Input: The releases, announced last week by President de Klerk, were viewed as Pretoria's tacit legalization of the ANC.

last week

de Klerk

Pretoria

ANC


Input: Mandela, considered the most prominent leader of the ANC, remains in prison.

Mandela

ANC


Input: But his release within the next few months is widely expected.

the next few months


Input: The Soviet Union reported that thousands of tons of goods needed to ease widespread shortages across the nation were piled up at ports and rail depots, and food shipments were rotting because of a lack of people and equipment to move the cargo.

The Soviet Union

thousands of tons


Input: Strikes and mismanagement were cited, and Premier Ryzhkov warned of `` tough measures.''

Ryzhkov


Input: Bush indicated there might be `` room for flexibility'' in a bill to allow federal funding of abortions for poor women who are vicitims of rape and incest.

Bush


Input: He reiterated his opposition to such funding, but expressed hope of a compromise.


Input: The president, at a news conference Friday, also renewed a call for the ouster of Panama's Noriega.

Friday

Panama

Noriega


Input: The White House said minors haven't any right to abortion without the consent of their parents.

The White House


Input: The administration's policy was stated in a friend - of - the - court brief urging the Supreme Court to give states more leeway to restrict abortions.

the Supreme Court


Input: Ten of the nation's governors, meanwhile, called on the justices to reject efforts to limit abortions.

Ten


Input: The Justice Department announced that the FBI has been given the authority to seize U.S. fugitives overseas without the permission of foreign governments.

The Justice Department

FBI

U.S.


Input: Secretary of State Baker emphasized Friday that the new policy wouldn't be invoked by the Bush administration without full consideration of foreign - policy implications.

State

Baker

Bush

Friday


Input: NASA pronounced the space shuttle Atlantis ready for launch tomorrow following a five - day postponement of the flight because of a faulty engine computer.

NASA

Atlantis

tomorrow

five - day


Input: The device was replaced.


Input: The spacecraft's five astronauts are to dispatch the Galileo space probe on an exploration mission to Jupiter.

five

Galileo

Jupiter


Input: South Korea's President Roh traveled to the U.S. for a five - day visit that is expected to focus on ties between Washington and Seoul.

South Korea's

U.S.

Washington

Seoul

Roh

five - day


Input: Roh, who is facing calls for the reduction of U.S. military forces in South Korea, is to meet with Bush tomorrow and is to address a joint session of Congress on Wednesday.

Roh

Bush

U.S.

South Korea

tomorrow

Wednesday

Congress


Input: China's Communist leadership voted to purge the party of `` hostile and anti-party elements'' and wealthy private businessmen, whom they called exploiters.

China

Communist


Input: The decision, reported by the official Xinhua News Agency, indicated that the crackdown prompted by student - led pro-democracy protests in June is intensifying.

Xinhua News Agency

June


Input: Hundreds of East Germans flocked to Bonn's Embassy in Warsaw, bringing to more than 1,200 the number of emigres expected to flee to the West beginning today.

Hundreds

more than 1,200

East Germans

Bonn

Warsaw

Embassy

today


Input: More than 2,100 others escaped to West Germany through Hungary over the Weekend.

More than 2,100

West Germany

Hungary

the Weekend


Input: In Leipzig, activists vowed to continue street protests to demand internal change.

Leipzig


Input: Zaire's President Mobutu met in southern France with Angolan rebel leader Savimbi and a senior U.S. envoy in a bid to revive an accord to end Angola's civil war.

Zaire

France

U.S.

Angola

Mobutu

Savimbi

Angolan


Input: Details of the talks, described by a Zairean official as `` very delicate,'' weren't disclosed.

Zairean


Input: PLO leader Arafat insisted on guarantees that any elections in the Israeli - occupied territories would be impartial.

PLO

Arafat

Israeli


Input: He made his remarks to a PLO gathering in Baghdad.

PLO

Baghdad


Input: In the occupied lands, underground leaders of the Arab uprising rejected a U.S. plan to arrange Israeli - Palestinian talks as Shamir opposed holding such discussions in Cairo.

Arab

Israeli

U.S.

Cairo

Shamir


Input: Lebanese Christian lawmakers presented to Arab mediators at talks in Saudi Arabia proposals for a new timetable for the withdrawal of Syria's forces from Lebanon.

Lebanese

Christian

Arab

Saudi Arabia

Syria

Lebanon


Input: A plan currently under study gives Damascus two years to pull back to eastern Lebanon, starting from the time Beirut's legislature increases political power for Moslems.

Damascus

Lebanon

Beirut

two years

Moslems


Input: Hurricane Jerry threatened to combine with the highest tides of the year to swamp the Texas - Louisiana coast.

Hurricane Jerry

the year

Texas


Input: Thousands of residents of low - lying areas were ordered to evacuate as the storm headed north in the Gulf of Mexico with 80 mph winds.

Thousands

the Gulf of Mexico

80 mph


Input: A group of Arby's franchisees said they formed an association to oppose Miami Beach financier Victor Posner's control of the restaurant chain.

Arby's

Miami Beach

Victor Posner


Input: The decision is the latest move in an escalating battle between the franchisees and Mr. Posner that began in August.

Posner

August


Input: At the time, a group called R.B. Partners Ltd., consisting of eight of Arby's largest franchisees, offered more than $200 million to buy Arby's Inc., which is part of DWG Corp.

R.B. Partners Ltd.

Arby's

Arby's Inc.

DWG Corp

eight

more than $200 million


Input: DWG is a holding company controlled by Mr. Posner.

DWG

Posner


Input: One week later, Leonard H. Roberts, president and chief executive officer of Arby's, was fired in a dispute with Mr. Posner.

One week later

Leonard H. Roberts

Posner

Arby's


Input: Friday, 42 franchisees announced the formation of an association -- called A.P. Association Inc. -- to `` preserve the integrity of the Arby's system.''

Friday

A.P. Association Inc.

Arby


Input: The franchisees, owners or operators of 1,000 of the 1,900 franchised Arby's in the U.S., said: `` We have concluded that continued control of Arby's by Victor Posner is totally unacceptable to us, because it is extremely likely to cause irreparable damage to the Arby's system.

Arby

Arby's

Arby

U.S.

Victor Posner


Input: We support all efforts to remove Victor Posner from control of Arby's Inc. and the Arby's system.''

Victor Posner

Arby's Inc.

Arby


Input: The group said it would consider, among other things, withholding royalty payments and initiating a class - action lawsuit seeking court approval for the withholdings.


Input: In Florida, Renee Mottram, a senior vice president at DWG, responded: `` We don't think any individual or group should disrupt a winning system or illegally interfere with existing contractual relationships for their own self - serving motives.

Florida

Renee Mottram

DWG


Input: September's steep rise in producer prices shows that inflation still persists, and the pessimism over interest rates caused by the new price data contributed to the stock market's plunge Friday.

September

Friday


Input: After falling for three consecutive months, the producer price index for finished goods shot up 0.9% last month, the Labor Department reported Friday, as energy prices jumped after tumbling through the summer.

three consecutive months

last month

Friday

the summer

the Labor Department


Input: Although the report, which was released before the stock market opened, didn't trigger the 190.58 - point drop in the Dow Jones Industrial Average, analysts said it did play a role in the market's decline.


Input: Analysts immediately viewed the price data, the grimmest inflation news in months, as evidence that the Federal Reserve was unlikely to allow interest rates to fall as many investors had hoped.

months

the Federal Reserve


Input: Further fueling the belief that pressures in the economy were sufficient to keep the Fed from easing credit, the Commerce Department reported Friday that retail sales grew 0.5% in September, to $145.21 billion.

Fed

the Commerce Department

Friday

September

$145.21 billion


Input: That rise came on top of a 0.7% gain in August, and suggested there is still healthy consumer demand in the economy.

August


Input: `` I think the Friday report, combined with the actions of the Fed, weakened the belief that there was going to be an imminent easing of monetary policy,'' said Robert Dederick, chief economist at Northern Trust Co. in Chicago.

Friday

Fed

Northern Trust Co.

Robert Dederick

Chicago


Input: But economists were divided over the extent of the inflation threat signaled by the new numbers.


Input: `` The overall 0.9% increase is serious in itself, but what is even worse is that excluding food and energy, the producer price index still increased by 0.7%,'' said Gordon Richards, an economist at the National Association of Manufacturers.

Gordon Richards

the National Association of Manufacturers


Input: But Sung Won Sohn, chief economist at Norwest Corp. in Minneapolis, blamed rising energy prices and the annual autumn increase in car prices for most of the September jump.

Sung Won Sohn

Norwest Corp.

Minneapolis

annual

autumn

September


Input: `` I would say this is not bad news; this is a blip,'' he said.


Input: `` The core rate is not really out of line.''


Input: All year, energy prices have skewed the producer price index, which measures changes in the prices producers receive for goods.

All year


Input: Inflation unquestionably has fallen back from its torrid pace last winter, when a steep run - up in world oil prices sent the index surging at double - digit annual rates.

last winter

annual


Input: Energy prices then plummeted through the summer, causing the index to decline for three consecutive months.

the summer

three consecutive months


Input: Overall, the index has climbed at a 5.1% compound annual rate since the start of the year, the Labor Department said.

annual

the start of the year

the Labor Department


Input: While far more restrained than the pace at the beginning of the year, that is still a steeper rise than the 4.0% increase for all of 1988.

at the beginning of the year


Input: Moreover, this year's good inflation news may have ended last month, when energy prices zoomed up 6.5% after plunging 7.3% in August.

year

last month

August


Input: Some analysts expect oil prices to remain relatively stable in the months ahead, leaving the future pace of inflation uncertain.

the months ahead


Input: Analysts had expected that the climb in oil prices last month would lead to a substantial rise in the producer price index, but the 0.9% climb was higher than most anticipated.

last month


Input: `` I think the resurgence -LCB- in inflation -RCB- is going to continue for a few months,'' said John Mueller, chief economist at Bell Mueller Cannon, a Washington economic forecasting firm.

a few months

John Mueller

Bell Mueller Cannon

Washington


Input: He predicted that inflation will moderate next year, saying that credit conditions are fairly tight world - wide.

next year


Input: But Dirk Van Dongen, president of the National Association of Wholesaler - Distributors, said that last month's rise `` isn't as bad an omen'' as the 0.9% figure suggests.

Dirk Van Dongen

the National Association of Wholesaler - Distributors

last month's


Input: `` If you examine the data carefully, the increase is concentrated in energy and motor vehicle prices, rather than being a broad - based advance in the prices of consumer and industrial goods,'' he explained.


Input: Passenger car prices jumped 3.8% in September, after climbing 0.5% in August and declining in the late spring and summer.

September

August

late spring

summer


Input: Many analysts said the September increase was a one - time event, coming as dealers introduced their 1990 models.

September

one


Input: Although all the price data were adjusted for normal seasonal fluctuations, car prices rose beyond the customary autumn increase.

autumn


Input: Prices for capital equipment rose a hefty 1.1% in September, while prices for home electronic equipment fell 1.1%.

September


Input: Food prices declined 0.6%, after climbing 0.3% in August.

August


Input: Meanwhile, the retail sales report showed that car sales rose 0.8% in September to $32.82 billion.

September

$32.82 billion


Input: But at least part of the increase could have come from higher prices, analysts said.


Input: Sales at general merchandise stores rose 1.7% after declining 0.6% in August, while sales of building materials fell 1.8% after rising 1.7%.

August


Input: Producer prices for intermediate goods grew 0.4% in September, after dropping for three consecutive months.

September

three consecutive months


Input: Prices for crude goods, an array of raw materials, jumped 1.1% after declining 1.9% in August and edging up 0.2% in July.

August

July


Input: Here are the Labor Department's producer price indexes -LRB- 1982 = 100 -RRB- for September, before seasonal adjustment, and the percentage changes from September, 1988.

the Labor Department's

September

September


Input: On a recent Saturday night, in the midst of West Germany's most popular prime - time show, a contestant bet the host that she could name any of 100 different cheeses after just one nibble, while blindfolded.

Saturday

night

West Germany's

one


Input: The woman won the bet.


Input: But perhaps even more remarkable, the three - hour - show, `` Wetten Dass'' -LRB- Make a Bet -RRB-, regularly wins the top slot in the country's TV ratings, sometimes drawing as many as 50% of West German households.

three - hour

Wetten Dass

Make a Bet

as many as 50%

West German


Input: As the 1992 economic integration approaches, Europe's cultural curators have taken to the ramparts against American `` cultural imperialism,'' threatening to impose quotas against such pop invaders as `` Dallas,'' `` Miami Vice'' and `` L.A. Law.''

Europe

American

Dallas

Miami Vice

L.A. Law


Input: But much of what the Europeans want to protect seems every bit as cheesy as what they are trying to keep out.

Europeans


Input: The most militant opposition to American TV imports has come from French television and movie producers, who have demanded quotas ensuring that a full 60% of Europe's TV shows be produced in Europe.

American

French

a full 60%

Europe

Europe


Input: So far, the French have failed to win enough broad - based support to prevail.

French


Input: A glance through the television listings and a few twists of the European television dial suggest one reason why.

European

one


Input: While there are some popular action and drama series, few boast the high culture and classy production values one might expect.


Input: More European air time is filled with low - budget game shows, variety hours, movies and talk shows, many of which are authorized knock - offs of their American counterparts.

European

American

variety hours


Input: One of France's most popular Saturday night programs features semi-celebrities seeking out their grammar - school classmates for on - air reunions.

One

France

Saturday

night


Input: A Flemish game show has as its host a Belgian pretending to be Italian.

Flemish

Belgian

Italian


Input: One of Italy's favorite shows, `` Fantastico,'' a tepid variety show, is so popular that viewers clamored to buy a chocolate product, `` Cacao Fantastico,'' whose praises were sung each week by dancing showgirls -- even though the product didn't exist.

One

Italy

Fantastico

Cacao Fantastico

each week


Input: Topping the cheese stunt, on another typical evening of fun on `` Wetten Dass,'' a contestant won a bet with the show's host, Thomas Gottschalk, that he could identify 300 German dialects over the telephone.

another typical evening

Wetten Dass

Thomas Gottschalk

German


Input: A celebrity guest, U.S. Ambassador to West Germany Richard Burt, also won a bet that someone could pile up $150 worth of quarters on a slanted coin.

U.S.

West Germany

Richard Burt


Input: Mr. Burt nonetheless paid the penalty as if he had lost, agreeing to spend a day with West German Foreign Minister Hans - Dietrich Genscher frying and selling their combined weight in potato pancakes.

Burt

Hans - Dietrich Genscher

a day

West German


Input: If this seems like pretty weak stuff around which to raise the protectionist barriers, it may be because these shows need all the protection they can get.


Input: European programs usually target only their own local audience, and often only a small portion of that.

European


Input: Mega-hits in Germany or Italy rarely make it even to France or Great Britain, and almost never show up on U.S. screens.

Germany

Italy

France

Great Britain

U.S.


Input: Attempts to produce `` pan-European'' programs have generally resulted in disappointment.

pan-European


Input: One annual co-production, the three - hour - long `` Eurovision Song Contest,'' featuring soft - rock songs from each of 20 European countries, has been described as the world's most boring TV show.

One

annual

three - hour

Eurovision Song Contest

European


Input: Another, `` Jeux Sans Frontieres,'' where villagers from assorted European countries make fools of themselves performing pointless tasks, is a hit in France.

Jeux Sans Frontieres

European

France


Input: A U.S. - made imitation under the title `` Almost Anything Goes'' flopped fast.

U.S.

Almost Anything Goes


Input: For the most part, what's made here stays here, and for good reason.


Input: The cream of the British crop, the literary dramas that are shown on U.S. public television as `` Masterpiece Theater,'' make up a relatively small part of British air time.

British

British

U.S.

Masterpiece Theater


Input: Most British programming is more of an acquired taste.

British


Input: There is, for instance, `` One Man and His Dog,'' a herding contest among sheep dogs.

One Man and His Dog


Input: Also riveting to the British are hours of dart - throwing championships, even more hours of lawn bowling contests and still more hours of snooker marathons.

British

hours

even more hours

still more hours


Input: European drama has had better, though still mixed, fortunes.

European


Input: The most popular such shows focus on narrow national concerns.


Input: A French knock - off of `` Dallas,'' called `` Chateauvallon'' and set in a French vineyard, had a good run in France, which ended after the female lead was injured in a real - life auto accident.

French

French

Dallas

Chateauvallon

France


Input: `` Schwarzwaldklinik,'' -LRB- Black Forest Clinic -RRB-, a kind of German `` St. Elsewhere'' set in a health spa, is popular in Germany, and has spread into France.

Schwarzwaldklinik

Black Forest Clinic

St. Elsewhere

German

Germany

France


Input: Italy's most popular series is a drama called `` La Piovra,'' or `` The Octopus,'' which chronicles the fight of an idealistic young investigator in Palermo against the Mafia.

Italy

Palermo

La Piovra

The Octopus

Mafia


Input: It was front - page news in Italy earlier this year when the fictional inspector was gunned down in the series.

Italy

earlier this year


Input: Spain's most popular mini-series this year was `` Juncal,'' the story of an aging bullfighter.

Spain

this year

Juncal


Input: `` The trend is pretty well established now that local programs are the most popular, with American programs second,'' says Brian Wenham, a former director of programs for the British Broadcasting Corp.

American

second

Brian Wenham

the British Broadcasting Corp


Input: `` Given a choice, everybody will watch a home - produced show.''


Input: But frequently there isn't much choice.


Input: Thus, Europe has begun the recent crusade to produce more worthy shows of its own, programs with broader appeal.

Europe


Input: `` We've basically got to start from scratch, to train writers and producers to make shows that other people will want to see,'' concedes Colin Young, head of Britain's National Film Theatre School.

Colin Young

Britain

National Film Theatre School


Input: While some in the U.S. contend that advertising is the bane of television, here many believe that its absence is to blame for the European TV industry's sluggish development.

U.S.

European


Input: Until recently, national governments in Europe controlled most of the air time and allowed little or no advertising.

Europe


Input: Since production costs were guaranteed, it didn't matter that a program couldn't be sold abroad or put into syndication, as most American programs are.

American


Input: But not much money was spent on the shows, either, a situation that encouraged cheap - to - make talk and game shows, while discouraging expensive - to - produce dramas.


Input: Now, however, commercial channels are coming to most European countries, and at the same time, satellite and cable technology is spreading rapidly.

European


Input: Just last week, Greece authorized two commercial channels for the first time; Spain earlier began to allow commercial television alongside its state channels.

Just last week

Greece

Spain

two


Input: The result is a new and huge appetite for programming.


Input: But perhaps to the consternation of those calling for quotas, most of this void is likely to be filled with the cheapest and most plentiful programming now available -- reruns -- usually of shows made in the U.S..

U.S.


Input: Sky Channel, a British - based venture of Australian - American press tycoon Rupert Murdoch, offers what must be a baffling cultural mix to most of its audience.

Sky Channel

British

Australian - American

Rupert Murdoch


Input: The financially struggling station offers programs obviously made available cheaply from its boss's other ventures.


Input: In a Madrid hotel room recently, a viewer caught the end of a badly acted series about a fishing boat on Australia's Great Barrier Reef, only to be urged by the British announcer to `` stay tuned for the further adventures of Skippy the Kangaroo.''

Madrid

Australia

Great Barrier Reef

British


Input: Lisa Grishaw - Mueller in Bonn, Laura Colby in Milan, Tim Carrington in London and Carlta Vitzhum in Madrid contributed to this article.

Lisa Grishaw - Mueller

Laura Colby

Tim Carrington

Carlta Vitzhum

Bonn

Milan

London

Madrid


Input: British Aerospace PLC and France's Thomson - CSF S.A. said they are nearing an agreement to merge their guided - missile divisions, greatly expanding collaboration between the two defense contractors.

British Aerospace PLC

Thomson - CSF S.A.

France

two


Input: The 50 - 50 joint venture, which may be dubbed Eurodynamics, would have combined annual sales of at least 1.4 billion -LRB- $2.17 billion -RRB- and would be among the world's largest missile makers.

50 - 50

Eurodynamics

annual

at least 1.4 billion

$2.17 billion


Input: After two years of talks, plans for the venture are sufficiently advanced for the companies to seek French and British government clearance.

two years

French

British


Input: The companies hope for a final agreement by year - end.

year - end


Input: The venture would strengthen the rapidly growing ties between the two companies, and help make them a leading force in European defense contracting.

two

European


Input: In recent months, a string of cross-border mergers and joint ventures have reshaped the once - balkanized world of European arms manufacture.

recent months

European


Input: Already, British Aerospace and French government - controlled Thomson - CSF collaborate on a British missile contract and on an air - traffic control radar system.

British Aerospace

Thomson - CSF

French

British


Input: Just last week they announced they may make a joint bid to buy Ferranti International Signal PLC, a smaller British defense contractor rocked by alleged accounting fraud at a U.S. unit.

Just last week

Ferranti International Signal PLC

British

U.S.


Input: The sudden romance of British Aerospace and Thomson - CSF -- traditionally bitter competitors for Middle East and Third World weapons contracts -- is stirring controversy in Western Europe's defense industry.

British Aerospace

Thomson - CSF

Middle East

Western Europe's


Input: Most threatened by closer British Aerospace - Thomson ties would be their respective national rivals, including Matra S.A. in France and Britain's General Electric Co. PLC.

British Aerospace - Thomson

Matra S.A.

General Electric Co. PLC

France

Britain


Input: But neither Matra nor GEC -- unrelated to Stamford, Conn. - based General Electric Co. -- are sitting quietly by as their competitors join forces.

Matra

GEC

General Electric Co.

Stamford

Conn.


Input: Yesterday, a source close to GEC confirmed that his company may join the Ferranti fight, as part of a possible consortium that would bid against British Aerospace and Thomson - CSF.

Yesterday

GEC

Ferranti

British Aerospace

Thomson - CSF


Input: Companies with which GEC has had talks about a possible joint Ferranti bid include Matra, Britain's Dowty Group PLC, West Germany's Daimler - Benz AG, and France's Dassault group.

GEC

Ferranti

Matra

Dowty Group PLC

Daimler - Benz AG

Dassault

Britain

West Germany's

France


Input: But it may be weeks before GEC and its potential partners decide whether to bid, the source indicated.

weeks

GEC


Input: GEC plans first to study Ferranti's financial accounts, which auditors recently said included 215 million in fictitious contracts at a U.S. unit, International Signal & Control Group, with which Ferranti merged last year.

GEC

Ferranti

International Signal & Control Group

Ferranti

first

215 million

U.S.

last year


Input: Also, any GEC bid might be blocked by British antitrust regulators; Ferranti is GEC's main competitor on several key defense - electronics contracts, and its purchase by GEC may heighten British Defense Ministry worries about concentration in the country's defense industry.

GEC

Ferranti

GEC

GEC

British Defense Ministry

British


Input: A consortium bid, however, would diminish GEC's direct role in Ferranti and might consequently appease ministry officials.

GEC

Ferranti


Input: A British Aerospace spokeswoman appeared unperturbed by the prospect of a fight with GEC for Ferranti: `` Competition is the name of the game,'' she said.

British Aerospace

GEC

Ferranti


Input: At least one potential GEC partner, Matra, insists it isn't interested in Ferranti.

At least one

GEC

Matra

Ferranti


Input: `` We have nothing to say about this affair, which doesn't concern us,'' a Matra official said Sunday.

Matra

Sunday


Input: The missile venture, the British Aerospace spokeswoman said, is a needed response to the `` new environment'' in defense contracting.

British Aerospace


Input: For both Thomson and British Aerospace, earnings in their home markets have come under pressure from increasingly tight - fisted defense ministries; and Middle East sales, a traditional mainstay for both companies' exports, have been hurt by five years of weak oil prices.

Thomson

British Aerospace

Middle East

five years


Input: The venture's importance for Thomson is great.

Thomson


Input: Thomson feels the future of its defense business depends on building cooperation with other Europeans.

Thomson

Europeans


Input: The European defense industry is consolidating; for instance, West Germany's Siemens AG recently joined GEC in a takeover of Britain's Plessey Co., and Daimler - Benz agreed to buy Messerschmitt - Boelkow Blohm G.m.b. H.

European

West Germany's

Britain

Siemens AG

GEC

Plessey Co.

Daimler - Benz

Messerschmitt - Boelkow Blohm G.m.b. H


Input: In missiles, Thomson is already overshadowed by British Aerospace and by its home rival, France's Aerospatiale S.A.; to better compete, Thomson officials say, they need a partnership.

Thomson

British Aerospace

Aerospatiale S.A.

Thomson

France


Input: To justify 50 - 50 ownership of the planned venture, Thomson would make a cash payment to British Aerospace.

50 - 50

Thomson

British Aerospace


Input: Annual revenue of British Aerospace's missile business is about 950 million, a Thomson spokesman said.

Annual

British Aerospace's

Thomson

about 950 million


Input: British Aerospace's chief missile products include its 17 - year - old family of Rapier surface - to - air missiles.

British Aerospace's

17 - year - old

Rapier


Input: Thomson missile products, with about half British Aerospace's annual revenue, include the Crotale surface - to - air missile family.

Thomson

British Aerospace's

about half

annual

Crotale


Input: Interprovincial Pipe Line Co. said it will delay a proposed two - step, 830 million Canadian - dollar -LRB- US$ 705.6 million -RRB- expansion of its system because Canada's output of crude oil is shrinking.

Interprovincial Pipe Line Co.

two

830 million Canadian - dollar

US$ 705.6 million

Canada


Input: Interprovincial, Canada's biggest oil pipeline operator and a major transporter of crude to the U.S., said revised industry forecasts indicate that Canadian oil output will total about 1.64 million barrels a day by 1991, 8% lower than a previous estimate.

Interprovincial

Canada

U.S.

Canadian

about 1.64 million barrels


Input: Canadian crude production averaged about 1.69 million barrels a day during 1989's first half, about 1% below the 1988 level.

Canadian

about 1.69 million barrels

1989's first half

about 1%


Input: `` The capability of existing fields to deliver oil is dropping,'' and oil exploration activity is also down dramatically, as many producers shift their emphasis to natural gas, said Ronald Watkins, vice president for government and industry relations with Interprovincial's parent, Interhome Energy Inc.

Ronald Watkins

Interprovincial

Interhome Energy Inc


Input: Mr. Watkins said volume on Interprovincial's system is down about 2% since January and is expected to fall further, making expansion unnecessary until perhaps the mid-1990s.

Watkins

Interprovincial

about 2%

January


Input: `` There has been a swing of the pendulum back to the gas side,'' he said.


Input: Many of Canada's oil and gas producers say the outlook for natural gas is better than it is for oil, and have shifted their exploration and development budgets accordingly.

Canada


Input: The number of active drilling rigs in Canada is down 30% from a year ago, and the number of completed oil wells is `` down more than that, due to the increasing focus on gas exploration,'' said Robert Feick, manager of crude oil with Calgary's Independent Petroleum Association of Canada, an industry group.

Canada

a year ago

Robert Feick

Calgary's Independent Petroleum Association of Canada


Input: Mr. Watkins said the main reason for the production decline is shrinking output of light crude from mature, conventional fields in western Canada.

Watkins

Canada


Input: Interprovincial transports about 75% of all crude produced in western Canada, and almost 60% of Interprovincial's total volume consists of light crude.

Interprovincial

Interprovincial

about 75%

almost 60%

Canada


Input: Nearly all of the crude oil that Canada exports to the U.S. is transported on Interprovincial's system, whose main line runs from Edmonton to major U.S. and Canadian cities in the Great Lakes region, including Chicago, Buffalo, Toronto and Montreal.

Canada

U.S.

Edmonton

U.S.

Chicago

Buffalo

Toronto

Montreal

Interprovincial

Canadian

Great Lakes


Input: Canada's current oil exports to the U.S. total about 600,000 barrels a day, or about 9.1% of net U.S. crude imports, said John Lichtblau, president of the New York - based Petroleum Industry Research Foundation.

Canada

U.S.

U.S.

New York

about 600,000 barrels

about 9.1%

John Lichtblau

Petroleum Industry Research Foundation


Input: That ranks Canada as the fourth - largest source of imported crude, behind Saudi Arabia, Nigeria and Mexico.

Canada

Saudi Arabia

Nigeria

Mexico

fourth


Input: Mr. Lichtblau said Canada's declining crude output, combined with the fast - shrinking output of U.S. crude, will help intensify U.S. reliance on oil from overseas, particularly the Middle East.

Lichtblau

Canada

U.S.

U.S.

the Middle East


Input: `` It's very much a growing concern.


Input: But when something is inevitable, you learn to live with it,'' he said.


Input: Mr. Lichtblau stressed that the delay of Interprovincial's proposed expansion won't by itself increase U.S. dependence on offshore crude, however, since Canadian imports are limited in any case by Canada's falling output.

Lichtblau

Interprovincial

U.S.

Canada

Canadian


Input: Under terms of its proposed two - step expansion, which would have required regulatory approval, Interprovincial intended to add 200,000 barrels a day of additional capacity to its system, beginning with a modest expansion by 1991.

two

Interprovincial

200,000 barrels


Input: The system currently has a capacity of 1.55 million barrels a day.

1.55 million barrels


Input: Population Drain Ends For Midwestern States


Input: IOWA IS MAKING a comeback.

IOWA


Input: So are Indiana, Ohio and Michigan.

Indiana

Ohio

Michigan


Input: The population of all four states is on the upswing, according to new Census Bureau estimates, following declines throughout the early 1980s.

four

Census Bureau

the early 1980s


Input: The gains, to be sure, are rather small.


Input: Iowa, for instance, saw its population grow by 11,000 people, or 0.4%, between 1987 and 1988, the Census Bureau says.

Iowa

between 1987 and 1988

the Census Bureau


Input: Still, even that modest increase is good news for a state that hadn't grown at all since 1981.


Input: Between 1987 and 1988, North Dakota was the only state in the Midwest to lose population, a loss of 4,000 people.

Between 1987 and 1988

North Dakota

Midwest


Input: Six of the 12 midwestern states have been growing steadily since 1980 -- Illinois, Kansas, Minnesota, Missouri, South Dakota and Wisconsin.

Six

Illinois

Kansas

Minnesota

Missouri

South Dakota

Wisconsin


Input: The Northeast has been holding its own in the population race.

Northeast


Input: Seven of nine states have grown each year since 1980, including New York, which lost 4% of its population during the 1970s.

Seven

nine

each year

the 1970s

New York


Input: And although Pennsylvania and Massachusetts suffered slight declines earlier in the decade, they are growing again.

Pennsylvania

Massachusetts

the decade


Input: At the same time, several states in the South and West have had their own population turnaround.

South

West


Input: Seven states that grew in the early 1980s are now losing population -- West Virginia, Mississippi, Louisiana, Oklahoma, Montana, Wyoming and Alaska.

Seven

the early 1980s

West Virginia

Mississippi

Louisiana

Oklahoma

Montana

Wyoming

Alaska


Input: Overall, though, the South and West still outpace the Northeast and Midwest, and fast - growing states like Florida and California ensure that the pattern will continue.

South

West

Northeast

Midwest

Florida

California


Input: But the growth gap between the Sun Belt and other regions has clearly started narrowing.

the Sun Belt


Input: More Elderly Maintain Their Independence


Input: THANKS TO modern medicine, more couples are growing old together.


Input: And even after losing a spouse, more of the elderly are staying independent.


Input: A new Census Bureau study of the noninstitutionalized population shows that 64% of people aged 65 to 74 were living with a spouse in 1988, up from 59% in 1970.

Census Bureau

aged 65 to 74


Input: This doesn't mean they're less likely to live alone, however.


Input: That share has remained at about 24% since 1970.

about 24%


Input: What has changed is that more of the young elderly are living with spouses rather than with other relatives, such as children.


Input: In 1988, 10% of those aged 65 to 74 lived with relatives other than spouses, down from 15% in 1970.

aged 65 to 74 lived


Input: As people get even older, many become widowed.


Input: But even among those aged 75 and older, the share living with a spouse rose slightly, to 40% in 1988 from 38% in 1970.

aged 75 and older


Input: Like their younger counterparts, the older elderly are less likely to live with other relatives.


Input: Only 17% of those aged 75 and older lived with relatives other than spouses in 1988, down from 26% in 1970.

Only 17%

aged 75 and older


Input: The likelihood of living alone beyond the age of 75 has increased to 40% from 32%.

the age of 75


Input: More people are remaining independent longer presumably because they are better off physically and financially.


Input: Careers Count Most For the Well - to - Do


Input: MANY AFFLUENT people place personal success and money above family.


Input: At least that's what a survey by Ernst & Young and Yankelovich, Clancy, Shulman indicates.

Ernst & Young

Yankelovich, Clancy, Shulman


Input: Two - thirds of respondents said they strongly felt the need to be successful in their jobs, while fewer than half said they strongly felt the need to spend more time with their families.

Two - thirds

fewer than half


Input: Being successful in careers and spending the money they make are top priorities for this group.


Input: Unlike most studies of the affluent market, this survey excluded the super-rich.


Input: Average household income for the sample was $194,000, and average net assets were reported as $775,000.


Input: The goal was to learn about one of today's fastest - growing income groups, the upper - middle class.

one

today


Input: Although they represent only 2% of the population, they control nearly one - third of discretionary income.

only 2%

nearly one - third


Input: Across the board, these consumers value quality, buy what they like rather than just what they need, and appreciate products that are distinctive.


Input: Despite their considerable incomes and assets, 40% of the respondents in the study don't feel financially secure, and one - fourth don't feel that they have made it.

one - fourth


Input: Twenty percent don't even feel they are financially well off.

Twenty percent


Input: Many of the affluent aren't comfortable with themselves, either.


Input: About 40% don't feel they're more able than others.

About 40%


Input: While twothirds feel some guilt about being affluent, only 25% give $2,500 or more to charity each year.

twothirds

only 25%

each year


Input: Thirty - five percent attend religious services regularly; at the same time, 60% feel that in life one sometimes has to compromise one's principles.

Thirty - five percent


Input: Odds and Ends


Input: THE NUMBER of women and minorities who hold jobs in top management in the nation's largest banks has more than doubled since 1978.


Input: The American Bankers Association says that women make up 47% of officials and managers in the top 50 banks, up from 33% in 1978.

The American Bankers Association


Input: The share of minorities in those positions has risen to 16% from 12% ....


Input: Per - capita personal income in the U.S. grew faster than inflation last year, according to the Bureau of Economic Analysis.

U.S.

last year

the Bureau of Economic Analysis


Input: The amount of income divvied up for each man, woman and child was $16,489 in 1988, up 6.6% from $15,472 in 1987.


Input: Per capita personal income ranged from $11,116 in Mississippi to $23,059 in Connecticut ....

Mississippi

Connecticut


Input: There are 13.1 million students in college this fall, up 2% from 1988, the National Center for Education Statistics estimates.

13.1 million

this fall

the National Center for Education Statistics


Input: About 54% are women, and 44% are part - time students.

About 54%


Input: This small Dallas suburb's got trouble.

Dallas


Input: Trouble with a capital T and that rhymes with P and that stands for pool.


Input: More than 30 years ago, Prof. Harold Hill, the con man in Meredith Willson's `` The Music Man,'' warned the citizens of River City, Iowa, against the game.

30 years ago

Harold Hill

Meredith Willson's

The Music Man

River City

Iowa


Input: Now kindred spirits on Addison's town council have barred the town's fanciest hotel, the Grand Kempinski, from installing three free pool tables in its new lounge.

Addison

the Grand Kempinski

three


Input: Mayor Lynn Spruill and two members of the council said they were worried about setting a precedent that would permit pool halls along Addison's main street.

Lynn Spruill

two

Addison


Input: And the mayor, in an admonition that bears a rhythmic resemblance to Prof. Hill's, warned that `` alcohol leads to betting, which leads to fights.''

Hill


Input: The council's action is yet another blow to a sport that its fans claim has been maligned unjustly for years.

years


Input: `` Obviously they're not in touch with what's going on,'' says Tom Manske, vice president of the National Pocket Billiards Association.

Tom Manske

the National Pocket Billiards Association


Input: Pool is hot in New York and Chicago, he insists, where `` upscale, suit - and - tie places'' are adding tables.

New York

Chicago


Input: With today's tougher drunk driving laws, he adds, `` people don't want to just sit around and drink.''

today


Input: Besides, rowdy behavior seems unlikely at the Grand Kempinski, where rooms average $200 a night and the cheap mixed drinks go for $3.50 a pop.

the Grand Kempinski


Input: At the lounge, manager Elizabeth Dyer won't admit patrons in jeans, T - shirts or tennis shoes.

Elizabeth Dyer


Input: But a majority of the Addison council didn't buy those arguments.

Addison


Input: Introducing pool, argued Councilwoman Riley Reinker, would be `` dangerous.

Riley Reinker


Input: It would open a can of worms.''


Input: Addison is no stranger to cans of worms, either.

Addison


Input: After its previous mayor committed suicide last year, an investigation disclosed that town officials regularly voted on their own projects, gave special favors to developer friends and dipped into the town's coffers for trips and retreats.

last year


Input: The revelations embarrassed town officials, although they argued that the problems weren't as severe as the media suggested.


Input: Now comes the pool flap.


Input: `` I think there's some people worried about something pretty ridiculous,'' Councilman John Nolan says.

John Nolan


Input: `` I thought this was all taken care of in ` The Music Man.

The Music Man


Input: The only thing Robert Goldberg could praise about CBS's new show `` Island Son'' -LRB- Leisure & Arts, Sept. 25 -RRB- was the local color; unfortunately neither he nor the producers of the show have done their homework.

Robert Goldberg

CBS

Leisure & Arts

Island Son

Sept. 25


Input: For instance: `` Haole'' -LRB- white -RRB- is not the ultimate insult; `` Mainland haole'' is.


Input: Richard Chamberlain dresses as a `` Mainland haole,'' tucking in a Hawaiian shirt and rolling up its long sleeves.

Richard Chamberlain

Hawaiian


Input: And the local expression for brother is `` brah,'' not `` bruddah.''


Input: And even if a nurse would wear flowers in her hair while on duty, if she were engaged she would know to wear them behind her left, not right, ear.


Input: Sorry, the show does not even have the one redeeming quality of genuine local color.

one


Input: Anita Davis

Anita Davis


Input: Of all the ethnic tensions in America, which is the most troublesome right now?

America


Input: A good bet would be the tension between blacks and Jews in New York City.

Jews

New York City


Input: Or so it must seem to Jackie Mason, the veteran Jewish comedian appearing in a new ABC sitcom airing on Tuesday nights -LRB- 9:30 - 10 p.m. EDT -RRB-.

Jackie Mason

Jewish

ABC

Tuesday

nights

p.m. EDT


Input: Not only is Mr. Mason the star of `` Chicken Soup,'' he's also the inheritor of a comedic tradition dating back to `` Duck Soup,'' and he's currently a man in hot water.

Mason

Chicken Soup

Duck Soup


Input: Here, in neutral language, is the gist of Mr. Mason's remarks, quoted first in the Village Voice while he was a paid spokesman for the Rudolph Giuliani mayoral campaign, and then in Newsweek after he and the campaign parted company.

Mason

Rudolph Giuliani

first

the Village Voice

Newsweek


Input: Mr. Mason said that many Jewish voters feel guilty toward blacks, so they support black candidates uncritically.

Mason

Jewish


Input: He said that many black voters feel bitter about racial discrimination, so they, too, support black candidates uncritically.


Input: He said that Jews have contributed more to black causes over the years than vice versa.

Jews

the years


Input: Of course, Mr. Mason did not use neutral language.

Mason


Input: As a practitioner of ethnic humor from the old days on the Borscht Belt, live television and the nightclub circuit, Mr. Mason instinctively reached for the vernacular.

the old days

the Borscht Belt

Mason


Input: He said Jews were `` sick with complexes''; and he called David Dinkins, Mr. Giuliani's black opponent, `` a fancy shvartze with a mustache.''

Jews

David Dinkins

Giuliani


Input: If Mr. Mason had used less derogatory language to articulate his amateur analysis of the voting behavior of his fellow New Yorkers, would the water be quite so hot?

Mason

New Yorkers


Input: It probably would, because few or none of the people upset by Mr. Mason's remarks have bothered to distinguish between the substance of his comments and the fact that he used insulting language.

Mason


Input: In addition, some of Mr. Mason's critics have implied that his type of ethnic humor is itself a form of racism.

Mason


Input: For example, the New York state counsel for the NAACP said that Mr. Mason is `` like a dinosaur.

New York

NAACP

Mason


Input: People are fast leaving the place where he is stuck.''


Input: These critics fail to distinguish between the type of ethnic humor that aims at disparaging another group, such as `` Polish jokes''; and the type that is double - edged, aiming inward as well as outward.

Polish


Input: The latter typically is the humor of the underdog, and it was perfected by both blacks and Jews on the minstrel and vaudeville stage as a means of mocking their white and gentile audiences along with themselves.

Jews


Input: In the hands of a zealot like Lenny Bruce, this double - edged blade could cut both the self and the audience to ribbons.

Lenny Bruce


Input: But wielded by a pro like Jackie Mason, it is a constructive form of mischief.

Jackie Mason


Input: Why constructive?


Input: Because despite all the media prattle about comedy and politics not mixing, they are similar in one respect: Both can serve as mechanisms for easing tensions and facilitating the co-existence of groups in conflict.

one


Input: That's why it's dangerous to have well - intentioned thought police, on college campuses and elsewhere, taboo all critical mention of group differences.


Input: As Elizabeth Kristol wrote in the New York Times just before the Mason donnybrook, `` Perhaps intolerance would not boil over with such intensity if honest differences were allowed to simmer.''

Elizabeth Kristol

Mason

the New York Times


Input: The question is, if group conflicts still exist -LRB- as undeniably they do -RRB-, and if Mr. Mason's type of ethnic humor is passe, then what other means do we have for letting off steam?

Mason


Input: Don't say the TV sitcom, because that happens to be a genre that, in its desperate need to attract everybody and offend nobody, resembles politics more than it does comedy.


Input: It is true that the best sitcoms do allow group differences to simmer: yuppies vs. blue - collar Bostonians in `` Cheers''; children vs. adults in `` The Cosby Show.''

Bostonians

Cheers

The Cosby Show


Input: But these are not the differences that make headlines.


Input: In `` Chicken Soup,'' Mr. Mason plays Jackie, a Jewish bachelor courting Maddie -LRB- Lynn Redgrave -RRB-, an Irish widow and mother of three, against the wishes of his mother -LRB- Rita Karin -RRB- and her brother Michael -LRB- Brandon Maggart -RRB-.

Chicken Soup

Mason

Jackie

Maddie

-LRB- Lynn Redgrave -RRB-

Rita Karin

Michael

Brandon Maggart

Jewish

Irish

three


Input: It's worth noting that both disapproving relatives are immigrants.


Input: At least, they both speak with strong accents, as do Jackie and Maddie.

Jackie

Maddie


Input: It couldn't be more obvious that `` Chicken Soup'' is being made from an old recipe.

Chicken Soup


Input: And a safe one -- imagine if the romance in question were between an Orthodox Jew and a member of the Nation of Islam.

an Orthodox Jew

the Nation of Islam


Input: Back in the 1920s, the play and movie versions of `` Abie's Irish Rose'' made the theme of courtship between the assimilated offspring of Jewish and Irish immigrants so popular that its author, Anne Nichols, lost a plagiarism suit on the grounds that the plot has entered the public domain.

the 1920s

Abie's Irish Rose

Jewish

Irish

Anne Nichols


Input: And it has remained there, as evidenced by its reappearance in a 1972 CBS sitcom called `` Bridget Loves Bernie,'' whose sole distinction was that it led to the real - life marriage of Meredith Baxter and David Birney.

CBS

Bridget Loves Bernie

Meredith Baxter

David Birney


Input: Clearly, the question with `` Chicken Soup'' is not whether the pot will boil over, but whether it will simmer at all.

Chicken Soup


Input: So far, the bubbles have been few and far between.


Input: Part of the problem is the tendency of all sitcoms, ever since the didactic days of Norman Lear, to preach about social issues.

the didactic days

Norman Lear


Input: To some extent, this tendency emerges whenever the show tries to enlighten us about ethnic stereotypes by reversing them.


Input: For instance, Michael dislikes Jackie not because he's a shrewd Jewish businessman, but because he quits his well - paying job as a salesman in order to become a social worker.

Michael

Jackie

Jewish


Input: Even more problematic is the incompatibility between sitcom preachiness and Mr. Mason's comic persona.

Mason


Input: The best moments in the show occur at the beginning and the end -LRB- and occasionally in the middle -RRB-, when Mr. Mason slips into his standup mode and starts meting out that old - fashioned Jewish mischief to other people as well as to himself.

Mason

Jewish


Input: But too often, these routines lack spark because this sitcom, like all sitcoms, is timid about confronting Mr. Mason's stock in trade - ethnic differences.

Mason


Input: I'm not suggesting that the producers start putting together episodes about topics like the Catholic - Jewish dispute over the Carmelite convent at Auschwitz.

Catholic

Carmelite

Auschwitz


Input: That issue, like racial tensions in New York City, will have to cool down, not heat up, before it can simmer.

New York City


Input: But I am suggesting that they stop requiring Mr. Mason to interrupt his classic shtik with some line about `` caring for other people'' that would sound shmaltzy on the lips of Miss America.

Mason

Miss America


Input: At your age, Jackie, you ought to know that you can't make soup without turning up the flame.

Jackie


Input: The official White House reaction to a plunge in stock prices has a 60 - year history of calm, right up through Friday.

White House

60 - year

Friday


Input: Treasury Secretary Nicholas Brady said in a statement Friday that the stock - market decline `` doesn't signal any fundamental change in the condition of the economy.''

Treasury

Nicholas Brady

Friday


Input: `` The economy,'' he added, `` remains well - balanced and the outlook is for continued moderate growth.''


Input: Sound familiar?


Input: Here's what Ronald Reagan said after the 1987 crash: `` The underlying economy remains sound.

Ronald Reagan


Input: There is nothing wrong with the economy ... all the indices are up.''


Input: Heard that before?


Input: After the 1929 crash, Herbert Hoover said: `` The fundamental business of the country ... is on a sound and prosperous basis.

Herbert Hoover


Input: James Robinson, 57 years old, was elected president and chief executive officer of this maker of magnetic recording heads for disk drives.

James Robinson

57 years old


Input: He has been president and chief executive officer of Amperex Electronics Corp., a division of North American Philips Corp., itself a subsidiary of N.V. Philips of the Netherlands.

Amperex Electronics Corp.

North American Philips Corp.

N.V. Philips

Netherlands


Input: Charles J. Lawson Jr., 68, who had been acting chief executive since June 14, will continue as chairman.

Charles J. Lawson Jr.

June 14


Input: The former president and chief executive, Eric W. Markrud, resigned in June.

Eric W. Markrud

June


Input: The Senate's decision to approve a bare - bones deficit - reduction bill without a capital - gains tax cut still leaves open the possibility of enacting a gains tax reduction this year.

Senate

this year


Input: Late Friday night, the Senate voted 87 - 7 to approve an estimated $13.5 billion measure that had been stripped of hundreds of provisions that would have widened, rather than narrowed, the federal budget deficit.

Late Friday

night

Senate

87 - 7

hundreds

estimated $13.5 billion


Input: Lawmakers drastically streamlined the bill to blunt criticism that it was bloated with special - interest tax breaks and spending increases.


Input: `` We're putting a deficit - reduction bill back in the category of being a deficit - reduction bill,'' said Senate Budget Committee Chairman James Sasser -LRB- D., Tenn. -RRB-.

Senate Budget Committee

James Sasser

D.

Tenn.


Input: But Senate supporters of the trimmer legislation said that other bills would soon be moving through Congress that could carry some of the measures that had been cast aside, including a capital - gains tax cut.

Senate

Congress


Input: In addition, the companion deficit - reduction bill already passed by the House includes a capital - gains provision.

House


Input: House - Senate negotiations are likely to begin at midweek and last for a while.

House

midweek


Input: `` No one can predict exactly what will happen on the House side,'' said Senate Minority Leader Robert Dole -LRB- R., Kan. -RRB-.

House

Senate

Robert Dole

R.

Kan.


Input: But, he added, `` I believe Republicans and Democrats will work together to get capital - gains reform this year.''

Republicans

Democrats

this year


Input: White House Budget Director Richard Darman told reporters yesterday that the administration wouldn't push to keep the capital - gains cut in the final version of the bill.

White House

Richard Darman

yesterday


Input: `` We don't need this as a way to get capital gains,'' he said.


Input: House Budget Committee Chairman Leon Panetta -LRB- D., Calif. -RRB- said in an interview, `` If that's the signal that comes from the White House, that will help a great deal.''

House Budget Committee

the White House

Leon Panetta

D.

Calif.


Input: The Senate's decision was a setback for President Bush and will make approval of a capital - gains tax cut less certain this year.

Senate

Bush

this year


Input: Opponents of the cut are playing hardball.


Input: Senate Majority Leader George Mitchell -LRB- D., Maine -RRB- said he was `` confident'' that any House - Senate agreement on the deficit - reduction legislation wouldn't include a capital - gains tax cut.

Senate

House

George Mitchell

D.

Maine


Input: And a senior aide to the House Ways and Means Committee, where tax legislation originates, said there aren't any `` plans to produce another tax bill that could carry a gains tax cut this year.''

the House Ways and Means Committee

this year


Input: One obvious place to attach a capital - gains tax cut, and perhaps other popular items stripped from the deficit - reduction bill, is the legislation to raise the federal borrowing limit.

One


Input: Such legislation must be enacted by the end of the month.

the end of the month


Input: The Senate bill was pared back in an attempt to speed deficit - reduction through Congress.

Senate

Congress


Input: Because the legislation hasn't been completed, President Bush has until midnight tonight to enact across - the - board spending cuts mandated by the Gramm - Rudman deficit - reduction law.

Bush

midnight tonight

Gramm - Rudman


Input: Senators hope that the need to avoid those cuts will pressure the House to agree to the streamlined bill.

House


Input: The House appears reluctant to join the senators.

House


Input: A key is whether House Republicans are willing to acquiesce to their Senate colleagues' decision to drop many pet provisions.

House

Senate

Republicans


Input: `` Although I am encouraged by the Senate action,'' said Chairman Dan Rostenkowski -LRB- D., Ill. -RRB- of the House Ways and Means Committee, `` it is uncertain whether a clean bill can be achieved in the upcoming conference with the Senate.''

Senate

the House Ways and Means Committee

Senate

Dan Rostenkowski

D.

Ill.


Input: Another big question hovering over the debate is what President Bush thinks.

Bush


Input: He has been resisting a stripped - down bill without a guaranteed vote on his capital - gains tax cut.


Input: But Republican senators saw no way to overcome a procedural hurdle and garner the 60 votes needed to win the capital - gains issue on the floor, so they went ahead with the streamlined bill.

Republican


Input: The Senate bill was stripped of many popular, though revenue - losing, provisions, a number of which are included in the House - passed bill.

Senate

House


Input: These include a child - care initiative and extensions of soon - to - expire tax breaks for low - income housing and research - and - development expenditures.


Input: Also missing from the Senate bill is the House's repeal of a law, called Section 89, that compels companies to give rank - and - file workers comparable health benefits to top paid executives.

Senate

House

Section 89


Input: One high - profile provision that was originally in the Senate bill but was cut out because it lost money was the proposal by Chairman Lloyd Bentsen -LRB- D., Texas -RRB- of the Senate Finance Committee to expand the deduction for individual retirement accounts.

One

Senate

the Senate Finance Committee

Lloyd Bentsen

D.

Texas


Input: Mr. Bentsen said he hopes the Senate will consider that measure soon.

Bentsen

Senate


Input: To the delight of some doctors, the bill dropped a plan passed by the Finance Committee that would have overhauled the entire physician - reimbursement system under Medicare.

the Finance Committee

Medicare


Input: To the detriment of many low - income people, efforts to boost Medicaid funding, especially in rural areas, also were stricken.

Medicaid


Input: Asked why senators were giving up so much, New Mexico Sen. Pete Domenici, the ranking Republican on the Senate Budget Committee, said, `` We're looking like idiots.

New Mexico

Pete Domenici

Republican

the Senate Budget Committee


Input: Things had just gone too far.''


Input: Sen. Dole said that the move required sacrifice by every senator.

Dole


Input: It worked, others said, because there were no exceptions: all revenue - losing provisions were stricken.


Input: The Senate also dropped a plan by its Finance Committee that would have increased the income threshold beyond which senior citizens have their Social Security benefits reduced.

Senate

Finance Committee

Social Security


Input: In addition, the bill dropped a plan to make permanent a 3% excise tax on long - distance telephone calls.


Input: It no longer includes a plan that would have repealed what remains of the completed - contract method of accounting, which is used by military contractors to reduce their tax burden.


Input: It also drops a provision that would have permitted corporations to use excess pension funds to pay health benefits for current retirees.


Input: Also stricken was a fivefold increase in the maximum Occupational Safety and Health Administration penalties, which would have raised $65 million in fiscal 1990.

Occupational Safety and Health Administration

$65 million

fiscal 1990


Input: A provision that would have made the Social Security Administration an independent agency was excised.

the Social Security Administration


Input: The approval of the Senate bill was especially sweet for Sen. Mitchell, who had proposed the streamlining.

Senate

Mitchell


Input: Mr. Mitchell's relations with Budget Director Darman, who pushed for a capital - gains cut to be added to the measure, have been strained since Mr. Darman chose to bypass the Maine Democrat and deal with other lawmakers earlier this year during a dispute over drug funding in the fiscal 1989 supplemental spending bill.

Mitchell

Darman

Darman

Maine

Democrat

earlier this year

fiscal 1989


Input: The deficit reduction bill contains $5.3 billion in tax increases in fiscal 1990, and $26 billion over five years.

$5.3 billion

$26 billion

fiscal 1990

five years


Input: The revenue - raising provisions, which affect mostly corporations, would:


Input: -- Prevent companies that have made leveraged buy - outs from getting federal tax refunds resulting from losses caused by interest payments on debt issued to finance the buy - outs, effective Aug. 2, 1989.

Aug. 2, 1989


Input: -- Require mutual funds to include in their taxable income dividends paid to them on the date that the dividends are declared rather than received, effective the day after the tax bill is enacted.

the date

the day


Input: -- Close a loophole regarding employee stock ownership plans, effective June 6, 1989, that has been exploited by investment bankers in corporate takeovers.

June 6, 1989


Input: The measure repeals a 50% exclusion given to banks on the interest from loans used to acquire securities for an ESOP, if the ESOP owns less than 30% of the employer's stock.

less than 30%


Input: -- Curb junk bonds by ending tax benefits for certain securities, such as zero - coupon bonds, that postpone cash interest payments.

zero


Input: -- Raise $851 million by suspending for one year an automatic reduction in airport and airway taxes.

$851 million

one year


Input: -- Speed up the collection of the payroll tax from large companies, effective August 1990.

August 1990


Input: -- Impose a tax on ozone - depleting chemicals, such as those used in air conditioners and in Styrofoam, beginning at $1.10 a pound starting next year.

next year


Input: -- Withhold income taxes from the paychecks of certain farm workers currently exempt from withholding.


Input: -- Change the collection of gasoline excise taxes to weekly from semimonthly, effective next year.

weekly

semimonthly

next year


Input: -- Restrict the ability of real estate owners to escape taxes by swapping one piece of property for another instead of selling it for cash.

one


Input: -- Increase to $6 a person from $3 the international air - passenger departure tax, and impose a $3 - a - person tax on international departures by commercial ships.


Input: The measure also includes spending cuts and increases in federal fees.


Input: Among its provisions:


Input: -- Reduction of Medicare spending in fiscal 1990 by some $2.8 billion, in part by curbing increases in reimbursements to physicians.

Medicare

fiscal 1990

some $2.8 billion


Input: The plan would impose a brief freeze on physician fees next year.

next year


Input: -- Removal of the U.S. Postal Service's operating budget from the federal budget, reducing the deficit by $1.77 billion.

the U.S. Postal Service's

$1.77 billion


Input: A similar provision is in the House version.

House


Input: -- Authority for the Federal Aviation Administration to raise $239 million by charging fees for commercial airline - landing rights at New York's LaGuardia and John F. Kennedy International Airports, O'Hare International Airport in Chicago and National Airport in Washington.

the Federal Aviation Administration

$239 million

New York's

Chicago

Washington

LaGuardia

John F. Kennedy International Airports

O'Hare International Airport

National Airport


Input: -- Increases in Nuclear Regulatory Commission fees totaling $54 million.

Nuclear Regulatory Commission

$54 million


Input: -- Direction to the U.S. Coast Guard to collect $50 million from users of Coast Guard services.

the U.S. Coast Guard

Coast Guard

$50 million


Input: -- Raising an additional $43 million by increasing existing Federal Communications Commission fees and penalties and establishing new fees for amateur radio operators, ship stations and mobile radio facilities.

an additional $43 million

Federal Communications Commission


Input: John E. Yang contributed to this article.

John E. Yang


Input: In response to your overly optimistic, outdated piece on how long unemployment lasts -LRB- People Patterns, Sept. 20 -RRB-: I am in the communications field, above entry level.

People Patterns

Sept. 20


Input: I was laid off in August 1988, and after a thorough and exhausting job search, was hired in August 1989.

August 1988

August 1989


Input: My unemployment insurance ran out before I found a job; I found cutbacks and layoffs in many companies.


Input: The statistics quoted by the `` new'' Census Bureau report -LRB- garnered from 1984 to 1986 -RRB- are out of date, certainly as an average for the Northeast, and possibly for the rest of the country.

Census Bureau

Northeast


Input: I think what bothered me most about the piece was that there seemed to be an underlying attitude to tell your readers all is well -- if you're getting laid off don't worry, and if you're unemployed, it's a seller's market.


Input: To top it off, you captioned the graph showing the average number of months in a job search as `` Time Off.''

months

Time Off


Input: Are you kidding?


Input: Looking for a job was one of the most anxious periods of my life -- and is for most people.


Input: Your paper needs a serious reality check.


Input: Reva Levin

Reva Levin


Input: Cambridge, Mass.

Cambridge

Mass.


Input: Moody's Investors Service said it reduced its rating on $165 million of subordinated debt of this Beverly Hills, Calif., thrift, citing turmoil in the market for low - grade, high - yield securities.

Moody's Investors Service

$165 million

Beverly Hills

Calif.


Input: The agency said it reduced its rating on the thrift's subordinated debt to B - 2 from Ba - 2 and will keep the debt under review for possible further downgrade.


Input: Columbia Savings is a major holder of so - called junk bonds.

Columbia Savings


Input: New federal legislation requires that all thrifts divest themselves of such speculative securities over a period of years.

a period of years


Input: Columbia Savings officials weren't available for comment on the downgrade.

Columbia Savings


Input: FRANKLIN SAVINGS ASSOCIATION -LRB- Ottawa, Kan. -RRB- --

FRANKLIN SAVINGS ASSOCIATION

Ottawa

Kan.


Input: Moody's Investors Service Inc. said it downgraded its rating to B - 2 from Ba - 3 on less than $20 million of this thrift's senior subordinated notes.

Moody's Investors Service Inc.

less than $20 million


Input: The rating concern said Franklin's `` troubled diversification record in the securities business'' was one reason for the downgrade, citing the troubles at its L.F. Rothschild subsidiary and the possible sale of other subsidiaries.

Franklin

L.F. Rothschild

one


Input: `` They perhaps had concern that we were getting out of all these,'' said Franklin President Duane H. Hall.

Franklin

Duane H. Hall


Input: `` I think it was a little premature on their part.


Input: Just when it seemed safe to go back into stocks, Wall Street suffered another severe attack of nerves.


Input: Does this signal another Black Monday is coming?

another Black Monday


Input: Or is this an extraordinary buying opportunity, just like Oct. 19, 1987, eventually turned out to be?

Oct. 19, 1987,


Input: Here's what several leading market experts and money managers say about Friday's action, what happens next and what investors should do.

Friday


Input: Joseph Granville.

Joseph Granville.


Input: `` I'm the only one who said there would be an October massacre, all through late August and September,'' says Mr. Granville, once a widely followed market guru and still a well - known newsletter writer.

October

late August

September

Granville


Input: `` Everyone will tell you that this time is different from 1987,'' he says.


Input: `` Well, in some ways it is different, but technically it is just the same.


Input: If you're a technician, you obey the signals.


Input: Right now they're telling me to get the hell out and stay out.


Input: I see no major support until 2200.


Input: I see a possibility of going to 2200 this month.''

this month


Input: Mr. Granville says he wouldn't even think of buying until at least 600 to 700 stocks have hit 52 - week lows; about 100 stocks hit new lows Friday.

Granville

about 100

52 - week

Friday


Input: `` Most people,'' he says, `` have no idea what a massacre pattern looks like.''


Input: Elaine Garzarelli.

Elaine Garzarelli.


Input: A quantitative analyst with Shearson Lehman Hutton Inc., Ms. Garzarelli had warned clients to take their money out of the market before the 1987 crash.

Shearson Lehman Hutton Inc.

Garzarelli


Input: Friday's big drop, she says, `` was not a crash.

Friday


Input: This was an October massacre'' like those that occurred in 1978 and 1979.

October


Input: Now, as in those two years, her stock market indicators are positive.

those two years


Input: So she thinks the damage will be short - lived and contained.


Input: `` Those corrections lasted one to four weeks and took the market 10%-12% down,'' she says.

one to four weeks


Input: `` This is exactly the same thing, as far as I'm concerned.''


Input: Thus, she says, if the Dow Jones Industrial Average dropped below 2450, `` It would just be a fluke.


Input: My advice is to buy.''


Input: As she calculates it, the average stock now sells for about 12.5 times companies' earnings.

about 12.5


Input: She says that ratio could climb to 14.5, given current interest rates, and still be within the range of `` fair value.''


Input: Ned Davis.

Ned Davis.


Input: Friday's fall marks the start of a bear market, says Mr. Davis, president of Ned Davis Research Inc.

Friday

Davis

Ned Davis Research Inc


Input: But Mr. Davis, whose views are widely respected by money managers, says he expects no 1987 - style crash.

Davis


Input: `` There was a unique combination in 1987,'' he says.


Input: `` Margin debt was at a record high.


Input: There was tremendous public enthusiasm for stock mutual funds.


Input: The main thing was portfolio insurance,'' a mechanical trading system intended to protect an investor against losses. ``


Input: A hundred billion dollars in stock was subject'' to it.

A hundred billion dollars


Input: In 1987, such selling contributed to a snowball effect.


Input: Today could even be an up day, Mr. Davis says, if major brokerage firms agree to refrain from program trading.

Today

an up day

Davis


Input: Over the next several months, though, he says things look bad.

the next several months


Input: `` I think the market will be heading down into November,'' he says.

November


Input: `` We will probably have a year - end rally, and then go down again.

year - end


Input: Sort of a two - step bear market.''

two


Input: He expects the downturn to carry the Dow Jones Industrial Average down to around 2000 sometime next year.

next year


Input: `` That would be a normal bear market,'' he says.


Input: `` I guess that's my forecast.''


Input: Leon G. Cooperman.

Leon G. Cooperman.


Input: `` I don't think the market is going through another October'87.

another October'87


Input: I don't think that's the case at all,'' says Mr. Cooperman, a partner at Goldman, Sachs & Co. and chairman of Goldman Sachs Asset Management.

Cooperman

Goldman, Sachs & Co.

Goldman Sachs Asset Management


Input: Mr. Cooperman sees this as a good time to pick up bargains, but he doesn't think there's any need to rush.

Cooperman


Input: `` I expect the market to open weaker Monday, but then it should find some stability.''

Monday


Input: He ticks off several major differences between now and two years ago.

now

two years ago


Input: Unlike 1987, interest rates have been falling this year.

this year


Input: Unlike 1987, the dollar has been strong.


Input: And unlike 1987, the economy doesn't appear to be in any danger of overheating.


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

this year


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


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


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

Friday


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

Friday


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

Friday


Input: John Kenneth Galbraith.

John Kenneth Galbraith.


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

Galbraith


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


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


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


Input: Nevertheless, he says a depression doesn't appear likely.


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


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

Thirties


Input: Mario Gabelli.

Mario Gabelli.


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

New York

Mario Gabelli


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


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

Ford

Jaguar

BellSouth

LIN Broadcasting


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

Gabelli


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

Bush

Gabelli


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

Friday


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

week


Input: Jim Rogers.

Jim Rogers.


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

Rogers

Columbia University

Quantum Fund

one


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

U.S.


Input: `` Friday you couldn't sell dollars,'' he says.

Friday


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


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

U.S.

the Federal Reserve Board


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

Rogers

today

London

Tokyo


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


Input: Frank Curzio.

Frank Curzio.


Input: Many people now claim to have predicted the 1987 crash.


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

Queens

Francis X. Curzio

September 1987

the following month

about 500


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

Curzio

the Federal Reserve Board


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


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


Input: Frank W. Terrizzi.

Frank W. Terrizzi.


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

Terrizzi

Renaissance Investment Management Inc.

Cincinnati


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

Renaissance

about $1.8 billion

earlier this year

the beginning of the year


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

Renaissance

Treasury

U.S.


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


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

Oct. 3

Tom Lantos

the House Subcommittee on Employment and Housing


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

Sept. 28

Kangaroo Committees


Input: I thought your editorial was factually accurate and deliberately elucidative.


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

Lantos

the Fifth Amendment


Input: Yes, he did.


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

C - Span

the Bill of Rights


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

Constitution


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

about 56


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

Fifth


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


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

Samuel Pierce

Lance Wilson

Pierce

HUD

the Fifth Amendment


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

Lantos


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

HUD


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


Input: Absolute rubbish.


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

Lantos


Input: Apparently, their verdict is in.


Input: Right now they're pursuing evidence.


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

American


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


Input: Ah, yes, something called a Star Chamber.

a Star Chamber


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

Lantos


Input: No doubt that's partially true.


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

Lantos


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

HUD


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


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


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

Congress


Input: No, Mr. Lantos's complaints simply won't wash.

Lantos


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

Journal

HUD

Pierce


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

Journal


Input: it defended appropriate constitutional safeguards and practical common sense.


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

Journal

Congress

Lantos


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


Input: The system is the problem, not an individual member.


Input: Individuals can always have their hands slapped.


Input: It's when such slapping doesn't occur that we've got trouble.


Input: I do not by any means defend HUD management.

HUD


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

American

HUD


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

`` Tail Gunner Joe'' McCarthy


Input: Raymond Weber

Raymond Weber


Input: Parsippany, N.J.

Parsippany

N.J.


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

Lantos

HUD

Fifth Amendment


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

The Fifth Amendment


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


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

Fifth


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


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

The Supreme Court

the Fifth Amendment


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

Baxter

Palmingiano

425 U.S. 308


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

Fifth

Fifth


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

Fifth


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

Fifth


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


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

Pierce

Fifth

one


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

Congress

American

Pierce


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

Fifth Amendment


Input: Clark S. Spalsbury Jr.

Clark S. Spalsbury Jr.


Input: Estes Park, Colo.

Estes Park

Colo


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

Friday the 13th

nearly 200


Input: Just a coincidence?


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


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

Friday the 13th


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

Robert Kolb

Ricardo Rodriguez

the University of Miami

Friday the 13th


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

1962 - 85


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

Friday the you - know - what

nine


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

Yale Hirsch


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

Fridays the 13th

1940 - 1987

Fridays

days


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

the only other Friday the 13th this year

about four


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

Kolb

Friday the 13th, Part VII


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

Saturday

Friday


Input: Friday, October 13, 1989

Friday, October 13, 1989


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

U.S.


Input: PRIME RATE:


Input: 10 1/2%.

10 1/2%.


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

U.S.


Input: FEDERAL FUNDS:


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

8 13/16%

8 1/2%

8 5/8%

8 3/4%


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

$1 million


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

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


Input: DISCOUNT RATE:


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

the New York Federal Reserve Bank


Input: CALL MONEY:


Input: 9 3/4% to 10%.

9 3/4% to 10%


Input: The charge on loans to brokers on stock exchange collateral.


Input: COMMERCIAL PAPER placed directly by General Motors Acceptance Corp.:

General Motors Acceptance Corp.


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

30 to 44 days

45 to 59 days

60 to 79 days

80 to 89 days

90 to 119 days

120 to 149 days

150 to 179 days

180 to 270 days


Input: COMMERCIAL PAPER:


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


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

30 days

60 days

90 days


Input: CERTIFICATES OF DEPOSIT:


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

one month

two months

three months

six months

one year


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

New York

$1 million


Input: The minimum unit is $100,000.


Input: Typical rates in the secondary market:


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

one month

three months

six months


Input: BANKERS ACCEPTANCES:


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

30 days

60 days

90 days

120 days

150 days

180 days


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


Input: LONDON LATE EURODOLLARS:

LONDON


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

8 13/16% to 8 11/16%

8 13/16% to 8 11/16%

8 13/16% to 8 11/16%

8 3/4% to 8 5/8%

8 11/16% to 8 9/16%

8 5/8% to 8 1/2%

one month

two months

three months

four months

five months

six months


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

LONDON


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

8 3/4%

8 3/4%

8 9/16%

8 9/16%

one month

three months

six months

one year


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

London

five


Input: FOREIGN PRIME RATES:


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

Canada

Germany

Japan

Switzerland

Britain


Input: These rate indications aren't directly comparable; lending practices vary widely by location.


Input: TREASURY BILLS:

TREASURY


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

Tuesday, October 10, 1989,

U.S.

$1 million


Input: 7.63% 13 weeks; 7.60% 26 weeks.

13 weeks

26 weeks


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

FEDERAL HOME LOAN MORTGAGE CORP.

Freddie Mac


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

30 - year

30 days


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

one - year


Input: Source: Telerate Systems Inc.

Telerate Systems Inc


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

FEDERAL NATIONAL MORTGAGE ASSOCIATION

Fannie Mae


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

30 year

30 days


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

one - year


Input: Source: Telerate Systems Inc.

Telerate Systems Inc


Input: MERRILL LYNCH READY ASSETS TRUST:

MERRILL LYNCH


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

the past 30 days


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

Friday


Input: And they plan to buy more today.

today


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

October 1987


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

today


Input: They could still panic and bail out of the market.


Input: But their 1987 performance indicates that they won't abandon stocks unless conditions get far worse.


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

John W. Rogers

Chicago

Ariel Capital Management Inc.

$1.1 billion


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

Rogers

Friday


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


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

Denver

James Craig

Friday

$40 million

$752 million


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


Input: Then he jumped into the market:


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

$30 million

the last half - hour


Input: Other money managers also opened their wallets.


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

Friday

Frederick A. Moran

Moran Asset Management Inc.

Greenwich

Conn


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


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


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

about $1 trillion


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

Stephen B. Timbers

Chicago

Kemper Financial Services Inc


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

$56 billion

$1 billion

California Public Employees Retirement System

one

two years ago


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

Stephen L. Nesbitt

Wilshire Associates

Santa Monica

Calif


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

Friday


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

the Standard & Poor's

this year

Friday


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

Friday

annual

several decades

more than 20%


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

a good year

James D. Awad

New York

BMI Capital Corp


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

Awad

the next few days


Input: It can happen before you can turn around.''


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


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


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


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

S&P


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

$60 billion


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

Friday


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

Neil Weisman

New York

Chilmark Capital Partners

$220 million

recent months

Friday


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

Weisman


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

Weisman

the next few days


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


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

Friday


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

year


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


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

Feshbach Brothers

Palo Alto

Calif.

last May

the year


Input: All that now has changed.


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

the year

Friday

Kurt Feshbach


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

a good day