In three days of unrest Army helicopters have dropped teargas in poor suburbs of the capital Harare , but many of those protesting say they wo n't stop until Mugabe , the man they blame for the country 's economic problems , surrenders the presidency .

In <date>three days</date> of unrest <org>Army</org> helicopters have dropped teargas in poor suburbs of the capital <gpe>Harare</gpe> , but many of those protesting say they wo n't stop until <person>Mugabe</person> , the man they blame for the country 's economic problems , surrenders the presidency .


From Harare the BBC 's Grant Ferrett reports .

From <gpe>Harare</gpe> the <org>BBC</org> 's <person>Grant Ferrett</person> reports .


Protestors in one of Harare 's poor southern townships run for cover as riot police fire teargas from the top of an armored vehicle .

Protestors in <cardinal>one</cardinal> of <gpe>Harare</gpe> 's poor southern townships run for cover as riot police fire teargas from the top of an armored vehicle .


Such confrontations have been taking place all over the south of the capital for several days .

Such confrontations have been taking place all over the south of the capital for <date>several days</date> .


The aim is twofold , to demand a halt to the rising prices of basics such as food , fuel and transport , as well as the resignation of President Mugabe .

The aim is twofold , to demand a halt to the rising prices of basics such as food , fuel and transport , as well as the resignation of President <person>Mugabe</person> .


People are demonstrating for the price increase fuel and everything .


They are trying to stay away .


They do n't want to go to work .


They want to stay away .


So what happened here , can you tell me ?


We set a barricade , not for our people but for the police .


We do n't want them .


We want them to go .


And what have the police done ?


They are rounding up people to clear our barricade , forcing them , beating them , throwing teargas canisters into school children , but the war here has just started .


Nearly four months after Zimbabwe 's bloodiest parliamentary elections , the economy has gone from bad to worse .

<date>Nearly four months</date> after <gpe>Zimbabwe</gpe> 's bloodiest parliamentary elections , the economy has gone from bad to worse .


President Mugabe 's vitriolic attacks on the west combined with continuing lawlessness , particularly on white owned commercial farms have driven away donors , investors and tourists .

President <person>Mugabe</person> 's vitriolic attacks on the west combined with continuing lawlessness , particularly on white owned commercial farms have driven away donors , investors and tourists .


Zimbabwe now has Africa 's fastest shrinking economy .

<gpe>Zimbabwe</gpe> now has <loc>Africa</loc> 's fastest shrinking economy .


Many of us like to characterize Zimbabwe 's crisis as an economic crisis but it is wider and deeper than economy .

Many of us like to characterize <gpe>Zimbabwe</gpe> 's crisis as an economic crisis but it is wider and deeper than economy .


Simba Makoni looks and sounds like an opposition politician .

<person>Simba Makoni</person> looks and sounds like an opposition politician .


In fact , he is the recently appointed finance minister .


You can see the price of bread go up , you can see your bus fares go up , you can see companies closing down or working short weeks and that sort of thing , but you can also read Zimbabwe 's crisis in the number of destitute people on the streets , in the number of crimes being committed .

You can see the price of bread go up , you can see your bus fares go up , you can see companies closing down or working short weeks and that sort of thing , but you can also read <gpe>Zimbabwe</gpe> 's crisis in the number of destitute people on the streets , in the number of crimes being committed .


245 !


Zimbabwe earns the bulk of its hard currency here on the tobacco auction floors .

<gpe>Zimbabwe</gpe> earns the bulk of its hard currency here on the tobacco auction floors .


This year 's crop is down because of the continuing occupation of white owned farms .


When the selling season ends next month , foreign exchange reserves , hardly estimated to cover just a few days of imports , are likely to completely dry up .

When <date>the selling season</date> ends <date>next month</date> , foreign exchange reserves , hardly estimated to cover <date>just a few days</date> of imports , are likely to completely dry up .


Without them , paying for central imports such as fuel and electricity will become even more difficult .


What we have right now is a political crisis and until that political crisis is resolved , there is no way the economy is going to improve .


The sentiments of economist Howard Setoli are widely shared .

The sentiments of economist <person>Howard Setoli</person> are widely shared .


With eighteen months to go until scheduled presidential elections , Zimbabwe is headed for complete economic ruin .

With <date>eighteen months</date> to go until scheduled presidential elections , <gpe>Zimbabwe</gpe> is headed for complete economic ruin .


If government continues on its current path , the economy will continue to contract .


This year it was expected to contract by 8 % .

<date>This year</date> it was expected to contract by <percent>8 %</percent> .


Next year we see a further contraction of 12 % .

<date>Next year</date> we see a further contraction of <percent>12 %</percent> .


So we are talking of massive unemployment , severe foreign exchange shortage .


It is an alarming prediction .


For those taking part in the protests on the streets , after two decades in office they want President Mugabe to go now .

For those taking part in the protests on the streets , after <date>two decades</date> in office they want President <person>Mugabe</person> to go now .


We want a new President .


The situation is like Yugoslavia now .

The situation is like <gpe>Yugoslavia</gpe> now .


We do n't want Mugabe .

We do n't want <person>Mugabe</person> .


No more .


For The World , I am Grant Ferrett , in Harare .

For <org>The World</org> , I am <person>Grant Ferrett</person> , in <gpe>Harare</gpe> .


From BBC News in London , I 'm James Cawling , for The World .

From <org>BBC News</org> in <gpe>London</gpe> , I 'm <person>James Cawling</person> , for <org>The World</org> .


Clashes between Israeli Army units and Palestinians have continued into the night .

Clashes between <org>Israeli Army</org> units and <norp>Palestinians</norp> have continued into <time>the night</time> .


That 's after another day of violence in which four Palestinians were killed .

That 's after <date>another day</date> of violence in which <cardinal>four</cardinal> <norp>Palestinians</norp> were killed .


Helicopter gunships were deployed around the West Bank village of Bagella .

Helicopter gunships were deployed around the <gpe>West Bank</gpe> village of <gpe>Bagella</gpe> .


Exchanges of fire between Israelis and Palestinians have also been reported around Jericho , Greg Barrow reports .

Exchanges of fire between <norp>Israelis</norp> and <norp>Palestinians</norp> have also been reported around <gpe>Jericho</gpe> , <person>Greg Barrow</person> reports .


A day of violence across the West Bank and Gaza has been followed by more clashes after nightfall .

<date>A day</date> of violence across <gpe>the West Bank</gpe> and <gpe>Gaza</gpe> has been followed by more clashes after nightfall .


Houses in the West Bank village of Bagella have been attached by Israeli helicopter gunships .

Houses in the <gpe>West Bank</gpe> village of <gpe>Bagella</gpe> have been attached by <norp>Israeli</norp> helicopter gunships .


An Israeli military spokesman said they were deployed in response to gun fire from Palestinians inside Bagella , which was aimed at the Jewish settlement of Kilo .

An <norp>Israeli</norp> military spokesman said they were deployed in response to gun fire from <norp>Palestinians</norp> inside <gpe>Bagella</gpe> , which was aimed at the <norp>Jewish</norp> settlement of <gpe>Kilo</gpe> .


The Israelis say the helicopters went into action firing machine guns , but unconfirmed reports from inside Bagella suggested rockets may have been used .

The <norp>Israelis</norp> say the helicopters went into action firing machine guns , but unconfirmed reports from inside <gpe>Bagella</gpe> suggested rockets may have been used .


Greg Barrow , BBC News , Jerusalem .

<person>Greg Barrow</person> , <org>BBC News</org> , <gpe>Jerusalem</gpe> .


This is the World I am Lisa Mullins .

This is the <org>World</org> I am <person>Lisa Mullins</person> .


Well we ca n't tell you who won Florida , but in a moment we will enter the musical question , who let the dogs out ?

Well we ca n't tell you who won <gpe>Florida</gpe> , but in a moment we will enter the musical question , who let the dogs out ?


First up we have the answer to our geo quiz today .

<ordinal>First</ordinal> up we have the answer to our geo quiz <date>today</date> .


We are looking for a region of central Italy bordering the Adriatic Sea .

We are looking for a region of central <gpe>Italy</gpe> bordering <loc>the Adriatic Sea</loc> .


The area is mostly mountainous and includes Mt. Corno , the highest peak of the Apennines .

The area is mostly mountainous and includes <loc>Mt. Corno</loc> , the highest peak of the <loc>Apennines</loc> .


It also includes a lot of sheep , good clean - living , healthy sheep , and an Italian entrepreneur has an idea about how to make a little money of them .

It also includes a lot of sheep , good clean - living , healthy sheep , and an <norp>Italian</norp> entrepreneur has an idea about how to make a little money of them .


The answer is Abruzzo .


Journalist Carlos Depalazai was in Rome , Italy and Carlo how does this fellow plan to profit from the sheep of the Abruzzo ?

Journalist <person>Carlos Depalazai</person> was in <gpe>Rome</gpe> , <gpe>Italy</gpe> and <person>Carlo</person> how does this fellow plan to profit from the sheep of the <gpe>Abruzzo</gpe> ?


He is taking advantage of two crazes that we are having in the Italy at the moment , one is internet , the other one is the awareness on food .

He is taking advantage of <cardinal>two</cardinal> crazes that we are having in the <gpe>Italy</gpe> at the moment , <cardinal>one</cardinal> is internet , the other <cardinal>one</cardinal> is the awareness on food .


So this guy came up with the idea of having people adopting sheep by an internet .


So you can have access through your computer on your desk .


Go to the web site of these guys and you can have look at the face of sheep which are available to be adopted .


So what does it mean to adopt a sheep , to show up on your back step or do you , somehow keep track of its progress on the farm in Italy ?

So what does it mean to adopt a sheep , to show up on your back step or do you , somehow keep track of its progress on the farm in <gpe>Italy</gpe> ?


You are not actually adopting the sheep in the sense that you can have it with you .


It looks like distant adoption , where you do n't actually have the child in your home .


You are just contributing with a certain amount of money and you are monitoring the growing up .


It works in the same way , so you have access on the web site of this little farm , in a little village of Abrutzi and you can choose among many , many sheeps and after contributing with a certain amount of money the sheep is actually yours .

It works in the same way , so you have access on the web site of this little farm , in a little village of <gpe>Abrutzi</gpe> and you can choose among many , many sheeps and after contributing with a certain amount of money the sheep is actually yours .


All right , so the amount of money you have mentioned to us is about 160 US dollars and for that you get more than just a warm and fuzzy feeling .

All right , so the amount of money you have mentioned to us is <money>about 160 US dollars</money> and for that you get more than just a warm and fuzzy feeling .


You can also receive leggings that are made from wool of the sheep and even if you like some of the sheep dropping delivered to your door .


Yeah , I mean this is quite funny , but apart from all the details , which are sometimes even strange I think what is really important is that it is a sign of a new concern that is effecting Italian people .

Yeah , I mean this is quite funny , but apart from all the details , which are sometimes even strange I think what is really important is that it is a sign of a new concern that is effecting <norp>Italian</norp> people .


I mean we are notoriously lover of good food .


We have a generous attitude towards food , and this is a new stuff .


The fact that you really care about a sheep in the way she is fed , in the way she is nurtured , in the way people are looking after it , because it 's a way to ensure that you have something which is genuine on your table up the end .


Wait a minute , you said that on your table at the end .

Wait <time>a minute</time> , you said that on your table at the end .


Yeah , at the table if it becomes food for instance , which is an option .


You are adopting the sheep and whatever happens at the end it 's your choice and among the option is you know food for your meal .


That kind of puts a whole new tone to this thing .


I mean usually when you think of this kind of adoption that means saving an animal not eventually eating it .


I mean this is an option which is available and I think it is a sort of provocation .


You know Italians now mainly live in metropolitan areas in big cities like Rome , Florence , Naples .

You know <norp>Italians</norp> now mainly live in metropolitan areas in big cities like <gpe>Rome</gpe> , <gpe>Florence</gpe> , <gpe>Naples</gpe> .


In the past , we were a population of shepherds or farmers .


We had completely different attitude towards nature .


It seems that we are losing something , and we need to reestablish a better relationship with nature and the simple fact that the Environment Minister in Italy supported the initiative and he himself adopted a sheep is significant .

It seems that we are losing something , and we need to reestablish a better relationship with nature and the simple fact that the Environment Minister in <gpe>Italy</gpe> supported the initiative and he himself adopted a sheep is significant .


He took advantage immediately of these ideas to build up a new awareness and a new attitude of Italians towards nature and farms .

He took advantage immediately of these ideas to build up a new awareness and a new attitude of <norp>Italians</norp> towards nature and farms .


Carlo De Blazia , journalist speaking to us from Rome .

Carlo De Blazia , journalist speaking to us from <gpe>Rome</gpe> .


Thank you very much Carlo .


Nice to talk to you .


Thank you .


Five years ago today , the agreement ending the war in Bosnia was initialed in Dayton Ohio .

<date>Five years ago today</date> , the agreement ending the war in <gpe>Bosnia</gpe> was initialed in <gpe>Dayton</gpe> <gpe>Ohio</gpe> .


Western leaders were n't wild about relying on Yugoslav President Slobodan Milosevic to help implement the accord , but they felt they had no choice .

<norp>Western</norp> leaders were n't wild about relying on <norp>Yugoslav</norp> President <person>Slobodan Milosevic</person> to help implement the accord , but they felt they had no choice .


Five years later , the West and the United States in particular are n't counting on the deposed leader for anything .

<date>Five years later</date> , the <loc>West</loc> and <gpe>the United States</gpe> in particular are n't counting on the deposed leader for anything .


They want to see his successor Vojislav Kostinica extradite Milosevic through the International War Crimes Tribunal in The Hague , but not only is Milosevic still living comfortable in Belgrade , last night he made his first TV appearance in six weeks , giving a pep talk to his supporters .

They want to see his successor <person>Vojislav Kostinica</person> extradite <person>Milosevic</person> through <org>the International War Crimes Tribunal</org> in <gpe>The Hague</gpe> , but not only is <person>Milosevic</person> still living comfortable in <gpe>Belgrade</gpe> , <time>last night</time> he made his <ordinal>first</ordinal> TV appearance in <date>six weeks</date> , giving a pep talk to his supporters .


The World 's Jeb Sharp reports on the still unresolved fate of Slobodan Milosevic .

The <org>World</org> 's <person>Jeb Sharp</person> reports on the still unresolved fate of <person>Slobodan Milosevic</person> .


He 's kept Western diplomats spinning in circles for more than a decade .

He 's kept <norp>Western</norp> diplomats spinning in circles for <date>more than a decade</date> .


Five years ago they were negotiating with Milosevic at Dayton to stop the war in Bosnia .

<date>Five years ago</date> they were negotiating with <person>Milosevic</person> at <gpe>Dayton</gpe> to stop the war in <gpe>Bosnia</gpe> .


Two years ago they were still shuttling back and forth to Belgrade in an effort to solve the Kosovo crisis .

<date>Two years ago</date> they were still shuttling back and forth to <gpe>Belgrade</gpe> in an effort to solve the <gpe>Kosovo</gpe> crisis .


By March of last year they had given up talking and Nato had started bombing instead .

By <date>March of last year</date> they had given up talking and <org>Nato</org> had started bombing instead .


When Milosevic was indited on war crimes charges soon after , US and other Western officials began calling for his arrest and transfer to The Hague , but now that a delicate transition is underway in Serbia , those calls have grown quieter , according to Gary Bass , the author of the new book about war crimes trials , ` Stay , the Hand of Vengeance ' .

When <person>Milosevic</person> was indited on war crimes charges soon after , <gpe>US</gpe> and other <norp>Western</norp> officials began calling for his arrest and transfer to <gpe>The Hague</gpe> , but now that a delicate transition is underway in <gpe>Serbia</gpe> , those calls have grown quieter , according to <person>Gary Bass</person> , the author of the new book about war crimes trials , ` <work_of_art>Stay , the Hand of Vengeance</work_of_art> ' .


Even Madeleine Albright , who is with the President who is usually most decipherous about the importance of prosecuting war criminals , has in fact said that our first priority is making sure that Vojislov Kostunica can consolidate his democratic government and make that transition , and the issue of punishing war criminals sort of takes a back seat .

Even <person>Madeleine Albright</person> , who is with the President who is usually most decipherous about the importance of prosecuting war criminals , has in fact said that our <ordinal>first</ordinal> priority is making sure that <person>Vojislov Kostunica</person> can consolidate his democratic government and make that transition , and the issue of punishing war criminals sort of takes a back seat .


Bass says US diplomats do n't want to risk destabilizing Serbia 's fragile political situation by pushing too hard for war crimes trials .

<person>Bass</person> says <gpe>US</gpe> diplomats do n't want to risk destabilizing <gpe>Serbia</gpe> 's fragile political situation by pushing too hard for war crimes trials .


After all Bass points out , outside pressure has backfired in the past .

After all <person>Bass</person> points out , outside pressure has backfired in the past .


In Germany after World War I and in the Ottoman Empire also after World War I , the British and the French pushed really hard for war crimes trials , and the result in both countries was a kind of a nationalist backlash .

In <gpe>Germany</gpe> after <event>World War I</event> and in <org>the Ottoman Empire</org> also after <event>World War I</event> , the <norp>British</norp> and the <norp>French</norp> pushed really hard for war crimes trials , and the result in both countries was a kind of a nationalist backlash .


A nationalist backlash in Serbia right now could play into Milosevic 's hands , especially with parliamentary elections scheduled for next month .

A nationalist backlash in <gpe>Serbia</gpe> right now could play into <person>Milosevic</person> 's hands , especially with parliamentary elections scheduled for <date>next month</date> .


That 's one reason Western governments are not demanding his immediate arrest , but critics of this approach say letting Milosevic stay in Belgrade could be equally destabilizing .

That 's <cardinal>one</cardinal> reason <norp>Western</norp> governments are not demanding his immediate arrest , but critics of this approach say letting <person>Milosevic</person> stay in <gpe>Belgrade</gpe> could be equally destabilizing .


Eva Barnetts , professor of history at Yale , says President Kostunica should cooperate immediately with the Hague Tribunal .

<person>Eva Barnetts</person> , professor of history at <org>Yale</org> , says President <person>Kostunica</person> should cooperate immediately with <org>the Hague Tribunal</org> .


This particular UN institution has in its power really to give instant legitimacy to Kostunica but of course at a price .

This particular <org>UN</org> institution has in its power really to give instant legitimacy to <person>Kostunica</person> but of course at a price .


It means that the government of Yugoslavia has to become very serious about dealing with the indited war criminals , beginning with Slobodan Milosevic himself .

It means that the government of <gpe>Yugoslavia</gpe> has to become very serious about dealing with the indited war criminals , beginning with <person>Slobodan Milosevic</person> himself .


But even officials at The Hague say they are willing to be patient with the new Yugoslav President .

But even officials at <gpe>The Hague</gpe> say they are willing to be patient with the new <norp>Yugoslav</norp> President .


Tribunal spokesman Jim Landel says it helps that Kostunica 's people who initially refused to even entertain the idea of arresting Milosevic , may be starting to cooperate with the Tribunal .

<org>Tribunal</org> spokesman <person>Jim Landel</person> says it helps that <person>Kostunica</person> 's people who initially refused to even entertain the idea of arresting <person>Milosevic</person> , may be starting to cooperate with the <org>Tribunal</org> .


They have already indicated that they are willing to allow the reopening of the prosecutor 's liaison office in Belgrade , and that 's certainly a welcome first step .

They have already indicated that they are willing to allow the reopening of the prosecutor 's liaison office in <gpe>Belgrade</gpe> , and that 's certainly a welcome <ordinal>first</ordinal> step .


However , it is only a first step .

However , it is only a <ordinal>first</ordinal> step .


The Tribunal 's chief prosecutor Carla Del Ponte has applied for a Yugoslav visa and plans to visit Belgrade soon .

The <org>Tribunal</org> 's chief prosecutor <person>Carla Del Ponte</person> has applied for a <norp>Yugoslav</norp> visa and plans to visit <gpe>Belgrade</gpe> soon .


Delponte 's spokeswoman says the prosecutor has much to discuss with Kostunica , not least how to arrest all the indited war crimes suspects now in Serbia .

<person>Delponte</person> 's spokeswoman says the prosecutor has much to discuss with <person>Kostunica</person> , not least how to arrest all the indited war crimes suspects now in <gpe>Serbia</gpe> .


That wo n't be easy .


Even in Bosnia where Nato is in charge , troops have failed to capture Bosnian - Serb leader Radavan Karadzic , indited on genocide charges in connection with the 1995 massacre at Shrabanitca .

Even in <gpe>Bosnia</gpe> where <org>Nato</org> is in charge , troops have failed to capture <norp>Bosnian - Serb</norp> leader <person>Radavan Karadzic</person> , indited on genocide charges in connection with the <date>1995</date> massacre at <gpe>Shrabanitca</gpe> .


Yale history professor Eva Barnett says the excuses for not arresting Karadzic are not persuasive .

<org>Yale</org> history professor <person>Eva Barnett</person> says the excuses for not arresting <person>Karadzic</person> are not persuasive .


The claim is that this would engender tremendously destabilizing consequences that in any event it might be a very , very bloody affair and so on .


This does not seem terribly compelling to me .


I think that it has to be tried and of course there is always a danger that somebody might get hurt in this , but that is a danger that every attempt at remedying criminal activity has to face .


Hague prosecutor Carla Del Ponte is prepared to discuss arrest strategies with Kostunica including the use of foreign troops .

<org>Hague</org> prosecutor <person>Carla Del Ponte</person> is prepared to discuss arrest strategies with <person>Kostunica</person> including the use of foreign troops .


It 's difficult to know how he would react .


Kostunica has questioned the legality of the Hague Tribunal , and talked of trying Milosevic in Yugoslavia .

<person>Kostunica</person> has questioned the legality of <org>the Hague Tribunal</org> , and talked of trying <person>Milosevic</person> in <gpe>Yugoslavia</gpe> .


Still , Kostunica 's grace period wo n't last forever .

Still , <person>Kostunica</person> 's grace period wo n't last forever .


When the US Congress approved one hundred million dollars in aid to Serbia last month , it stipulated the aid would stop flowing if Belgrade has n't cooperated with the tribunal by March 31st .

When <org>the US Congress</org> approved <money>one hundred million dollars</money> in aid to <gpe>Serbia</gpe> <date>last month</date> , it stipulated the aid would stop flowing if <gpe>Belgrade</gpe> has n't cooperated with the tribunal by <date>March 31st</date> .


For The World , I am Jeb Sharp .

For <org>The World</org> , I am <person>Jeb Sharp</person> .


Good evening .


That call to order you just heard reverberates through the Supreme Court every day that the justices convene , but today was no everyday session .

That call to order you just heard reverberates through <fac>the Supreme Court</fac> <date>every day</date> that the justices convene , but <date>today</date> was no everyday session .


Never before has the United States Supreme Court taken up a case that could decide a presidential election .

Never before has <org>the United States Supreme Court</org> taken up a case that could decide a presidential election .


It did today .


That session of the Supreme Court and two defeats for Al Gore in Florida courts dominate the news today .

That session of <org>the Supreme Court</org> and <cardinal>two</cardinal> defeats for <person>Al Gore</person> in <gpe>Florida</gpe> courts dominate the news <date>today</date> .


We start with the U.S. Supreme Court , specifically at issue , an appeal from the campaign of George W. Bush that the Florida Supreme Court had exceeded its authority when it ruled Florida counties could have more time to hand - count ballots .

We start with <org>the U.S. Supreme Court</org> , specifically at issue , an appeal from the campaign of <person>George W. Bush</person> that <org>the Florida Supreme Court</org> had exceeded its authority when it ruled <gpe>Florida</gpe> counties could have more time to hand - count ballots .


Throughout an hour and a half of argument , the justices were aggressive in peppering lawyers with questions , and they seemed interested on two issues .

Throughout <time>an hour and a half</time> of argument , the justices were aggressive in peppering lawyers with questions , and they seemed interested on <cardinal>two</cardinal> issues .


Was there a federal issue involved that would even require the U.S. Supreme Court to rule ? and if so , did the Florida Supreme Court improperly rewrite Florida law , as Governor Bush contends ?

Was there a federal issue involved that would even require <org>the U.S. Supreme Court</org> to rule ? and if so , did <org>the Florida Supreme Court</org> improperly rewrite <gpe>Florida</gpe> law , as Governor <person>Bush</person> contends ?


A sure sign of the historic nature of the day 's proceeding , for the first time ever , the court immediately released an audiotape of the arguments .

A sure sign of the historic nature of the <date>day</date> 's proceeding , for the <ordinal>first</ordinal> time ever , the court immediately released an audiotape of the arguments .


But in the courtroom , listening in person was ABC 's Jackie Judd .

But in the courtroom , listening in person was <org>ABC</org> 's <person>Jackie Judd</person> .


Even now , hours after that hearing ended , there are still protesters circling the Supreme Court .

Even now , <time>hours</time> after that hearing ended , there are still protesters circling <fac>the Supreme Court</fac> .


As boisterous as the protesters were , nothing intruded on the ritual inside .


The chief justice and the associate justices of the Supreme Court of the United States .

The chief justice and the associate justices of <org>the Supreme Court of the United States</org> .


The courtroom was packed .


Al Gore 's top campaign aides , his children , Republican senators and congressmen , they were all there .

<person>Al Gore 's</person> top campaign aides , his children , <norp>Republican</norp> senators and congressmen , they were all there .


God save the United States and this honorable court .

<person>God</person> save <gpe>the United States</gpe> and this honorable court .


First up , Ted Olson lawyer for George W. Bush , laying out the campaign 's main claim .

<ordinal>First</ordinal> up , <person>Ted Olson</person> lawyer for <person>George W. Bush</person> , laying out the campaign 's main claim .


Olson made it through only 56 seconds of his arguments before a justice broke in .

<person>Olson</person> made it through <time>only 56 seconds</time> of his arguments before a justice broke in .


Well , Mr. Olson --


Sandra Day O'Connor , often the swing vote on this court , demanded to know why the court even had a role in this case .

<person>Sandra Day O'Connor</person> , often the swing vote on this court , demanded to know why the court even had a role in this case .


Olson argued that a century - old federal statute prevents laws governing an election from being created after the fact which , he claimed , is just what the Florida court did , and also , that the U.S. Constitution gives state legislatures , not the courts , the right to choose electors .

<person>Olson</person> argued that a <date>century - old</date> federal statute prevents laws governing an election from being created after the fact which , he claimed , is just what the <gpe>Florida</gpe> court did , and also , that <law>the U.S. Constitution</law> gives state legislatures , not the courts , the right to choose electors .


Of all the justices it was Ruth Bader Ginsburg who seemed most sympathetic to the Florida Supreme Court .

Of all the justices it was <person>Ruth Bader Ginsburg</person> who seemed most sympathetic to <org>the Florida Supreme Court</org> .


Midway through the hearing , Chief Justice Rehnquist seemed to scold his colleagues for being too talkative when he made an unusual offer to the lawyer representing Florida 's Attorney General .

Midway through the hearing , Chief Justice <person>Rehnquist</person> seemed to scold his colleagues for being too talkative when he made an unusual offer to the lawyer representing <gpe>Florida</gpe> 's Attorney General .


And so it went on .


Laurence Tribe , Gore 's attorney , said the state court did nothing illegal .

<person>Laurence Tribe</person> , <person>Gore</person> 's attorney , said the state court did nothing illegal .


It simply provided a way for a close election to be examined .


Justice O'Connor again , but this time suggesting the state court had overstepped its authority and perhaps there was a federal case here .

Justice <person>O'Connor</person> again , but this time suggesting the state court had overstepped its authority and perhaps there was a federal case here .


Justice Antonin Scalia also pressed Tribe .

Justice <person>Antonin Scalia</person> also pressed <person>Tribe</person> .


He said the state court relied on the Florida Constitution to draft its decision , excluding state lawmakers and that violated the U.S. Constitution .

He said the state court relied on <law>the Florida Constitution</law> to draft its decision , excluding state lawmakers and that violated <law>the U.S. Constitution</law> .


It was Justice Breyer who asked the most straightforward question of all .

It was Justice <person>Breyer</person> who asked the most straightforward question of all .


What happens if the court rules in favor of Bush ?

What happens if the court rules in favor of <person>Bush</person> ?


The answer from the Secretary of State 's lawyer was , Bush wins and all the litigation in Florida ends .

The answer from the Secretary of <org>State</org> 's lawyer was , <person>Bush</person> wins and all the litigation in <gpe>Florida</gpe> ends .


Not everyone agrees .


They say that no matter which way the court rules , it will not provide nearly so much finality to this presidential election .


Charlie ?


Jackie Judd at the Supreme Court .

<person>Jackie Judd</person> at <fac>the Supreme Court</fac> .


Our thanks .


The `` USS Cole '' has arrived back at the Mississippi shipyard where she was built .

<product>The `` USS Cole ''</product> has arrived back at the <gpe>Mississippi</gpe> shipyard where she was built .


ABC 's John M. Wethy reports tonight before the attack on the ship , the crew failed to take at least 25 % of the 80 different steps to protect the ship before landing in Yemen .

<org>ABC</org> 's <person>John M. Wethy</person> reports <time>tonight</time> before the attack on the ship , the crew failed to take <percent>at least 25 %</percent> of the <cardinal>80</cardinal> different steps to protect the ship before landing in <gpe>Yemen</gpe> .


An investigation is already under way .


The ship 's captain is going to take a lot of heat for the 17 sailors who died .

The ship 's captain is going to take a lot of heat for the <cardinal>17</cardinal> sailors who died .


The ship will sail again .


After George W. Bush is sworn in , Bill Clinton will head to New York .

After <person>George W. Bush</person> is sworn in , <person>Bill Clinton</person> will head to <gpe>New York</gpe> .


The President has said he and his wife , now a New York senator will spend weekends at their house in Chappaqua .

The President has said he and his wife , now a <gpe>New York</gpe> senator will spend weekends at their house in <gpe>Chappaqua</gpe> .


Mr. Clinton will also spend time at his presidential library in Arkansas .

Mr. <person>Clinton</person> will also spend time at his presidential library in <gpe>Arkansas</gpe> .


He says he will come to Washington , `` every now and then . ''

He says he will come to <gpe>Washington</gpe> , `` every now and then . ''


Today , U.S. Secretary of Defense William Cohen promised to catch and punish those responsible for the bombing of the `` Cole '' and defended the Navy 's decision to refuel ships in Yemen as investigators continued their day at work .

<date>Today</date> , <gpe>U.S.</gpe> Secretary of <org>Defense</org> <person>William Cohen</person> promised to catch and punish those responsible for the bombing of the `` <product>Cole</product> '' and defended the <org>Navy</org> 's decision to refuel ships in <gpe>Yemen</gpe> as investigators continued their <date>day</date> at work .


Morton Dean reports it 's a difficult day for the sailors remaining on board .

<person>Morton Dean</person> reports it 's a difficult <date>day</date> for the sailors remaining on board .


The stressful , monumental task for the crew on the U.S. carrier suffered a setback .

The stressful , monumental task for the crew on the <gpe>U.S.</gpe> carrier suffered a setback .


The ship began to take on water and lost electrical power again .


A difficult time became even more difficult .


It led to the cancellation of a memorial service planned for the 17 sailors who lost their lives .

It led to the cancellation of a memorial service planned for the <cardinal>17</cardinal> sailors who lost their lives .


Details are becoming known about the damage , most obvious , the huge hole , but also the deck is buckled .


Even the superstructure is damaged .


Hatches twisted out of shape and bulkheads destroyed .


Rear Admiral Mark Fitzgerald , who visited the Cole , was stunned by the damage .

Rear Admiral <person>Mark Fitzgerald</person> , who visited the <product>Cole</product> , was stunned by the damage .


I wo n't tell you whether the ship is going to sink or not sink , but there was considerable damage to the ship .


According to U.S. officials here tonight , the most important questions about the attack remain unanswered .

According to <gpe>U.S.</gpe> officials here <time>tonight</time> , the most important questions about the attack remain unanswered .


Any details or speculation on who specifically , we do n't know that at this point .


With well over 100 U.S. investigators now in Yemen , the search for evidence is now fully under way .

With <cardinal>well over 100</cardinal> <gpe>U.S.</gpe> investigators now in <gpe>Yemen</gpe> , the search for evidence is now fully under way .


It 's been officially designated `` Operation Determined Response , '' and that suggests several things that the U.S. , of course , is determined to discover who carried out the bombing and that any group who helped plan the attack faces a response from the U.S. military .

It 's been officially designated `` <event>Operation Determined Response</event> , '' and that suggests several things that the <gpe>U.S.</gpe> , of course , is determined to discover who carried out the bombing and that any group who helped plan the attack faces a response from the <gpe>U.S.</gpe> military .


The U.S. believes there are anti-American terror groups based in Yemen .

The <gpe>U.S.</gpe> believes there are <norp>anti-American</norp> terror groups based in <gpe>Yemen</gpe> .


Half the population lives in settlements with 500 people or less , and senior U.S. officials here say the government , although friendly to the United States , does not have full control over the entire country .

<cardinal>Half</cardinal> the population lives in settlements with <cardinal>500</cardinal> people or less , and senior <gpe>U.S.</gpe> officials here say the government , although friendly to <gpe>the United States</gpe> , does not have full control over the entire country .


Yemen 's President has repeatedly said an internal explosion rocked the `` USS Cole , '' but tomorrow U.S. officials expect him to announce that he has changed his mind , and tomorrow , the search for bodies will resume .

<gpe>Yemen</gpe> 's President has repeatedly said an internal explosion rocked <product>the `` USS Cole</product> , '' but <date>tomorrow</date> <gpe>U.S.</gpe> officials expect him to announce that he has changed his mind , and <date>tomorrow</date> , the search for bodies will resume .


Ten U.S. sailors are still missing .

<cardinal>Ten</cardinal> <gpe>U.S.</gpe> sailors are still missing .


Morton Dean , Yemen .

<person>Morton Dean</person> , <gpe>Yemen</gpe> .


To learn more about Yemen , go to our website at abcnews.com .

To learn more about <gpe>Yemen</gpe> , go to our website at abcnews.com .


The remains of four sailors killed in the `` USS Cole '' bombing returned to Dover Air Force Base in Delaware today .

The remains of <cardinal>four</cardinal> sailors killed in the <product>`` USS Cole ''</product> bombing returned to <fac>Dover Air Force Base</fac> in <gpe>Delaware</gpe> <date>today</date> .


They were the last of the dead to be flown home , but in Yemen , the search for those responsible for the bombing continues .

They were the last of the dead to be flown home , but in <gpe>Yemen</gpe> , the search for those responsible for the bombing continues .


Investigators turned up new evidence and more leads today .

Investigators turned up new evidence and more leads <date>today</date> .


ABC 's John Miller reports .

<org>ABC</org> 's <person>John Miller</person> reports .


Investigators have searched at least half a dozen homes around the port of Aden including this one , trying to retrace the movements of what they believe may be six or more suspects .

Investigators have searched <cardinal>at least half a dozen</cardinal> homes around the port of <gpe>Aden</gpe> including this one , trying to retrace the movements of what they believe may be <cardinal>six or more</cardinal> suspects .


This house on Al Zaharah Street half a mile from the port is where investigators believe the bomb was built into the boat that carried it .

This house on <fac>Al Zaharah Street</fac> <quantity>half a mile</quantity> from the port is where investigators believe the bomb was built into the boat that carried it .


Just after the men moved in , neighbors say they erected a metal corrugated wall to block the neighbors ' view of the yard .


Investigators say the men who lived here worked on the boat behind these walls in the last few days of their stay almost constantly .

Investigators say the men who lived here worked on the boat behind these walls in <date>the last few days</date> of their stay almost constantly .


At first , neighbors were curious , but later they complained about the noise .

At <ordinal>first</ordinal> , neighbors were curious , but later they complained about the noise .


On the day of the bombing , neighbors saw the boat leaving through these gates pulled by a Nissan 4 x 4 truck .

On <date>the day of the bombing</date> , neighbors saw the boat leaving through these gates pulled by a <org>Nissan</org> 4 x 4 truck .


The trip from the house to the harbor was only about a mile , then six miles by water to the spot where the American destroyer was refueling .

The trip from the house to the harbor was only <quantity>about a mile</quantity> , then <quantity>six miles</quantity> by water to the spot where the <norp>American</norp> destroyer was refueling .


Today , FBI agents and divers were collecting evidence near the place they believe the boat was lowered into the water just before the attack on the `` USS Cole '' which killed 17 sailors and two suicide bombers .

<date>Today</date> , <org>FBI</org> agents and divers were collecting evidence near the place they believe the boat was lowered into the water just before the attack on <product>the `` USS Cole ''</product> which killed <cardinal>17</cardinal> sailors and <cardinal>two</cardinal> suicide bombers .


Investigators have come up with a series of names of possible suspects found on papers in the houses and cars they searched .


In some cases , they have some names .


They have not been able to verify whether they 're accurate , true names .


In other cases , I do n't believe they have identities yet .


Yemeni sources say some of the bombers may have used ID cards issued by a government registration center 35 miles from Aden .

<norp>Yemeni</norp> sources say some of the bombers may have used ID cards issued by a government registration center <quantity>35 miles</quantity> from <gpe>Aden</gpe> .


Today , at the walled - in headquarters of the government security agency , the manager of that center and several clerks who worked there were among dozens who have been detained and questioned .

<date>Today</date> , at the walled - in headquarters of the government security agency , the manager of that center and several clerks who worked there were among <cardinal>dozens</cardinal> who have been detained and questioned .


Investigators are aware that a few weeks before the bombing , accused terrorist leader Osama Bin Laden released a videotape calling for holy war against Americans in the Gulf .

Investigators are aware that <date>a few weeks before</date> the bombing , accused terrorist leader <person>Osama Bin Laden</person> released a videotape calling for holy war against <norp>Americans</norp> in the <loc>Gulf</loc> .


American investigators also say the way the bombers organized the plot in Aden has stark similarities to the way Bin Laden 's cells have operated in the past , but , they concede , while they are closer to learning the names of the bombers , they are still a long way from knowing or proving who sent them .

<norp>American</norp> investigators also say the way the bombers organized the plot in <gpe>Aden</gpe> has stark similarities to the way <person>Bin Laden 's</person> cells have operated in the past , but , they concede , while they are closer to learning the names of the bombers , they are still a long way from knowing or proving who sent them .


John Miller , ABC News , Aden .

<person>John Miller</person> , <org>ABC News</org> , <gpe>Aden</gpe> .


We have an exclusive report tonight about the `` USS Cole , '' and an identical attack that was planned , but failed , several months earlier .

We have an exclusive report <time>tonight</time> about <product>the `` USS Cole</product> , '' and an identical attack that was planned , but failed , <date>several months earlier</date> .


Here 's ABC 's John M Wethy .

Here 's <org>ABC</org> 's <person>John M Wethy</person> .


ABC News has learned that the terrorists who attacked the `` USS Cole '' originally planned to hit a different American warship in the same port ten months earlier .

<org>ABC News</org> has learned that the terrorists who attacked <product>the `` USS Cole ''</product> originally planned to hit a different <norp>American</norp> warship in the same port <date>ten months earlier</date> .


The attack was to be part of a worldwide effort during celebration of the millennium that included targets in Jordan and Seattle .

The attack was to be part of a worldwide effort during celebration of <date>the millennium</date> that included targets in <gpe>Jordan</gpe> and <gpe>Seattle</gpe> .


Intelligence sources say the target was to be a destroyer , the `` USS The Sullivans , '' which refueled in Yemen 's port of Aden in January .

Intelligence sources say the target was to be a destroyer , <product>the `` USS The Sullivans</product> , '' which refueled in <gpe>Yemen</gpe> 's port of <gpe>Aden</gpe> in <date>January</date> .


Sources tell ABC News that a suspect who has been in custody for several weeks told Yemeni investigators that his group failed in their attack because their small boat , overloaded with explosives , sank just off the beach .

Sources tell <org>ABC News</org> that a suspect who has been in custody for <date>several weeks</date> told <norp>Yemeni</norp> investigators that his group failed in their attack because their small boat , overloaded with explosives , sank just off the beach .


The suspect said it took months to repackage and redesign the load of high explosives that was eventually used against `` the Cole . ''

The suspect said it took <date>months</date> to repackage and redesign the load of high explosives that was eventually used against `` the <product>Cole</product> . ''


John M Wethy , ABC News , the Pentagon .

<person>John M Wethy</person> , <org>ABC News</org> , the <fac>Pentagon</fac> .


Investcorp , New York , said it and the management of Sports & Recreation Inc. bought the operator of the 10 - store Sports Unlimited chain for some $ 40 million .

<org>Investcorp</org> , <gpe>New York</gpe> , said it and the management of <org>Sports & Recreation Inc.</org> bought the operator of the <cardinal>10</cardinal> - store <org>Sports Unlimited</org> chain for some <money>$ 40 million</money> .


The investment bank becomes majority shareholder in Sports & Recreation , a 10 - year - old sporting goods retailer , said Oliver E. Richardson , a member of Investcorp 's management committee and a director of the chain .

The investment bank becomes majority shareholder in <org>Sports & Recreation</org> , a <date>10 - year - old</date> sporting goods retailer , said <person>Oliver E. Richardson</person> , a member of <org>Investcorp</org> 's management committee and a director of the chain .


Sports Unlimited , Tampa , Fla. , posted revenue of $ 59 million for the year ended July 31 .

<org>Sports Unlimited</org> , <gpe>Tampa</gpe> , <gpe>Fla.</gpe> , posted revenue of <money>$ 59 million</money> for <date>the year ended July 31</date> .


The company is `` very profitable '' on an operating basis , Mr. Richardson said , but he declined to specify numbers .

The company is `` very profitable '' on an operating basis , Mr. <person>Richardson</person> said , but he declined to specify numbers .


In 1982 , Sports & Recreation 's managers and certain passive investors purchased the company from Brunswick Corp. of Skokie , Ill .

In <date>1982</date> , <org>Sports & Recreation 's</org> managers and certain passive investors purchased the company from <org>Brunswick Corp.</org> of <gpe>Skokie</gpe> , <gpe>Ill</gpe> .


In the latest transaction , management bought out the passive investors ' holding , Mr. Richardson said .

In the latest transaction , management bought out the passive investors ' holding , Mr. <person>Richardson</person> said .


Hammond Co. , Newport Beach , Calif. , said Fidelity National Financial Inc. extended its previous agreement , under which it wo n't purchase any more of the mortgage banker 's common stock , through Oct. 31 .

<org>Hammond Co.</org> , <gpe>Newport Beach</gpe> , <gpe>Calif.</gpe> , said <org>Fidelity National Financial Inc.</org> extended its previous agreement , under which it wo n't purchase any more of the mortgage banker 's common stock , through <date>Oct. 31</date> .


The previous agreement expired Thursday .

The previous agreement expired <date>Thursday</date> .


Hammond said that its discussions with Fidelity , an Irvine , Calif. , title - insurance underwriter , are continuing , but that prospects for a longer - term standstill agreement are uncertain .

<org>Hammond</org> said that its discussions with <org>Fidelity</org> , an <gpe>Irvine</gpe> , <gpe>Calif.</gpe> , title - insurance underwriter , are continuing , but that prospects for a longer - term standstill agreement are uncertain .


Fidelity has increased its stake in Hammond to 23.57 % in recent months .

<org>Fidelity</org> has increased its stake in <org>Hammond</org> to <percent>23.57 %</percent> in <date>recent months</date> .


Statements made in Securities and Exchange Commission filings led Hammond to request a standstill agreement .

Statements made in <org>Securities and Exchange Commission</org> filings led <org>Hammond</org> to request a standstill agreement .


Giant Group Ltd. said it terminated negotiations for the purchase of Aspen Airways , a Denver - based regional carrier that operates the United Express connector service under contract to UAL Corp. 's United Airlines .

<org>Giant Group Ltd.</org> said it terminated negotiations for the purchase of <org>Aspen Airways</org> , a <gpe>Denver</gpe> - based regional carrier that operates the <org>United Express</org> connector service under contract to <org>UAL Corp. 's</org> <org>United Airlines</org> .


Giant , a Beverly Hills , Calif. , collection of companies that is controlled by Hollywood producer Burt Sugarman , did n't give a reason for halting its plan to acquire the airline , and Aspen officials could n't be reached for comment .

<org>Giant</org> , a <gpe>Beverly Hills</gpe> , <gpe>Calif.</gpe> , collection of companies that is controlled by <gpe>Hollywood</gpe> producer <person>Burt Sugarman</person> , did n't give a reason for halting its plan to acquire the airline , and <org>Aspen</org> officials could n't be reached for comment .


Giant agreed last month to purchase the carrier .

<org>Giant</org> agreed <date>last month</date> to purchase the carrier .


Giant has n't ever disclosed the proposed price , although Avmark Inc. , an Arlington , Va. - based aircraft consulting concern , has valued Aspen 's fleet at about $ 46 million .

<org>Giant</org> has n't ever disclosed the proposed price , although <org>Avmark Inc.</org> , an <gpe>Arlington</gpe> , <gpe>Va.</gpe> - based aircraft consulting concern , has valued <org>Aspen</org> 's fleet at <money>about $ 46 million</money> .


The airline would have become the latest in a peculiar blend of Giant companies , which are involved in making cement , recycling newsprint and operating fast - food restaurants .

The airline would have become the latest in a peculiar blend of <org>Giant</org> companies , which are involved in making cement , recycling newsprint and operating fast - food restaurants .


The state - controlled insurer Assurances Generales de France said it has obtained regulatory approval to increase its stake in the financial holding company Cie. de Navigation Mixte above 10 % from the current level of about 8 % .

The state - controlled insurer <org>Assurances Generales de France</org> said it has obtained regulatory approval to increase its stake in the financial holding company <org>Cie. de Navigation Mixte</org> above <percent>10 %</percent> from the current level of <percent>about 8 %</percent> .


Friday 's approval was needed to conform with Bourse rules regarding companies with bank interests and follows a similar approval given Wednesday to Cie . Financiere de Paribas .

<date>Friday</date> 's approval was needed to conform with <org>Bourse</org> rules regarding companies with bank interests and follows a similar approval given <date>Wednesday</date> to <org>Cie . Financiere de Paribas</org> .


Both Paribas and AGF have been increasing their stakes in Navigation Mixte recently for what they have termed `` investment purposes , '' although the issue has been surrounded by takeover speculation in recent weeks .

Both <org>Paribas</org> and <org>AGF</org> have been increasing their stakes in <org>Navigation Mixte</org> recently for what they have termed `` investment purposes , '' although the issue has been surrounded by takeover speculation in <date>recent weeks</date> .


AGF did n't comment officially on its reasons for seeking the approval , but people close to the group said it was done to make sure the group would have the flexibility to increase its stake in the future , should interesting price opportunities arise .

<org>AGF</org> did n't comment officially on its reasons for seeking the approval , but people close to the group said it was done to make sure the group would have the flexibility to increase its stake in the future , should interesting price opportunities arise .


An AGF official did specify , however , that there was no foundation to recent rumors the group might be acting in concert with Paribas .

An <org>AGF</org> official did specify , however , that there was no foundation to recent rumors the group might be acting in concert with <org>Paribas</org> .


Lockheed Aeronautical Systems Co. , a unit of Lockheed Corp. , said it agreed to join with Aermacchi S.p . A. of Varese , Italy , to propose a new generation of jet trainers for the U.S. Air Force .

<org>Lockheed Aeronautical Systems Co.</org> , a unit of <org>Lockheed Corp.</org> , said it agreed to join with <org>Aermacchi S.p . A.</org> of <gpe>Varese</gpe> , <gpe>Italy</gpe> , to propose a new generation of jet trainers for the <gpe>U.S.</gpe> <org>Air Force</org> .


The Air Force is looking to buy 540 new primary jet trainers , with a total value of $ 1.5 billion to $ 2 billion , between 1994 and 2004 .

<org>The Air Force</org> is looking to buy <cardinal>540</cardinal> new primary jet trainers , with a total value of <money>$ 1.5 billion to $ 2 billion</money> , <date>between 1994 and 2004</date> .


The aircraft would replace the T - 37 , made by the Cessna Aircraft Co. unit of General Dynamics Corp. , which the Air Force uses to train jet pilots .

The aircraft would replace <product>the T - 37</product> , made by the <org>Cessna Aircraft Co.</org> unit of <org>General Dynamics Corp.</org> , which <org>the Air Force</org> uses to train jet pilots .


Lockheed said the U.S. Navy may also buy an additional 340 trainer aircraft to replace its T34C trainers made by the Beech Aircraft Corp. unit of Raytheon Corp .

<org>Lockheed</org> said the <gpe>U.S.</gpe> <org>Navy</org> may also buy <cardinal>an additional 340</cardinal> trainer aircraft to replace its <product>T34C</product> trainers made by the <org>Beech Aircraft Corp.</org> unit of <org>Raytheon Corp</org> .


Under the agreement with Lockheed , Aermacchi will license Lockheed to build the Aermacchi MB - 339 jet tandem - trainer and will supply certain structures .

Under the agreement with <org>Lockheed</org> , <org>Aermacchi</org> will license <org>Lockheed</org> to build the <org>Aermacchi</org> <product>MB - 339</product> jet tandem - trainer and will supply certain structures .


Lockheed will build additional structures and perform final assembly of the tandem - seat trainer at its Marietta , Ga. , plant should the Air Force order the craft .

<org>Lockheed</org> will build additional structures and perform final assembly of the tandem - seat trainer at its <gpe>Marietta</gpe> , <gpe>Ga.</gpe> , plant should <org>the Air Force</org> order the craft .


A Lockheed spokesman in Burbank , Calif. , said he was n't aware of which other companies would be competing for the Air Force contract .

A <org>Lockheed</org> spokesman in <gpe>Burbank</gpe> , <gpe>Calif.</gpe> , said he was n't aware of which other companies would be competing for the <org>Air Force</org> contract .


Striking auto workers ended their 19 - day occupation of a metal shop at a Peugeot S.A. factory in eastern France Friday as pay talks got under way in the capital .

Striking auto workers ended their <date>19 - day</date> occupation of a metal shop at a <org>Peugeot S.A.</org> factory in eastern <gpe>France</gpe> <date>Friday</date> as pay talks got under way in the capital .


But the Peugeot breakthrough came as a nationwide dispute by Finance Ministry employees disrupted border checkpoints and threatened the government 's ability to pay its bills .

But the <org>Peugeot</org> breakthrough came as a nationwide dispute by <org>Finance Ministry</org> employees disrupted border checkpoints and threatened the government 's ability to pay its bills .


The Peugeot metalworkers began filing out of the shop , which makes auto parts , at the plant in Mulhouse after voting 589 to 193 to abandon the occupation .

The <org>Peugeot</org> metalworkers began filing out of the shop , which makes auto parts , at the plant in <gpe>Mulhouse</gpe> after voting <cardinal>589</cardinal> to <cardinal>193</cardinal> to abandon the occupation .


Their withdrawal was based on promises by Peugeot to open negotiations in Paris at the same time the last man left the premises .

Their withdrawal was based on promises by <org>Peugeot</org> to open negotiations in <gpe>Paris</gpe> at the same time the last man left the premises .


The strike by customs officers , tax collectors , treasury workers and other civil servants attached to the Ministry of Finance may pose a more serious challenge to the government and the average Frenchman .

The strike by customs officers , tax collectors , treasury workers and other civil servants attached to <org>the Ministry of Finance</org> may pose a more serious challenge to the government and the average <norp>Frenchman</norp> .


Ministry employees complain that they are poorly paid because of a complex job - rating system they say fails to take into account their education and level of technical expertise .

<org>Ministry</org> employees complain that they are poorly paid because of a complex job - rating system they say fails to take into account their education and level of technical expertise .


The market for $ 200 billion of high - risk junk bonds , battered by a succession of defaults and huge price declines this year , practically vanished Friday .

The market for <money>$ 200 billion</money> of high - risk junk bonds , battered by a succession of defaults and huge price declines <date>this year</date> , practically vanished <date>Friday</date> .


Trading ground to a halt as investors rushed to sell bonds , only to find themselves deserted by potential buyers .


Stunned , they watched brokerage houses mark down price quotations on their junk holdings while being able to execute very few actual trades .


`` The junk bond market is in a state of gridlock now -- there are no bids , only offers , '' says independent investor Martin D. Sass , who manages nearly $ 4 billion and who recently decided to buy distressed securities for a new fund .

`` The junk bond market is in a state of gridlock now -- there are no bids , only offers , '' says independent investor <person>Martin D. Sass</person> , who manages <money>nearly $ 4 billion</money> and who recently decided to buy distressed securities for a new fund .


This calamity is `` far from over , '' he says .


Junk 's collapse helped stoke the panicky selling of stocks that produced the deepest one - day dive in the Dow Jones Industrial Average since the Oct. 19 , 1987 , crash .

Junk 's collapse helped stoke the panicky selling of stocks that produced the deepest <date>one - day</date> dive in the Dow Jones Industrial Average since the <date>Oct. 19 , 1987 ,</date> crash .


Simultaneously , it also helped trigger this year 's biggest rally in the U.S. government bond market as investors rushed to move capital into the highest - quality securities they could find .

Simultaneously , it also helped trigger this <date>year</date> 's biggest rally in the <gpe>U.S.</gpe> government bond market as investors rushed to move capital into the highest - quality securities they could find .


But `` an eerie silence pervaded '' the junk market Friday as prices tumbled on hundreds of high - yield bonds despite `` no active trading , '' says John Lonski , an economist at Moody 's Investors Service Inc .

But `` an eerie silence pervaded '' the junk market <date>Friday</date> as prices tumbled on <cardinal>hundreds</cardinal> of high - yield bonds despite `` no active trading , '' says <person>John Lonski</person> , an economist at <org>Moody 's Investors Service Inc</org> .


For example , the price of Southland Corp. 's $ 500 million of 16 3/4 % bonds due 2002 -- sold less than two years ago by Goldman , Sachs & Co. -- plummeted 25 % to just 30 cents on the dollar .

For example , the price of <org>Southland Corp. 's</org> <money>$ 500 million</money> of <percent>16 3/4 %</percent> bonds due <date>2002</date> -- sold <date>less than two years ago</date> by <org>Goldman , Sachs & Co.</org> -- plummeted <percent>25 %</percent> to <money>just 30 cents</money> on the dollar .


But not even Goldman would make a market in the securities of Southland , the owner of the nationwide chain of 7 - 11 convenience stores that is strapped for cash .

But not even <org>Goldman</org> would make a market in the securities of <org>Southland</org> , the owner of the nationwide chain of <org>7 - 11</org> convenience stores that is strapped for cash .


Goldman officials declined to comment .

<org>Goldman</org> officials declined to comment .


Junk bonds , which mushroomed from less than $ 2 billion at the start of this decade , have been declining for months as issuer after issuer sank beneath the weight of hefty interest payments .

Junk bonds , which mushroomed from <money>less than $ 2 billion</money> at <date>the start of this decade</date> , have been declining for <date>months</date> as issuer after issuer sank beneath the weight of hefty interest payments .


The shaky market received its biggest jolt last month from Campeau Corp. , which created its U.S. retailing empire with junk financing .

The shaky market received its biggest jolt <date>last month</date> from <org>Campeau Corp.</org> , which created its <gpe>U.S.</gpe> retailing empire with junk financing .


Campeau developed a cash squeeze that caused it to be tardy on some interest payments and to put its prestigious Bloomingdales department - store chain up for sale .

<org>Campeau</org> developed a cash squeeze that caused it to be tardy on some interest payments and to put its prestigious <person>Bloomingdales</person> department - store chain up for sale .


Now , dozens of corporations , including Ethan Allen , TW Services and York International , that are counting on at least $ 7 billion of scheduled new junk financings to keep their highly leveraged takeovers and buy - outs afloat , may never get the money .

Now , <cardinal>dozens</cardinal> of corporations , including <org>Ethan Allen</org> , <org>TW Services</org> and <org>York International</org> , that are counting on <money>at least $ 7 billion</money> of scheduled new junk financings to keep their highly leveraged takeovers and buy - outs afloat , may never get the money .


`` The music has stopped playing , '' says Michael Harkins , a principal in the investment firm of Levy Harkins .

`` The music has stopped playing , '' says <person>Michael Harkins</person> , a principal in the investment firm of <person>Levy Harkins</person> .


`` You 've either got a chair or you do n't . ''


In Friday 's aftermath , says R. Douglas Carleton , a director of high - yield finance at First Boston Corp. , `` much of the $ 7 billion forward calendar could be deferred , depending on the hysteria . ''

In <date>Friday</date> 's aftermath , says <person>R. Douglas Carleton</person> , a director of high - yield finance at <org>First Boston Corp.</org> , `` much of the <money>$ 7 billion</money> forward calendar could be deferred , depending on the hysteria . ''


In August , First Boston withdrew a $ 475 million junk offering of Ohio Mattress bonds because potential buyers were `` very skittish . ''

In <date>August</date> , <org>First Boston</org> withdrew a <money>$ 475 million</money> junk offering of <org>Ohio Mattress</org> bonds because potential buyers were `` very skittish . ''


The outlook `` looks shaky because we 're still waiting '' for mutual funds , in particular , to dump some of their junk bond holdings to pay off redemptions by individual investors , says King Penniman , senior vice president at McCarthy , Crisanti & Maffei , an investment arm of Xerox Financial Services .

The outlook `` looks shaky because we 're still waiting '' for mutual funds , in particular , to dump some of their junk bond holdings to pay off redemptions by individual investors , says <person>King Penniman</person> , senior vice president at <org>McCarthy , Crisanti & Maffei</org> , an investment arm of <org>Xerox Financial Services</org> .


Indeed , a Moody 's index that tracks the net asset values of 24 high - yield mutual funds declined for the 17th consecutive day Friday .

Indeed , a <org>Moody</org> 's index that tracks the net asset values of <cardinal>24</cardinal> high - yield mutual funds declined for <date>the 17th consecutive day Friday</date> .


In a stark contrast , the benchmark 30 - year Treasury bond climbed more than 2 1/2 points , or about $ 25 for each $ 1,000 face amount , to 103 12/32 , its biggest gain of the year .

In a stark contrast , the benchmark <date>30 - year</date> <org>Treasury</org> bond climbed <cardinal>more than 2 1/2</cardinal> points , or <money>about $ 25</money> for each $ <money>1,000</money> face amount , to <cardinal>103 12/32</cardinal> , its biggest gain of <date>the year</date> .


The bond 's yield dropped to 7.82 % , the lowest since March 31 , 1987 , according to Technical Data Global Markets Group .

The bond 's yield dropped to <percent>7.82 %</percent> , the lowest since <date>March 31 , 1987</date> , according to <org>Technical Data Global Markets Group</org> .


The yield on three - month Treasury bills , considered the safest of all investments , plummeted about 0.7 percentage point to 7.16 % , the largest one - day decline since 1982 .

The yield on <date>three - month</date> <org>Treasury</org> bills , considered the safest of all investments , plummeted <cardinal>about 0.7</cardinal> percentage point to <percent>7.16 %</percent> , the largest <date>one - day</date> decline since <date>1982</date> .


The main catalyst for government bond market rally was the 190.58 - point drop in the Dow Jones Industrial Average .

The main catalyst for government bond market rally was the <cardinal>190.58</cardinal> - point drop in the Dow Jones Industrial Average .


`` When you get panic in one market , you get flight to quality in the other , '' said Maria Ramirez , money market economist at Drexel Burnham Lambert Inc .

`` When you get panic in <cardinal>one</cardinal> market , you get flight to quality in the other , '' said <person>Maria Ramirez</person> , money market economist at <org>Drexel Burnham Lambert Inc</org> .


Nevertheless , the problems of the junk market could prompt the Federal Reserve to ease credit in the months ahead .

Nevertheless , the problems of the junk market could prompt <org>the Federal Reserve</org> to ease credit in <date>the months ahead</date> .


`` This marks a significant shift in the interest rate outlook , '' says William Sullivan , director of money market research at Dean Witter Reynolds Inc. , New York .

`` This marks a significant shift in the interest rate outlook , '' says <person>William Sullivan</person> , director of money market research at <org>Dean Witter Reynolds Inc.</org> , <gpe>New York</gpe> .


Any sustained credit - easing could be a lift for junk bonds as well as other securities .


Robert Dow , a partner and portfolio manager at Lord , Abbett & Co. , which manages $ 4 billion of high - yield bonds , says he does n't `` think there is any fundamental economic rationale -LCB- for the junk bond rout -RCB- .

<person>Robert Dow</person> , a partner and portfolio manager at <org>Lord , Abbett & Co.</org> , which manages <money>$ 4 billion</money> of high - yield bonds , says he does n't `` think there is any fundamental economic rationale -LCB- for the junk bond rout -RCB- .


It was herd instinct . ''


He adds : `` The junk market has witnessed some trouble and now some people think that if the equity market gets creamed that means the economy will be terrible and that 's bad for junk .


I do n't believe that 's the case , but I believe that people are running scared .


There is a flight to quality , and the quality is not in equities and not in junk -- it 's in Treasurys . ''


Even as trading in high - yield issues dried up over the past month , corporations sold more than $ 2 billion of new junk bonds .

Even as trading in high - yield issues dried up over <date>the past month</date> , corporations sold <money>more than $ 2 billion</money> of new junk bonds .


For example , a recent $ 375 million offering of Petrolane Gas Services L.P. bonds sold by First Boston was three times oversubscribed .

For example , a recent <money>$ 375 million</money> offering of <org>Petrolane Gas Services L.P.</org> bonds sold by <org>First Boston</org> was <cardinal>three</cardinal> times oversubscribed .


A $ 550 million offering of Turner Broadcasting System Inc . high - yield securities sold last week by Drexel was increased $ 50 million because of strong demand .

A <money>$ 550 million</money> offering of <org>Turner Broadcasting System Inc .</org> high - yield securities sold <date>last week</date> by <org>Drexel</org> was increased <money>$ 50 million</money> because of strong demand .


First Boston estimates that in November and December alone , junk bond investors will receive $ 4.8 billion of coupon interest payments .

<org>First Boston</org> estimates that in <date>November</date> and <date>December</date> alone , junk bond investors will receive <money>$ 4.8 billion</money> of coupon interest payments .


`` That 's a clear indication that there is and will be an undercurrent of basic business going on , '' says Mr. Carleton of First Boston .

`` That 's a clear indication that there is and will be an undercurrent of basic business going on , '' says Mr. <person>Carleton</person> of <org>First Boston</org> .


`` I do n't know how people can say the junk bond market disappeared when there were $ 1.5 billion of orders for $ 550 million of junk bonds sold last week by Turner , '' says Raymond Minella , co-head of merchant banking at Merrill Lynch & Co .

`` I do n't know how people can say the junk bond market disappeared when there were <money>$ 1.5 billion</money> of orders for <money>$ 550 million</money> of junk bonds sold <date>last week</date> by <person>Turner</person> , '' says <person>Raymond Minella</person> , co-head of merchant banking at <org>Merrill Lynch & Co</org> .


`` When the rally comes , insurance companies will be leading it because they have billions to invest and invest they will .

`` When the rally comes , insurance companies will be leading it because they have <cardinal>billions</cardinal> to invest and invest they will .


There is plenty of money available from people who want to buy well - structured deals ; it 's the stuff that 's financed on a shoestring that people are wary of . ''


But such highly leveraged transactions seemed to have multiplied this year , casting a pall over much of the junk market .

But such highly leveraged transactions seemed to have multiplied <date>this year</date> , casting a pall over much of the junk market .


Michael McNamara , director of fixed - income research at Kemper Financial Services , says the quality of junk issues has been getting poorer , contributing to the slide in prices .

<person>Michael McNamara</person> , director of fixed - income research at <org>Kemper Financial Services</org> , says the quality of junk issues has been getting poorer , contributing to the slide in prices .


`` Last year we probably bought one out of every three new deals , '' he says .

`` <date>Last year</date> we probably bought <cardinal>one</cardinal> out of every <cardinal>three</cardinal> new deals , '' he says .


`` This year , at best , it 's in one in every five or six .

`` This <date>year</date> , at best , it 's in <cardinal>one</cardinal> in every <cardinal>five</cardinal> or <cardinal>six</cardinal> .


And our credit standards have n't changed one iota . ''

And our credit standards have n't changed <cardinal>one</cardinal> iota . ''


However , Mr. McNamara said the slide in junk is creating `` one hell of a buying opportunity '' for selective buyers .

However , Mr. <person>McNamara</person> said the slide in junk is creating `` one hell of a buying opportunity '' for selective buyers .


For the moment , investors seem more preoccupied with the `` bad '' junk than the `` good '' junk .


`` The market has been weak since '' the announcement of the Campeau cash squeeze and the company 's subsequent bailout by Olympia & York , says Mr. Minella of Merrill Lynch .

`` The market has been weak since '' the announcement of the <org>Campeau</org> cash squeeze and the company 's subsequent bailout by <org>Olympia & York</org> , says Mr. <person>Minella</person> of <org>Merrill Lynch</org> .


`` That really affected the market in that people started to ask ` What else is in trouble ? ' ''


Well before Campeau , though , there were signs that the junk market was stumbling through one of its worst years ever .

Well before <org>Campeau</org> , though , there were signs that the junk market was stumbling through one of <date>its worst years</date> ever .


Despite the relatively strong economy , junk bond prices did nothing except go down , hammered by a seemingly endless trail of bad news :


-- In June , two months before it would default on interest payments covering some of its $ 1.2 billion of speculative debt securities , New York - based Integrated Resources Inc. said it ran out of borrowed money .

-- In <date>June</date> , <date>two months</date> before it would default on interest payments covering some of its <money>$ 1.2 billion</money> of speculative debt securities , <gpe>New York</gpe> - based <org>Integrated Resources Inc.</org> said it ran out of borrowed money .


-- In July , Southmark Corp. , the Dallas - based real estate and financial services company with about $ 1.3 billion of junk bonds , voluntarily filed for protection under U.S. bankruptcy law .

-- In <date>July</date> , <org>Southmark Corp.</org> , the <gpe>Dallas</gpe> - based real estate and financial services company with <money>about $ 1.3 billion</money> of junk bonds , voluntarily filed for protection under <gpe>U.S.</gpe> bankruptcy law .


-- By the end of July , the difference in yield between an index of junk bonds and seven - year Treasury notes widened to more than 5.5 percentage points .

-- By <date>the end of July</date> , the difference in yield between an index of junk bonds and <date>seven - year</date> <org>Treasury</org> notes widened to <cardinal>more than 5.5</cardinal> percentage points .


-- In August , Resorts International Inc. , which sold more than $ 500 million of junk bonds , suspended interest payments .

-- In <date>August</date> , <org>Resorts International Inc.</org> , which sold <money>more than $ 500 million</money> of junk bonds , suspended interest payments .


-- In September , just as the cash squeeze hit Campeau , Lomas Financial Corp. defaulted on $ 145 million of notes and appeared unlikely to pay interest on a total of $ 1.2 billion of debt securities .

-- In <date>September</date> , just as the cash squeeze hit <org>Campeau</org> , <org>Lomas Financial Corp.</org> defaulted on <money>$ 145 million</money> of notes and appeared unlikely to pay interest on a total of <money>$ 1.2 billion</money> of debt securities .


Meantime , regulators are becoming increasingly worried as the rush to leverage shows no signs of abating .


Moody 's says the frequency of corporate credit downgrades is the highest this year since 1982 .

<org>Moody 's</org> says the frequency of corporate credit downgrades is the highest <date>this year</date> since <date>1982</date> .


In addition , there are six times as many troubled banks as there were in the recession of 1981 , according to the Federal Deposit Insurance Corp .

In addition , there are <cardinal>six</cardinal> times as many troubled banks as there were in the recession of <date>1981</date> , according to <org>the Federal Deposit Insurance Corp</org> .


`` The era of the 1980s is about compound interest and the reaching for it , '' says James Grant , editor of Grant 's Interest Rate Observer , an early critic of the junk bond market .

`` The era of <date>the 1980s</date> is about compound interest and the reaching for it , '' says <person>James Grant</person> , editor of <org>Grant 's Interest Rate Observer</org> , an early critic of the junk bond market .


`` What we 've begun to see is the damage to businesses of paying exorbitant compound interest .


Businesses were borrowing at interest rates higher than their own earnings .


What we 're seeing now is the wrenching readjustment of asset values to a future when speculative - grade debt will be hard to obtain rather than easy . ''


Friday 's Market Activity


Prices of Treasury bonds surged in the biggest rally of the year as investors fled a plummeting stock market .

Prices of <org>Treasury</org> bonds surged in the biggest rally of <date>the year</date> as investors fled a plummeting stock market .


The benchmark 30 - year Treasury bond was quoted 6 p.m. EDT at 103 12/32 , compared with 100 27/32 Thursday , up 2 1/2 points .

The benchmark <date>30 - year</date> <org>Treasury</org> bond was quoted <time>6 p.m. EDT</time> at <cardinal>103 12/32</cardinal> , compared with <cardinal>100 27/32</cardinal> <date>Thursday</date> , up <cardinal>2 1/2</cardinal> points .


The yield on the benchmark fell to 7.82 % , the lowest since March 31 , 1987 , according to Technical Data Global Markets Group .

The yield on the benchmark fell to <percent>7.82 %</percent> , the lowest since <date>March 31 , 1987 ,</date> according to <org>Technical Data Global Markets Group</org> .


The `` flight to quality '' began late in the day and followed a precipitous fall in the stock market .

The `` flight to quality '' began late in <date>the day</date> and followed a precipitous fall in the stock market .


Treasurys opened lower , reacting negatively to news that the producer price index -- a measure of inflation on the wholesale level -- accelerated in September .

Treasurys opened lower , reacting negatively to news that the producer price index -- a measure of inflation on the wholesale level -- accelerated in <date>September</date> .


Bond prices barely budged until midday .

Bond prices barely budged until <time>midday</time> .


Many bond market participants will be closely eying the action of the Federal Reserve , which might repeat its October 1987 injection of huge amounts of liquidity to buoy the financial markets and keep the economy from slowing into a recession .

Many bond market participants will be closely eying the action of <org>the Federal Reserve</org> , which might repeat its <date>October 1987</date> injection of huge amounts of liquidity to buoy the financial markets and keep the economy from slowing into a recession .


Prices of municipals , investment - grade corporates and mortgage - backed bonds also rose , but lagged behind their Treasury counterparts .

Prices of municipals , investment - grade corporates and mortgage - backed bonds also rose , but lagged behind their <org>Treasury</org> counterparts .


Mortgage securities rose in hectic trading , with most of the activity concentrated in Government National Mortgage Association 9 % coupon securities , the most liquid mortgage issue .

Mortgage securities rose in hectic trading , with most of the activity concentrated in <org>Government National Mortgage Association</org> <percent>9 %</percent> coupon securities , the most liquid mortgage issue .


The Ginnie Mae November 9 % issue ended at 98 25/32 , up 7/8 point on the day , to yield about 9.28 % to a 12 - year average life assumption .

The <org>Ginnie Mae</org> <date>November</date> <percent>9 %</percent> issue ended at <cardinal>98 25/32</cardinal> , up <cardinal>7/8</cardinal> point on <date>the day</date> , to yield <percent>about 9.28 %</percent> to a <date>12 - year</date> average life assumption .


Investment - grade corporate bonds were up about 1/2 to 3/4 point .

Investment - grade corporate bonds were up <cardinal>about 1/2</cardinal> to <cardinal>3/4</cardinal> point .


But the yield spread between lower - quality , investment - grade issues and higher - quality bonds widened .


And the yields on telephone and utility issues rose relative to other investment - grade bonds in anticipation of this week 's $ 3 billion bond offering by the Tennessee Valley Authority .

And the yields on telephone and utility issues rose relative to other investment - grade bonds in anticipation of this <date>week</date> 's <money>$ 3 billion</money> bond offering by <org>the Tennessee Valley Authority</org> .


Despite rumors that the TVA 's long - awaited offering would be postponed because of the debacle in the equity markets , sources in the underwriting syndicate said they expect the issue will be priced as scheduled .

Despite rumors that the <org>TVA</org> 's long - awaited offering would be postponed because of the debacle in the equity markets , sources in the underwriting syndicate said they expect the issue will be priced as scheduled .


One of the sources said the smaller portions of $ 750 million each of five - year and 10 - year bonds have already been `` substantially oversubscribed . ''

<cardinal>One</cardinal> of the sources said the smaller portions of <money>$ 750 million</money> each of <date>five - year</date> and <date>10 - year</date> bonds have already been `` substantially oversubscribed . ''


Municipal bonds rose as much as 3/4 point .

Municipal bonds rose <cardinal>as much as 3/4</cardinal> point .


Roger Lowenstein contributed to this article .

<person>Roger Lowenstein</person> contributed to this article .


Friday 's 190 - point plunge in stocks does not come atop the climate of anxiety that dominated financial markets just prior to their 1987 October crash , and mechanisms have been put in place to keep markets more orderly .

<date>Friday</date> 's <cardinal>190</cardinal> - point plunge in stocks does not come atop the climate of anxiety that dominated financial markets just prior to their <date>1987 October</date> crash , and mechanisms have been put in place to keep markets more orderly .


Still , the lesson is about the same : On Friday the 13th , the market was spooked by Washington .

Still , the lesson is about the same : On <date>Friday the 13th</date> , the market was spooked by <gpe>Washington</gpe> .


The consensus along the street seems to be that the plunge was triggered by the financing problems of the UAL takeover , and it 's certainly true the rout began immediately after the UAL trading halt .

The consensus along the street seems to be that the plunge was triggered by the financing problems of the <org>UAL</org> takeover , and it 's certainly true the rout began immediately after the <org>UAL</org> trading halt .


Still , the consensus seems almost as wide that one faltering bid is no reason to write down the value of all U.S. business .

Still , the consensus seems almost as wide that <cardinal>one</cardinal> faltering bid is no reason to write down the value of all <gpe>U.S.</gpe> business .


This observation leads us to another piece of news moving on the Dow Jones ticker shortly before the downturn : the success of Senate Democrats in stalling the capital gains tax cut .

This observation leads us to another piece of news moving on the <org>Dow Jones</org> ticker shortly before the downturn : the success of <org>Senate</org> <norp>Democrats</norp> in stalling the capital gains tax cut .


The real value of all shares , after all , is directly impacted by the tax on any profits -LRB- all the more so given the limits on deductions for losses that show gains are not `` ordinary income '' -RRB- .


And market expectations clearly have been raised by the capital gains victory in the House last month .

And market expectations clearly have been raised by the capital gains victory in the <org>House</org> <date>last month</date> .


An hour before Friday 's plunge , that provision was stripped from the tax bill , leaving it with $ 5.4 billion in tax increases without a capital gains cut .

<time>An hour</time> before <date>Friday</date> 's plunge , that provision was stripped from the tax bill , leaving it with <money>$ 5.4 billion</money> in tax increases without a capital gains cut .


There is a great deal to be said , to be sure , for stripping the garbage out of the reconciliation bill .


It would be a good thing if Congress started to decide issues one - by - one on their individual merits without trickery .

It would be a good thing if <org>Congress</org> started to decide issues one - by - <cardinal>one</cardinal> on their individual merits without trickery .


For one thing , no one doubts that the capital gains cut would pass on an up - or - down vote .

For <cardinal>one</cardinal> thing , no one doubts that the capital gains cut would pass on an up - or - down vote .


Since Senate leaders have so far fogged it up with procedural smokescreens , promises of a cleaner bill are suspect .

Since <org>Senate</org> leaders have so far fogged it up with procedural smokescreens , promises of a cleaner bill are suspect .


Especially so since President Bush has been weakened by the Panama fiasco .

Especially so since President <person>Bush</person> has been weakened by the <gpe>Panama</gpe> fiasco .


To the extent that the UAL troubles contributed to the plunge , they are another instance of Washington 's sticky fingers .

To the extent that the <org>UAL</org> troubles contributed to the plunge , they are another instance of <gpe>Washington</gpe> 's sticky fingers .


As the best opportunities for corporate restructurings are exhausted of course , at some point the market will start to reject them .


But the airlines are scarcely a clear case , given anti-takeover mischief by Secretary of Transportation Skinner , who professes to believe safety will be compromised if KLM and British Airways own interests in companies that fly airplanes .

But the airlines are scarcely a clear case , given anti-takeover mischief by Secretary of <org>Transportation</org> <person>Skinner</person> , who professes to believe safety will be compromised if <org>KLM</org> and <org>British Airways</org> own interests in companies that fly airplanes .


Worse , Congress has started to jump on the Skinner bandwagon .

Worse , <org>Congress</org> has started to jump on the <person>Skinner</person> bandwagon .


James Oberstar , the Minnesota Democrat who chairs the Public Works and Transportation Committee 's aviation subcommittee , has put an anti-airline takeover bill on supersonic speed so that it would be passed in time to affect the American and United Air Lines bids .

<person>James Oberstar</person> , the <gpe>Minnesota</gpe> <norp>Democrat</norp> who chairs the <org>Public Works and Transportation Committee 's</org> aviation subcommittee , has put an anti-airline takeover bill on supersonic speed so that it would be passed in time to affect the <org>American</org> and <org>United Air Lines</org> bids .


It would give Mr. Skinner up to 50 days to `` review '' any bid for 15 % or more of the voting stock of any U.S. carrier with revenues of $ 1 billion or more .

It would give Mr. <person>Skinner</person> <date>up to 50 days</date> to `` review '' any bid for <percent>15 %</percent> or more of the voting stock of any <gpe>U.S.</gpe> carrier with revenues of <money>$ 1 billion</money> or more .


So the UAL deal has problems , and the market loses 190 points .

So the <org>UAL</org> deal has problems , and the market loses <cardinal>190</cardinal> points .


Congratulations , Mr. Secretary and Mr. Congressman .


In the 1987 crash , remember , the market was shaken by a Danny Rostenkowski proposal to tax takeovers out of existance .

In the <date>1987</date> crash , remember , the market was shaken by a <person>Danny Rostenkowski</person> proposal to tax takeovers out of existance .


Even more important , in our view , was the Treasury 's threat to thrash the dollar .

Even more important , in our view , was the <org>Treasury</org> 's threat to thrash the dollar .


The Treasury is doing the same thing today ; thankfully , the dollar is not under 1987 - style pressure .

The <org>Treasury</org> is doing the same thing <date>today</date> ; thankfully , the dollar is not under <date>1987</date> - style pressure .


Also , traders are in better shape today than in 1987 to survive selling binges .

Also , traders are in better shape <date>today</date> than in <date>1987</date> to survive selling binges .


They are better capitalized .


They are in less danger of losing liquidity simply because of tape lags and clearing and settlement delays .


The Fed promises any needed liquidity .

The <org>Fed</org> promises any needed liquidity .


The Big Board 's liaison with the Chicago Board of Trade has improved ; it will be interesting to learn if `` circuit breakers '' prove to be a good idea .

<org>The Big Board 's</org> liaison with <org>the Chicago Board of Trade</org> has improved ; it will be interesting to learn if `` circuit breakers '' prove to be a good idea .


In any event , some traders see stocks as underpriced today , unlike 1987 .

In any event , some traders see stocks as underpriced <date>today</date> , unlike <date>1987</date> .


There is nothing wrong with the market that ca n't be cured by a little coherence and common sense in Washington .

There is nothing wrong with the market that ca n't be cured by a little coherence and common sense in <gpe>Washington</gpe> .


But on the bearish side , that may be too much to expect .


First Chicago Corp. posted a third - quarter loss of $ 23.3 million after joining other big banks in further adding to its reserves for losses on foreign loans .

<org>First Chicago Corp.</org> posted a <date>third - quarter</date> loss of <money>$ 23.3 million</money> after joining other big banks in further adding to its reserves for losses on foreign loans .


The parent company of First National Bank of Chicago , with $ 48 billion in assets , said it set aside $ 200 million to absorb losses on loans and investments in financially troubled countries .

The parent company of <org>First National Bank</org> of <gpe>Chicago</gpe> , with <money>$ 48 billion</money> in assets , said it set aside <money>$ 200 million</money> to absorb losses on loans and investments in financially troubled countries .


The addition , on top of two big 1987 additions to foreign - loan reserves , brings the reserve to a level equaling 79 % of medium - term and long - term loans outstanding to troubled nations .

The addition , on top of <cardinal>two</cardinal> big <date>1987</date> additions to foreign - loan reserves , brings the reserve to a level equaling <percent>79 %</percent> of medium - term and long - term loans outstanding to troubled nations .


First Chicago since 1987 has reduced its loans to such nations to $ 1.7 billion from $ 3 billion .

<org>First Chicago</org> since <date>1987</date> has reduced its loans to such nations to <money>$ 1.7 billion</money> from <money>$ 3 billion</money> .


Despite this loss , First Chicago said it does n't need to sell stock to raise capital .

Despite this loss , <org>First Chicago</org> said it does n't need to sell stock to raise capital .


During the quarter , the company realized a pretax gain of $ 60.4 million from the sale of its First Chicago Investment Advisors unit .

During <date>the quarter</date> , the company realized a pretax gain of <money>$ 60.4 million</money> from the sale of its <org>First Chicago Investment Advisors</org> unit .


Combined foreign exchange and bond trading profits dipped 24 % against last year 's third quarter , to $ 38.2 million from $ 50.5 million .

Combined foreign exchange and bond trading profits dipped <percent>24 %</percent> against <date>last year 's</date> <date>third quarter</date> , to <money>$ 38.2 million</money> from <money>$ 50.5 million</money> .


Gains from First Chicago 's venture capital unit , a big leveraged buy - out investor , rose 32 % to $ 34 million from $ 25.7 million a year ago .

Gains from <org>First Chicago 's</org> venture capital unit , a big leveraged buy - out investor , rose <percent>32 %</percent> to <money>$ 34 million</money> from <money>$ 25.7 million</money> <date>a year ago</date> .


Interest income and most fee income was strong .


Greece 's second bout of general elections this year is slated for Nov. 5 .

<gpe>Greece</gpe> 's second bout of general elections <date>this year</date> is slated for <date>Nov. 5</date> .


For those hoping to see a modicum of political normalcy restored -- in view of Greece 's eight - year misadventure under autocratic pseudosocialism and subsequent three - month hitch with a conservative - communist coalition government -- there is but one bright sign : The scandals still encircling former Prime Minister Andreas Papandreou and his fallen socialist government are like flies buzzing around a rotting carcass .

For those hoping to see a modicum of political normalcy restored -- in view of <gpe>Greece</gpe> 's <date>eight - year</date> misadventure under autocratic pseudosocialism and subsequent <date>three - month</date> hitch with a conservative - communist coalition government -- there is but <cardinal>one</cardinal> bright sign : The scandals still encircling former Prime Minister <person>Andreas Papandreou</person> and his fallen socialist government are like flies buzzing around a rotting carcass .


In the mid-June round of voting , Greeks gave no clear mandate to any single political party .

In the <date>mid-June</date> round of voting , <norp>Greeks</norp> gave no clear mandate to any single political party .


The ad interim coalition government that emerged from post-electoral hagglings was , in essence , little more than the ill - conceived offspring of ideological miscegenation : On one side , the center - right New Democracy Party , headed by Constantine Mitsotakis .

The ad interim coalition government that emerged from post-electoral hagglings was , in essence , little more than the ill - conceived offspring of ideological miscegenation : On <cardinal>one</cardinal> side , the center - right <org>New Democracy Party</org> , headed by <person>Constantine Mitsotakis</person> .


On the other , the so - called Coalition of the Left and Progress -- a quaint and rather deceptive title for a merger of the pro-Soviet Communist Party of Greece and its Euro - Communist cousin , the Hellenic Left .

On the other , the so - called <org>Coalition of the Left and Progress</org> -- a quaint and rather deceptive title for a merger of the <norp>pro-Soviet</norp> <org>Communist Party</org> of <gpe>Greece</gpe> and its <norp>Euro</norp> - Communist cousin , <org>the Hellenic Left</org> .


The unifying bond for this left - right mismatch was plain : PASOK -LRB- Mr. Papandreou 's party -RRB- as common political enemy .

The unifying bond for this left - right mismatch was plain : <org>PASOK</org> -LRB- Mr. <person>Papandreou</person> 's party -RRB- as common political enemy .


The ostensible goal was a mop - up of government corruption , purportedly at all levels , but the main marks were Mr. Papandreou and his closest associates .

The ostensible goal was a mop - up of government corruption , purportedly at all levels , but the main marks were Mr. <person>Papandreou</person> and his closest associates .


In point of fact , this catharsis was overdue by decades .

In point of fact , this catharsis was overdue by <date>decades</date> .


When reduced to buzzword status in ex parte pledges , however , the notion transmogrified into a promised assault , with targets primarily for political gains , not justice .


With regard to Greece 's long - bubbling bank - looting scandal , Mr. Papandreou 's principal accuser remains George Koskotas , former owner of the Bank of Crete and self - confessed embezzler , now residing in a jail cell in Salem , Mass. , from where he is fighting extradition proceedings that would return him to Greece .

With regard to <gpe>Greece</gpe> 's long - bubbling bank - looting scandal , Mr. <person>Papandreou</person> 's principal accuser remains <person>George Koskotas</person> , former owner of <org>the Bank of Crete</org> and self - confessed embezzler , now residing in a jail cell in <gpe>Salem</gpe> , <gpe>Mass.</gpe> , from where he is fighting extradition proceedings that would return him to <gpe>Greece</gpe> .


Mr. Koskotas 's credibility is , at best , problematic .

Mr. <person>Koskotas</person> 's credibility is , at best , problematic .