , wheat prices remain stubbornly high .


And they 're likely to stay that way for months to come , analysts say .

And they 're likely to stay that way for <date>months</date> to come , analysts say .


For one thing , even with many farmers planting more winter wheat this year than last , tight wheat supplies are likely to support prices well into 1990 , the analysts say .

For <cardinal>one</cardinal> thing , even with many farmers planting more <date>winter</date> wheat <date>this year</date> than last , tight wheat supplies are likely to support prices well into <date>1990</date> , the analysts say .


And if rain does n't fall soon across many of the Great Plains ' wheat - growing areas , yields in the crop now being planted could be reduced , further squeezing supplies .

And if rain does n't fall soon across many of <loc>the Great Plains '</loc> wheat - growing areas , yields in the crop now being planted could be reduced , further squeezing supplies .


Also supporting prices are expectations that the Soviet Union will place substantial buying orders over the next few months .

Also supporting prices are expectations that <gpe>the Soviet Union</gpe> will place substantial buying orders over <date>the next few months</date> .


By next May 31 , stocks of U.S. wheat to be carried over into the next season -- before the winter wheat now being planted is harvested -- are projected to drop to 443 million bushels .

By <date>next May 31</date> , stocks of <gpe>U.S.</gpe> wheat to be carried over into <date>the next season</date> -- before the <date>winter</date> wheat now being planted is harvested -- are projected to drop to <quantity>443 million bushels</quantity> .


That would be the lowest level since the early 1970s .

That would be the lowest level since <date>the early 1970s</date> .


Stocks were 698 million bushels on May 31 of this year .

Stocks were <quantity>698 million bushels</quantity> on <date>May 31 of this year</date> .


In response to dwindling domestic supplies , Agriculture Secretary Clayton Yeutter last month said the U.S. government would slightly increase the number of acres farmers can plant in wheat for next year and still qualify for federal support payments .

In response to dwindling domestic supplies , <org>Agriculture</org> Secretary <person>Clayton Yeutter</person> <date>last month</date> said the <gpe>U.S.</gpe> government would slightly increase the number of acres farmers can plant in wheat for <date>next year</date> and still qualify for federal support payments .


The government estimates that the new plan will boost production next year by about 66 million bushels .

The government estimates that the new plan will boost production <date>next year</date> by <quantity>about 66 million bushels</quantity> .


It now estimates production for next year at just under 2.6 billion bushels , compared with this year 's estimated 2.04 billion and a drought - stunted 1.81 billion in 1988 .

It now estimates production for <date>next year</date> at <quantity>just under 2.6 billion bushels</quantity> , compared with this <date>year</date> 's estimated <cardinal>2.04 billion</cardinal> and a drought - stunted <cardinal>1.81 billion</cardinal> in <date>1988</date> .


But the full effect on prices of the winter wheat now being planted wo n't be felt until the second half of next year .

But the full effect on prices of the <date>winter</date> wheat now being planted wo n't be felt until <date>the second half of next year</date> .


Until then , limited stocks are likely to keep prices near the $ 4 - a - bushel level , analysts say .

Until then , limited stocks are likely to keep prices near the $ <money>4</money> - a - bushel level , analysts say .


On the Chicago Board of Trade Friday , wheat for December delivery settled at $ 4.0675 a bushel , unchanged .

On <org>the Chicago Board of Trade</org> <date>Friday</date> , wheat for <date>December</date> delivery settled at $ <money>4.0675</money> a bushel , unchanged .


In theory at least , tight supplies next spring could leave the wheat futures market susceptible to a supply - demand squeeze , said Daniel Basse , a futures analyst with AgResource Co. in Chicago .

In theory at least , tight supplies <date>next spring</date> could leave the wheat futures market susceptible to a supply - demand squeeze , said <person>Daniel Basse</person> , a futures analyst with <org>AgResource Co.</org> in <gpe>Chicago</gpe> .


Such a situation can wreak havoc , as was shown by the emergency that developed in soybean futures trading this summer on the Chicago Board of Trade .

Such a situation can wreak havoc , as was shown by the emergency that developed in soybean futures trading <date>this summer</date> on <org>the Chicago Board of Trade</org> .


In July , the CBOT ordered Ferruzzi Finanziaria S.p . A. to liquidate futures positions equal to about 23 million bushels of soybeans .

In <date>July</date> , the <org>CBOT</org> ordered <org>Ferruzzi Finanziaria S.p . A.</org> to liquidate futures positions equal to <quantity>about 23 million bushels</quantity> of soybeans .


The exchange said it feared that some members would n't be able to find enough soybeans to deliver and would have to default on their contractual obligation to the Italian conglomerate , which had refused requests to reduce its holdings .

The exchange said it feared that some members would n't be able to find enough soybeans to deliver and would have to default on their contractual obligation to the <norp>Italian</norp> conglomerate , which had refused requests to reduce its holdings .


Ferruzzi has denied it was trying to manipulate the soybean futures market .

<org>Ferruzzi</org> has denied it was trying to manipulate the soybean futures market .


Unseasonably hot , dry weather across large portions of the Great Plains and in wheat - growing areas in Washington and Oregon is threatening to reduce the yield from this season 's winter wheat crop , said Conrad Leslie , a futures analyst and head of Leslie Analytical in Chicago .

Unseasonably hot , dry weather across large portions of <loc>the Great Plains</loc> and in wheat - growing areas in <gpe>Washington</gpe> and <gpe>Oregon</gpe> is threatening to reduce the yield from this <date>season</date> 's <date>winter</date> wheat crop , said <person>Conrad Leslie</person> , a futures analyst and head of <org>Leslie Analytical</org> in <gpe>Chicago</gpe> .


For example , in the Oklahoma panhandle , 40 % or more of the topsoil is short of moisture .

For example , in the <gpe>Oklahoma</gpe> panhandle , <percent>40 %</percent> or more of the topsoil is short of moisture .


That figure climbs to about 47 % in wheat - growing portions of Kansas , he said .

That figure climbs to <percent>about 47 %</percent> in wheat - growing portions of <gpe>Kansas</gpe> , he said .


The Soviet Union has n't given any clear indication of its wheat purchase plans , but many analysts expect Moscow to place sizable orders for U.S. wheat in the next few months , further supporting prices .

<gpe>The Soviet Union</gpe> has n't given any clear indication of its wheat purchase plans , but many analysts expect <gpe>Moscow</gpe> to place sizable orders for <gpe>U.S.</gpe> wheat in <date>the next few months</date> , further supporting prices .


`` Wheat prices will increasingly pivot off of Soviet demand '' in coming weeks , predicted Richard Feltes , vice president , research , for Refco Inc. in Chicago .

`` Wheat prices will increasingly pivot off of <norp>Soviet</norp> demand '' in <date>coming weeks</date> , predicted <person>Richard Feltes</person> , vice president , research , for <org>Refco Inc.</org> in <gpe>Chicago</gpe> .


Looking ahead to other commodity markets this week :

Looking ahead to other commodity markets <date>this week</date> :


Orange Juice Traders will be watching to see how long and how far the price decline that began Friday will go .

Orange Juice Traders will be watching to see how long and how far the price decline that began <date>Friday</date> will go .


Late Thursday , after the close of trading , the market received what would normally have been a bullish U.S. Department of Agriculture estimate of the 1989 - 90 Florida orange crop .

<date>Late Thursday</date> , after the close of trading , the market received what would normally have been a bullish <org>U.S. Department of Agriculture</org> estimate of the <date>1989 - 90</date> <gpe>Florida</gpe> orange crop .


It was near the low range of estimates , at 130 million 90 - pound boxes , compared with 146.6 million boxes last season .

It was near the low range of estimates , at <cardinal>130 million</cardinal> <quantity>90 - pound</quantity> boxes , compared with <cardinal>146.6 million</cardinal> boxes <date>last season</date> .


However , as expected , Brazil waited for the crop estimate to come out and then cut the export price of its juice concentrate to about $ 1.34 a pound from around $ 1.55 .

However , as expected , <gpe>Brazil</gpe> waited for the crop estimate to come out and then cut the export price of its juice concentrate to <money>about $ 1.34</money> a pound from <money>around $ 1.55</money> .


Friday 's consequent selling of futures contracts erased whatever supportive effect the U.S. report might have had and sent the November orange juice contract down as much as 6.55 cents a pound at one time .

<date>Friday</date> 's consequent selling of futures contracts erased whatever supportive effect the <gpe>U.S.</gpe> report might have had and sent the <date>November</date> orange juice contract down <money>as much as 6.55 cents</money> a pound at <cardinal>one</cardinal> time .


It settled with a loss of 4.95 cents at $ 1.3210 a pound .

It settled with a loss of <money>4.95 cents</money> at $ <money>1.3210</money> a pound .


Brazilian juice , after a delay caused by drought at the start of its crop season , is beginning to arrive in the U.S. in large quantities .

<norp>Brazilian</norp> juice , after a delay caused by drought at <date>the start of its crop season</date> , is beginning to arrive in the <gpe>U.S.</gpe> in large quantities .


Brazil wants to stimulate demand for its product , which is going to be in plentiful supply .

<gpe>Brazil</gpe> wants to stimulate demand for its product , which is going to be in plentiful supply .


The price cut , one analyst said , appeared to be aimed even more at Europe , where consumption of Brazilian juice has fallen .

The price cut , <cardinal>one</cardinal> analyst said , appeared to be aimed even more at <loc>Europe</loc> , where consumption of <norp>Brazilian</norp> juice has fallen .


It 's a dollar - priced product , and the strong dollar has made it more expensive in Europe , the analyst said .

It 's a dollar - priced product , and the strong dollar has made it more expensive in <loc>Europe</loc> , the analyst said .


New York futures prices have dropped significantly from more than $ 2 a pound at midyear .

<gpe>New York</gpe> futures prices have dropped significantly from <money>more than $ 2</money> a pound at <date>midyear</date> .


Barring a cold snap or other crop problems in the growing areas , downward pressure on prices is likely to continue into January , when harvesting and processing of oranges in Florida reach their peak , the analyst said .

Barring a cold snap or other crop problems in the growing areas , downward pressure on prices is likely to continue into <date>January</date> , when harvesting and processing of oranges in <gpe>Florida</gpe> reach their peak , the analyst said .


Energy


Although some analysts look for profit - taking in the wake of Friday 's leap in crude oil prices , last week 's rally is generally expected to continue this week .

Although some analysts look for profit - taking in the wake of <date>Friday</date> 's leap in crude oil prices , <date>last week 's</date> rally is generally expected to continue <date>this week</date> .


`` I would continue to look for a stable crude market , at least in futures '' trading , said William Hinton , an energy futures broker with Stotler & Co .

`` I would continue to look for a stable crude market , at least in futures '' trading , said <person>William Hinton</person> , an energy futures broker with <org>Stotler & Co</org> .


Friday capped a week of steadily rising crude oil prices in both futures and spot markets .

<date>Friday</date> capped <date>a week</date> of steadily rising crude oil prices in both futures and spot markets .


On the New York Mercantile Exchange , West Texas Intermediate crude for November delivery finished at $ 20.89 a barrel , up 42 cents on the day .

On <org>the New York Mercantile Exchange</org> , <product>West Texas Intermediate</product> crude for <date>November</date> delivery finished at $ <money>20.89</money> a barrel , up <money>42 cents</money> on <date>the day</date> .


On European markets , meanwhile , spot prices of North Sea crudes were up 35 to 75 cents a barrel .

On <norp>European</norp> markets , meanwhile , spot prices of <loc>North Sea</loc> crudes were up <cardinal>35</cardinal> to <money>75 cents</money> a barrel .


`` This market still wants to go higher , '' said Nauman Barakat , a first vice president at Shearson Lehman Hutton Inc .

`` This market still wants to go higher , '' said <person>Nauman Barakat</person> , a <ordinal>first</ordinal> vice president at <org>Shearson Lehman Hutton Inc</org> .


He predicted that the November contract will reach $ 21.50 a barrel or more on the New York Mercantile Exchange .

He predicted that the <date>November</date> contract will reach $ <money>21.50</money> a barrel or more on <org>the New York Mercantile Exchange</org> .


There has been little news to account for such buoyancy in the oil markets .


Analysts generally cite a lack of bearish developments as well as rumors of a possible tightening of supplies of some fuels and crudes .


There also are recurring reports that the Soviet Union is having difficulties with its oil exports and that Nigeria has about reached its production limit and ca n't produce as much as it could sell .

There also are recurring reports that <gpe>the Soviet Union</gpe> is having difficulties with its oil exports and that <gpe>Nigeria</gpe> has about reached its production limit and ca n't produce as much as it could sell .


Many traders foresee a tightening of near - term supplies , particularly of high - quality crudes such as those produced in the North Sea and in Nigeria .

Many traders foresee a tightening of near - term supplies , particularly of high - quality crudes such as those produced in <loc>the North Sea</loc> and in <gpe>Nigeria</gpe> .


If a hostile predator emerges for Saatchi & Saatchi Co. , co-founders Charles and Maurice Saatchi will lead a management buy - out attempt , an official close to the company said .

If a hostile predator emerges for <org>Saatchi & Saatchi Co.</org> , co-founders <person>Charles</person> and <person>Maurice Saatchi</person> will lead a management buy - out attempt , an official close to the company said .


Financing for any takeover attempt may be problematic in the wake of Friday 's stock - market sell - off in New York and turmoil in the junk - bond market .

Financing for any takeover attempt may be problematic in the wake of <date>Friday</date> 's stock - market sell - off in <gpe>New York</gpe> and turmoil in the junk - bond market .


But the beleaguered British advertising and consulting giant , which last week named a new chief executive officer to replace Maurice Saatchi , has been the subject of intense takeover speculation for weeks .

But the beleaguered <norp>British</norp> advertising and consulting giant , which <date>last week</date> named a new chief executive officer to replace <person>Maurice Saatchi</person> , has been the subject of intense takeover speculation for <date>weeks</date> .


Last week , Saatchi 's largest shareholder , Southeastern Asset Management , said it had been approached by one or more third parties interested in a possible restructuring .

<date>Last week</date> , <org>Saatchi</org> 's largest shareholder , <org>Southeastern Asset Management</org> , said it had been approached by <cardinal>one</cardinal> or more <ordinal>third</ordinal> parties interested in a possible restructuring .


And Carl Spielvogel , chief executive officer of Saatchi 's big Backer Spielvogel Bates advertising unit , said he had offered to lead a management buy - out of the company , but was rebuffed by Charles Saatchi .

And <person>Carl Spielvogel</person> , chief executive officer of <org>Saatchi</org> 's big <org>Backer Spielvogel Bates</org> advertising unit , said he had offered to lead a management buy - out of the company , but was rebuffed by <person>Charles Saatchi</person> .


Mr. Spielvogel said he would n't launch a hostile bid .

Mr. <person>Spielvogel</person> said he would n't launch a hostile bid .


The executive close to Saatchi & Saatchi said that `` if a bidder came up with a ludicrously high offer , a crazy offer which Saatchi knew it could n't beat , it would have no choice but to recommend it to shareholders .

The executive close to <org>Saatchi & Saatchi</org> said that `` if a bidder came up with a ludicrously high offer , a crazy offer which <org>Saatchi</org> knew it could n't beat , it would have no choice but to recommend it to shareholders .


But -LCB- otherwise -RCB- it would undoubtedly come back '' with an offer by management .


The executive said any buy - out would be led by the current board , whose chairman is Maurice Saatchi and whose strategic guiding force is believed to be Charles Saatchi .

The executive said any buy - out would be led by the current board , whose chairman is <person>Maurice Saatchi</person> and whose strategic guiding force is believed to be <person>Charles Saatchi</person> .


Mr. Spielvogel is n't part of the board , nor are any of the other heads of Saatchi 's big U.S. - based ad agencies .

Mr. <person>Spielvogel</person> is n't part of the board , nor are any of the other heads of <org>Saatchi</org> 's big <gpe>U.S.</gpe> - based ad agencies .


The executive did n't name any price , but securities analysts have said Saatchi would fetch upward of $ 1.3 billion .

The executive did n't name any price , but securities analysts have said <org>Saatchi</org> would fetch upward of <money>$ 1.3 billion</money> .


The executive denied speculation that Saatchi was bringing in the new chief executive officer only to clean up the company financially so that the brothers could lead a buy - back .

The executive denied speculation that <org>Saatchi</org> was bringing in the new chief executive officer only to clean up the company financially so that the brothers could lead a buy - back .


That speculation abounded Friday as industry executives analyzed the appointment of the new chief executive , Robert Louis - Dreyfus , who joins Saatchi and becomes a member of its board on Jan. 1 .

That speculation abounded <date>Friday</date> as industry executives analyzed the appointment of the new chief executive , <person>Robert Louis - Dreyfus</person> , who joins <org>Saatchi</org> and becomes a member of its board on <date>Jan. 1</date> .


Mr. Louis - Dreyfus , formerly chief executive of the pharmaceutical research firm IMS International Inc. , has a reputation as a savvy financial manager , and will be charged largely with repairing Saatchi 's poor financial state .

Mr. <person>Louis - Dreyfus</person> , formerly chief executive of the pharmaceutical research firm <org>IMS International Inc.</org> , has a reputation as a savvy financial manager , and will be charged largely with repairing <org>Saatchi</org> 's poor financial state .


Asked about the speculation that Mr. Louis - Dreyfus has been hired to pave the way for a buy - out by the brothers , the executive replied , `` That is n't the reason Dreyfus has been brought in .

Asked about the speculation that Mr. <person>Louis - Dreyfus</person> has been hired to pave the way for a buy - out by the brothers , the executive replied , `` That is n't the reason <person>Dreyfus</person> has been brought in .


He was brought in to turn around the company . ''


Separately , several Saatchi agency clients said they believe the company 's management shakeup will have little affect on them .

Separately , several <org>Saatchi</org> agency clients said they believe the company 's management shakeup will have little affect on them .


`` It has n't had any impact on us , nor do we expect it to , '' said a spokeswoman for Miller Brewing Co. , a major client of Backer Spielvogel .

`` It has n't had any impact on us , nor do we expect it to , '' said a spokeswoman for <org>Miller Brewing Co.</org> , a major client of <org>Backer Spielvogel</org> .


John Lampe , director of advertising at PaineWebber Inc. , a Saatchi & Saatchi Advertising client , said : `` We have no problem with the announcement , because we do n't know what change it 's going to bring about .

<person>John Lampe</person> , director of advertising at <org>PaineWebber Inc.</org> , a <org>Saatchi & Saatchi Advertising</org> client , said : `` We have no problem with the announcement , because we do n't know what change it 's going to bring about .


We are n't going to change agencies because of a change in London . ''

We are n't going to change agencies because of a change in <gpe>London</gpe> . ''


Executives at Backer Spielvogel client Avis Inc. , as well as at Saatchi client Philips Lighting Co. , also said they saw no effect .

Executives at <org>Backer Spielvogel</org> client <org>Avis Inc.</org> , as well as at <org>Saatchi</org> client <org>Philips Lighting Co.</org> , also said they saw no effect .


Executives at Prudential - Bache Securities Inc. , a Backer Spielvogel client that is reviewing its account , declined comment .

Executives at <org>Prudential - Bache Securities Inc.</org> , a <org>Backer Spielvogel</org> client that is reviewing its account , declined comment .


Mr. Spielvogel had said that Prudential - Bache was prepared to finance either a management buy - out and restructuring , or a buy - out of Backer Spielvogel alone , led by him .

Mr. <person>Spielvogel</person> had said that <org>Prudential - Bache</org> was prepared to finance either a management buy - out and restructuring , or a buy - out of <org>Backer Spielvogel</org> alone , led by him .


Ad Notes ... .


NEW ACCOUNT :


California 's Glendale Federal Bank awarded its $ 12 million to $ 15 million account to the Los Angeles office of Omnicom Group 's BBDO agency .

<gpe>California</gpe> 's <org>Glendale Federal Bank</org> awarded its <money>$ 12 million to $ 15 million</money> account to the <gpe>Los Angeles</gpe> office of <org>Omnicom Group 's</org> <org>BBDO</org> agency .


The account was previously handled by Davis , Ball & Colombatto Advertising Inc. , a Los Angeles agency .

The account was previously handled by <org>Davis , Ball & Colombatto Advertising Inc.</org> , a <gpe>Los Angeles</gpe> agency .


ACCOUNT REVIEW :


Royal Crown Cola Co. has ended its relationship with the Boston office of Hill , Holliday , Connors , Cosmopulos .

<org>Royal Crown Cola Co.</org> has ended its relationship with the <gpe>Boston</gpe> office of <org>Hill , Holliday , Connors , Cosmopulos</org> .


The account had billed about $ 6 million in 1988 , according to Leading National Advertisers .

The account had billed <money>about $ 6 million</money> in <date>1988</date> , according to <org>Leading National Advertisers</org> .


NOT - GUILTY PLEA :


As expected , Young & Rubicam Inc. along with two senior executives and a former employee , pleaded not guilty in federal court in New Haven , Conn. , to conspiracy and racketeering charges .

As expected , <org>Young & Rubicam Inc.</org> along with <cardinal>two</cardinal> senior executives and a former employee , pleaded not guilty in federal court in <gpe>New Haven</gpe> , <gpe>Conn.</gpe> , to conspiracy and racketeering charges .


The government has charged that they bribed Jamaican officials to win the Jamaica Tourist Board ad account in 1981 .

The government has charged that they bribed <norp>Jamaican</norp> officials to win the <org>Jamaica Tourist Board</org> ad account in <date>1981</date> .


A spokesman for the U.S. Attorney 's office said extradition proceedings are `` just beginning '' for the other two defendants in the case , Eric Anthony Abrahams , former Jamaican tourism minister , and Jamaican businessman Arnold Foote Jr .

A spokesman for the <gpe>U.S.</gpe> Attorney 's office said extradition proceedings are `` just beginning '' for the other <cardinal>two</cardinal> defendants in the case , <person>Eric Anthony Abrahams</person> , former <norp>Jamaican</norp> tourism minister , and <norp>Jamaican</norp> businessman <person>Arnold Foote Jr</person> .


KOREAN AGENCY :


The Samsung Group and Bozell Inc. agreed to establish a joint venture advertising agency in South Korea .

<org>The Samsung Group</org> and <org>Bozell Inc.</org> agreed to establish a joint venture advertising agency in <gpe>South Korea</gpe> .


Bozell Cheil Corp. , as the new agency will be called , will be based in Seoul and is 70 % owned by Samsung and 30 % owned by Bozell .

<org>Bozell Cheil Corp.</org> , as the new agency will be called , will be based in <gpe>Seoul</gpe> and is <percent>70 %</percent> owned by <org>Samsung</org> and <percent>30 %</percent> owned by <org>Bozell</org> .


Samsung already owns Korea First Advertising Co. , that country 's largest agency .

<org>Samsung</org> already owns <org>Korea First Advertising Co.</org> , that country 's largest agency .


Bozell joins Backer Spielvogel Bates and Ogilvy Group as U.S. agencies with interests in Korean agencies .

<org>Bozell</org> joins <org>Backer Spielvogel Bates</org> and <org>Ogilvy Group</org> as <gpe>U.S.</gpe> agencies with interests in <norp>Korean</norp> agencies .


Southmark Corp. said that it filed part of its 10 - K report with the Securities and Exchange Commission , but that the filing does n't include its audited financial statements and related information .

<org>Southmark Corp.</org> said that it filed part of its 10 - K report with <org>the Securities and Exchange Commission</org> , but that the filing does n't include its audited financial statements and related information .


The real estate and thrift concern , operating under bankruptcy - law proceedings , said it told the SEC it could n't provide financial statements by the end of its first extension `` without unreasonable burden or expense . ''

The real estate and thrift concern , operating under bankruptcy - law proceedings , said it told the <org>SEC</org> it could n't provide financial statements by the end of its <ordinal>first</ordinal> extension `` without unreasonable burden or expense . ''


The company asked for a 15 - day extension Sept. 30 , when the financial reports were due .

The company asked for a <date>15 - day</date> extension <date>Sept. 30</date> , when the financial reports were due .


Southmark said it plans to amend its 10K to provide financial results as soon as its audit is completed .

<org>Southmark</org> said it plans to amend its 10K to provide financial results as soon as its audit is completed .


Alan Seelenfreund , 52 years old , was named chairman of this processor of prescription claims , succeeding Thomas W. Field Jr. , 55 , who resigned last month .

<person>Alan Seelenfreund</person> , <date>52 years old</date> , was named chairman of this processor of prescription claims , succeeding <person>Thomas W. Field Jr.</person> , <date>55</date> , who resigned <date>last month</date> .


Mr. Field also had been chairman of McKesson Corp. , resigning that post after a dispute with the board over corporate strategy .

Mr. <person>Field</person> also had been chairman of <org>McKesson Corp.</org> , resigning that post after a dispute with the board over corporate strategy .


Mr. Seelenfreund is executive vice president and chief financial officer of McKesson and will continue in those roles .

Mr. <person>Seelenfreund</person> is executive vice president and chief financial officer of <org>McKesson</org> and will continue in those roles .


PCS also named Rex R. Malson , 57 , executive vice president at McKesson , as a director , filling the seat vacated by Mr. Field .

<org>PCS</org> also named <person>Rex R. Malson</person> , <date>57</date> , executive vice president at <org>McKesson</org> , as a director , filling the seat vacated by Mr. <person>Field</person> .


Messrs. Malson and Seelenfreund are directors of McKesson , which has an 86 % stake in PCS .

Messrs. <person>Malson</person> and <person>Seelenfreund</person> are directors of <org>McKesson</org> , which has an <percent>86 %</percent> stake in <org>PCS</org> .


General Motors Corp. , in a series of moves that angered union officials in the U.S. and Canada , has signaled that as many as five North American assembly plants may not survive the mid-1990s as the corporation struggles to cut its excess vehicle - making capacity .

<org>General Motors Corp.</org> , in a series of moves that angered union officials in the <gpe>U.S.</gpe> and <gpe>Canada</gpe> , has signaled that <cardinal>as many as five</cardinal> <norp>North American</norp> assembly plants may not survive <date>the mid-1990s</date> as the corporation struggles to cut its excess vehicle - making capacity .


In announcements to workers late last week , GM effectively signed death notices for two full - sized van assembly plants , and cast serious doubt on the futures of three U.S. car factories .

In announcements to workers late <date>last week</date> , <org>GM</org> effectively signed death notices for <cardinal>two</cardinal> full - sized van assembly plants , and cast serious doubt on the futures of <cardinal>three</cardinal> <gpe>U.S.</gpe> car factories .


GM is under intense pressure to close factories that became unprofitable as the giant auto maker 's U.S. market share skidded during the past decade .

<org>GM</org> is under intense pressure to close factories that became unprofitable as the giant auto maker 's <gpe>U.S.</gpe> market share skidded during <date>the past decade</date> .


The company , currently using about 80 % of its North American vehicle capacity , has vowed it will run at 100 % of capacity by 1992 .

The company , currently using <percent>about 80 %</percent> of its <norp>North American</norp> vehicle capacity , has vowed it will run at <percent>100 %</percent> of capacity by <date>1992</date> .


Just a month ago , GM announced it would make an aging assembly plant in Lakewood , Ga. , the eighth U.S. assembly facility to close since 1987 .

<date>Just a month ago</date> , <org>GM</org> announced it would make an aging assembly plant in <gpe>Lakewood</gpe> , <gpe>Ga.</gpe> , the <ordinal>eighth</ordinal> <gpe>U.S.</gpe> assembly facility to close since <date>1987</date> .


Now , GM appears to be stepping up the pace of its factory consolidation to get in shape for the 1990s .

Now , <org>GM</org> appears to be stepping up the pace of its factory consolidation to get in shape for <date>the 1990s</date> .


One reason is mounting competition from new Japanese car plants in the U.S. that are pouring out more than one million vehicles a year at costs lower than GM can match .

<cardinal>One</cardinal> reason is mounting competition from new <norp>Japanese</norp> car plants in the <gpe>U.S.</gpe> that are pouring out <cardinal>more than one million</cardinal> vehicles a year at costs lower than <org>GM</org> can match .


Another is that United Auto Workers union officials have signaled they want tighter no - layoff provisions in the new Big Three national contract that will be negotiated next year .

Another is that <org>United Auto Workers</org> union officials have signaled they want tighter no - layoff provisions in the new Big Three national contract that will be negotiated <date>next year</date> .


GM officials want to get their strategy to reduce capacity and the work force in place before those talks begin .

<org>GM</org> officials want to get their strategy to reduce capacity and the work force in place before those talks begin .


The problem , however , is that GM 's moves are coming at a time when UAW leaders are trying to silence dissidents who charge the union is too passive in the face of GM layoffs .

The problem , however , is that <org>GM</org> 's moves are coming at a time when <org>UAW</org> leaders are trying to silence dissidents who charge the union is too passive in the face of <org>GM</org> layoffs .


Against that backdrop , UAW Vice President Stephen P. Yokich , who recently became head of the union 's GM department , issued a statement Friday blasting GM 's `` flagrant insensitivity '' toward union members .

Against that backdrop , <org>UAW</org> Vice President <person>Stephen P. Yokich</person> , who recently became head of the union 's <org>GM</org> department , issued a statement <date>Friday</date> blasting <org>GM</org> 's `` flagrant insensitivity '' toward union members .


The auto maker 's decision to let word of the latest shutdowns and product reassignments trickle out in separate communiques to the affected plants showed `` disarray '' and an `` inability or unwillingness to provide consistent information , '' Mr. Yokich said .

The auto maker 's decision to let word of the latest shutdowns and product reassignments trickle out in separate communiques to the affected plants showed `` disarray '' and an `` inability or unwillingness to provide consistent information , '' Mr. <person>Yokich</person> said .


GM officials told workers late last week of the following moves : Production of full - sized vans will be consolidated into a single plant in Flint , Mich .

<org>GM</org> officials told workers late <date>last week</date> of the following moves : Production of full - sized vans will be consolidated into a single plant in <gpe>Flint</gpe> , <gpe>Mich</gpe> .


That means two plants -- one in Scarborough , Ontario , and the other in Lordstown , Ohio -- probably will be shut down after the end of 1991 .

That means <cardinal>two</cardinal> plants -- one in <gpe>Scarborough</gpe> , <gpe>Ontario</gpe> , and the other in <gpe>Lordstown</gpe> , <gpe>Ohio</gpe> -- probably will be shut down after <date>the end of 1991</date> .


The shutdowns will idle about 3,000 Canadian assembly workers and about 2,500 workers in Ohio .

The shutdowns will idle <cardinal>about 3,000</cardinal> <norp>Canadian</norp> assembly workers and <cardinal>about 2,500</cardinal> workers in <gpe>Ohio</gpe> .


Robert White , Canadian Auto Workers union president , used the impending Scarborough shutdown to criticize the U.S. - Canada free trade agreement and its champion , Prime Minister Brian Mulroney .

<person>Robert White</person> , <org>Canadian Auto Workers</org> union president , used the impending <gpe>Scarborough</gpe> shutdown to criticize the <gpe>U.S.</gpe> - Canada free trade agreement and its champion , Prime Minister <person>Brian Mulroney</person> .


But Canadian auto workers may benefit from a separate GM move that affects three U.S. car plants and one in Quebec .

But <norp>Canadian</norp> auto workers may benefit from a separate <org>GM</org> move that affects <cardinal>three</cardinal> <gpe>U.S.</gpe> car plants and <cardinal>one</cardinal> in <gpe>Quebec</gpe> .


Workers at plants in Van Nuys , Calif. , Oklahoma City and Pontiac , Mich. , were told their facilities are no longer being considered to build the next generation of the Pontiac Firebird and Chevrolet Camaro muscle cars .

Workers at plants in <gpe>Van Nuys</gpe> , <gpe>Calif.</gpe> , <gpe>Oklahoma City</gpe> and <gpe>Pontiac</gpe> , <gpe>Mich.</gpe> , were told their facilities are no longer being considered to build the next generation of the <org>Pontiac</org> <product>Firebird</product> and <org>Chevrolet</org> <product>Camaro</product> muscle cars .


GM is studying whether it can build the new Camaro - Firebird profitably at a plant in St. Therese , Quebec , company and union officials said .

<org>GM</org> is studying whether it can build the new <product>Camaro - Firebird</product> profitably at a plant in <gpe>St. Therese</gpe> , <gpe>Quebec</gpe> , company and union officials said .


That announcement left union officials in Van Nuys and Oklahoma City uncertain about their futures .

That announcement left union officials in <gpe>Van Nuys</gpe> and <gpe>Oklahoma City</gpe> uncertain about their futures .


The Van Nuys plant , which employs about 3,000 workers , does n't have a product to build after 1993 .

The <gpe>Van Nuys</gpe> plant , which employs <cardinal>about 3,000</cardinal> workers , does n't have a product to build after <date>1993</date> .


Jerry Shrieves , UAW local president , said the facility was asked to draw up plans to continue working as a `` flex plant , '' which could build several different types of products on short notice to satisfy demand .

<person>Jerry Shrieves</person> , <org>UAW</org> local president , said the facility was asked to draw up plans to continue working as a `` flex plant , '' which could build several different types of products on short notice to satisfy demand .


At the Oklahoma City plant , which employs about 6,000 workers building the eight - year - old A - body mid-sized cars , Steve Featherston , UAW local vice president , said the plant has no new product lined up , and `` none of us knows '' when the A - body cars will die .

At the <gpe>Oklahoma City</gpe> plant , which employs <cardinal>about 6,000</cardinal> workers building the <date>eight - year - old</date> A - body mid-sized cars , <person>Steve Featherston</person> , <org>UAW</org> local vice president , said the plant has no new product lined up , and `` none of us knows '' when the A - body cars will die .


He said he believes GM has plans to keep building A - body cars into the mid-1990s .

He said he believes <org>GM</org> has plans to keep building A - body cars into <date>the mid-1990s</date> .


At Pontiac , however , the Camaro - Firebird decision appears to erase UAW hopes that GM would reopen the shuttered assembly plant that last built the plastic - bodied , two - seater Pontiac Fiero model .

At <org>Pontiac</org> , however , the <product>Camaro - Firebird</product> decision appears to erase <org>UAW</org> hopes that <org>GM</org> would reopen the shuttered assembly plant that last built the plastic - bodied , two - seater <org>Pontiac Fiero</org> model .


The Fiero plant was viewed as a model of union - management cooperation at GM before slow sales of the Fiero forced the company to close the factory last year .

The <org>Fiero</org> plant was viewed as a model of union - management cooperation at <org>GM</org> before slow sales of the <org>Fiero</org> forced the company to close the factory <date>last year</date> .


Union officials have taken a beating politically as a result .


Dissident UAW members have used the Fiero plant as a symbol of labor - management cooperation 's failure .

Dissident <org>UAW</org> members have used the <org>Fiero</org> plant as a symbol of labor - management cooperation 's failure .


Weatherford International Inc. said it canceled plans for a preferred - stock swap but may resume payment of dividends on the stock , and added that it expects to publicly offer about 10 million common shares .

<org>Weatherford International Inc.</org> said it canceled plans for a preferred - stock swap but may resume payment of dividends on the stock , and added that it expects to publicly offer <cardinal>about 10 million</cardinal> common shares .


The company said it planned to offer an undetermined number of common shares in exchange for the 585,000 shares of its preferred stock outstanding .

The company said it planned to offer an undetermined number of common shares in exchange for the <cardinal>585,000</cardinal> shares of its preferred stock outstanding .


The exchange ratio was never established .


Weatherford said market conditions led to the cancellation of the planned exchange .

<org>Weatherford</org> said market conditions led to the cancellation of the planned exchange .


The energy - services concern said , however , that in January 1990 , it may resume payments of dividends on the preferred stock .

The energy - services concern said , however , that in <date>January 1990</date> , it may resume payments of dividends on the preferred stock .


Weatherford suspended its preferred - dividend payment in October 1985 and said it has n't any plans to catch up on dividends in arrears about $ 6 million , but will do so some time in the future .

<org>Weatherford</org> suspended its preferred - dividend payment in <date>October 1985</date> and said it has n't any plans to catch up on dividends in arrears <money>about $ 6 million</money> , but will do so some time in the future .


Additionally , the company said it filed with the Securities and Exchange Commission for the proposed offering of 10 million shares of common stock , expected to be offered in November .

Additionally , the company said it filed with <org>the Securities and Exchange Commission</org> for the proposed offering of <cardinal>10 million</cardinal> shares of common stock , expected to be offered in <date>November</date> .


The company said Salomon Brothers Inc. and Howard , Weil , Labouisse , Friedrichs Inc. , underwriters for the offering , were granted an option to buy as much as an additional 1.5 million shares to cover over - allotments .

The company said <org>Salomon Brothers Inc.</org> and <org>Howard , Weil , Labouisse , Friedrichs Inc.</org> , underwriters for the offering , were granted an option to buy <cardinal>as much as an additional 1.5 million</cardinal> shares to cover over - allotments .


Proceeds will be used to eliminate and restructure bank debt .


Weatherford currently has approximately 11.1 million common shares outstanding .

<org>Weatherford</org> currently has <cardinal>approximately 11.1 million</cardinal> common shares outstanding .


The Bronx has a wonderful botanical garden , a great zoo , its own charming Little Italy -LRB- on Arthur Avenue -RRB- and , of course , the Yankees .

The <gpe>Bronx</gpe> has a wonderful botanical garden , a great zoo , its own charming <loc>Little Italy</loc> -LRB- on <fac>Arthur Avenue</fac> -RRB- and , of course , the <org>Yankees</org> .


However , most people , having been subjected to news footage of the devastated South Bronx , look at the borough the way Tom Wolfe 's Sherman McCoy did in `` Bonfire of the Vanities '' -- as a wrong turn into hell .

However , most people , having been subjected to news footage of the devastated <gpe>South Bronx</gpe> , look at the borough the way <person>Tom Wolfe 's</person> <person>Sherman McCoy</person> did in `` <work_of_art>Bonfire of the Vanities</work_of_art> '' -- as a wrong turn into hell .


But Laura Cunningham 's Bronx , her childhood Bronx of the '50s , is something else altogether .

But <person>Laura Cunningham 's</person> <gpe>Bronx</gpe> , her childhood <gpe>Bronx</gpe> of the <date>'50s</date> , is something else altogether .


In a lovely , novelistic memoir , `` Sleeping Arrangements '' -LRB- Knopf , 195 pages , $ 18.95 -RRB- , she remembers an exotic playground , peopled mainly by Jewish eccentrics and the occasional Catholic -LRB- real oddballs like her sexpot friend , the hell - kitten Diana , age five -RRB- .

In a lovely , novelistic memoir , `` <work_of_art>Sleeping Arrangements</work_of_art> '' -LRB- <org>Knopf</org> , <cardinal>195</cardinal> pages , $ <money>18.95</money> -RRB- , she remembers an exotic playground , peopled mainly by <norp>Jewish</norp> eccentrics and the occasional <norp>Catholic</norp> -LRB- real oddballs like her sexpot friend , the hell - kitten <person>Diana</person> , age <date>five</date> -RRB- .


Ms. Cunningham , a novelist and playwright , has a vivid and dramatically outsized sense of recall .

Ms. <person>Cunningham</person> , a novelist and playwright , has a vivid and dramatically outsized sense of recall .


She transforms her `` Bronx of the emotions , a place where the flats of mediocrity are only relieved by steep descents into hysteria '' into the `` Babylonian Bronx , '' a world simmering with sex and death and intrigue .

She transforms her `` <gpe>Bronx</gpe> of the emotions , a place where the flats of mediocrity are only relieved by steep descents into hysteria '' into <gpe>the `` Babylonian Bronx</gpe> , '' a world simmering with sex and death and intrigue .


In the Babylonian Bronx , Jewish working - class people lived in drab , Soviet - style buildings `` glamorized '' with names like AnaMor Towers -LRB- after owners Anna and Morris Snezak -RRB- , whose lobbies and hallways were decorated with murals of ancient Syrians and Greeks , friezes of Pompeii .

In <gpe>the Babylonian Bronx</gpe> , <norp>Jewish</norp> working - class people lived in drab , <norp>Soviet</norp> - style buildings `` glamorized '' with names like <fac>AnaMor Towers</fac> -LRB- after owners <person>Anna</person> and <person>Morris Snezak</person> -RRB- , whose lobbies and hallways were decorated with murals of ancient <norp>Syrians</norp> and <norp>Greeks</norp> , friezes of <gpe>Pompeii</gpe> .


For Ms. Cunningham the architectural discombobulation matched the discrepancy she felt living in the AnaMor Towers as a little girl : `` ... outwardly ordinary , inwardly ornate , owing all inspiration to heathen cultures . ''

For Ms. <person>Cunningham</person> the architectural discombobulation matched the discrepancy she felt living in <fac>the AnaMor Towers</fac> as a little girl : `` ... outwardly ordinary , inwardly ornate , owing all inspiration to heathen cultures . ''


Sharp - witted and funny but never mean , she 's a memorialist a bit like Truman Capote , if he 'd been Jewish and female and less bitchy .

Sharp - witted and funny but never mean , she 's a memorialist a bit like <person>Truman Capote</person> , if he 'd been <norp>Jewish</norp> and female and less bitchy .


Little Lily , as Ms. Cunningham calls herself in the book , really was n't ordinary .

<person>Little Lily</person> , as Ms. <person>Cunningham</person> calls herself in the book , really was n't ordinary .


She was raised , for the first eight years , by her mother , Rosie , whom she remembers as a loving liar , who realigned history to explain why Lily 's father did n't live with them .

She was raised , for <date>the first eight years</date> , by her mother , <person>Rosie</person> , whom she remembers as a loving liar , who realigned history to explain why <person>Lily</person> 's father did n't live with them .


Rosie reinvented this man , who may or may not have known about his child , as a war hero for Lily 's benefit .

<person>Rosie</person> reinvented this man , who may or may not have known about his child , as a war hero for <person>Lily</person> 's benefit .


Rosie died young and Lily has remembered her as a romantic figure , who did n't interfere much with her child 's education on the streets .

<person>Rosie</person> died young and <person>Lily</person> has remembered her as a romantic figure , who did n't interfere much with her child 's education on the streets .


The games Bronx children played -LRB- holding kids down and stripping them , for example -RRB- seem tame by today 's crack standards , but Ms. Cunningham makes it all sound like a great adventure .

The games <gpe>Bronx</gpe> children played -LRB- holding kids down and stripping them , for example -RRB- seem tame by <date>today</date> 's crack standards , but Ms. <person>Cunningham</person> makes it all sound like a great adventure .


`` Without official knowledge of sex or death , we flirted with both , '' she writes .


She analyzed families by their sleeping arrangements .


Her friend Susan , whose parents kept reminding her she was unwanted , slept on a narrow bed wedged into her parents ' bedroom , as though she were a temporary visitor .

Her friend <person>Susan</person> , whose parents kept reminding her she was unwanted , slept on a narrow bed wedged into her parents ' bedroom , as though she were a temporary visitor .


Her friend Diana 's father was a professional thief ; they did n't seem to have any bedrooms at all .

Her friend <person>Diana</person> 's father was a professional thief ; they did n't seem to have any bedrooms at all .


Maybe Lily became so obsessed with where people slept and how because her own arrangements kept shifting .

Maybe <person>Lily</person> became so obsessed with where people slept and how because her own arrangements kept shifting .


When Rosie died , her uncles moved in -- and let her make the sleeping and other household arrangements .

When <person>Rosie</person> died , her uncles moved in -- and let her make the sleeping and other household arrangements .


They painted the apartment orange , pink and white , according to her instructions .


With loving detail she recalls her Uncle Gabe , an Orthodox Jew and song lyricist -LRB- who rhymed river with liver in a love song -RRB- ; and Uncle Len , a mysterious part - time investigator who looked like Lincoln and carried a change of clothing in a Manila envelope , like an `` undercover President on a good - will mission . ''

With loving detail she recalls her <person>Uncle Gabe</person> , an <norp>Orthodox Jew</norp> and song lyricist -LRB- who rhymed river with liver in a love song -RRB- ; and <person>Uncle Len</person> , a mysterious part - time investigator who looked like <person>Lincoln</person> and carried a change of clothing in a Manila envelope , like an `` undercover President on a good - will mission . ''


They came by their strangeness honestly .


Lily 's grandmother , no cookie baker , excised the heads of disliked relatives from the family album , and lugged around her perennial work - in - progress , `` Philosophy for Women . ''

<person>Lily</person> 's grandmother , no cookie baker , excised the heads of disliked relatives from the family album , and lugged around her perennial work - in - progress , `` <work_of_art>Philosophy for Women</work_of_art> . ''


The book loses some momentum toward the end , when Lily becomes more preoccupied with dating boys and less with her delightfully weird family .

The book loses some momentum toward the end , when <person>Lily</person> becomes more preoccupied with dating boys and less with her delightfully weird family .


For the most part , though , there 's much pleasure in her saucy , poignant probe into the mysteries of the Babylonian Bronx .

For the most part , though , there 's much pleasure in her saucy , poignant probe into the mysteries of <gpe>the Babylonian Bronx</gpe> .


The Bronx also figures in Bruce Jay Friedman 's latest novel , which flashes back to the New York of the '50s .

The <gpe>Bronx</gpe> also figures in <person>Bruce Jay Friedman 's</person> latest novel , which flashes back to <gpe>the New York</gpe> of the <date>'50s</date> .


But both the past and present worlds of `` The Current Climate '' -LRB- Atlantic Monthly Press , 200 pages , $ 18.95 -RRB- feel cramped and static .

But both the past and present worlds of `` <work_of_art>The Current Climate</work_of_art> '' -LRB- <org>Atlantic Monthly Press</org> , <cardinal>200</cardinal> pages , $ <money>18.95</money> -RRB- feel cramped and static .